The Financial Daily-Epaper-19-01-2011 by The Financial Daily

International Karachi, Wednesday, January 19, 2011, Safar-ul-Muzaffar 14, Price Rs12 Pages 12

Iran block fuels, Afghans bar trade

PCB announces 15-member World Cup squad

See on Page 10

4 ministers quit new Tunisia govt

See on Page 12

Bomber kills 51 Iraqi job-seekers

See on Page 12

See on Page 2

Malik says taxes may stay unchanged this year

Economic Indicators Forex Reserves (8-Jan-11) Inflation CPI% (Jul 10-Dec 10) Exports (Jul 10-Dec 10) Imports (Jul 10-Dec 10) Trade Balance (Jul 10-Dec 10) Current A/C (Jul 10- Dec 10) Remittances (Jul 10 - Dec 10) Foreign Invest (Jul 10-Dec 10) Revenue (Jul 10 Dec 10) Foreign Debt (Sep 10) Domestic Debt (Nov 10) Repatriated Profit (Jul- Nov 10) LSM Growth (Nov 10)

GDP Growth FY10E Per Capita Income FY10 Population

$17.09bn 14.61% $10.98bn $19.13bn $(8.15)bn $26mn $5.29bn $1.05bn Rs 638bn $58.41bn Rs 5348.6bn $287.9mn -4.69% 4.10% $1,051 174.91mn

Rescheduling of IMF loan sought

Portfolio Investment SCRA(U.S $ in million)

211.26 15.87 2.77 3057

Yearly(Jul, 2010 up to 17-Jan-2011) Monthly(Dec, 2010 up to-17-Jan-2011) Daily (17-Jan-2011) Total Portfolio Invest (7 Jan-2010)

NCCPL (U.S $ in million)

FIPI (18-Jan-2011) Local Companies (18-Jan-2011) Banks / DFI (18-Jan-2011) Mutual Funds (18-Jan-2011) NBFC (18-Jan-2011) Local Investors (18-Jan-2011) Other Organization (18-Jan-2011)

7.19 -1.99 -5.41 0.84 -0.30 2.28 -2.61

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

Close 12,658.16 10,518.98 24,153.98 19,092.05 2,679.55 2,708.98 6,044.91 11,803.53

Change 23.78 16.12 2.99 209.80 10.52 2.32 59.21 16.15

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

$.Price PKR/Shares 2.60 111.25 23.49 201.03 2.00 42.79 1.70 36.37 11.64 39.85

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

12-Jan-2011 12-Jan-2011 12-Jan-2011 29-Nov-2010 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011

13.37% 13.50% 13.73% 14.00% 13.32% 13.61% 13.76% 14.10% 14.20% 14.22% 14.23% 14.26% 14.61% 14.81% 14.98%

Commodities *Crude Oil (brent)$/bbl 96.72 *Crude Oil (WTI)$/bbl 90.67 *Cotton $/lb 145.01 *Gold $/ozs 1,368.20 *Silver $/ozs 28.79 Malaysian Palm $ 1,200 GOLD (NCEL) PKR 37,838 KHI Cotton 40Kg PKR 10,610

Open Mkt Currency Rates Symbols

Buy (Rs)

Australian $ 85.25 Canadian $ 86.90 Danish Krone 14.00 Euro 114.30 Hong Kong $ 10.90 Japanese Yen 1.016 Saudi Riyal 22.88 Singapore $ 66.40 Swedish Korona 12.30 Swiss Franc 86.70 U.A.E Dirham 23.38 UK Pound 136.60 US $ 86.15

Sell (Rs)

86.25 87.90 14.70 116.00 11.00 1.042 23.05 67.40 12.40 87.30 23.55 137.80 86.45

Inter-Bank Currency Rates Symbols

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

Buying TT Clean

Selling TT & OD

84.83 86.63 15.24 113.52 10.99 1.035 22.79 66.35 12.73 88.64 23.26 136.04 85.58

85.02 86.84 15.27 113.79 11.01 1.037 22.84 66.50 12.76 88.84 23.32 136.35 85.77

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

16°C 27°C 18°C 16°C 10°C 17°C

MIN

-01°C 07°C 03°C 02°C -03°C 01°C

Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com

www.thefinancialdaily.com

ABU DHABI: Pakistan's President Asif Ali Zardari meeting with UN Secretary General Ban Ki Moon in Abu Dhabi. -APP

Pak surplus recorded at $26 million

1H C/A turns to surplus in 7yrs Amir Abidi KARACHI: Country current account has become surplus of $26 million during the first half of current fiscal year 2010-11 from deficit of $2.57 billion in the same period of last year which is highly encouraging for county, showed the State Bank of Pakistan data. After nearly seven years, current account showed surplus on half yearly basis as it surplus was registered way-back in period of July to December 2003. The current account surplus was made possible mainly by reduction in trade deficit, service deficit, income deficit, $633 million Pakistan received for providing logistical support along with higher workers remittance.

However, continuation of surplus would be difficult but the deficit would be much lower at $1.4 billion in FY11 compared to $3.95 billion witnessed in FY10. Trade deficit during this period stood at $5.58 billion; lower by 4.7 per cent than $5.86 billion same period last year. The deficit on account of services improved and stood at $495 million in 1HFY11, versus $1.53 billion deficit recorded during 1HFY10. That's why, deficit on trade of goods & services combined down by 17.7 per cent to $6.08 billion from $7.38 billion during the same period last year. Similarly, deficit on the income side stood at $1.48 billion, down by 6.7 per cent from $1.59 billion during same See # 13 Page 11

Govt will still be able to export 2mn T wheat

Reduced wheat harvest expected ISLAMABAD: Country's wheat harvest from the 2010/11 crop is expected to be as much as 23.5 million tonnes, short of the targeted 25 million, but still leaving enough surplus for exports, industry officials said on Tuesday. A decline in the area under wheat cultivation, low water supplies in rain-fed regions and fertiliser shortages will probably contribute to lower output, said Ibrahim Mughal, chairman of Agri Forum Pakistan, a farmers' association. "Because of these reasons, we are not looking at more than 23.5 million tonnes of wheat output this year," said Mughal. The country consumes about 22 million tonnes a year and harvesting of the new crop will begin in April.

Mughal said the situation may improve slightly if water and fertiliser availability improves. Farmers have sown wheat over an area of little over 8.5 million hectares this year, down from 9.13 million last year when the country produced a bumper crop of about 23.8 million tonnes of wheat, Mughal said. Farmers' sowing estimates differ slightly from the official statistics, which showed wheat sown on 8.79 million hectares by late December, against the government target of 9.04 million. Officials of the Food Ministry, which compiles the wheat data, said they expected a good crop after summer See # 19 Page 11

ADB loans UK firm for Pak power plant KARACHI: The Asian Development Bank (ADB) said Tuesday it will lend up to $100 million to UK-based International Power to build a Pakistani gas-fired plant to help address the country's energy crisis. The 404-megawatt power plant in Balochistan is scheduled to be completed by September 2013. Nuclear-armed Pakistan has long struggled to supply enough electricity and natural gas to consumers and industry, with total energy demand often outstripping supply by 22 per

cent or about 6000-MW -according to analysts -- in summer months. The problem is likely to worsen without new generating capacity, the ADB said, but questions remain whether the new plant will be able to make much difference. "On the face on it, it is a reasonably-sized plant and will help to alleviate the power shortage," Khalid Iqbal Siddiqui, director at Invest & Finance Securities Ltd, told Reuters. "But again the problem is will See # 20 Page 11

Techno Power returns Rs1.8bn ISLAMABAD: Rental power company Techno Power has deposited over 1.08 billion rupees in national exchequer under the orders of Supreme Court (SC) for not starting the production of electricity even after receiving the payment in advance. A 3-member bench of SC presided over by the Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry resumed the hearing of the case Tuesday. Raja Anwar-ul Haq counsel for the company while presenting certificate told the court that Rs1.8 billion had been deposited in national kitty. He prayed the court company had some reservations in connection with return of this amount and a constitutional petition had been filed in SC on this count. "Our stance also be heard by the court and our reservations be removed", he requested. "This is your constitutional right. Court will hear you at every cost", CJP remarked. Earlier 2 companies had deposited overall more than 3 billion rupees in national exchequer under the orders of SC for not starting power production. It may be recalled this company had received 11.5 million See # 18 Page 11

Justice Iqbal's bro confesses to murder LAHORE: Naveed Iqbal, brother of Justice Javed Iqbal on Tuesday confessed to kill his parents before police, Provincial Minister for Law Rana Sanaullah said. A private television channel while quoting the provincial minister reported that Naveed Iqbal had confessed his crime and would be presented in the court of Judicial Magistrate today (Wednesday). The report said that the investigation team had taken Justice Javed Iqbal into confidence before the arrest of Naveed Iqbal while CCPO and SP CIA had started questioning the accused from the next day of the murder. Naveed Iqbal had some differences with his parents over land and property, the report said. Justice Iqbal's father, Abdul Hameed, and his mother, Amna were suffocated to death at their Cavalry Ground residence. Hameed was a retired Deputy Inspector General (DIG) of Balochistan. -NNI

ABU DHABI: Pakistan may not be able to implement tax reforms needed this year to ensure funds from an emergency IMF loan, its Interior Minister said on Tuesday, and is alternatively seeking foreign help in restructuring its debt. Rehman Malik, in an interview with Reuters in Abu Dhabi, said it was the wrong time to introduce a new general sales tax, which has been requested by the International Monetary Fund (IMF) as a condition of it releasing the sixth tranche of an $11 billion emergency loan crucial to Pakistan's economy. "We are fighting a war, and when we're fighting a war, we're losing our economy. What we want from the international

community is, if they can't give us the funds then please give us help restructuring our debt," Malik said. "I think it's time that the restructuring of IMF loans should be done, giving us a sufficient grace period, enabling us to enhance our economy." Prime Minister said last week the country would delay a much-deferred implementation of the new general sales tax until a political consensus was reached on the issue. Malik said the tax was currently unfeasible. "I think it's a time that we shouldn't ask this (tax reform) from the nation. Yes, the tax base needs to be enhanced but it has to be on a time frame," Malik said. Asked whether the govern-

ment had any plans to do that this year, he said, "No, I think this is the time to ask for restructuring." Malik also said his government had no plans to change a blasphemy law that has come under international scrutiny after it was used to sentence a Pakistani Christian woman to death in November. But he said he had created an oversight committee to look into misuse of the law. "We have no intention to change the blasphemy law, but we have all the intention for it not to be misused," Malik said. Malik said he had appointed a 10-member committee to examine claims of misuse, adding that it would have representatives from every sect living in the country. -Reuters

Finance minster meets MQM, ANP, PML-N

Khi unrest

Deficit denying subsidies: Shaikh

LEAs arrest 150 suspects, 4 more killed

to 3 per cent of the GDP and government cannot afford to shoulder the various economic sectors. He urged MQM and ANP leaders to suggest any alternate to take the country out of the prevailing crisis, and urged the government-allies in Federation and Sindh province that besides Federation, provinces also need to curb down their deficit. On the occasion, coalition partners demanded the Abdul Hafeez Shaikh to trim down the Cabinet size by 30 per cent in order to cut govnerment’s running expenses. According to the sources, it was also urged during the meeting Government should establish and independent accountability authority to come hard on See # 21 Page 11

KARACHI: In wake of anarchy in Karachi, the law enforcement agencies have started semi-curfew type search operation in Orangi Town, while 4 persons including worker of a political party have been killed and more than 150 suspected people have been arrested in this connection. After anarchic situation in different areas, Law Enforcement Agencies have started semi curfew search operation in Orangi town. In first phase the LEAs conducted door-to-door search operation in Faqir colony, Umer Baloch, Muhalla Musqati colony and other areas and have arrested 150 suspected persons. On the other side, despite ban on pillion riding incidents of firings is continuing and has claimed four more lives. According to police, some unknown miscreants opened indiscriminate firing on Naseem Bhayya, worker of a political party in Lines Area killing him on the spot. A 23-year-old youth Umair has been gunned down in Nazimabad. The four bike riders killed a person in Gulshan Iqbal See # 14 Page 11

Special Correspondent ISLAMABAD: Five-man committee, headed by Finance Minister Dr Abdul Shaikh Tuesday met with coalition partners as well as PML-N delegation here and briefed them on the current economic situation of the country. According to the news, Shaikh briefed the coalition partners, including MQM, ANP while he also gave a separate briefing to PML-N delegation, who met with him under the leadership of Ishaq Dar. MQM delegation included Dr Farooq Sattar and Babar Ghauri while Senator Haji Adeel represented the ANP. During the briefing Finance Minister Shaikh told the country's fiscal deficit has reached

Zardari tells Ki-Moon Pak opposes center of power

Stronger UNSC reforms demanded ABU DHABI: President Asif Ali Zardari has stressed that Pakistan opposes center of power in United Nations Security Council and the UNSC reforms should be based on democracy and equality basis. According to sources, President expressed these views while meeting UN Secretary General Ban Ki Moon on the sidelines of the Energy summit being held in Abu Dhabi. Sources told that during the meeting President discussed global terrorism, global partnership on energy, UN contributions and help for the flood

affectees and UNSC reforms. Sources said that President emphasised that Pakistan has made a lot of sacrifices for fighting war on terror. He said that due to this fight our economy is in shambles and other world countries should also put in their efforts for fighting this menace and helping Pakistan out of its financial crunch. President emphasised that Pakistan is committed to rooting out this menace to make world and Pakistan a safer place. He also lauded the contribution and assistance of the UN agencies in helping out the See # 15 Page 11

SBP to sell Rs189bn worth of sukuk this fiscal

Govt pushed to sell more sukuk Monitoring Desk KARACHI: Fund managers in Pakistan are urging the government to increase offerings of Islamic debt, saying a 13-fold rise in Sukuk sales this year isn't enough for them to invest inflows of cash. The central bank plans to

auction 45 billion rupees ($525 million) of three-year sukuk in the domestic market on March 1 and another 55 billion rupees in the three months ending June 30. The sales will take the total for the fiscal year to 189 billion rupees, compared with 14.4 See # 16 Page 11

Gilani calls for tolerance ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has stressed the need for promoting tolerance, accommodation and brotherhood to bring peace in the society. Addressing Ulema and Mashaikh Conference here Tuesday, he said although humanity has made great strides in science and technology but the world today is facing the problems of intolerance, poverty, hunger and terrorism which are great challenges to tackle. Prime Minister categorically announced that no amendment is being made in the Blasphemy Law. He said as the government is determined not to bring any change in this law therefore there is no question to constitute or abolish any committee in this regard. PM Gilani however said it is responsibility of every citizen to follow the law of land and no body should misuse it. He said Islam is a religion which preaches high morality See # 17 Page 11

Wednesday, January 19, 2011

Loss making SOEs drain on econmy: Baig

Tax all at 3pc, govt advised Qutubuddin KARACHI: To raise tax collection, there should tax on agricultural income but in fact everyone else should also be brought under a marginal tax net; so everyone across the board should pay a minimum three per cent tax and that would yield positive results. These views were expressed by Nasim Beg, Chief Executive of Arif Habib Investments Ltd while briefing media at his office Tuesday. He said the income tax is already imposed in the country, but it is not being enforced properly because the tax collection system is defective. He said if the Agriculture tax and RGST are imposed, the FBR has no assessment

Commercial Counselor for BD urged Staff Reporter KARACHI: The leadership of South Asian Business Community (Pakistan Chapter) has expressed serious concern over the vacant position of Commercial Counselor in High Commission of Pakistan in Bangladesh and has demanded immediate appointment of the Commercial Counselor stating its significance for promotion of bilateral trade .

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

capacity and staff as they collect tax only on presemptive basis. He said our regulatory bodies have institutional structure, but they have yet to enforce it. Answering a question, he said the present chairman of SECP is a highly accomplished person and has ability to deliver but the total performance does not on Captain alone. If the captain is competent and rest of the team has no team spirit, they cannot deliver. Regarding tax on agriculture, Nasim Beg said for this our finance minister has to be a man with strong political backing so that he could plead the case with those who matter because finance ministry is not strong enough in decision making.

He said state owned companies like steel mills, PIA and Railways were a drain on the national economy creating financial deficit which were cover by printing additional currency notes-an action which ultimately hampers our economic growth. Against this, he said, the private sector has a robust economy and private sector and listed companies were doing well . He was optimistic that economy would pick up with good governance.

Referring to his own company, Nasim Beg said its merger with MCB Assets Management was on cards and would be completed in next few months after fulfilling certain legal formalities. AHIL has sound Rs13 billion net assets while the MCB assets management also has almost equal assets. He said his company's mainstay was fertilizer and its future plans include investment in a windmill power project near Thatta which would generate 50MG of electricity to help overcome power deficiency in the country.Pakistan Credit Rating Agency (PACRA)has already announced an improved rating of 'AA-(f)' for Arif Habib Investment Funds.

WHT on agri-products to jack-up prices: LCCI Staff Correspondent LAHORE: The Lahore Chamber of Commerce and Industry has taken a strong exception to the government for imposing 3.5 per cent Withholding Tax (WHT) on Agriculture Produce. In a statement issued here Tuesday, the LCCI President Shahzad Ali Malik, while terming the decision detrimental to

ACCA Pakistan to hold Talent Gym

farming community interests, urged the government to withdraw the SRO 1161(I) 2010 issued on December 31. The LCCI President said that in the wake of highestever rate of inflation in the country, the government decision would hit the farming community badly since most of the buying in the Agriculture sector is made through commission agents, therefore the

exemption available to the farmers would be meaningless. Shahzad Ali Malik said that the Lahore Chamber of Commerce and Industry wanted the withdrawal of the SRO 1161(I) 2010 because the imposition of 3.5 per cent Withholding Tax (WHT) on Agriculture Produce is bound to jackup the prices of daily use edibles like flour, sugar, pulses and ghee.

US Consulate moves to new location

Staff Reporter

TFD Report

KARACHI: ACCA Pakistan is organising Talent Gymnasium 2011, an exciting event that is a unique platform for dual objectives of honing professional skills of finance and accounting trainees and bringing together ACCA's key employers and talented trainees. The event will be held on Jan 21, 24 and 27 at Islamabad, Lahore and Karachi respectively. With businesses going global the employers require employees with a diverse skill set that matches an international standard. Particularly in the accounting and finance function, instead of mere number crunchers, employers look for individuals with an overall understanding of the business, analytical capabilities and awareness about all dimensions of business risks.

KARACHI: The US Consulate General in Karachi has moved to a new location. The new Consulate includes an American Center designed to increase interaction between Americans and Pakistanis. The Center includes educational information and cultural programs, says a press release. The new Consulate reflects the enduring relationship between America and Pakistan. It is a com-

mitment by the American people and government to stand with Pakistan for the long term. US Consul General William Martin is enthusiastic about the move to the new facility. "This is a historic and important move. I am looking forward to showing the people of Sindh and Balochistan our new Consulate complex. Our relocation enables us to continue building a strong and mutually beneficial relationship between the American people and Pakistanis," said Consul General Martin.

Best Debt House Award for SCB

Staff Reporter Commenting on the recognition Mohsin A. KARACHI: Standard Nathani, Chief Executive Chartered Bank Pakistan Officer, Standard has once again won the Chartered Bank Pakistan Asset Triple A Award for said, "The Best Debt "Best Debt House in House award is a testament Pakistan" for 2010. This is to the exceptional performthe third year in a row that ance that the Bank has Standard Chartered has achieved across its busiwon this accolade. ness in the country. In the This award is in recogni- last 12 months, the Bank tion of Standard has introduced innovative Chartered's superior struc- products and services and turing and distribution continued to meet its cuscapabilities, and reinforces tomer and clients' finance Staff Reporter its dominant leadership needs, thereby filling the KARACHI: Advisor to position in the capital mar- gap that some other banks had left in the market." Chief Minister Sindh on kets of Pakistan Information Sharmila Faruqui has said that 280 cases of karo kari were reported from 2005 to 2010 in Sukkur, Ghotki, Nausheroferoze and Khairpur and 99 percent accused involved in these cases were arrested and challaned. The Sindh Government, she said, has adopted concrete measures to curb this inhuman cusKARACHI: Picture shows Shahzad Aslam Khan, tom of dark ages. This she Country Manager Dell Pakistan and Afghanistan said while talking to a delegation of women protec- and Naveed Siraj, Country Manager Intel Pakistan tion organization here in holding the Alienware laptops at the launch ceremoher office. ny held recently.-Staff photo

â&#x20AC;&#x2DC;75 women saved from killingâ&#x20AC;&#x2122;

LAHORE: Former Prime Minsiter and PML (N) Leader Mian Muhammad Nawaz Sharif holding a meeting with Governor Punjab Sardar Latif Khosa. Chief Minister Punjab Mian Shahbaz Sharif is also seen in the picturer.-Online

Microfinance Bank gets CGAP award ISLAMABAD: The First Microfinance Bank Ltd. Pakistan (FMFB-P), an institution of the Aga Khan Agency for Microfinance, has been warded a certificate of recognition in the silver category for reporting on social indicators to the Microfinance Information Exchange (MIX) by the World Bank affiliated, CGAP (Consultative Group for Assisting the Poor), in the year 2010. This is the second consecutive Social Performance Reporting Award won by FMFB-P, says a statement of the bank issued here. The award was initially launched in 2009 by CGAP together with its partners the Michael & Susan Dell Foundation, the Ford Foundation, and the Social Performance Task Force (SPTF). The award is designed to promote greater transparency in social performance reporting of Microfinance Institutions (MFIs) and recognises the efforts of MFIs in establishing a strong social performance outlook within their organisation.-APP

Active citizens workshop concludes KARACHI: A 4-day Active Citizens Workshop concluded at P r o f e s s i o n a l Development Centre, University of Karachi by British Council and Shell LiveWIRE Trust. Workshop coordinator Ms. Ghazal Khawaja Humayun Akhtar highlighted the significance of character building of youth. She claimed that every youth of Pakistan is talented, extremely energetic and dynamic. They are capable of great achievements and ready to shoulder responsibilities. All they need is the right direction, guidance and constant support and encouragement. Vice Chancellor University of Karachi, Prof. Dr. Pirzada Qasim Raza Siddiqui congratulated the participants on completion of their workshop. While distributing the certificates among participants he stressed to organizers to carry on such activities that add value into our students and they prove to be better citizens. Later, Pirzada Qasim visited the working area of workshop where participants had displayed their projects and were briefed about Social Action Plans. Students' Advisor Dr. Ansar Rizvi, Dr. Mansoor and Prof. Dr. Khalid Iraqi were also present.-PR

Wednesday, January 19, 2011

Euro gains mass as demand, German data foster bull-run

Top Economic Events Time 14:00 14:30 14:30 14:30 15:00 18:30 18:30

It rose above a key 100-day simple moving average at around $1.3423, with traders citing buying by a large Middle East central bank. "Technically, the outlook for EUR (the euro) is turning increasingly bullish, with 1.35 an important level of resistance," said Camilla Sutton, chief currency strategist at Scotia Capital in Toronto. "Our core view is that EUR will stabilize this quarter and retrace some of the losses it suffered last fall," she said. The data helped the euro gain on demand from Middle East accounts and reports Russia was considering buying euro-zone debt, a trader said.

JP Morgan Private Bank's ChildeFreeman said there was some optimism that EU leaders were responding faster

than in previous crises, but she said the euro would face strong resistance at $1.35 until there was more information on the rescue plan. Russia's Finance Minister Alexei Kudrin said on Tuesday the country was supportive of the euro-zone's efforts to see off a debt crisis and could buy new bonds from its European Financial Stability Facility (EFSF) rescue fund.

Asian currencies

Rupiah, baht at 1-wk low on fund outflow Baht suffers from offers linked to foreigners' stock sales "Technically, the rupiah and the baht have more room to fall a bit further as they are not oversold yet. Players will reduce positions in the currencies on inflation and the eurozone worries," said Jeong Myyoung, a currency strategist at Samsung Futures Inc in Seoul. The baht hit its weakest in a week on heavy sales from foreign investors, led by a German Bank, and a persistent dollar shortage in the local money market. Traders said the sales from foreign investors were related to their recent domestic stock sales. The local currency weakened to as soft as 30.75 per dollar, the softest since Jan. 11, break-

ing through 30.60 resistance. The rupiah slid to as weak as 9,069 versus the dollar, its softest level since Jan. 11 as risk aversion and extended selling in rupiah bonds continued to weigh on the local currency. The central bank was spotted selling dollars to cap the currency's weakness. The Philippine peso fell as investors covered dollar-short positions after dollar/peso broke through around 44.40-50 per dollar. Continued unwinding of peso bonds and risk reduction also hurt sentiment for the local currency, while the central bank was spotted selling dollar to stem the peso's weakness, dealers said. -Reuters

Sterling rallies after UK inflation surges

Swiss franc gains vs euro

SINGAPORE: The Indonesian rupiah and the Thai baht hit a one-week low against the dollar on Tuesday, pressured by offers related to foreign investors' sales of assets in the countries. The Philippine peso also lost ground as investors covered dollar-short positions after it broke through support lines and on risk aversion amid worries about the euro-zone debt crisis. The rupiah and the baht are seen staying weaker as investors are likely to cover more dollarshort positions on lingering concerns over growing inflationary pressure in the countries and the euro-zone's sovereign debt woes, analysts and dealers said.

LONDON: Sterling extended gains on Tuesday, hitting an eightweek high versus the dollar after a surge in consumer price inflation fuelled expectations that UK interest rates may need to rise soon. Rising oil prices drove annual CPI growth up far more than expected in December to an eightmonth high of 3.7 per cent, data showed, well above the Bank of England's 2.0 per cent target.

Sterling was boosted as the figures added more fuel to speculation that the UK central bank may have to raise rates -- which have been chained at a record low 0.5 per cent -- as early as May. UK money markets, which last week priced in around a 50 per cent chance of a UK rate hike in May, were pricing in a 75 per cent chance of a move by then after the data. Higher inflation deepens the dilemma of the BoE, as a rate rise in the near term may choke off the country's economic recovery,

particularly as the impact of government austerity measures is expected to kick in this year. As a result, many analysts argue that the BoE is unlikely to raise rates in the coming months, which could further worsen its market credibility as price risks ratchet higher. In late London trade, sterling traded 0.7 per cent higher on the day at $1.5995, after climbing as

high as $1.6060 after the data, hitting its highest since late November. Sterling was also supported by separate data showing a rise in UK consumer sentiment last month and higher house prices in November. Gains against the dollar helped to push the pound to 81.9 against a currency basket, its strongest in four months. The euro fell as low as 83.30 pence after the announcement, before recovering losses to trade at 83.85 pence, up 0.2 per cent on the day. -Reuters

ZURICH: The Swiss franc pushed higher against the euro and the dollar on Tuesday as traders awaited a meeting of European Union finance ministers later in the day for clues to whether they will beef up a euro-zone safety fund. Traders in the euro-franc took profits following a strong rise in the single currency last week. Yet after consolidating gains, the euro could resume its move higher against major currencies, they said. "It seems the market is still a bit long euro-Swiss franc and dollar-Swiss, and that's one reason the euro and the dollar are under pressure, but support levels (for the pair) should hold, at least for the moment," said one trader. Ahead of the Ecofin meeting the euro recovered most of Monday's losses against the dollar, which came after eurozone finance ministers met but failed to announce additional crisis measures for the eurozone. The franc rose 0.3 per cent against the euro compared to the New York close, trading at 1.2784 francs per euro at 0743 GMT. The franc was 0.8 per cent higher against the dollar at 0.957 francs per dollar. -Reuters

Aussie, NZ dollars choppy as mkt eyes Chinese stocks WELLINGTON/SYDNEY: The Australian and New Zealand dollars traded in a slim range on Tuesday, drifting off the session lows after Chinese stocks showed signs of steadying from a steep fall in the previous session. While China's benchmark equity index is hardly a reliable indicator of the health of the Chinese economy, the Aussie dollar still has a particularly strong correlation with it. China is a major market for Australia's key iron ore and coal exports. The Aussie was last at $0.9943, having recovered from a session low of $0.9898. Immediate support for the Aussie seen at around $0.9879, the Jan. 17 low, and resistance at the Jan. 14 high of $0.9994. The currency held within Monday's range, suggesting a lack of direction. The initial decline was triggered by selling from Japanese exporters, which drove it and the euro down, according to David Scutt, a trader at Arab Bank Australia. The Aussie had taken a hit in the last couple of days on news of heavy floods in the coal-export-

ing state of Queensland, a weaker euro and China's move to further tighten its policy. Slower Chinese growth could crimp demand for commodities. Since hitting a 28-year high around $1.0257 on Dec. 31, the Aussie has struggled to extend gains. In New Zealand, the kiwi edged to a session high in late local trade, touching $0.7736 after spending much of the day anchored around $0.7710/20. It hit a two-week high of $0.7749 overnight. The currency was unmoved by data showing the soft housing market, with sales and prices falling in December, backing views the central bank will remain on hold until at least the middle of the year. The kiwi continued to hold its ground against the Aussie at NZ$1.2854, the pair sit just above a seven-week low at NZ$1.2846. The Aussie and kiwi dollars held their ground against the euro. The single currency hovering around A$1.3317, down from a six-week high of A$1.3517 hit on Friday. It buys NZ$1.7215, after having shed more than two cents on Monday. -Reuters

But he knocked down a newspaper report that Russia, holder of world's third largest reserves, was ready to resume buying Spanish debt, which it dropped as an investment after Spain was downgraded in November. The euro's gains helped push the dollar to its weakest in eight weeks against a basket of currencies at 78.686. It last traded at 78.812. Sterling also hit an eight-week high of $1.6060 after much higher-than-forecast UK inflation data while the Canadian dollar hit a two-and-a-half year high of C$0.9837 per US dollar. The Canadian currency was boosted ahead of a Bank of Canada policy decision at 1400 GMT. Rates are expected to be left at 1.0 per cent, but it is expected to raise its forecast for 2011 growth. The euro was up 0.70 per cent against the yen at 110.72 yen. -Reuters

Yuan NDFs near; fixing at record high SHANGHAI/HONGKONG : Offshore yuan forwards on Tuesday were little changed and would unlikely move much this week, with dealers doubting sharp gains in the renminbi in January would continue beyond this week's political fanfare in Washington. Spot yuan hit an intrady high of 6.5824 per dollar, the strongest since being depegged from the dollar in July 2005, after China's central bank set the daily mid-point for the yuan at a record high of 6.5891, up from Monday's 6.5897. The yuan has rise 3.70 per cent since its June depegging. Traders of non-deliverable forwards though were reluctant to put on fresh positions during Chinese President Hu Jintao's trip to Washington that begins on Tuesday. Bouts of yuan appreciation have been happening frequently in the run-up to major international events in the political arena involving China. They seldom last for long though.

China was also under pressure after senior US senators pressed for Congress to get tough with China over "manipulating" its currency, underlining tensions over trade issues on the eve of Chinese President Hu Jintao's arrival. Dealers said large funds were expecting the PBOC to resort to more domestic tools such as interest rates and reserve requirements to control inflationary pressures and hot money rather than letting the yuan appreciate. One-year dollar/yuan NDFs were bid at 6.4490 late on Tuesday, down slightly from Monday's close of 6.4640. Their implied yuan appreciation in a year's time rose slightly to 2.17 per cent from Monday's 1.94 per cent. At current levels, implied appreciation priced via oneyear NDFs are tiny, far below a Reuters poll of more than 5 per cent in 2011, and well below a 4 per cent expected rise in the yuan just before the G20 meeting in Seoul in November. -Reuters

Indian rupee gains as custodian banks sell $ MUMBAI: The Indian rupee snapped a three-day losing streak on Tuesday boosted by gains in domestic shares, which raised hopes for some foreign fund inflows, while sharp losses in the dollar versus major currencies also helped. The partially convertible rupee closed at 45.42/43 per dollar, 0.2 per cent stronger than its 45.52/53 close on Monday, when it dipped to a seven-week low of 45.6250. "There was good FPO (follow-on-offer) related dollar selling by custodian banks, but there were oil-related bids as well," said Vikas Chittiprolu, a senior foreign exchange dealer with state-run Andhra Bank. Foreign inflows are expected towards the follow-on share sale by Tata Steel, the world's seventh-largest steelmaker that aims to raise as much as 34.77 billion rupees ($764 million) this month. Foreign funds are net sellers of $710 million worth of shares in the year to Monday, pushing the rupee down 1.6 per cent. In 2010, record inflows of $29.3 billion had helped the rupee

Events Current Account Claimant Count Change Average Earnings Index 3m/y Unemployment Rate CB Leading Index m/m Building Permits Housing Starts

Forecast -10.2B -0.3K 2.2% 7.9% 0.56M 0.55M

Previous -9.8B -1.2K 2.2% 7.9% 0.4% 0.54M 0.56M

Previous Day

US dollar index hits weakest level in eight weeks NEW YORK: The euro rose against the dollar on Tuesday on buying by sovereign funds and strong German data, with more gains seen as expectations for higher interest rates assuage fears of fiscal woes on the euro-zone periphery. The euro soared more than 1 per cent against the dollar after Germany, Europe's largest economy, showed its ZEW headline economic sentiment indicator surged to its highest reading in six months, jumping to 15.4 points in January from 4.3 points in December and racing past forecasts for a reading of 6.8. The euro hit session highs as a move above key technical levels pointed to further strength in the euro-zone single currency. The euro rose as high as $1.3467 on trading platform EBS and was last trading up 1.2 per cent at $1.3448.

Source EUR GBP GBP GBP GBP USD USD

gain 4.1 per cent. Traders said there was good dollar demand from oil firms who are the largest buyers of dollars in the domestic currency market. One-month offshore nondeliverable forward contracts were quoted at 45.66, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and the United Stock Exchange closed at 45.5275, 45.53 and 45.5275 respectively. The total traded volume on the three exchanges was lower at $5.35 billion, compared with the usual $6 billion-$7 billion. -Reuters

Source

Events

Actual

Forecast

GBP GBP JPY GBP GBP GBP GBP EUR EUR USD CAD USD USD

Nationwide Consumer Confidence 53 RICS House Price Balance -39% Revised Industrial Production m/m 1.0% CPI y/y 3.7% RPI y/y 4.8% Core CPI y/y 2.9% DCLG HPI y/y 4.0% German ZEW Economic Sentiment 15.4 ZEW Economic Sentiment 25.4 Empire State Manufacturing Index 11.9 Overnight Rate 1.00% TIC Long-Term Purchases 85.1B NAHB Housing Market Index 16

47 -43% 1.0% 3.3% 4.8% 2.6% 5.2% 6.5 17.3 12.6 1.00% 43.4B 17

45 -44% 1.0% 3.3% 4.7% 2.7% 5.5% 4.3 15.5 9.9 1.00% 28.9B 16

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

As per 22.00 PST Ask High 1.3436 1.3461 0.9578 0.9651 1.6008 1.6058 0.9892 0.9907 0.9983 1.0002 110.9000 110.9700 0.8401 0.8399 1.2870 1.2878 132.0600 132.4800 86.1900 86.2600 1368.1000 1376.0000

Bid 1.3434 0.9573 1.6005 0.9889 0.9979 110.8600 0.8398 1.2865 132.0100 86.1400 1367.6000

Low 1.3256 0.9553 1.5881 0.9838 0.9898 109.6200 0.8336 1.2779 131.3200 85.6400 1361.0500

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 18/01/2011 A USD GBP CAD EUR JPY O/N 0.24000 0.55813 0.95083 0.72250 SN 0.09375 1WK 0.25375 0.57063 1.00167 0.65250 0.10288 2WK 0.25594 0.57563 1.04583 0.65750 0.10938 1MO 0.26063 0.59750 1.09667 0.71125 0.12188 2MO 0.28250 0.65625 1.15333 0.81813 0.15000 3MO 0.30313 0.77000 1.24500 0.94438 0.18875 4MO 0.34500 0.85375 1.31667 1.01563 0.24313 5MO 0.40125 0.95938 1.37500 1.10250 0.30000 6MO 0.45469 1.07438 1.44833 1.19063 0.34750 7MO 0.50813 1.14975 1.51750 1.24313 0.39625 8MO 0.56000 1.23688 1.59417 1.29781 0.44313 9MO 0.61438 1.32000 1.66583 1.35250 0.48750 10MO 0.66625 1.39938 1.75583 1.40250 0.51438 11MO 0.72063 1.46688 1.83917 1.44938 0.54125 12MO 0.77906 1.53438 1.92417 1.49500 0.56750

Major Central Banks Overview Central Bank

Next Meeting

Last Change

Bank of Canada March 1, 2011 September 8, 2010 Bank of England February 10, 2011 March 5, 2009 Bank of Japan January 25, 2011 December 19, 2008 Swiss National Bank March 17, 2011 March 12, 2009 The Reserve Bank of Australia February 1, 2011 November 2, 2010 Federal Reserve n/a December 16, 2008 European Central Bank n/a May 7, 2009

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

Division of National Bank of Pakistan (NBP) KARACHI, January 18,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND

85.65 136.35 113.79 86.84 88.84 85.02 12.76 1.04 14.62 66.50 15.27 22.84 11.01 13.00 304.91 27.99 66.10 23.52 23.32 0.08

85.45 136.04 113.52 86.63 88.64 84.83 12.73 1.03 14.58 66.35 15.24 22.79 10.99 12.97 304.20 27.93 65.95 23.46 23.26 0.08 2.79

85.27 135.72 113.26 86.40 88.40 84.60 12.69 1.03 14.55 66.17 15.20 22.73 10.96 12.93 303.40 27.86 65.78 23.40 23.20 0.08 2.78

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for January 18, 2011

KASB

BMA

ELXIR

GSL

ICSL

12.85 12.90 12.95 13.00 13.35 13.43 13.46 13.60 13.75 14.05 14.22 14.22 14.25 14.25 14.25 14.26 14.26 14.27 14.60 14.80

12.83 12.90 12.95 13.10 13.35 13.45 13.55 13.55 13.72 14.00 14.22 14.23 14.20 14.35 14.37 14.25 14.14 14.26 14.60 14.75

12.80 12.85 12.95 13.08 13.40 13.47 13.50 13.56 13.72 14.00 14.22 14.23 14.22 14.34 14.36 14.24 14.17 14.26 14.55 14.75

12.80 12.85 12.95 13.12 13.41 13.44 13.47 13.65 13.77 14.00 14.23 14.24 14.25 14.28 14.30 14.30 14.15 14.25 14.65 14.90

12.80 12.85 12.90 13.05 13.40 13.35 13.40 13.55 13.70 14.05 14.25 14.22 14.20 14.30 14.35 14.26 14.20 14.26 14.55 14.75

0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years

JSCM AvgRate 12.80 12.85 12.90 13.15 13.40 13.45 13.52 13.60 13.75 14.00 14.20 14.22 14.24 14.30 14.35 14.30 14.16 14.25 14.70 14.90

12.81 12.87 12.93 13.08 13.39 13.43 13.48 13.59 13.74 14.02 14.22 14.23 14.23 14.30 14.33 14.27 14.18 14.26 14.61 14.81

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

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

week month months months year years

0.01 -0.37 -0.23 0.22 -0.15 -0.33

0.99 0.84 0.91 0.74 0.86 0.90

0.98 0.25 0.59 0.62 0.77 0.59

1.00 0.57 0.85 0.75 0.55 0.73

0.99 0.45 0.81 0.74 0.06 0.43

USD/CAD USD/CHF

0.91 -0.32 0.34 0.35 -0.29 -0.27

-0.30 0.32 0.55 -0.18 0.01 0.35

-0.76 0.18 0.44 -0.10 0.30 0.21

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)18/01/2011 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

ABLN 12.75

13.25

12.75

13.25

12.80

13.30

13.55

13.50

13.75

13.60

14.10

13.65

14.15

13.70

14.20

JSBL

12.75

13.25

12.85

13.35

13.00

13.50

13.40

13.65

13.60

13.85

13.65

14.15

13.85

14.35

13.90

14.40

ASPK 12.65

13.15

12.70

13.20

12.80

13.30

13.55

13.45

13.70

13.60

14.10

13.70

14.20

13.80

14.30

CIPK

12.70

13.20

12.70

13.20

12.80

13.30

13.45

13.70

13.65

13.90

13.70

14.20

13.90

14.40

14.10

14.60

DBPK 12.65

13.15

12.70

13.20

12.75

13.25

13.20

13.45

13.40

13.65

13.50

14.00

13.55

14.05

13.60

14.10

FBPK 12.75

13.25

12.75

13.25

12.80

13.30

13.40

13.65

13.55

13.80

13.65

14.15

13.80

14.30

13.90

14.40

FLAH 12.80

13.30

12.80

13.30

12.85

13.35

13.60

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

HBPK 12.80

13.30

12.80

13.30

12.85

13.35

13.60

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

HKBP 12.75

13.25

12.75

13.25

12.80

13.30

13.45

13.70

13.65

13.90

13.75

14.25

13.85

14.35

13.90

14.40

NIPK

13.00

13.50

13.00

13.50

13.25

13.75

13.50

13.75

13.55

13.80

13.60

14.10

13.70

14.20

13.75

14.25

HMBP 12.75

13.25

12.75

13.25

12.85

13.35

13.60

13.50

13.75

13.55

14.05

13.60

14.10

13.70

14.20

SAMB 12.80

13.30

12.85

13.35

12.95

13.45

13.70

13.60

13.85

13.60

14.10

13.75

14.25

13.85

14.35

MCBK 12.75

13.25

12.75

13.25

12.75

13.25

13.50

13.40

13.65

13.50

14.00

13.60

14.10

13.75

14.25

NBPK 12.75

13.25

12.75

13.25

12.80

13.30

13.55

13.40

13.65

13.50

14.00

13.65

14.15

13.75

14.25

SCPK 12.65

13.15

12.70

13.20

12.80

13.30

13.55

13.45

13.70

13.55

14.05

13.65

14.15

13.85

14.35

UBPL 12.80

13.30

12.70

13.20

12.70

13.20

13.40

13.65

13.50

13.75

13.60

14.10

13.70

14.20

13.70

14.20

AVE

13.26

12.75

13.25

12.82

13.32

13.36

13.61

13.51

13.76

13.60

14.10

13.70

14.20

13.80

14.30

12.76

4 Wednesday, January 19, 2011

A Battle of Haves & Have-nots?

The Financial Daily International Vol 4, Issue 157

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: 92-21-35311893-6 Fax: 92-21-35388428 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

Karachi Peace, when? The largest metropolis and the driving engine of Pakistan's economy, Karachi is given bloodbath at regular intervals. Incidentally, the three political parties, PPP, ANP and MQM which claim to have the largest vote bank of the city are part of the coalition government and hold each other responsible for the ongoing carnage. Now a military operation is being demanded to purge city of weapons and arrest the culprits. May this be taken as a confession that both Sindh police and Rangers have failed like anything? It maybe too blatant an expression but is a harsh reality that over the last two and half years the death toll from bomb blasts as well as target killing may have exceeded 250 but hardly a few of the perpetrators for have been apprehended. Ironically, both the federal and provincial interior ministers insist on involvement of 'third hand'. However, the general perception is that these crimes are the work of vested interests. Sources privy to matters at hand say Karachi is home to hundreds and thousands of weapons and outlets selling/renting lethal weapons are in business openly. Since the weapons are concentrated in areas where only a-certain-language-speakers live, such operations will be targeted at them. Ironically, these weapons mostly come from Afghanistan and northern areas, pass through Punjab and upper Sindh without any hindrance. Therefore, the influx of these weapons into Karachi should be stopped first. Then raid those areas where weapons are stored and traded openly. Though, it is often alleged that aliens staying in these areas are involved in illicit arms trade but law enforcing agencies are either told explicitly not to enter these dens or know very well that their weapons are far inferior to those being sold to the merchants of death. Therefore, a few people are rounded up after each murder or blast only to be freed soon after owing to 'insufficient evidence'. People go to the extent of saying that these groups have created 'chokepoints' and at any time they like can bring the city to a grinding halt, this has happened repeatedly and is no longer a secret. Since all the fingers are aimed at 'third hand' one may ask why nothing is being done by the law enforcing agencies. The elected representatives of Karachi have been talking about arms mafia, drug mafia, land mafia and extortion mafia. However, it seems all these mafias are operating under a grand alliance with an aim to extort maximum in least time. No action is being taken because "they" have a share in the loot.

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.

Afshan Bangash

he bitter truth of Pakistan today is not just about a battle between religious extremists and moderates but also about a terrifying hidden conflict between 'haves' and 'havenots' or rather 'have-nothings' and 'have-everythings'. Affluence often breeds liberal temperaments. Deprivation and poverty always breeds extremism. The brutal class-divides in Pakistani society have gradually prompted large sections of general public to embrace religion as an exclusive means of attaining any authority, if at all, against the feudal lords and wealthy elite who receive prizes of government positions to rule over people. Apart from the flamboyant wealth of these feudal lords and elite, their disrespect for the public values is a constant source of resentment among the suffering masses. So what really killed Salman Taseer? Extravagance of his lavish Western life-style, or his utter dismissal of the values and beliefs of the poverty stricken-Pakistani masses, the multimillionaire political leaders rule down on? When Taseer's opponents mounted a campaign against him by releasing family pictures to the media, in which the family appeared partying, they not only successfully aimed at exposing Taseer's 'waywardness' and 'un-Islamic' ways but also managed to fiercely enrage the sentiments of millions. Pakistan's elite have learnt through a number of incidents in the near past, that armed guards can be even more dangerous than any outside predator. The "have-nothings" in the uniforms and armed with modern weapons, being close witnesses to the extravagant, high-priced lifestyles of the "have-everythings" may become extremely envious and resentful and seek to find the justification of such emotions in the interpretations of religious teachings. This also explains why even a section of the middle-class educated elite is unwilling to blatantly oppose the controversial aspects of blasphemy law which is evident from the showering of rose petals by a sec-

tion of lawyers, when Mumtaz Qadri, the alleged assassin of Salman Taseer, was brought to the court. There is a thin line between the emotion of envy and rage and religious extremism is sometimes the only way out for the deprived when these two emotions merge. So who really killed Taseer? The creators of Pakistan's first Constitution 1956, who declared Pakistan an Islamic Republic deviating from Quide-e-Azam's vision of Pakistan

Pakistani media. As the demon of hatred and extremism eats away on the conscience of Pakistani society, the media is showing a clear tilt toward the Right. Certain Media sections aired declaratory edicts inciting murder and mayhem and gave significant coverage to the so-called religious leaders, publicly offering 'suparis' to murder the allegedly blasphemous Aasia Bibi. By doing so, these media sections made themselves a party to the culpability of mullahs. The champions of truth in

â&#x20AC;&#x153;

Affluence often breeds liberal temperaments. Deprivation and poverty always breeds extremism. The brutal class-divides in Pakistani society have gradually prompted large sections of general public to embrace religion as an exclusive means of attaining any authority, if at all, against the feudal lords and wealthy elite who receive prizes of government positions to rule over people. Apart from the flamboyant wealth of these feudal lords and elite, their disrespect for the public values is a constant source of resentment among the suffering masses.

reflected in his address to the constituent Assembly August 11, 1947. Or the democratic Prime Minister Zulfiqar Ali Bhutto, who, for his own political gain, went further, declaring Islam as the state religion under 1973 constitution and making it illegal for Ahmedis to describe themselves as Muslims. Or the Aamir e Aazam Ziaul-Haq, who mandated harsh punishments for blasphemous individuals putting the vulnerable sections of society such as women and religious minorities at risk of abuse. Or the twice elected PM Nawaz Shareef, who proved himself and his party to be the last nail in the coffin of religious tolerance and sanity by strengthening a law which is wide open to abuse where hearsay can be conveniently used to get some one convicted. Another contributor appears to be the

news media were heard condoning Taseer's murder in the name of religion. It is worrisome to see how the ultraconservative Deoband leadership, collaborated by the Barelvi clerics were able to bring tens and thousands of people on to the streets during the months of December 2010 and January 2011, getting disproportionate coverage on almost all the TV channels. The prime contributor in Taseer's killing remains the PPP led government is the dealt with the threats made to kill their own Governor in Punjab with criminal negligence. Babar Awan, the Federal Minister for Justice, stated on an occasion that he did not have any intention to support any amendments to the Blasphemy laws, the cause his colleague Taseer stood up for. Just a few days before his ghastly murder, Taseer had to complain that

the government was "not willing to face the religious fanaticism head on." The voices like Atta-ur-Rehman, the minister of tourism, got stronger who was heard last month describing the Taliban as "true followers of Islamic ideology." Although the ecstasy of power Pakistani elite experience is understandable but it must not be displayed in vulgar ways. The high-priced lifestyles often dismiss the religious and moral values shared by the people of this war-poverty-flood-hunger-disease-stricken bankrupt nation. Refraining from dismissal of those values publicly was, certainly, not a very heavy a price for attaining governorship of the country's biggest province. Expenditures of Presidency, the PM house, the alleged ÂŁ2m Harrods furnishings, the Bruno Magli suits, chartered plane for a diner with Angelina Jolie, the imported-and-later-disapproved Siberian leopards, or the $27, 000 Atlantis Palm Jameirah wedding bills did not provoke a Qadri to gundown a leader. Qadri needed a religious excuse, the singular authority he believed he still had against the ruling elite living an enviably lavish and resentfully 'un-Islamic' life. Pakistani media should think about giving a proportionate coverage to the enlightened and moderate sections of society instead of cashing on the disproportionate coverage of the hatemongers announcing head-moneys and issuing fatwas of death. Most importantly, the practice of using religion for political gain prevalent in the country since 1956 must end now. Pakistani authorities, present as well as for the years to come will have to realise that no amount of security will work, when the extremist mindsets and factors that nurture them continue to be tolerated. Until the state takes firm action against the hate campaigns, many more Qadris will spring up to kill anyone who dares to tread the path of agreeing to disagree, saying what must be said and doing what must be done. Vice President, Pakistan Press Club UK

WoT, An Amplified Terrorism? Maimuna Ashraf

ecently Gabby Giffords was shot in the head while speaking at a public event in Tucson, Arizona on January 8, 2011. 19 people were shot in that incident. Six people were confirmed dead within hours. A Federal Judge named John M. Roll was also killed. A nine year child also died in this incident. According to the people present at the shooting scene, the gunmen who opened fire at Congresswoman Gabrielle Giffords and Judge John Roll was a white male in his early 20s named Jared Lee Loughner. But no body in western media mentioned his religion, nationality and race. Media has mentioned that the Jared Laughner was clean-shaven, short-haired and was wearing dark clothes but they haven't termed it terrorism or the man as terrorist. Perhaps the man with clean shave and short hairs don't fulfill the criteria of a terrorist!!! Jared Laughner shot at Gabrielle Giffords with a pistol with an extended magazine. According to reports, Jared Laughner had served in the military and had also fought in the Afghan wars. Jared Laughner fired a total of 15 rounds from his gun before running out of ammunition and then tried to run from the scene but was undertaken by Gabrielle Giffords's guards. Some days before when thePakistan's top official was assassinated in an equivalent way, western media highly criticized Muslims, Islam and Pakistan; they affiliated extremism and terrorism with all these. But in Gabby Giffords incident they don't term it terrorism and way of broadcasting the incident was very moderate as compared to other incidents. This dual reaction raises the question in our mind that is it because the attacker was non-

Muslim? The gunman who is in custody, His MySpace page and YouTube pages show he was angry about government mind control conspiracy theories, literacy rates among border state residents, and was angry about the recession. Thus, Pakistan is not a solitary country where people are not happy with government, such realities and feeling of demoralization exist every where and extremists are always vulnerable and mainstream where ever they exist. If we look at the things with open eyes, we will see that terrorism has increased since we have joined war on terror. The more military operations we had following the US policies of war on terror, the more extremism has grown in Pakistan. Militants have grown more. Unfortunately this war on terror has created more radicalization in our society. When people feel that this is war against Islam, which is the general perception among the masses, then there are more people to defend the religion. Infact, it is the Christian Dominant Media World that has so beautifully Portrayed and Linked up Religion to Terrorism making Islam a Synonym of Terrorism. With the tragic incident of 9/11 the Western Media went in anger on religion Islam. The religion which proliferate peace and tranquility came under fire and brimstone. From Fox News breaking telecasts to CNN cries of Islamic Savageries propaganda, the public was systematically fed up with hatred of Islam and Islamic Terrorism. Sublimation tactics went on air frequently; from cartoons to sitcoms to talk shows and movies, people were being fed the threat of Islamic Terrorism. How can one relate the term terrorism to Islam? Individuals with twisted believes commit heinous acts, this does not earn others the right to

label a Religion. I have yet to hear Christianity Terrorism, or 'Jews Agenda' but the term Islamic Terrorism and Muslim Terrorists roams around freely in western media. In reality, the Muslims are not the oppressor but the oppressed ones. This is condemned and acknowledged by the United Nation at many proclamations. The weakened and comic state of UN adds on to Muslim Frustrations. This is no contest; a life lost cannot be measured, but to make some point clear a simple study of the past ten years would reveal how many innocent Muslims have died as compare to any other religious conviction. Before the war on terror Pakistan don't had such a great number of suicidal attacks. We had sectarian militants but they were controlled by our establishment. But right now our army is being attacked and how much our civilians have been killed we don't have accurate account. The huge number of drone attacks on Pakistan territory took place and the feelings that we are fighting some ones else war has radicalized the young people of Pakistan especially the Pashtuns because the people who are being killed on both sides of border in Pakistan and Afghanistan are mostly Pashtuns. All these realities clearly demonstrate that if US policies regarding war on terrorism were productive, there would have been less terrorist activities and fewer militants. At the moment 140000 troops of Pakistan are deployed on western borders. Over 840 check posts are being manned. 2770 soldiers have embraced shahdat in war against terrorism. Over 9800 terrorists have been killed. Till date 223 drone strikes have been made by USA and 1799 people killed including civilians as well as terrorists. What about all these sacrifices if the things

are getting worse? When the aerial bombardment did work? And how can it work because the militants are living with civilians in villages, as it's not an army they are being fighting, it's the guerillas that are fighting so ultimately the more collateral damage will boost the morale of militants. US policy in Afghanistan is also a clear example in this regard, each year the military actions have grown up; forces have increased, but are this producing result? How a war can be won if the people of that subsequent place are not in the favor of that war, it's very significant to win the hearts and mind of people, if you loose the heart and mind of the people you lost the war. It is totally one dimension policy to win the war against terrorism through force, which is a dead wrong strategy of US. After the invasions of Afghanistan and Iraq, commentators have argued whether or not the threat of terrorism has declined or grown. The National Consortium for the Study of Terrorism and Responses to Terrorism (START) publishes a Global Terrorism Database, showing the extent of terrorism in every year from 1970 to 2007. The graph shows a startling trend: terrorism hit a peak in 1992 and collapsed after that. The end of the Cold War coincides with a dramatic decline in terrorism. But after starting the War on Terror, terrorism has increased dramatically. The number of terrorist incidents and the number of casualties are increasing number of times with the passage of years. Its really has become necessary for US to change its strategy regarding war on terrorism. Otherwise all US doing is generating the next generation of Terrorists with a hatred of the United States.

His Last Words Richard Holbrooke's last words 'fighting must end in Afghanistan' received media attention all over the world. When a person is on a surgical table he knows that there are only two options--survival or death. At such times all politics and diplomacy is forgotten and the person utters the truth. Holbrooke was an experienced diplomat who played a major role in Vietnam and Bosnia peace process. His words reveal that he was a true American as he wanted his country to have a responsible position by stopping war and finding an amicable peace solution. It showed that he want-

ed US to get out of this quagmire as soon as possible. The other aspect of his statement also indicates that he was concerned about peace in the region. He had a deep understanding of the issue keeping in mind the history of war in Afghanistan. He perceived what US is missing at the moment. It seems that he was clear that political games, dividing Afghanistan or puppet government is not the solution to enduring peace. Holbrook understood the ground realities and knew that continuing war is not in favour of any country.

He had a vision and foreseen that US policy of exit strategy would offend neighboring countries, the region as well as global scenario. Fighting and killing is easier but short term, peaceful efforts are difficult but have a long lasting effect. Therefore, efforts are needed to sincerely look into the issue, have a will to plan peace strategy by taking on board all the stakeholders. It is time to show respect to the last words of a man who understood the truth and revealed it so that others also try to have a vision of it. Anwar Parveen, Rawalpindi

Wednesday, January 19, 2011

South East Asian stocks

European shares hit highest close in 28 months

Mostly higher; Thai banks in demand

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

Bulls take a break to earn at KSE

12,681.94 12,658.16 23.78 0.19 270.80

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

3,989.43 3,953.47 35.96 0.90 9.57

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

3,141.04 3,135.46 5.58 0.18 0.23

Major Gainers

Symbol NESTLE COLG RMPL UPFL SIEM

Change

2,806.71 1,008.18 2,255.00 1,186.67 1,238.77

77.43 40.18 35.01 31.67 25.77

Nawaz Ali

Major Losers

Symbol

Change

IDYM PECO ILTM SRVI MCB

188.01 155.47 143.00 244.89 239.77

-9.07 -8.18 -7.09 -5.46 -4.87

Top 5 Volume Leaders

Symbol

Close Vol (mn)

FFBL LOTPTA ANL LPCL JPGL

43.13 15.64 11.38 3.61 1.82

32.85 27.82 22.02 15.80 14.37

Active Issues Plus Minus Unchanged

155 246 9

Sector Updates FERTILISER 000 tonnes

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

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

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

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

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

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

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

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

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

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

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

DHAKA: Police stand guard in front of the Dhaka Stock Exchange. Trading at the Dhaka and Chittagong stock exchanges was stopped following a significant fall in share prices.-Reuters

HK market flat; China ticks up HONG KONG/SHANGHAI: China shares inched higher on Tuesday while Hong Kong's Hang Seng Index ended little changed, but top aluminum producer Chalco jumped 7 per cent after the company forecast a return to annual profits. Shanghai's key stock index edged up 0.1 per cent after finding support at a near-term chart level, while better-than-expected earnings from two banks helped alleviate concerns that tighter monetary policy will squeeze lenders' profits. The index tumbled 3 per cent on Monday after a hike in banks' reserve requirements and talk of a property tax in Shanghai spooked markets. "Entering into 2011, the Chinese equity markets are as bumpy as last year, but the market could be overly worried

US stocks mid-day

S&P, Nasdaq make no news; Citi, Apple fall NEW YORK: The S&P and Nasdaq were little changed on Tuesday as disappointing Citigroup results weighed on financials and another medical leave by Apple Chief Executive Steve Jobs dragged down the stock, while the Dow rose. Citigroup Inc fell 5.5 per cent to $4.85 after the No 3 US bank reported a sharp drop in bond trading revenue that pushed profits below expectations. The financial SPDR exchange-traded fund was off nearly 1 per cent and the KBW bank index dropped 1.4 per cent after recent gains. Stronger-than-expected results from JPMorgan Chase & Co last Friday buoyed optimism about bank stocks, which had rallied in recent weeks. Bank of America Corp was down 2.2 per cent at $14.93. The bank is set to report results later this week. With the financial SPDR ETF, "we've been locked in a range for 16 to 18 months, so it appears it's going to test the upward boundary ... If we can consistently trade above that, that's going to attract more buying," said John Kosar, director of research at Asbury Research in Chicago. Kosar said the financial sector was underinvested and has "room to run higher" in the near term. Apple Inc fell 2.8 per cent to $338.85 after the company said See # 12 Page 11

this time," said Minggao Shen, head of China research at Citigroup. Some analysts expect strong corporate earnings to support the market and shift investors' focus back to company profitability. US markets will resume trading later today and will see results from major banks such as Goldman Sachs and Citigroup, although markets will be focused on reaction to Apple, which also reports numbers, after its influential chief, Steve Jobs, said he would take a leave of absence. In Hong Kong, Chalco shares finished 5.5 per cent higher and were the top gainers on the benchmark after the company said it expected to return to annual profits for 2010 on the back of higher aluminum prices and cost reductions.

CHINA SHARES EDGE UP In Shanghai, a key support level on the charts and optimism over banks' earnings helped offset fresh signs of official measures to dampen bank lending to curb inflationary pressures. The benchmark Shanghai Composite Index finished at 2,709 points and appears to have found temporary support at the crucial 2,700-point level after tumbling 3 per cent to a three-month low on Monday. Two mid-sized lenders, Industrial Bank and China Everbright Bank , said their net profits grew 39.5 per cent and 65.88 per cent, respectively, in 2010, boosting shares in the financial sector. The official Securities Journal reported that the People's Bank of China had cut its 2011 lending target for banks by 10 per cent from last year.-Reuters

Nikkei up on realty, banks; Wall St eyed TOKYO: Japan's Nikkei average got a boost from property and banking shares to edge higher on Tuesday, while investors cautiously waited to see Wall Street's reaction to news that Apple Inc CEO Steve Jobs was again taking medical leave. Brokers said a smaller drop in Shanghai shares after Monday's fall on China's latest move to fight inflation was also lifting investors' confidence. But the Nikkei's gains were limited as a strong advance in real estate shares was offset by declines in steelmakers after a report by the Nikkei business daily that Nippon Steel Corp would likely fall short of its pretax profit forecast. "Banks and property shares have gained as foreign investors have piled in, then we saw some profit-taking and now they're off again, boosted by domestic retail investors," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management. "Individual investors, who now account for about 30 per cent of the market -- a very high per centage -- are pushing those stocks higher, showing that sentiment in the market is very strong." The benchmark Nikkei ended the day up 0.2 per cent or 16.12 points at 10,518.98.

The broader Topix index rose 0.3 per cent to 931.58. The property sector was among the top gainers, adding 1.7 per cent, after Nomura Securities hiked its target prices for eight property firms on a pickup in the real estate market. Mitsui Fudosan Co rose 1.5 per cent to 1,754 yen and Mitsubishi Estate Co Ltd jumped 3.4 per cent to 1,627 yen. The real estate sector has gained around 20 per cent since the Bank of Japan's asset buying scheme was launched in October, outperforming the Nikkei's 13 per cent rise over the same period. JOBS NEWS WEIGHS "The 'Jobs shock' can move not only individual shares or sectors but whole indexes, so obviously investors will look closely at how the US market reacts to both earnings and the news about Jobs," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. Apple's announcement that Jobs would take medical leave for the third time since 2004 sent Apple's German shares 6.2 per cent lower in Frankfurt. It came when US markets were closed for the Martin Luther King holiday and ahead of the firm's closely watched earnings report due on Tuesday.-Reuters

FTSE snaps losing streak LONDON: Banks and commodity stocks helped Britain's top share index break a threeday losing streak on Tuesday, as upbeat corporate results from Burberry, SAB Miller and Rio Tinto lifted investor sentiment. The FTSE 100 index closed up 70.73 points, or 1.2 per cent, at 6,056.43, eradicating losses sustained over the previous three trading days. Banks were among the top gainers as EU finance ministers inched closer towards beefing up the euro zone's rescue fund. Risk sentiment was helped as investors cheered results from London's blue chip companies. In a strong mining sector, Rio Tinto rose 1.5 per cent after a record-breaking production update. "Investors are gushing at what they have seen so far from some of the companies both in the UK and the US," Jimmy Yates, head of equities at CMC Markets, said. "The hope is that they will continue to outperform and shrug aside macro economic concerns." Commodities were also helped by a weaker dollar, which waned after upbeat business data from Germany. See # 11 Page 11

KARACHI: Bulls at Karachi Stock Exchange (KSE) Tuesday took a break to pick profits particularly in oil and banking stocks in an overbought market which touched a 31-month high a day earlier. The benchmark KSE 100index fell by 23 points to close at 12,658 points, KSE 30-Index dropped 58 points to close at 12,418 points and KSE AllShare index lost 20 points to close at 8,774 points. Ahsan Mehanti, Director Arif Habib Investments said, "Investors booked gains in overbought market which led to this flat close." Mehanti added that rising circular debt in Pakistan Energy sector, uncertainty over next SBP monetary policy announcement dampened sentiments at KSE despite foreign interest in bluechips and institutional interest in fertiliser sector. According to National Clearing Company of Pakistan (NCCPL), foreign investors did a net-buying of $7.18 million on Tuesday. It should be noted that offshore investors net-bought shares worth $52.5 million so far in the month of January. After a positive opening, market witnessed some mix

activities throughout the day moving on both sides of the index between 12,767 points (+ve 85) and 12,628 points (-ve 53) owing to profit-taking. According to experts, market has been witnessing a continuous upsurge since last few days and it was in an overbought zone therefore investors got to gains. It should be noted that benchmark index had increased by more than 5 per cent since the start of the calendar year. Finally, due to continued selling mainly in some oil and banking stocks index closed the day with some limited red numbers however fertiliser sector remained in the lime light in anticipation of better than expected corporate result announcements. Volumes too remained on the lower side as 270.8 million shares traded in the overall market which is 46 million shares less as compared to a turnover of 316.8 million shares a day earlier. Fauji Fertiliser Bin Qasim stood as the volume leader with 32.85 million shares followed by Lotte Pakistan with 27.82 million shares and Azgard Nine with 22.02 million shares. Out of total 410 active issues 246 fell and 155 rose while 9 issues did neither.

Indian shares rise 1pc; Tata Consultancy hops MUMBAI: Indian shares gained 1.1 per cent on Tuesday, helped by gains in software services and financial companies as investors bet on strong corporate earnings in Asia's third-largest economy. The rise was supported by

bargain hunting after the benchmark index slid nearly 8 per cent over the past two weeks, but analysts cautioned the market rally might not be sustained as macro-economic worries and an interest rate hike loom. See # 10 Page 11

Dhiyan

EARN AS IT CORRECTS Zafar Moti, Director Karachi Stock Exchange There's going to be a correction of 50-100 points but the overall outlook is positive therefore after a small correction index would move towards 12,800 level. Invest in energy stocks at lower levels where top picks are OGDC, PPL, and POL. Launch of Margin Trading System (MTS) which is expected in the first week of February and better corporate results would let loose new rallies. Correction may remain the order of the day.

Khalid Waheed, CEO Hum Securities Correction is likely to last till Friday. However, we may see some recovery next week. Investors are therefore advised to book profits at higher levels and invest in undervalued stocks like SNGPL and SSGC. The upcoming corporate results would trigger bull-runs in the coming days. Investors better adopt 'sell on strength' stance if market goes up today.

Wednesday, January 19, 2011

Market

KSE 100 Index

Symbols

Volume

270,802,142

Value

10,840,130,683

Trades

107,093

Advanced Declined Unchanged Total

Current High Low Change

155 246 9 410

All Share Index

12,658.16 12,768.40 12,626.20 i23.78

Current High Low Change

8,774.36 8,852.16 8,756.28 i20.33

OIL AND GAS

Company

Paid up Cap(mn)

Attock Petroleum 691 6.54 Attock Refinery 853 8.16 BYCO Petroleum 3921 Mari Gas Company 735 18.47 National Refinery 800 4.88 Oil & Gas Development 43009 11.81 Pak Petroleum 11950 9.26 Pak Oilfields 2365 7.89 Pak Refinery Limited 350 P.S.O 1715 5.24 Shell Gas LPG 226 Shell Pakistan 685 11.16

Open 380.63 144.71 11.58 138.44 329.67 175.05 225.57 338.40 107.09 313.80 32.89 217.64

High 387.00 146.85 11.65 139.02 333.89 177.75 229.75 341.50 108.30 315.79 33.00 222.00

High Low 1,662.77 1,625.19 Total cos Defaulter cos P/BV (x) ROE (%) 3.84 32.54 Low 377.00 143.00 11.10 136.01 327.20 173.90 224.90 332.01 105.01 308.85 32.50 217.20

Close Chg 377.47 145.50 11.17 136.30 329.56 174.54 227.75 334.20 105.59 309.53 32.97 217.68

-3.16 0.79 -0.41 -2.14 -0.11 -0.51 2.18 -4.20 -1.50 -4.27 0.08 0.04

Current High Low Change

KMI 30 Index Current High Low Change

12,418.08 12,568.09 12,374.28 i58.04

20,754.29 20,891.64 20,589.33 h12.74

Last 60 days High Low

Volume 218427 3321736 2284821 76087 164168 486515 5037449 2289591 46694 1934267 4723 61238

398.89 146.90 12.49 141.65 333.89 185.00 229.75 341.50 114.50 317.79 40.28 222.00

287.99 91.49 10.49 117.00 207.00 150.92 184.00 231.01 74.51 262.00 32.00 182.05

2010 Div BR (%) (%) 300 31 200 55 90 255 80 40

% Change -0.25 5-Day High 1,639.46 5-Day Low 1,590.91 2011 Div BR (%) (%)

20B - 15.00 20B -

CHEMICALS

Company

Paid up Cap(mn)

Open 725.47 Turnover 26,199 P/E (x) 5.60 Company

Paid up Cap(mn)

Pak Int Cont.Terminal PNSC

1092 1321

PE 6.87 40.49

Open 70.10 36.58

High 70.50 37.25

High Low 731.47 712.35 Total cos Defaulter cos P/BV (x) ROE (%) 1.43 25.53 Low 68.50 36.50

Close Chg 68.69 -1.41 37.25 0.67

Close 717.01 Listed cap 3,242.17 mn Payout (%) 11.08

Volume 16573 9626

Change -8.46 Market cap 12,670.84 mn Div Yield (%) 1.98

Last 60 days High Low 77.77 40.42

61.45 32.36

Open

High

Low

23.12 8.00 101.92 189.13 208.98 3.16 8.61 3.25 217.56 15.30 12.24 148.68 42.15 48.40 12.17 157.07 15.49 1.44 1.97 27.59 2.16 121.25 13.91 9.98 39.17

23.80 8.75 101.90 190.50 212.75 3.25 8.80 3.33 220.00 15.40 12.64 156.11 43.99 50.82 12.32 158.49 15.95 1.49 2.05 26.22 2.45 122.00 14.19 10.90 39.35

23.00 7.80 98.00 186.00 207.00 3.01 8.35 3.14 213.25 14.60 12.10 147.30 42.25 49.00 12.06 155.00 15.51 1.34 1.90 26.22 2.39 119.01 13.60 9.95 38.40

Close Chg 23.19 7.81 101.50 186.98 210.08 3.07 8.37 3.16 214.57 14.76 12.40 153.98 43.13 50.80 12.24 155.58 15.64 1.42 1.91 26.22 2.43 119.18 13.70 10.79 39.00

0.07 -0.19 -0.42 -2.15 1.10 -0.09 -0.24 -0.09 -2.99 -0.54 0.16 5.30 0.98 2.40 0.07 -1.49 0.15 -0.02 -0.06 -1.37 0.27 -2.07 -0.21 0.81 -0.17

Close 1,617.42 Listed cap 52,251.88 mn Payout (%) 48.81

Change 22.44 Market cap 359,952.14 mn Div Yield (%) 4.96

Last 60 days High Low

Volume 67012 482 21730 13555 71416 76756 198431 774359 5387205 1347561 6090316 9094585 32850282 3522 51702 87774 27817667 4544 446667 115 1166 2250 134257 4401 8577

24.85 10.75 103.94 209.98 215.00 3.74 9.25 4.24 222.80 15.87 12.64 156.11 43.99 50.82 13.07 158.49 15.95 2.50 2.74 27.59 3.40 139.40 14.69 11.75 42.99

20.26 7.16 75.00 149.72 165.73 2.11 3.92 1.47 174.65 12.90 9.16 106.01 29.63 39.00 11.00 122.75 9.49 0.80 1.36 17.01 1.80 101.00 10.00 8.51 32.00

2010 Div BR (%) (%) 5 15 40 40 95 17.5 20 55 25 50

10R 5B -

% Change 1.41 5-Day High 1,617.42 5-Day Low 1,493.57 2011 Div BR (%) (%) -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,212.77 Turnover 154,810 P/E (x) 6.14 Company

High Low 1,224.03 1,188.62 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 7.47

Close 1,203.18 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

707 50 411

8.52 6.84

18.14 45.15 44.84

18.60 44.32 44.90

17.80 44.31 43.90

18.13 -0.01 44.31 -0.84 44.31 -0.53

143418 333 11059

Century Paper Pak Paper Product Security Paper

Change -9.58 Market cap 3,334.15 mn Div Yield (%) 4.11

Last 60 days High Low 19.69 48.90 47.70

15.28 38.75 38.00

2010 Div BR (%) (%) 2533.33B 50 -

% Change -0.79 5-Day High 1,233.80 5-Day Low 1,203.18 2011 Div BR (%) (%) -

INDUSTRIAL METALS AND MINING

Company

Paid up Cap(mn)

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

565 4.53 675 555 9.75 1199 12.09 310 785 11.06

Open 29.60 2.71 15.77 58.21 7.50 9.68

High 30.60 2.84 15.75 59.00 8.50 10.23

High Low 1,137.88 1,093.65 Total cos Defaulter cos P/BV (x) ROE (%) 1.21 33.10 Low 28.61 2.60 15.55 57.80 8.50 9.50

Close Chg 29.00 2.63 15.60 58.01 8.50 9.73

-0.60 -0.08 -0.17 -0.20 1.00 0.05

Close 1,102.85 Listed cap 3,596.11 mn Payout (%) 30.91

28694 13941 4461 44259 731 6415

30.60 3.39 16.51 62.20 8.50 10.70

24.00 2.22 12.60 44.00 5.61 8.00

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

Open 1,332.88 Turnover 537,972 P/E (x) 4.89 Paid up Cap(mn)

High Low 1,344.57 1,310.12 Total cos Defaulter cos P/BV (x) ROE (%) 1.24 25.35

Open

High

Low

Agriautos Ind 144 5.99 Atlas Battery 101 5.98 Atlas Engineering Ltd 247 22.97 Atlas Honda 626 9.71 Baluchistan Wheels Ltd. 133 6.47 Dewan Motors 890 Exide (PAK) 56 4.79 General Tyre 598 21.12 Ghandhara Nissan 450 3.41 Honda Atlas Cars 1428 Indus Motors 786 6.81 Pak Suzuki 823 11.34 Sazgar Engineering 150 4.24

80.41 202.44 24.51 135.00 34.00 2.29 203.00 25.10 5.12 12.61 298.97 71.65 22.70

81.90 203.50 25.73 134.00 35.70 2.37 206.99 24.89 5.13 12.60 301.69 71.99 23.10

79.00 200.20 25.73 132.00 32.30 2.20 200.00 24.27 4.90 12.25 294.00 71.01 22.25

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Bestway Cement Cherat Cement Dadabhoy Cement Dadex Eternit Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Shabbir Tiles

Open

High

Low

1828 866 6.50 858 182 3257 956 25.23 982 14.31 108 3891 3651 127.50 6933 15.67 502 3.83 1760 77 2319 32 1288 13126 3234 6.84 5261 1.28 2228 361 -

3.15 62.53 2.59 21.50 15.51 11.25 1.89 21.99 2.20 31.76 5.19 7.44 1.80 1.71 7.77 0.69 6.55 3.58 77.17 2.83 7.21 8.26

3.44 62.50 2.89 21.65 14.53 11.35 1.90 22.00 2.31 32.30 5.35 7.35 1.90 1.95 7.69 0.78 6.55 3.88 77.98 2.90 7.32 8.88

3.16 61.00 2.50 21.00 14.53 11.10 1.85 22.00 2.09 30.22 5.15 7.25 1.76 1.50 7.01 0.57 6.50 3.56 76.00 2.73 7.10 8.21

Close 1,010.08 Listed cap 54,792.74 mn Payout (%) 19.04

Company

Paid up Cap(mn)

Adam SugarSPOT 58 AL-Noor SugarSPOT 186 Baba Farid 95 Chashma SugarSPOT 287 Colony Sugar Mills 990 Crescent Sugar 214 Dewan Sugar 365 Faran SugarSPOT 217 Fecto Sugar 146 Habib SugarXDXB 750 Habib-ADM Ltd 200 Ismail Ind 505 J D W SugarSPOT 490 Mehran SugarXDXB 157 Mirpurkhas Sugar 84 Mirza SugarSPOT 141 Mithchells FruitSPOT 50 National Foods 414 Nestle Pakistan 453 Noon Pakistan 48 Noon Sugar 165 Pangrio SugarSPOT 109 Premier SugarSPOT 38 Quice Food 107 Sakrand Sugar 223 Sanghar Sugar XD 119 Shahmurad SugarSPOT 211 Shahtaj Sugar 120 Shakarganj Mills 695 Tandlianwala 1177 Thal IndustriesSPOT 150 Wazir Ali 80

Close Chg

20B -

Close 1,324.48 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Change -8.40 Market cap 48,331.62 mn Div Yield (%) 4.17

Last 60 days High Low

3.22 61.71 2.71 21.40 14.53 11.10 1.86 22.00 2.14 30.60 5.17 7.35 1.82 1.73 7.69 0.68 6.52 3.61 76.13 2.75 7.11 8.25

7507 29052 2871 31516 581 6843 40767 3000 209578 10240466 1271011 1050 67817 5849 530 1127 8599 15799478 1709797 1179261 57931 7106

3.98 65.99 4.24 24.16 24.80 12.75 2.49 28.50 3.10 32.30 5.55 8.20 2.25 5.00 9.19 1.08 8.70 3.88 79.98 3.30 8.58 9.60

2.80 57.60 1.10 14.55 14.53 10.00 1.31 18.51 1.40 26.35 4.72 5.05 1.60 1.18 2.70 0.42 5.80 2.79 70.21 2.66 6.52 6.30

Company

Paid up Cap(mn)

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

Open

High

Low

Close Chg

115 2.74 78.07 77.90 77.00 77.02 230 2.73 2.80 2.40 2.63 1067 4.98 55.49 55.05 54.05 54.15 389 3.25 3.40 2.50 3.01 844 67.26 134.36 134.50 131.00 131.15 82 10.22 1213.00 1239.00 1215.00 1238.77 300 9.74 133.88 136.19 133.00 133.50

-1.05 -0.10 -1.34 -0.24 -3.21 25.77 -0.38

Volume 5656 85722 8970 7204 48391 208 42691

Open

Company

Paid up Cap(mn)

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

Change -8.22 Market cap 40,039.17 mn Div Yield (%) 5.22

Last 60 days High Low 83.23 34.50 3.30 1.82 56.45 45.30 4.05 2.11 136.74 101.00 1381.00 1128.00 136.19 100.00

Company

Paid up Cap(mn)

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

Open

66 1.06 16.35 215 5.74 243.65 104 - 46.03 214 1.29 213 12.04 12.79 132 7.37 62.11 366 7.27 558.98 57 431.86 163.65

High

Low

Close Chg

16.45 16.00 16.45 0.10 243.00 239.11 239.82 -3.83 45.50 44.95 44.99 -1.04 1.37 1.21 1.23 -0.06 13.00 12.75 13.00 0.21 63.50 61.35 61.50 -0.61 564.00 554.00 555.81 -3.17 156.00 155.47 155.47 -8.18

Close 1,614.85 Listed cap 1,336.62 mn Payout (%) 131.49

Volume 9515 5416 1420 46816 16070 4774 36653 1078

2010 Div BR (%) (%) 20 25 900 -

25B 10B -

82.63 204.40 25.73 143.80 36.72 2.89 217.44 26.74 5.67 13.40 309.73 77.90 23.10

65.75 150.50 15.00 96.00 29.40 1.20 144.99 21.00 4.12 10.80 227.00 66.75 17.92

90 100 25 60 20 150 10

20B 20B

Low

Close Chg 0.11 2.26 0.79 -0.12 -0.49 0.54 -0.06 -0.71 -1.75 -0.11 0.33 -0.50 -0.70 1.80 0.33 0.00 -2.67 -1.94 77.43 -0.33 -0.24 0.08 -0.50 -0.03 -0.17 0.09 -0.06 -0.13 -0.06 -1.88 -2.53 0.47

Close 1,761.35 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change 12.92 Market cap 247,483.88 mn Div Yield (%) 0.74

Last 60 days High Low

2265 20.50 12.49 7084 53.02 41.00 115 68.20 50.83 751 15.47 8.50 3725 5.70 2.60 210657 7.15 5.00 21615 5.59 1.50 106 21.73 19.00 161 55.00 33.41 51336 36.50 22.00 850 13.00 11.69 120 81.12 68.60 5233 92.50 70.00 3371 68.49 52.60 805 68.22 48.11 3526 7.18 4.20 234 89.90 61.50 3385 75.50 39.51 338 2860.00 1830.00 391 27.30 17.51 4099 14.84 9.00 3691 6.99 4.25 6165 53.81 34.29 41000 3.20 2.02 5500 3.90 2.11 1710 15.01 12.33 2319 13.50 9.85 140 100.26 56.01 18665 7.88 4.06 2000 42.38 29.00 101 98.70 48.22 215 8.89 4.80

2010 Div BR (%) (%)

% Change 0.74 5-Day High 1,761.35 5-Day Low 1,695.79 2011 Div BR (%) (%)

25 50 10 25 25 25B 40 17.5 110R 7010B 12.5R 35 20B 15 20B 10 40 12 450 12 10 10 15 10 15 -

Hussain Industries Pak Elektron Singer Pak Tariq Glass Ind

High Low 1,178.70 1,119.66 Total cos Defaulter cos P/BV (x) ROE (%) 0.34 10.64

Close 1,159.84 Listed cap 3,763.71 mn Payout (%) 6.27

Open

High

Low

Close Chg

Volume

106 1174 3.96 341 21.80 231 2.54

7.08 15.32 19.99 21.18

8.00 15.88 19.50 22.00

6.08 15.20 19.00 20.15

6.09 -0.99 15.73 0.41 19.40 -0.59 21.23 0.05

3509 684438 1000 164738

Change 12.15 Market cap 5,280.07 mn Div Yield (%) 1.98

Last 60 days High Low

2010 Div BR (%) (%)

11.49 15.88 20.79 22.50

17.5

6.08 12.90 16.51 15.90

10B -

% Change 1.06 5-Day High 1,159.84 5-Day Low 1,127.50 2011 Div BR (%) (%) -

2011 Div BR (%) (%) -

% Change -0.76 5-Day High 1,076.90 5-Day Low 1,049.44 2011 Div BR (%) (%) -

-a

Open 1,017.93 Turnover 25,777,421 P/E (x) 7.69 Company

Paid up Cap(mn)

(Colony) Thal Amtex Limited Artistic Denim Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chenab Limited Colgate Palm Colony Mills Ltd Crescent Fibres Ltd Crescent Jute Crescent Textile D S Ind Ltd Dawood Lawrencepur Dewan Farooque Spin. Ellcot Spinning Gadoon Textile XD Ghazi Fabrics Gillette Pakistan Gul Ahmed Textile Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Janana D Mal Kohat Textile Kohinoor Ind Kohinoor Mills Kohinoor Textile Liberty Mills Mehmood Textile Mohd Farooq Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Ravi Textile Reliance Weaving Saif Textile Sally Textile Sana Ind Service Ind Shadman Cot Shahpur Textile Thal Limited Treet Corp Zephyr Textile Ltd Zil Limited

56 2594 840 4493 33 76 76 64 1150 316 2442 124 238 492 600 514 600 110 234 326 192 635 222 716 3105 99 180 43 208 303 509 1455 226 150 189 145 187 1596 3516 560 174 250 308 264 88 55 120 176 140 307 418 594 53

PE 9.59 6.44 0.47 0.50 5.50 0.91 37.84 3.91 0.64 3.70 49.59 2.66 0.61 0.74 0.66 4.25 0.87 0.75 3.91 0.64 4.02 0.24 0.80 3.77 3.62 0.82 0.81 1.98 5.92 3.06 0.72 0.63 0.41 0.21 3.53 8.38 2.23 0.67 5.39 9.51 5.07 3.72

14.12 200.00 42.90 0.21 10.55 58.55 443.00 155.47

Open

High

High Low 1,028.03 1,010.29 Total cos Defaulter cos P/BV (x) ROE (%) 0.66 8.64 Low

Close Chg

1.00 1.45 0.90 1.34 0.34 4.31 4.34 4.17 4.22 -0.09 23.52 24.50 23.00 23.17 -0.35 11.65 12.01 11.25 11.38 -0.27 11.18 11.59 10.75 11.59 0.41 14.39 14.50 13.40 14.25 -0.14 643.99 670.00 640.00 663.46 19.47 57.42 60.29 59.00 60.24 2.82 3.11 3.19 3.06 3.07 -0.04 968.00 1009.00 970.00 1008.18 40.18 2.40 2.60 2.35 2.50 0.10 13.65 14.65 12.85 13.80 0.15 1.15 1.20 1.01 1.01 -0.14 19.16 19.30 19.10 19.25 0.09 1.89 1.95 1.81 1.88 -0.01 43.13 43.48 42.00 42.15 -0.98 3.30 3.30 3.30 3.30 0.00 20.58 21.00 20.00 20.20 -0.38 68.50 68.40 67.50 68.03 -0.47 4.50 5.00 4.00 4.01 -0.49 62.24 59.30 59.30 59.30 -2.94 30.05 30.00 29.50 29.58 -0.47 7.00 7.15 7.00 7.15 0.15 4.01 4.00 3.97 3.99 -0.02 48.99 50.00 47.07 49.70 0.71 7.01 8.01 6.10 7.51 0.50 3.60 3.77 3.70 3.70 0.10 15.00 15.00 14.12 14.93 -0.07 1.99 1.50 1.00 1.50 -0.49 1.67 1.70 1.57 1.69 0.02 2.15 2.79 2.10 2.16 0.01 5.37 5.49 5.20 5.28 -0.09 68.75 69.00 68.00 69.00 0.25 66.95 68.00 67.00 67.00 0.05 1.21 1.39 0.72 1.20 -0.01 0.50 0.50 0.40 0.47 -0.03 15.86 15.90 15.75 15.83 -0.03 24.13 24.40 23.80 23.88 -0.25 69.71 70.20 68.30 68.99 -0.72 9.25 9.80 9.00 9.06 -0.19 10.00 9.90 9.90 9.90 -0.10 1.54 1.61 1.41 1.43 -0.11 9.60 9.95 8.95 8.98 -0.62 5.11 5.25 5.00 5.10 -0.01 4.42 4.16 4.15 4.15 -0.27 48.00 48.97 46.30 46.43 -1.57 250.35 251.99 243.01 244.89 -5.46 11.88 12.88 11.65 12.24 0.36 0.33 0.69 0.46 0.48 0.15 128.02 128.39 126.00 126.05 -1.97 60.34 60.59 59.50 59.72 -0.62 4.05 4.10 3.85 3.85 -0.20 58.40 58.00 55.50 55.52 -2.88

Close 1,017.39 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change -0.54 Market cap 141,139.24 mn Div Yield (%) 2.17

Last 60 days High Low

1003 1.99 174647 8.71 5712 24.59 22017990 12.32 102 17.85 2605 14.84 1392 747.48 3625 60.29 32402 3.90 5872 1009.00 23509 3.33 2489 14.65 9203 1.38 4401 23.99 104965 2.37 9821 47.00 500 8.00 2405 21.78 1500 71.40 2400 5.05 275 71.50 860 33.19 1501 10.30 9000 4.88 55708 50.00 7614 8.74 5000 4.45 4712 19.40 45500 1.99 1126 2.00 3675 3.72 11056 5.97 941 69.00 200 69.30 12401 2.08 10075 0.95 4500 17.50 857130 25.14 1989545 71.66 39752 10.50 500 11.25 181033 1.98 16202 11.50 17100 6.85 6205 5.75 810 48.97 11152 276.50 2571 13.00 9578 1.00 24917 132.00 34630 63.30 5002 4.90 309 59.25

2010 Div BR (%) (%)

0.52 4.00 30 19.10 20 9.20 8.10 10.82 20 446.00 45.25 50 2.94 740.00 2.16 8.41 10 0.16 17.89 15 1.52 36.10 5 3.00 17.21 35 38.30 70 2.55 10 59.00 22.62 12.5 6.30 10 3.31 10 34.98 20 2.85 2.60 10 13.25 0.51 1.10 1.52 4.82 55.00 30 51.46 60 0.50 0.14 12.80 20SD 19.11 15 50.25 25 5.61 8.00 10 1.26 8.01 25SD 3.51 3.57 10 29.50 60 169.00 7.00 0.18 86.50 80 39.20 3.00 38.55 35

15B 20B 45R 10B 20B -

% Change -0.05 5-Day High 1,017.93 5-Day Low 1,007.46

2010 Div BR (%) (%) 150 25 650 100

7,598.16

MA (10-day)

1.72

Total Equity (Rs in mn)

(1,042.83)

MA (100-day)

1.61

Revenue (Rs in mn)

MA (200-day)

1.90

Interest Expense

1st Support

1.61

Loss after Taxation

2nd Support

1.45

EPS 10 (Rs)

1st Resistance

1.91

2,731.94 691.43 (452.35) (2.899)

Book value / share (Rs)

2nd Resistance

2.05

PE 11 E (x)

Pivot

1.75

PBV (x)

(6.68) (0.27)

JPGL closed up 0.12 at 1.82. Volume was 3,814 per cent above average (trending) and Bollinger Bands were 32 per cent narrower than normal. The company's loss after taxation stood at Rs403.263 million which translates into a Loss Per Share of Rs2.58 for the 1st quarter of current fiscal year (1QFY11). JPGL is currently 4.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into JPGL (bullish). Trend forecasting oscillators are currently bearish on JPGL.

Sui Southern Gas Company Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

64.09

Total Assets (Rs in mn)

MA (10-day)

22.00

Total Equity (Rs in mn)

MA (100-day)

23.32

Revenue (Rs in mn)

110,759.62

MA (200-day)

20.92

Interest Expense

5,015.89

1st Support

22.49

Profit after Taxation

4,399.15

2nd Support

21.73

EPS 10 (Rs)

6.554

1st Resistance

23.61

Book value / share (Rs)

20.97

2nd Resistance

23.97

PE 11 E (x)

3.50

Pivot

22.85

PBV (x)

1.11

14,072.35 107,736.78

SSGC closed up 1.10 at 23.21. Volume was 205 per cent above average (trending) and Bollinger Bands were 61 per cent narrower than normal. The company's profit after taxation stood at Rs1.113 billion which translates into an Earning Per Share of Rs1.66 for the 1st quarter of current fiscal year (1QFY11). SSGC is currently 10.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into SSGC (mildly bullish). Trend forecasting oscillators are currently bullish on SSGC.

Mybank Limited

10B 25B -

% Change -0.81 5-Day High 1,628.07 5-Day Low 1,564.47

67.26

Total Assets (Rs in mn)

MA (10-day)

2.82

Total Equity (Rs in mn)

MA (100-day)

2.29

Revenue (Rs in mn)

MA (200-day)

2.69

Interest Expense

1st Support

2.90

Loss after Taxation

2nd Support

2.56

EPS 09 (Rs)

1st Resistance

3.49

Book value / share (Rs)

2nd Resistance

3.74

PE 10 E (x)

Pivot

3.15

PBV (x)

Open 985.84 Turnover 195,658 P/E (x) 7.69 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Sanofi-Aventis Searle Pak

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

Open

9.33 107.45 6.94 90.67 15.09 83.85 7.96 29.08 7.43 8.87 7.76 35.45 11.95 143.00 5.75 65.79

High

High Low 997.15 968.95 Total cos Defaulter cos P/BV (x) ROE (%) 1.72 22.31 Low

Close Chg

107.01 106.01 106.50 91.90 90.01 91.86 84.49 82.52 83.88 29.00 28.70 28.73 9.36 8.51 9.21 34.75 34.75 34.75 150.15 145.90 150.15 69.00 62.51 63.91

-0.95 1.19 0.03 -0.35 0.34 -0.70 7.15 -1.88

Close 982.39 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 10329 2532 33822 4005 3153 500 3901 137403

112.50 93.60 89.98 30.48 9.36 35.70 150.15 69.00

89.88 82.20 69.00 23.50 7.16 30.00 116.00 59.00

5,104.86 3,368.22 2,881.90 (1,639.83) (3.092) 9.63 0.33

Maple Leaf Cement Factory Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

40.37

Total Assets (Rs in mn)

MA (10-day)

2.81

Total Equity (Rs in mn)

MA (100-day)

2.95

Revenue (Rs in mn)

26,094.94 4,134.21 13,630.51

MA (200-day)

3.34

Interest Expense

1st Support

2.70

Loss after Taxation

2,059.48

2nd Support

2.63

EPS 10 (Rs)

1st Resistance

2.87

Book value / share (Rs)

2nd Resistance

2.97

PE 11 E (x)

Pivot

2.80

PBV (x)

(2,583.96) (6.941) 11.11 0.25

MLCF closed down -0.08 at 2.75. Volume was 432 per cent above average (trending) and Bollinger Bands were 21 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 17.7 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 MLCF (mildly bearish). Trend forecasting oscillators are currently bearish on MLCF.

BOOK CLOSURES Company

From

Sanghar Sugar Mills Nagina Cotton Mills Sindh Abadgar's Sugar Mills Dandot Cement Shahtaj Sugar Mills Shashma Sugar Mills The Premier Sugar Mills Quetta Tex Mills # KASB Securities # Pangrio Sugar Mills Fecto Sugar Mills Thal Ind Corp Mirza Sugar Mills Baba Farid Sugar Mills Al-Noor Sugar Mills Shahmurad Sugar Mills Adam Sugar Mills

19-Jan 19-Jan 19-Jan 20-Jan 20-Jan 21-Jan 21-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan 23-Jan

31-Jan 25-Jan 28-Jan 29-Jan 01-Feb 30-Jan 30-Jan 29-Jan 28-Jan 31-Jan 29-Jan 28-Jan 31-Jan 29-Jan 02-Feb 02-Feb 31-Jan

D/B/R 15 10 10 10 10 15 10 50 10 25

Spot AGM/Date 11-Jan 12-Jan 14-Jan 14-Jan 14-Jan 14-Jan 14-Jan 14-Jan

31-Jan 25-Jan 28-Jan 29-Jan 27-Jan 31-Jan 31-Jan 29-Jan 28-Jan 31-Jan 29-Jan 28-Jan 31-Jan 29-Jan 28-Jan 28-Jan 29-Jan

INDICATIONS

Change -3.44 Market cap 32,893.79 mn Div Yield (%) 5.79

Last 60 days High Low

35,490.71

MYBL closed up 0.10 at 3.17. Volume was 267 per cent above average (trending) and Bollinger Bands were 37 per cent wider than normal. The company's loss after taxation stood at Rs1.392 billion which translates into a Loss Per Share of Rs0.74 for the nine months of current calendar year (9MCY10). MYBL is currently 18.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into MYBL (bullish). Trend forecasting oscillators are currently bullish on MYBL.

Performance of SR Pharma and Bio Tech Index

2011 Div BR (%) (%) -

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

2011 Div BR (%) (%)

PHARMA AND BIO TECH

Change -13.22 Market cap 34,861.11 mn Div Yield (%) 15.03

Last 60 days High Low 18.20 244.95 49.50 2.40 14.80 78.90 568.40 310.00

High Low 1,804.50 1,702.05 Total cos Defaulter cos P/BV (x) ROE (%) 12.48 30.30

% Change -1.59 5-Day High 1,026.43 5-Day Low 993.61

INDUSTRIAL ENGINEERING High Low 1,638.02 1,609.09 Total cos Defaulter cos P/BV (x) ROE (%) 3.33 38.02

High

Open 1,147.70 Turnover 853,740 P/E (x) 3.16

Performance of SR Industrial Engineering Index Open 1,628.07 Turnover 121,747 P/E (x) 8.75

2011 4682 290 1885 3484 345540 321 685 98112 20958 14424 29210 16363

2011 Div BR (%) (%)

Total Assets (Rs in mn)

Performance of SR Household Goods Index

2011 Div BR (%) (%)

Performance of SR General Industrials Index Close 1,068.68 Listed cap 3,043.31 mn Payout (%) 15.55

-1.38 -2.09 1.22 -1.00 0.40 0.01 0.00 -0.60 -0.21 -0.30 -0.77 -0.44 0.05

2010 Div BR (%) (%)

% Change -0.63 5-Day High 1,332.88 5-Day Low 1,263.13

Performance of SR Personal Goods Index

Change -16.36 Market cap 71,430.90 mn Div Yield (%) 2.36

Volume

High Low 1,085.10 1,060.32 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 43.91

79.03 200.35 25.73 134.00 34.40 2.30 203.00 24.50 4.91 12.31 298.20 71.21 22.75

1.17 18.80 19.40 18.64 18.91 3.79 49.73 52.19 50.88 51.99 - 59.00 60.80 59.79 59.79 1.07 10.72 10.70 10.50 10.60 3.03 4.09 3.98 3.50 3.60 6.51 7.15 6.90 7.05 3.97 4.00 3.70 3.91 4.07 21.00 20.95 20.00 20.29 - 35.16 33.41 33.41 33.41 5.11 22.87 23.00 22.51 22.76 11.47 12.06 12.47 12.39 12.39 33.44 75.40 74.90 72.00 74.90 3.09 87.81 88.50 86.76 87.11 3.34 54.70 56.50 54.95 56.50 4.29 51.05 53.37 51.30 51.38 0.63 6.19 6.24 6.10 6.19 8.89 84.60 84.00 81.01 81.93 22.03 60.99 61.50 58.76 59.05 30.83 2729.28 2860.00 2655.00 2806.71 3.46 24.53 25.48 24.20 24.20 - 10.25 10.44 9.81 10.01 0.90 6.09 6.20 6.09 6.17 4.28 44.50 44.00 44.00 44.00 6.59 2.93 2.90 2.90 2.90 1.35 2.98 2.81 2.81 2.81 1.14 12.71 13.26 12.33 12.80 7.22 11.11 11.30 10.91 11.05 - 65.39 65.48 62.31 65.26 5.96 6.00 5.61 5.90 368.18 42.38 40.50 40.50 40.50 6.08 50.75 48.22 48.22 48.22 7.51 8.00 7.85 7.98

% Change -0.70 5-Day High 1,118.41 5-Day Low 1,060.80

GENERAL INDUSTRIALS Open 1,076.90 Turnover 198,843 P/E (x) 2.98

PERSONAL GOODS

Close Chg 0.07 -0.82 0.12 -0.10 -0.98 -0.15 -0.03 0.01 -0.06 -1.16 -0.02 -0.09 0.02 0.02 -0.08 -0.01 -0.03 0.03 -1.04 -0.08 -0.10 -0.01

57.62

FOOD PRODUCERS Open 1,748.44 Turnover 402,010 P/E (x) 41.19

Performance of SR Construction and Materials Index High Low 1,044.24 1,003.45 Total cos Defaulter cos P/BV (x) ROE (%) 0.57 7.10

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

Performance of SR Food Producers Index

CONSTRUCTION AND MATERIALS Open 1,026.43 Turnover 30,681,739 P/E (x) 8.06

40 15

2011 Div BR (%) (%)

HOUSEHOLD GOODS

Change -7.77 Market cap 10,682.10 mn Div Yield (%) 8.43

Last 60 days High Low

Volume

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

Performance of SR Industrial Metals and Mining Index Open 1,110.62 Turnover 98,501 P/E (x) 3.67

% Change -1.17 5-Day High 732.48 5-Day Low 716.27

AUTOMOBILE AND PARTS

Company

High Low 1,647.20 1,576.88 Total cos Defaulter cos P/BV (x) ROE (%) 3.44 35.00

Agritech Limited 3924 8.40 Bawany Air 68 65.08 BOC (Pak) 250 13.94 Clariant Pak 273 7.15 Dawood Hercules 1203 8.71 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Engro Corporation Ltd 3277 11.79 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 11.16 Fauji Fert.Bin Qasim 9341 8.14 Gatron Ind 384 2.73 Ghani Gases Ltd 725 9.27 ICI Pakistan 1388 8.77 Lotte Pakistan 15142 5.59 Mandviwala 74 Nimir Ind Chemical 1106 Pak Gum 42 Shaffi Chemical 120 Sitara Chem Ind 214 9.77 Sitara Peroxide 551 14.89 United Distributors 92 Wah-Noble 90 7.50

Japan Power Generation Limited

Performance of SR Industrial Transportation Index

Close Change 1,635.39 -4.08 Listed cap Market cap 65,194.15 mn 1,253,587.46 mn Payout (%) Div Yield (%) 55.94 4.74

Performance of SR Chemicals Index Open 1,594.98 Turnover 78,389,287 P/E (x) 9.84

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,639.46 Turnover 13,640,895 P/E (x) 11.79

KSE 30 Index

2010 Div BR (%) (%) 20 30

20B -

% Change -0.35 5-Day High 989.66 5-Day Low 979.88 2011 Div BR (%) (%) 15 -

# Extraordinary General Meeting

OTHER SECTORS Symbols

Open

Pakistan Cables 54.34 TRG Pakistan Ltd. 3.58 Murree Brewery Co. 93.05 Shakarganj Food 1.65 Shezan International 149.95 Grays of Cambridge 48.2 Pak Tobacco 121.98 Shifa Int.Hospitals 32.8 Eye Television 21.37 Media Times LtdSPOT 35.67 P.I.A.C.(A) 2.47 AKD Capital Limited 48.53 Pace (Pak) Ltd. 3.22 Netsol Technologies 24.79 Pak Telephone 2.39

High 55 3.68 90.55 1.32 157.43 48.2 126.5 33.8 22 37.44 2.59 49 3.25 26.02 2.45

Low Close 54 3.51 90 1.32 147.01 48 118.25 31.21 20.6 33.89 2.42 47 2.94 24.79 2.43

54.21 3.55 90 1.32 148.46 48 121 31.21 21.03 33.89 2.47 48.78 2.98 25.39 2.45

Change -0.13 -0.03 -3.05 -0.33 -1.49 -0.2 -0.98 -1.59 -0.34 -1.78 0 0.25 -0.24 0.6 0.06

Vol 2944 3172021 25210 500 61277 150 6474 135 68283 767 118789 11724 1516452 3112908 1001

Wednesday, January 19, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,198.06 Turnover 7,681,582 P/E (x) 6.39 Paid up Cap(mn)

Company

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

High Low 1,222.88 1,170.37 Total cos Defaulter cos P/BV (x) ROE (%) 0.82 12.84

Open

High

Low

Close Chg

78 4.95 37740 13.34 3000 0.68 8606 6175 -

80.00 20.24 2.37 3.01 4.51

80.70 20.65 2.42 3.10 4.65

79.85 19.83 2.27 2.84 4.00

80.25 20.01 2.30 2.89 4.06

Close 1,181.72 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume

0.25 -0.23 -0.07 -0.12 -0.45

1301 5770684 334435 1575162 1253779

Change -16.34 Market cap 81,830.96 mn Div Yield (%) 9.79

102.00 20.65 2.67 3.45 4.65

76.50 18.21 2.12 2.40 3.35

% Change -1.36 5-Day High 1,198.06 5-Day Low 1,127.55

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

2011 Div BR (%) (%)

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

204 6.36 369 6.07 279 8.98 457 7.04 1250 400 3.34 718 17.09 791 16.06 3000 46.49 250 1.96 350 303 6.49 252 4.05 253 4.59 400 2.30

Paid up Cap(mn)

Open

High

Low

Genertech 198 Hub Power 11572 7.30 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 10.67 Kohinoor Power 126 2.74 Kot Addu Power 8803 5.41 Nishat Chunian Power Ltd 3673 3.69 Nishat Power Ltd 3541 28.56 Sitara Energy Ltd 191 3.54 Southern Electric 1367 Tri-star Power XD 150 -

Company

0.77 40.87 1.70 3.11 19.24 4.49 45.06 17.35 18.18 19.00 2.28 0.99

0.90 41.20 1.89 3.17 19.64 4.50 45.33 17.47 18.25 19.00 2.33 1.18

0.78 39.75 1.59 3.02 19.00 4.50 44.50 16.71 17.50 18.99 2.25 0.96

Close 1,376.54 Listed cap 95,369.29 mn Payout (%) 104.13

Change -31.26 Market cap 112,839.06 mn Div Yield (%) 6.65

Close Chg

Volume

Last 60 days High Low

0.86 39.87 1.82 3.03 19.21 4.50 44.52 16.82 17.71 19.00 2.27 0.96

44277 1599839 14371296 1011309 659 172 1231630 1828708 2084153 16258 282400 5771

1.45 41.20 2.25 3.55 25.25 5.39 45.85 18.01 18.70 21.49 2.80 1.75

0.09 -1.00 0.12 -0.08 -0.03 0.01 -0.54 -0.53 -0.47 0.00 -0.01 -0.03

0.65 33.15 1.40 2.04 17.95 4.01 38.92 11.60 12.81 17.98 2.05 0.72

% Change -2.22 5-Day High 1,407.79 5-Day Low 1,355.88

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

2011 Div BR (%) (%)

7.8R -

10.50 38.21 79.00 11.26 43.37 14.02 92.12 59.60 18.13 8.29 10.13 12.00 6.60 7.39 7.00

-0.37 -0.49 0.65 0.06 -1.03 -0.68 -0.88 1.07 -0.81 0.29 0.34 -0.21 -0.10 0.15 -0.09

122466 6378 801 5299 79133 107605 2601 43879 933985 7401 15386 5424 2448 2662 4600

12.75 40.00 83.00 12.00 48.63 15.50 99.88 60.90 19.40 8.50 10.75 12.93 7.70 8.10 7.40

10.00 31.00 50.10 9.65 39.48 10.60 79.00 53.19 14.00 5.56 2.10 8.38 6.15 6.01 4.71

Company

Paid up Cap(mn)

East West Life EFU Life Assurance New Jub Life Insurance

High Low 923.90 882.51 Total cos Defaulter cos P/BV (x) ROE (%) 3.86 3.85

Close 895.00 Listed cap 2,290.72 mn Payout (%) 355.53

Company

High Low 1,658.52 1,583.66 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 11.41

Change 77.44 Market cap 35,396.50 mn Div Yield (%) 6.59

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 8390

8.63 3.50

27.66 22.11

29.04 23.21

27.80 22.09

29.00 1.34 23.21 1.10

1677274 1819081

34.75 29.15

Sui North Gas Sui South Gas

25.71 19.95

% Change 4.90 5-Day High 1,657.24 5-Day Low 1,543.24

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

BANKS Performance of SR Banks Index Open 1,241.92 Turnover 37,022,936 P/E (x) 8.74 Paid up Cap(mn)

Company

Allied Bank Limited 7821 7.00 Askari Bank 6427 8.86 Bank Alfalah 13492 14.79 Bank AL-Habib 7322 8.25 Bank Of Khyber 5004 5.48 Bank Of Punjab 5288 BankIslami Pak 52801025.00 Faysal Bank 7309 5.06 Habib Bank Ltd 10019 7.84 Habib Metropolitan Bank 8732 8.51 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd 7602 10.63 Meezan Bank 6983 9.95 Mybank Ltd 5304 National Bank 13455 6.85 NIB Bank 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 12.69 Summit Bank Ltd 5000 United Bank Ltd 12242 8.12

Open 72.88 18.78 11.47 38.42 4.14 9.51 4.15 15.95 126.79 27.90 2.57 2.50 244.64 19.08 3.07 78.83 3.07 2.05 2.80 7.51 8.43 4.03 69.52

High

High Low Close 1,254.66 1,218.58 1,227.89 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.22 13.94 40.49 Low

Close Chg

Last 60 days High Low

Volume

73.50 71.63 72.01 -0.87 19.25 18.50 18.60 -0.18 11.93 11.36 11.54 0.07 38.50 38.00 38.28 -0.14 4.19 4.11 4.11 -0.03 9.64 9.35 9.39 -0.12 4.28 3.96 4.10 -0.05 16.40 15.61 15.69 -0.26 127.44 125.45 125.58 -1.21 28.00 27.68 27.83 -0.07 2.69 2.50 2.54 -0.03 2.60 2.29 2.30 -0.20 246.30 238.00 239.77 -4.87 19.40 18.80 18.81 -0.27 3.40 2.81 3.17 0.10 79.54 78.25 78.41 -0.42 3.20 3.05 3.13 0.06 2.12 2.02 2.06 0.01 2.85 2.75 2.77 -0.03 7.65 7.30 7.50 -0.01 8.45 8.12 8.25 -0.18 4.63 3.95 4.31 0.28 69.99 68.50 69.06 -0.46

59533 3497227 13988767 322087 33330 3709471 338873 1231881 75393 76278 545930 541312 1155122 37426 699874 2768409 4316033 87236 1549836 118852 14440 2764907 1855626

Change -14.02 Market cap 735,909.86 mn Div Yield (%) 4.63

74.00 19.25 11.93 39.49 4.70 10.59 4.50 17.10 128.97 29.28 3.00 2.80 250.48 20.30 3.40 80.61 3.35 2.65 3.05 8.48 9.04 4.63 70.65

54.02 14.96 8.91 31.44 2.76 8.05 2.77 13.60 100.05 19.06 2.32 2.16 196.00 14.50 1.90 63.53 2.59 1.51 2.50 6.24 6.15 2.70 52.80

% Change -1.13 5-Day High 1,242.05 5-Day Low 1,216.39

2010 Div BR (%) (%)

Open

High

Low

Close Chg

Volume

Last 60 days High Low

455 850 43.74 627 30.79

2.41 76.01 45.03

2.45 79.80 47.25

2.40 75.50 45.75

2.41 0.00 76.99 0.98 45.88 0.85

190 21078 9000

4.62 86.95 49.31

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 826.44 Turnover 2,005,986 P/E (x) 13.53 Paid up Cap(mn)

Company Adamjee Insurance

1237 26.94

Open 94.65

High 95.40

High Low 836.86 805.23 Total cos Defaulter cos P/BV (x) ROE (%) 0.70 5.20 Low 92.50

Close Chg 92.96 -1.69

Close 812.62 Listed cap 11,111.34 mn Payout (%) 79.54

Volume 665916

Change -13.82 Market cap 49,789.72 mn Div Yield (%) 5.88

Last 60 days High Low 96.35

66.50

% Change -1.67 5-Day High 826.44 5-Day Low 798.53

2010 Div BR (%) (%) 10

2011 Div BR (%) (%)

UP TO 100 VOLUME

Symbols HUSS BAWS ULEVER SANE PAKL AASM RMPL TSMF LAKST TSBL NBF DMTM ICL SJTM SSML WYETH JOPP LMSM AGSML ALTN AZTM DATM FTM FTSM HAJT ILTM MSOT MUBT PPVC FZTM TRPOL GAIL PHDL MOON SMCPL UPFL DMTX FCONM GUTM HINO KOHS CLOV DIIL PRET RCML AABS JKSM SAPT SFL UVIC AZAMT GAMON GUSM GVGL ICCT IDYM JVDC MERIT PSEL RUPL YOUW

2010 Div BR (%) (%)

2.08 62.75 39.95

20R -

% Change 1.19 5-Day High 895.00 5-Day Low 829.67 2011 Div BR (%) (%) -

FINANCIAL SERVICES Open 444.07 Turnover 9,345,841 P/E (x) 11.98 Paid up Cap(mn)

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

High Low 452.89 421.01 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 0.91

Open

High

Low

225 1.59 360 3.64 450 13.93 3750 5.22 150 1.34 250 441 575 215 2121 17.44 600 732.00 2849 3166 626 0.65 7633 508 500 7.92 1000 29.25 1000 821 4.65 775 452 514 11.84 586 3.05

0.69 18.49 27.91 29.66 1.49 2.20 2.65 7.40 2.01 2.90 7.31 0.67 3.48 1.90 12.60 4.20 30.20 7.27 5.01 6.53 2.15 0.70 3.32 2.00

0.76 18.67 28.00 30.20 1.50 2.29 2.95 7.23 2.50 2.94 8.00 0.76 3.79 1.90 12.79 4.37 31.50 7.30 5.09 6.35 2.20 0.90 3.40 2.00

0.65 17.90 27.13 28.22 1.49 1.91 2.40 6.57 1.90 2.61 7.12 0.66 3.27 1.81 11.91 4.10 28.90 6.91 4.76 6.21 2.05 0.68 2.61 1.55

Close Chg

Close 427.96 Listed cap 30,336.44 mn Payout (%) 99.56

Volume

Change -16.10 Market cap 19,802.81 mn Div Yield (%) 3.18

0.70 18.50 27.31 28.42 1.50 2.23 2.45 7.17 2.50 2.79 7.32 0.67 3.35 1.82 12.03 4.12 29.48 7.02 4.88 6.33 2.09 0.78 2.96 1.95

0.01 0.01 -0.60 -1.24 0.01 0.03 -0.20 -0.23 0.49 -0.11 0.01 0.00 -0.13 -0.08 -0.57 -0.08 -0.72 -0.25 -0.13 -0.20 -0.06 0.08 -0.36 -0.05

7002 34851 90150 6328692 36871 14130 107503 111 1503 9130 120235 4535 142530 41683 7968228 228952 23889 150854 141530 693 151856 21506 33681 14395

Last 60 days High Low

2010 Div BR (%) (%)

0.95 19.98 28.95 30.20 2.14 2.75 3.80 10.70 2.95 3.90 8.10 1.09 4.69 2.40 14.05 5.38 32.37 7.59 5.43 7.29 2.70 0.97 4.99 2.98

30 11.5 10 -

0.33 16.00 24.40 22.80 1.10 1.28 2.00 6.57 0.18 1.50 6.16 0.53 2.95 1.05 9.48 2.16 25.11 5.76 3.82 5.02 1.61 0.46 1.67 1.26

20B 20B 10B -

% Change -3.63 5-Day High 444.07 5-Day Low 399.05 2011 Div BR (%) (%) -

Performance of SR Equity Investment Instruments Index

Company

Paid up Cap(mn)

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

264 1375 210 525 75 780 200 113 524 581 760 397 1008 202 3180 1186 283 1200 184 125 1000 2835 2841 872 340 545 454 298 264

High Low 1,448.95 1,394.19 Total cos Defaulter cos P/BV (x) ROE (%) 0.48 2.21

Open

High

Low

10.25 7.42 5.23 1.81 2.37 3.66 1.63 3.44 14.56 0.67 2.49 2.67 6.02 13.91 75.00 19.61 1.26 7.45 19.60 5.40 2.18 9.31 7.75 2.45 7.50 4.78 3.83 1.73

1.60 8.99 3.20 4.68 3.30 1.72 0.60 3.00 2.45 2.17 3.22 8.14 6.72 1.66 6.00 5.40 1.75 7.61 2.05 1.01 7.69 14.82 6.90 1.10 1.59 7.10 9.58 1.85 6.07

1.68 9.00 3.14 4.51 3.60 1.85 0.65 2.90 2.65 2.29 3.60 8.10 7.08 1.53 6.10 5.55 2.24 8.08 2.10 1.15 7.60 14.92 7.00 1.14 1.50 7.50 9.75 2.30 6.20

1.57 8.90 2.95 4.50 3.60 1.57 0.56 2.75 2.32 2.11 3.29 8.00 6.98 1.53 5.82 5.31 1.68 7.75 1.75 1.01 7.25 14.50 6.64 1.07 1.15 7.50 9.55 1.85 6.05

Close 1,418.25 Listed cap 29,771.58 mn Payout (%) 104.74

Change 0.85 Market cap 19,108.64 mn Div Yield (%) 7.46

Close Chg

Volume

Last 60 days High Low

1.64 8.90 3.14 4.50 3.60 1.61 0.65 2.75 2.33 2.12 3.48 8.00 6.98 1.53 6.00 5.49 1.72 7.75 1.96 1.08 7.50 14.53 6.82 1.08 1.20 7.50 9.75 1.99 6.08

104 32952 3200 10149 4270 3379 17061 73000 50703 22241 3103592 8343 201000 584 4779522 1486114 1006 24456 2423 2489 66010 622142 181982 18881 5423 1440 1316 8094 12117

2.00 9.15 3.80 4.80 4.20 2.79 1.10 3.49 2.98 2.39 3.80 9.00 7.10 3.69 6.10 5.56 2.60 8.25 2.50 2.00 7.80 15.06 7.14 1.20 2.54 8.49 10.29 2.70 6.64

0.04 -0.09 -0.06 -0.18 0.30 -0.11 0.05 -0.25 -0.12 -0.05 0.26 -0.14 0.26 -0.13 0.00 0.09 -0.03 0.14 -0.09 0.07 -0.19 -0.29 -0.08 -0.02 -0.39 0.40 0.17 0.14 0.01

1.18 6.05 2.10 2.82 2.89 0.90 0.16 1.73 1.05 1.30 2.56 5.11 5.80 1.06 2.65 2.31 1.26 5.15 0.56 0.46 5.00 7.90 3.52 0.81 0.50 5.01 8.50 1.15 4.71

2010 Div BR (%) (%) 18.5 5 2.2 0 1.2 5 17 11 21 3 5 10 2.8 15.5 3 10 20 10 3 1 18.2 17 5 12.5

10B -

% Change 0.06 5-Day High 1,418.25 5-Day Low 1,351.61 2011 Div BR (%) (%) -

High 11.98 5.69 4648.00 5.55 3.20 30.70 2320.00 1.44 300.00 3.23 3.92 7.84 29.37 3.74 1.85 1015.00 8.60 2.25 4.60 11.00 2.43 0.38 4.00 1.55 0.70 143.00 18.81 1.29 3.00 410.00 0.94 4.88 39.24 12.05 7.95 1200.00 2.89 1.99 19.31 127.45 4.75 72.00 10.61 29.50 43.30 97.00 5.20 105.00 125.00 3.75 2.64 2.43 6.85 26.78 1.57 188.01 62.65 26.90 174.99 37.25 1.67

Low

11.97 5.68 4352.00 5.54 2.50 27.87 2135.00 0.92 277.25 2.49 3.50 7.35 29.37 2.24 1.85 1015.00 8.60 2.00 4.60 11.00 2.43 0.37 4.00 1.55 0.69 143.00 18.81 1.29 3.00 399.99 0.54 4.40 36.01 10.20 6.98 1100.00 2.88 1.57 19.31 123.01 3.11 72.00 10.51 29.25 43.30 97.00 5.20 104.99 125.00 3.74 2.63 2.39 6.85 26.78 1.49 188.01 62.00 26.75 174.99 37.25 1.65

11.97 5.69 4504.29 5.54 2.50 30.61 2255.00 1.21 294.00 2.49 3.92 7.35 29.37 2.24 1.85 1015.00 8.60 2.25 4.60 11.00 2.43 0.37 4.00 1.55 0.69 143.00 18.81 1.29 3.00 403.83 0.54 4.45 37.63 10.20 6.98 1186.67 2.88 1.57 19.31 127.45 3.35 72.00 10.61 29.33 43.30 97.00 5.20 104.99 125.00 3.75 2.63 2.39 6.85 26.78 1.49 188.01 62.00 26.75 174.99 37.25 1.65

Change

Vol

0.29 -0.01 12.36 0.29 -1.00 1.33 35.01 0.31 3.89 0.24 0.42 0.44 -1.54 -1.00 0.05 1.07 0.27 1.00 -0.96 -0.45 0.94 -0.03 1.00 0.06 0.09 -7.09 -0.89 0.54 0.75 3.82 -0.07 -0.15 0.25 -0.85 -0.08 31.67 0.53 0.12 -0.57 0.46 -0.45 1.51 -0.39 0.13 2.05 -0.99 -0.90 4.99 0.00 0.20 0.23 0.17 0.84 1.27 -0.08 -9.07 2.33 0.94 3.99 0.10 0.28

100 88 78 60 57 52 46 37 24 23 21 20 17 15 14 13 11 11 10 10 10 10 10 10 10 10 10 10 10 8 8 7 7 6 6 6 5 5 5 5 4 3 3 3 3 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1

Symbols

Open

FFBL-JAN

42.34

43.32

0.98 2895000

ANL-JAN

11.65

12.05

11.30

11.43

-0.22 1638500

FFC-JAN

149.43

156.90

148.00

154.87

5.44 1506500

ENGRO-JAN 218.37

220.00

214.22

215.73

-2.64

POL-JAN

342.40

334.00

339.73

High 44.00

Low 42.30

Change

Vol

842500

335.88

-3.85

31.89

32.24

30.45

30.86

-1.03

613000

PPL-JAN

226.40

230.50

226.00

228.13

1.73

377500

PSO-JAN

315.51

316.60

310.01

310.83

-4.68

334000

NML-JAN

70.04

70.40

68.60

69.28

-0.76

279500

DGKC-JAN

Open 1,417.40 Turnover 10,744,066 P/E (x) 21.82

Open 11.68 5.70 4491.93 5.25 3.50 29.28 2219.99 0.90 290.11 2.25 3.50 6.91 30.91 3.24 1.80 1013.93 8.33 1.25 5.56 11.45 1.49 0.40 3.00 1.49 0.60 150.09 19.70 0.75 2.25 400.01 0.61 4.60 37.38 11.05 7.06 1155.00 2.35 1.45 19.88 126.99 3.80 70.49 11.00 29.20 41.25 97.99 6.10 100.00 125.00 3.55 2.40 2.22 6.01 25.51 1.57 197.08 59.67 25.81 171.00 37.15 1.37

FUTURE CONTRACTS

EQUITY INVESTMENT INSTRUMENTS

2011 Div BR (%) (%)

20 - 20B - 66R 55 -63.46R 10 -

Performance of SR Financial Services Index

Company

Close 1,657.24 Listed cap 12,202.80 mn Payout (%) 66.79

25R 10B 20B -

Change 10.50 Market cap 10,431.02 mn Div Yield (%) 3.54

Performance of SR Gas Water and Multiutilities Index Open 1,579.80 Turnover 3,496,355 P/E (x) 10.14

10 10 -

LIFE INSURANCE

GAS WATER AND MULTIUTILITIES

10.05 38.10 78.60 11.20 43.00 14.00 92.00 56.75 18.00 7.65 9.90 11.76 6.55 7.25 6.86

Open 884.49 Turnover 30,268 P/E (x) 6.05

Performance of SR Electricity Index High Low 1,418.76 1,371.54 Total cos Defaulter cos P/BV (x) ROE (%) 1.47 9.35

10.50 39.45 80.00 11.41 45.00 14.60 95.80 60.05 19.10 8.30 10.64 12.10 6.70 7.39 7.20

Performance of SR Life Insurance Index

ELECTRICITY Open 1,407.79 Turnover 22,476,482 P/E (x) 15.67

10.87 38.70 78.35 11.20 44.40 14.70 93.00 58.53 18.94 8.00 9.79 12.21 6.70 7.24 7.09

800000

NBP-JAN

79.21

79.45

78.60

78.79

-0.42

262000

MCB-JAN

245.50

248.00

239.60

240.94

-4.56

196000

PTC-JAN

20.31

20.50

20.00

20.10

-0.21

117500

AICL-JAN

95.39

95.45

93.03

93.52

-1.87

90000

NETSOL-JAN 24.73

25.96

24.80

25.56

0.83

87500

LUCK-JAN

77.47

77.77

76.26

76.52

-0.95

66500

BOP-JAN

9.60

9.69

9.46

-0.14

44500

UBL-JAN

69.53

69.52

68.85

69.20

-0.33

41000

HUBC-JAN

41.00

40.25

40.00

-1.00

29500

OGDC-JAN

175.17

177.00

174.20

174.74

-0.43

28000

NCL-JAN

24.00

0.00

8000

AICL-CFEB

96.45

0.00

94.68

-1.77

0.00

ZERO VOLUME Symbols

Open

High

Low

ALICO

18.39

18.00

Change -0.39

0.00

0.39

0.00

0.05

0.00

-1.00

0.00

ALQT

6.61

7.00

ARM

15.15

15.20

ASIC

17.00

16.00

BIFO

48.15

48.13

-0.02

BPBL

1.20

-0.20

5.10

4.10

-1.00

FZCM

75.89

74.99

-0.90

0.00

GLAT

7.50

8.50

1.00

0.00

LEUL

1.52

1.70

0.18

0.00

MQTM

9.25

9.30

0.05

0.00

15.30

NATM

10.10

14.30 11.10

1.00

0.00

1.00

CPMFI

MUCL

1.00

Vol

14.30 11.10

0.00 0.00

-1.00

0.00

1.00

0.00

REDT

0.98

0.90

-0.08

0.00

SALT

67.80

65.00

-2.80

0.00

SASML

10.00

9.50

-0.50

0.00

2.69

2.65

-0.04

SCLL

0.00

SGPL

1.20

0.99

-0.21

SHDT

13.20

13.19

-0.01

0.00

SRSM

2.41

2.50

0.09

0.00

BOARD MEETINGS

Fauji Fertiliser Bin Qasim Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

77.88

Support 1

12,600.10

MA (5-day)

12,522.86

Support 2

12,542.05

MA (10-day)

12,404.16

Resistance 1

12,742.30

MA (100-day)

10,849.75

Resistance 2

12,826.45

10,455.18

Pivot

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

32.06

TFD Research

29.1

Brokerage House

Technical Analysis 81.65 39.25 32.09 30.48

Fair Value

Rs Recommendations

*Arif Habib Ltd

Buy

Accumulate

AKD Securities Ltd

43.29

Buy

Negative

TFD Research

14.01

Positive

TFD Research

36.85

Positive

11.8

Leverage Position Free Float Shares (mn) 326.94 Free Float Rs (mn) 14,100.86 ** NOI Rs (mn) 144.43 Mean 42.88

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

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

Leverage Position

64.42 11.16 9.46 9.73

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

674.58 7,784.63 N/A 11.58

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

FFBL is currently in an overbought condition.

average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into INDEX (bullish). Trend forecasting

Brokerage House

Fair Value

Rs Recommendations

Brokerage House

*Arif Habib Ltd

164.1

Buy

*Arif Habib Ltd

AKD Securities Ltd

122.1

Accumulate

AKD Securities Ltd

Negative

TFD Research

114.33

90.36 137.76 113.04 111.19

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

Fair Value

Rs Recommendations

Brokerage House

24.7

Buy

*Arif Habib Ltd

24.04

Buy

AKD Securities Ltd

Positive

TFD Research

30.5

373.19 57,463.78 526.30 151.52

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

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

61.69 19.53 19.06 19.44

585.00 11,705.84 80.44 20.18

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

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

182.55 5,586.02 52.44 31.22

* Target price for Jun-11 & **Net Open Interest in future market DGKC closed down -1.16 at 30.60. Volume was 98 per cent above aver-

DGKC is currently 13.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DGKC (mildly bullish). Trend forecasting oscillators are currently bullish on DGKC.

Fair Value 224 238.8 208.75

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

52.73 30.58 27.59 26.91

Pakistan Petroleum Ltd

Rs Recommendations

Brokerage House

66.96 208.18 182.91 186.05

Fair Value

Hold

*Arif Habib Ltd

253.2

Buy

TFD Research

239.15

Rs Recommendations Buy Neutral

Neutral

Technical Outlook

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

147.48 31,645.12 205.09 216.35

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

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

70.15 224.10 199.29 196.85

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

247.57 56,384.11 74.54 226.99

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

FFC closed up 5.30 at 153.98. Volume was 665 per cent above average PTC closed down -0.23 at 20.01. Volume was 223 per cent above average ENGRO closed down -2.99 at 214.57. Volume was 204 per cent above aver- PPL closed up 2.18 at 227.75. Volume was 364 per cent above average (trending) and Bollinger Bands were 336 per cent wider than normal.

(trending) and Bollinger Bands were 16 per cent narrower than normal. FFC is currently 38.4 per cent above its 200-day moving average and is PTC is currently 3.0 per cent above its 200-day moving average and is disdisplaying an upward trend. Volatility is extremely high when compared to playing an upward trend. Volatility is extremely high when compared to the the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FFC (bullish). Trend forecasting oscillators are currently bullish on FFC. Momentum oscillator is currently reflect moderate flows of volume into PTC (mildly bullish). Trend forecastindicating that FFC is currently in an overbought condition.

ing oscillators are currently bullish on PTC.

(trending) and Bollinger Bands were 29 per cent narrower than normal. age (trending) and Bollinger Bands were 167 per cent wider than normal. ENGRO is currently 15.4 per cent above its 200-day moving average and PPL is currently 15.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to is displaying an upward trend. Volatility is extremely high when compared the average volatility over the last 10 trading sessions. Volume indicators to the average volatility over the last 10 trading sessions. Volume indicareflect volume flowing into and out of PPL at a relatively equal pace. Trend tors reflect moderate flows of volume into ENGRO (mildly bullish). Trend forecasting oscillators are currently bullish on PPL. Momentum oscillator is forecasting oscillators are currently bullish on ENGRO.

Date

Time

Invest Capital Investment Bank Ltd MirzaSugar Mills Limited Pangrio Sugar Mills Limited Dandot Cement Company Ltd Latif Jute Mills Fatima Fertilizer Company Limited Pakarab Fertilizers Limited Ideal Energy Limited Pakistan Tobacco Co Invest Capital Investment Husein Industries Limited Siemens (Pakistan) Engineering Co Hinopak Motors Limited Pakistan Petroleum Ltd Meezan Islamic Fund Meezan Islamic Income Fund Meezan Capital Protected Fund-1 Meezan Balanced Fund Fauji Fertiliser Bin Qasim Ltd Attock Refinery Limited

19-Jan 19-Jan 19-Jan 19-Jan 20-Jan 20-Jan 20-Jan 21-Jan 21-Jan 22-Jan 22-Jan 23-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 25-Jan 27-Jan

11:00 10:30 12:00 3:30 12:00 11:30 3:30 10:00 10:30 11:00 3:00 3:30 12:00 10:00 2:00 2:00 2:00 2:00 10:30 12:00

TECHNICAL LEVELS

age and Bollinger Bands were 39 per cent narrower than normal.

Technical Outlook

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

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

Engro Corporation

Technical Outlook

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

currently bullish on BAFL.

Pakistan Telecommunication Co Ltd

Fauji Fertiliser Co

Technical Analysis

Company

Technical Outlook

ly indicating that INDEX is currently in an overbought condition.

KSE 100 INDEX is currently 21.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the

Rs Recommendations

Hold

10.25

oscillators are currently bullish on INDEX. Momentum oscillator is current-

port level at 12,542.05.

Fair Value

*Arif Habib Ltd AKD Securities Ltd

FFBL closed up 0.98 at 43.13. Volume was 675 per cent above average BAFL closed up 0.07 at 11.54. Volume was 345 per cent above average (trending) and Bollinger Bands were 128 per cent wider than normal. (trending) and Bollinger Bands were 14 per cent narrower than normal. FFBL is currently 41.6 per cent above its 200-day moving average and is BAFL is currently 18.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FFBL (bullish). Trend forecasting oscillators are strong flows of volume into BAFL (bullish). Trend forecasting oscillators are currently bullish on FFBL. Momentum oscillator is currently indicating that

Index will continue to find its 1st support level at 12,600.10 and 2nd sup-

Brokerage House

Sell Accumulate

Technical Outlook

12,684.25

resistance level at 12,742.30 and 2nd resistance level at 12,826.45, while

Rs Recommendations

RSI (14-day) MA (10-day) KSE 100 INDEX closed down -23.78 points at 12,658.16. Volume was 146 MA (100-day) per cent above average and Bollinger Bands were 51 per cent wider than MA (200-day) MA (200-day)

Fair Value

*Arif Habib Ltd AKD Securities Ltd

Dera Ghazi Khan Cement Co Ltd

Bank Al-Falah Ltd

currently indicating that PPL is currently in an overbought condition.

Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele

RSI 1st 2nd (14-day) Support 49.21 3.10 3.00 66.89 71.25 70.50 42.36 61.00 60.25 64.37 27.70 26.95 57.98 26.95 26.60 64.48 91.85 90.70 68.82 18.30 18.05 67.03 11.10 10.80 74.54 374.00 370.50 77.14 143.40 141.25 64.42 11.30 11.05 63.55 3.95 3.80 44.50 9.30 9.15 48.98 2.05 1.95 52.73 29.80 28.95 55.35 3.10 3.00 44.81 2.55 2.45 49.27 42.60 41.80 56.50 75.05 73.15 66.96 211.90 209.20 59.05 15.40 15.10 57.49 5.10 5.00 81.65 42.25 41.40 90.36 148.80 143.65 62.01 124.90 124.15 67.58 39.35 38.80 68.52 154.25 152.85 82.81 294.25 290.25 55.00 4.05 3.95 57.62 1.65 1.45 47.97 2.45 2.40 44.21 11.70 11.35 69.12 44.25 43.95 56.88 2.95 2.90 76.72 15.45 15.25 52.93 75.40 74.70 63.83 236.40 233.05 40.37 2.70 2.60 66.33 77.90 77.45 57.90 23.65 23.45 90.65 24.80 24.15 58.80 3.05 3.00 48.47 1.85 1.80 66.33 68.10 67.25 57.37 173.05 171.55 57.19 2.85 2.75 48.88 2.00 1.95 55.96 2.40 2.30 54.40 7.05 6.95 77.83 330.30 326.40 70.15 225.20 222.60 50.45 70.80 70.40 69.23 307.00 304.45 61.69 19.65 19.35 71.60 215.90 214.15 63.83 28.20 27.35 55.26 13.45 13.25 64.09 22.45 21.70 53.63 2.25 2.20 48.63 3.50 3.40 64.84 68.35 67.70 54.31 2.80 2.70

1st

2nd

Resistance 3.40 3.55 73.15 74.25 62.50 63.25 29.70 30.95 27.85 28.35 94.75 96.50 19.05 19.55 11.85 12.30 384.00 390.50 147.25 148.95 11.85 12.20 4.25 4.45 9.55 9.75 2.25 2.40 31.85 33.10 3.30 3.40 2.80 2.95 44.60 45.80 79.35 81.75 218.65 222.70 16.20 16.70 5.30 5.40 44.00 44.85 157.60 161.25 126.85 128.15 40.80 41.70 157.70 159.85 301.90 305.65 4.30 4.45 1.95 2.05 2.65 2.75 12.55 13.10 45.05 45.60 3.10 3.20 15.90 16.15 77.40 78.70 244.70 249.65 2.85 2.95 79.20 80.00 24.25 24.65 26.00 26.65 3.20 3.30 2.00 2.10 70.00 71.05 176.90 179.25 3.20 3.35 2.15 2.25 2.55 2.65 7.25 7.40 339.80 345.40 230.05 232.30 71.80 72.40 313.95 318.35 20.50 21.00 220.70 223.75 29.40 29.85 14.05 14.40 23.60 23.95 2.40 2.50 3.65 3.75 69.85 70.65 3.05 3.20

Pivot 3.25 72.40 61.75 28.95 27.50 93.60 18.80 11.55 380.50 145.10 11.60 4.10 9.45 2.20 31.05 3.20 2.70 43.80 77.45 215.95 15.90 5.20 43.10 152.45 126.15 40.25 156.35 297.95 4.20 1.75 2.60 12.25 44.80 3.05 15.70 76.70 241.35 2.80 78.75 24.05 25.40 3.15 1.95 69.15 175.40 3.05 2.10 2.50 7.20 335.90 227.45 71.40 311.40 20.15 218.95 28.60 13.85 22.85 2.35 3.60 69.20 2.95

Wednesday, January 19, 2011

Let edu be Fed subject, says body ISLAMABAD: National Assembly Standing Committee on Education endorsed the stance of Ministry of Education for retaining the education as the federal subject and decided to forward the recommendations to the Parliamentary Constitutional Reforms Committee. In the meeting held under the Chairmanship of Chaudhry Abid Sher Ali, the members unanimously observed that the devolution of curriculum, syllabus and education policy will harm the national integrity and harmony. The committee members supported the provincial autonomy, however they said that the functioning of education sector should not be destroyed in the name of devolution. The committee showed its serious concern over the media reports of issuing degrees to six students without passing the exam by the Quaid-e-Azam University. Vice Chancellor, QAU Dr Masoom Yasinzai confirmed that no degree has been issued to these students and the matter is under investigation.

The committee asked the VC to finalise the case within two weeks and a report be submitted to the committee as much time has already been elapsed and further delay will harm the future of students. The committee directed the concerned that the complainant professor may also not be subjected to persecution. The committee said that appointments in the university may be made on merit and according to the rules and following the procedure. The meeting was attended by Tasneem Siddiqui, Begum Nuzhat Sadiq, Shakeela Khanam Rashid, Dr Nadeem Ehsan, Begum Saadat Qaim Khani, Justice (R) Fakhar-un-Nisa Khokher, Rana Afzaal Hussain, Mamoona Hashmi, and Farzana Mushtaq Ghani. The officials of Ministry of Education, Federal Directorate of Education, Quaid-e-Azam University, Pakistan Academy of Letters and Higher Education Commission (HEC) were also present in the meeting.-APP

Iqra University Convocation 2011 held

IU educatees savour success KARACHI: Around 250 successful candidates were conferred degrees ranging from graduation to masters in the Convocation2011 of Iqra University held at its main campus on Tuesday. An official of the institution said that those who excelled in various disciplines were decorated with gold medals by Dr Nadeem-ul-Haq, Deputy Chairman of the Planning Commission, and Chancellor Iqra University Hunaid Lakhani. Speaking at the 7th convocation ceremony, Dr Nadeem-ulHaq said that this is an era of high level of scientific and technological education and globalisation. He said he was glad to know that Iqra University has moved significantly ahead in its PhD programme and at present more than 80 students are actively pursuing their PhD programme from Karachi campus of Iqra University. The Chancellor Iqra

University, Hunaid Hussain Lakhani, said that we have gathered here to honour our students. It's an honour for us to celebrate your (students) dedication, commitment, and achievement, he added. He also congratulated students on the conferment of the degrees and thanked the faculty members and parents present in convocation. Dr Nadeem-ul-Haq said that by improving technology and automation, Iqra University has brought in cost-efficiency and despite zero financial support from the government it did not increase its fee from last several years. He said that higher education is a field in which the government alone cannot shoulder the entire burden and that the society in the shape of private educational institutions must come forward and in partnership with the government.-APP

Annual Status of Education Report (ASER) Pakistan 2010' has unveiled that more than half of the children in the public or private education system cannot read even a sentence in Urdu or in their local language. The report based on a survey to assess the learning outcomes of children in school age (3-16 years) was conducted in 32 districts of rural areas across the country. Arithmetic achievement is even poorer as only 44 per cent children can do two digit subtraction sums while the ability to read English text is a nightmare for many as only 32 percent children can read sentences in English. The ASER survey revealed that about 20 per cent children are out-of-school. Of those attending schools, some 71 per cent are attending government schools, 27 per cent private schools and less than two per cent are either attending madras-

sah or other education facilities. The student' enrolment ratio falls sharply as they progress from Class I to Class X. According to the survey, 16.7 per cent of the total enrolled children were in Class I, while it dropped to 15.2 per cent at Class II, 14 per cent in Class III and enrolment dropped to just 3.3 per cent as the students reach Class X. In order to test mothers' literacy, this citizen-led survey accessed 54 per cent mothers and found that only 32 per cent mothers were able to read a simple paragraph from Level-I text, while the remaining 68 per cent fell in the illiterate category. The learning assessment of students' class-wise ability to read Urdu and their own language showed that only 44.4 per cent of Class-III students were able to read sentences from Level-I text, while nearly 80 per cent could not read a simple Class-II level story.

BUMDCâ&#x20AC;&#x2122;s 1st moot in Feb

ICMAP fellow elected VP SAFA

KARACHI: Bahria University Medical and Dental College (BYMDC), Karachi plans to hold its first symposium on February 4-6, with the theme "Health and Education: Need for the Nation".

Prof Syed Tipu Sultan, Principal of the college and the Chairman Organising Committee of the Symposium in a statement on Tuesday invited doctors and medical students to submit abstracts of their research work to be presented during conference. The Scientific Committee of the Bahria University Medical and Dental College will hold the decision to accept or reject any abstract, in accordance to the standards set. The abstracts could be dispatched to Prof Mohammad Irfanullah Siddiqui, Chairman, Organising Committee.-APP

SALU pupils receive HEC scholarships KHAIRPUR: The Higher Education Commission (HEC) Islamabad has awarded scholarships to eight students of various Departments of SALU Khairpur.

This was announced by Director Research, Shah Abdul Latif University Khairpur here. The names of students who would receive scholarships are Saima Sabeeta, Subhana Bhatti, Lubna Parveen, and Saqib Ali Shah from Statistics Department, Ghulam Mustafa Khan and Zahid Ali Public Administration, Ghulam Mujtaba International Relations and Parvaiz Ali Economics Department. The scholarship amount is Rs65,330 per student and total amount is Rs5,22,640, Scholarship was awarded by 7th Scholarship Management Committee HEC Islamabad.APP

READ

TFD Report KARACHI: In the 72nd Assembly meeting of South Asian Federation of Accountants (SAFA) held in January 2011 at Chennai, India, Muhammad Rafi, a Fellow Member and Past President of ICMAP, has been elected as Vice President of SAFA - an apex body of South Asian Association for Regional Cooperation (SAARC).

HYDERABAD: Chairman Higher Education Commission Dr Javaid R Leghari awarding medal to a position holder student during 9th Convocation of Liaquat University of Medical & Health Science (LUMHS).-APP

ICTâ&#x20AC;&#x2122;s 40pc rural girls not schooled: survey ISLAMABAD: Of total 288 children falling in 3-5 years age group, nearly 32.3 per cent children are not enrolled in any type of schools in rural areas of the federal capital and almost 40 per cent out-of-school children are girls, revealed Annual Status of Education Report (ASER) 2010. The survey was conducted for collecting data about children enrollment in schools, availability of physical facilities including useable water, functional toilet, and boundary wall both in public and private sector educational institutions in 30 randomly selected villages of the capital. In this group, 67.7 per cent are enrolled in some kind of facility. Only 24 per cent children are enrolled in government schools,

43.8 per cent are attending nonstate educational facilities primarily private schools. None of children surveyed is attending a seminary or another type of school. The school enrollment across all grades of 6-16 years of age group stands at 96.9 per cent comprising 41 per cent girls and 59 per cent boys. Only 3 per cent children in ICT surveyed under ASER 2010 are not enrolled in schools. Of this, 2.1 per cent children have dropped out whereas 1 per cent has never been enrolled. About water availability, 81 per cent private school rural areas of Islamabad have facility of useable water at primary level while in government sector, only 65 percent have hand pump or

water tap water facility. In government schools 84.6 percent exist with a functional toilet while 90.9 per cent private schools have the facility. Water facility was available in 100 per cent elementary and 80 per cent high schools. Moreover, 100 per cent of elementary and 80 per cent of high schools is found to have functional toilets in the government sector. The provision of water and toilet facility in private schools is varying across levels of schools. 81.8 per cent of primary schools have useable water facility and 90.9 per cent have a functional toilet. Water facility is available in 100 per cent elementary and 87.5 per cent high schools.-APP

Med-school deans vow syllabi health KARACHI: More than 10,000 students get enrolled with different medical colleges, each year, throughout Pakistan, said President, Pakistan Medical and Dental Council, Prof Syed Sibitul Hasnain at the concluding session of Conference on Building Bridges for Medical Education Reforms, at Dow University of Health Sciences. He said these new entrants to the medical colleges are expected to provide medical care to more than 200 million people in the country as well as abroad. "It is therefore important that we continue to review our medical curriculum on regular basis

and ensure that our trainee doctors are kept abreast of the changes in disease pattern and development in medical sciences," he said. He reiterated that improvement in the undergraduate level medical curriculum must be collectively made by all institutions. The PMDC President also agreed that focus must be on reforms and both faculty as well as students must be actively involved so as to pass on the benefit to the patients in general. The two day conference was attended by more than 60 principals and deans of the country.

The conference provided the principals and medical education faculty of all medical colleges of the country a platform to share their work and their policies. Vice Chancellor of DUHS, Prof Masood Hameed Khan said vision of the university is to foster a foundation of exemplary academic achievement and provide an environment that encourages active learning through state of art technology. He said the vision and mission of DUHS is focused on three domains namely academic excellence, human resource development, and community healthcare.-APP

Rafi has also represented Pakistan at the International Federation of Accountants (IFAC), Public Sector Committee during 2000-02. Currently, he is the Chairman of ICMAP-ICAP Joint Committee, Member of ICMAP National Council and Member of the Consultative Group of International Public Sector Accounting Standards Board. He is also the Chairman of SAFA Committee on Governmental Accounting and Public Sector Enterprises.

Professional ethics' talk tomorrow KARACHI: The Southern Regional Committee of the Institute of Chartered Accountants of Pakistan (ICAP) is organising a seminar titled "Professional Ethics in Practice - Alarming". It would be held here on Thursday, January 20. According to a press release issued here, the seminar will start at 6:30 pm at Moosa D Desai Auditorium ICAP House, Clifton, Karachi. Masoud Ali Khan FCMA, CFO & Company Secretary, Javedan Cement Ltd. (Arif Habib Group) will be the speaker at the seminar. Masoud is a seasoned professional with diversified experience in leading/managing and finance/support functions at reputed organisations in Pakistan and Middle East.-NNI

& WEEP

More serious was the finding that 48 per cent of Class-V students could not read a story text of Level-II. In sharp contrast to the enrolled students' learning level,

cent out-of-school children were able to read story text, while 34 per cent were proficient at sentence level. Out of 10,246 children falling in 3-5 years age bracket, 44.7

the survey's most startling finding was that as high as 24 per

per cent in rural areas were enrolled in some kind of pre-

school education facility. Girls' enrolment rate stood at 43.4 per cent. The survey has found that overall students' attendance in government and private schools is 85 per cent and 89 per cent, respectively. While public sector schoolteachers' attendance rate was 87 per cent. It was recorded that 448 sanctioned teaching positions in government schools were lying vacant. While in private schools, the attendance of teachers was slightly higher at 90 per cent. Assessment of physical facilities in selected government primary schools illustrated that 57.5 per cent had useable water facility and 45.3 per cent schools had functional toilet against 80 per cent and 69 per cent in private primary schools, respectively. Special Assistant to the Prime Minister on Social Sector and Co-Chairperson of the Education Task Force, Shahnaz

Wazir Ali said that ASER data on enrolment, students' learning levels and missing facilities would be used for deliberations and implementation of policies. She said that Shaheed Mohtarma Benazir Bhutto attached great importance to the education sector and included in the party manifesto. The taskforce will convey the findings of the survey through a mobilisation campaign to the decision makers so that action based orientation programmes can be formulated based on these findings. South Asia Forum for Education Development (SAFED) Coordinator Baela Raza Jamil said that education is in a prolonged state of silent emergency across the country. She stresses that citizens' demand for quality education is well established in more than 95 per cent neighbourhoods of the country, who often met with disappointing arrangements that

lead to early withdrawal of children. The ASER Pakistan (Rural) 2010 sample survey was conducted by the South Asia Forum for Education Development (SAFED) managed by Idara-eTaleem-o-Aagahi (ITA) in collaboration with the National Commission for Human Development (NCHD), UNESCO, Foundation Open Society Institute (FOSI) and Sindh Education Foundation (SEF). The survey was conducted in 19,006 households and 1,267 schools including 445 private schools in 960 villages across 32 districts (rural) in all five provinces as well as Azad Jammu and Kashmir (AJK) and Islamabad Capital Territory (ICT). Chairperson National Commission for Human Development (NCHD) Nafeesa Shah and President and CEO Pratham India Dr Madhav Chavan also spoke on the occasion.-APP

Wednesday, January 19, 2011

Higher Opec output reports weigh on oil IEA revises upwards oil demand growth, but not by much LONDON: Oil slipped on Tuesday after the International Energy Agency (IEA) said OPEC members had been quietly raising output while the oil producing group insisted the market was already amply supplied. North Sea Brent for March dropped 63 cents to trade at $96.80 a barrel by 1454 GMT, slipping from morning highs of $98.37 a barrel. The frontmonth Brent contract on Friday touched $99.20, the highest price since October 2008. US crude oil prices dipped as deliveries through a key north American supply route, the Trans-Alaskan pipeline restarted, falling by 77 cents to $91.80 a barrel. The IEA, which advises 28 industrialised countries on energy policy, said in a report some OPEC members appeared already to have boosted production, and that the group's output may quietly increase in the run up to the next scheduled produc-

er meeting in six months' time. The emphasis of the report was broadly bullish however, as the agency revised world oil demand growth in 2011 slightly higher, while reiterating that consumption would not reach the "exceptional levels" of last year.

"It looks like OPEC has been increasing production in the past few months in a relatively big way," Credit Agricole CIB analyst Christophe Barret said, "you may now see a change in the market perception regarding OPEC compliance." The Organization of the Petroleum Exporting Countries, whose members have consistently said the world has enough oil and any price rises were the result of non-fundamental factors, criticised the IEA's conclusions, arguing the agency's position was inconsistent with previ-

ous statements. "In 2009, when the oil price was lower, the IEA had advised its members that they needed to increase petroleum taxes," OPEC's secretary general Abdullah al-Badri said on Tuesday. "So why, today, when they are complaining that oil prices are too high, are they not advising their members to reduce taxes?" Badri said the oil market rally had been driven by technical matters, including the Alaskan pipeline outage, echoing OPEC's monthly market report on Monday in which it said inventories should rise over the first part of the year. "Also, the weak dollar and speculation have added to this, pushing oil prices higher, especially Brent," Badri continued. The weekly US Department of Energy stock report was postponed to Thursday following a public holiday in the US on Monday, and will coincide with weekly US unemployment figures. -Reuters

Palm oil rebounds on tight supply JAKARTA: Malaysian palm oil bounced from one-month lows hit earlier on Tuesday, as persistent worries that demand will outstrip supplies, buoyed prices. The benchmark April 2011 crude palm oil contract on Bursa Malaysia Derivatives ended up 0.6 per cent at 3,670 Malaysian ringgit ($1,200) a tonne, after going as low as 3,610 ringgit a tonne earlier. Overall, traded volume stood at 11,293 lots of 25 tonnes each, compared with a total of 10,525 lots on Monday. "The weather is supporting the market, followed by good 15-day export numbers," said one Malaysian trader. "(But) the market is range-bound." On Saturday, exports of Malaysian palm oil products for Jan. 1-15 rose 3.68 per cent to 589,010

tonnes from 568,127 tonnes shipped during Dec. 1-15. Some market participants had expected a negative number. The overriding factor for palm oil price direction, remains concerns that heavy rains may have curbed Malaysian and Indonesian output. Both countries contribute more than 90 per cent of the world's palm oil output. "The fundamentals are quite positive with production down, but the demand is not happening yet," said one Indonesian palm oil trader. "There is no fresh interest from destinations, which has sent prices down the last couple of days. "China has fulfilled its requirements for the Chinese New Year and India is nowhere to be seen." Also on the radar,

Indonesia, the world's largest palm oil producer, is likely to raise export taxes to 25 per cent in February, from 20 per cent now, to help channel already tight supplies for the domestic cooking oil industry. April crude palm oil futures contract on the Indonesia Commodity & Derivative Exchange was at 10,770 rupiah per kg, compared to 10,610 rupiah per kg when it opened. Market volume was 1,705 lots of 10 tonnes each. Soyoil for March delivery dropped 0.2 per cent on Tuesday after the long weekend holiday. The most-active Sept 2011 soyoil on the Dalian Commodity Exchange, earlier hit a three week low at 10,362 yuan but was last at 10,470 versus an open at 10,478 yuan. -Reuters

Copper rises as USD wilts, equities surge LONDON: Copper came within a whisker of record highs on Tuesday as investors shone the spotlight on improving economic growth prospects and a softer dollar helped boost sentiment. Three-month copper on the London Metals Exchange ended at $9,700 a tonne from $9,630 on Monday. Earlier the metal used in power and construction touched $9,736 a tonne, not far from the all-time high of $9,754 a tonne hit on January 4. "Today's increase is mainly macro-based," RBS analyst Daniel Major said, adding: "EU equities were supporting industrial metals." Hopes for good company results drove European shares to a 28-month high on Tuesday alongside indications the economic outlook was improving. The outlook for copper in the long term is positive as increasing Chinese demand, falling copper grades and difficulties in financing new projects are to underpin prices, according to VTB Capital analyst Andrey Kryuchenkov. "Copper is certainly looking good in the long run as there is a demand/supply imbalance," he said. News that Chile's Collahuasi copper mine will ship 20,000

tonnes of concentrate per month via the Arica port until its own sea terminal has repaired a damaged ship loader had little lasting impact. Lead finished at $2,623.5 from

Shanghai copper hits two-week high Shanghai copper prices gained one per cent on Tuesday and London rose, reversing light, currency-led losses from the previous session, as the dollar pared early gains and Rio Tinto reported a 9 per cent fall in mined copper output. Shanghai's benchmark thirdmonth copper futures contract rose to a two-week high of 72,150 yuan a tonne, and eased to close at 72,000 yuan. a close of $2,645. Inventories of copper in LME warehouses fell 1,075 tonnes on Tuesday to 377,925 tonnes, but are little changed so far in January. Copper stocks have mostly climbed since midDecember but are down by about a third from cycle highs hit

last February at 555,075 tonnes. Rio Tinto's mined copper output fell 9 per cent in the fourth quarter of 2010 from a year ago. Refined copper output dropped 6 per cent, the miner said in a quarterly report. Nickel stocks fell by 414 tonnes on to 137,352 tonnes, also little changed on the month to date. Nickel closed at $26,100 a tonne from Monday's $25,835 a tonne close. Stainless steel ingredient nickel benefits from accelerating demand from Chinese steelmakers, analysts said. "Q4 was a strong quarter for stainless steel production and we think we will see another strong quarter, the first quarter this year," Major said. "But there are new projects coming on stream and we need to watch out for higher nickel and nickel pig iron supply." Zinc ended at $2,436 versus Monday's close at $2,455. LME aluminium finished at $2,450 from a close of $2,435. Tin ended at $26,925 a tonne, unchanged from Monday's close. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for January 17 2011 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1310

1250

December (3rd Wednesday)

1320

1260

January (3rd Wednesday)

1320

1260

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for January 17 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY

Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller

2270 2280 2250 2260 2175 2185 2175 2185

2438 2439 2462 2463 2515 2525 2550 2555

9689 9690 9651 9651.5 9430 9440 9040 9050

2719 2720 2676 2677 2585 2590 2525 2530

25985 25990 26000 26025 25350 25450 24475 24575

TIN

ZINC NASAAC

27000 2446 27005 2446.5 26950 2459 26960 2460 26400 2488 26450 2493 2460 2465

2390 2410 2415 2435 2445 2455 2500 2510

European vegetable oil prices ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill May11/Jul11 1033.00+3.00, Aug11/Oct11 1038.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1090.00+0.00, May11/Jul11 1075.00-5.00, Aug11/Oct11 1010.00+5.00, Nov11/Jan12 1010.00+0.00, Feb12/Apr12 1015.00-5.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1485.00+0.00, Apr11/Jun11 1460.00+0.00, Jul11/Sep11 1480.00+5.00, Oct11/Dec11 1380.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1535.00+25.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jan11 1260.00-2.50, Feb11 1260.002.50, Mar11 1260.00+2.50, Apr11/Jun11 1240.00+0.00, Jul11/Sep11 1220.00-12.50. PALMOIL: RBD dlrs tonne cif Rotterdam Feb11 1305.00, Mar11 1297.50. PALMOIL: RBD dlrs tonne fob Malaysia Feb11 1250.00+7.50, Mar11 1242.50+7.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11 1260.00+7.50, Mar11 1252.50+7.50, Apr11/Jun11 1225.00-2.50, Jul11/Sep11 1205.00-2.50. PALM STEARIN: Dlrs tonne fob Malaysia Jan11 1210.00+0.00, Feb11 1210.00+5.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Jan11 1015.00-5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Feb11/Mar11 2020.00+0.00, Mar11/Apr11 2000.00+0.00, Apr11/May11 1990.00+0.00, May11/Jun11 1980.00. Reuters

Caution hits Tokyo rubber TOKYO: Key Tokyo rubber futures fell 1 per cent on Tuesday as declines in the Shanghai market prompted profit-taking, but support remained firm due to supply concerns. The key Tokyo Commodity Exchange rubber contract for June delivery settled at 453.4 yen per kg, down 4.9 yen or 1 per cent. The contract hit a record high of 460.4 yen on Monday, with traders expecting further gains on mounting concerns over supply tightness with demand solid in emerging countries. The most active Shanghai rubber futures contract for May delivery closed at 38,125 yuan ($5,782) per tonne, down 0.4 per cent. Volume stood at 726,428 lots. Brent crude futures edged higher on Tuesday after OPEC members signalled the group would maintain production levels even as prices flirt with $100 a barrel, while the resumption of shipments through the TransAlaska Pipeline capped price gains.-Reuters

BANGALORE: A worker carries a sackful of onions to a retail outlet at the Yeshwantpura agricultural products market in Bangalore. -Reuters

Gold benefits from USD fall LONDON: Gold rose on Tuesday for a second day, drawing strength from the dollar's decline against the euro as well as from Asian consumption and a degree of uncertainty over Europe's debt crisis. Gold has fallen more than 3 per cent this month, under pressure from investors eager to cash in on the 30-per cent price gain of 2010 and also from a waning need for safe-haven

and Chinese are buying on price pullbacks, however this physical support is going to die out." In light of the stronger data and expectations for robust fourth-quarter US earnings, gold could encounter more pressure and Societe Generale analyst David Wilson said ultimately monetary policy in the United States would be the deciding factor in the direction

assets as data paints a picture of a more robust global economy. Spot gold rose 0.7 per cent to $1,371.30 an ounce by 1520 GMT, while US February gold futures rose 0.8 per cent to $1,371.00. Concern is moderating about the health of the eurozone and the US economy so gold is attracting less in the way of safe-haven flows, while the current uptick in physical demand will likely fade once the Lunar New Year celebrations end. "As far as gold is concerned, there's not that much kick or drive out there," said VTB Capital analyst Andrey Kruychenkov. "The inverse correlation with the dollar and the correlation with the euro have broken down and gold is in a bit of limbo. On the downside there is physical support ... the Indian

of the bullion price. "It really all depends on whether (Federal Reserve Chairman Ben) Bernanke gets his way and there is further quantitative easing, which is still being talked about," Wilson said. "If there is further quantitative easing there would be more upward support for gold." Spot silver rose more than 2 per cent to $28.84 an ounce, yet after 2010's 80-per cent gain, investors have punished silver more harshly than gold, bringing the losses for the month so far to about 8 per cent and analysts expect more declines. In the platinum group metals, palladium gained another 1.5 per cent to reach $802.22 an ounce, pushing the price close to last week's ten-year highs, while platinum was last up 1.1 per cent at $1,819.24. -Reuters

Coffee up on tight arabica supplies LONDON: Coffee futures climbed on Tuesday as tight supplies of higher-quality arabicas pushed the market toward recent peaks while robustas benefited from substitution. ICE cocoa edged up after the European Union barred vessels from new deals with ports in top grower Ivory Coast, while sugar also posted modest gains. ICE March arabicas rose 1.4 cents or 0.6 per cent to $2.36 per lb as of 1555 GMT, after hitting a 13-1/2-year high last week on strong demand and scarce supply from major producers like Brazil and Colombia. Liffe robusta coffee futures rose $21 or 1.1 per cent to $2,163 per tonne after hitting $2,185 last week, the highest level for the benchmark second month since Sept. 2008. Cocoa futures on ICE also rose with May $5 or 0.2 per cent higher at $3,046 a tonne at 1526 GMT after European Union sanctions on Ivory Coast, although gains were limited by continued strong cocoa flows, dealers said. London's May cocoa contract was down 2 pounds or 0.1 per cent at 1,997 pounds per tonne, weighed by sterling's spike to an eight-week high against the dollar. Sugar prices also rose as a lack of new information about exports from top producer India kept physical dealers out of the market, with price speculators dominating daily trading, a London-based trader said. ICE March raw sugar gained 0.25 cent or 0.8 per cent at 31.14 cents a lb, while London March white sugar rose $4.20 to $778.40 per tonne. -Reuters

Indian sugar extends losses MUMBAI: Indian sugar prices extended the previous session's losses on Tuesday after cashstrapped millers reduced prices in tenders, dealers said. "Millers need money for cane payment. For many mills the only option to generate cash was to sell sugar aggressively without looking at the price," said a member of Bombay Sugar Merchants Association (BSMA). Mills usually pay farmers a large chunk of the cane price immediately after harvesting or within a fortnight of harvesting. In Kolhapur, a key market in

top producing Maharashtra state, the most traded S-variety edged up by 0.5 per cent to 2,736 rupees ($60.26) per 100 kg. The most-traded M-grade sugar contract for February delivery on India's National Commodity and Derivatives Exchange (NCDEX) ended down 0.21 per cent at 2,833 rupees per 100 kg. The Indian Sugar Mills Association, a producers' body, had forecast 2010/11 output at 25.5 million tonnes, up from 18.8 million tonnes in the previous year.

"Demand was weak. Stockists were waiting for further correction before entering into the market," the member said. India has made available 1.7 million tonnes of non-levy sugar for January, higher than 1.5 million tonnes it had released for December, the government said in a statement last month. Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. -Reutersa

National Commodity Exchange Ltd Trading Summary Date

18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011 18-Jan-2011

Commodity

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

Contract Date

Price Quotation

Open

High

Low

FE11 MA11 AP11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 AP11 JA11 FE11 MA11 JA11 FE11 JA11 JA11 MON TUE WED THU FRI MON TUE WED THU FRI 20JA11 FE11 FE11 11-Mar 11-Jun

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

91.03 92.00 93.23 28.26 28.26 1359.80 1360.40 1361.30 1359.20 1361.20 1362.10 37741.00 37821.00 37764.00 37714.00 37723.00 43989.00 43989.00 38834.00 38777.00 38791.00 38806.00 38820.00 44626.00 45146.00 44906.00 44961.00 44876.00 3354.00 3353.00 5125.00 86.18 85.34

91.81 92.80 93.87 28.90 28.80 1371.80 1371.80 1372.50 1370.30 1369.30 1369.30 38048.00 38057.00 38071.00 38020.00 38029.00 44346.00 44346.00 39132.00 39175.00 39089.00 39103.00 39118.00 44972.00 45146.00 45220.00 45162.00 44956.00 3354.00 3384.00 5183.00 86.18 85.35

90.75 91.70 92.79 28.19 28.26 1359.00 1360.00 1360.10 1359.20 1361.20 1362.10 37741.00 37750.00 37764.00 37714.00 37723.00 43989.00 43989.00 38834.00 38777.00 38791.00 38806.00 38820.00 44626.00 44561.00 44577.00 44593.00 44609.00 3352.00 3353.00 5125.00 86.16 85.34

91.31 92.23 93.25 28.78 28.80 1368.50 1369.30 1370.10 1368.50 1369.30 1369.30 38048.00 38057.00 38071.00 38020.00 38029.00 44346.00 44346.00 39132.00 39175.00 39089.00 39103.00 39118.00 44972.00 45021.00 44923.00 44939.00 44956.00 3352.00 3384.00 5183.00 86.16 85.35

Traded Volume in lots 68 72 18 141 1,101 1,282 1,115 10 7 3 13 2 20 -

Previous Settlement Price 90.93 91.91 92.95 28.35 28.37 1363.50 1364.40 1365.30 1363.50 1364.40 1365.30 37838.00 37847.00 37860.00 37810.00 37819.00 44101.00 44101.00 38918.00 38960.00 38875.00 38890.00 38904.00 44724.00 44773.00 44675.00 44691.00 44708.00 3354.00 3353.00 5125.00 86.18 85.34

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

Current Open Interest Settlement in Lots Price 91.31 112 92.23 54 93.25 21 28.78 79 28.80 1368.50 1,154 1369.30 2,629 1370.10 2,241 1368.50 17 1369.30 1370.10 38048.00 30 38057.00 17 38071.00 1 38020.00 2 38029.00 44346.00 44346.00 39132.00 39175.00 39089.00 39103.00 39118.00 44972.00 1 45021.00 44923.00 4 44939.00 6 44956.00 29 3352.00 3384.00 5183.00 86.16 85.35 -

South Korea fan waits before their 2011 Asian Cup Group C soccer match against India in Doha

Wednesday, January 19, 2011

PCB axes Yousuf, names 15-player squad

Ivanovic out of Oz Open first round MELBOURNE: Former world number one Ana Ivanovic made a shock early exit from the Australian Open on Tuesday, beaten in the first round by Russian Ekaterina Makarova in three sets, 3-6, 64, 10-8. The Serbian starlet looked on track for an easy win when she cruised through the first set, but from there on the Russian controlled the match as Ivanovic's mental frailties resurfaced. Ivanovic, the 2008 French Open champion and a beaten finalist here in the same year, showed her fighting qualities by saving five match points in a marathon third set. However, she never gained the upper hand and the 22year-old Makarova finally closed it out with a forehand winner to break serve in the 18th game of a 91-minute decider. It was a disappointing result for Ivanovic, who finished 2010 in strong fashion, winning two of her last three tournaments on the back of an improved fitness level and looked set to climb back up the rankings this year. However, the 23-year-old was forced to withdraw from her final warm-up tournament for the first Grand Slam of the year when she suffered a stomach injury during the mixed teams Hopman Cup in Perth earlier this month. While Ivanovic was left rueing yet another early Grand Slam exit, the 49th-ranked Makarova said it was the biggest win of her career, having been beaten by Ivanovic in straight sets at last year's US Open in their only previous meeting. "I am so happy," she said. "It is the first time I played such a long match. She's an unbelievable player and it was really tough. "I'm so happy I beat her."Agencies

Dhoni defends Chawla’s WC selection CAPE TOWN: Mahendra Singh Dhoni on Monday defended Piyush Chawla's inclusion in India's 15-man World Cup squad, saying the leg-spinner's presence provides variety to the attack. Chawla has been a surprise inclusion in the squad, announced on Monday by the Kris Srikkanth-led selection committee in Chennai. "It is good to have Piyush in the side as he provides that variety to the attack. He is one guy who can bat a bit. He has scored decent runs in Ranji and also while playing in County circuit. If we plan to play with five bowlers, then he can be a handy number seven or eight batsman," Dhoni said on the eve of India's third ODI against South Africa. Chawla has been picked despite not playing a onedayer since July 2008, and Dhoni was aware of that. "I would always say that playing in first class match or IPL match and playing in the international match is different. Piyush needs that international match practice," the India skipper said. Names like Rohit Sharma, S Sreesanth and Ishant Sharma missed out on selection but Dhoni said that the reserve players should be in a proper frame of mind during the tournament.-Reuters

Pakistan going to WC sans captain KARACHI: Veteran batsman Muhammad Yousuf Tuesday was axed by the selectors from the 15-member Pakistan squad named for the 2011 Cricket World Cup but without a skipper. 36-year-old Yousuf was struggling with his fitness and form and selectors went in favor of young blood for the mega 14-nation competition jointly staged in Bangladesh, India and Sri Lanka. Besides Yousuf, Karachis' medium pacer Tanvir Ahmed also failed to win a place in the team. Team was released by the Chief Selector Mohsin Khan after approval from Chairman Pakistan Cricket Board (PCB) Ijaz Butt, said an announcement of the board on Tuesday. The name of the captain will be announced later, PCB

Never ran after captaincy, says Afridi WELLINGTON: Umar Gul celebrates Brent Arnel of the Blackcaps being trapped for LBW during day four of the Second Test match at Basin Reserve.-Reuters

NZ set up tantalising final day against Pak WELLINGTON: Pakistan need 274 runs on the final day to win the second test and complete a 2-0 series sweep against New Zealand after bowling the hosts out for 293 late on the fourth day. Umar Gul ripped through New Zealand's tail, taking two wickets in two balls, as the hosts lost four wickets for seven runs late on Tuesday. Last man Chris Martin faced Gul's hat-trick seeking delivery and just about kept it out with an inside edge behind square to the cheers of the small crowd at the Basin Reserve. Tim Southee then smashed two sixes as he tried to push the lead closer to 300, before Gul had Martin caught behind for one. Southee ended 22 not

out, while Gul finished with 4-61. "Everyone in the changing room is incredibly excited about what tomorrow brings," New Zealand opener Brendon McCullum told reporters. "To be able to turn up on the fifth day of a test match not knowing whether you're going to win or lose and having the opportunity to win is pretty exciting. "Where this team is at the moment, I think you'll see a really desperate show from us tomorrow." Pakistan had threatened to smother New Zealand's attempts to build a target that the home side's bowlers could then defend on the final day when Jesse Ryder (17) and James Franklin (six) fell to

part-time off-spinner Mohammad Hafeez. Ross Taylor (52) and Reece Young (20), however, combined for a 60-run partnership that helped extend the lead before they both fell with the score at 268. Young was caught in close by Azhar Ali, off Rehman, while Taylor was trapped in front by Gul, who then bowled Vettori for one and trapped Brent Arnel for a duck to set up the hat-trick opportunity. McCullum and Martin Guptill had put on 120 for the first wicket -- only the second century-opening stand by New Zealand since 2004 -- to provide the perfect launch pad to attack Pakistan in the afternoon sessions.-Reuters

Test perfectly poised for a result: McCullum WELLINGTON: The second test between New Zealand and Pakistan was perfectly poised for either side to press for a result on the final day, New Zealand opener Brendon McCullum has said. New Zealand were bowled out for 293 late on the fourth day at the Basin Reserve, giving Pakistan a victory target of 274 on Wednesday to wrap up the two-match series 2-0 after their crushing 10-wicket win in the first game in Hamilton. "It's set up for what could be a great day of test cricket to finish off a test match," said McCullum, who scored 64 and combined with Martin Guptill in an opening stand of 120. "(A target of) 270 was probably what we were looking at in the day, regardless of whether we were bowled out

or not. "The other option could have been if we were able to carry on at the top and got say 350 in a real hurry, (but) in the end 270, 90 overs, it's a beautiful score to try and take 10 wickets with." The only problems for New Zealand pushing for a victory could be the weather, with heavy rain expected over the lower North Island later on Tuesday, or a defensive mindset from Pakistan, and McCullum said it was up to his bowlers to attack. "Yep, we need to bowl them out," McCullum added. "You'd do well to predict the Pakistan approach. "We've seen so far in the series that their batting has the ability to go reasonably defensive and see off periods of

attack from us but it also has the ability, if we do get it right, to fall over." McCullum said he felt that captain Daniel Vettori would be the key to New Zealand pushing for victory, particularly after Pakistan's part-time off-spinner Mohammad Hafeez was able to extract sharp turn from the pitch that had not offered much beforehand. "Dan is champing at the bit to get the ball into his hands. "I thought he did a really good job in the first innings. He is never going to run through a team in the first innings and this is his real opportunity now. "I think tomorrow we will hopefully see Daniel Vettori in full cry and us going on to get a test win."-Reuters

KARACHI: Pakistan's oneday skipper Shahid Afridi has said that he is under no threat regarding the World Cup captaincy issue as he had never run after the captaincy in his entire career. "I have never run after the captaincy in my entire career. It is something for the cricket board to decide. If they feel I am good enough to lead the team in the World Cup they will retain me if not, that is life," Afridi told the reporters before leaving for New Zealand for the one-day series, starting from January 22. The Pakistan Cricket Board (PCB) is yet to announce the final squad and the captain for the World Cup and the performances of Misbah-ul-Haq as captain and batsman in the Tests in New Zealand have made him a strong candidate to lead the team in the World Cup. Shoaib Akhtar, Abdul Razzaq, Kamran Akmal and Ahmed Shehzad also left with Afridi to join the national team (playing the Test series) in New Zealand for the six-match ODI series, the last international outing for Pakistan before the ICC Cricket World Cup 2011 to be jointly hosted by India, Sri Lanka and Bangladesh. Afridi said he was just focusing on the one-day series, which was his immediate task. "I am taking no pressure over the captaincy. I am a senior pro and I know what I have to do," he said.-Reuters

spokesman said. "Selectors have gone for blend of youth and experience. There seniors and youngsters in the team. This is good combination," former Test off-spinner Tauseef Ahmed said. Among the team there are only four survivors of 2007 World Cup team which included Pakistan's current One-day Captain Shahid Afridi, senior batsman Younis Khan, wicketkeeper Kamran Akmal and pace bowler Umer Gul. Inzamam-ul-Haq led Pakistan crashed out in the preliminary rounds of the last World Cup held in West Indies. "On the whole this is good team in absence of fast bowler Muhammad Aamir and Muhammad Asif," former Chief Selector Salahuddin Ahmed said. He strongly advocated for

the appointment of Shahid Afridi as the Captain. "With appointment of Misbah-ul-Haq as the Captain could could lead to disaster in the team. "PCB has named a good team but Tanvir Ahmed should have been considered in the 15-member squad," former Pakistan Test pacer Jalaluddin said. Former PCB Chief Executive Arif Ali Khan Abbasi was surprised at not naming the Captain for the World Cup. Pakistan squad for World Cup: Muhammad Hafeez, Ahmed Shehzad, Younis Khan, Misbah-ul-Haq, Asad Shafiq, Umer Akmal, Shahid Afridi, Kamran Akmal (wicketkeeper), Abdul Razzaq, Abdur Rehman, Umer Gul, Sohail Tanvir, Shoaib Akhtar, Saeed Ajmal and Wahab Riaz.APP

Husseys in Aussie WC team SYDNEY: Mike Hussey was included in the final 15-man Australia squad for the World Cup announced on Tuesday despite a hamstring injury, while his brother David has earned a first call-up for cricket's showpiece event. Australia, who have won four of the nine World Cups, including the last three, will use the same squad for the remaining six matches of the ongoing one-day series against England. "(We have) selected a squad we believe is capable of winning a fourth successive World Cup in sub-continental conditions," chief selector Andrew

Hilditch said in a news release. "It includes the experience of Ricky Ponting, Michael Clarke and Brett Lee, and also some young talent like Steve Smith. "Shaun Tait, Shane Watson, Mike Hussey, Mitchell Johnson and Brad Haddin were all also part of the victorious 2007 squad that went unbeaten in the Caribbean, so there is plenty of character in this group of Australian cricketers." Mike Hussey, Australia's best batsman in an otherwise disappointing Ashes series, injured a hamstring in the first one-day international against England on Sunday.-Reuters

ICC backs 1st class ‘day-night’ Tests KARACHI: Test matches in the 'day and night' format have moved a step closer to acceptance after the International Cricket Council (ICC) endorsed a trial first class Test match held under lights with a coloured ball in Pakistan. "I don't see any problems with the behavior of the ball or playing under lights. This match would help us in our proposal to see test cricket under lights," ICC General Manager for operations, Dave Richardson, told a private TV channel. Richardson watched part of the five-day Quaid-e-Azam

Trophy final at the National Stadium between the country's two top teams. The match was played under floodlights in a bid to attract crowds and raise the profile of Pakistan's domestic cricket. Pink balls have been used in trials in England, Australia and West Indies, as the traditional red ball is difficult to see properly under lights. White balls are used successfully in one-day matches played in the 'day and night' format, but the players wear coloured clothing and black sightscreens are employed.Reuters

MELBOURNE: Starace of Italy bounces his racket in frustration during his match against Soderling of Sweden at the Australian Open tennis tournament.-Reuters

Europe goes slow on rescue fund, stress tests BRUSSELS: European finance ministers inched forward on Tuesday towards beefing up the euro zone's rescue fund and preparing new stress tests for the region's shaky banks, dashing market hopes of quicker action. The sluggish approach could test the patience of investors, spooked by the euro zone debt crisis, who sold off peripheral euro zone bonds this month until the European Central Bank intervened to steady markets. Ministers of the 17-nation currency area explored ways to raise the effective lending capacity of their financial backstop but reached no conclusion, and they remain locked in dispute on tougher criteria for checking banks' ability to resist shocks. The risk premium on 10-year Portuguese and Irish government bonds rose as traders took stock of the news, or lack of news, from Brussels. The crisis-fighting measures seem likely to be agreed in a package deal at a European Union summit on March 24-25, and the stress test results may not be published until July, sources from the EU's Hungarian presidency said. "That's a long wait, for Spain particularly, given the cloud of uncertainty hanging over its banking sector," said Kenneth Wattret, chief euro zone economist at BNP Paribas in London. Dutch Finance Minister Jan Kees de Jager said euro zone ministers had rejected the idea of increasing outright the European Finance Stability Facility, meant for euro zone states shut out of credit markets, from 440 billion euros. German Finance Minister Wolfgang Schaeuble accepted that the full amount earmarked for the EFSF should be available for lending, rather than the far smaller amount accessible now. But he said that would be part

of a comprehensive package in March including stricter budget discipline, structural reforms and closer economic policy coordination. The 440 billion euros was the initial sum agreed to by euro zone countries when the EFSF was set up in May 2010, but it later turned out that because of the need to secure a triple-A credit rating, its effective lending capacity was much smaller. Markets want to see more money available for the fund because they estimate the current amount would not be sufficient if both Portugal and Spain applied for emergency financing. LIQUIDITY TESTS EU ministers agreed in principle to go beyond last July's flawed stress tests, which failed to expose Irish banks' frailty, and conduct tests for liquidity as well as solvency. But details of the method, and how much data will be made public, remain to be agreed, officials said. "We need to learn all the lessons of the first two rounds of stress tests and we need to make these more robust and more credible," EU Internal Market Commissioner Michel Barnier said. Hungarian presidency sources said the new, tougher tests on banks' ability to withstand financial shocks should be conducted by the end of May, with results released in July, but other officials said the timetable had yet to be finalised. Schaeuble accepted the principle of testing liquidity, which Germany has previously resisted, but said it was not yet clear whether those findings would be made public. The tests will encompass many of the same 91 banks as last year with a tougher methodology, covering both trading and banking books, and searching tests of core tier 1 capital.

The new European watchdog said last week it planned coordinated tests of banks and insurers in the first half of the year, with conclusions published in mid-2011. Euro zone finance ministers explored ways to strengthen the bloc's bailout funds at their monthly session on Monday evening, but as expected came to no agreement. Eurogroup chairman JeanClaude Juncker said they discussed many options, but favoured none. Schaeuble said now markets were calmer there was no urgency about boosting the EFSF. Greece, the first country to receive an EU-IMF bailout last May, swiftly quashed a suggestion by maverick deputy Prime Minister Theodore Pangalos that it extend repayments of its entire outstanding debt. Many economists believe Athens will eventually have to restructure its debt but a Greek government spokesman said Pangalos had expressed "a personal, political view" and Athens was not discussing extending the repayment of its total debt. Juncker said the euro zone ministers discussed in general terms the possibility of reducing the interest rates charged on rescue loans to Greece and Ireland, and lengthening the maturity on Greece's 110 billion euro emergency package. That would make up part of the comprehensive package to be delivered, he said. The euro rebounded in European trading, jumping above $1.3400, after sliding in Asia as hopes were dashed for an immediate agreement to increase the size of the bailout fund. Analysts said they were concerned the euro zone was veering away from early action now that bond markets were temporarily calmer following successful debt auctions by Portugal and Spain.-Reuters

Wage, inflation risks loom after Australia floods SYDNEY: Extensive reconstruction after Australia's floods risks fuelling a wages blow-out, as flooded states and the booming resource sector bid for scarce workers, which will in turn push up inflation and add pressure for a tightening of interest rates. The initial impact of flooding in four states is an expected 1 per centage point drop in gross domestic product growth for Australia's A$1.3 trillion economy, with reconstruction costs ranging from A$3 billion to A$20 billion. But most analysts see a short-term "V" shaped recovery when $24.5 billion annual coking coal exports fully resume to Asia. The government has pledged to return the budget to surplus by 2012-13, as promised before the floods, but the pledge may be tested if the forecasts of more extreme weather in the next two months proves true and resource exports are again hit. The more worrying long-term scenario facing the economy and government is that Australia does not have enough skilled labour for both its booming mining industry and flood reconstruction, particularly in Queensland state where an areas as big as South Africa has been hit by floods. The government may have little option but to increase skilled migration, a sensitive issue with voters, if it is to avoid the greater political risk of a wages blow-out and rising inflation and interest rates which will hurt voters. Australia's unemployment rate is already at its lowest in two years at 5.0 per cent. A rate under 5 per cent is as near full employment as Australia can get without stoking inflationary pressure, say analysts. The Reserve Bank of Australia (RBA) will be keen to avoid a repeat of 2007 to 2008 when the jobless rate fell steadily to a trough of 4 per cent, sending annual underlying inflation racing to a peak of 4.7 per cent, far above its 2 to 3 per cent target. Australia's annual inflation rate rose to 3.8pc in December and the floods will worsen it, the TD Securities-Melbourne Institute said in a report released on Monday. -Reuters

CONTINUATION No #1

Continued from page 12

long described building up in the tribal area of North Waziristan, where the insurgents run a virtual mini-state the size of Rhode Island, the report said. This is because they do not want to undermine the Obama administration's urgent public pleas for Pakistan to order troops into the area, or to give Pakistan an excuse for inaction, the report added. "We cannot succeed in Afghanistan without shutting down those safe havens," Adm. Mike Mullen, the chairman of the Joint Chiefs of Staff, said last week, underscoring a major conclusion of the White House's strategic review of Afghanistan policy last month. But as long as the safe havens exist, they provide a rich hunting ground, however inadvertent it may be, the report said. -Online

International & Continuation

Wednesday, January 19, 2011

neighborhood of their habitats.-APP

No #5

Continued from page 12

The group of recruits was the first to vie for 2,000 new police jobs that Iraq's Interior Ministry recently approved for Salahuddin. They were waiting for interviews and medical checks as part of the application process, police said. Both policemen spoke on condition of anonymity because they were not authorized to release the information.-Agencies

No #6

Continued from page 12

Landlocked Afghanistan has little industry and is only now starting energy extraction, so it relies heavily on transit routes from neighbouring nations to bolster supplies of food, fuel and manufactured goods. More than 40 per cent of Afghan oil comes Continued from page 12 No #2 through Iranian border, according to Afghan Commerce one another offices time to time. Main Nawaz Sharif said that Minister Ahadi said. The severing of that supply link has caused PML (N) wants that present government complete its tenure. prices to rise most dramatically in provinces near the Iranian Speaking on the occasion Latif Khosa said that he wants to proborder -- in some cases by up to 35 per cent. -Reuters mote the politics of reconciliation for the betterment of the people of province and wants to create better working relationship with Continued from page 12 No #7 PML-N. He lauded the efforts of PML-N chief Nawaz Sharif for temporary arrangement continued for almost five years which is consolidating democracy and continuing of democratic process undoubtedly gross violation of rules and smacks of underhand and said that PPP would play its role along with PML-N for estab- dealings and corruption. The then management cannot go from its lishing better political environment. -Agencies responsibilities and the ministry of petroleum and natural resources should be directed to initiate corruption cases against Continued from page 12 No #3 light sweet crude for February delivery, dropping 50 cents to the then management in relevant courts with a view to nab the cor$91.05 a barrel and Brent North Sea crude for March delivery up ruption mafia and to nip the evil in the bud. The committee unanimously adopted the report which has 21 cents at $97.64. The IEA, the energy policy and monitoring arm of the 34-member Organisation for Economic Cooperation directed the ministry of petroleum and natural resources to pursue and Development, said growth in oil demand in 2010 was at one the court cases vigorously regarding the misuse of powers in the of the strongest rates in three decades, albeit from a low crisis grant of LPG quota prior to the LPG de-regulation period. The committee also decided to convene another meeting on level. Oil demand grew by 3.2 per cent, an increase of 2.7 million barrels per day (mbd) year-on-year, it said. Moreover, "such February 2 to give final verdict over the issue of SSGCL's agreedemand strength appears to be more related to a buoyant econom- ment with Jamshoro Joint Venture Limited (JJVL). The chairman directed all the ministry of petroleum and natural ic recovery than to the frigid weather conditions that prevailed in resources, OGDCL and SSGCL and ECCP to submit their opinion most of the northern hemisphere in late 2010." "Total demand has thus reached new historical highs (10.2 in writing to the committee in this regard.-APP mbd), surpassing for the first time the symbolic 10-mbd threshContinued from page 12 No #8 old," said the IEA. Given that the pace of economic recovery is tour operator TUI AG said Tuesday it is cancelling all deparwidely forecast to slow down in 2011, the IEA forecast growth in tures to Tunisia through Feb 15. Junior Minister for oil demand to slow to 1.6 per cent for a gain of 1.4 mbd year-on- Transportation and Equipment Anouar Ben Gueddour told A foryear to 89.1 mbd. The OPEC oil cartel, which pumps 40 per cent eign news agency said that he had resigned along with Houssine of world crude, revised upwards its 2011 world demand growth Dimassi, the labor minister, and minister without portfolio estimate on Monday, given the pace of global economic recovery Abdeljelil Bedoui. The three ministers are all members of a top and cold winter weather in the northern hemisphere. The labor union, the UGTT, which is not a party but is a movement Organisation of the Petroleum Exporting Countries (OPEC) said that acts like a lobby and has a big nationwide base to mobilize it was pencilling in world oil demand growth of 1.23 million bar- people around the country. -Agencies rels per day to 87.32 million for this year, a 1.43 per cent jump Continued from page 12 No #9 compared with 1.37 per cent previously forecast. -Reuters "We should expect over time incremental progress," says Myron Continued from page 12 No #4 Brilliant, senior vice president for international affairs at the US were granted licenses in the social services sector, 2 each in Chamber of Commerce. The Chinese currency, the yuan, has long healthcare, education and environment conservation and one in been the No 1 irritant in US-China trade relations. The US and charity. Radio Livestock Pakistan has been established in the pub- other countries charge that China keeps its currency artificially lic sector to provide a platform for the promotion of livestock and low. They say that gives Chinese exporters an unfair edge. A lowdairy sector in Pakistan by establishing a network of FM radio sta- priced yuan makes Chinese products cheaper in the US and US tions to create awareness on these sectors and their related activi- products costlier in China. The currency tensions have eased in ties. Snow Leopards Foundation seeks to work for conservation of recent weeks. In part, that's because the yuan has climbed 3.5 per snow leopards and other wild carnivorous animals across cent against the dollar since June. Its rise is even larger - about 5 Pakistan, while improving the lives of people who live in the

China pushes back on yuan; Hu heads to US BEIJING: Chinese President Hu Jintao on Tuesday flew to the United States for a state visit buffeted before he even lands by senior US senators demanding tough action against China for "manipulating" its currency. Hu said earlier this week he would not accept US arguments the yuan was undervalued. The latest sparring over the currency underlines tensions over trade that will likely dominate Wednesday's summit in Washington between Hu and US President Barack Obama. Their talks are expected to focus on a host of other

thorny issues, from rebalancing the global economy to dealing with North Korea. Analysts are calling the visit the most important by a Chinese leader in 30 years given China's growing military and diplomatic influence and its emergence as the world's second largest economy after the United States. Investors and markets will watch for signs Hu and Obama can ease tensions after a rocky 2010, although many analysts have cautioned not to expect too much beyond friendly words and business deals worth potentially tens of billions of dollars.

"The peace and stability of the globe will depend on whether the two giants can come up with a cooperative paradigm for the prosperity of the world, or whether they will slip into a Cold War-like confrontation like the one between the US and the USSR," the Joong Ang daily, a South Korean newspaper, said in an editorial. At the top of the agenda in Washington will be trade and the yuan currency, which has risen nearly 3.5 per cent against the dollar since Beijing ended its peg to the dollar in June, much less than demanded by critics in the United States. -Reuters

per cent - if inflation is taken into account. And many economists think Beijing will push the yuan higher to fight resurgent inflation.-Agencies

No #10

Continued from page 5

Tata Consultancy Services, India's top software exporter, led the gains and rose to a record high after it beat street estimates with a 30-per cent jump in quarterly profit and said it expected strong demand for outsourcing. Shares in Tata Consultancy ended up 5.5 per cent at 1,200.55 rupees, after having risen as much as 6 per cent to an all-time high of 1,207 rupees. The number of shares traded on the Bombay Stock Exchange was nearly five times the average volume over 30 days. The 30-share BSE index ended 1.11 per cent higher at 19,092.05 points, with 23 of its components closing in the green. The index had risen as much as 1.3 per cent during the day.-Reuters

No #11

Continued from page 5

Energy stocks were particularly strong, although India-focused refiner and power generator Essar Energy fell 4.4 per cent after it launched a $500-million, five-year convertible bond issue. Luxury goods firm Burberry topped the list of FTSE 100 risers, up 5.3 per cent after forecasting full-year profit at the top end of market expectations and beating third-quarter revenue forecasts. Brewer SABMiller rose 1.7 per cent, beating forecasts with a 3 per cent rise in quarterly volumes. The broadbased rally stretched to defensively-perceived utility companies, with Severn Trent and United Utilities up 2.1 and 1.3 per cent respectively after Evolution Securities upgraded both stocks.-Reuters

No #12

Continued from page 5

Jobs is taking his third medical leave since 2004, reviving concerns about the future of the maker of the iPad and iPhone. Apple, which reports earnings after the bell, has about a 21 per cent weighting on the Nasdaq 100, which was down 0.1 per cent. Caterpillar Inc helped to support the Dow, rising 2.6 per cent at $96.01 after Raymond James raised its price target on the stock to $116 from $95. Optimism about earnings have helped bolster stocks in recent weeks, with financials expected to have the highest growth rate of any S&P sector for the fourth quarter. The Dow Jones industrial average was up 66.37 points, or 0.56 per cent, at 11,853.75. The Standard & Poor's 500 Index edged up 0.70 point, or 0.05 per cent, at 1,293.94. The Nasdaq Composite Index added 2.29 points, or 0.08 per cent, at 2,757.59. The S&P 500 posted a seventh straight week of gains on Friday. -Reuters

No #13

Continued from page 1

period last year. On the other hand, net current transfers hiked by 18.5 per cent stood at $7.59 billion against $6.41 billion recorded in 1HFY10 mainly due to increase in workers remittances by 16.8 per cent at $5.29 billion. Similarly, the current account stood at a provisional surplus of $601 million, compared with a deficit of $17 million in November. The main reason for the surplus in December is because of the $633 million that Pakistan received for providing logistical support.

No #14

Continued from page 1

town block-4. Unknown people gunned down the security guard in Gulberg town, federal B-block area block-18. The dead body has been shifted to Abbasi Shaheed hospital. -Agencies

No #15

Continued from page 1

flood affectees and said that Pakistan faces a huge challenge in rehabilitation of these affectees. Sources told that President made it clear that Pakistan opposes UNSC expansion based on veto-powernations and no center of power would be acceptable. He said that Pakistan wants UNSC reforms based on democracy and equality. He said that Pakistan is of the considered opinion that in an age of democracy, rule of law, equality and accountability, there is need for a Security Council which is inclusive, democratic, effective, transparent and accountable to the general membership. We want reforms where small and medium states have more opportunity to serve on the UN Security Council and make their contribution towards international peace and stability, sources quoted President as saying. -Agencies

No #16

Continued from page 1

billion rupees in the previous 12 months. Pakistan's Islamic banking assets climbed an average 30 per cent annually in the past four years to 411 billion rupees as of June 2010, 6 percent of the financial industry's total, according to a central bank estimate in October. Pakistan aims to double that share to 12 per cent by 2012 and plans to issue two more Shariah banking licenses that will take the total to seven, the monetary authority said in October. "The government has relied too much on the conventional debt market without realising how much liquidity is in the Shariah-compliant industry," Sajjad Anwar, who helps manage the equivalent of $187 million at NBP Fullerton Asset Management Ltd, a unit of the nation's biggest lender National Bank of Pakistan, said in a January 11 interview from Karachi. "Islamic funds and banks are just waiting." Pakistan needs to finance a budget deficit that may reach 6 per cent of gross domestic product, or 1 trillion rupees this fiscal year, exceeding the government's target of 4 per cent, according to a report from the State Bank of Pakistan on October 25. The shortfall was 6.3 per cent last year, according to data on the Finance Ministry's website. The yield on the three-year debt will rise to 13.89 per cent from 13.39 per cent at the prior offering on December 13 as the central bank may increase interest rates to temper inflation, said Karachi-based Abdullah Ahmed, treasurer at Meezan Bank Ltd., the nation's biggest Shariah-compliant lender.

No #17

Continued from page 1

and dislikes imposing any faith. He said tolerance and brotherhood are main features of the teachings of Holy Prophet (PBUH) which needs to be spread the world over. Minister of Religious Affair Syed Khurshid Ahmed Shah on the occasion called upon followers of all the religions should genuinely follow their religious teachings to establish peace in the world. NNI

No #18

Continued from page 1

US dollars in advance from the government for production of electricity and it has not produced even a single megawatt so far. Upon it the court had ordered the company to return the amount and directed if the payment along with its interest was not returned then the passport of owner of the company would be confiscated and he would be arrested through Interpol. The hearing of central rental power case would take place on February, 2. -Agencies

No #19

Continued from page 1

floods, which devastated large farmlands but also increased fertility in wheat-growing areas. The exact crop estimates will likely be available by March, but one Food Ministry official suggested the output might be close to the target on better recovery. Industry officials, however, disagreed. 'Given the area under cultivation this year, we expect the output to be about 23 million tonnes," Asim Raza, chairman of the Pakistan Flour Mills Association.-Reuters

No #20

Continued from page 1

it be able to run? There are many plants right now which are idle because there is a shortage of gas." Pakistan also suffers from a shortfall in the production of natural gas. Power cuts sparked violent protests in 2010 after the government implemented unscheduled power cuts lasting up to 20 hours a day in rural areas, heavily impacting industrial production. International Power is the single largest private investor in Pakistan's electricity sector. "ADB's support for this project will reassure the developer and encourage co-financing support for future projects, which otherwise might not be forthcoming," said Takeo Koike, Senior Investment Specialist in ADB's Private Sector Operations Department. -Reuters

No #21

Continued from page 1

corruption and illegal practices. Meanwhile, Shaikh also met with PML-N delegation. Shaikh assured PML-N that government would sure take PML-N on board on all issues and it would not move alone. During the first-day, Government committee and PML-N delegation mooted on various points, suggested in the 10-point agenda. Media sources added that Shaikh while talking to the media said that there would be no 45-day deadline for the government to implement agenda as every political party agreed on the resolution of issues so it is now up to every political force to work hand in glove with the government. Government committee comprised Naveed Qamar, Babar Awan, Hina Rabbani Khar, and Raza Rabbani, whereas PML-N delegation included Ishaq Dar, and Sardar Mehtab Khan.

www.asharys.net

For Subscription

Manager Circulation Ahmad Omer

1.Classic News Agency Abdul Mutalib Ph: 0333 -230 07 66 2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838 4. Contact Phone: 35 31 18 93 - 6

Italian Kitchens Karachi

Lahore

tel: 92(21)5860794-5

tel: 92(42)5694061-2

Wednesday, January 19, 2011

UK moves to ban TTP

KARACHI: Ranger personnel during operation against anti-state elements in the area of Faqeer Colony of Orangi Town. (inset) Helicopter flies in the area of Faqeer Colony of Orangi Town during Rangersâ&#x20AC;&#x2122; operation.-Online

4 ministers quit new Tunisia govt TUNIS, Tunisia: Four ministers quit Tunisia's day-old government on Tuesday, undermining its hopes of quelling unrest by sharing power with members of the opposition to the old regime. All who resigned were opponents of deposed President Zine El Abidine Ben Ali's ironfisted 23-year rule and had been named to the government Monday. It was not immediately clear if the resignations could bring down the government, which has 40 full and junior ministers. Clashes broke out in central Tunis around the time the resignations were announced, as police fought off protesters demanding that the new cabinet be purged of the old guard that served Ben Ali. Riot police in shielded helmets pummeled a protester to the ground with batons and boot kicks as other officers fired off tear gas grenades to disperse a crowd of several hundred demonstrators. "I am afraid that our revolution will be stolen from me and my people. The people are asking for freedoms and this new government is not. They are the ones who oppressed the people for 22 years," said Ines Mawdud, a 22-year-old student among protesters at the demonstration. A month of unrest has devastated the Mediterranean nation's tourist industry. Thousands of tourists have been evacuated, and Germany's See # 8 Page 11

US expands goals as Jintao arrives WASHINGTON: US companies have long demanded that China let its currency rise to make US exports cheaper, but as President Hu Jintao visits Washington this week, US companies are stressing other goals: Stopping the theft of intellectual property, and getting a fair chance to win government contracts. No one expects any big breakthroughs. Instead, many US companies hold out hope that the meetings between Hu and President Barack Obama will make it easier to reach long-term solutions to the major trade disputes dividing the world's two largest economies. Hu sounded conciliatory on the eve of his trip. "We both stand to gain from a sound China-US relationship, and lose from confrontation," he said in responses to questions from The Wall Street Journal and The Washington Post. But Hu also argued that the US dollar's dominance of financial markets was a "product of the past," suggesting China would seek a more assertive role in the future. He passed up a chance to signal China's willingness to let its currency rise further against the dollar, a key US demand. See # 9 Page 11

Stable Pak is in our own interest: Rao

Shun terror as state policy, India to Pak NEW DELHI: India has hit out at Pakistan for pursuing terrorism as an "instrument of state policy", saying such a strategy was "flawed and selfdefeating." Foreign Secretary Nirupama Rao, who is likely to meet her Pakistani counterpart Salman Bashir in Thimphu on the margins of a Saarc Committee meeting, said "Some countries presume that they can pursue terrorism as an instrument of state policy without risks to themselves or to their standing in the international community, reported PTI. "This is a flawed and selfdefeating presumption as the war on terrorism cannot be selective. We have always maintained that a stable and prosperous Pakistan is in India's interest. Pakistan must turn away from using terrorinduced coercion as an instrument of policy against India." Rao, who was delivering a speech at a seminar on 'Asian Security Challenges,' asserted that "the epicentre of global terrorism is located in our neigh-

borhood". Apart from asking Pakistan to fulfill its commitment of not allowing its territory to be used against anti-India acts during the meeting, Rao is also expected to raise India's demand for expeditious punishment for all those responsible for the Mumbai terror attacks especially in view of Home Secretary G K Pillai's recent remarks that attempts to bring the guilty in Mumbai attacks to justice "has not moved an inch" in Pakistan. Noting that the horrendous attacks on the Indian Embassy in Kabul and the Mumbai attacks two years ago demonstrated the barbaric forms that terrorism can take, Rao said there are terror groups, some that even enjoy the patronage of elements of state structures, that target India from across our borders. "These groups are developing transnational linkages, in terms of recruitment, training, planning and financing of specific attacks. There is increasing evidence that Al-Qaeda, the LeT and the Taliban are conducting coordinated and in fact opera-

tionally fused terror attacks," she said. The roll back and elimination of the terror infrastructure in Pakistan can go a long way in securing stability and security not just in South Asia, but more widely across Asia and indeed the globe, the Foreign Secretary said. Without naming Pakistan, Rao also criticised it for interfering with Afghanistan's internal affairs in the name of 'strategic depth'. "The Afghan people should be allowed to rebuild their land in conditions of peace and security, free from interference from their neighbours. The Afghan people have time and again proven that they would like to be arbiters of their own destiny and would not like to be dictated to by those seeking to impose their own narrow strategic calculations. "Any attempts to seek so called 'strategic depth' would flounder against the reality of the indomitable sense of Afghan independence and nationalism," she said. -Online

Officials warn conflict could spark two-way crisis

Iran blocks fuels, Afghans bar trade KABUL: Afghanistan's trade associations say they have halted trade with neighbouring Iran to protest an unexplained fuel blockade which has been choking the Afghan economy, the groups' leaders said on Tuesday. Tensions between the two nations have been rising over a de facto fuel export ban by Iran, which has stranded nearly 2,000 tankers at the border and pushed up fuel prices around Afghanistan. Only around 40 trucks are being allowed across each day. The President of the Afghan Chamber of Commerce, Qurban Haqjo, said thousands

of independent traders have agreed to halt trade with Iran, which if implemented will suspend deals worth millions of dollars, and possibly damage Afghanistan's weak economy. "It is an independent decision by Afghan traders, and the ban starts from today," Haqjo told a news conference in Kabul, adding government should encourage domestic production to fill the gap left by a dearth of Iranian imports. "This could badly hurt both Iran and Afghanistan but we had no other choice," Haqjo said. Also at the gathering were the heads of 21 traders associations, representing

importers and exporters of everything from dried fruit to gemstones. Haqjo did not say how the plan would be monitored or comment on what level of losses traders who signed up might be able to absorb before being forced back into the market. Iran has not given any plausible explanations for the fuel clampdown, which has created a crisis in the country, Afghan Commerce Minister Anwar-ul-Haq Ahadi said. "I will scrap a five ton diesel deal with Iran," said Hataee, an Afghan trader who goes by one name. See # 6 Page 11

Report raises red flag over LPG quota fraud ISLAMABAD: Gross violations of rules and regulations have been made by the authorities in the allotment of Liquefied Petroleum Gas (LPG) quota in the last three decades. This has been stated in a report submitted by sub-committee which was constituted by the National Assembly Standing Committee on Petroleum and Natural Resources. The three-member committee was constituted with Chaudhry Muhammad Barjees Tahir,

MNA as convener to investigate the affairs of the distribution and grant of LPG quota among different companies. Other members of committee include Abdul Waseem and Syed Anayat Ali Shah. The National Assembly Standing Committee is holding series of meetings with Sheikh Waqas Akram in the chair in the OGDCL House. "The Sub-committee said that those involved in shabby deals should not be allowed to go escort free and the responsible officers, persons, irrespective

of their position and status in the society, must be taken to task", the document revealed. The report says the decision of the SSGC to set up an LPG extraction plant and awarding the contract to "the only one such pre-qualified bidder who even submitted the bid without a bid bond" seems to be lacking transparency and negation of rules. It adds the OGDCL temporarily allocated LPG quota in the year 2004 to 15 companies without open bidding and the See # 7 Page 11

LONDON: Britain has moved to ban the Pakistani Taliban as a terrorist group, making it illegal to belong to or raise funds for the organisation in Britain, the government said on Tuesday. Home Secretary Theresa May introduced the order, which needs legislative approval, in parliament on Monday and it will be debated later this week. The order would ban Tehreeke-Taliban Pakistan under the British Terrorism Act. "Proscription is a tough but necessary power to tackle terrorism and is not a course of action, we take lightly," said a statement. "Proscription means that membership of Tehreek-eTaliban will become a criminal offence, and the organisation will not be able to lawfully operate in the UK, including by raising funds." Last year, the group threatened attacks on the United States and Europe. Last October, a Pakistani intelligence official said a British man killed by a US drone strike in Pakistan had ties with a Pakistani-born US citizen who tried to set off a car bomb in New York's busy Times Square in May. The official, who declined to be identified, told Reuters the Briton, Abdul Jabbar, had also been in the process of setting up a branch for the Taliban in Britain. Forty-six groups considered by Britain to be international terrorist organizations are banned under the Terrorism Act 2000. -Reuters

Bomber kills fifty-one Iraqi to-be-cops BAGHDAD: A suicide bomber blew himself up in a crowd of police recruits on Tuesday, killing at least 52 people and undercutting Iraqi security efforts as the nation struggles to show it can protect itself without foreign help. The death toll was still rising hours after police said the bomber joined hundreds of waiting recruits and detonated his explosives-packed vest outside the police station in Saddam Hussein's hometown of Tikrit, some 80 miles (130 kilometers) north of Baghdad. The attack starkly displayed the Iraqi forces' failure to plug even the most obvious holes in their security as the US military prepares to withdraw from Iraq at the year's end. One recruit who survived the blast said the jobseekers were frisked before they entered the station's yard. "We were waiting in the line to enter the police station yard after being searched when a powerful explosion threw me to the ground," said recruit Quteiba Muhsin, whose legs were fractured in the blast. "I saw the dead bodies of two friends who were in the line. I am still in shock because of the explosion and the scene of my two dead friends." Tikrit police put the death toll at 52, with at least 150 wounded. Dr. Anas Abdul-Khaliq of Tikrit hospital confirmed the casualty figures. Salahuddin provincial councilman Abdullah Jabara accused al-Qaida of being behind the attack. "The aim of this terrorist attack carried out by al-Qaida operatives is to shake the security in the province and to bring back instability to Tikrit," Jabara said. "The security forces shoulder responsibility for this tragic incident." Jabara said insurgents successfully exploited what he called "inefficiencies" and "breaches" in security measures, calling it "an indication that the terrorists are still on the job and all security forces should be on high alert all the time." One Tikrit policeman said at least two of the dead were police officers. A second police official said a grenade that had not exploded was found near the scene. See # 5 Page 11

RIAZ NEWS AGENCY Cell # 0333-5373137

SHAKIL NEWS AGENCY Cell # 0333-4400472

Despite Pak Armyâ&#x20AC;&#x2122;s refusal to launch onset

US describes NWA as rich hunting base WASHINGTON: Pakistan's refusal to launch a military operation in North Waziristan to hit the terrorist sanctuaries on its northwest border may have created a magnet there for hundreds of fighters, which has a positive side for the United States. A growing number of senior US intelligence and counterinsurgency officials say that by bunching up there, insurgents are ultimately making it easier for American drone strikes to hit them from afar. "In some ways, it's to our benefit to keep them bottled up, mostly in North Waziristan," The New York Times quoted a senior intelligence official, as saying on the condition of anonymity. "This is not intentional. That wasn't the design to bottle them up. That's just where they are, and they're there for a reason. They don't have a lot of options," the official added. According to the report, halfa-dozen senior intelligence,

counter-terrorism and military officials interviewed in the past several days said that a bright side had unexpectedly emerged from Pakistan's delay. Pounding the militants consolidated in the North Waziristan enclave with air strikes will leave the insurgents in a weakened state if the Pakistani offensive comes later this year, the officials added. With several hundred insurgents largely bottled up there, and with few worries about accidentally hitting Pakistani soldiers battling militants or civilians fleeing a combat zone, the Central Intelligence Agency's drones have attacked targets in North Waziristan with increasing effectiveness and have degraded al Qaeda's ability to carry out a major attack against the United States, the report quoted the senior officials, as saying. American officials are loath to talk about this silver lining to the storm cloud that they have See # 1 Page 11

Governor Punjab meets CM Shahbaz

Unity, only way forward: Sharif LAHORE: PML-N chief Main Nawaz Sharif has said that everybody should play its role within the ambit of constitution and the Governor Punjab should work with the Punjab govt for solving the problems of the people of the province. He expressed these views while meeting with Governor Punjab Latif Khosa who called on him at his Raiwind farm on Tuesday. PPP senior Minister Raja Riaz also accompanied him. Provincial Minister Mujtaba Shuja Rehman, Tanvir Ashraf Kaira and Imtiaz Safdar Waraich were also present on the occasion. Soon upon arriving in Raiwind Latif Khosa paid a visit to the grave of Late Mian Sharif and prayed for his eter-

nal peace. He was welcomed by former Prime Minister Mian Nawaz Sharif and CM Punjab Shahbaz Sharif. The PML-N chief lauded the good-will gesture of Governor Punjab Sardar Latif Khosa and expressed hope that Governor Punjab would play his role in promoting contributory political ties for the prosperity of people of Punjab. He said he would be happy if Governor Punjab works with the provincial government for solving the problems of the people of the province. He said that unity is the only way to tackle the problems facing the country. PML (N) chief said Governor and Chief Minister should visit See # 2 Page 11

IEA sees rising oil price as risk PARIS: Oil prices near the $100 a barrel level already pose a real risk to the world economy, the IEA warned on Tuesday, as it said Chinese daily demand broke through 10 million barrels for the first time. "Recent price levels already pose a real economic risk -something of deep concern to producers and consumers alike," the International Energy Agency said in its latest monthly Oil Market Report. Oil prices of $100 a barrel represent an 'oil burden' of five percent of gross domestic product on the global economy, the IEA calculated, and said such levels in the past "have clearly been associated with economic problems.

"Ultimately, oil producers, financial investors and consumers (notably importdependent developing countries) all suffer under such a scenario," said the report. Optimism about the global economic recovery and interest from bullish investors have pushed crude prices close to $100 a barrel in recent sessions, levels last seen in October 2008. The rise in crude has also been attributed to a harsh winter hitting Europe and parts of North America, as well as growth in China and other developing nations. Oil was mixed in afternoon Asian trade Tuesday, with New York's main contract, See # 3 Page 11

SECP licenses 12 non-profit cos ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has granted licenses to 12 non-profit associations during the last quarter of 2010. These associations including Passenger Welfare Foundation, Brands Foundation, Pine Rural Area Development Organization, Radio Livestock Pakistan, Paving Paths

Foundation, Progressive Friends Foundation, Kohsar Progressive Foundation, First Step Foundation, Hadeedian Association, Center for Cultural Dialogue & Research, Conservation and Hunting Association of Pakistan and Snow Leopard Foundation. The sector-wise breakdown reveals that five associations See # 4 Page 11

Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.