The Financial Daily-Epaper-10-11-2010

International Karachi, Wednesday, November 10, 2010, Zil Hajj 3, Price Rs12 Pages 12

No compromise on principles, says Sharif

Malik meets S'pore counterpart

See on Page 12

133rd birth anniversary of Iqbal observed

See on Page 12

Heart of al Qaeda still in Pak: Gates

See on Page 12

See on Page 12

Rising sugar prices; Kaira says no shortage exists

Economic Indicators $16.96bn 13.77% $5.18bn $9.03bn $(3.85)bn $(545)mn $2.65bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 170.98mn

Forex Reserves (29-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Sep 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Aug 10)

GDP Growth FY10E Per Capita Income FY10 Population

Crackdown on hoarders soon It isn’t ministry’s duty to control prices: Fahim PM directs TCP to offload 350,000 tonnes sugar

Portfolio Investment SCRA(U.S $ in million)

107.00 2.28 3.56 2532

Yearly(Jul, 2010 up to 5-Nov-2010) Monthly(Oct, 2010 up to 5-Nov-2010) Daily (5-Nov-2010) Total Portfolio Invest (22 Oct-2010)

Special Correspondent/ Agencies

NCCPL (U.S $ in million)

FIPI (08-Oct-2010) Local Companies (08-Oct-2010) Banks / DFI (08-Oct-2010) Mutual Funds (08-Oct-2010) NBFC (08-Oct-2010) Local Investors (08-Oct-2010) Other Organization (08-Oct-2010)

2.72 3.46 -4.45 2.12 -0.81 -2.73 -0.32

Global Indices Index Close KSE 100 10,992.28 Nikkei 225 9,694.49 Hang Seng 24,710.60 Sensex 30 20,932.48 ADX 2,755.30 SSE COMP. 3,135.00 FTSE 100 5,888.02 *Dow Jones 11,412.78

Change 110.28 38.43 253.77 80.10 4.30 24.51 38.06 5.94

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 2.60 110.83 19.20 163.68 2.00 42.63 1.70 36.23 9.997 34.09

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)

03-Nov-2010 03-Nov-2010 03-Nov-2010 29-Sep-2010 08-Nov-2010 08-Nov-2010 08-Nov-2010 08-Nov-2010 08-Nov-2010 08-Nov-2010 08-Nov-2010 08-Nov-2010 08-Nov-2010 08-Nov-2010 08-Nov-2010

12.75% 13.11% 13.24% 13.50% 12.74% 12.97% 13.24% 13.63% 13.71% 13.65% 13.74% 13.85% 14.21% 14.34% 14.5%

Commodities *Crude Oil (brent)$/bbl 88.74 *Crude Oil (WTI)$/bbl 87.33 *Cotton $/lb 147.11 *Gold $/ozs 1,415.40 *Silver $/ozs 28.17 Malaysian Palm $ 1,076.00 GOLD (NCEL) PKR 38,877 KHI Cotton 40Kg PKR 10,717

Open Mkt Currency Rates Symbols

Buy (Rs)

Australian $ 85.20 Canadian $ 84.65 Danish Krone 16.00 Euro 120.40 Hong Kong $ 10.95 Japanese Yen 1.038 Saudi Riyal 22.77 Singapore $ 66.30 Swedish Korona 12.85 Swiss Franc 86.90 U.A.E Dirham 23.10 UK Pound 137.45 US $ 85.10

Sell (Rs)

86.20 85.65 16.50 121.90 11.15 1.064 22.95 67.30 13.00 87.90 23.30 138.45 85.50

Inter-Bank Currency Rates Symbols

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

Buying TT Clean

Selling TT & OD

85.97 84.80 15.90 118.54 10.96 1.050 22.67 66.07 12.80 88.12 23.14 137.07 85.25

86.17 85.00 15.94 118.82 10.99 1.053 22.72 66.23 12.83 88.33 23.20 137.39 85.43

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DOHA: Interior Minister Senator A Rehman Malik exchanging views with Khoo Boon Hui President Interpol afterGeneral Assembly of Interpol . -APP

PSA fails to bring in trade

B'stan moves SC against port deal

IAEA urged to balance regulations

UNITED NATIONS: Highlighting its rising electricity needs, Pakistan has called for a balance in the International Atomic Energy Agency's regulatory, promotional and safety functions to ensure its continuing relevance in the context of promoting peaceful uses of nuclear energy and non-proliferation.

"IAEA's role in promoting peaceful uses of nuclear energy is indispensable. The Agency is uniquely placed to facilitate transfer of nuclear technology to developing countries," Pakistani delegate Raza Bashir Tarar told the UN General Assembly.

Speaking in a debate on the annual IAEA report, he said Policy issued for shifting CNG stations: Ogra Pakistan had contributed to the Agency's Technical Cooperation Programme through training, the provision of experts and hosting of seminars.

There was a need for enhanced and assured resource ISLAMABAD: Chairman Oil exclusive talk with Online here allocation for technical cooperand Gas Regulatory Authority Tuesday. ation, technical transfer and (OGRA), Tauqir Sadiq has said He told Ogra had issued pol- training, and the programme ban is still in place on setting up icy for shifting those CNGs See # 12 Page 11 new CNG stations all over the from one place to other place country excluding Balochistan, which had been closed down adding Ogra had issued policy and were affected by the confor shifting those CNGs from struction of high-ways, one place to other place which bridges, roads and other projhad been closed down and were ects. affected by the construction of As per this policy the owners high-ways, bridges, roads and who want to get shift their other projects.

CNGs from affected place to Chairman Ogra told this in an See # 11 Page 11 MUMBAI: Senior figure in India's ruling party resigned I fled from match-fixers, says wicket-keeper Tuesday under heavy pressure over separate corruption scandals involving apartments meant for war widows and the Delhi Commonwealth Games.

Ashok Chavan, the chief minister of Maharashtra, home to financial capital Mumbai, resigned over his alleged role in Not seeking asylum; ready to join team a housing scam involving KARACHI: Zulqarnain is available to play, if Pakistan apartments reserved for widHaider had been issued tempo- government provides security ows that were sold to See # 13 Page 11 rary card by UK immigration to his family . department to stay in London He said that he is writing to here Tuesday after taking his the Pakistan Cricket Board in finger prints. this regard.

Wicket-keeper Zulqarnain Talking with media over the Haider, who earlier announced telephone, he said he was his resignation from interna- receiving threats from an tional cricket, said he would be See # 15 Page 11 ISLAMABAD: Chief Minister Balochistan Nawab Aslam Raisani pledged Tuesday to challenge in the courts what he said was a "one-sided" deal with a Singapore company to run Gwadar Port.

Authorities dismissed any notion that the port would be handed to Chinese control because of its substantial investment. But analysts suspect China would push for a major say over the port to back its bid to expand its influence in the Indian Ocean.

Pakistan, struggling to revive its debt-hit economy, is

keen to become a conduit for trade to landlocked Afghanistan and Central Asia.

As initially envisaged, former president Pervez Musharraf's government gave management and operational control of the deep-sea port to Singapore's PSA International Ltd in February 2007 for 40 years.

But Chief Minister of Balochistan said he would seek its cancellation by the Supreme Court this month.

"After consultation with legal experts and law ministry, we have decided that we will See # 16 Page 11

Ban persists on new CNG pumps

Chief Minister Maharashtra leaves office

Zulqarnain calls it a day

ISLAMABAD: Federal Minister for Information and Broadcasting Qamar Zaman Kaira Monday said that government will soon launch a countrywide crackdown against the hoarders of sugar.

Talking to media here at Parliament House, he said federal government is ready to help provincial governments for legislation to curb sugar hoarding, adding that there is no shortage of sugar in the country. He said profiteers and hoarders have created artificial shortage of sugar.

He said the TCP had set a target to import 1.2 million tonnes of sugar, added 8 million tonnes of sugar has already been off-loaded while

TCP told to offload 350,000 tonnes of sugar more.

He said that there was a great difference in the prices of sugar that was available in the market and sold by Utility Stores Corporation (USC).

He said the recent raise by USC was to rationalise the prices of sugar, added TCP has a stock of 3.5 million tonnes of sugar which would be sold at subsidised rate.

To a question about a meeting of Council of Common Interest (CCI), he said that the meeting strongly condemned the incident of terrorism and offered Fateha for the martyrs of the war against terror.

Kaira said the meeting discussed long and short-term projects for early rehabilitation in flood-hit areas, adding that federal and provincial

Federal Cabinet meets today

New taxes, RGST likely to get nod Small traders warn resistance against RGST Staff Reporter/ Agencies KARACHI: Federal Cabinet meeting would be held today (Wednesday) under the chair of Prime Minister Syed Yousuf Raza Gilani.

According to the media sources, the Cabinet would take stock of issues regarding increase of revenues by broadening the tax-net of the country.

It is also learnt that Cabinet would also give its consent to impose new taxes worth Rs100 billion, while Reformed-GST Bill also get approval during the Cabinet meeting.

On the other hand, President of All Pakistan Organisation of Small Traders and Cottage

Industries Mehmood Hamid has rejected the levying of Value Added Tax (VAT) in the name of reformed General Sales Tax (GST).

He said that oppressive economic policies of the government have ruined industry and trade of the country.

He said skyrocketing prices of oil, electricity and growing lawlessness irked the businessmen.

Mehmood Hamid said target killings in Karachi have shaken the confidence of traders.

He said investment is falling due to deteriorating law and order situation of metropolis.

Trade leader said that government is toeing the agenda of See # 7 Page 11

CUJ delegation calls on President

Door for talks with India open: Zardari ISLAMABAD/MUZAFFARABAD: President Asif Ali Zardari Tuesday again made it clear that Pakistan wants to solve all problems with India in an amicable manner including lingering Kashmir dispute.

President Asif Ali Zardari expressed these views while talking to a delegation of AJK journalists led by Central

Union of Journalists Secretary General Aamir Qureshi at the Presidency.

Central Union of Journalists Secretary General Aamir Qureshi told that during the meeting President said that Kashmiris will not be left alone at any juncture, adding we want meaningful, productive See # 10 Page 11

governments would jointly work in this regard.

Kaira has said that prices of sugar in the country would be stabilised soon as about 350,000 tonnes of the commodity available with Trading Corporation of Pakistan would be provided to provinces.

Referring to petroleum prices, he said no government wants to exert burden on the masses, but sometimes raise in prices in international market affect the local market.

To a question about charging of levy, he said this practice can also be seen in the petroleum exporting countries.

Federal Trade Minister Amin Fahim said that it is neither duty of trade ministry nor Trading Corporation of See # 6 Page 11

G20 needs to do more: Obama JAKARTA: US President Barack Obama said the Group of 20 nations still had a lot of work to do on the world economy and had not yet achieved a framework for balanced growth.

Obama's comments, after a meeting with the president of G20 member Indonesia in Jakarta on Tuesday, came as China criticised US easy money policies and warned two days before a G20 leaders summit that Washington could destabilise the global economy and inflate asset bubbles.

"We still have a lot of work to do one of the key steps is putting in place additional tools to encourage balanced and sustainable growth," Obama told a press conference with Indonesian President Susilo See # 8 Page 11

Turkey sends powership to Pakistan ANKARA: Turkey in order to help Pakistan in overcoming its power needs has sent a 220MW powership to Pakistan.

According to Turkish media reports and Pakistani consulate sources in Ankara Karadeniz Energy Group launched its third power ship to Pakistan. The ship, called "Karadeniz See # 9 Page 11

World should eradicate fossil fuel subsidies: IEA

IEA sees oil up at $100 by 2015 LONDON: Analysts said the $100 mark provided a clear price target for investors, but return on investments might not be dramatic.

"That $100 per barrel is fourfive years away. It is not much support to oil prices," Olivier Jakob with Petromatrix said.

"If you take into account the contango structure and so forth, it does not give you much return."

The IEA also cut its 2035 oil demand outlook by 6 million barrels per day (bpd) to 99 million bpd from its estimate a See # 14 Page 11

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2

Wednesday, November 10, 2010

Ebad takes notice of intrusion in varsity

BISP head vows AJK development

KARACHI: The Sindh Governor, Dr Ishrat ul Ebad Khan, has taken notice of reports regarding encroachment on the Sindh University land.

A statement here on Sunday said that he has sought a report in this regard from the concerned officials within a week's time.

Dr Ishrat also directed that it be ensured that the lands of the universities in the province are protected and their use should only be in accordance with the master plan of the respective universities.-APP

ISLAMABAD: The poverty would be reduced significantly during next few years and mutual love bonds between Pakistan Peoples Party and the people of AJK have a long history and even today.

This was stated by Federal Minister and Chairperson Benazir Income Support Programme (BISP), Farzana Raja while addressing to a public gathering and a press conference in Mirpur.

She said the welfare of the people of AJK is one of the top most priorities of the present people's government.

She said that Shaheed Zulfiqar Ali Bhutto and Shaheed Benazir Bhutto had special sentiments about the people of AJK and the issue of Kashmir has been raised at every international platform whenever Pakistan Peoples Party came into power.

At launching stage of the BISP, she said, expert had advised that the programme should be preceded phase-wise. However, under the direction of President Asif Ali Zardari, the programme has been launched throughout Pakistan, including Azad Jammu & Kashmir.

The chairperson of the BISP said this while speaking at a gathering on the occasion of launching of first-ever launching of Nationwide Poverty Survey in AJK and addressing a press conference in same connection.

Ch Abdul Majeed, LAHORE: Chief Minister Punjab Muhammad Shahbaz Sharif, PM, Sardar Attique Ahmmad, sir Taj Aziz, President of PPP Azad Majid Nazami Beg Safia Ishaq participated at Iqbal Day.-Online Jammu & Kashmir and senior vice President Ch Yaseen were also present on the occasion. Earlier, under Waseele-Haq scheme, she distributed checks of one lac each among the beneficiaries, selected through transparStaff Reporter Q3 2010, registering an cent in local currency and ent computerized ballot- KARACHI: Two people increase of 17.8 per cent. by 16.9 per cent in USD have been killed and five ing.-NNI arrested in different inci- KARACHI: Mobilink has Mobilink subscriber base terms from January to dents of street crimes in posted strong revenues, showed 4.7 per cent September 2010 as comKarachi. Two dead bod- Rs23 billion, higher EBIT- growth as compared to pared to same period in ies have been recovered DA and increasing sub- closing base of Q3 2009 2009.

Khaled Bichara, Group in different areas in scriber base in the third closing at 31.44 million at quarter of 2010 as com- the end of Q3 2010.

CEO, OTH shared that Karachi.

The company has main- OTH subscribers have As per details a body pared to the same period tained its leadership posi- now surpassed the 100 was recovered from the last year.

Mobilink posted revenue tion even in the current million mark and net injustice and struggled Eidgah area, the hard to create harmony, deceased was around the of Rs23 billion for third economic environment. income before minority tolerance and brotherhood age of 24-28yrs and was quarter of 2010 as com- According to the results interest has reached $922 in the society. kidnapped and then shot pared to Rs21.5 billion for published by OTH, during million for the period.

Advisor further said that , his hands were tied the same period last year, the first 9 months of 2010, Bichara highlighted the translating into a year on the revenue grew by 9.6 challenges faced by the dream of Allama Iqbal with thick chains.

Another dead body was year increase of 6.27 per per cent in local currency Pakistan due to the floods for separate state for the Muslims of sub-continent found in the early hours cent. EBITDA increased as compared to same peri- and Orascom's contribuwas materialized and near the Kemari area the from Rs7.7 billion in Q3 od in 2009. Moreover, the tion for the benefit of the Q u a i d - e - A z a m forty year old has been 2009 to PKR 9 billion in EBITDA grew by 22.3 per flood victims in Pakistan. as Bakht Mohammad Ali Jinnah fol- identified lowing the principles and Zaman.

Both the dead bodies ideology of leaders like Allama Iqbal successfully have been shifted to achieved a separate home- Civil hospital for post land for the Muslims of mortem.

As per details after sub-continent in the name of Pakistan adding exchange of fires in the Shaheed Zulfiqar Ali Surjani town area the Bhutto and Shaheed police have arrested two ISLAMABAD: The cus- the exhibits displayed Japan, Taiwan, Sri Lanka, Benazir Bhutto gave their culprits naming Sajid tomised made Pakistan there including ladies Malaysia, Nigeria, Hong lives for promoting and Faisal along with pavilion handicrafts, Kong, Indonesia, UAE, with green apparel, democracy in the country guns, mobiles, and motor coloured theme and 12 shoes, jewelry, bed linen, Abu Dhabi to strengthen representing health products, hand- their networking and which was the basic prin- cycles in their posses- booths ciple of creating new sion .Two more were diverse products ranging made carpets, furniture, explore business opportucountry in the name of arrested after the opera- from handicrafts to surgi- ladies designer dresses and nities through direct intertion done by the police in cal instruments emerged as surgical instruments. action with their trade Pakistan.-APP the SohrabGoth area one of the favorite pavilHigh Commissioner for counterparts from around near a farm house the ions in the INTRADE Pakistan in Malaysia the world. culprits were identified Malaysia-2010.

The High Commissioner, Masood Khalid, who greetas Asmat Ullah and The exhibition was inau- ed the Malaysian Minister however, stressed the need Rahim Omar and gurated by the Malaysian at the Pakistan pavilion, to introduce the other range weapons were also Minister for International said that INTRADE of Pakistani products recovered from their Trade and Investment Malaysia 2010 being an including gems, jewelery, possession and third (MITI) in Kuala Lumpur international marketplace marble, cutlery, light engioperation was carried out on Tuesday. has provided the Pakistani neering, sports, leather and Abdullah teaching hospital in the Green town area Malaysian Minister for exhibitors a unique oppor- Halal sectors products 44 have been treated and the police have arrested MITI Datuk Seri Mustapa tunity to meet more than through these kind of exhiin the last three days no Tanvir who accepted his Mohamed specially visited 8000 trade buyers and bitions to capture Pakistan's new cases have been crimes in various inci- the Pakistan pavilion and around 300 exhibitors from rightful share in the interdents.-Online reported. showed his keen interest in several countries including national trade.-APP Punjab has reported three more fresh cases of dengue virus making a total of 6 thousand 3 hundred and 73 cases throughout the country.

Peshawar has reported 8 cases of Congo virus. Up till now 32people have lost their lives due to dengue virus.

Due to the increase in the KARACHI: A poster events crowning in the spread of the virus there exhibition depicting the signing of a unification between the has been a shortage of the past and present of the treaty Democratic city of Berlin will com- German platelets kits.-APP mence at the Goethe Republic and the Federal Institute here from Republic of Germany in 1990.

November 10.

Since then, East and An announcement on TV channels telecast spe- Sunday said that the West Germany form one Consulate nation and the city of cial program relating to the German life and achievements of General Karachi and the Berlin has been the capiGoethe-Institute Pakistan tal of reunited Germany.

Allama Iqbal.

A poster exhibition National flag were will present the exhibition ISLAMABAD: The “Sherdils” formation hoisted on all principal "20 years of Re-unifica- depicting the past and aerobatics team departs to participate in the present of the city of tion". government buildings.

International Aviation and Aerospace It said that the fall of the Berlin will be shown from The arrangements were Exhibition at Zhuhai in China-PPI made for holding special Berlin Wall on 9th November 10 to 22 at the 1989 G o e t h e - I n s t i t u t e exhibition of books and November relics at Iqbal Museum unleashed a series of Karachi.-APP Lahore, National Museum Karachi and Iqbal Manzil Sialkot.

Cinema Houses made special arrangements to screen documentary films on Iqbal's life.-NNI KARACHI: Sindh family.

Minister Tourism Shazia In her condolence mesMarri has expressed her sage, Ms.Shazia Marri deep sorrow and grief over prayed that may Allah the demise of Begum Almighty grant rest to the Sultana Jamil Zuberi the departed soul in His eterwife of veteran journalist nal peace and give and chief of daily Business strength and courage to Recorder M A Zuberi and Zuberi family to bear this mother of Wamiq Zuberi, irreparable loss-Ameen.Arshad Zuberi and Zuberi APP

2 killed on streets of Karachi

Mobilink posts Rs23bn revenue in Q3

Sharmila pays rich tributes to Allama Iqbal KARACHI: Advisor to Sindh Chief Minister on Information and Archives Sharmila Faruqui has said that Allama Muhammad Iqbal was a progressive

and revolutionary poet philosopher.

This she said while visiting an exhibition on the occasion of birth anniversary of Allama Iqbal at

National Museum Karachi on Tuesday.

She was of the view that Allama Iqbal's poetry taught us to fight against all kind of atrocities and

Intrade Malaysia Expo 2010

Pak pavilion gains fame in Malaysia

KARACHI: Advisor to CM, Sharmila Farooqi takes keen interest in exhibition on occassion of the “Iqbal Day” held at National Museum in Karachi.-PPI

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

WEDNESDAY Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 13:05 14:00 15:02 15:30 16:15 17:05 18:05 19:00 19:05 19:30 Pakistan 20:00 20:05 21:00 22:00 22:05 23:00 23:05 0:00

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

Dengue patients exceed 6,000 mark ISLAMABAD: More than six thousand cases of dengue virus have been registered through out the country.

Fresh cases of the virus have been reported from interior Sindh. The intensity of the spread of dengue virus in the northern areas seems to be slowed down because of the onset of winters.

As per details in the past 24 hours at least 14 new cases of the dengue virus have been reported in the district of Hyderabad, the patients have been shifted to Hilal-e-Ahmer and Civil

hospitals making a total of 218 cases.

Nawab Shah has also reported two new cases in the last 24 hours and total number is 15 so far. Many patients after being treated have been sent home.

Ghotki has also reported one case of dengue virus.

In Nishtar hospital Multan according to Dr Zafar Alvi the total number of the dengue virus cases have increased to 35 out of which 21 have been treated and sent home.

In Mansehra 44 cases have been reported while according to MS King

Poster show at Goethe Institute kisks off today

Iqbal Day observed LAHORE: The 133rd birthday of Dr Allama Muhammad Iqbal, great Muslim scholar, philosopher and national poet was celebrated with national enthusiasm in country on Tuesday (today).

The day was dawned with gun salutes, a simple but impressive change of guard ceremony was held at mausoleum of Dr Allama Muhammad Iqbal at Badshahi Mosque by Pakistan Navy.

The day was declared as a public holiday through-

out the country. Special programmes were chalked out to observe this day. All banks, educational institutions, stock markets and public offices remain closed in connection with holiday on Iqbal Day. Special functions were held in city schools, colleges and different organizations also arranged programmes to highlight the day.

On the day, the speakers paid tributes to Allama Iqbal and newspapers published special editions and

Marri condoles M A Zuberi

Qudsia Kadri grieved

LAHORE: A large number of people standing outside the Iqbal Mausoleum on the eve of 133rd Birthday anniversary of Allama Muhammad Iqbal.-Staff Photo

Fateha Soyem of Mrs Anjum Sarfaraz was observed at the residence of Aizaz sarfarz on Tuesday evening which was largely attended by senior bankers, members stock exchange, businessmen politicians and various from all walk of lives.

Mrs Anjum Sarfaraz was sister of Qudsia Kadri, Chief Editor of Daily Financial Post and wife of Aizaz Sarfraz.

She passed away in London on Friday, November 5th 2010 and was buried in DHA graveyard on Monday.

3

Wednesday, November 10, 2010

Euro falls for third straight day as debt fears swirl

Yuan up as forex rules spark volatile trade

Risk trade may face reversal as year winds down NEW YORK: The euro struggled for a third straight session on Tuesday, swinging from gains to losses as investors worried about Irish and Portuguese debt and hedged sizable bets against the US dollar.

Heavy Asian and Middle Eastern buying helped lift the euro off a $1.3823 session low, traders said, but it stalled below $1.40 as investors worried that peripheral euro-zone countries may struggle in coming months to finance their deficits.

The euro last changed hands at $1.3873, down 0.4 per cent.

Traders said an earlier slide below the 76.4 per cent retracement of a recent rally that peaked last week near $1.43 suggested it could fall as far as $1.3697 in the days ahead.

"The rebound into the $1.40s was probably a bit too rich for

the euro. I don't see much point holding it above there," said Andrew Wilkinson, analyst at Interactive Brokers Group.

The euro hit its recent high after the US Federal Reserve said it would buy $600 billion of Treasuries by mid2011 to lower interest rates and reinvigorate a sluggish economy.

While that has pushed US bond yields lower and dulled the appeal of dollar investments, Wilkinson said it may boost US growth in 2011, leaving markets to focus on the budget problems in euro-zone countries such as Ireland and Portugal.

"I don't think those fears are overblown," he said.

The cost of protecting gov-

ernment debt against default in Ireland and Portugal has risen in the past week, although it eased ahead of a Portuguese bond auction.

A Chinese credit rating agency Tuesday cut its US rating, citing doubts about the US ability to repay its debts, though the move had little impact on the dollar. The major ratings agencies still give the United States the top rating of AAA, although some have warned about pressures from the rising debt burden on the

Asian currencies

Steady after early dip, yuan supports pre-G20 SINGAPORE: Most emerging Asian currencies cut early losses to stabilised against the dollar on Tuesday, as dealers squared up positions ahead of a Group of 20 leaders' meeting in Seoul later this week.

A stronger fixing for the yuan jolted some regional currencies, such as the South Korean won, out of an opening slide, some traders said.

Market players generally expect the yuan to keep trending higher in the run-up to the G20 meetings starting Thursday.

The notable exception on the day was the Philippine peso, which was dragged lower on speculation the central bank is deliberately exacerbating an onshore dollar shortage to subdue the domestic currency.

"I think this is just a momentary bounce in the USD, and

sometime soon we'll see a resumption in peso strength, maybe in the next week or two," a Manila-based trader said.

The Philippine central bank is suspected of exacerbating a dollar squeeze in the local market by not rolling over its estimated $22 bln forward book, traders say.

In so doing, the central bank has sparked a scramble to shift more short dollar/peso positions into forwards.

While spot dollar/peso has jumped about 1.5 per cent in the past few days, the pressure on forwards has spilled into the peso IRS market -- where floating rates are based on 3month forwards.

Some traders believe the central bank is trying to squeeze the market as an alternative tactic since its daily dollar-

buying interventions did little to stem peso gains.

Others think the move was timed to ward off inflows after the Fed agreed last week to inject $600 billion into the US economy.

The won recovered from its lowest level in more than a week to end the day largely steady.

Foreign investment in stocks and exporter bids picked up the won from early lows which had been prompted by the euro's weakness and worries that South Korea authorities might take steps to hold back hot money flows.

The won was quoted at 1,113.3 per dollar, up marginally from its previous domestic close of 1,113.5. Earlier, it dropped as far as 1,120.3, the weakest since Nov. 1. Reuters

rating's longer-term outlook.

The euro also fell 0.4 per cent to 112.44 yen while the dollar lost 0.1 per cent to 81.10 yen. A pullback in risk-taking sentiment after China said it would strictly manage company shortterm foreign debt quotas contributed to yen gains, traders said.

Sterling also fell 0.6 per cent to $1.6050, with traders citing heavy selling from "a US investment house," while the Australian dollar was flat at $1.0120, still near a 28-year high at $1.0183.

Low interest rates in developed countries have stoked demand for higher-yielding currencies and assets from

fast-growing emerging market economies.

Emerging governments say this causes inflation in their economies, and some have tried to stem foreign money inflows.

Analysts said that means investors should be wary of a sudden pullback in high-yielding emerging market assets.

Traders said some macro accounts and commodity trading advisers, who are shortterm players, were already closing their long euro and short dollar forward and futures positions ahead of their book closing at the end of this month or next.

The index was up 0.2 per cent Tuesday at 77.190, but Citi said charts are "highlighting the risk of a bounce, possibly as far as 79.31, the 200-day moving average." -Reuters

Stg hits 6-wk high; BoE report looms LONDON: Sterling rallied to its highest in six weeks versus the euro on Tuesday as peripheral debt concerns dogged the single currency, but further gains for the pound were capped as Wednesday's Bank of England inflation report loomed.

The euro's losses deepened as worries about a political impasse in Dublin ahead of an important budget vote saw 10-

adopt a dovish bias tomorrow, which would take the wind out of sterling's sales," he said.

The Bank of England's quarterly inflation report in due on Wednesday. King's news conference should give some clue to how seriously policymakers considered following the US Federal Reserve's lead on Thursday and expanding the BoE's quantitative easing programme.

year Irish bond yields shoot above 8 per cent on Monday.

Irish and Portuguese bond yield spreads over German benchmarks hit new highs on Tuesday.

Euro/sterling dropped below 86 pence, slipping to a near six-week low of 85.90, before recovering to trade flat at 86.20.

"The euro is under pressure on peripheral debt concerns but I think it will be difficult to break 85.50," said Jeremy Stretch, head of currency strategy at CIBC. "Better UK data has been supporting sterling though there is a risk that the Bank of England Governor, Mervyn King, could

Sterling traded close to flat versus the dollar at $1.6140.

British industrial output grew in line with expectations in September, though its manufacturing component was slightly weaker than forecast, official data showed on Tuesday.

September trade data showed the smallest deficit for global goods and services since June.

Sterling was little changed after the releases. Separately, British retail sales picked up in October, driven mainly by higher prices rather than nervous shoppers buying more goods, a survey showed on Tuesday. -Reuters

TAIPEI: The Taiwan dollar closed nearly flat on Tuesday as the latest in a succession of dramatic central bank moves kept prices in a tight range after a session of aimless trade dominated by a broadly stronger US currency.

Taiwan's currency ended at T$30.630 per US dollar versus Monday's close of T$30.636. It has hovered near that closing level over the past four sessions despite far stronger rates in intraday trade as the central bank seeks to limit volatility. A fall in the euro on new sovereign debt concerns stopped the Taiwan dol-

lar and other risky, growth-linked currencies in Asia from shooting higher on Tuesday as the euro's loss was the US currency's gain.

Still, the Taiwan dollar was able to sniff at levels seen last week after the US Federal Reserve decided to buy $600 billion in government bonds last week, part of monetary easing to shore up stubborn economic recovery. The central bank's apparent move on Tuesday follows purchases of nearly $6.880 billion in US dollars between Sept. 27 and Nov. 8, according to an IFR Markets survey of traders. -Reuters

MUMBAI: The Indian rupee edged higher in late trade on Tuesday in line with the euro, which erased earlier losses, while gains in domestic shares and dollar inflows towards Power Grid Corp's share sale also helped.

The partially convertible rupee closed at 44.31/32 per dollar, 0.15 per cent above the 44.38/39 close on Monday. The unit traded in the range of 44.31 to 44.4350 during the session. The one-year onshore dollar premium closed at 249.75 points, off the day's high of 255 points but still above its previous close of 246.50 points.

Foreign funds have so far in 2010 bought shares worth a record $28.3 billion, in addition to last year's $17.5 billion.

The rupee has gained 5 per cent so far this year.

One-month offshore non-

deliverable forward contracts were at 44.56, weaker than the onshore spot rate.

In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.5050, 44.5025 and 44.5050 respectively, with the total traded volume on the three exchanges at a low $5.3 billion. -Reuters

NZ $ lurches on concerns Indian rupee edges up on euro, shares rise over kiwi-fruit virus SYDNEY/WELLINGTON: The New Zealand dollar shed nearly 1 per cent on Tuesday after a report that the United States had stopped importing kiwi-fruit vine from New Zealand, giving investors a reason to sell into the currency's recent rally.

The New Zealand dollar lost 0.9 per cent to fall to the day's low of NZ$0.7805, with charts suggesting it could extend its fall to $0.7700.

TVNZ had quoted Minister of Biosecurity David Carter as saying in parliament the United States had imposed the ban on worries that a New Zealand orchard might be infected with a virus. TVNZ separately quoted the agriculture ministry's biosecurity unit as saying that a vinekilling virus, which attacks the gold kiwi fruit, was found in the orchard.

New Zealand earns about NZ$1 billion ($787 million) a year from its kiwi-fruit exports, or 2.5 per cent of the total value of the nation's exports in 2009. The New Zealand dollar had leapt 3.7 per cent last week to 31-month highs of $0.7975, its biggest weekly gain in 18 months.

Traders cited a recent strong run of New Zealand data, especially Thursday's jobs report, that hardened bets for New Zealand rates to rise

to 3.25 per cent in March, from 3 per cent now.

In light of expectations the New Zealand dollar could correct further, an analysts said the Australian dollar could retest a 10-year high of NZ$1.3220 hit in October and climb as far as NZ$1.3300 by December.

Against the euro however, the Australian and New Zealand dollars held close to two-month highs as European debt woes gave investors a reason to cut stretched positions across currencies. The euro fell as far as A$1.3687, a level last seen on Sept. 13, and threatening a record low of A$1.3654 that was also last seen on Sept. 13.

In New Zealand dollars, the euro eased to a low of NZ$1.7587, near a two-month trough of NZ$1.7576 hit on Friday.

Against the US currency, the Australian dollar slipped to $1.0087, from $1.0142 late in New York. It breached $1.0080 in early Asian trade but found a floor at $1.077, with solid support around $1.0000/10. But given Australian interest rates at 4.75 per cent are the highest in the developed world, and Australia's economy is enjoying a commodity-driven boom that could last for years, many were wary of betting on a far weaker Australian dollar. -Reuters

as banks bought dollars to abide by the rules, but it rose dramatically in the last hour of trade, amid rumours that the PBOC was intervening in the market to contain that rise.

Still, around 10 traders polled

by Reuters near the end of the session said that they saw no signs of clear intervention by the central bank.

Some traders said that two big Chinese banks were largely behind the market moves.

PBOC set the mid-point, or its reference rate from which the yuan can rise or fall 0.5 per cent in a day, at 6.6580, stronger than Monday's 6.6692 and brushing aside a global dollar rebound. "Tuesday's mid-point means that in guiding the yuan's direction, the PBOC can simply ignore whatever happens to the dollar for a special day or a short period of time," said a dealer at a Chinese state-owned bank in Shanghai.

"November appears to be a special time. We expect the yuan to appreciate this month no matter how the dollar performs." China faces a slew of political events this month, including a meeting between President Hu Jintao and his US counterpart Barack Obama on Nov. 11 at a Group of 20 summit in Seoul, which will add pressure on the yuan to appreciate against the dollar. -Reuters

Swiss franc up against euro on renewed debt fears ZURICH: The Swiss franc gained against the euro on Tuesday due to its safe haven appeal as the single currency slipped across the board on concerns about rising borrowing costs, particularly in Ireland.

"We view EURCHF as the best vehicle to express the view that problems in the Euro-zone periphery are once again heating up, with Irish spreads in particular having blown out to record levels," UBS analysts wrote in a note.

The UBS analysts said such concerns would have previously boosted the dollar against the euro, but said in the wake of the US Federal Reserve's new quantitative easing programme, switching into the franc was a better choice. The franc was 0.4 per cent firmer against the euro compared to the New York close, trading at 1.3388 francs per euro at 0741 GMT. The franc was 0.1 per cent higher against the dollar at 0.9648 francs per dollar. -Reuters Top Economic Events

Taiwan $ nearly flat after cbank move

MAGADISHU - SOMALIA: A dealer counts Somalian currency at his open-air forex bureau along the streets of the capital Mogadishu. -Reuters

SHANGHAI: China's yuan experienced its most volatile day of trading on Tuesday since the 2005 revaluation, tumbling on tighter bank requirements for holding foreign exchange and later jumping back to gain 0.5 per cent.

The yuan initially slid in afternoon trade as banks scrambled to grab dollars after the new regulations by the foreign exchange watchdog caught them off guard, only for the Chinese currency to surge back for its biggest one-day rise since the revaluation. Most of that activity happened in the last hour and a half of trade, during which the yuan first fell to the day's low, testing the lower edge of the daily trading band, and then surged to close at 6.6440 versus the dollar -- up more than 0.2 per cent from Tuesday's mid-point.

The spark for the volatility was the State Administration of Foreign Exchange's (SAFE) tightened forex rules that require banks participating in the currency market to hold a minimum amount of foreign currency overnight, as part of its efforts to curb inflows of speculative capital.

Previously, the banks were required only not to hold short dollar positions overnight.

The heightened requirements for forex holdings contributed to the initial plunge in the yuan

Time 5:30 Tentative 18:30 18:30 18:30 18:30 20:30 22:00

Source AUD CNY CAD USD USD USD USD USD

Events Home Loans m/m Trade Balance Trade Balance Trade Balance Unemployment Claims Import Prices m/m Crude Oil Inventories Natural Gas Storage

Forecast 1.1% 25.3B -1.4B -45.0B 451K 1.1% 1.1M 24B

Previous 1.0% 16.9B -1.3B -46.3B 457K -0.3% 2.0M 67B

Forecast

Previous

Previous Day Source

Events

GBP GBP EUR GBP GBP GBP CAD GBP USD USD

BRC Retail Sales Monitor y/y RICS House Price Balance German Final CPI m/m Manufacturing Production m/m Trade Balance Industrial Production m/m NHPI m/m NIESR GDP Estimate IBD/TIPP Economic Optimism Wholesale Inventories m/m

Actual

0.8% -49% 0.1% 0.1% -8.2B 0.4% 0.2% 0.5% 46.7 1.5%

-39% 0.1% 0.3% -7.9B 0.5% 0.3% 47.8 0.6%

0.5% -36% 0.1% 0.4% -8.5B 0.4% 0.1% 0.8% 46.4 1.2%

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

Bid 1.3873 0.8636 1.3351 112.43 0.9602 0.9998 1.6057 130.2 1.0129 1.3874 84.22 1421.50 28.67

As per 22.00 PST Ask High 1.3874 1.3974 0.864 0.8644 1.3356 1.3449 112.48 113.06 0.9627 0.9682 1.0003 1.0071 1.6061 1.6182 130.25 131.05 1.0133 1.0173 1.3882 1.3973 84.29 84.24 1422.33 1423.83 28.72 28.89

Low 1.3825 0.8593 1.3327 111.74 0.9589 0.9982 1.6048 129.84 1.0074 1.3874 83.57 1403.68 27.56

London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR).

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 09/11/2010 A USD GBP CAD EUR JPY O/N 0.22563 0.55250 1.01167 0.76625 SN 0.09813 1WK 0.24828 0.55563 1.05000 0.75875 0.10563 2WK 0.25000 0.56000 1.07333 0.76875 0.11188 1MO 0.25344 0.56938 1.10250 0.81125 0.12250 2MO 0.26828 0.62813 1.14667 0.87750 0.15000 3MO 0.28563 0.73913 1.20417 0.99500 0.19375 4MO 0.33250 0.82288 1.26500 1.05313 0.27625 5MO 0.39250 0.92538 1.32917 1.13375 0.33438 6MO 0.44281 1.02938 1.40417 1.23125 0.39500 7MO 0.49094 1.10413 1.46250 1.28125 0.45500 8MO 0.54031 1.18625 1.54417 1.32813 0.50250 9MO 0.59438 1.26688 1.60250 1.37875 0.54875 10MO 0.64781 1.34375 1.67917 1.42125 0.57625 11MO 0.70094 1.41125 1.76083 1.46500 0.60500 12MO 0.75875 1.48038 1.84833 1.51375 0.63250

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

Next Meeting

Last Change

Dec 07 2010 Dec 02 2010 Dec 14 2010 Dec 16 2010 n/a n/a n/a

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

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

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

week month months months year years

AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD 0.880 0.570 0.840 0.390 0.130 -0.120

-0.590 -0.480 0.690 0.480 0.910 0.820

0.290 0.110 0.840 0.680 0.840 0.500

0.910 0.620 0.890 0.490 0.810 0.740

0.910 0.300 0.850 0.200 0.560 0.490

0.890 0.330 0.740 0.420 0.090 -0.100

USD/CAD USD/CHF -0.850 -0.700 -0.820 -0.610 0.120 0.180

-0.910 -0.770 -0.780 -0.150 -0.130 -0.040

4 Wednessday, November 10, 2010

The Financial Daily International

Islamic Economic System

Vol 4, Issue 95

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

Targeting the Wheat Many of the experts are saying that despite most devastating floods Pakistan should be able to produce minimum 25 million tonnes of wheat this season.

This is an insult of the hardworking farmers of the country, blatant disregard to the opportunities, and above all undermining free of cost distribution of seed/fertiliser by the government. In fact this year Pakistan should be aiming at obtaining 27 million tonne output, at least.

To begin with, this season wheat could be sown on larger area because of more than sufficient rains in arid zones. Those farmers who could not afford to buy seed and fertilisers have the option to avail the opportunity and above all farmers are assured of minimum Rs950 per 40 kilogramme price.

In fact the government should enhance it to Rs1100 per 40 kilogramme keeping in view the rising price of wheat in the global markets. If there is any shortfall imported wheat would cost much higher.

It may be argued that since urea and DAP are available at a price relatively lower than prices in recent past, there is no need to enhance the support price. It is necessary to understand that firstly the support price is not fixed on the basis of current price but future price, and secondly the incentive is given to encourage local farmers to produce more so that import could be avoided at a later stage.

There is also a warning to the government that fixing a target is meaningless unless efforts are made to achieve it. However, when planning such policies the following points must be kept in mind: 1) producing more becomes meaningless if the country does not have adequate storage facilities, and 2) smuggling of wheat can't be plugged through highly porous borders ---it is on record that large quantities of wheat are smuggled to the neighboring countries in exchange of certain other commodities and the price differential.

It's not being suggested no wheat should be sold to neighbouring countries, it is the use of official trade channels which is being stressed on. Therefore, export of wheat should be declared permissible but with quantitative restrictions to avoid unchecked outflow of the most important staple food.

The government has taken the right steps that include fixing attractive support price, providing seed and fertiliser to flood-affected farmers and also soft-term credit facilities for construction of wheat storage silos.

Now it is the responsibility of farmers and the entrepreneurs to avail the opportunity.

They maybe doing some good to the country but the best favour that they can do for themselves is to improve their own financial condition.

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.

Role of an individual Mohammad Anas

C

onventional economics, as we have studied, has two parts: collective economics and individual economics.

The focus of Islam is on collective economics, because Islam is a religion that preaches social welfare, and individual duties, rights and responsibilities flow from the social setup an individual dwells in. It is incumbent upon the individual to atleast fulfill his / her own responsibilities in implementing an Islamic Economic system, and not use others as scapegoats of his own lack of willingness.

Many economic thinkers, old and contemporary, have presented their thoughts and theories, and history has shown that none of the systems have been able to strike a balance between welfare of an individual and society at large. The socio-economic order that Islam proposes strikes the best balance, because it is focused on welfare of the masses. It is the best system and when implemented, results in peace, prosperity and happiness for one and all in the social setup. When such a system was in place, history has recorded that there was a time when people used to go about with charity in their hands, but could find one to give it to (alHidaya-wa-al-Nihaya, Volume 5, Page 54).

Islam's socio-economic system proposes an end to class differentiation, concentration of wealth and oppression and satisfies the needs of humanity. Its essence is an ethical life, and a spiritual connection between man and Allah.

This solid base of an Islamic economic system remains unaffected even by revolutions and at the same time is resilient enough to offer a solution for every possible situation.

In Islam, you will not find a heading as 'Economic System'. Since Islam prides in itself as being a religion for humanity, covering all aspects of personal and social life, economic teachings cannot be separated and described, unconnected with other parts of life. Laws of the Creator are to be followed, which are certainly better than man-made laws, because behind every law there is some vested interest and there is some ulterior motive. Shah Waliullah, in his voluminous encyclopedia, Hujjatul Balighah (Volume 1, page 104), fittingly reflects upon the state of affairs of Persians and Romans, who were in love with their man-made laws. Wearing something inexpensive was considered against their dignity.

Consumption and all other expenses were ostentatious and a severe waste of economic resources of the people. Love for singing girls was profound. The kings and nobles, in a bid to further increase their wealth, imposed taxes on those who actually contributed to national output, such as agriculturalists, artisans, craftsmen etc. It was their lust for this short-lived life and utter ignorance of the life hereafter that led to their downfall.

Conventional economics, which forms the basis of the world economic order today, considers 'suste-

nance' as the only motive of life, and the basis of all efforts. Therefore, it is considered the highest value, and it preaches that any step taken for the earning of sustenance is allowed. On the contrary, Islamic posture is different. It says that although sustenance is essential as no human being can survive without a minimum level, but this should not be the primary objective of life; that a man only focus-

“

is permissible.

This reflects the religion's total applicability for all times, not in bits and pieces, but in totality.

Islam also gives us a direction into how these earnings should be spent.

Let it be understood that Allah prefers simplicity; infact, an extravagant and ostentatious lifestyle is disliked as spending a lot unnecessarily or to maintain one's social status, and living a life that the major-

The socio-economic order that Islam proposes strikes the best balance, because it is focused on welfare of the masses.

es upon earning wealth only like a machine. The ultimate objective of life that Islam preaches is complete obedience of the Almighty in all spheres of life, including economic activities. This is what makes an Islamic Economic System even more important! Whether an economic order is good or corrupt depends on the minds working behind it. What purer minds can one even imagine than those of the Prophet (peace be upon him) and his Companions (may Allah be pleased with them), and what better motive can one intend than that intended by the Creator itself.

Every individual has the right to benefit from what he earns out of his labour.

However, it is also not hidden from us that wealth is the most common cause of envy and competition amongst human beings. To manage these two conflicting roles of wealth (of benefiting the individual and simultaneously creating enmity amongst brothers) and carve out a path of moderation, Islam proposes its Economic System. We will now move towards briefly discussing the main principles of the Islamic Economic system, and the responsibility of an individual in implementing this system. It should be clear at the outset that this is not an exhaustive list of the basic principles.

Sustenance is the most important area where an individual has great responsibility to fulfill. Effort and labour are a prerequisite to earning livelihood, as Islam instructs everyone to strive for earning a just and fair sustenance. However, to ensure a proper social order, Islam does not allow any step whatsoever that may be taken to earn a living. Whatever is earned will be permissible only when the means used to earn the living are fair and pure. There is no exhaustive list of professions that Islam permits, deeming the rest to be impermissible.

Instead, our religion leaves it open for its followers, declaring that all that is earned in an ethical, fair and justifiable manner, with one's own labour (whether physical or intellectual), without involving anything that it prohibits,

ity cannot afford is not preferred by Islam.

Moderation is the key to happiness, and this applies equally to spending as well. It has been seen at various occasions that even when the Companions wanted to give their wealth in the path of Allah, the Prophet advised them to retain something for themselves and their families.

and He decides who gets more of it and who gets less. Although, Islam does recognize diversity in grades and wealth, that one may be rich and another may be poor, it prohibits such level of disparity that may lead to envy by the poor against the rich, or the rich looking down upon the poor. This is because a rich person has more not because he has earned it, but only because Allah has bestowed more blessings upon him. However, he must remember that he is a vicegerent, a caliph of Allah. Having been awarded such a prestigious status, he must also fulfill the duties and responsibilities of this status.

Regarding equality in an economic setup, his duty is that he must not accumulate wealth with himself.

Rather, he must understand that the richer he is, the greater is his responsibility towards others not so well bestowed in the society.

Therefore, he may keep with himself that which suffices his needs (including his and his family's immediate needs and moderate savings for future), and whatever he owns over and above this level must be invested in any business or otherwise but must not be held as idle as according to Islamic posture, money should be in circulation so that every person in the society may benefit from it.

Spending wealth on luxuries is not sufficient, because the elite still retain the benefits of this excess wealth.

Rather, it should be spent on the poor so that they reap the benefit, their economic problems are resolved and as a result the wealthy save them from self-destruction. Let go of the 'trickle-down' fallacy, and adopt the concept of 'trickle-up'. The surplus money should also extend to the poor and the needy as Allah encourages charity and promises for blessing more to those who extend: "Those who extend their substance in the cause of

The ultimate objective of life that Islam preaches is complete obedience of the Almighty in all spheres of life, including economic activities Being moderate is a subjective virtue, with no exact quantifiable definition available. Therefore, how moderate one needs to be is the individual's sole discretion, and he himself will be held accountable for this.

When spending on oneself, the individual must remember his responsibili-

The kings and nobles, in a bid to further increase their wealth, imposed taxes on those who actually contributed to national output, such as agriculturalists, artisans, craftsmen etc. ty towards the society. He is like a limb in the body (society), and each part of the body has a joint ownership of the body.

Therefore, the more he earns, the greater is his responsibility to fulfill the needs of the poor and take care of them. The first right on his earning is that of his family, and then those in the society who cannot fulfill their needs.

Selfless giving away is a highly preferred act, and a tradition from Hazrat Abu Zar Ghaffari tells us that the best charity is his who, though poor himself, gives away something in charity (The Economic System of Islam, Maulana Hafz-UrRehman Savharvi). This is only possible if one thanks Allah for the countless blessings on oneself.

Wealth is gifted by Allah,

Allah and follow not up their gifts with reminders of their generosity or with injury, for them their reward is with their Lord; on them shall be no fear, nor shall they grieve."

(Holy Qur'an, Chapter 2, Verse 262) One might say that since he pays Zakat, he is now absolved of his responsibility of looking after the poor of his family and society, and can now keep all what he has. However, this is incorrect because Zakat is the minimum level of charity that each individual, who owns more wealth than the parameters defined, must give. There is some difference of opinion regarding the permissibility of holding wealth above one's needs, though there is absolute unanimity regarding this act not being

preferable. The best example is that the Holy Prophet (peace be upon him), during his whole life, was never liable to pay Zakat, meaning that he never held surplus wealth with himself. The best person ever on the surface of earth for whom this world has been created, was never rich enough to own anything other than his basic needs.

For a moment, let's look at ourselves, our lifestyle, our deeds, and how much, we the thankless creatures have. This is certainly not justified, and we are, but tyrants to our own selves.

Wealth is a trust of Allah, and everyone has joint ownership of it and an equal right to use it.

Therefore, anyone who owns more than what he requires to satisfy his needs violates this trust and trespasses another's property. It is not possible that Allah, being so just and fair in Himself, lets one with great knowledge, physical power or business acumen, accumulate so much that he cannot count, and another, with no one to take care of, not even managing appropriate food, shelter and clothing. This is not the Divine command.

This is the result of our corrupt mindset and the vicious economic cycle that engulf us.

Creating balance between capital and labor is another objective of the Islamic Economic System.

Whereas capitalism proclaims supremacy of capital, communism erupted as a result of the tyranny and led to labours ruling the capitalists. Islam teaches a moderate solution, where neither is unjustly made subservient to the other. It promotes a just balance between capital and labour, so that both reap the benefits of economic progress.

This is why Islam prefers a profit and loss sharing mechanism (Musharika) over any other mechanism of resource distribution.

These are Islam's commandments about obtaining and spending individual sustenance, the concept of wealth and to what extent is it permissible, and about a just balance between capital and labour.

If these are followed by all Muslims, there would be complete elimination of disparity in wealth distribution. There will not be on the one side those who possess luxuries they cannot even count, and on the other side those who are not even able to afford for themselves the basic necessities of life. This disparity has led to the present day corrupt social order, and replacing it with a just, fair and peaceful social order is only possible if we come out of these class wars, look unto wealth as a trust of Allah with everyone sharing an ownership in it. This is the level of humanitarianism that Islam proclaims, and is the only solution to our present day economic and social problems.

The fact that an individual has an immensely important role to play towards the implementation of this divine system should not come as a surprise. Each one of us has responsibilities to fulfill on an individual basis. Only when we have performed our responsibility can we expect the state to come into action and provide the authority to hold together the individual pieces.

The author is an Islamic banking professional

5

Wednesday, November 10, 2010

South East Asian stocks

European shares close at two-year high KSE-100 Index Opening Closing Change % Change Turnover (mn)

10,882.00 10,992.28 110.28 1.01 220.55

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

3,410.64 3,441.01 30.37 0.89 12.07

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

2,773.37 2,796.28 22.91 0.83 0.59

Major Gainers

Symbol RMPL UPFL BATA COLG SIEM

Close

Change

1,950.00 1,100.00 711.89 850.00 1,320.36

91.53 50.00 33.41 28.17 22.16

Major Losers

Symbol

Close

Change

ULEVER 4,088.99 SHJS 64.00 SITC 106.09 FIMM 45.25 THALL 97.87

-11.01 -2.75 -2.41 -2.25 -2.04

Top 5 Volume Leaders

Symbol

Close Vol (mn)

JSCL LOTPTA NML LUCK NBP

11.79 11.65 56.04 76.83 67.63

23.71 18.03 10.78 10.43 10.22

Active Issues Plus Minus Unchanged

244 156 9

Sector Updates FERTILISER 000 tonnes

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

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

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

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

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

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

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

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

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

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

Indonesian shares hit record; some others retreat US stocks mid-day

KSE crosses 11,000pts, but closes just below it Nawaz Ali KARACHI: Bulls Monday took charge adding 1 per cent to apex index where it hit a 26month-plus high on the back of better investor participation driven by continued foreign interest and higher international commodity prices.

The benchmark KSE 100Index gained 110 points --1.01 per cent-- to close at 10,992 points, its highest close since July 2008.

KSE 30-Index jumped by 126 points --1.2 per cent-- to close at 10,601 points and KSE All Share Index rose by 77 points --1.02 per cent-- to close at 7,639 points.

"Bullish rally with across the board rising volumes were due to global commodity prices which are running high", said Ahsan Mehanti, Director Arif Habib Investments.

He said rise in local cement, cotton, sugar, and oil prices have led the rally. Foreign interest in blue chip banking, oil & gas & fertiliser scrips heightened positive activity at KSE, he added.

NCCPL data showed that foreign investors net-bought shares worth $2.72 million on Monday.

On the local side; companies and mutual funds did a net buying of $3.46 and $2.12 million while banks and indi-

Nikkei pauses, eyes fundamentals TOKYO: Japan's Nikkei average edged down on Tuesday as investors pocketed profits following a more than 6 per cent jump over the previous four sessions, with eyes shifting to US economic data to gauge the strength of the recovery.

The Nikkei was confined to a narrow range, with profittaking dominant in thin trading as investors could not find strong reasons to add more positions, putting shares in Hong Kong and Shanghai under pressure as well.

Global equities have climbed as the outlook for the US economy brightened after the Federal Reserve decided to buy more debt and after encouraging US jobs data. The Nikkei has risen to threemonth highs while US stocks have hit two-year highs.

"It's true that risk money has sharply increased in the wake of the second round of monetary easing in the United States," said Junichi Misawa, senior fund manager at STB Asset Management.

"The focus now is on currency moves and the US fundamentals. The Nikkei could break above its recent range of 9,000-9,700 if expectations that the US economy has hit a floor can spark a rebound in

the dollar, while monetary conditions are easy."

The benchmark Nikkei ended the day down 0.4 per cent or 38.43 points at 9,694.49, while the broader Topix fell 0.2 per cent to 839.95.

Profit-taking intensified after US shares retreated from a two-year high on Monday, weighed down by financial stocks and a stronger dollar.

Stocks had been boosted by the Federal Reserve's plan to buy $600 billion of Treasuries to lower interest rates and reinvigorate a sluggish economy.

Investors were unwilling to sell too heavily as underlying sentiment remained bullish after the Nikkei hit a threemonth intraday high of 9,737.01 the previous day, traders said.

The Nikkei is likely to find support around its 26-week moving average, now at 9,500, while a series of technical selling points around 9,750-9,800 are likely to obstruct rises, Trade was light on the Tokyo exchange's first section, with 1.74 billion shares changing hands, compared with a oneweek high on Friday above 2 billion shares.

Declining stocks outnumbered advancers, 784 to 697.Reuters

vidual investors did a net selling of $4.45 and $2.73 million respectively.

Market started the day with on a green note and then kept bulling up ahead throughout the session on continued foreign as well as local institutional investors interest mainly in oil, banking, cement, fertiliser, and textile stocks following rising regional stock markets and higher international commodity prices where oil prices hit their 2year high of above $87.49 a barrel on Monday.

According to experts, Pakistani market was not performing at par with regional ones which have recently wit-

Corporate earnings winch up FTSE 100 LONDON: On Tuesday the FTSE 100 closed up 25.23 points, or 0.4 per cent, at 5,875.19, after closing down 0.4 per cent on Monday.

The index is up 8.5 per cent this year and has jumped around 23 per cent since hitting a year's low on July 1, and some analysts see the FTSE attacking the 6,000 level nearterm.

"Solid (corporate results) updates ... have helped cheer investors and shake off the indifference that dogged yesterday's session," Anthony Grech, head of research at IG Index, said.

"Traders are eying up the 6000 level as the next target for the FTSE, and at the rate that the markets have bounced back in recent days, they may not have to wait too long."

Barclays added 4 per cent after a sharp improvement in its bad debts helped lift the bank's underlying third-quarter profit and boosted the sector, with the UK banking index up 0.8 per cent.

Elsewhere among financials, investment manager Schroders rose 5.5 per cent after it beat third-quarter market expectations on the back of strong sales to overseas institutional clients.

See # 19 Page 11

Shanghai, HK shares dip on rate hike fears HONG KONG/SHANGHAI: Shanghai and Hong Kong shares eased from overbought levels on Tuesday after signs China's central bank intended to crack down on hot money inflows led to profit-taking, particularly in financials.

The central bank unexpectedly raised one-year bill yields at auction, prompting expectations that another rate rise or tighter bank required reserves were on their way.

Shanghai's main stock index fell 0.8 per cent, erasing most of Monday's 1 per cent advance.

Hong Kong's Hang Seng index fell 1 per cent, weighed down by a fall in local property developers on speculation that companies will launch fresh share sales to take advantage of lofty stock prices.

Hong Kong and Shanghai pulled back from technically overbought levels with their respective relative strength indexes (RSI) falling to 70 and 72 from around 76 on

Monday.

However, their RSIs are still the highest amongst major Asian markets.

Analysts said mainland investors were locking in gains ahead of economic data for October, due later this week. The data is expected to show consumer prices rose about 4 per cent from a year earlier, which analysts say will fan speculation of a rate rise.

"This is likely to be a shortterm sell off, 3-5 days. The market expects inflation data to exceed 4 per cent. In this case, an interest rate rise becomes more likely," said Zhang Yanbing, analyst at Zheshang Securities in Shanghai.

A 3.3 per cent fall in China Life was the biggest drag on the Shanghai index. Sinopec fell 1.8 per cent to be the second biggest drag, cutting into a rally of about 11 per cent since the start of October on the back of firmer oil prices.

Bucking the broader market's

weak trend were shares of companies connected to the island of Hainan, which soared after reports that it could become a duty free shopping area from January 2011.

Construction firm Hainan Expressway and Hainan-based pig breeder Haikou Agriculture both jumped by 10 per cent.

Sino Land shares were the top losers on the benchmark, down 5.7 per cent, after the company announced a $663 million share at a 7.8 per cent discount to Monday's closing price.

Last week Hang Lung said it was raising as much as $1.3 billion at a discount.

Chinese banks fell in Hong Kong as investors pocketed recent gains. ICBC fell 1.9 per cent and was the biggest drag on the benchmark.

Bank of China Ltd, which is considering taking a stake in Portugal's third-largest listed bank Banco BPI SA or its Angolan operation BFA, also fell 1.9 per cent. -Reuters

nessed bullish performance but now foreign investors are coming back to the local market.

The cement sector remained in the limelight after a price hike in local cement prices, with both LUCK and DGKC closing at their upper limits.

Furthermore, NML and NCL closed at their upper limits too owing to cotton prices trading at an all-time high.

Therefore index kept on moving higher and crossed 11,000 levels to touch an intraday high of 11,028 points (+ve 146 points) near around the mid-day.

Ahmed Rauf, analyst at JS Global Capital said that news-

Wall St inches down

flow suggesting Pakistan and IMF have agreed on a revised macroeconomic framework provided an early positive impetus.

Experts say due to some profit taking at higher levels index failed to close the day above 11,000 points.

Volumes remained impressive throughout the session as 220.5 million shares traded during the day - highest in the last six months and were 25.3 million higher as compared to a turnover of 195.2 million on Friday.

Out of total 409 active issues 244 advanced and 156 declined while 9 issues remained unchanged.

Indian shares up; Power Grid rises MUMBAI: Indian shares edged up 0.4 per cent on choppy Tuesday propped up by firm European equities, despite State Bank of India posting its biggest single-day loss in nine months a day after the top lender's quarterly earnings missed forecasts.

European shares edged up early on Tuesday, with several companies rising after upbeat statements, and a supportive macroeconomic backdrop helping sentiment.

State Bank of India shed 4.4 per cent after it announced late Monday flat quarterly profit on higher provisioning and said it would make similar set-asides in coming quarters to meet new guidelines "SBI is improving its operating performance, but is struggling with asset quality, in our view," JP Morgan said in a note, adding it was "neutral" on SBI and preferred ICICI Bank.

ICICI Bank closed 1.1 per cent higher at 1,269.45 rupees.

The 30-share BSE index gained 0.38 per cent or 80.10 points to 20,932.48, with twothirds of its components closing in the green.

"Volatile trade is expected as people tend to book profits when market nears new highs.

But, a big decline from here is ruled out," said Rakesh Rawal, head of private wealth management at Anand Rathi. "(Quarterly) Results so far were positive on an overall basis. There is nothing big to worry on that front."

Net foreign fund investments in Indian equities have totalled $28.1 billion so far in 2010, pushing the main stock index up nearly 20 per cent.

It is only around 275 points away from a new all-time high.

Power Grid Corp jumped 5.5 per cent to 103.75 rupees as Citigroup upgraded the stock to "buy" from "hold" while Macquarie upgraded the stock to "neutral" from "underperform".

See # 17 Page 11

ANNOUNCEMENTS Company Globe (O.E) Dewan Salman Chenab Limited Globe Textile

Period Yearly Yearly Yearly Yearly

Div/Bon/Right PAT (Rs in mn) 10%(D) 10.216 -1,529.672 -2,027.969 -30.591

EPS(Rs) 2.19 -4.18 -17.63 -1.87

NEW YORK: US stocks edged lower on Tuesday, even as a gold index surged to alltime highs with investors again pouring money into the safehaven commodity.

Gold prices hit record highs for the fourth day in a row. The metal has been viewed as an inflation hedge by investors following the Federal Reserve's announcement last week that it would buy $600 billion in government debt in an effort to stimulate the sluggish US economy.

An index of gold and silver miners' shares gained 1.9 per cent and hit an all-time high.

Shares of Barrick Gold rose 2.5 per cent to $52.50. US December gold futures shot up $20.30 to $1,423.50 an ounce.

"Gold is the vehicle investors are using to protect their currency and inflation exposure," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.

But commodity prices in general have risen so much they could be near a point where they are hurting the economy and profits, he said, adding: "It's going to have very negative ramifications for the rest of the economy and and the market if it's not corrected."

Last week, stocks rose to their highest levels in two years after the Fed's announcement of its stimulus plan, which is another round of "quantitative easing," dubbed QE2, and a stronger-than-expected employment report.

Financial stocks, which helped lead gains last week, led the S&P 500's decline. At midday on Tuesday, the S&P financial index was down 0.9 per cent.

The market's strong run higher has pushed the S&P 500 up to near resistance around the 1,228 level, which would retrace 61.8 per cent of the decline between its highs in 2007 and the 12-year low in March 2009.

This point, a Fibonacci retracement, is closely followed by technical chartists and often triggers buying or selling.

See # 18 Page 11

Dhiyan

Go for daytrading & diphunting Salman Naqvi, Head of Sales Aba Ali Habib Securities Market is technically strong. With higher international oil prices, rising regional stock markets, continued foreigners interest and calm political situation supporting the market the bullish activities are likely to hang in there in the short term. Investors are advised to do daytrading with a 'buy on dips' stance and hold current positions.

They can trade in oil sector followed by cement and banking sectors. Market would be positive today.

Faran Rizvi, Technical analyst Invisor Securities Bullish activities are likely to continue in the market where we expect the index to touch 11,575 levels soon. A minor resistance may be seen at 11,123 points. Traders are advised to have a positive stance and make 10,860 points as their stop loss levels.

They can take positions in fertiliser, banking, and oil sectors.

Bulls will remain at the trading floor today.

6

Wednesday, November 10, 2010

Market

Symbols

Volume

220,550,154

Value

8,489,391,647

Trades

98,407

Paid up Cap(mn)

Advanced Declined Unchanged Total

Current High Low Change

244 156 9 409

All Share Index

10,992.28 11,030.35 10,882.00 h110.28

Current High Low Change

KSE 30 Index

7,639.58 7,666.13 7,562.10 h77.48

Current High Low Change

KMI 30 Index Current High Low Change

10,601.09 10,630.60 10,475.03 h126.06

17,596.22 17,611.83 17,340.66 h255.56

OIL AND GAS

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index

Performance of SR Industrial Transportation Index

Open 1,402.33 Turnover 12,095,880 P/E (x) 10.48 Company

KSE 100 Index

PE

High Low 1,428.45 1,398.47 Total cos Defaulter cos P/BV (x) ROE (%) 3.41 32.54

Open

High

Low

Attock PetroleumXDXB 691 5.54 304.93 Attock Refinery 853 7.04 120.22 BYCO Petroleum 3921 - 11.75 Mari Gas Company 735 16.65 123.76 National Refinery XD 800 3.65 234.85 Oil & Gas Development 43009 10.74 158.34 Pak Petroleum 11950 7.92 192.01 Pak Oilfields XD 2365 6.13 256.02 Pak Refinery Limited 350 - 82.23 PSO 1715 4.81 282.38 Shell Gas LPG 226 - 37.13 Shell Pakistan 685 10.19 200.04

320.17 126.23 12.10 125.90 246.59 160.20 196.40 262.40 84.50 286.69 37.80 203.89

306.50 121.20 11.63 122.10 239.00 157.00 192.25 257.06 82.50 282.53 36.91 198.10

Close Chg 319.58 125.58 11.74 122.88 246.59 158.68 194.80 259.44 83.40 284.35 36.95 198.76

14.65 5.36 -0.01 -0.88 11.74 0.34 2.79 3.42 1.17 1.97 -0.18 -1.28

Close Change 1,415.31 12.98 Listed cap Market cap 65,194.15 mn 1,108,916.75 mn Payout (%) Div Yield (%) 55.94 5.34 Last 60 days High Low

Volume 1258794 3039147 4085214 151772 286748 900214 1324729 3428240 108254 1520058 2609 75315

374.20 120.22 11.99 128.90 234.85 159.70 214.10 257.50 85.90 283.99 40.28 232.00

2009 Div BR (%) (%)

287.99 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 182.05 330 -

% Change 0.93 5-Day High 1,415.31 5-Day Low 1,353.23 2010 Div BR (%) (%) 300 31 200 55 90 255 80 40

20 20B -

CHEMICALS

Open 749.62 Turnover 156,976 P/E (x) 5.85 Company

Paid up Cap(mn)

Pak Int Cont.Terminal XD 1092 PNSC XD 1321

High Low 780.92 746.58 Total cos Defaulter cos P/BV (x) ROE (%) 1.49 25.53

Close 766.72 Listed cap 3,242.17 mn Payout (%) 11.08

Change 17.10 Market cap 13,406.60 mn Div Yield (%) 1.89

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.41 41.58

71.93 38.38

75.52 38.98

71.75 38.00

74.13 2.20 38.25 -0.13

152949 4027

80.00 41.00

60.05 34.50

Company

Paid up Cap(mn)

Agritech Limited Bawany Air XD Biafo Ind XD BOC (Pak) Clariant Pak Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman Dynea Pak XD Engro Corporation Ltd Engro Polymer Fatima Fertilizer Fauji Fertilizer Fauji Fert. Bin Qasim Gatron Ind XD Ghani Gases Ltd ICI Pakistan Ittehad Chemical Lotte Pakistan Mandviwala Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind XDXB Sitara Peroxide Wah-Noble XD

Open

High

Low

3924 7.79 21.94 68 71.50 9.52 200 4.73 45.15 250 10.53 76.75 273 5.94 155.37 1203 7.18 170.93 1996 2.30 1020 5.77 3663 1.58 94 - 12.80 3277 9.99 180.38 6635 - 13.89 22000 9.71 6785 7.97 108.53 9341 6.34 32.10 384 2.36 42.49 725 9.33 12.30 1388 7.68 133.80 360 9.63 25.72 15142 4.16 11.50 74 2.04 1106 1.41 120 2.47 214 8.70 108.50 551 14.88 13.05 90 6.63 34.06

PE

22.49 8.97 43.50 78.00 158.00 173.90 2.54 6.77 1.70 13.79 183.60 14.35 9.90 110.15 33.70 44.00 12.75 137.50 26.90 11.88 2.50 1.49 2.59 108.99 13.94 35.00

20.90 8.58 43.10 76.30 154.16 170.00 2.20 5.80 1.55 11.80 180.88 13.65 9.75 108.00 32.20 41.00 12.04 133.50 24.70 11.50 1.65 1.40 2.49 104.50 13.15 34.16

Close Chg 21.49 8.58 43.50 76.65 155.50 173.14 2.41 6.77 1.65 11.80 181.85 13.81 9.78 109.95 33.58 44.00 12.31 136.29 25.80 11.65 1.79 1.44 2.49 106.09 13.69 34.50

-0.45 -0.94 -1.65 -0.10 0.13 2.21 0.11 1.00 0.07 -1.00 1.47 -0.08 0.07 1.42 1.48 1.51 0.01 2.49 0.08 0.15 -0.25 0.03 0.02 -2.41 0.64 0.44

Close 1,234.12 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 3456 2501 10027 3805 16952 82491 113073 3276397 376770 2701 1563504 1741499 439618 1049738 7152621 602 632223 1205279 1000 18029362 86806 232901 610 6113 1356158 202

Change 18.60 Market cap 276,848.02 mn Div Yield (%) 6.33

25.38 13.99 46.40 87.99 164.89 182.00 2.98 6.20 2.00 13.25 182.10 15.20 11.74 109.95 32.30 45.95 13.85 134.69 33.00 11.69 3.24 1.65 3.49 127.20 13.90 46.25

2009 Div BR (%) (%)

% Change 1.53 5-Day High 1,234.12 5-Day Low 1,191.98 2010 Div BR (%) (%)

21.15 7.73 5 31.64 40 45 66.90 90 15 149.72 125 155.38 40 10B 40 1.78 3.20 1.28 10.21 15 15 165.60 6010B 40R 40 10.62 - 27.5R 9.02 102.96 131.5 10B 95 26.59 40 - 17.5 36.80 20 7.41 109.50 80 55 21.00 15 5 6.75 5 0.80 1.16 1.80 101.00 75 25 7.67 33.50 50 50

10R 5B -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,087.09 Turnover 32,939 P/E (x) 5.57

High Low 1,102.79 1,074.12 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 7.47

Close 1,083.53 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Century Paper 707 Pak Paper ProductXDXB 50 Security Paper 411

7.62 6.08

16.74 40.01 39.40

17.12 40.01 39.80

16.50 39.50 39.00

16.61 -0.13 39.61 -0.40 39.43 0.03

26811 3166 2962

Company

Change -3.56 Market cap 3,002.40 mn Div Yield (%) 4.54

Last 60 days High Low 21.80 62.85 48.00

15.28 38.61 38.10

% Change -0.33 5-Day High 1,087.09 5-Day Low 1,064.98

2009 Div BR (%) (%)

2010 Div BR (%) (%)

- 425R 20 50 -

25 33.33B 50 -

Open 1,102.84 Turnover 239,719 P/E (x) 3.89 Paid up Cap(mn)

PE

Open

Agriautos Ind XD 144 5.11 66.93 Atlas Battery 101 4.71 155.26 Atlas Honda 626 7.18 105.00 Baluchistan Wheels Ltd XD 133 6.32 32.30 Dewan Motors 890 1.40 Ghandhara Nissan 450 3.59 5.11 Ghani Automobile Ind 200 7.03 4.80 Honda Atlas Cars 1428 - 11.99 Indus Motors 786 5.34 235.29 Pak Suzuki 823 11.63 73.04 Sazgar EngineeringXDXB 150 3.58 18.84 Transmission 117 2.15

Open 927.30 Turnover 199,205 P/E (x) 2.90 Company

Paid up Cap(mn)

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

High Low 940.77 918.16 Total cos Defaulter cos P/BV (x) ROE (%) 0.96 33.10

PE

Open

High

Low

565 3.91 675 555 9.14 1199 9.41 785 10.52

25.00 3.01 13.94 45.22 9.44

25.50 3.23 14.75 45.50 9.43

24.95 2.90 14.00 45.10 8.90

Close Chg 25.02 3.00 14.62 45.19 9.26

0.02 -0.01 0.68 -0.03 -0.18

Close 926.98 Listed cap 3,596.11 mn Payout (%) 30.91

Last 60 days High Low

Volume 99412 27510 51839 17147 3297

27.90 3.39 16.75 67.25 10.80

23.75 1.65 12.25 44.00 8.00

2009 Div BR (%) (%) 10

30B -

% Change -0.03 5-Day High 927.30 5-Day Low 902.09

High

High Low 1,119.44 1,094.96 Total cos Defaulter cos P/BV (x) ROE (%) 0.99 25.35 Low

Close Chg

Company Adam Sugar AL-Noor Sugar Chashma Sugar Colony Sugar Mills Dewan Sugar Habib Sugar Habib-ADM Ltd J D W Sugar Kohinoor Sugar Mehran Sugar Mirza Sugar Mithchells Fruit National Foods XD Noon Pakistan XD Noon Sugar Pangrio Sugar Premier Sugar Quice Food Rafhan Maize S S Oil Sakrand Sugar Sanghar Sugar Shahmurad Sugar Shakarganj Mills Tandlianwala

Close 1,100.67 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Change -2.17 Market cap 39,891.68 mn Div Yield (%) 5.25

Last 60 days High Low

Open 990.31 Turnover 27,122,344 P/E (x) 6.66 Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement XD Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dadex Eternit Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement XD Maple Leaf Cement Mustehkam Cement Pioneer Cement Safe Mix Concrete Thatta Cement

High Low 1,033.69 991.39 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 7.10

PE

Open

High

Low

1828 866 6.73 858 182 956 27.73 982 12.00 108 948 3574 3651 127.00 350 3.89 6933 15.70 502 3.83 1760 77 2319 32 1288 13126 3234 6.90 5261 1.38 417 2228 200 798 490.50

3.04 61.66 1.75 17.35 11.91 1.60 23.78 2.29 1.46 29.03 3.29 4.91 7.10 1.89 2.95 3.44 0.63 6.15 3.13 73.18 2.86 11.50 7.53 6.09 20.28

3.39 64.30 1.50 18.35 12.73 1.68 22.67 2.45 1.65 30.48 3.35 5.32 7.94 1.95 3.01 3.44 0.72 6.25 3.28 76.83 3.08 12.50 8.15 6.46 20.19

3.06 62.00 1.50 17.40 11.90 1.56 22.60 2.44 1.52 29.17 3.27 4.95 7.35 1.83 2.85 3.39 0.61 6.15 3.09 73.50 2.89 12.49 7.65 5.81 19.60

Close 1,023.94 Listed cap 54,792.74 mn Payout (%) 19.04

Change 33.63 Market cap 72,920.76 mn Div Yield (%) 2.86

Close Chg

Volume

Last 60 days High Low

3.09 63.96 1.50 18.35 12.20 1.56 22.67 2.44 1.60 30.48 3.27 5.18 7.36 1.89 2.85 3.39 0.61 6.22 3.18 76.83 2.97 12.49 7.95 6.01 19.62

27622 142276 490 57980 91438 5899 332 901 183124 7807616 504 3076388 24929 52316 5010 10501 9515 24600 4031747 10428318 869445 300 269586 3052 1501

4.20 69.99 2.05 18.50 12.50 2.20 29.11 3.12 1.99 29.03 4.70 5.50 7.15 2.20 5.00 7.25 1.48 6.50 3.65 74.15 3.40 12.95 8.58 9.47 22.24

0.05 2.30 -0.25 1.00 0.29 -0.04 -1.11 0.15 0.14 1.45 -0.02 0.27 0.26 0.00 -0.10 -0.05 -0.02 0.07 0.05 3.65 0.11 0.99 0.42 -0.08 -0.66

2.80 57.60 1.01 14.01 9.26 1.30 22.10 1.02 1.30 23.02 2.11 4.51 4.25 1.74 1.91 2.11 0.25 5.50 2.60 62.80 2.51 10.25 6.90 5.50 17.74

% Change 3.40 5-Day High 1,023.94 5-Day Low 959.46

2009 Div BR (%) (%)

2010 Div BR (%) (%)

50 20B - 20R - 10B 40 - 177R -

- 100R 50 - 122R - 20R 40 - 50R

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 939.08 Turnover 239,997 P/E (x) 2.68 Company

Paid up Cap(mn)

PE

Open

High

High Low 960.51 927.68 Total cos Defaulter cos P/BV (x) ROE (%) 1.18 43.91 Low

Close Chg

Cherat PapersackXDXB 115 1.91 51.04 53.59 52.00 53.59 ECOPACK Ltd 230 2.00 2.00 1.99 2.00 Ghani GlassXDXB 1067 4.52 49.75 49.20 48.50 49.15 Merit Pack 47 45.00 18.16 18.00 17.60 18.00 Packages Ltd 844 55.37 106.46 108.00 106.26 107.97 Siemens Engineering 82 10.89 1298.20 1363.11 1275.00 1320.36 Tri-Pack Films 300 7.59 105.00 105.85 103.99 104.00

2.55 0.00 -0.60 -0.16 1.51 22.16 -1.00

Close 947.54 Listed cap 3,043.31 mn Payout (%) 15.55

Volume

Change 8.47 Market cap 35,276.58 mn Div Yield (%) 5.80

Last 60 days High Low

156959 53.19 34.00 30250 2.64 1.70 959 61.99 45.75 1161 18.89 11.81 30214 123.00 98.00 4564 1315.00 1068.75 15890 106.00 91.00

% Change 0.90 5-Day High 947.54 5-Day Low 926.47

2009 Div BR (%) (%)

2010 Div BR (%) (%)

30 32.5 900 100

20 25 900 -

10B -

25B 10B -

Paid up Cap(mn) 58 186 287 990 365 600 200 490 109 143 141 50 414 48 165 109 38 107 92 57 223 119 211 695 1177

PE

Company Ados Pak AL-Ghazi Tractor Bolan CastingXDXB Ghandhara Ind Hinopak Motor Millat Tractors XB

Paid up Cap(mn)

PE

Open

66 1.03 16.50 215 5.05 204.10 104 - 45.44 213 10.44 11.63 124 - 118.50 366 6.34 482.77

High

Low

Volume

16.00 16.00 16.00 -0.50 213.00 205.10 210.75 6.65 45.09 44.00 44.50 -0.94 11.70 11.25 11.27 -0.36 124.42 119.95 123.32 4.82 489.50 482.00 484.85 2.08

3100 15982 505 42565 1236 143574

40 100 80 15 100 5 2

90 100 25 150 10 -

20B 30B 20B -

20B 20B -

Low

Close Chg 0.62 0.85 1.00 -0.22 0.20 1.49 0.01 0.52 0.81 0.34 0.16 1.65 -0.50 0.56 0.60 -0.21 1.57 -0.01 91.53 0.55 0.30 0.09 0.40 -0.04 1.45

Close 1,521.66 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change 4.77 Market cap 199,285.81 mn Div Yield (%) 0.91

Last 60 days High Low

1000 14.99 10.50 55171 45.99 39.25 91244 11.40 8.00 6474 4.49 2.54 6154 2.90 1.11 109781 32.25 25.06 812 16.98 11.90 12044 80.80 60.10 101 8.50 2.80 9812 59.25 48.50 1855 5.70 4.00 120304 74.35 61.50 438 63.88 39.01 2226 29.79 17.51 3200 13.90 10.20 1001 6.35 4.00 1050 41.52 32.50 3000 3.40 1.60 148 1861.65 1229.00 6500 3.89 2.51 6500 3.50 2.12 7605 14.90 11.50 21693 11.90 8.00 1211 6.40 3.02 3902 35.50 25.25

% Change 0.31 5-Day High 1,521.66 5-Day Low 1,506.47

2009 Div BR (%) (%)

2010 Div BR (%) (%)

10 40 35 40 40 35 20 50 30 900 10 15 -

40 0 12.5R 25 10B 12 12 600 -

25B 30B 25B 10B 10B -

AL-Abid Silk XB Diamond Ind Pak Elektron Tariq Glass Ind

High Low 1,117.60 1,099.13 Total cos Defaulter cos P/BV (x) ROE (%) 0.38 10.64

Paid up Cap(mn)

PE

Open

High

Low

115 90 1174 231

2.72 3.34 2.03

26.25 11.19 13.22 16.94

25.25 12.14 13.64 17.00

25.25 10.22 13.20 16.85

Close Chg 25.25 10.30 13.27 16.98

-1.00 -0.89 0.05 0.04

Close 1,101.81 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 635 822 397481 22082

Change -36.00 Market cap 5,197.54 mn Div Yield (%) 1.76

2009 Div BR (%) (%)

Last 60 days High Low 35.00 19.70 15.43 18.80

25.03 11.19 12.17 14.50

2009 Div BR (%) (%)

14.62 20 200.00 400 37.00 10.55 108.11 17.15 390.00 450

20B 25B

150 25 650

10B 25B

8,260.69

Total Equity (Rs in mn)

1,669.86

MA (100-day)

2.01

Revenue (Rs in mn)

844.20

MA (200-day)

2.43

Interest Expense

1st Support

2.30

Loss after Taxation

2nd Support

2.06

EPS 10 (Rs)

1st Resistance

2.69

Book value / share (Rs)

2nd Resistance

2.84

PE 11 E (x)

Pivot

2.45

PBV (x)

667.45 (199.37) (0.94) 7.87 16.06 0.33

IGIBL closed up 0.23 at 2.57. Volume was 3,026 per cent above average (trending) and Bollinger Bands were 42 per cent wider than normal. The company's profit after taxation stood at Rs8.928 million which translates into an Earning Per Share of Rs0.04 for the 1st quarter of current fiscal year (1QFY11).

IGIBL is currently 5.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into IGIBL (bullish). Trend forecasting oscillators are currently bullish on IGIBL. Momentum oscillator is currently indicating that IGIBL is currently in an overbought condition.

Maple Leaf Cement Factory Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

53.93

Total Assets (Rs in mn)

MA (10-day)

2.87

Total Equity (Rs in mn)

MA (100-day)

3.15

Revenue (Rs in mn)

26,094.94 4,134.21 13,630.51

MA (200-day)

3.61

Interest Expense

1st Support

2.92

Loss after Taxation

2nd Support

2.81

EPS 10 (Rs)

1st Resistance

3.11

Book value / share (Rs)

2nd Resistance

3.19

PE 11 E (x)

Pivot

3.00

PBV (x)

2,059.48 (2,583.96) (7.08) 9.70 0.31

MLCF closed up 0.11 at 2.97. Volume was 382 per cent above average (trending) and Bollinger Bands were 39 per cent narrower than normal.

The company's loss after taxation stood at Rs618.798 million which translates into a Loss Per Share of Rs1.49 for the 1st quarter of current fiscal year (1QFY11).

MLCF is currently 17.6 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of MLCF at a relatively equal pace. Trend forecasting oscillators are currently bullish on MLCF.

Mybank Limited

7.5 -

10B -

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

PERSONAL GOODS Performance of SR Personal Goods Index Open 950.30 Turnover 27,873,787 P/E (x) 6.70 Paid up Cap(mn)

(Colony) Thal 56 AL-Qadir Textile XD 76 Amtex Limited XD 2415 Aruj Garments 62 Azam Textile XD 133 Azgard Nine 4493 Bannu Woolen XD 76 Bata (Pak) 76 Bhanero Tex Mills XD 30 Bilal Fibres 141 Blessed Tex Mills XD 64 Brothers Textile 98 Chenab Limited 1150 Colgate Palm 316 Colony Mills Ltd 2442 Crescent Fibres Ltd XD 124 Crescent Textile XD 492 D S Ind Ltd 600 Data Textile 99 Dawood Lawrencepur 514 Dewan Farooque Spin. 600 Dewan Khalid Textile 57 Dewan Mushtaq Textile 34 Din TextileXDXB 204 Ellcot Spinning XD 110 Faisal Spinning XD 100 Fazal Cloth 188 Fazal Textile XD 62 Gadoon Textile XD 234 Ghani Value Glass XD 75 Gul Ahmed Textile XD 635 Gulistan Spinning XD 146 Gulshan SpinningXDXB 222 Hira Txt.Mills Ltd. XD 716 Ibrahim Fibres XD 3105 Ideal Spinning 99 Idrees Textile XD 180 Ishaq Textile XD 97 Janana D Mal 43 Kohinoor Ind 303 Kohinoor Mills 509 Kohinoor Textile 1455 Leather Up 60 Masood Textile XD 600 Mehmood Textile XD 150 Mohd Farooq 189 Mukhtar Textile 145 N P Spinning XD 147 Nagina Cotton 187 Nishat (Chunian) XD 1586 Nishat Mills XD 3516 Pak Synthetic 560 Paramount Spin.XDXB 174 Quality Textile XD 160 Quetta Textile XD 130 Ravi Textile 250 Reliance Weaving 308 Rupali Poly XD 341 Salfi Textile 33 Sally Textile XD 88 Samin Textile 134 Sana Ind XD 55 Service Ind 120 Shahpur Textile 140 Shahtaj Textile XD 97 Suraj Cotton XD 180 Taj Textile 334 Tata Textile 173 Thal Limited 307 Treet Corp 418 Zephyr Textile Ltd 594 Zil Limited XD 53

High Low 968.26 952.39 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 8.64

PE

Open

High

Low

11.11 3.72 0.32 0.46 5.90 1.26 0.35 0.73 31.91 4.34 0.56 3.73 45.45 5.48 0.15 0.11 0.55 0.61 0.76 1.03 3.40 0.52 9.05 3.59 1.08 0.91 0.73 2.91 0.30 3.48 1.03 0.22 3.93 2.60 2.00 0.70 7.04 0.78 2.00 4.81 2.14 0.58 0.51 0.53 0.66 4.14 0.17 0.20 5.29 2.45 6.41 0.67 0.75 0.25 4.18 8.55 5.26 3.05

1.12 5.50 4.68 5.00 2.35 11.18 13.30 678.48 190.40 1.35 47.99 0.50 3.40 821.83 2.90 11.00 20.38 1.93 0.41 39.00 6.95 1.45 4.20 25.27 20.20 29.95 52.00 426.65 45.01 33.06 25.00 5.55 7.93 3.90 37.90 3.45 3.33 5.00 14.16 1.57 2.16 5.29 1.74 18.01 54.16 0.91 0.65 20.00 14.75 22.98 53.39 6.45 8.50 9.30 31.00 1.62 9.19 32.72 36.00 4.46 5.92 32.25 178.21 0.48 16.97 32.05 0.43 24.50 99.91 53.03 4.20 46.04

1.30 6.50 5.10 5.50 2.49 11.79 13.40 712.40 199.00 2.00 48.49 0.59 3.90 859.00 2.90 12.00 19.38 2.09 0.42 39.70 6.80 1.89 3.80 25.50 20.20 31.10 54.60 447.10 47.26 34.70 25.90 6.00 8.39 4.15 39.75 3.48 3.20 5.90 15.14 1.68 3.13 5.60 2.18 19.00 56.85 1.23 0.65 20.49 15.15 24.12 56.05 6.33 8.00 8.55 32.55 1.70 9.40 32.94 37.79 4.49 6.35 32.40 187.12 0.65 17.69 33.65 0.40 25.72 101.00 54.74 4.00 45.75

0.56 5.00 4.53 5.49 2.20 11.28 13.01 700.09 189.90 1.11 45.60 0.59 3.26 850.00 2.57 11.50 19.37 1.95 0.20 38.26 6.05 1.89 3.20 25.00 19.20 30.80 53.90 425.00 45.50 33.00 25.00 5.32 7.10 3.85 37.05 3.45 3.20 5.72 13.25 1.60 2.18 5.30 2.18 18.30 51.46 0.88 0.35 20.00 14.99 23.25 53.51 6.32 8.00 8.51 31.89 1.55 9.11 31.25 37.49 4.00 6.00 32.00 185.00 0.48 17.40 32.25 0.38 23.50 96.76 53.25 4.00 45.50

Open 872.50 Turnover 95,517 P/E (x) 6.82

% Change 0.88 5-Day High 1,528.77 5-Day Low 1,509.67 2010 Div BR (%) (%)

Total Assets (Rs in mn)

2.18

% Change -3.16 5-Day High 1,147.34 5-Day Low 1,101.81

Close Chg 0.99 5.00 4.89 5.50 2.30 11.48 13.09 711.89 198.12 1.29 48.49 0.59 3.33 850.00 2.78 12.00 19.38 1.96 0.20 38.63 6.79 1.89 3.50 25.50 20.15 30.86 54.58 426.10 47.26 34.38 25.00 5.65 7.53 3.86 37.05 3.47 3.20 5.75 13.39 1.64 2.44 5.50 2.18 19.00 56.85 0.88 0.57 20.00 15.15 24.12 56.04 6.33 8.00 8.55 32.53 1.68 9.40 32.93 37.72 4.01 6.35 32.30 187.12 0.48 17.66 33.56 0.39 25.72 97.87 53.71 4.00 45.50

-0.13 -0.50 0.21 0.50 -0.05 0.30 -0.21 33.41 7.72 -0.06 0.50 0.09 -0.07 28.17 -0.12 1.00 -1.00 0.03 -0.21 -0.37 -0.16 0.44 -0.70 0.23 -0.05 0.91 2.58 -0.55 2.25 1.32 0.00 0.10 -0.40 -0.04 -0.85 0.02 -0.13 0.75 -0.77 0.07 0.28 0.21 0.44 0.99 2.69 -0.03 -0.08 0.00 0.40 1.14 2.65 -0.12 -0.50 -0.75 1.53 0.06 0.21 0.21 1.72 -0.45 0.43 0.05 8.91 0.00 0.69 1.51 -0.04 1.22 -2.04 0.68 -0.20 -0.54

Close 960.61 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change 10.32 Market cap 124,393.72 mn Div Yield (%) 2.49

Last 60 days High Low

2403 2.00 2001 7.00 2216165 20.45 1569 6.50 604 3.45 5593530 12.32 14189 14.50 2742 678.48 745 210.00 505 2.00 526 52.05 841 1.50 505987 4.24 101 885.00 44503 3.45 11101 18.35 1040 27.00 176085 2.49 3783 0.96 954 48.75 12501 6.95 200 1.90 900 4.70 1612 30.90 1599 25.45 505 34.95 1536 53.25 211 490.05 19345 51.50 1141 38.20 763 25.96 703 8.13 1004 10.30 102152 4.88 1701 40.30 600 4.79 900 5.35 1000 6.39 1256 20.50 3544 1.95 2001 3.79 27079 6.30 600 2.50 514 22.88 4541 74.50 6400 1.50 7523 0.98 1000 24.66 5698 17.50 7692156 23.55 10780979 54.30 1000 7.49 200 11.25 105 10.80 3149 52.29 91902 3.09 142 12.00 104 36.75 4000 36.00 1886 6.20 7702 8.69 320 38.40 53424 255.29 32005 1.90 1700 21.90 18506 37.50 20000 0.80 5800 24.75 123248 112.80 246216 55.25 1000 4.90 209 48.75

0.52 2.50 4.40 3.50 1.35 8.55 7.50 436.00 151.15 0.55 40.80 0.12 2.93 615.00 2.23 7.66 17.89 1.44 0.02 36.29 2.05 0.26 1.52 20.80 17.21 24.55 41.00 303.00 33.80 26.70 19.99 5.00 5.31 2.52 34.05 2.02 2.56 3.90 9.95 1.01 1.52 4.00 1.10 18.01 54.15 0.35 0.16 18.30 12.00 14.64 40.81 5.16 6.00 7.51 25.80 1.38 6.91 31.35 20.50 2.74 5.02 27.50 169.00 0.18 14.75 29.00 0.25 14.02 86.50 37.20 1.50 33.00

2009 Div BR (%) (%)

% Change 1.09 5-Day High 960.61 5-Day Low 940.46 2010 Div BR (%) (%)

10 30 7.5 20 120 20 - 200 7.5 50 115 15B 10 15 5 20 10B 7.5 35 7.5 50 -100SD 15 - 100 70 8 400R 25 5 - 12.5 - 10B 10 - 10B 10 20B 10 20 10 8 15 15 100R 4050.2257B 60 20 - 20SD - 50R 15 20 25 45R 12.5 - 10B 10 10B 15 - 632R 20 - 25SD 40 40 25 10 - 100R 35 60 200 20 45 15 50 25 20 20B 80 20B 40 10B 35 -

Performance of SR Pharma and Bio Tech Index

Change 13.28 Market cap 31,815.38 mn Div Yield (%) 16.36

Last 60 days High Low 21.96 227.45 51.99 18.80 143.41 597.90

63.01 131.00 92.00 28.25 1.16 4.03 3.55 9.65 212.29 69.25 17.92 1.53

2010 Div BR (%) (%)

PHARMA AND BIO TECH

Close 1,528.77 Listed cap 1,336.62 mn Payout (%) 131.49

Close Chg

High

High Low 1,529.44 1,482.57 Total cos Defaulter cos P/BV (x) ROE (%) 10.23 30.30

0.80 14.37 14.99 14.50 14.99 4.57 44.15 45.00 44.00 45.00 0.95 10.71 11.71 10.75 11.71 3.50 3.98 2.60 3.28 1.50 1.75 1.70 1.70 6.49 29.97 31.46 30.50 31.46 11.58 12.50 12.90 12.50 12.51 2.68 79.48 81.00 79.99 80.00 3.61 4.47 2.61 4.42 3.30 58.55 60.00 58.70 58.89 0.35 5.44 5.60 5.45 5.60 8.24 66.20 68.00 67.85 67.85 15.71 42.60 42.20 42.05 42.10 2.60 17.61 18.61 18.00 18.17 - 13.00 13.60 13.15 13.60 0.49 6.20 6.49 5.99 5.99 6.78 35.36 37.00 36.76 36.93 2.11 2.10 2.02 2.10 3.09 1858.47 1951.39 1910.00 1950.00 0.31 3.10 3.75 3.49 3.65 2.70 3.20 3.00 3.00 1.00 13.90 14.00 13.35 13.99 16.80 11.19 12.09 11.50 11.59 5.10 5.75 4.40 5.06 277.09 29.03 30.48 30.00 30.48

INDUSTRIAL ENGINEERING High Low 1,542.78 1,518.83 Total cos Defaulter cos P/BV (x) ROE (%) 3.06 38.02

Open

Open 1,137.82 Turnover 421,031 P/E (x) 3.57

Performance of SR Industrial Engineering Index Open 1,515.49 Turnover 207,063 P/E (x) 8.04

72.99 195.80 122.51 35.69 2.05 6.09 5.55 12.98 258.00 87.00 27.58 3.25

2009 Div BR (%) (%)

76.63

MA (10-day)

Performance of SR Household Goods Index

Company

Performance of SR Construction and Materials Index

2100 13987 1002 2050 72701 57428 1101 28583 21233 27042 11490 1001

% Change -0.20 5-Day High 1,104.80 5-Day Low 1,096.90

RSI (14-day)

HOUSEHOLD GOODS

20B -

CONSTRUCTION AND MATERIALS

68.50 66.99 67.40 0.47 159.90 156.50 157.72 2.46 106.50 103.00 103.06 -1.94 33.91 31.90 33.62 1.32 1.48 1.40 1.42 0.02 5.48 5.10 5.17 0.06 4.50 4.35 4.50 -0.30 12.45 11.82 11.93 -0.06 236.50 233.00 234.10 -1.19 75.00 72.99 73.02 -0.02 19.50 18.70 19.18 0.34 2.19 1.62 1.70 -0.45

Open 1,516.88 Turnover 473,578 P/E (x) 33.77

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

-

FOOD PRODUCERS

Company

Change -0.32 Market cap 8,811.61 mn Div Yield (%) 10.64

40 15

Fundamental Highlights As on Jun 30, 2010

Technical Analysis

Performance of SR Food Producers Index

INDUSTRIAL METALS AND MINING Performance of SR Industrial Metals and Mining Index

20B -

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

Company

High Low 1,242.36 1,211.81 Total cos Defaulter cos P/BV (x) ROE (%) 2.70 35.00

30

IGI Investment Bank Ltd

% Change 2.28 5-Day High 766.72 5-Day Low 741.85

AUTOMOBILE AND PARTS

Performance of SR Chemicals Index Open 1,215.52 Turnover 36,833,718 P/E (x) 7.71

2009 Div BR (%) (%)

Alert ! Unusual Movements

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

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

PE

Open

8.60 99.05 6.42 86.19 12.55 69.98 6.88 25.00 6.85 8.70 7.43 32.00 9.83 122.04 5.70 62.50

High

High Low 887.17 864.97 Total cos Defaulter cos P/BV (x) ROE (%) 1.52 22.31 Low

Close Chg

100.00 98.00 98.14 88.20 83.85 85.04 71.48 69.63 69.79 25.00 24.75 24.83 8.75 7.90 8.49 33.30 30.50 33.30 126.00 123.48 123.53 63.75 62.31 63.38

-0.91 -1.15 -0.19 -0.17 -0.21 1.30 1.49 0.88

Close 870.44 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 5873 6354 25980 9500 1383 19846 1259 25286

Change -2.07 Market cap 28,898.30 mn Div Yield (%) 6.54

Last 60 days High Low 104.00 124.00 78.90 25.79 9.00 34.70 139.50 64.50

77.00 83.00 65.00 22.10 6.10 27.50 115.90 53.36

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

20B 15B

% Change -0.24 5-Day High 881.55 5-Day Low 870.08 2010 Div BR (%) (%) 20 30

20B -

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

44.57

Total Assets (Rs in mn)

35,490.71

MA (10-day)

2.08

Total Equity (Rs in mn)

5,104.86

MA (100-day)

2.34

Revenue (Rs in mn)

MA (200-day)

3.19

Interest Expense

1st Support

1.95

Loss after Taxation

2nd Support

1.80

EPS 09 (Rs)

1st Resistance

2.30

Book value / share (Rs)

2nd Resistance

2.50

PE 10 E (x)

Pivot

2.15

PBV (x)

3,368.22 2,881.90 (1,639.83) (3.092) 9.63 0.21

MYBL closed down -0.01 at 2.05. Volume was 376 per cent above average (trending) and Bollinger Bands were 36 per cent narrower than normal. The company's loss after taxation stood at Rs1.392 billion which translates into a Loss Per Share of Rs0.74 for the nine months of current calendar year (9MCY10).

MYBL is currently 35.7 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 moderate flows of volume out of MYBL (mildly bearish). Trend forecasting oscillators are currently bearish on MYBL.

NetSol Technologies Limited

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

56.01

Total Assets (Rs in mn)

2,916.67

MA (10-day)

18.75

Total Equity (Rs in mn)

2,378.92

MA (100-day)

21.82

Revenue (Rs in mn)

1,081.40

MA (200-day)

25.63

Interest Expense

1st Support

18.81

Profit after Taxation

2nd Support

18.56

EPS 09 (Rs)

3.775

1st Resistance

19.50

Book value / share (Rs)

30.53

2nd Resistance

19.94

PE 10 E (x)

1.81

Pivot

19.25

PBV (x)

0.63

19.53 294.11

NETSOL closed up 0.12 at 19.12. Volume was 114 per cent above average and Bollinger Bands were 71 per cent narrower than normal.

The company's profit after taxation stood at Rs194.76 million which translates into an Earning Per Share of Rs2.64 for the 1st quarter of current fiscal year (1QFY11).

NETSOL is currently 25.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NETSOL (mildly bullish). Trend forecasting oscillators are currently bullish on NETSOL.

BOOK CLOSURES Company

From

To

(TFC) Saudi Pak Leasing Co Biafo Industries Amtex Limited Karachi Electric Supply Corp East West Life Assurance Nestle Pakistan (TFC) Engro Fertiliser Co. 1st IBL Modaraba United Bank Fauji Fertiliser Co (TFC) Telecard Faysal Bank (TFC) Allied Bank PICIC Energy Fund Thal Limited Sui Southern Gas Pipelines Fazal Cloth Mills Sana Industries East West Insurance Co. MCB Bank

10-Nov 10-Nov 12-Nov 15-Nov 15-Nov 16-Nov 17-Nov 17-Nov 18-Nov 21-Nov 21-Nov 22-Nov 22-Nov 23-Nov 23-Nov 24-Nov 26-Nov 27-Nov 01-Dec 03-Dec

10-Nov 16-Nov 23-Nov 28-Nov 23-Nov 22-Nov 30-Nov 25-Nov 25-Nov 27-Nov 27-Nov 30-Nov 05-Dec 30-Nov 30-Nov 30-Nov 03-Dec 03-Dec 07-Dec 10-Dec

D/B/R 12.50(i) 7.80(R) 10R 250(ii) 3(F) 20(iii) 20(B) 5 20 100SD 10(B) 30(iii)

Spot AGM/Date 01-Nov 04-Nov 04-Nov 05-Nov 10-Nov -

23-Nov 25-Nov 25-Nov 30-Nov 30-Nov 30-Nov 29-Nov 03-Dec -

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols

Open

High

Johnson & Philips TRG Pakistan Ltd. Murree BreweryXDXB Grays of Cambr XD Lakson Tobacco Shifa Int Hospitals Eye Television PIAC(A) AKD Capital Pace (Pak) Ltd. Netsol Technol XD Pak Telephone

8.5 4.18 73 48.57 332.1 27.09 20.14 2.31 58.2 2.85 19 2.5

9 4.44 75 50.99 340 28.44 21.14 2.39 60.98 3.15 19.69 2.4

Low Close 9 4.21 70.26 50 329 28.14 20.1 2.21 55.51 2.86 19 2

9 4.27 74.03 50.99 335 28.14 20.85 2.28 58.56 2.96 19.12 2

Change 0.5 0.09 1.03 2.42 2.9 1.05 0.71 -0.03 0.36 0.11 0.12 -0.5

Vol 500 6619060 35191 3503 1445 203 5519 159804 5414 1949288 1205787 1197

7

Wednesday, November 10, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,125.24 Turnover 6,683,452 P/E (x) 6.13 Paid up Cap(mn)

Company

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

PE

78 4.94 37740 12.96 3000 0.68 8606 6175 -

Open

High Low 1,155.52 1,118.68 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84

High

79.05 19.16 2.31 2.46 3.43

Low

81.90 19.60 2.48 2.59 3.79

79.10 19.06 2.25 2.45 3.49

Close Chg 80.00 19.44 2.29 2.48 3.53

0.95 0.28 -0.02 0.02 0.10

Close 1,140.19 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume 1315 3758855 1780792 1142490 213874

Change 14.96 Market cap 78,994.73 mn Div Yield (%) 10.20

120.61 19.76 2.69 2.98 5.00

78.00 17.32 1.80 2.30 3.37

% Change 1.33 5-Day High 1,140.19 5-Day Low 1,109.83

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

-

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

-

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

204 6.67 369 5.39 279 6.47 457 6.65 1250 400 2.69 718 15.94 791 15.63 3000 42.92 250 1.48 350 303 5.11 252 4.13 200 253 4.20 400 1.81

ELECTRICITY

11.50 33.55 56.00 11.49 45.88 11.27 84.00 57.23 16.09 6.74 3.20 9.44 6.36 13.50 7.15 5.50

Paid up Cap(mn)

Company

PE

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

198 11572 6.27 1560 7932 1695 10.83 126 2.98 8803 4.92 Nishat Chunian Power Ltd 3673 3.18 Nishat Power Ltd 3541 25.37 Sitara Energy Ltd XD 191 3.56 Southern Electric 1367 Tri-star Power XD 150 -

Open

High Low 1,194.55 1,175.25 Total cos Defaulter cos P/BV (x) ROE (%) 1.18 9.35

High

0.97 34.16 1.53 2.17 19.48 4.90 39.99 13.95 15.24 18.83 2.14 1.09

0.90 34.28 1.63 2.24 20.20 4.90 40.55 14.65 15.97 19.24 2.23 1.14

Low 0.83 33.91 1.52 2.15 19.50 4.88 39.90 14.09 15.27 18.60 2.15 0.98

Close Chg 0.90 -0.07 34.23 0.07 1.59 0.06 2.19 0.02 19.50 0.02 4.88 -0.02 40.48 0.49 14.52 0.57 15.73 0.49 19.10 0.27 2.15 0.01 1.10 0.01

Close 1,189.01 Listed cap 95,369.29 mn Payout (%) 104.13

Change 7.61 Market cap 98,688.40 mn Div Yield (%) 8.25

Last 60 days High Low

Volume 2898 1213714 41599 306310 1001 4809 248374 6694743 5588694 14705 118790 911

1.45 37.24 2.25 2.50 26.50 6.27 42.95 14.85 16.10 23.49 2.90 1.75

0.51 32.75 0.70 1.92 19.48 3.90 38.35 9.50 9.25 18.26 2.05 0.33

% Change 0.64 5-Day High 1,189.01 5-Day Low 1,159.67

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

31R -

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

Paid up Cap(mn)

American Life EFU Life Assurance XB New Jub Life Insurance

Open 1,837.12 Turnover 2,606,677 P/E (x) 11.91 Paid up Cap(mn)

Company Sui North Gas Sui South GasXDXB

High Low 1,860.93 1,837.85 Total cos Defaulter cos P/BV (x) ROE (%) 1.36 11.41

Close 1,849.95 Listed cap 12,202.80 mn Payout (%) 66.79

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 10.19 8390 3.76

34.39 24.59

34.65 25.01

34.11 24.76

34.23 -0.16 24.98 0.39

1398455 1208222

34.65 30.70

25.00 16.00

% Change 0.70 5-Day High 1,849.95 5-Day Low 1,745.19

2009 Div BR (%) (%) -

-

2010 Div BR (%) (%) 20 15

25B

BANKS Performance of SR Banks Index Open 1,042.95 Turnover 30,323,526 P/E (x) 7.56 Paid up Cap(mn)

Company

PE

Open

Allied Bank Limited 7821 5.54 56.26 Askari Bank 6427 7.63 15.78 Atlas Bank 5001 1.59 Bank Alfalah 13492 12.64 9.88 Bank AL-Habib 7322 6.89 32.00 Bank Of Khyber 5004 5.57 4.27 Bank Of Punjab 5288 - 10.07 BankIslami Pak 5280 815.00 3.27 Faysal Bank 6091 5.35 16.44 Habib Bank Ltd 10019 6.53 103.67 Habib Metropolitan Bank 8732 6.42 20.97 JS Bank Ltd 6128 2.80 KASB Bank Ltd 9509 2.45 MCB Bank Ltd 7602 9.18 206.36 Meezan Bank 6983 8.25 15.20 Mybank Ltd 5304 2.06 National Bank 13455 5.91 66.00 NIB Bank 40437 2.78 Royal Bank Ltd 17180 6.20 Samba Bank 14335 1.87 Silkbank Ltd 26716 2.63 Soneri Bank 6023 7.87 Stand Chart Bank 38716 10.77 6.90 Summit Bank Ltd 5000 2.82 United Bank Ltd 12242 6.82 57.84

High

High Low Close 1,064.07 1,040.56 1,049.15 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.05 13.94 40.49 Low

Close Chg

57.60 56.50 57.01 0.75 16.39 15.70 16.03 0.25 1.70 1.53 1.56 -0.03 10.10 9.83 9.86 -0.02 32.29 31.83 31.98 -0.02 4.50 4.15 4.18 -0.09 10.29 9.80 9.90 -0.17 3.47 3.21 3.26 -0.01 16.76 16.50 16.58 0.14 105.60 103.75 104.48 0.81 21.25 20.75 20.99 0.02 2.95 2.84 2.89 0.09 2.50 2.33 2.33 -0.12 209.75 206.55 207.17 0.81 15.73 14.61 15.60 0.40 2.35 2.00 2.05 -0.01 68.09 66.25 67.63 1.63 2.85 2.68 2.76 -0.02 6.38 6.11 6.16 -0.04 1.98 1.85 1.90 0.03 2.77 2.65 2.67 0.04 7.99 7.50 7.79 -0.08 7.24 7.00 7.00 0.10 3.00 2.81 2.96 0.14 58.55 57.99 58.04 0.20

Last 60 days High Low

Volume 726016 4214256 95939 1958058 402491 18365 3941876 732332 174173 203167 20836 138988 2100 2370106 26661 421813 10222942 738603 83211 117860 2024135 333552 41819 43782 1314227

Change 6.20 Market cap 635,149.17 mn Div Yield (%) 5.36

57.25 16.65 2.84 10.19 33.75 4.50 10.50 3.69 17.00 107.15 23.30 2.90 3.22 208.50 15.95 2.75 70.75 3.25 10.10 2.65 3.30 8.00 8.00 3.70 59.24

48.51 13.99 1.51 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.20 1.51 2.15 5.01 6.00 2.30 49.90

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

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

% Change 0.59 5-Day High 1,049.15 5-Day Low 1,017.60

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 724.42 Turnover 3,789,103 P/E (x) 12.17 Paid up Cap(mn)

Company Adamjee Insurance

High Low 751.33 724.51 Total cos Defaulter cos P/BV (x) ROE (%) 0.63 5.20

Close 745.77 Listed cap 11,111.34 mn Payout (%) 79.54

Change 21.35 Market cap 46,194.65 mn Div Yield (%) 6.54

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 23.61

77.58

81.45

79.00

81.45 3.87

1328165

80.78

63.05

2009 Div BR (%) (%) 30

10B

% Change 2.95 5-Day High 745.77 5-Day Low 680.31 2010 Div BR (%) (%) 10

-

12.25 35.00 61.39 11.99 49.14 12.50 86.69 60.50 16.90 7.04 4.16 9.91 7.70 15.59 8.17 7.18

8.45 27.10 47.37 9.42 34.76 10.04 66.02 52.21 12.50 5.06 1.66 8.00 6.05 11.51 6.00 4.02

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

10 10 -

UPTO 100 VOLUME

25R 10B 20B -

Symbols

Change

Vol

3

3.2

0.05

0.67

0.5

0.67

-0.12

100

SAIF

4.8

5.25

5.25

5.25

0.45

100

FECS

40.31

39

-1.31

SHJS

66.75

64

64

64

-2.75

100

PAKT

113

112.5

112.5

112.5

-0.5

100

KSBP

70.43

70

70

70

-0.43

100

CSMD SIBL

39

39

100

100

9

8.95

8.95

8.95

-0.05

50

6.28

5.76

5.76

5.76

-0.52

42

2.5

2.7

2.7

2.7

0.2

41

WYETH

850

850

848

849.38

-0.62

36

NESTLE

1974.46

2006.99

1981.02

1988.01

13.55

36

93.49

90.09

92

-0.5

36

1.9

1.95

1.81

1.84

-0.06

25

9.9

9.9

9.9

9.9

0

25

Open 17.99 73.23 40.65

High 18.00 76.23 42.00

High Low 863.86 830.22 Total cos Defaulter cos P/BV (x) ROE (%) 3.62 3.85 Low 18.00 73.48 40.15

Close Chg 18.00 0.01 76.08 2.85 42.00 1.35

Close 863.23 Listed cap 2,290.72 mn Payout (%) 355.53

Change 28.10 Market cap 10,132.64 mn Div Yield (%) 3.78

Last 60 days High Low

Volume 424 34175 27500

High Low 421.73 394.70 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 0.91

PE

Open

High

Low

225 1.34 360 3.55 450 13.41 3750 4.59 250 First Credit & Invest Bank Ltd 650 12.50 IGI Investment Bank 2121 16.06 Invest and Fin Sec XD 600 675.00 Invest Bank 2849 Ist Cap Securities XB 3166 Ist Dawood Bank 626 0.66 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap XD 500 8.29 JS Investment 1000 29.33 KASB Securities 1000 Orix Leasing 821 4.49 Pervez Ahmed Sec 775 Saudi Pak Leasing 452 -

0.66 17.01 25.44 24.28 1.90 3.00 2.34 6.70 0.73 3.85 1.91 10.79 4.03 29.37 6.38 3.99 6.28 2.41 0.75

0.67 18.01 26.40 25.25 2.07 3.05 2.60 6.90 0.77 3.96 1.97 11.79 4.78 30.83 7.20 4.23 6.35 2.69 0.69

0.59 16.37 25.65 24.45 1.91 3.00 2.21 6.75 0.63 3.70 1.86 10.81 4.01 28.75 6.48 4.02 5.70 2.48 0.61

AMZ Ventures Arif Habib Investments Arif Habib Limited XB Arif Habib Securities Dawood Equities

20.45 82.99 45.20

2009 Div BR (%) (%)

17.10 51.25 34.50

HUSS

% Change 3.37 5-Day High 863.23 5-Day Low 835.12

5513.33B 10 -

-

Close Chg 0.59 18.01 26.28 24.95 2.02 3.00 2.57 6.75 0.64 3.80 1.86 11.79 4.47 30.83 7.04 4.03 6.10 2.54 0.67

-0.07 1.00 0.84 0.67 0.12 0.00 0.23 0.05 -0.09 -0.05 -0.05 1.00 0.44 1.46 0.66 0.04 -0.18 0.13 -0.08

Close 417.15 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 130816 166394 147919 7075770 28169 87498 2602300 991 111 28182 25933 23708710 2421659 28737 1496651 27203 11788 734802 7510

-

PE 8.75 5.29 4.80 1.31 2.49 2.95 2.93 1.55 2.63 7.50 9.98 1.94 2.12 5.22 15.91 8.26 40.63 11.04 4.96 9.70 6.38 11.67 6.55 1.69 5.61 4.78 2.07 7.62 1.61

Open 1.40 6.30 2.60 3.12 3.80 1.35 1.44 0.68 2.45 1.25 4.50 2.73 6.25 6.08 1.80 47.50 3.05 2.95 5.30 1.17 6.90 8.37 8.00 5.66 8.61 4.07 0.98 1.56 2.75 5.40

High 1.48 6.49 2.90 3.26 3.80 1.38 1.56 0.63 2.10 1.30 4.00 2.75 6.35 6.20 1.96 47.50 3.27 3.14 5.30 1.00 6.90 8.44 8.38 5.85 9.00 4.29 0.98 1.60 1.75 5.70

High Low 1,093.23 1,063.75 Total cos Defaulter cos P/BV (x) ROE (%) 0.38 2.21

Change 21.01 Market cap 29,236.79 mn Div Yield (%) 2.16

Low 1.40 6.15 2.78 3.26 3.25 1.27 1.20 0.52 2.06 1.11 3.75 2.65 6.21 6.02 1.75 45.21 3.05 3.00 5.15 0.97 6.89 8.35 7.57 5.62 8.70 4.20 0.90 1.58 1.75 5.35

Close Chg 1.40 6.35 2.88 3.26 3.79 1.30 1.29 0.62 2.10 1.20 3.99 2.72 6.35 6.05 1.75 45.25 3.25 3.09 5.16 0.97 6.89 8.40 8.38 5.80 8.75 4.21 0.91 1.60 1.75 5.66

0.00 0.05 0.28 0.14 -0.01 -0.05 -0.15 -0.06 -0.35 -0.05 -0.51 -0.01 0.10 -0.03 -0.05 -2.25 0.20 0.14 -0.14 -0.20 -0.01 0.03 0.38 0.14 0.14 0.14 -0.07 0.04 -1.00 0.26

1010 417629 7600 300 1664 630 305 27339 567 20142 25843 27855 10000 2985 7701 450 623860 750450 53000 3100 369613 203880 289 124649 287008 144729 30445 10501 1000 1110

0.84

25

76

0.1

19

PHDL

31.84

33.43

31

33.08

1.24

PCAL

52.98

54.97

53.99

53.99

1.01

11

TOWL

18

17

17

17

-1

10

UPFL

1050

1100

1099.99

1100

50

10

SCL

53.82

56.51

56.51

56.51

2.69

10

ULEVER

4100

4100

3901

4088.99

-11.01

CLCPS

2.14

2.02

2

2

-0.14

6

AGSML

4.76

5.76

5.76

5.76

1

5

59

61.5

61.5

61.5

2.5

5

MIRKS MLCFPS

6.8

1.01 5.85 2.10 2.53 3.65 0.90 0.90 0.16 1.65 0.76 0.99 2.32 4.80 5.56 1.06 42.90 2.65 2.31 5.30 0.56 6.15 7.00 6.55 4.00 7.60 3.50 0.70 0.57 0.50 4.71

4.5 5 20 63 10 15 10

-

-1

5

11.8

11.8

11.8

11.8

0

3

JKSM

6.83

7.15

7.15

7.15

0.32

2

20

20.8

19.5

19.5

-0.5

2

1.53

0.11

1

0.81

1.01

1.01

1.01

0.2

1

1.5

1.78

1.78

1.78

0.28

1 1

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

CWSM

1.64

1.64

1.64

1.06

1.48

1.48

1.48

0.42

245.97

256.99

256.23

256.23

10.26

1

KOHTM

0.67

1.49

1.48

1.48

0.81

1

KOSM

0.82

1.04

1.04

1.04

0.22

1

IDYM

SHDT

9.48

0.98

1

ICCT

0.85

1.85

0.99

0.99

0.14

1

NAKI

15.98

8.5

14.98

9.48

14.98

9.48

14.98

-1

1

PRWM

13.58

14.25

14.25

14.25

0.67

1

YOUW

1.23

1.34

1.34

1.34

0.11

1

MTIL

0.65

0.47

-0.18

SAPT

98.45

100

100

100

1.55

1

BAFS

55

56.5

0.47

56.5

0.46

56.5

1.5

1

1

BAWS

2.3

2.7

2.69

2.69

0.39

1

PECO

285

298.9

296.9

296.9

11.9

1

EXIDE

151.8

153.99

152.99

152.99

MDTL

1.19

1

53.95

56

56

56

2.05

1

GLPL

61

63.42

63.42

63.42

2.42

1

STCL

9

8.1

8.1

8.1

-0.9

1

PSEL

148

154

154

154

6

1

FUTURE CONTRACTS Symbols

Open

NML-NOV

53.62

56.3

53.74

56.26

2.64 1086000

DGKC-NOV

29.25

30.71

High

29.35

30.71

1.46

726000 492500

77.05

73.75

Close

Change

Vol

77.03

3.61

66.36

68.5

66.55

67.95

1.59

POL-NOV

256.84

263.45

258.05

260.39

3.55

402500

FFBL-NOV

32.24

33.84

32.4

33.74

1.5

331000

ANL-NOV

11.3

11.8

11.47

11.56

0.26

270500

AICL-NOV

77.95

81.84

79.5

81.84

3.89

206500

MCB-NOV

207.12

210

207.15

208.13

1.01

190000

PSO-NOV

283.59

287.1

284

285.9

2.31

143500

PPL-NOV

192.85

196.48

194.4

195.48

2.63

111000

2010 Div BR (%) (%)

ENGRO-NOV 181.49

184.1

182.25

182.78

1.29

81000

OGDC-NOV 157.93

159.5

158

158.13

0.2

37500

PTC-NOV

19.35

19.55

19.3

19.36

0.01

8000

18.5 5 2.2 0 1.2 5 17 11 21 3 76 5 10 15.5 10 18.6 18 10 20 10 3 1 12.5

UBL-NOV

58

59.5

58.3

58.3

0.3

7000

NCL-NOV

22.75

23.69

23.69

23.69

0.94

1000

BOP-NOV

10.25

10.05

10.05

10.05

-0.2

1000

10B -

73.42

Low

NBP-NOV

% Change 0.80 5-Day High 1,079.68 5-Day Low 1,055.74

2009 Div BR (%) (%)

5.8

IDEN

LUCK-NOV

Change 8.58 Market cap 15,434.95 mn Div Yield (%) 9.51

5.8

8

DCM

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

0.42 13.00 24.40 20.90 1.51 2.00 1.17 6.16 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35 0.40

7.7

13

GRYL

1.10 18.78 38.80 29.60 2.91 4.50 2.50 9.00 1.00 5.29 2.84 11.74 5.38 40.30 7.04 4.95 6.45 2.70 1.70

2.24 7.20 3.44 4.50 4.90 1.67 2.99 1.10 3.00 1.50 5.50 3.88 6.80 7.44 2.90 69.95 3.70 3.98 7.00 2.18 8.45 9.44 9.45 5.99 9.85 4.75 1.20 1.94 7.12 6.99

12.84

76

TSMF

2009 Div BR (%) (%)

Last 60 days High Low

Volume

12.84

76.9

% Change 5.30 5-Day High 417.15 5-Day Low 374.37

Last 60 days High Low

Close 1,079.68 Listed cap 29,771.58 mn Payout (%) 104.74

12.84

ADMM

Performance of SR Equity Investment Instruments Index Open 1,071.10 Turnover 3,155,930 P/E (x) 17.12

12 75.9

ISIL

2010 Div BR (%) (%)

EQUITY INVESTMENT INSTRUMENTS

1st Fid Leasing 264 AL-Meezan Mutual F. XD 1375 AL-Noor Modaraba XD 210 Atlas Fund of Funds XD 525 B F Modaraba XB 75 B R R Guardian Mod. 780 Constellation Mod. 65 Crescent St Modaraba XD 200 Elite Cap Modaraba XD 113 Equity Modaraba 524 First Capital Mutual Fund 300 Golden Arrow XD 760 H B L Modaraba XD 397 Habib Modaraba 1008 I B L ModarabaSPOT 202 Imrooz Modaraba XD 30 JS Growth Fund 3180 JS Value Fund 1186 Meezan Bal. Fund XD 1200 Mod Al-Mali 184 Nat Bank Modaraba XD 250 Pak Prem Fund 1698 Paramount Modaraba XD 59 PICIC Energy Fund 1000 PICIC Growth Fund 2835 PICIC Inv Fund 2841 Prud Modaraba 1st 872 Punjab Modaraba XD 340 Tri-Star 1st Modaraba 212 U D L Modaraba XD 264

Close

3.25

0.79

92.5

Open 396.14 Turnover 38,643,713 P/E (x) 46.06

Company

Low

3.15

PAKMI

FNEL

500 6.02 850 43.23 627 28.19

Paid up Cap(mn)

High

NBF

FDMF

PE

Paid up Cap(mn)

Open

SCM

Performance of SR Financial Services Index

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

501 3232 753 73032 103589 7471 1733 197 2206960 1508 33946 11032 261 501 14192 2030

FINANCIAL SERVICES

Company

Change 12.83 Market cap 39,753.30 mn Div Yield (%) 5.61

-0.49 0.33 0.95 -0.85 0.55 0.01 1.89 0.77 0.65 -0.50 0.44 0.02 0.37 1.00 -0.38 0.02

SHEZ

Open 835.12 Turnover 62,099 P/E (x) 94.06 Company

11.01 33.88 56.95 10.64 46.43 11.28 85.89 58.00 16.74 6.24 3.64 9.46 6.73 14.50 6.77 5.52

LIFE INSURANCE

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

11.00 33.40 54.25 10.50 45.25 11.25 84.00 55.08 16.06 5.81 3.25 9.46 6.51 14.50 6.75 5.52

Performance of SR Life Insurance Index

Performance of SR Electricity Index Open 1,181.39 Turnover 14,194,952 P/E (x) 12.62

11.50 34.00 57.20 12.00 47.00 11.50 86.40 58.00 16.99 6.25 3.67 9.89 6.77 14.50 7.00 5.85

434500

ZERO VOLUME Symbols

Open

High

Low

Close

POAF KASBM SCLL NMBL UVIC BCML DSML ELCM HMIM KSTM SMTMR GFIL HUSI STML CJPL AABS HWQS SASML DWAE BPBL PUNO MACFL SYMC

9.48 1.38 2.79 1.21 2.35 15.5 1.75 11 1.39 0.85 0.14 3.05 10.05 17 0.84 95 21.9 5 0.96 1 35.68 3.05 12.75

9.4 1.45 2.69 1.2 2.45 15.45 1.8 10 0.99 0.79 0.09 3.11 9.84 17.2 0.8 94 21.5 6 0.82 0.99 37.46 2.85 13

9.4 1.45 2.69 1.2 2.45 15.45 1.8 10 0.99 0.79 0.09 3.11 9.84 17.2 0.8 94 21.5 6 0.82 0.99 37.46 2.85 13

9.4 1.45 2.69 1.2 2.45 15.45 1.8 10 0.99 0.79 0.09 3.11 9.84 17.2 0.8 94 21.5 6 0.82 0.99 37.46 2.85 13

Change

Vol

-0.08 0.07 -0.1 -0.01 0.1 -0.05 0.05 -1 -0.4 -0.06 -0.05 0.06 -0.21 0.2 -0.04 -1 -0.4 1 -0.14 -0.01 1.78 -0.2 0.25

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

BOARD MEETINGS

Nishat Mills Ltd

KSE 100 INDEX

National Bank of Pakistan

Lucky Cement Ltd

Company

Date

Time

Honda Atlas Cars (Pakistan) Ltd

23-Nov

11:00

Shell Gas (LPG) Pakistan Ltd

11-Nov

2:00

First Punjab Modaraba

12-Nov

3:30

TECHNICAL LEVELS Company Adamjee Insurance

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

Fair Value

*Arif Habib Ltd AKD Securities Ltd

Buy

*Arif Habib Ltd

59.97

Buy

AKD Securities Ltd

Positive

TFD Research

75.62

Support 1

10,906.05

10,775.20

Support 2

10,819.85

MA (10-day)

10,701.00

Resistance 1

11,054.40

MA (100-day)

10,087.87

Resistance 2

11,116.55

Technical Analysis

MA (200-day)

10,033.84

Pivot

10,968.20

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

Dera Ghazi Khan Cement Co Ltd

Brokerage House

65

MA (5-day)

KSE 100 INDEX closed up 110.28 points at 10,992.28. Volume was 198 per cent above average (trending) and Bollinger Bands were 13 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 11,054.40 and 2nd resistance level at 11,116.55, while Index will continue to find its 1st support level at 10,906.05 and 2nd support level at 10,819.85.

KSE 100 INDEX is currently 9.6 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 moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently indicating that INDEX is currently in an overbought condition.

Rs Recommendations

TFD Research

74.2

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

Rs Recommendations

Brokerage House

Buy

*Arif Habib Ltd

105.2

Buy

AKD Securities Ltd

72.75

Neutral

TFD Research

83

175.80 9,851.83 60.14 54.75

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

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

Leverage Position

67.17 72.89 68.56 70.43

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

129.35 9,937.96 18.02 75.09

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

NML closed up 2.65 at 56.04. Volume was 286 per cent above average LUCK closed up 3.65 at 76.83. Volume was 750 per cent above average (trending) and Bollinger Bands were 30 per cent narrower than normal. (trending) and Bollinger Bands were 25 per cent narrower than normal.

NML is currently 9.6 per cent above its 200-day moving average and is disLUCK is currently 9.1 per cent above its 200-day moving average and is playing an upward trend. Volatility is extremely high when compared to the displaying an upward trend. Volatility is extremely high when compared to average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into NML (bullish). Trend forecasting oscillators are currently bullish on NML. Momentum oscillator is currently reflect very strong flows of volume into LUCK (bullish). Trend forecasting oscillators are currently bullish on LUCK.

indicating that NML is currently in an overbought condition.

Fauji Fertiliser Bin Qasim Ltd

Fair Value

*Arif Habib Ltd

44

Rs Recommendations

Brokerage House

Buy

*Arif Habib Ltd

33

AKD Securities Ltd

43.29

Buy

AKD Securities Ltd

TFD Research

36.85

Positive

TFD Research

Technical Analysis 72.97 27.63 25.77 26.92

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

32.06 29.1

Rs Recommendations

Brokerage House

Buy

*Arif Habib Ltd

Accumulate

AKD Securities Ltd

Negative

TFD Research

Technical Outlook

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

Fair Value

182.55 5,564.11 44.31 29.79

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

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

80.13 31.31 28.53 29.55

2.85

3.30

3.50

3.20

56.50

55.95

57.60

58.15

57.05

Arif Habib Limited

48.12

25.80

25.35

26.55

26.85

26.10

Arif Habib Securities

60.46

24.50

24.10

25.30

25.70

24.90

Askari Bank

61.39

15.70

15.35

16.40

16.75

16.05

Attock Cement

54.45

62.55

61.10

64.85

65.70

63.40

Rs Recommendations

Attock Petroleum

52.88

310.65

301.75

324.35 329.10 315.40

Buy

Attock Refinery

87.77

122.45

119.30

127.50 129.35 124.35

61.96

Neutral

Azgard Nine

60.41

11.25

11.00

11.75

12.05

92.3

Positive

Bank Al-Falah

64.69

9.75

9.65

10.05

10.20

9.95

Bank.Of.Punjab

69.90

9.70

9.50

10.20

10.50

10.00

Fair Value

Technical Analysis 59.87 65.94 65.76 71.11

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

318.37 21,531.16 76.05 66.99

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

BankIslami Pak

51.20

3.15

3.05

3.40

3.55

3.30

D.G.K.Cement

72.97

29.60

28.75

30.90

31.35

30.05

Dewan Cement

54.15

1.55

1.45

1.65

1.70

1.60

Dewan Salman

58.53

1.55

1.50

1.70

1.80

Dost Steels Ltd

62.26

2.85

2.70

3.20

3.35

3.05

EFU General Insurance 64.19

45.45

44.50

47.20

48.00

46.25

EFU Life Assurance

61.82

74.30

72.50

77.05

78.00

75.25

180.60

179.40

Engro Chemical

62.84

Fauji Cement

63.47

5.00

4.80

Fauji Fert Bin

80.13

32.60

31.65

34.10

NBP is currently 1.4 per cent above its 200-day moving average and is dis-

Fauji Fertilizer

61.45

108.60

107.20

110.75

playing an upward trend. Volatility is extremely high when compared to the

Faysal Bank

76.61

16.45

16.35

average volatility over the last 10 trading sessions. Volume indicators

Habib Bank Ltd

63.26

103.60

102.75

Hub Power

57.69

34.00

33.75

ICI Pakistan

73.69

134.00

131.75

138.00 139.75 135.75

Indus Motors

56.72

232.55

231.05

236.05 238.05 234.55

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

Brokerage House

Buy

AKD Securities Ltd

14.75

Neutral

TFD Research

23.67

Positive

23

326.94 10,978.59 20.53 32.90

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

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

61.39 15.61 15.25 18.27

Fair Value

Rs Recommendations

24.04

Buy

30.5

Positive

Technical Outlook

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

321.37 5,151.59 N/A 15.98

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

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

58.62 18.88 18.72 19.60

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

584.63 11,365.30 5.51 19.32

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

DGKC closed up 1.45 at 30.48. Volume was 140 per cent above average FFBL closed up 1.48 at 33.58. Volume was 286 per cent above average AKBL closed up 0.25 at 16.03. Volume was 1,026 per cent above average PTC closed up 0.28 at 19.44. Volume was 132 per cent above average and and Bollinger Bands were 9 per cent wider than normal.

(trending) and Bollinger Bands were 16 per cent wider than normal.

(trending) and Bollinger Bands were 11 per cent narrower than normal.

DGKC is currently 13.2 per cent above its 200-day moving average and is FFBL is currently 15.0 per cent above its 200-day moving average and is AKBL is currently 12.2 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DGKC (mildly bullish). Trend fore- reflect very strong flows of volume into FFBL (bullish). Trend forecasting casting oscillators are currently bullish on DGKC. Momentum oscillator is oscillators are currently bullish on FFBL. Momentum oscillator is currently reflect moderate flows of volume into AKBL (mildly bullish). Trend forecastcurrently indicating that DGKC is currently in an overbought condition.

indicating that FFBL is currently in an overbought condition.

ing oscillators are currently bullish on AKBL.

1.65

(trending) and Bollinger Bands were 22 per cent narrower than normal.

Pakistan Telecommunication Co Ltd

Rs Recommendations

11.50

NBP closed up 1.63 at 67.63. Volume was 317 per cent above average

Technical Outlook

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

Fair Value

80.65

2.95

69.14

Bollinger Bands were 20 per cent narrower than normal.

183.35 184.85 182.10 5.35

16.70

5.50

5.15

34.65

33.15

111.50 109.35 16.85

16.60

105.45 106.45 104.60 34.35

34.50

34.15

J.O.V.and CO

67.88

4.05

3.65

4.85

5.20

4.40

Jah Siddiq Co

44.21

11.15

10.50

12.10

12.45

11.45

Japan Power

51.54

1.55

1.45

1.65

1.70

1.60

JS Bank Ltd

Brokerage House

Pivot

46.40

forecasting oscillators are currently bullish on NBP.

Askari Bank Ltd

2nd

Allied Bank Limited

78

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

1st

Resistance 82.25 83.10

Al-Abbas Cement

Technical Outlook

Technical Outlook

Leverage Position

72.00 52.43 47.60 51.15

Fair Value

RSI 1st 2nd (14-day) Support 71.44 79.80 78.20

71.22

2.85

2.80

2.95

3.00

2.90

K.E.S.C

54.98

2.15

2.10

2.25

2.30

2.20

Kot Addu Power

54.33

40.05

39.65

40.70

40.95

40.30

Lucky Cement

67.17

74.60

72.40

77.95

79.05

75.70

Maple Leaf Cement

53.93

2.90

2.80

MCB Bank Ltd

64.10

205.90

204.60

National Bank

59.87

66.55

65.50

68.40

69.15

67.30

Netsol Technologies

56.01

18.85

18.60

19.55

19.95

19.25

NIB Bank

48.83

2.65

2.60

2.85

2.95

Nimir Ind.Chemical

50.01

1.40

1.35

1.50

1.55

1.45

Nishat (Chunian)

73.62

23.55

22.95

24.40

24.70

23.85

Nishat Mills

72.00

54.35

52.65

56.90

57.75

55.20

Oil & Gas Dev XD

76.65

157.05

155.45

PIAC(A)

52.42

2.20

2.10

PSO XD

65.23

282.35

280.35

PTCLA

58.62

19.15

18.85

PACE (Pakistan) Ltd.

51.53

2.85

2.70

Pak Oilfields

68.29

256.85

254.30

262.20 264.95 259.65

Pak Petroleum

63.04

192.55

190.35

196.70 198.65 194.50

Pak Suzuki

43.08

72.35

71.65

74.35

75.70

73.65

Pervez Ahmed Sec

70.33

2.45

2.35

2.65

2.80

2.55

Pioneer Cement

50.58

7.70

7.40

8.20

8.40

Shell Pakistan

63.22

196.60

194.45

Sitara Peroxide

76.16

13.25

12.80

14.05

14.40

13.60

3.15

3.00

2.75

160.25 161.85 158.65 2.35

2.45

2.30

286.50 288.70 284.50 19.70

19.90

19.35

3.10

3.30

3.00

7.90

202.40 206.05 200.25

66.97

34.00

33.80

34.55

34.85

34.35

Sui South Gas

47.31

24.85

24.65

25.10

25.15

24.90

playing a downward trend. Volatility is extremely high when compared to

Telecard

47.15

2.20

2.10

2.45

2.55

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

TRG Pakistan

57.23

4.20

4.10

4.40

4.55

4.30

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

United Bank Ltd

71.67

57.85

57.65

58.40

58.75

58.20

forecasting oscillators are currently bearish on PTC.

WorldCall Tele

43.09

2.45

2.35

2.55

2.65

2.50

PTC is currently 0.8 per cent below its 200-day moving average and is dis-

Sui North Gas

3.05

209.10 211.00 207.80

2.35

8

Wednesday, November 10, 2010

Ten cities to be linked by AIOU video conferencing

PM vows to upgrade teachers' posts

Islamabad education institutes’ upgrade soon

ISLAMABAD: Allama Iqbal Open University (AIOU) has linked video conference system with its regional campuses in Lahore, Karachi and Islamabad and the facility will be extended to 10 cities of the country.

These cities include Lahore,

ISLAMABAD: Prime Minister Yousuf Raza Gilani has declared that all educational institutes in Islamabad will be upgraded to model schools and colleges.

Islamabad, Karachi, Quetta, Also, teachers working under Peshawar, Mirpur AJK, the Federal Directorate of Faisalabad, DG Khan, Multan Education will also be given and DI Khan. similar boost.

Addressing during the live Addressing educationists and link testing session between teachers at a function on the 'Uniformity of education sysIslamabad and Lahore, Vice tems and upgradation of teachChancellor AIOU, Dr Nazir ers in ICT', the Prime Minister Ahmad Sangi said AIOU has agreed in principle with the now full time connected its demand for enhancing the Lahore regional office with charge allowance to the Heads main campus. and Principals of institutions.

He urged the faculty memHe stressed that the Ministry bers and Directorate of ICT of Education in collaboration and regional services to use with CDA and ICT arrange this link from this month to transport facilities for students deliver specialist lectures from and teachers especially in the Pakistani and International facrural areas.

He asked the ministry to conulty members to the students. sider establishment of Moreover, Allama Iqbal Federation Public School in Open University (AIOU) will Islamabad as well as a Model also provide financial assisUniversity to cater for the affiltance to students who belong iation needs of ICT graduate to low-income groups, in and postgraduate colleges, terms of scholarships and presently affiliated with utilise their services in various University of Punjab, Lahore. projects, said the VC.- ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani addressing at “Implementation Plan for Gilani said dignified social Uniformity of Education Systems in ICT” at Convention Center.-APP Agencies status for the teachers would earn due respect from other Out of 24 summoned MPs 20 fail to appear in person fields of life reducing frustration and attracting best of the best for the teachers' job.

He urged teachers to assume full responsibility of the future of students and turn them into productive and responsible citizens of the country.

Teachers have to dedicate all the efforts towards students' ISLAMABAD: Out of total ing all legal formalities. She Hayat, Syed Akhundzada MPAs Yar PESHAWAR: The Aman- physical, emotional, moral and 24 parliamentarians sum- also presented all her docu- Chatan, Ejaz Tehreek on Tuesday staged a intellectual grooming, he moned by Election ments/proofs and the com- Makhdoom Rind, Commission of Pakistan's mittee decided to send her Ahmad, Saima Aziz, Syed protest demonstration outside added.

(ECP) committee in connec- documents for verification. Suleman Mohsin, and Haji Press Club here against the tion with fake degrees' case, Later on, the Committee set Nasir Mahmood, Abdul suicide the abduction of Prof only four showed up in per- the next hearing for 6th Samad, Shama Parveen Ajmal Khan, Vice Chancellor Islamia College Magsi, Sardar Ali, Khalifa of son, while another fourteen December 2010.

Pitanbar Sewani (PS- Abdul Qayyum, and the University. sent their nominated repreThe activists of different sentatives, and six remained Reserved) and the Controller Provincial sports minister of political factions, lawyers, of Examination, BISE, KPK, Syed Aaqil Shah. absent altogether here.

The ECP, has permanently teachers, and members of Shaukat Aziz Bahatti (PP- Hyderabad and Controller of Federal 4) appeared in person and University of Sindh, closed any further hearing of civil society participated in HYDERABAD: pleaded his case. The com- Jamshoro also appeared on the cases of such continuous the peace walk and raised Minister for Petroleum and slogans Natural Resources Syed Naveed as MNA anti-terrorism mittee informed him in the ECP's request along with the absentees light of the university record relevant record. Both the Hayatullah Tareen, MPAs demanding safe release of the Qamar while underlining the need of provision of quality that the degree submitted by controllers informed the Sardar Mir Khan Badshah abducted academician.

The protesters were carry- education said that no nation him is of another person Committee that the certifi- Qaisarani, Haji Ali Madad Rehana Baloch, ing placards and banners can develop itself without named Shaukat Aziz whose cates/degrees were issued to Javak, knowledge. with slogans caste is Sheikh.

The a person named Washdev and Mukesh Kumar and have sent inscribed The present government he Committee, therefore, not to Pitanbar Sewani. The their cases to session judges against suicide, bomb blasts said has taken a number of and hike in tuition fees of measures to provide quality advised him to provide credi- committee directed the con- for further actions.

On the occasion, the HEC universities in the province. ble defence in the matter. troller concerned to check the education to the future generaAddressing the protesters, tion of the country.

Education Seemal Kamran (PP- matter again and submit a (Higher Reserved) informed the com- return reply immediately. Commission) presented 19 Zar Ali Musa condemned the He said that education had mittee that she had changed While fourteen members who more verified degrees from suicide blast at Darra suffered a lot in the country due her name in 2001 from Ansa sent their nominated repre- their respective institutions, Adamkhel and demanded to various reasons however the Waheed to Seemal Kamran sentatives included, MNAs which had been declared as strict security for educational government has taken a firm institutions in different parts decision not only to improve after her marriage by fulfill- Jawad Hussain, Mazhar genuine.-Online the literacy rate, but also proof Khyber-Pakhtunkhwa.

"We will not tolerate vide quality education so that destruction of education the future generation could be able to meet the world standard institutions in the province", and share the progress and proshe added and called upon the perity of the country. government and law enforcement agencies to control spate of terrorism and arrest the masterminds of the exploFAISALABAD: Punjab gov- Aitchison College, totally free guide them in this regard. sions. ernment has allocated Rs6 bil- of cost to the extra-intelligent He assured full cooperation Malik Niaz Mohammad, lion to provide quality educa- children of poor and working for the success of drive against President National Party, tion to the intelligent students classes. beggary and narcotics initiated Fata, demanded of the govfrom lower and middle class He also stressed the need to by the district government. ernment to take steps for families. promote abilities to express Later, Rana Sana Ullah dis- immediate stoppage of drone Punjab Law Minister Rana among students so that they tributed prizes among the posi- attacks and bombing educaSana Ullah Khan stated this could raise voice to eliminate tion holders. tional institutions in the LAHORE: Lahore High Court while addressing as the chief social evils like drug-abuse, Muhammad Ahsan of Chief Justice Khawaja province. guest at a speech contest on unemployment, and profiteer- Government Higher Secondary He called for provision of Muhammad Sharif has taken a `Nasha Par Qabu Pana Hay' ing etc.

School Chak Jhumra got first suo moto notice of charging held among students of differSuch speech competitions position in the speech contest free education facilities to Rs450 by the Board of tribal students in different ent schools of Faisalabad dis- would also be arranged in other while Muhammad Shan Intermediate and Secondary trict at Ustad Nusrat Fateh Ali districts of the province, he Qadeer of Government High education institutes through- Education (BISE) Lahore as out the country and tuition Khan Auditorium of added.

School Chak No509-GB, and result card fee in violation of Faisalabad Arts Council (FAC) Divisional Commissioner Ajmal Umair of Government fees waiver. the government decision.

Regarding the abduction of here.

Tahir Hussain said that young Crescent High School stood The CJ summoned the chairThe minister said that Danish generation must prepare itself second and third respectively. Vice Chancellor ICU, Ajmal man BISE Lahore to appear Schools would be established to play their role in the prosperOther participants of the con- Khan they said that the gov- before the court today at district level to provide qual- ity and dignity of the country. test were also awarded with ernment should take prompt (Wednesday) along with a comity education as compared to Their teachers and parents shields and special prizes for steps for his safe recovery.- plete record of the case. high standard institutions like particularly the mothers must encouragement.-APP The CJ took suo moto notice APP

Announces scholarships for needy

Hearing of fake-degree cases becomes a joke

Rally-goers condemn ICU VC abduction

Gilani said no efforts will prove productive unless the teacher who is the main contributor is adequately honoured and looked after.

"My devotion towards promotion of education is in fact a reflection of the policies of my government and my party," he added.

Prime Minister said the Pakistan People's Party (PPP) after assuming the responsibilities of the country has been endeavouring to reduce differences between the rich and the poor especially in the field of education.

"We claim that the roots of the party are among the people of Pakistan and this is how we represent them on every forum nationally and internationally," he remarked.

As a part of policy, he said, the privileges for the common man need to be raised to the level of the rich to eliminate discrimination in opportunities.

Every child is possessed with a spark of talent and it is for the teachers to discover and polish it, he said adding, "My vision of quality education rests on the shoulders of teachers."

He expressed the hope that the Ministry of Education and Federal Directorate of Education (FDE) will ensure that the benefits reach the grassroots level at the earliest so that the results can be seen and shown to others in the country.

Gilani said after the passage of the 18th Amendment, the issue of national curriculum in future could be taken up at the forum of Council of Common Interest (CCI) and in line with the constitution.-Agencies

Education, the way to progress: minister SAHIWAL: Provincial Minister for Labour Muhammad Ashraf Sohna has said that the dream to see Pakistan as a developed country cannot be materialised without educating every citizen.

Addressing the first convocation of COMSAT Institute of Information Technology Sahiwal campus here he said that every educated citizen must take the responsibility to teach at least one person for brining a positive change in the society.

University director SM Junaid Zaidi said 50 scholarships were being awarded to ex-students for their higher studies.

Later, the chief guest awarded degrees among the successful students.-APP

Work on 330 education schemes underway SARGODHA: EDO Education Syed Atta Ullah Shah has said that work on 330 schemes was in process and Rs192 million had been allocated by the provincial government for the schemes.

According to a handout issued here, he was briefing DCO Azmat Mehmood on the education department.

The EDO education said under the Education Sector Reforms Programme (2007-08 to 2010-11), Rs240 million were released for different schemes and 40 projects had been completed while work on 270 schemes was in process.

Besides, under the special programme of the Chief Minister Punjab, Rs400 million has already been spent on different schemes, he added.

He said that under the Punjab Library Programme for 48 middle schools, work on seven projects had been completed and Rs13.1 million would be spent on the schemes.-APP

Petroleum minister calls for better education

Rs6bn for talented, deserving students

The minister expressed these views while performing the foundation-stone laying of a school late in village Vassi Malook Shah of Tando Muhammad Khan district. The school project will be completed with the financial assistance of Pakistan State Oil Citizens Foundation.

Qamar underlined the need of joint venture from public and private sector in providing quality education free from all influences so that the task of rapid development in all sectors of life could be achieved without wasting time.

He appreciated the decision of PSO Citizens Foundation for opening schools in different parts of the country adding that it is an example for other organisations to emulate and make the future

generation capable of meeting the challenges of the world.

General Manager PSO Jehangir Ali Shah speaking on the occasion said that the organisation is actively participating in human development programmes and opening of schools in various parts of the country is a part of nurturing a developed and well educated society in the country.

Director PSO Ms Nilofar Syed said that PSO has planned to open six hundreds schools in remote parts of Sindh and Balochistan. Among others, President PPP Tando Muhammad Khan Haji Muhammad Amin Lakho, Syed Qasim Naveed, and District Coordination Officer Ali Ahmed also addressed the foundation stone laying ceremony.-APP

Suo moto over charging result card fee illegally

Court summons Lahore BISE chief on a press appeal published in a local daily submitting that the Punjab government had already abolished the registration fee and examination fee of students who are getting education in the government institutions.

The grievance of the applicant was that the BISE in order to collect revenue had started collecting a sum of Rs450 from each student under the so called head of result card fee including private sector students from

whom the board had already received the registration, card, and examination fees. The applicant, Principal Allama Iqbal Public High School, Kasur had sought indulgence of the court in the matter.

The CJ observed that the matter of concern was that when the government of Punjab had statedly abolished the abovementioned fees, how the board being a statutory authority could act against government decision.-APP

9

Wednesday, November 10, 2010

Oil scales new two-year high as commods prosper

European vegetable oil prices

LONDON: Oil resumed gains to hit a fresh two-year high above $87 on Tuesday, erasing earlier losses, as commodities rallied across the board.

US crude oil futures hit $87.63 a barrel, the highest since October 2008, and they were trading 31 cents higher at $87.37 by 1341 GMT. ICE Brent was trading 31 cents higher at $88.77.

Oil reversed course following the release of the IEA's longterm energy outlook, in which the Paris-based agency said in its annual world energy outlook that oil prices might exceed $100 a barrel in 2015 and $200 in 2035.

"We believe the age of cheap oil is over. Both on the demand side and the supply side, in order to find market equilibrium we may need higher prices in the future," the IEA's chief economist Fatih Birol said at a news con-

ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 22:00 PST. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 920.00+25.00, May11/Jul11 925.00+20.00, Aug11/Oct11 905.00+15.00, Nov11/Jan12 910.00.

SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1485.00+40.00, Apr11/Jun11 1450.00+30.00, Jul11/Sep11 1480.00+30.00.

LINOIL: Any origin dlrs tonne extank Rotterdam Nov11/Dec11 1305.00+5.00.

CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Nov10 1157.50+45.00, Dec10 1157.50+50.00, Jan11/Mar11 1152.50+47.50.

PALMOIL: RBD dlrs tonne cif Rotterdam Nov10 1185.00, Dec10 1185.00, Jan11/Mar11 1182.50.

PALMOIL: RBD dlrs tonne fob Malaysia Nov10 1140.00+47.50, Dec10 1140.00+47.50, Jan11/Mar11 1137.50+47.50.

PALM OLEIN: RBD dlrs tonne fob Malaysia Nov10 1150.00+47.50, Dec10 1150.00+47.50, Jan11/Mar11 1147.50+47.50, Apr11/Jun11 1147.50+47.50, Jul11/Sep11 1145.00+47.50.

PALM STEARIN: Dlrs tonne fob Malaysia Nov10 1115.00, Dec10 1115.00+35.00.

COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 Nov10/Dec10 1540.00+30.00, Dec10/Jan11 1540.00+30.00, Jan11/Feb11 1540.00+30.00.

CASTOROIL: Any origin dlrs tonne extank Rotterdam Nov10/Dec10 1925.00+0.00. Reuters

ference to present the outlook.

Analysts said the $100 mark provided a clear price target for investors, but return on investments might not be dramatic.

"That $100 per barrel is four-five years away. It is not much support to oil prices," Olivier Jakob with Petromatrix said.

Analysts also said gains might be limited by a stronger

dollar against the euro due to renewed concern about debt in Europe and an expected rise in US oil inventories.

"The top end of prices will be weighed by renewed concerns over sovereign debts in Europe, while crude prices would move with a solid floor due to money inflows into risky assets following the fur-

ther easing (in the United States)," analysts with Mizuho Corporate Bank in Tokyo said in a research note.

"Ahead of the (US government) oil inventory data tomorrow narrow range price movements are likely today."

US crude inventories probably increased by 1.4 million barrels in the week to Nov. 5 as imports rebounded, a Reuters poll of analysts showed on Monday.

The American P e t r o l e u m Institute will issue its oil stocks report on Tuesday at 2130 GMT, followed by the US E n e r g y Information Administration's (EIA) government data on Wednesday.

The analysts in the poll forecast a drawdown of 1.8 million barrels for middle distillate inventories, which includes heating oil and diesel, down for the seventh consecutive week, while gasoline stocks fell 1 million barrels. -Reuters

KOLKATA - INDIA: A trader displays a fish to customers at a wholesale fish market in Kolkata. -Reuters

NY cotton limits up on strong China rally NEW YORK: US cotton futures closed at an all-time high on Monday, rising the daily trading limit, due in part to strong Chinese cotton prices and a steady barrage of trade buying in the market, analysts said.

Cotton is the best performing commodity on the Reuters Jefferies Commodity Index, having risen nearly 90 per cent in value year to date.

Tight supplies in China, the world's No. 1 cotton consumer, have driven internal values up in the Asian nation to levels well above $2 per lb, preventing any kind of correction from cooling cotton futures, they said. The benchmark December cotton contract on ICE Futures US climbed the 4-cent daily trading limit to finish at $1.4623 per lb, with the session low at $1.4315. The market had risen for seven straight ses-

The market took note of sions.

Volume traded, however, news that China's government was modest at best. The total has ordered a crackdown on amount traded in the US cot- illegal activities aimed at ton market reached NY cotton early-trade 23,897 lots at 1945 The benchmark December cotton GMT, nearly 20 per cent contract on ICE Futures US climbed below the 30-day aver- the 5.00 cent daily limit to trade at age of 29,173 lots, $1.5123 per lb at 1511 GMT, with the Thomson Reuters pre- session low at $1.4727. liminary data showed.

In China, prices for the key driving up prices, the official May cotton contract on the Xinhua news agency said.

With Chinese internal Zhengzhou Commodity Exchange hit a lifetime top of prices running well above $2 33,295 yuan per tonne and per lb and average world last traded at 32,970 yuan, up prices in the closely followed Cotlook A index quoted on 1,950 yuan on the day.

'It's all out of China,' Sharon Monday at $1.618 per lb, US Johnson, a cotton expert at cotton prices are at a heavy First Capitol Group in discount and need to catch up.

The Cotlook A index norAtlanta, said when asked for the catalyst behind Monday's mally runs at a premium of 7 rally. 'The fundamental factor to 9 cents above New York for the rise (in cotton prices) cotton futures, but the index is because of shortages,' said has been running at a premiYang Guoqi, an analyst with um above 10 cents the past few weeks. -Reuters Jinshi Futures Co Ltd.

Palm oil hits new 2-year highs as commodities gain KUALA LUMPUR: Malaysian crude palm oil futures rose nearly 3 per cent to touch a fresh two-year high on Tuesday, supported by gains across the commodity markets.

"Palm oil investors covered their short positions during the last hour before closing as most of the commodities rallied on the back of a weaker dollar," said a trader with foreign brokerage in Kuala Lumpur.

January 2011 palm futures on the Bursa Malaysia Derivatives Exchange rose 90 ringgit to 3,363 ringgit ($1,076) after touching a more than two-year high of 3,372 ringgit earlier in the day -- a level unseen since July 2008.

Overall traded volume

almost doubled to 19,963 lots of 25 tonnes.

Traders, who are awaiting official data on Malaysia's palm oil production, stocks, imports and exports due on Wednesday, said prices of the vegetable oil are likely to stay firm despite a poll showing that the stocks level may hit new highs.

A Reuters poll on Monday reported Malaysia's October palm oil stocks might hit ninemonth highs of 1.95 million tonnes as seasonally strong production outstripped much weaker overseas demand.

A Reuters technical analysis showed Malaysian palm oil futures with a bullish target of 3,387 ringgit.

The outlook will also depend on cargo surveyors' report of overseas demand

during the first 10 days of November on Wednesday.

US soyoil for December delivery rose 1.4 per cent in Asian trading hours, mirroring a similar rise in soybean futures.

The most active China September soyoil contract rose 1.1 per cent to 10,358 yuan, after hitting its highest since July 2008 the previous day.

"Funds flowed into commodity and equity markets from the property market after the Chinese government implemented new policies like higher interest rates," said an oil analyst in Shanghai.

"I believe crude oil will hit over $100 by the end of this year, which would eventually bolster global vegetable oil markets." -Reuters

Indian spot sugar up on global cues, demand MUMBAI: India's spot sugar prices rose on Tuesday tracking fresh highs in international market and supported by firm domestic demand, dealers said.

"International prices are at a record...Indian traders anticipate incremental exports will be allowed due to a bumper output in the country," said a trader at Vashi, a major trading centre outside Mumbai.

ICE raw sugar futures reached a fresh 30-year high and Liffe white sugar a record peak on Tuesday, supported by tight export availability from top producers Brazil and India and low global stocks.

In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety rose 1.29 per cent to 2,750 rupees ($62.06) per 100 kg.

The sugar market was focused on a decision by India later this month on whether to allow socalled "open general licence" (OGL) exports to the world market. Some dealers said India was expected to approve sugar exports incrementally. Indian industry expects sugar exports of some 2.5-3.5 million tonnes in 2010/11 and has lobbied authorities to approve 2 million tonnes of OGL exports, analysts say. -Reuters

Bangladesh tea prices rise DHAKA: The average price of Bangladeshi teas rose 0.63 per cent to 198.56 taka ($2.82) per kg at the weekly auction on Tuesday, brokers said.

More than 1.77 million kg were sold at the sale, leaving 4.0 per cent of the offer to be carried back.

"A strong demand for good liquoring teas advanced the average price forward, though the plainer varieties depreciated," said an executive of the National Brokers Limited, the largest tea broking firm in the country.

Different grades were sold between 170 taka and 236 taka per kg in the auction. But in an exclusive sale for well made teas, some 500 kg of Churamoni Dust realised the highest price of 240 taka per kg. -Reuters

Copper hits 27-mth top as demand picks up LONDON: Copper hit its highest price in more than two years on Tuesday, within touching distance of an all-time record as improving fourth-quarter demand and monetary easing plans boosted investor appetite for base metals.

Benchmark copper for threemonth delivery on the London Metal Exchange closed at $8,858 a tonne from $8,660 at the close on Monday. Prices of the metal used in power and construction, which earlier hit $8,875 a tonne, are now within sight of a record high of $8,940 touched in July 2008.

Tin also rose to a fresh all-time peak at $27,500 a tonne as analysts cited persistent supply doubts in top exporter Indonesia, while lead jumped over 4 per cent to its highest level since January at $2,639 a tonne.

"When I look at copper, you have got relatively steady draws on inventories," said Michael Widmer, an analyst at Bank of America Merrill Lynch.

"Growth may be slowing, but overall the market is not hugely oversupplied for whatever reason -- be it because of re-stocking or insufficient supply."

Follow-through momentum from last week's surprisingly strong US jobs data and the Federal Reserve's $600 billion bond-buying program helped keep the red metal's upside intact.

In broader markets, US September wholesale inventories, which fell short of estimates, did little to impact overall sentiment.

Some support came from a strike by union workers at Chile's Collahuasi, the world's No. 3 copper mine, which headed into a fifth day with no sign of resolution.

Worries about copper supplies in the near term pushed the metal into a $5 a tonne backwardation

Shanghai copper rallies Benchmark third-month Shanghai copper rose 2.4 per cent to 67,980 yuan, its highest since March 2008 but ended the day at 67,670 yuan.

-- a premium for cash material over the three-month contract -compared with a discount of $20 a tonne in late October.

Base metal supplies are also being closely monitored due to two positions controlling more than 30 per cent of copper cash warrants on LME stocks. Two positions also control more than 40 per cent of tin cash warrants.

Among other metals, aluminium ended at $2,469 a tonne versus $2,429. The metal is not far from two-year highs above $2,494 from April. LME stocks for the metal, used in transport and packaging, shed 10,475 tonnes to 4.27 million tonnes.

Stainless steel-making ingredient nickel finished at $24,620 from $24,125, while battery material lead was at $2,609 from $2,504.

Zinc wound up at $2,580 a tonne, up over 4 per cent from $2,479 and tin was seen at $27,350 from $26,595. -Reuters

Gold hits new record as EU fears resurface LONDON: Gold hit record highs for a fourth day in a row on Tuesday, as fresh concern over the debt burdens of several euro-zone member countries prompted safehaven buying, while palladium rallied for a fifth day.

Silver touched $28.90 an ounce, the highest since March 1980, palladium saw $732.50 an ounce, its highest since April 2001. Platinum hit

Gold priced in euros has rallied by over 7 per cent in the last five trading days, rising to its highest since late June this year.

Investor demand, which had slackened recently, picked up, as reflected by the first inflow into the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, since Oct. 13.

$1,795.50, its highest since July 2008.

Spot gold hit $1,422.30 a troy ounce and was bid at $1,419.50 an ounce at 1540 GMT from $1,409.09 late in New York on Monday. US gold futures also hit a record $1,422.10 an ounce.

"European investors are worried about the euro, real rates are very low and set to stay low for a long time, so the opportunity cost of investing in gold is tiny," said Citi analyst David Thurtell. "Lots of good reasons to buy it and not many to sell it," he added.

"It just seems that ... with worries about peripheral European countries like Ireland, there's a little bit of a safe-haven factor there," Thurtell said.

Palladium rose by almost 3 per cent on the day to $726.22 an ounce, marking its fifth consecutive daily rally and putting it on track for a ninth weekly increase.

Palladium has risen by almost 80 per cent so far this year, fuelled by demand from investors who are keen to tap into the metal's exposure to China, where it is used in the country's booming, gasolinepowered auto sector in autocatalysts.

Spot silver was bid at $28.77 an ounce from $27.69 late in New York on Monday and palladium was at $725.50 from $705.22. Platinum was bid at $1,789.00 an ounce compared with $1,771.50 late in New York on Monday. Reuters

Sugar hits 30 year-high, arabicas firms LONDON: Raw sugar futures on ICE rallied to a 30-year peak on Tuesday and arabica coffee climbed to a 13-year high supported by fresh inflows of fund money.

The sugar market has surged in the last few months, with prices more than doubling since May, as expectations for a rise in output failed to materialise due to adverse weather, sparking renewed concern about low global stocks.

Some dealers say the raw sugar market has the potential to rise to 35 to 40 cents a lb in the medium term but others suggested it risks a setback due partly to a lack of physical offtake at current high prices.

Dealers said the market looks heavily overbought and could suffer a short-term setback although key funds may be prepared to maintain long positions even if prices fall.

March raw sugar futures on ICE rose to a peak of 33.12 cents a lb, a 30-year high for the benchmark front month, before easing back to 33.07 cents, up 1.19 cents or 3.7 per cent.

White sugar futures on Liffe also advanced with December up $27.30 or 3.5 per cent at $808.00 a tonne after setting a record peak for the front month of $808.60.

Arabica coffee futures on ICE rose to a 13-year high on the front month with December up 8.35 cents or 4 per cent at $2.1905 per lb after peaking at $2.2000.

Prices have been supported by tight supplies of high quality washed arabicas following several years of below-par crops in key producer Colombia.

Production in Colombia is expected to rise slightly this year, possibly to around 9 million 60-kg bags, but looks set to remain far below the crops of about 12.5 million bags harvested in 2006 and 2007.

Colombia's crop fell to a three-decade low in 2009 due to bad weather and a tree renovation programme.

January robustas on Liffe stood $44 or 2.15 per cent higher at $2,090 a tonne after setting a two-year peak for the second month of $2,098.

Cocoa futures on Liffe also rose as the market extended its rebound after dipping to the lowest levels since August 2009 earlier this week, weighed by a favourable outlook for main crops in West Africa and signs of a slowdown in consumption.

Dealers said the market was buoyed partly by gains in other agricultural commodity markets.

March cocoa on Liffe rose 31 pounds or 1.7 per cent to 1,888 pounds after slipping on Monday to a low of 1,798 pounds. March cocoa on ICE climbed $60 or 2.1 per cent to $2,888 a tonne. -Reuters

Tokyo rubber hits 30-yr high, Shanghai at record TOKYO: Key Tokyo rubber futures climbed to a fresh 30year high and Shanghai futures scored a record high on Tuesday on concerns over tight supply and strength in other commodities.

The key Tokyo Commodity Exchange rubber contract for April delivery rose as much as 7.6 yen or 2.1 per cent to 366.8 yen per kg, the highest for any TOCOM benchmark since 1980. It settled at 365.2 yen, up 6 yen from Monday.

The benchmark contract first hit a 30-year high on Friday, when it jumped nearly 5 per cent on heavy speculative buying following the Federal Reserve's move to boost the US economy with abundant liquidity.

The most active Shanghai rubber futures contract for

May delivery hit limit-up at a record high 37,735 yuan ($5,657) per tonne. It settled at 37,370 yuan per tonne, up from Monday's close of 35,865 yuan per tonne.

Volume stood around 1.16 million lots.

Tyre grade rubber changed hands at a record high above $4 a kg in Southeast Asia as consumers scrambled for stocks after heavy rains curbed supply in main producing countries, dealers said.

Traders have said concerns about tight supply underpinned the market, and while investors may be wary of the recent rapid pace of price gains the TOCOM benchmark contract could scale a record high near 400 yen if Shanghai futures advance

further.

An analyst at a Japanese securities firm said the Fed's additional liquidity provision paved the way for a further rise in commodities prices as investors seek markets with growth potential to put their money to work.

China warned on Tuesday that US easy money could inflate asset bubbles elsewhere, keeping up the pressure on Washington just two days before the start of a G20 leaders summit. The latest round of quantitative easing by the United States could put pressure on balanced global economic growth and cause asset bubbles and inflation, Ma Delun, deputy governor of the People's Bank of China, said on Tuesday. Reuters

Valentino Rossi steers his new Ducati during a training session at Ricardo racetrack

10

Wenesday, November 10, 2010

Yousuf not guilty of breaching ICC rules DUBAI: Ace Pakistan batsman Muhammad Yousuf has been found not guilty of breaching the ICC Code of Conduct for Players and Player Support Personnel during the fifth ODI against South Africa at Dubai Sports City International Cricket Stadium here.

Yousuf had his name written at the back of a borrowed shirt with a marker pen which was a violation of clause 2.1.1 of the ICC Code of Conduct for Players, as read with Section C6 of the Clothing and Equipment Rules and Regulations which deal with appropriate and professional standards of appearance on the field on play, said an ICC statement issued here on Tuesday.

Yousuf pleaded not guilty to the offence and as such, under the terms of the code, Andy Pycroft of the Elite Panel of ICC Match Referees held a hearing after the match in which he reached his decision.

Commenting on his decision, Pycroft said; "In making my decision, I took into account that Yousuf was required by the management representing the Pakistan Cricket Board (PCB) to wear the offending shirt as he had arrived in Dubai for the Test series and not for the ODIs. As such, he didn't bring with him any coloured clothing.

The matter should now be referred by the ICC to the PCB pursuant to the relevant section of the Clothing and Equipment Rules and Regulations."-APP

British Open future hanging in balance LONDON: England Squash has admitted that next year's British Open could be scrapped unless necessary funding can be found to stage the sport's oldest tournament.

Contested since 1930, this year's event had already been postponed as organisers focused on moving the British Open back to London - the O2 is still being earmarked - for the first time since 1994.

But the national governing body was handed a setback when the title sponsor pulled out of a deal understood to be worth around ÂŁ200,000.

Jim Lord, England Squash's operations director, said: "We are doing all we can to attract the required commercial partners to run the event in May. However, if we're unable to secure the necessary funds we won't be in a position to move ahead. "[We are] still working with the sponsor as there could be potential for future involvement, so we want to protect their identity and nurture the relationship."

England Squash assumed control of the tournament's rights earlier this year after a five-year hiatus as they sought to regain the event's popularity.

Up until the mid-Eighties the British Open was seen as the de facto world championship until the arrival of the World Open.

The tournament was last staged in the capital in the mid-Nineties after a 10-year tenure at the Wembley Conference Centre. The venue recorded capacity crowds of over 2,000 during a period where Jahangir Khan won eight times in row.Agencies

Cricketers swear not to cheat in black & white LONDON: In an extraordinary move to check corruption in Pakistan cricket, the players have reportedly signed legal binding declarations swearing to give all "relevant information about potential corruption or breaches of ICC rules" to the Anti Corruption and Security Unit.

According to 'The Daily Telegraph', the Pakistan Cricket Board and the ICC asked the players to sign the declarations after the spot-fixing scandal that marred the team's recent tour to England.

"In the affidavits, the players have sworn they have declared all relevant information about

potential corruption or breaches of ICC rules to the ACSU. Should any player be found to have concealed information or failed to declare anything that could help the ACSU, they could then face heavy penalties including life bans," the daily quoted ICC sources as saying.

The unprecedented move highlights the ICC's growing concerns about corruption in cricket after three Pakistani players -- Test captain Salman Butt and pacer Mohammad Aamir and Mohammad Asif -were suspended for alleged spot-fixing during a Test against England in August.Online

Afridi admits he was below average DUBAI: While expressing his disappointment over his team's showing, Pakistan skipper Shahid Afridi boldly described his own performance in the 5th One-Day International (ODI) as an average.

As a bowler, batsman and captain my performance was average, he told reporters in a post match press conference at Dubai Sports City International Stadium on Monday night after his team suffered 57-run defeat to South Africa in a crunch game to loss the series 3-2.

"I know we have lost last seven ODI series in the past couple of years. Well it makes a huge difference since we have missed out some key players," he said.

"We are trying from the start to get the team back to a shape before the World Cup but something or the other problem is coming up," he said.

"So I hope that ICC and PCB solves the problem and put these things in the side and work towards building a good team and ensure that there are no much problems in every match," he commented.

He refused to talk about mysterious departure of team wicketkeeper Zulqarnain Haider from the team hotel, but said that his absence did not affect the team.

"Our batting and even bowling was bad. Let it be bowling or batting we need to get a good start is very important," he said.-Online

Gasquet into Paris Masters 2nd round PARIS: Richard Gasquet scraped past French compatriot Nicolas Mahut 7-5 4-6 7-6 to reach the second round of the Paris Masters on a good day for the local favourites on Monday.

The world number 28, bidding for a place in the French team for next month's Davis Cup final against Serbia in Belgrade, prevailed after almost 2-1/2 hours, winning the final set tiebreak 9-7.

Gasquet will face a much tougher test in the second round when he takes on world number two Roger Federer, who was granted a first-round bye.

Michael Llodra also made his case to France captain Guy Forget by thrashing Italian Potito Starace 6-4 6-1.

Arnaud Clement, who won his doubles match in France's 5-0 demolition of Argentina in the Davis Cup semi-final, overcame a barrage of aces to see off Spaniard Feliciano Lopez 6-7 7-6 6-3.

In an almost empty Bercy sports hall, Gasquet bagged the opening set as Mahut, who was beaten 70-68 in the fifth set by American John Isner in the longest ever tennis match at Wimbledon, netted a routine volley.

Mahut hit back in the second set but Gasquet saved his best for the deciding tiebreak, bagging a tough win as his opponent sent another volley into the net.

"It was tough and I am happy to be through," Gasquet said courtside.-Reuters

DUBAI: South African Cricket players Morkel and Steyn are seen with the cricket World Cup trophy in the Aquarium.-Reuters

Third Akmal brother gets green signal KARACHI: Wicketkeeper Adnan Akmal, brother of Kamran and Umar AKmal, has been added to the Pakistan squad for the two-Test series against South Africa, along with all-rounder Mohammad Hafeez. Younis Khan was retained in the side following his performances in the ODI series - he scored two half-centuries in the five games - on his return to the side after the Pakistan Cricket Board overturned its ban on him. Sohail Tanvir, the unconventional

Lanka rises to 2nd spot in ODI ranks DUBAI: Sri Lanka replaced India to claim second spot in the International Cricket Council (ICC) one-day world rankings on Tuesday following their first series victory as visitors against top-ranked Australia.

Sri Lanka earned three rating points with their 2-1 series win in Australia to go one point clear of India and 10 points behind number-one ranked Australia.

However, India will reclaim the number two spot if they manage to clean sweep the five match ODI series against seventh-placed New Zealand, starting Nov. 28.

Australia conceded two rating points following their series defeat but continued to lead the rankings with 128 points.

South Africa and Pakistan retained their positions, fourth and sixth respectively.-Reuters

left-arm seamer who was initially included subject to his fitness, has been left out.

Adnan was a replacement for Zulqarnain Haider, who left the team ahead of the final ODI in Dubai in mysterious circumstances and resurfaced in London. Haider has meanwhile announced his retirement from the game after receiving threats, the latest in a series of quick and bizarre developments. Hafeez was retained from the limited-overs leg of the tour following the PCB's

decision to refuse Danish Kaneria clearance to join the team.

Adnan, 25, plays for Sui Northern Gas Pipelines Limited in the Quaid-e-Azam Trophy, Pakistan's premier first-class tournament. He made his first-class debut in 2003-04 and averages 22.78 in 72 matches with two centuries.

He has been on the periphery of national selection over the last couple of years, but Kamran remained Pakistan's first-choice wicketkeeper until

his recent run of inconsistency behind the wickets. Haider was originally picked for the UAE tour, but his sudden departure to London - after he reportedly received threats following his match-winning role in the penultimate one-dayer - left Pakistan without a wicketkeeper for the fifth ODI and the Tests. Umar stepped in for the fifth match, but the selectors decided to include a specialist for the Tests, giving Adnan his first international call-up.Agencies

Pak, SA unveil ICC WC Trophy in Dubai DUBAI: South African pace duo of Morne Morkel and Dale Steyn to mark the 100day countdown to the opening ceremony of the ICC Cricket World Cup 2011 performed shark dive in Dubai Aquarium and Underwater Zoo located at Dubai Mall with the ICC Cricket World Cup trophy on Tuesday.

Pakistan's one-day captain Shahid Afridi described the ceremony as historic and said its going to be great event and he was looking forward to it.

"Its definitely a unique ceremony. Its nice to see Dale and Morne performing the shark dive," SA skipper Graeme Smith told reporters.

He said his team was looking to the event. He refused to predict any favorite team for the World Cup but they know the past and fully ready for

the coming event, reports APP. Graeme Smith said they are heading in a right direction in preparing a combination for the global event.

Pakistan Manager Intikhab Alam said the ceremony impressed with ceremony. "It was different and my players enjoyed to the part of the ceremony."

ICC Chief Executive Haroon Lorgat and Emaar Retail LLC Chief Executive Officer Arif Amiri were also part of the ceremony.

Members of Pakistan's Test squad Muhammad Yousuf, Taufiq Umer, Muhammad Sami and Azhar Ali did not attended the ceremony.

Dale Steyn, Morne Morkel equipped in diving attire with oxygen-cylinders attracted a large crowd when they

dipped at Dubai Aquarium which is one of the largest indoor aquariums of its kind in the world at 51m x 20m x 11m in size and holds the Guinness World Record for "The Single Largest Acrylic Panel" at 32.88m long x 8.3m high. A 48-metre walkthrough tunnel provides 270degree views from 11 metres below the surface of the tank.

Both Pakistan and South African team members and officials clapped when Messrs Steyn and Morkel unveiled the trophy underwater.

Group photographs of the both teams and captains of Pakistan and South African were taken on the occasion.

The opening ceremony of the 10th ICC Cricket World Cup will be staged in Dhaka on February 17, 2011.-APP

South Asian hosts target WC megahit NEW DELHI: India, Sri Lanka and Bangladesh have joined hands with the aim of putting on a memorable World Cup as cricket's showpiece event is played in South Asia for the third time.

A hundred days ahead of the February 17 opening ceremony in the Bangladeshi capital of Dhaka, the International Cricket Council gave a thumbsup to the work done by the three host nations.

"I am confident we will get a good tournament," ICC chief executive Haroon Lorgat said.

"Preparations have been going on well and there has been good co-operation between the three host nations.

"With mega-events like these, there will always be something that needs to be done till the end, but we are in control of things."

The World Cup returns to the sub-continent, the nerve-centre and financial powerhouse of cricket, after India and Pakistan co-hosted the event in 1987 and were joined by Sri Lanka for the 1996 tournament.

Pakistan were also due to cohost the 2011 party, but were stripped of their rights due to security concerns in the volatile nation in the aftermath of the terror attack on the Sri Lankan team in March last year.

The 43-day, 49-match tournament will be played under a new format with India hosting a majority of matches (29), including the final at the newlook Wankhede stadium in Mumbai on April 2.

Sri Lanka's 12 matches will be held at three venues, including two brand new 25,000seater stadia in Pallekele near the hill resort of Kandy and

Hambantota in the deep south.

The third venue, the existing Premadasa stadium in Colombo, is being rebuilt from scratch to host seven matches, including a quarterfinal and semifinal.

The eight matches allotted to Bangladesh will be played at the Sher-e-Bangla cricket stadium in Mirpur on the outskirts of Dhaka and the Zohur A h m e d Chowdhury stadi-

um in Chittagong.

India will use eight regular Test venues for its 29 matches, having re-constructed the Wankhede stadium and renovated the E d e n Gardens in Kolkata and t h e Chidambaram stadium in Chennai.

ICC president Sharad Pawar, who also heads the tournament organising committee, said the new venues would be ready

on schedule.

"I can assure everyone that they will be attending an exciting event staged in the most modern of cricket facilities," said Pawar.

"All stadia will be completed

by November 30 and all playing facilities will be matchready by December 31."

Unlike major sporting events like the Olympics where visas are exempted for accredited personnel, everyone including players, officials, media and spectators will need visas to travel to the World Cup. Lorgat said Pawar, a senior Indian government minister, had stepped in to ensure that visas are granted easily to genuine ticket-holders.

The safety of the tournament will be looked after by a special Security Directorate of the organising committee headed

by Indian cricket board president Shashank Manohar.

The bloated 2007 World Cup in the Caribbean, which drew criticism for its meandering schedule and a string of meaningless matches, forced the ICC to make drastic changes for the upcoming tournament.

The 2011 event will feature 14 teams instead of 16, it will be shortened by four days and there will be no Super Eights round after the preliminary league.

More importantly, teams will not be thrown out after just three matches, as crowd-pullers India and Pakistan were in 2007.

Under the new format, the teams will be divided into two groups of seven each, thereby making sure that all teams play a minimum of six matches.-Agencies

China, Germany slam US policy SEOUL: China kept up a drumbeat of criticism of US easy money policies on Tuesday, warning two days before a G20 world economic summit that Washington could destabilise the global economy and inflate asset bubbles.

German Chancellor Angela Merkel dismissed US calls for numerical limits for current account balances but said she hoped to avoid a confrontation at the Seoul summit between China and the United States over trade and currencies.

"I don't think much of quantified balance of payments targets," Merkel told Tuesday's Financial Times, warning that monetary tensions could fuel protectionism.

US Treasury Secretary Timothy Geithner has already backed away from the proposal to set targets for current accounts gaps, and Japanese Finance Minister Yoshihiko Noda said it was not likely that the G20 would agree on any hard numbers.

"It's more likely that countries will agree a common approach, and finance ministers from the member countries will debate the details later," he told reporters in Tokyo.

The US Federal Reserve's new $600 billion bond-buying programme has drawn global scorn because of concerns it will send a flood of cash into the world economy without doing much to reinvigorate a lacklustre US recovery.

Ma Delun, a deputy governor of the People's Bank of China, said he was concerned the Fed's spending spree may undermine

efforts to balance out global growth.

The Fed's programme "may add risks to the global economic imbalance, put pressure on emerging markets to adjust their international balance of payments and could also stir the formation of asset bubbles, all of which require our vigilance", Ma said in Beijing.

In the latest move by an emerging economy to brake inflows of "hot money", Taiwan said on Tuesday it would bar foreign investors from placing more than 30 per cent of their funds in Taiwan in local government bonds and money-market products, reviving a curb scrapped in 1995.

Leaders of the Group of 20 economies meet on Thursday and Friday, eager to show they have not lost the cooperative spirit forged during the depths of the financial crisis in 2008.

But growing discontent over exchange rates and trade has exposed deep international rifts, while Ireland's worsening debt troubles have revived euro zone bond market jitters, a reminder that global recovery remains vulnerable to financial turmoil.

The risk premium investors charge for holding Irish and Portuguese bonds reached new peaks on Tuesday amid concerns over their ability to rein in ballooning budget deficits.

If G20 leaders are unable to calm tensions this week, it could intensify investor concerns that global cooperation is giving way to national policies that may not be in the world economy's best interest.

High on the worry list is pro-

11

International & Continuation

Wednesday, November 10, 2010

tectionism.

Although G20 finance leaders pledged last month to shun competitive currency devaluations, the Fed's bond-buying programme has deepened concerns that the US dollar is headed lower, driving up exchange rates in other countries.

"The greatest danger that threatens us is protectionism, and we are still not taking enough steps to ensure genuinely free trade," Merkel told the Financial Times, voicing concern at steps by the US Congress to raise non-tariff barriers.

China's tight grip on the yuan's rate means other fastgrowing emerging markets such as Brazil end up taking the brunt of the currency adjustment.

Taiwan is only the latest to act to counter that.

World Bank President Robert Zoellick called for a new global currency system, perhaps with gold as a reference point. The idea drew criticism from many policymakers and economists and there was no indication it was on the G20's agenda this week.

Li Daokui, an academic adviser to China's central bank, said China wanted a more "reasonable" global monetary system but its objective was not to replace the dollar with the yuan.

Seoul raised its security alert to its highest level due to concerns of violent anti-capitalist protests -- a common feature of past G8 and G20 summits -and worries that rival North Korea may try to stage an incident to embarrass it.-Reuters

IEA sees oil supply peak looming, raises price outlook LONDON: Global oil supplies will come close to a peak by 2035 when oil prices will exceed $200 a barrel, the International Energy Agency said on Tuesday, as China and other emerging economies drive demand higher.

The IEA, in its 2010 World Energy Outlook, said it expected conventional crude oil output to flatten out in the next 10 years.

"Production in total does not peak before 2035, though it comes close to doing so," the Paris-based IEA said in the executive summary of the report.

That projection was according to the central scenario of the report.

The agency, which advises 28 industrialised countries, also raised its mid- and long-term oil price forecasts, despite slashing oil demand estimates by 2035, citing growing supply uncertainty.

Oil prices would rise even further if governments did not act to curb consumption, the IEA's chief economist and lead author of the report, Fatih Birol, told Reuters in an interview.

"The message is clear, the price will go up, especially if consuming countries do not make changes in the way they consume oil, especially in the transport sector," Birol said.

Oil hit $87.63 a barrel on Tuesday, the highest since October 2008, after hovering around $70-80 most of the year.

The world needed higher oil prices to change consuming habits substantially and spur investment as markets were becoming less sensitive to price changes, Birol said.-Reuters

G20 needs system for balanced growth: Barack Obama JAKARTA: President Barack Obama said the Group of 20 nations still had a lot of work to do on the world economy and had not yet achieved a framework for balanced growth.

Obama's comments, after a meeting with the president of G20 member Indonesia in Jakarta on Tuesday, came as China criticized US easy money policies and warned two days before a G20 leaders summit that Washington could destabilize the global economy and inflate asset bubbles.

"We still have a lot of work to do...one of the key steps is putting in place additional tools to encourage balanced and sustainable growth," Obama told a press conference with Indonesian President Susilo Bambang Yudhoyono.

"We have not yet achieved that balanced growth," Obama said, citing that some countries were intervening in currency markets to maintain an advantage, without naming names.

The United States' ultraloose monetary policy is sending a flood of cash looking for higher returns in emerging markets such as Indonesia, leaving them grappling with surging currencies that can hurt their exports, while the US wants China to let its currency rise faster to reduce Beijing's trade advantage.

Obama said G20 progress would not happen "all at once" and the US was not looking to contain China.

"We want China to succeed and prosper. It's good for the United States if China continues on the path of development that it is on," he said.

German Chancellor Angela Merkel said she hoped to avoid a confrontation at this week's Seoul summit between China and the United States over trade and currencies, and leaders are eager to show they have not lost the cooperative spirit forged during the depths of the financial crisis in 2008.

Obama and Yudhoyono inaugurated a "Comprehensive Partnership" that will include cooperation on climate, security and energy, though gave few details and did not announce specific investments other than $165 million from the US for Indonesian education.

Obama said Indonesia, Southeast Asia's largest economy, was a growing market that the US was focusing on as part of its drive to double exports, while Yudhoyono said he expected US investment to increase significantly in sectors such as geothermal power.

Indonesia's importance as a US ally is on the rise, even if the joy over Obama's election has faded since he became president almost two years ago, and support for him remains strong in a country where he spent four years of his childhood.

After he was met in Jakarta by a tropical downpour,

Obama wrote in the state palace visitors book that he was "so happy" to return, and sprinkled the press conference with words of Indonesian.

Obama continued his discussions with Yudhoyono, along with wife Michelle, at a state dinner where he was to be served favorite dishes from his Indonesia childhood such as nasi goreng and bakso (fried rice and meatball soup).

Another staple Indonesian food, tempe -- a soybean cake -- relies on imports of US soybeans, but the US only exports about $6 billion worth of goods to Indonesia each year.

Two-way trade, from Boeing aircraft to Indonesian textiles, is likely to pick up slightly to around $20 billion this year.

However, the US has dwindled in importance as a source of foreign direct investment into Indonesia, with just $171.5 million or 1.6 per cent of the total last year, reflecting rampant graft, poor infrastructure and concerns on nationalist policies.

"Indonesia maintains significant and far-reaching foreign investment restrictions," said the US Trade Representative's 2010 National Trade Estimates Report.

While Obama is hoping for US investment in sectors such as clean energy to help spur a sagging economy at home, growing direct investment is now coming more from Asia than the West.-Reuters

CONTINUATION No #1

Continued from page 12

crops and infrastructure. Last month, German reinsurer Munich Re said it would launch a reinsurance project in the Philippines to cover co-operative companies against extreme weather events.

That will be the first microinsurance product in the country to offer farmers some protection against perennial typhoon and flooding problems. Another three groups offer non-life products.

Churchill said the Philippines, Indonesia and India offer the biggest market opportunities due to their regulatory frameworks, strong co-operative system and potential risks from extreme weather and disasters such as earthquake and volcanoes.

About 14 per centof the Philippines' 96 million people have insurance, including 2.9 million people covered by microinsurance, mostly as members of co-operatives, Joselito Almario of the Finance Department said. -Agencies

No #2

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Rangers. Rear Admiral Bashir Ahmad was the chief guest on the occasion. He laid a wreath of flowers on the grave of the great leader of the pre-Pakistan independence movement of Muslims.

All day long, people belonging to different walks of life continued to visit the mausoleum of Allama Iqbal to pay tribute and offer Fateha to the great scholar of the sub-continent.

Special seminars were held to pay glowing tributes to Iqbal while TV channels telecast special programmes on his life and works.

National flags were hoisted on all principal government buildings.

Exhibitions of books and relics were held at Iqbal Museum Lahore, National Museum Karachi and Iqbal Manzil Sialkot. -Online

No #3

Continued from page 12

financial crisis in 2008.If G20 leaders are unable to calm tensions this week, it could intensify investor concerns that global cooperation is giving way to national policies that may not be in the world economy's best interest.

Although G20 finance leaders pledged last month to shun competitive currency devaluations, the Fed's bond-buying programme has deepened concerns that the US dollar is headed lower, driving up exchange rates in other countries. -Reuters

No #4

Continued from page 12

owners to sell the commodity at unprecedented high price.

emerged as a public hate figure for his role in the fiasco, also stepped down from his position as secretary in the ruling Congress party.Both politicians had embarrassed Congress, and the Press Trust of India reported that party president Sonia Gandhi had personally directed Chavan to step down. international lenders like IMF and World Bank.

Only three days ago, Chavan was the first person to shake Barack Obama's hand when the US He asked the government to take effective steps for the betterment of business community. He said that traders would take to president landed in India. Announcements of the resignations came as parliament resumed for its winter session and opposition MPs attacked the government over its corruption record. India's main streets if decision of imposing GST was not withdrawn. opposition Bharatiya Janata Party's state general secretary Vinod Tawade accused Chavan of Continued from page 1 No #8 involvement in a "sin" of grabbing land reserved for war widows. -Agencies Bambang Yudhoyono. "We have not yet achieved that balanced growth," Obama said, citing that some countries were intervening Continued from page 1 No #14 in currency markets to maintain an advantage, without naming year earlier.Analysts also pointed out gains might be limited by a stronger dollar against the euro names. The United States' ultra-loose monetary policy is sending due to renewed concern about debt in Europe and an expected rise in US oil inventories. a flood of cash looking for higher returns in emerging markets "The top end of prices will be weighed by renewed concerns over sovereign debts in Europe, while such as Indonesia, leaving them grappling with surging currencies crude prices would move with a solid floor due to money inflows into risky assets following the further that can hurt their exports, while the US wants China to let its cur- easing (in the United States)," analysts with Mizuho Corporate Bank in Tokyo said in a research note. rency rise faster to reduce Beijing's trade advantage.

"Ahead of the US government oil inventory data narrow range price movements is likely Wednesday."

Obama said G20 progress would not happen "all at once" and "Eradicating subsidies to fossil fuels would enhance energy security, reduce emissions of greenhouse the US was not looking to contain China. "We want China to suc- gases and air pollution, and bring economic benefits," said the IEA, the energy watchdog to 28 indusceed and prosper. It's good for the United States if China contin- trialised countries, in its annual set-piece World Energy Outlook. The report estimated such subsidies at ues on the path of development that it is on," he said. -Reuters $312 billion in 2009, mostly in developing countries, compared with $57 billion in subsidies for renewable energy.Eliminating fossil fuel consumption subsidies by 2020 would cut global energy demand by Continued from page 1 No #9 Powership Kaya Bey," is capable of producing 220MW energy 5 per cent and reduce carbon emissions by nearly 6 per cent by then, said the IEA report. -Reuters

No #7

Continued from page 1

and is renowned for being the biggest powership in the world.

Aiming to meet the electricity demand of flood-stricken Pakistan, Kaya Bey is the third ship sent to the country. It also contains aid containers prepared for the flood victims.The ship will reach Pakistan in next few days. -Online

No #10

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and amicable results with India on equal footings.

He opined that people of Kashmir are facing bloodshed and other violence with a brave heart, adding we want to lessen their miseries thick and thin. He said that PPP-government wants to give equal rights to all Kashmiris. He further added that our sheer determination and will for the sake of millions of Kashmiris will continue as Shaheed ZAB and BB too wanted a durable solution to Kashmir.

No #11

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other place they would have to fulfill the rules, regulations and criterion laid down in the policy evolved by Ogra, he added.

It may be recalled that some former members of Ogra under the pretext of ban imposed by government on establishment of new CNGs had also banned the shifting of those CNGs which were affected by public sector constructions. This way the investment of million of rupees against these affected CNGs was stuck up being the business shut down and the owners of such stations were suffering heavy financial loss. The Ogra while taking prompt notice of this state of affairs has evolved and released new policy in this regard under the directives of the government. -Agencies

including Japan, Taiwan, Sri Lanka, Malaysia, Nigeria, Hong Kong, Indonesia, UAE, Abu Dhabi to strengthen their networking and explore business opportunities through direct interaction with their trade counterparts from around the world.

The High Commissioner, however, stressed the need to introduce the other range of Pakistani products including gems, jewelry, marble, cutlery, light engineering, sports, leather and Halal sectors products through these kind of exhibitions to capture Pakistan's rightful share in the international trade.

The Commercial Counselor for Pakistan Wajiullah Kundi hosted an FTA clinic in the Exhibition and briefed the Malaysian busiContinued from page 1 No #12 nessman on the salient features of Malaysia Pakistan could be expanded through more developing country involveComprehensive Economic Partnership Agreement (MPCEPA) ment in its design and implementation. and catered to their queries regarding concession available to The Pakistani delegate said he agreed that all States should fully them in duties and tariff under FTA signed between Pakistan and comply with their safeguards obligations and international commitMalaysia in 2007. -Agencies ments, as fulfilling such legal obligations was the most important step towards maintaining the credibility of the safeguards regime.

Continued from page 12 No #5 pilgrims.He said that he would review all problems while, the Continuing, Tarar said the agency's primary role in the peaceful use ministry would take strict action against those employees of the of nuclear science and technology should be re-emphasised. For its ministry who would perform negligence to resolve problem faced part, Pakistan had established a strong, independent nuclear safety and security infrastructure, he said, noting the country was party to by the pilgrims. -Agencies various international conventions and contributing to both the Continued from page 1 No #6 Agency's Illicit Trafficking Database and International Reporting Pakistan, to control sugar prices but rates of sugar are unstable System for Operating Experience, among other things. because the provinces are delaying lifting their allocated quota for With a sizeable civilian nuclear programme and decades of expesugar. Addressing to the traders and media here at Karachi Trade rience in power generation, Pakistan was in a unique position to Development Authority, federal trade minister, Fahim said that share its expertise, he said. Further, Pakistan's energy security stratTCP acts upon the directions of Economic Coordination egy envisaged the setting up of several additional nuclear power Committee (ECC). reactors to increase nuclear power's share in the energy mix from Makhdoom Amin Fahim told that 50,000-ton sugar has been the present 0.8 per cent to 4.2 per cent by 2030, he said.Finally, the supplied to the markets while more 200,000-ton sugar would be entry into force of the amendment to article VI of the Statute would supplied soon.The Network for Consumer Protection (NCP) enhance the representative character of the Board of Governors and expressed concern over dramatic increase in sugar price and said contribute to a more effective role for Agency. -NNI that sugar barons having clout in the government have created an Continued from page 1 No #13 artificial shortage of sweetener in the country. The Network politicians and military officers. The chief organiser of the graftdemanded of the government to probe who was responsible for criminal delay in sugar import, which gave a chance to sugar mill tainted Commonwealth Games in October, Suresh Kalmadi, who

No #15

Continued from page 1

unknown person and thus he decided to leave Dubai immediately and went to London.

Zulqarnain said he feared for his safety after being ordered to cooperate with match-fixers during the recent one-day series with South Africa. "I have decided it is best for me to retire from international cricket since my family and I are constantly getting threats," he said.

"I was told to cooperate or I would face lot of problems," Zulqarnain said. "I have not thought about this, I don't even have enough money to hire a lawyer, my only concern now is the security of my family in Lahore," he said. "I was not confident enough to speak to the team management about it because I didn't want to get my other team mates into trouble," Zulqarnain said.

Furthermore, Cricket's governing body called for more cooperation from international cricketers after wicket-keeper Zulqarnain Haider fled the team hotel here claiming he had received death threats.ICC chief executive Haroon Lorgat said Haider's case highlighted the importance of sharing corruption information. -Agencies

No #16

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go to the court this month and seek its cancellation," Nawab Mohammad Aslam Raisani said in an interview in Islamabad. "It's a one-sided agreement. It's our land. It's our port and we should run it."

He said PSA International Ltd had neither brought in trade nor expanded the port. But there were no plans to hand the port to China. "Why can we not operate it ourselves? We have trained people."-Reuters

No #17

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The state-run transmission utility's $1.7 billion share sale opened Tuesday.

"It is a good issue to subscribe at the given price band. It is attractively priced," said Rawal, citing the 85 rupees to 90 rupees a share price band. Outsourcers bounced back, with the sector index rising 1.1 per cent after shedding 1.5 per cent on Monday. Vehicle maker Tata Motors and aluminum producer Hindalco gained 0.2 per cent and 0.6 per cent respectively, ahead of their September-quarter earnings announcements expected after the market's close.-Reuters

No #18

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Deal activity also was supportive for stocks, with Yahoo jumping 4.9 per cent to $17.25 after a report it may be a takeout target. The Dow Jones industrial average fell 36.25 points, or 0.32 per cent, to 11,370.59. The Standard & Poor's 500 Index dropped 3.66 points, or 0.30 per cent, to 1,219.59. The Nasdaq Composite Index slipped 4.16 points, or 0.16 per cent, to 2,575.89.

Elsewhere on the merger front, Atlas Energy surged 33.7 per cent to $42.40 after Chevron Corp said it will buy the US natural gas producer, giving Chevron a stake in the fast-growing Marcellus shale field.Chevron slipped 1.1 per cent to $83.91 and was the top drag on the Dow. Yahoo shares rose after Jack Ma, founder of Alibaba Group, was approached by private equity investors about taking part in a bid to buy Yahoo, according to a source.Also advancing, Priceline.com Inc rose 8.7 per cent to $422.46, a day after the online travel agency posted stronger-than-expected quarterly earnings. At least six brokers raised their price targets on the stock.-Reuters

No #19

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Associated British Foods , owner of low-cost clothing retailer Primark, gained 3.2 per cent as it beat forecasts with a 25 per cent rise in full-year earnings. However, Marks & Spencer dropped 1.7 per cent on plans by the new head of the British clothing, food and homewares group to ramp up investment in its core UK, online and overseas businesses.

Mid cap gold miner Petropavlovsk rose 8.3 per cent. Energy firms also added to strength for the index as crude futures hit a two-year high after the International Energy Agency said oil may exceed $100 per barrel by 2015.Oil major BP added 2.4 per cent as a US presidential panel said it found no evidence that BP deliberately chose to cut corners to save costs in making the disastrous decisions that led to the US's worst ever oil spill. Economic growth is likely to have slowed to 0.5 per cent in the three months to October from 0.8 per cent in the three months to September, the National Institute of Economic and Social Research said.Mid cap British yellow-pages publisher Yell Group fell 20.5 per cent after it cut its third quarter guidance.-Reuters

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‘N’ leader terms democracy a horse, martial-law a donkey

No compromise on principles: Sharif

JAKARTA: US President Barack Obama and Indonesia's President Susilo Bambang Yudhoyono wave after their joint news conference at Istana Merdeka in Jakarta. Reuters

G20 Summit

China, Germany slam US policies SEOUL: China kept up a drumbeat of criticism of US easy money policies on Tuesday, warning two days before a G20 world economic summit that Washington could destabilise the global economy and inflate asset bubbles.

German Chancellor Angela Merkel dismissed US calls for numerical limits for current account balances but said she hoped to avoid a confrontation at the Seoul summit between China and the United States over trade and currencies.

"I don't think much of quantified balance of payments targets," Merkel told Tuesday's Financial Times, warning that monetary tensions could fuel protectionism.

US Treasury Secretary Timothy Geithner has already backed away from the proposal to set targets for current accounts gaps, and Japanese Finance Minister Yoshihiko Noda said it was not likely that the G20 would agree on any hard numbers.

"It's more likely that countries will agree a common approach, and finance ministers from the member countries will debate the details later," he told reporters in Tokyo.

The US Federal Reserve's new $600

billion (£372 billion) bond-buying programme has drawn global scorn because of concerns it will send a flood of cash into the world economy without doing much to reinvigorate a lacklustre US recovery.

Ma Delun, a deputy governor of the People's Bank of China, said he was concerned the Fed's spending spree may undermine efforts to balance out global growth.

The Fed's programme "may add risks to the global economic imbalance, put pressure on emerging markets to adjust their international balance of payments and could also stir the formation of asset bubbles, all of which require our vigilance", Ma said in Beijing.

In the latest move by an emerging economy to brake inflows of "hot money", Taiwan said on Tuesday it would bar foreign investors from placing more than 30 percent of their funds in Taiwan in local government bonds and money-market products, reviving a curb scrapped in 1995.

Leaders of the Group of 20 economies meet on Thursday and Friday, eager to show they have not lost the cooperative spirit forged during the depths of the See # 3 Page 11

Pak still Qaeda’s epicentre: Gates KUALA LUMPUR: US Defence Secretary Robert Gates said Tuesday the "heart" of al Qaeda remained in the Pakistani areas even as it spread its influence to the Arabian Peninsula and northern Africa.

As al Qaeda's leaders continued to operate out of the border area, "they provide the guidance, they provide the priorities, they provide legitimacy to other al Qaeda affiliates that are developing in other places, including in the Arabian Peninsula, in Yemen in particular and in northern Africa, in the Maghreb," Gates told reporters.

Gates, who met Defence Minister Ahmad Zahid Hamidi, is in Malaysia for a one-day visit to bolster defence ties amid concern in the region over China's growing economic and naval power.

However, in its fight against the al Qaeda terror network, the US had "strong friends", including France and predominantly Muslim Malaysia, he said.

"We're not in this fight by ourselves.

We have some strong friends who see their own self-interest in dealing with this threat of extremist terrorism. So I'm confident that we will have the resources and the capability to continue to deal with it," he said.

"When we point to the Maghreb, France is very much involved and when we are taking about Asia, this is one of the areas which the US and Malaysia are co-operating in. So we are not in this fight by ourselves." -Reuters

INTRADE Malaysia 2010

Pakistan Pavilion magnetises masses ISLAMABAD: The customised Pakistan Pavilion with green-colored theme and 12 booths representing diverse products ranging from handicrafts to surgical instruments emerged as one of the favorite pavilions in the INTRADE Malaysia-2010.

The exhibition was inaugurated by the Malaysian Minister for International Trade and Investment (MITI) in Kuala Lumpur Tuesday.

Malaysian Minister for MITI Datuk Seri Mustapa Mohammed specially visited the Pakistan pavilion and showed his keen interest in the exhibits dis-

played there including ladies apparel, handicrafts, shoes, jewelry, bed linen, health products, hand-made carpets, furniture, ladies designer dresses and surgical instruments.

High Commissioner for Pakistan in Malaysia Masood Khalid, who greeted the Malaysian Minister at the Pakistan pavilion, said that INTRADE Malaysia 2010 being an international marketplace has provided the Pakistani exhibitors a unique opportunity to meet more than 8000 trade buyers and around 300 exhibitors from several countries See # 4 Page 11

Malik meets S'pore counterpart DOHA: Interior Minister Rehman Malik has met with his Singapore counterpart Consvy Vanthan Shunghun on Tuesday.

Both prominent personalities discussed the security matters, mutual interest and bilateral strong relationship in meeting.

Rehman Malik said that government has started the anticorruption campaign and is considering imposing the Singapore anti-corruption model in country.

Both personalities decided that Singapore experts will visit Pakistan soon in this regard. He said that Pakistan gives the importance to strong relationship with Singapore.

Consvy Vanthan assured to Rehman Malik that Singapore will support the introduction of anti-corruption model in Pakistan.

He appreciated the Rehman Malik efforts against terrorism.

-Online

KHAIRPUR: Leader of PML-N Nawaz Sharif has said that we are fighting the war of ideologies and we will not compromise on the principles.

A warm welcome was given to Nawaz Sharif by the senior party members on his arrival to Khairpur.

While talking to the party members in Khairpur Quaid of PML-N Nawaz Sharif has said that there will be no compromise on the principles and the war of ideologies is on going, he also mentioned that he wants to see a developed Pakistan and for that no sacrifice is too big.

He further said during the party meeting that dictators had over

thrown his government; his dream is to see Pakistan as a developed and progressed nation.

While talking to the party members he said Government does not take us in confidence about important issues with IMF and America, he further said inflation and corruptions have broken all records, and the government is not doing anything about it.

The meeting was attended by ex chief minister Sindh Syed Ghaus Ali Shah, chief organiser Sindh Saleem Zia, senior leaders Pervaiz Rasheed, and ex governor Sindh Mamoon Hussain also attended the meeting.

Nawaz Sharif expressed his grat-

Microinsurance sees growth in Asia MANILA: India, Indonesia and the Philippines offer the biggest opportunities for the fledging microinsurance industry, which has a potential market of 3 billion people, industry officials said on Tuesday.

Microinsurance offers coverage for people with low incomes, including products such as life insurance, and is branching into areas such as offering farmers polices against extreme weather.

Over 140 million people, mostly in Africa and Asia, are now covered by affordable insurance premiums, and studies showed the potential market is up to 3 billion, the Munich Re Foundation and International Labour Organisation said ahead of a three-

day microinsurance conference in Manila.

Craig Churchill, head of the global Microinsurance Network, said more than half of microinsurance products were focused on life and health while less than 10 percent cover farms.

"We're still at the experimental stage in offering products that could cover agriculture," he said, adding there was huge potential growth for such products, citing impacts of typhoons Ketsana and Parma in the northern Philippines in late 2009.

Those typhoons, and Typhoon Megi in October, caused deaths, flooding, landslides, and damage to See # 1 Page 11

itude on getting such a warm welcome, he further told the party members that his party advised the government to set up an independent commission for the relief of the flood victims which was not paid attention and now the affectees are facing a lot of problems.

Sharif said he would go against all such steps that increase corruption and stoke prices to new heights adding that democracy was a horse and martial law donkey.

Nawaz pointed out that due to bad governance democracy lost public trust and now people were terming it democracy's failure. He called for action against black marketers of sugar.

133rd birth anniversary of Iqbal observed ISLAMABAD: The 133rd birth anniversary of the Poet of the East and Philosopher of Pakistan, Allama Iqbal was observed all over the country on Tuesday.

The Poet of the East was born in Sialkot on November 9, 1877.

The nation paid special tribute to the fore-dreamer of a separate country for Muslims of the sub-continent.

Public holiday had been announced throughout the country to mark the day.

The day started with a guard changing ceremony at the mausoleum of Allama Iqbal in Lahore. A vigilant Pakistan Navy squad took over guard duty from a troop of See # 2 Page 11

18th Amendment

Parliamentary Committee meets today ISLAMABAD: The meeting of Parliamentary Constitutional Committee is going to be held today (Wednesday) at Parliament House to review Supreme court's interim decision regarding 18th amendment while Chairman Raza Rabbani would preside over the meeting.

As per details, during the meeting all representatives of parliamentary parties would give consultations on Article 175, regarding judge's appointment while Supreme Court again sent the issue to Parliament for further review.

After deliberation on the issue the committee would dispatch the final recommendations in form of 19th amendment, to Parliament.

All 27 members have been invited in the meeting. During last meeting, constitutional committee accepted the decision to review Article 175 regarding judge's appointment.

-Online

Kazmi departs for Hajj ISLAMABAD: Federal Minister of Religious Affairs, Hamid Saeed Kazmi has departed for Hajj here on Tuesday.

Talking to media before departure, Federal Minister of Religious Affairs, Hamid Saeed Kazmi said that in Saudi Arabia he would monitor all circumstances as leader of Hajj mission and would try to remove all allegations leveled on him.

He said that he would meet the pilgrims and would resolve their problems.

He further said that all steps would be taken to resolve problems confronted by the See # 5 Page 11

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