The Financial Daily-Epaper-20-11-2010

International Karachi, Saturday, November 20, 2010, Zil Hajj 13, Price Rs12 Pages 12

Traders hail trashing of 2 off-days/wk decision

Singh ensnared in $40bn swindle

See on page 12

WTO chief fears currency wars

See on page 12

Turkey's floating powerhouse arrives

See on page 12

See on Page 2 Economic Indicators Forex Reserves (5-Nov-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Oct10) Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Sep 10) Revenue (Jul 10-Oct 10) Foreign Debt (Sep 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Sep 10) LSM Growth (Aug 10)

GDP Growth FY10E Per Capita Income FY10 Population

$16.95bn 14.17% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $455.10mn Rs 411bn $58.41bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 171.07mn

US to stay in Afghanistan after 2014: Obama

SCRA(U.S $ in million)

145.61 Yearly(Jul, 2010 up to 15-Nov-2010) Monthly(Nov, 2010 up to 15-Nov-2010) 40.89 3.39 Daily (15-Nov-2010) 2589 Total Portfolio Invest (5 Nov-2010)

NCCPL (U.S $ in million)

1.26 0.25 0.36 -0.28 -0.36 -1.14 -0.10

Global Indices Index Close KSE 100 10,966.00 Nikkei 225 9,797.10 Hang Seng 23,693.02 Sensex 30 19,865.14 ADX 2,748.92 SSE COMP. 2,894.54 FTSE 100 5,716.56 *Dow Jones 11,123.10 *Last Updated 20:00 PST

Change 56.35 30.41 334.16 444.55 9.52 119.87 103.85 78.87

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

$.Price PKR/Shares 2.60 110.98 19.20 163.91 2.00 42.69 1.70 36.28 10.36 35.38

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

03-Nov-2010 03-Nov-2010 03-Nov-2010 29-Sep-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010

12.75% 13.11% 13.24% 13.50% 12.66% 12.99% 13.26% 13.63% 13.71% 13.64% 13.73% 13.82% 14.22% 14.33% 14.50%

Commodities *Crude Oil (brent)$/bbl 85.49 *Crude Oil (WTI)$/bbl 83.45 *Cotton $/lb 132.25 *Gold $/ozs 1,353.10 *Silver $/ozs 25.40 Malaysian Palm $ 1,040.00 GOLD (NCEL) PKR 37,257 KHI Cotton 40Kg PKR 9,109 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 84.50 Canadian $ 84.60 Danish Krone 16.00 Euro 118.50 Hong Kong $ 10.95 Japanese Yen 1.014 Saudi Riyal 22.50 Singapore $ 65.60 Swedish Korona 12.85 Swiss Franc 87.20 U.A.E Dirham 22.90 UK Pound 136.50 US $ 85.20

84.60 84.70 16.50 119.00 11.15 1.040 22.70 65.70 13.00 88.20 23.10 137.00 85.60

We’ll secure our full tenure: PM Orders study of flood affectees’ power/gas bills, loan waivers’ proposals

Portfolio Investment

FIPI (16-Nov-2010) Local Companies (16-Nov-2010) Banks / DFI (16-Nov-2010) Mutual Funds (16-Nov-2010) NBFC (16-Nov-2010) Local Investors (16-Nov-2010) Other Organization (16-Nov-2010)

‘President no longer has the power to dissolve Parliament’

LISBON: Portugal's President Anibal Cavaco Silva receives US President Barack Obama at the Presidential Palace before the start of the Nato summit in Lisbon.-Reuters

Pakistan to get clean fuel: US official

TAPI gasline gets American blessing Turkmens also win backing for exporting gas to Europe also provide clean fuel to the growing economies of Pakistan and India.

"While many challenges remain, important steps are being taken, and we are encouraged by this progress. It is important to remember that pipelines are long-term projects with long-term horizons, and that the immense effort involved will produce longterm benefits for Turkmenistan and the region," she said.

"TAPI's route may serve as a stabilising corridor, linking neighbours together in economic growth and prosperity.

See # 6 Page 11

ASHGABAT: Susan Elliott, Deputy Assistant Secretary of South & Central Asian Affairs at US State Department has said the proposed TurkmenistanAfghanistan-Pakistan-India (TAPI) pipeline is a good example of how Turkmenistan's resources could benefit other countries in the region.

She was speaking at the International Exhibition "Oil and Gas of Turkmenistan2010".

Elliott said this project, if realised, would provide revenue and jobs for Afghanistan at a critical time in its economic development. TAPI would

Ex-president claims al Qaeda chief funded PML-N leader for polls

Musharraf lays bare Sharif-Osama nexus TORONTO: Former President Pervez Musharraf has alleged that Osama Bin Laden had funded Nawaz Sharif for taking part in elections, whereas Ch Shujat and Pervaiz Elahi's statements are manifestations of acute frustration.

According to media reports, while addressing All Pakistan Muslim League (APML) convention in Toronto, he said Richard Holbrooke’s statement proves that he (Musharraf) did-

n't take dictation from America.

He said that a bunch of people shouted slogans against him in Toronto but he tolerated it, adding if he was not afraid of the country's law he should have had them kick out at once.

Musharraf did not answer the question regarding Dr Imran Farooq's joining his party All Pakistan Muslim League.Online

President, Sharif say they’re one on democracy ISLAMABAD: President Asif Ali Zardari and PML-N leader Nawaz Sharif have agreed on working together to strengthen democracy in the country.

As per details President Asif Ali Zardari telephoned Nawaz Sharif on Eid-ul-Adha and wished him well. He as well condoled with him the death of his (Sharif's) uncle Miraj Din, and inquired after the health of Kalsoom Nawaz --Sharif's wife.

While discussing various issues they both agreed on strengthening democracy in the country. According to sources See # 5 Page 11

Drone-fire snuffs out 3 in NWA MIRANSHAH: At least three persons were killed when a US drone fired missiles on a vehicle in North Waziristan Agency (NWA) on Friday, sources said.

The incident occurred in Naurak village of the agency.

As a result, three persons were killed on the spot while the vehicle was destroyed completely. "Two missiles were fired on a vehicle. So far three militants are confirmed killed in this attack," a senior security official said.-NNI

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has again made it clear that government will complete its full five-year term for the sake of democratic stability in the country.

While giving an interview to a private TV channel, Prime Minister said the legislature has been elected for five years, those who wish its early dissolution, were, therefore, not sincere with the nation.

He said that PPP-led government very well knows how to tackle issues adding Parliament is the best forum to resolve lingering problems, stressing we respect Parliament's supremacy.

He said the government would overcome all the problems it’s faced with and it respects all the institutions of the country.

The President no longer has the power to dissolve

Parliament and dismiss an elected premier, Gilani said, adding no one wants martial law now .

All institutions want to see the democratic system moving forward and getting stronger, he added.

Premier said that the government would complete its tenure, adding those who wished its premature termination would be disappointed to the full.

Meanwhile, Prime Minister directed the authorities concerned to examine proposals for waiver of electricity/gas bills as well as farm loans in the flood affected areas.

Addressing a public meeting during his visit to a camp established for the affectees in Dadu earlier, he said their demands merit consideration.

Gilani went on to say the government has already announced provision of seed

EU vows Pak food security assistance ISLAMABAD: The EuropeAid Director for Asia and Central Asia, Dirk Meganck has vowed that European Union will continue its support for combating rising food prices and ensuring food security in Pakistan.

"Pakistan is a great country, a great nation with a great potential and a large population but it is also a country affected by big problems, big calamities while the greatest calamity has

been the recent floods. The ones who have suffered the highest in this country are those living in the rural areas amounting 60 to 70 per cent of the population and the people living in these rural areas contribute greatly to the economy," he said while addressing a large gathering of small-scale farmers belonging to Farmer Interest Groups at Village Karsal in district Chakwal.

See # 2 Page 11

"Allies' reservations on tax will be resolved"

Poor to be immune to flood levy: Qaim GARHI KHUDA BUX: Sindh Chief Minister Syed Qaim Ali Shah has said that the flood tax is under consideration but it will not bear on the poor.

Talking to media here on Friday he said that some coali-

tion partners have reservations on the proposed flood tax, which will be resolved.

Qaim said the Punjab government was also considering introducing flood See # 4 Page 11

and fertilisers free of cost in the flood-marred areas.

He promised to soon convene MNAs and MPAs of all affected areas for consultations on launching development schemes.

He said the Centre would sponsor one major scheme in every constituency like that of remodeling canals.

He announced the same for Dadu Canal on top of a grant worth Rs100 million for two constituencies of the city.

He expressed his dissatisfaction over the pace of distribution of Watan Cards and directed Nadra to expedite the process.

He said the hitches in issuance of national identity cards should also be removed on urgent basis so that every affected family could get the initial grant of Rs20,000 for the reconstruction of houses.

See # 1 Page 11

India on fire as Iran cleric voices truth about IHK NEW DELHI: In a move that could further strain friendly ties, India has lodged a strong protest over Iran's supreme leader Ayatollah Khamenei's remarks describing Kashmir as one of the world's besieged regions, along with Gaza and Afghanistan.

Sources say India has issued a démarche to Iran for these comments by the supreme leader.

Khamenei in his message to Hajj pilgrims also appealed to the Muslim elite worldwide to back the "struggle" in Jammu and Kashmir, equating the state with the "nations" of Afghanistan, Iraq and Pakistan.

Sources added that India has conveyed its disappointment and abstained from voting on a UN resolution criticising Iran's human rights violations.

Moreover India Friday summoned the Iranian charge d' affaires and conveyed its "deep disappointment" over comments See # 3 Page 11

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

84.09 84.59 15.58 116.16 11.00 1.027 22.75 65.69 12.42 86.74 23.22 137.03 85.37

84.29 84.79 15.62 116.43 11.03 1.030 22.80 65.84 12.45 86.94 23.28 137.35 85.56

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

28°C 33°C 27°C 28°C 20°C 27°C

MIN

7°C 16°C 11°C 9°C -4°C 8°C

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2

Saturday, November 20, 2010

Nation fetes Eid-ul-Adha KARACHI: Eid-al-Adha was celebrated across the country on Wednesday with great zeal and fervour and a renewed commitment to make country prosperous and invincible against threats to its integrity.

On the occasion, small and big Eid congregations were held at hundreds of Eidgahs, principal mosques and open places throughout the country.

In their Eid sermons, Ulema and Khateeb highlighted the significance and philosophy of the sacrifice and urged the Muslims to follow the teachings of Islam that call for greater unity of Muslim Ummah.

Special prayers were offered for the integrity, solidarity and prosperity of the country and unity among the Muslim Ummah.

The Ulema urged the Muslims to shun petty differences, stand united and seek Allah's blessings for emancipation from all ills.

The Interior Ministry had employed security measure

to thwart any untoward incident as security officials were deployed outside the mosques, Eidgahs and open places where faithful offered Eid. In Islamabad the largest Eid Congregation was held at Faisal Mosque.

In Lahore, the traditional Eid congregation was held at Badshahi Mosque where Punjab Governor Salman Taseer, Lahore PPP President Asghar Gujjar and other party office-bearers offered the Eid prayers.

Hundreds of thousands of believers thronged mosques, Eidgahs and Imambarghas to offer Eid prayers at over 500 places in the city.

Eid congregations were also held in Data Darbar Mosque, Masjid Shuhada, Masjid Wazir Khan, Jamia Mosque, Tehrik Minhaj ul Quran and Bagh-e-Jinnah Mosque, Karbala Gamey Shah and Islampura mosque.

Special arrangements were also made for Eid

prayers within premises of all jails across the province including Lahore.

In Karachi, main Eid congregation was held at Baghe-Qauid-e-Azam while the congregation at polo ground was joined by Ministers, Chief Secretary Sindh, diplomats of muslim countries and city's elite.

After Eid prayers, the faithful sacrificed animals in pursuance of Sunnat-eIbrahimi.

In Peshawar, NWFP Governor Owais Ahmed Ghani and Chief Minister Amir Haider Hoti offered Eid prayer at Governor's House.

Special prayers were offered for security, solidarity, integrity, development, peace and prosperity of the country as well as elimination of terrorism.

Eid al Azha was also offered in Balochistan, Azad Kashmir, GilgitBaltistan and other areas with a commitment and prayers to steer country out of the present crisis.-APP

CDGK lifts 0.8mn offals to keep city clean

ISLAMABAD: Federal Minister for Interior Senator A Rehman Malik coming to lay wreath at the Martyrs Monument in Police Line on the eve of Eid-ul-Adha.-Online

Traders hail trashing of 2 off-days/wk KARACHI: The trade and industry has hailed the government's decision to withdraw two days weekly off from November 27.

S M Muneer, Patron-inChief and Syed Johar Ali Qandhari, Chairman, Korangi Association of Trade and Industry (KATI) and former Chairman, Mian Zahid Husain have hailed the announcement by the Prime Minister, Syed Yousuf Raza Gilani to withdraw the decision of two days weekly off from November 27.

In a statement they said that its was a constant demand by the trade and

BQATI heralds 1 off-day a week KARACHI: Group photo of Advisor to CM, Sharmila Farooqi with 12 member Delegation of SPARC who called on her at her office in Karachi.-PPI

Sharmila calls for social harmony TV PROGRAMMES SATURDAY Time Programmes 7:00 News 8:00 News 9:05 Best of Subah Savere 11:10 Mohaaz (F) 12:00 News 13:10 Newsbeat (Rpt) 14:10 Awam Ki Awaz 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Taxi News 20:05 The Anchor 21:00 News 22:03 Faisla Aap Ka 23:05 Naram Garam

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

Programmes Chai Time (Rpt) Smithsonian Documentry Dilkash Pakistan Sara jahan(Rpt) Karobari Duniya(Rpt) News Siyasat Mana Hai (Rpt) AM News Islamabad Say (Rpt) News News Doosra Pehlu (Rpt) News Filmi Samaa(rpt) Red Carpet (Rpt) News Aap Ka Paisa (Rpt) Pakistan This Week News Sara jahan(Rpt) Dilkash Pakistan News Tijarti Dunia News Kamyab News Teesri nazar News Agenda 360 Music Scene Uff Tv News

KARACHI: Advisor to Chief Minister Sindh Sharmila Farooqui has asked the nation to rise above the personal differences and stand firm for the real development of the country by raising the spirit of social sacrifices for each other.

Today Pakistan is in grip of tremendous problems due to scourge of terrorism besides facing big challenges at international level in view of socio-economic development, so there is need to develop

harmony, brotherhood and peace, she said while congratulating the nation on the auspicious occasion of Eid-ul-Adha.

Sharmila said we should promote modern education at the grassroots level to strengthen country socially and economically, adding this will also help boost peace. "The PPP government wants our youth must have books in their hands rather than weapons. There is need to educate the young generation on modern lines."-PPI

8k CNG buses on the cards ISLAMABAD: As many as 8,000 environment friendly CNG buses will be launched in major cities of the country under Shaheed Benazir Bhutto CNG Bus Project.

An amount of Rs 300 million has been transferred to the State Bank of Pakistan for implementation of this project in Karachi during its initial phase of implementation, an official source informed.

Under the project being executed under Ministry of Environment, 225 buses will be launched for Karachi city to overcome the transport problems faced by the citizens. The bus service will later be introduced in Multan, Lahore, Peshawar, Quetta, Faisalabad, Hyderabad, Sukkur, Gujranwala and twin cities of Rawalpindi and Islamabad, the official added.-APP

GOVERNMENT OF SINDH PLANNING & DEVELOPMENT DEPARTMENT MONITORING & EVALUATION CELL Sealed Tenders are invited under SPPRA Rules 2010 from the recognized Companies / Firms and experienced Suppliers / installers of specific items registered under Sales Tax for supply of items mentioned below. Tender will be received upto 9th December, 2010 till 2.00 PM in the office of Deputy Director (MEC), Planning & Development Department, Room No. 430, 3rd Floor, Sindh Secretariat No-2 (Tughlaq House), Government of Sindh, Karachi shall be opened at 3.00 PM in the Committe Room of P&D Department (2nd Floor) on the same day in the presence of the tenderers, who may wish to attend. Tenders should be submitted on the prescribed from which can be recieved from the Deputy Director (MEC) on payment of tender fee of Rs 100/-.

Earnest money at the rate of 2 % for Companies / Firms of the total cost of the tender may be furnished in the shape of Pay Order in favour D.D.O (MEC), Planning & Development Department, Government of Sindh, Karachi.

The tenders should be addressed to Deputy Director (MEC), Planning & Development Department, Government of Sindh , Karachi.

Specification S.No. Item Renovation of Office Installation Specifications attached 1. of Fixture items etc at 7th Floor , with tender form State Life Building, Hyderabad

1. Offers are invited in Pak Currency 2. Tenderers are requested to quote thier rates incluidng all taxes and also mention thier Sales tax Registration No. 3. The competent authority reserves the rights to reject any or all tenders as per SPPRA Rules-2010

DEPTUY DIRECTOR (MEC) INF-KRY 3938/10

KARACHI: Bin Qasim Association of Trade & Industry (BQATI) has appreciated the decision of Government of Pakistan to withdraw the notification for two days in a week.

While highly appreciating the decision of Government of Pakistan to withdraw the notification, Mian Muhammad Ahmad, Patron-In-Chief/ Founder President and Usman Ahmed, Founder Vice President, Bin Qasim Association of Trade & Industry (BQATI) demanded that similar action should be taken by federal government and all other provincial governments.

They said that two days holidays are badly affecting the production. The decision for two days holiday was made to overcome the power crises, but it was witnessed that this very purpose was not served; therefore, there is no reason to work on five days a week instead of usual six days.

Further closure of banking channels for two days in a week are also affecting export business, they said.-PPI

industry to withdraw the two weekly off decision as it could yield no positive result but instead trade and industry has suffered a lot due to the closure of banks and other government departments for two days in a week.

They said that this is a wise decision by the Punjab government as country is not in a position to afford two days shutdown in a week and now the federal government has wisely followed the suit.

"As the decision to declare two days weekly off has proved to be antieconomy and could not

yield any positive result by any means, the decision should now be reversed without further loss to the country and the nation", Muneer advised.

They said that two days holidays are badly affecting the production. The decision for two days holiday was made to overcome the power crises, but it was witnessed that this very purpose was not served; therefore, there is no reason to work on five days a week instead of usual six days. Further closure of banking channels for two days in a week are also affecting export business, they said.-Online

KARACHI: Administrator Karachi Fazlur Rehman has asked City District Government Karachi (CDGK) and its town administrations to continue lifting and disposal of offal operation for the fourth consecutive day to clean the city.

He was talking to newsmen during his marathon tour to 18 towns in the city on the 3rd day of Eid. He said city government has lifted and disposed a total of 760,000 offals in different parts of the city during two days of Eid ul Azha while the lifting and disposal will continue late night.

PDMEA urges govt to seek EU grants KARACHI: Pakistan Denim Manufacturers and Exporters Association (PDMEA) has urged the government to sent a team to European Union (EU) for explaining the concerns of Pakistani exporters arising out of recent EU proposal on duty concession.

In a statement, chairman PDMEA Shahid Soorti said that Pakistan should also visit European Apparel and Textile Confederation and all other relevant people in this regard. He said that EU has now set up much tougher restrictions on 75 items ini-

No proper steps for farmers rehab: PEW ISLAMABAD: The Pakistan Economy Watch (PEW) on Friday said steps taken to rehabilitate flood-hit farmers are insufficient at best.

According to an estimate 1.3 million hectares of cultivable land, two million livestock and six million poultry is dead while vast tracts of cultivable land is buried under rubble that needs heavy machinery to make it capable of being farmed again, it said.

Majority of farmers are unable to start farming without support while

they will be provided a subsidy of 2.8 billion which is insufficient, said Dr Murtaza Mughal, President PEW. He said that majority of banks are still unwilling to lend in rural areas while Islamic banks have yet to develop any product for areas outside of cities.

Therefore, he said, farmers are left with no option but to seek financial assistance from loan sharks who offers loans at high interest rates to enforce repayment by threats and violence.

The price of DAP has

been increased from 2700 to 3500 while the prices of Urea has also started showing upward trend.

Hike in petroleum prices and continuous electricity tariff is also a major concern.

The combinative effect of these inputs will hit farmers by around 2830billion rupees which will make the subsidy a joke, said Dr Murtaza Mughal.

He said that a good number of sugar mills are not willing to start crushing adding to the problems of farmers.-APP

tially approved for Pakistan duty free. It has made it far less effective and beneficial.

The EU has reduced the concession period from 3 to 2 years following pressure from the local European textile industry and 3rd year after reassessment.

They have further set up restriction with just 20 per cent growth allowed in a year or we lose duty free status on some of the top items in list of 75 items where we were expecting serious growth like women jeans, fabrics, towels, socks, etc, he added.-APP

Mirza lauds law enforcing efforts KARACHI: Sindh Home Minister Dr Zulfiqar Ali Mirza appreciated Police and Rangers to maintain law and order situation in metropolis on the occasion of Eid-ul-Adha, said that maintaining law and order despite having limited resources has shown competence and professionalism of the law enforcement agencies.

It is the duty of law enforcers to provide security to the people and maintain rule of law without discrimination, he added.

He said the holy month of Muharram-ul-Haram is also approaching fast and law enforcers should plan foolproof security. He said leaders of all political and religious parties and Ulema should cooperate with police to assure solid security steps and peaceful environment.-APP

Sikhs arrive for Nanak's anniversary JAFFRABAD: Turkish Ambassador Babar Hizlan distrubuting meat among the flood affectees on the eve of Eid-ul-Azha.-Online

Microseis ms jolt Karachi KARACHI: A minor earthquake jolt hit parts of Karachi in the wee hours of Friday, met office reported. The magnitude on Richter scale was 1.1, the office said.

According to metrological office, those areas jolted by tremors included Lanhdi, Korangi, Malir, Shah Faisal Coloney, Shahrah-eFaisal and others.

The epic center of the quake was 10 kilometers deep in sea while it was felt at 4:18am.

After the metropolis was jolted, many Karachiites came out of their homes in panic and started reciting verses from Holy Qur'an, however, no loss of life or property was reports from any part.-Online

Responding to a question, he said that Saturday has been declared as the day of cleaning so that the staff of Solid Waste Management Department can complete cleanliness drive.

He said that fumigation has been started in the entire city from the evening of Friday, while 30 main streets and corridors have been selected in the city for anti-germ spray on Saturday and Sunday. Quoting media report, the Administrator said the performance of Karachi city government was better than other cities in the country.-APP

KARACHI: Head of Regional Managers of NUMOV, Germany Alexander Rieper receiving a memento from Utku Yazan, Country director Pakistan of Turkish Airlines on behalf of Helene Rang, CEO, of NUMOV. Adnan Khan, Marketing Manager, Suayip Zuhtu ILERI, of THY are also present.-Staff Photo

KARACHI: US Consul General William Martin distributing Eid gifts among the children of a flood relief on the eve of Eid-ul-Azha.-APP

LAHORE: Over 4,000 Sikh pilgrims reached by special trains through Wagah border Friday to attend 541st birth anniversary celebrations November 21 of Guru Nanak, the first guru of Sikhism, at his birthplace Tight security arrangements were made at Wagah border near Lahore as visiting pilgrims went through customs and immigration.

The visitors were happy to come for highest religious pilgrimage for Sikhs.

They were greeted on arrival at Wagah railway station by President of Pakistan Sikh Gurdwara Parbandhak Committee, Sardar Sham Singh, and officials of Evacuee Trust Property Board.

Sikh pilgrims felt both countries needed to make visa policies more flexible to allow more people to cross over for such religious activities. "We are satisfied with the arrangements made for us and feel no security threat as such," they stated. Asif Hashmi, Chairman of Evacuee Trust Property Board, said proper security arrangements have been-PPI

3 Saturday, November 20, 2010

Taiwan dollar ends higher TAIPEI: The Taiwan dollar rose on Friday as investors slowly returned to riskier assets amid easing worries that Ireland may default on its debt.

Gains were once again capped by central bank intervention, which traders expect to continue next week if the local dollar remains under upward pressure.

Taiwan's currency ended up at T$30.673 against the US dollar, retreating from an intraday high of T$30.290 after the central bank intervened late in the session, traders said. It closed at T$30.733 on Thursday.

Taiwan authorities have stepped up their concern over the local currency's recent rally.

The Taiwan dollar has risen about 3 per cent since late September, reflecting expectations Asian currencies would attract foreign funds inflows amid US monetary easing this month. The local currency is expected to trade at T$30.2 - T$30.5 next week, traders said. -Reuters

Euro rises on Ireland hopes, resistance to cap gain Bernanke defends QE, dismisses charges of debasing dollar NEW YORK: The euro edged higher on Friday on growing confidence that Ireland's banking and debt crisis will be resolved, but key resistance should cap gains in the near term.

Hopes that Ireland was near a deal to get tens of billions of euros from its European partners and the IMF helped push the euro above $1.37 overnight, but momentum stalled ahead of resistance around $1.3750. Traders said this level is likely to hold until markets get more details on the Irish rescue plan.

A financial aid deal to help Ireland cope with its battered banks will be unveiled next week, EU sources said on Friday.

The euro was last up 0.2 per cent at $1.3674, after having

risen as high as $1.3733 on trading platform EBS. It has recovered from a slide to a seven-week low of $1.3446 earlier in the week and is poised to end the week slightly lower against the dollar.

The single currency remained resilient after news that China tightened monetary policy by raising banks' reserve requirements, which dented some risk appetite.

Support come in at the 55day moving average at $1.3607. Traders said the euro still needs to get above resistance at $1.3750 to put an end to the downward correction of the last couple of weeks.

In prepared remarks for delivery at a conference in Frankfurt, Federal Reserve Chairman Ben Bernanke hit back at critics of the US central

Asian currencies

Mostly higher on stock gains, seen consolidating SEOUL: The South Korean won led gains in Asian currencies against the dollar on Friday as stocks in the region rose amid easing worries about Ireland's debt problems.

Still investors remained wary of potential measures by Asian authorities to curb hot money inflows, which will likely lock currencies in ranges, dealers and analysts said.

Earlier South Korean Vice Finance Minister Yim Jongyong said the country planned to prepare further capital measures by the end of this year.

"In the medium and longer term, funds will keep flooding into Asia. But nobody is free from regulation risks for now

with the authorities in the region stepping up rhetoric over controls," said Jeong Myyoung, a currency strategist in Seoul.

The won rose slightly against the dollar as foreign investors turned net buyers of local stocks amid easing worries about Ireland's debt crisis and on exporters' demand for settlements.

But it gave up most of its earlier gains on Yim's comments and as investors covered dollar-short positions.

The local currency is expected to stay in ranges around 1,130 per dollar on growing caution over the country's steps to reduce sharp swings in capi-

Stg falls vs euro; China hike weighs LONDON: Sterling fell against the euro on Friday as anticipation an aid plan would be agreed for Ireland buoyed the single currency.

The pound also fell against the dollar after China raised banks' reserve requirements, denting equities and riskier currencies as concerns grew that tighter policy would dampen Chinese growth.

"There is nothing UK-specific.

Sterling had benefited with the euro from the increased likelihood of an Ireland bailout package, but we are seeing a little enthusiasm being lost and now the China move is the main driver," said Ian Stannard, currency strategist at BNP Paribas.

A financial aid plan to help Ireland cope with its battered banks will be unveiled next week, EU sources said on Friday, but experts warned a rescue may not be enough to prevent contagion in the single currency bloc.

The euro was up 0.6 per cent at 85.55 pence, with the day's high at 85.60, just shy of its 200-day moving average, currently around 85.62 pence, and last Friday's high of 85.61 pence.

On the downside, any falls are likely to be limited unless the euro breaks below its 100-day moving average at 84.66 pence and the recent low of 84.50 pence.

Against the dollar, sterling was down 0.5 per cent at $1.5966,

well below a high for the day of $1.6095.

Analysts said it could be significant if sterling closes the week below $1.60, making it difficult for the currency to extend a recent rebound from a low of $1.5840 reached earlier this week, its weakest since late October.

Against the dollar, technical analysts said sterling was supported around the $1.58 region, given its 55-day moving average lay around $1.5825 on Friday, while the 50 per cent retracement level of the pound's rally in September-November came in around $1.58.

The pound gained a modicum of support after Bank of England policymaker Paul Tucker said central banks must not dilute their commitment to price stability, although this was short-lived with the market's focus elsewhere.

Sterling has been supported since Wednesday's minutes from the Bank of England's latest policy meeting suggested improving economic data and stubbornly high inflation would keep quantitative easing off the agenda for now.

It was also helped on Thursday by data showing a recovery in UK retail sales after two months of declines, although government borrowing hit another record high. -Reuters

tal flows, analysts and dealers said.

The Singapore dollar edged up in thin trading, breaking what some traders saw as a key resistance level at 1.30501.3080.

Traders believe capital flows into Asia will continue in spite of control measures, with some believing the Singapore currency will test towards 1.2800 before Christmas.

Traders also said the Singapore dollar has been biddish since speculation emerged on Tuesday that the Singapore central bank may have widened the Singapore dollar trading band to as much as 3.5 per cent last month. -Reuters

Swiss franc little changed ZURICH: The Swiss franc trod water on Friday after the previous session's sharp losses against the euro as markets were eyeing the Irish debt crisis to see if the country were to accept help from the European Union.

Hopes that Ireland was near a deal to shore up its banks and get its budget deficit under control boosted the euro on Thursday, driving it some 1.3 per cent higher against the franc.

"It's all Ireland again today," said Informa Global Markets analyst Tony Nyman. "Even (the Irish) finance minister admitted yesterday that some external aid is required. Rightly or wrongly, this is perceived as a Euro positive for now."

The key level short-term was now 1.3600 franc per euro, and a break could re-open 1.3700, he said. The franc was little changed against the euro compared to the New York close, trading at 1.3578 per euro at 0735 GMT. The franc was 0.4 per cent firmer against the dollar at 0.9921 per dollar as the Federal Reserve Chairman Ben Bernanke's full-throated defence against criticism of the bank's controversial bond-buying programme was weighing on the dollar.

However, the franc could still fall towards parity against the greenback from a technical point of view, analysts at Commerzbank said. -Reuters

Aussie, NZD recoil from wk highs, risk appetite fades SYDNEY: The Australian and New Zealand currencies lost momentum on Friday after briefly hitting one-week highs against the greenback, snapping two sessions of gains as investors locked in profits ahead of the weekend.

Worries that Beijing may adopt more stringent measures to cap inflation, coupled with market talk that Hong Kong will try to cool the property sector, tempered risk appetite and took a toll on the antipodean pair.

The market was also waiting for further developments in Ireland, which is discussing an aid package worth tens of billions of euros from European partners and the IMF for its shattered banks.

All these factors left investors unwilling to push the Aussie and kiwi dollars higher just yet.

The Australian dollar rose as high as $0.9913, a level last seen on Monday, before retreating to $0.9849. It was little changed on the week but still

1.3 per cent above Tuesday's low around $0.9725.

Support is seen at Thursday's low of $0.9786, while stiff resistance awaits the Aussie at $0.9920, ahead of further headwinds around parity.

"It's pretty thin out there today. We've come lower on the back of losses in Shanghai stocks and the Hang Seng," a currency trader said.

The New Zealand dollar, which came within a hair's breadth of $0.7800, its highest level since Nov 12, fell back to $0.7752, closing in on nearterm support seen around $0.7745, followed by Thursday's low of $0.7697. The kiwi was unmoved by a speech from RBNZ Governor Alan Bollard, in which he said the country's medium outlook is favourable but the recovery process will be drawn out. On the cross rate, the Aussie eased to NZ$1.2689, drifting towards the lower end of this week's slim range roughly between NZ$1.2671 and NZ$1.2800. -Reuters

bank's latest bond-buying programme. He also issued a thinly veiled attack on China's policy of keeping its currency weak.

His remarks helped push down US Treasury yields, leading to a fall in the dollar versus the yen. The pair last traded at 83.42 yen, down 0.1 per cent on the day.

The euro rose 0.1 per cent to 114.06 yen, up from the week's low around 112.20 yen on Tuesday.

Analysts said money market rates have remained higher since Greece's debt problems came to a head earlier this year, suggesting investors have priced in the possibility of more sovereign debt crises, limiting the possibility of another hefty sell-off in the euro.

ging of the two currencies in mid-June.

It moved in a small range of 6.6352 to 6.8385, trading above the central bank's daily mid-point of 6.6408, stronger than Thursday's 6.6455. The mid-point or reference rate is a level from where the yuan can rise or fall 0.5 per cent in a day.

A wave of risk aversion was taking its toll on one-year dollar/yuan NDFs, which were testing 6.5100 per cent for the second time in nearly a month.

The level is a key support with a few stops bunched around there.

A comprehensive break might push one-year NDFS up to 6.55 -- a two-month peak.

One-year NDFs rose to 6.4560 bid late on Friday, from 6.4520 at Thursday's close, with their implied 12-month yuan appreciation falling to 2.86 per cent from 3.00 per cent. -Reuters

Indian rupee off lows; weak $, stocks weigh MUMBAI: The Indian rupee closed off lows after the dollar weakened against the euro, but the sharp fall in local equities prevented the unit from ending stronger.

The rupee is, however, seen gaining next week as foreign inflows have not slowed as sharply as was expected with the year-end approaching.

"The fundamental story of the rupee is strong despite pressure in the trade account. The trade gap is adequately bridged through excessive flows in the capital account and supply driven mode in forward segment," said J. Moses Harding, global markets head at IndusInd Bank.

The partially convertible rupee ended at 45.29/30 per dollar after falling to 45.37 earlier in the day, and weaker than Thursday's close of 45.22/23, when it had touched 45.58 -- its lowest since Sept. 24.

Foreign funds have bought shares worth a record $28.5 billion so far in 2010, compared with last year's $17.5 bil-

Events

NZD

Credit Card Spending y/y

Actual

JPY

All Industries Activity m/m

EUR

German PPI m/m

Forecast Previous

4.6%

4.2%

-0.8%

-0.5%

-0.2%

0.4%

0.4%

0.3%

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 16/11/2010

"We're not seeing the vicious, speculative selling of the euro as we did during Greece's problems," said Stephen Gallo, head of markets analysis at Schneider FX. "You're also not seeing real money moving out of their longer-term euro long positions," he said, adding that selling in the euro under $1.3500 had offered a good chance for long-term investors to pick up euro assets, albeit cautiously."

Higher-yielding, commodity-linked currencies such as the Australian dollar fell after China's tightening move.

Australia is a large exporter of commodities to China and tends to weaken on worries of a slowdown in the Chinese economy. The Aussie dollar last traded at US$0.9832, down 0.6 per cent. -Reuters

Yuan slips, but trades above mid-point SHANGHAI/HONGKONG: Spot yuan closed down against the dollar on Friday, but still traded above the mid-point set by the People's Bank of China as the dollar dropped 0.6 per cent in global markets on Thursday.

The market mostly expects more yuan appreciation, dealers said, but as the Chinese currency had already risen quickly during the G20 meeting, it was likely to hover around recent levels in the near term.

"It has appreciated a lot recently under international pressure. Now it's time for the yuan to have a rest," said a dealer at a European bank in Shanghai. "But we still expect that the yuan will continue to appreciate in the future."

Spot yuan ended at 6.6395 versus the dollar, down from Thursday's close of 6.6336 but was still up 2.81 per cent since the PBOC announced a depeg-

Previous Day Source

lion, which has helped the rupee gain 2.7 per cent year-todate. One-month offshore nondeliverable forward contracts were quoted at 45.60 to a dollar, weaker than the onshore spot rate, suggesting a bearish near-term outlook.

In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 45.3575, 45.3550 and 45.3600, respectively, with the total traded volume on the three exchanges at a moderate $6.6 billion. -Reuters

A

USD

GBP

CAD

O/N

0.22938

0.55250

0.97500

0.50000 SN 0.09188

EUR

JPY

1WK

0.24953

0.55563

1.02333

0.63250

0.10500

2WK

0.25125

0.56125

1.05500

0.68750

0.10875

1MO

0.25344

0.57250

1.09000

0.77750

0.12313

2MO

0.26828

0.62938

1.13667

0.86313

0.15313

3MO

0.28438

0.74000

1.20167

0.97875

0.19563

4MO

0.33250

0.82188

1.26000

1.04000

0.25875

5MO

0.39219

0.92875

1.33333

1.11938

0.31563

6MO

0.44219

1.03313

1.40333

1.21938

0.37438

7MO

0.49094

1.11000

1.46000

1.26625

0.43813

8MO

0.54469

1.19250

1.54833

1.31625

0.48625

9MO

0.59625

1.27500

1.60667

1.36250

0.53125

10MO

0.64938

1.35125

1.68833

1.40938

0.55750

11MO

0.70406

1.42000

1.76333

1.45313

0.58438

12MO

0.76313

1.48688

1.85167

1.50000

0.61438

Major Central Banks Overview Central Bank

Next Meeting

Last Change

Current Interest Rate

Bank of Canada

Dec 07 2010

Sep 08 2010

1%

Bank of England

Dec 09 2010

Mar 05 2009

0.50%

Bank of Japan

Dec 21 2010

Dec 19 2008

0.10%

European Central Bank

Dec 02 2010

May 07 2009

1%

Federal Reserve

Dec 14 2010

Dec 16 2008

0.25%

Swiss National Bank

Dec 16 2010

Mar 12 2009

0.25%

The Reserve Bank of Australia

Dec 07 2010

Nov 02 2010

4.75%

Division of National Bank of Pakistan (NBP) KARACHI, November 16,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A.

85.50

85.30

85.12

U.K.

137.35

137.03

136.71

EURO

116.43

116.16

115.88

CANADA

84.79

84.59

84.37

SWITZERLAND

86.94

86.74

86.51

AUSTRALIA

84.29

84.09

83.87

SWEDEN

12.45

12.42

12.39

JAPAN

1.03

1.03

1.02

NORWAY

14.30

14.27

14.23

SINGAPORE

65.84

65.69

65.51

DENMARK

15.62

15.58

15.54

SAUDI ARABIA

22.80

22.75

22.69

HONG KONG

11.03

11.00

10.97

CHINA

12.87

12.84

12.81

KUWAIT

304.16

303.45

302.65

MALAYSIA

27.25

27.19

27.12

NEW ZEALAND

66.15

66.00

65.82

QATAR

23.50

23.45

23.39

U.A.E.

23.28

23.22

23.16

KR WON

0.08

0.08

0.08

THAILAND

2.87

2.86

2.85

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for November 16, 2010

KASB

BMA

ELXIR

GSL

ICSL

0-7days

11.80

11.00

11.00

11.25

11.80

JSCM AvgRate 11.30

8-15dys

11.90

11.55

11.60

11.95

12.00

11.75

11.79

16-30dys

12.20

12.25

12.10

12.25

12.25

12.20

12.21

31-60dys

12.40

12.45

12.40

12.50

12.45

12.40

12.43

61-90dys

12.70

12.75

12.75

12.77

12.70

12.75

12.74

91-120dys

12.95

12.95

12.85

12.95

12.85

12.80

12.89

121-180dys

13.05

13.15

13.10

13.18

12.95

13.15

13.10

181-270dys

13.18

13.25

13.17

13.26

13.10

13.20

13.19

271-365dys

13.25

13.25

13.25

13.30

13.20

13.22

13.25

2-- years

13.35

13.40

13.40

13.40

13.40

13.40

13.39

3-- years

13.65

13.60

13.63

13.65

13.60

13.70

13.64

4-- years

13.72

13.65

13.70

13.68

13.73

13.73

13.70

5-- years

13.75

13.65

13.75

13.74

13.75

13.74

13.73

6-- years

13.75

13.68

13.75

13.75

13.75

13.75

13.74

7-- years

13.78

13.68

13.75

13.76

13.75

13.75

13.75

8-- years

13.80

13.70

13.77

13.77

13.75

13.75

13.76

9-- years

13.85

13.70

13.74

13.65

13.75

13.70

13.73

10--years

13.88

13.76

13.80

13.90

13.80

13.80

13.82

15--years

14.25

14.20

14.20

14.20

14.20

14.25

14.22

20--years

14.35

14.35

14.30

14.35

14.30

14.35

14.33

30--years

14.50

14.50

14.50

14.50

14.50

14.50

14.50

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

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

week month months months year years

0.79 0.48 0.95 0.95 0.51 0.35

-0.41 0.60 0.89 -0.23 0.62 0.47

0.38 0.71 0.96 0.79 0.81 0.48

0.52 0.52 0.90 0.60 0.78 0.74

0.97 0.04 0.88 0.89 0.85 0.78

0.84 0.12 0.85 0.92 0.45 0.37

USD/CAD USD/CHF -0.87 -0.14 -0.87 -0.75 0.04 -0.23

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)16/11/2010 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

ABLN 11.50

12.00

11.85

12.35

12.20

12.70

12.65

12.90

12.90

13.15

12.95

13.45

13.20

13.70

13.30

13.80

JSBL

11.70

11.60

12.10

12.25

12.75

12.85

13.10

13.20

13.45

13.35

13.85

13.35

13.85

13.50

14.00

ASPK 11.40

11.90

11.80

12.30

12.00

12.50

12.60

12.85

12.85

13.10

13.10

13.60

13.20

13.70

13.25

13.75

CIPK

11.50

12.00

11.80

12.30

12.00

12.50

12.70

12.95

13.10

13.35

13.15

13.65

13.20

13.70

13.30

13.80

DBPK 11.90

12.40

12.10

12.60

12.10

12.60

12.70

12.95

12.90

13.15

13.15

13.65

13.25

13.75

13.35

13.85

FBPK

11.10

11.60

11.50

12.00

12.00

12.50

12.80

13.05

13.20

13.45

13.25

13.75

13.30

13.80

13.40

13.90

FLAH 11.40

11.90

11.70

12.20

12.10

12.60

12.70

12.95

12.95

13.20

13.10

13.60

13.20

13.70

13.30

13.80

HBPK 11.10

11.60

11.60

12.10

12.25

12.75

12.75

13.00

13.00

13.25

13.15

13.65

13.20

13.70

13.35

13.85

HKBP 11.00

11.50

11.50

12.00

12.15

12.65

12.70

12.95

12.95

13.20

13.10

13.60

13.20

13.70

13.30

13.80

NIPK

11.25

11.75

11.75

12.25

12.40

12.90

12.85

13.10

13.00

13.25

13.10

13.60

13.20

13.70

13.30

13.80

HMBP

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

SAMB 11.30

11.80

12.00

12.50

12.35

12.85

12.85

13.10

13.10

13.30

13.10

13.65

13.25

13.75

13.35

13.85

MCBK 11.25

11.75

11.80

12.30

12.20

12.70

12.85

13.10

13.15

13.40

13.25

13.75

13.30

13.80

13.50

14.00

NBPK 11.50

12.00

11.85

12.35

12.10

12.60

12.75

13.00

12.80

13.05

13.10

13.60

13.20

13.70

13.30

13.80

SCPK

11.75

11.80

12.30

12.20

12.70

12.70

12.95

12.95

13.20

13.10

13.60

13.15

13.65

13.30

13.80

ABPL

11.20

11.25

UBPL 11.00

11.50

11.70

12.20

12.10

12.60

12.75

13.00

13.10

13.35

13.15

13.65

13.20

13.70

13.35

13.85

AVE

11.79

11.76

12.26

12.16

12.66

12.74

12.99

13.01

13.26

13.13

13.63

13.21

13.71

13.32

13.82

11.29

11.36

-0.94 -0.53 -0.95 -0.90 -0.61 -0.59

4 Saturday, November 20, 2010

Saudi Arabia shows less rigidness this Hajj

The Financial Daily International Vol 4, Issue 103

Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA

S. Muneer Hussain Rizvi

Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com

Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com

Decline in foreign inflows, a concern According to the data released by State Bank of Pakistan net foreign investment declined by 36 per cent during first four months (JulyOctober) of the current fiscal year. This decline was attributed mainly due to instability on political and economic fronts. The net foreign investment, comprising foreign direct investment (FDI) and portfolio investment, registered a decline of $316 million during this period.

Looking at details it is revealed that Portfolio investment posted a decline of 65 per cent during the four months. Portfolio investment, mainly done in stock market, declined to US$101 million from $288.5 million during the period under review, depicting a fall of $187.2 million.

However, fall in FDI was of lesser magnitude of 23 per cent, or $128.7 million, to $468 million as compared to $596 million. There was 9.5 percent decline in FDI during the first quarter.

There are growing concerns that in the aftermath of floods Pakistan would not be able to achieve the GDP growth target. In such a scenario the government should have been working had to attract fresh investment. However, attributing fall in investment to instability on political and economic fronts seems a lame excuse. It is the responsibility of the government to maintain investment friendly environment.

It is not only the fragile law and order situation and political uncertainty; the most negative factor is prolonged outages of electricity and gas despite persistent increase in tariffs. Experts have been saying that short supply of electricity and gas in the results of gross mismanagement and following outrageous policies. Ironically, the government is fully aware of the impediments but has been failing in taking the right steps.

As a result most of the industries are operating far below the installed capacities. The average capacity utilization of power plants operating in public sector is around 60 per cent. Spinning units prefer exporting raw cotton and yarn more attractive. Manufacturers of value added products suffer on account of high prices of yarn, electricity and gas tariffs. Though, the crushing season has started in Sindh, most of the mills face 'no sugarcane' position. Gas supply of fertilizer plants is being curtailed to meet enhanced demand of domestic consumers and the list continues. Added to this is the stubbornness of the policy planners' adamant at increasing interest rate to contain inflation.

It may also be said that policy planners often blame IMF and other multilateral financial institutions for many bad policies i.e. hike in electricity and gas tariffs and introduction of new taxes but never admits their gross inefficiencies and corruptions. On top of all while new taxes are being introduced to contain budget deficit, no effort is being made to contain extravaganzas.

Let this be very clear to the policy planners that till the time local investors are shy, they should not expect any major investment from the foreign investors. Portfolio investment is highly volatile and may fly out on the smallest pretext.

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.

S

audi Arabia's religious police kept such a low profile during the hajj, it's hard to imagine that you are in Islam's holiest city.

The kingdom, where Islam first emerged around 1,400 years ago, applies a strict form of Sunni Islamic sharia law that imposes gender segregation, forces shops to close during prayer times and prohibits women from driving.

But in Mecca, the enforcement of many of these rules was relaxed during the hajj, a duty for every able-bodied Muslim. And with the government investing billions of dollars in recent years to make pilgrimage safer and more comfortable, many pilgrims end up going home as goodwill ambassadors for the country.

"We have to thank Saudi Arabia for their services. It's getting better and better every year," said Ritha Naji, a US pilgrim performing a "stoning of the devil" rite that has been the scene of numerous deadly crushes in recent years.

The Grand Mosque, Kaaba which Muslims around the world turn to in prayer every day, is the only place in the desert kingdom where women and men can pray together.

Western diplomats say this tolerance is part of wider efforts to improve the country's image over the past decade

after the 9/11 attacks on New York and Washington in which Saudis were involved.

King Abdullah has tried hard to dispel the association between Saudi Arabia and lslamist militancy, promoting an international "interfaith dialogue" through the United Nations.

This year's hajj drew a record 1.8 million foreigners from diverse regions of the world like Nigeria, Russia and Indonesia that apply a less strict form of Islam than Saudi Arabia.

The US ally often comes under fire from human rights groups criticising its public beheadings and lack of political freedoms in what is an absolute monarchy.

On Wednesday, Amnesty International called on Riyadh to improve the situation of expatriates after an Indonesian maid was reportedly mistreated by her employer.

But during hajj Egyptians, Indians or Pakistanis who make up the bulk of millions of expatriates in the country received markedly kinder treatment from Saudi officials who refer to pilgrims as "guests of the Merciful", meaning God. Polite policemen guide pilgrims around the vast Grand Mosque, while the religious police turn a blind eye to pilgrims taking the kinds of photographs that they had frowned on in previous

years.

In the capital Riyadh religious police scour the streets to keep unrelated men and women apart, but in Mecca the sexes mixed easily in shops and restaurants. Some eat side-by-side on the ground in front of the Grand Mosque, an impossible sight elsewhere in the kingdom.

Saudi Arabia's minority Shi'ites often complains of discrimination and attacks

by Wahhabi clerics, yet during hajj Iranian, Iraqi and other Shi'ites perform the rites unhindered.

Loudspeakers give instructions to the multitude in many languages, including English and Farsi, as well as Arabic.

SAFE HAJ IS KEY TO SAUDI PRESTIGE As pilgrim numbers shot up over the past three decades, staging a safe hajj became crucial for the image of a monarchy that styles its king Custodian of the Two Holy Sites -- a reference to the sacred precincts in Mecca and in Medina where the Prophet Mohammad set up the first Muslim administration.

A series of disasters have claimed hundreds of lives during hajj since 1990, including fires, stampedes, hotel collapses and clashes between police and pilgrims staging political protests.

This year the government unveiled a hajj train linking the holy sites in and around Mecca that cost $1.8 billion to

build. It will only be used some six days a year.

"We want to give pilgrims the best possible level of services," Interior Minister Prince Nayef bin Abdulaziz told reporters last week.

Thanks to its oil wealth, Saudi Arabia can afford to waive the fees for the services it provides, including drinking water, toilet facilities, medical and security services, as well as maintenance and expansion of the Grand Mosque itself.

Cold water is on tap at every corner and medics turn up within minutes when someone collapses. Saudi firms distribute umbrellas as protection from the sun.

The plain of Arafat, where pilgrims spend a whole day according to the rites, has a vast sprinkler system covering an area of some 1.3 sq km (0.5 square miles).

"The Saudi services for pilgrims are really good. One has to say that," said Mohammed Idam, a Yemeni cooling under the spray in the afternoon heat at Arafat.

The efforts pay off in the positive message many pilgrims take home with them.

"Our Saudi brothers have expanded many services," said Moroccan pilgrim Mohammed Hamdush.

"Now they've built a train for pilgrims, which are nice."-Reuters

Finding right definition of raw materials T

o fuel its economic recovery, Europe needs raw materials. But its efforts to acquire them are being frustrated by a mistrust of foreign supplies and internal disagreement over what a raw material is.

The European Union, the world's largest trading zone, has complained for years about nonEU countries restricting the export of essential materials used

by European manufacturers to make products such as steel, semiconductors and light bulbs.

It has even taken China, one of the world's largest raw materials exporters, to the World Trade Organization for inflating the cost of materials via steep export taxes, a challenge that has been joined by the United States and Mexico.

But its efforts have done little to increase access to the ingredients it needs, and now China is threatening an even more restrictive policy, with plans for ceilings on exports of rare earth, sought after raw materials used in most high-tech products and a driver of the global economy.

The situation has prompted European policymakers and industry to try to come up with measures that will encourage countries to be more open with their resources. But it has also led to a debate about what exactly constitutes a raw material, and how much the EU should be making or buying from abroad.

The EU now finds itself trying to create a market mechanism that will strike a balance

between encouraging foreign suppliers to keep their exports coming, while at the same time stopping those same suppliers from flooding the EU market.

Simultaneously, the EU is trying to agree a clear definition of those raw materials it has a strategic interest in importing.

For EU industry, it has become

raw materials so that it has clarity on which products its wants greater access to and can then work on increasing the supply.

The European Commission, the EU's executive, this summer defined 14 raw materials as being critical to the EU economy, among them chemical elements, rare earths and platinum

“

-- before it was put on ice because the issue was becoming too complicated.

"We couldn't agree on what should be the definition of a raw material. For some of us it's broader than what you dig out of the earth, and for others it's very narrowly defined," an EU diplomat told Reuters. "So we are not expecting this (Italianled) initiative to go ahead any time soon."

Tariff suspensions along the lines of the Italian plan are still possible, EU diplomats say, but they may have to travel through the slow-moving channels of EU customs legislation, meaning their impact on raw material imports will be delayed.

In the interim, an EU raw materials strategy to be unveiled this year, built on the narrow 14-product list, is likely to address looming shortages by calling for more efficient recycling and tighter controls on valuable metals and minerals that leave the EU in the form of scrap electronics and cars.

But EU controls on scrap exports will call into question the bloc's publicly stated support for free trade. And recycling is not sufficient to meet demand, meaning the EU still has a pressing need to get hold of foreign raw materials at low cost.

The European Union, the world's largest trading zone, has complained for years about non-EU countries restricting the export of essential materials used by European manufacturers to make products such as steel, semiconductors and light bulbs.

a difficult juggling act.

"If we remove tariffs or demand an end to China's export restrictions we run the risk of being flooded by these commodities again, endangering what is left of EU production," said Ines Van Lierde, secretarygeneral of EuroAlliages, an industry group that represents Europe's iron alloy producers.

Rising raw material prices depress profit margins for EUbased companies, which can lead to factory closures, lay offs and the relocation of industry to cheaper locations where the supply of raw materials is plentiful, such as China.

DEFINING RAW MATERIALS One conundrum for the EU is defining strategically important

metals.

But the list did not address the profit squeeze experienced by EU firms that rely on vast supplies of heavy goods such as iron ore and copper, triggering the need for other initiatives.

Earlier this year, Italy, encouraged by its influential manufacturing sector, urged Europe to provide a leg-up for European production by suspending import tariffs on an entirely different set of critical raw materials -- including pig iron, silicon, cow hides and silk thread.

Backed by countries including Germany, that wish list quickly swelled to 92 products, many of them intermediate products such as leather, cotton fabric and chemical compounds

FOREIGN SUPPLIES Reflecting that need, a new EU trade policy unveiled this month threatens legal action against non-EU suppliers who restrict exports of critical goods.

Yet such threats are a blunt instrument and face strong opposition: even if the EU could agree internally on what raw materials supplies it should focus on acquiring, any concerted action is likely to prompt a row with trading partners.

For some countries, Russia in particular, export tariffs represent an important source of income and an attack on them would be a direct threat to national budget policy.

Powerful emerging economies intent on pushing their exports up the value chain may also balk at pressure to supply the EU with raw commodities that they themselves want to use.

China, the most obvious target of the EU's newly assertive approach, insists its export restrictions reflect concerns for diminishing resources and the environment, not protectionism.

An alternative is for the EU to increase protection of its own struggling EU raw materials' producers, rather than relying so heavily on cheaper foreign imports. But that risks increasing inefficiencies, potentially hurting powerful producers such as Germany, and is unlikely to go unchallenged.

For the EU, the raw materials puzzle is a long way from being unlocked.-Reuters

Coal sales to India risky without local middlemen Overseas coal producers and traders who aim to make big sales into India's growing market will need to rely on local intermediaries for at least the next 10 years.

Many would-be suppliers are turning their focus on India, where coal imports rose from almost nothing in 2004 to 84 million tonnes this financial year, nearly three times German or UK levels, and are set to grow steadily for the next decade to meet power demand. By contrast, demand in Europe and the United States is seen as stagnant.

But sellers have struggled to find a risk-acceptable, direct route into the Indian market. The bulk of Indian imports now go to state power plants, which want fixed prices and local delivery.

But overseas suppliers want to sell coal based on floating indexes, which allow them to hedge

price risk. Difficulties in arranging transport and dealing with laws and taxation add to their problems.

"For India you have no choice but to go through the bigger (local) traders, you can't avoid it," said an executive with a major European trader who asked to remain anonymous.

Furthermore, the risk departments of many European traders, which account for a large chunk of global physical coal supplies, will not accept some large Indian firms or state buyers as counterparties due to concerns about late payments and defaults "We're not dealing with India at all. It's too risky. Our risk department will not allow it," said a source at a utility/trader, developing business elsewhere in Asia.

Indian cement, sponge iron and merchant power plant coal users are expected to increase

their imports as well over the next 10 to 15 years, offering more opportunities for overseas firms to deal direct, use letters of credit and be paid on time.

But even private buyers often expect to be able to renegotiate contracts when prices move against them, which overseas sellers are not willing to consider.

Two Indian traders, Adani and Bhatia, account for over 70 per cent of India's coal imports, mostly going to state utilities, Indian coal industry sources said.

An official at Bhatia, who declined to be identified due to company policy, said: "Even if foreign traders or miners want to do direct deals with consumers in India, they would need an Indian partner. By themselves, they will never be able to understand the logistics chain, the laws and taxation issues."

Risk departments at many European traders will accept

some of the bigger traders including Adani, Bhatia, Coal & Oil, Knowledge and Swiss Singapore.

One compelling reason is that these traders have been willing for around the past year to buy coal at floating prices based on benchmark indexes, rather than based on fixed prices. They are therefore taking on the price risk that overseas sellers will not.

Indian traders said they were puzzled by some overseas players' perception of Indian counterparties as high-risk.

"Indian accounting standards and procedures are exactly the same as those in the UK. It's all clear and transparent," said one large Indian intermediary who did not want to be identified.

"Defaults in payments are rare, but the major risk has always been in delayed payment," said Vinay Prakash, chief executive officer of coal trading at Adani.

The Bhatia official agreed, "There is a performance risk here, not a credit risk. Typically, people stretch the time in which they have to pay. For example, one has a 90-days L/C (letter of credit) but is able to manage payment only by 180 days because of some problem or the other."

Meanwhile, insurance companies say there is growing demand for policies against performance risk or to cover costs of legal disputes such as recent arbitration between Vitol and Bhatia over a cancelled coal contract.

"There are a lot of companies now selling insurance policies against performance risk, that's true, and I've never seen so many lawyers at a coal conference as I did at the one in Amsterdam in October," said Kaamil Fareed, a Dubai-based senior coal trader with Coal & Oil.-Reuters

5

Saturday, November 20, 2010

Europe shares end down on China bank move, Ireland KSE-100 Index Opening Closing Change % Change Turnover (mn)

10,909.65 10,966.00 56.35 0.52 74.22

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

3,409.36 3,433.71 24.35 0.71 4.01

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

2,787.83 2,794.97 7.14 0.26 0.14

Major Gainers

Symbol UPFL SIEM BATA NESTLE ULEVER

Close

Change

1,087.00 1,310.68 623.42 1,931.59 4,076.33

49.50 33.79 28.96 23.75 22.83

Major Losers

Symbol

Close

Change

RMPL 1,917.22 WYETH 850.00 LAKST 318.20 HINO 131.99 ISIL 71.39

-25.83 -9 -7.92 -4.02 -3.37

South East Asian stocks

Mostly up; Thai, Indonesia see inflows

Foreign investors keep KSE sentiments bullish Nawaz Ali KARACHI: Continued interest of foreigners allowed the bulls to stay at the Karachi Stock Exchange on Tuesday which ended higher due to buying mainly in energy stocks after rise in power tariff and positive report by Credit Suisse. However volumes remained thin as locals investors stayed on the sidelines ahead of Eid holidays.

The benchmark KSE-100 index gained 56 points to close at 10,966 points, KSE-30 index was up 65 points to close at 10,596 points and KSE all share index gained 38

points to close at 7,628 points.

"Bullish activity witnessed amid low volumes ahead of Eid Holidays on continuing foreign interest at local bourse in Pakistan's energy sector after power tariff raised", said Ahsan Mehanti, Director Arif Habib Investments.

According to NCCPL data, foreign investors did a net buying of $1.26 million during the day which totaled the net buying of $24.49 by the offshore investors so far during the month of November.

Positive sentiment prevailed in blue chip scrips across the board on positive reports on Pakistan Energy sector, added

Ahsan.

Trading activities started with a gain of 26 points up market remained into the grip of bulls throughout the day led by the foreign buying who took positions mainly in the energy sector stocks following a report issued by Credit Suisse which is an international financial services group that energy sector which is also the heaviest weighted on the KSE100 index will benefit the most from the rise in electricity tariff and is expected to yield higher returns.

It should be noted that the electricity tariffs have been increased by around 2 per cent

JSCL LOTPTA HUBC ATRL DGKC

Close Vol (mn) 12.55 11.94 35.54 127.23 28.99

8.85 5.33 5.32 3.88 3.12

Active Issues Plus Minus Unchanged

228 156 18

Sector Updates FERTILISER 000 tonnes

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

AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Oct 10) 26,842 Sales (July 10 to Oct 10) 25,279 Production (Octy 10) 7,311 Sales (Oct 10) 7,459

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

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

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

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

186 70 0 18

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

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

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

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

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

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

Investor participation remained thin but witnessed some improvement on day today basis as 74.2 million shares traded during the day which were 9.5 million shares more as compared to a turnover of 64.7 million shares a day earlier.

Jahangir Siddiqui & Co. emerged the volume leader with 8.85 million shares followed by Lotte Pakistan with 5.33 million shares and Hub Power with 5.32 million shares exchanging hands.

Out of total 402 active issues; 228 advanced and 156 declined while 18 issues remained unchanged.

Nikkei hits 5-mth closing high

Top 5 Volume Leaders

Symbol

effective November 0, on Monday.

Further, expectation of early resolution of circular debt crises after US $500m aid approval for rehabilitation, reconstruction of flood affected regions in the country at Pakistan Development Forum too supported the market. Therefore index at about 3:05pm PST touched an intra-day high of 10,984 (+ve 74 points) and finally closed the session near its highest levels.

Local investors however remained on the sidelines ahead of the Eid holidays, from Wednesday to Friday.

NEW YORK: General Motors CEO Dan Akerson (C) talks with the media as GM executives including Vice Chairman of Global Product Operations Tom Stephens (L), North America President Mark Reuss (2nd L) and Vice Chairman Stephen Girsky (R) look on outside the New York Stock Exchange building.-Reuters

China stocks up as rate fears ease Property curbs weigh on Hong Kong HONG KONG: Chinese shares rebounded in afternoon trade on Friday, helping the Hong Kong market recoup most of its losses, on hopes that further interest rate rises in China would not be as aggressive as earlier feared.

But Hong Kong's Hang Seng index still ended lightly lower, weighed down by speculation that the city's government would announce fresh measures to curb soaring property prices.

After the market close, the government said it would raise stamp duty on some transactions and take other measures to lamp down on property speculation.

Stocks in Shanghai and Hong Kong had retreated earlier in the week on worries that Beijing would tighten policy quickly in coming months after inflation accelerated to a 25-month high.

But market watchers said on Friday the selloff may have been overdone, noting that global markets had already been vulnerable to a pullback after a strong rally since late summer had left them looking oversold.

"Rate hikes are going through without any doubt, but the increases will not be as drastic as earlier feared," said Alfred Chan, chief dealer at Cheer Pearl Investment.

"Probably it will be 25 bps each time."

The Shanghai Composite Index closed up 0.8 per cent at 2,888.6 points, hovering just

below the 250-day moving average, after gaining 0.9 per cent on Thursday. The index still lost about 3 percent over the week, extending a sharp fall since last Friday. The index darted up in the last half an hour of trade, after falling close to 2 per cent in the morning session.

"The main factor was worries that there will be an interest rate rise this weekend. Sectors like banks, property, those that will be most affected, have fared the worst today," said Wen Lijun, analyst at Nanjing Securities.

Shanghai shares have had a rollercoaster year, dropping nearly 30 per cent by early July after a clampdown on bank lending and official measures to curtail the country's real estate fever. But investor sentiment rebounded in October with the index jumping some 12 per cent on the month on hopes of more capital flows entering the domestic market.

Volume rose on Friday but remained far below highs seen in October's liquidity fueled rally. Turnover of Shanghai A shares edged up to 155 billion yuan ($23.36 billion) from 127 billion yuan.

HONG KONG ENDS FLAT In Hong Kong, local developers fell on speculation that the government was about to unveil more measures to cool red-hot property prices, which have been fueled in part by wealthy mainland Chinese See # 7 Page 11

FTSE hit by Ireland, China woes LONDON: Britain's top share index fell on Friday, led by banks and commodity-linked stocks on worries over Ireland's debt crisis and concern over future growth in China after it increased its banks' reserve requirements.

The FTSE 100 closed down 35.88 points, or 0.6 per cent, at 5,732.83. The index finished the week down 1.1 per cent, having fallen 1.3 per cent last week.

Banks fell, led by Standard Chartered down 2.7 per cent, as investors awaited clarification on Ireland's debt problems.

Meanwhile, energy and mining stocks were bruised, along with commodities, after China said it would raise banks' reserve requirements by 50 basis points, effective Nov. 29, the second time in two weeks.

Accountancy software company Sage shed 3.1 per cent, with traders citing a readacross from US peer Intuit which reported disappointing results.

Outsourcer Capita extended its decline from Thursday when it issued a trading update. It was down 1.9 per cent, the heaviest faller among blue chips, after an HSBC downgrade to "underweight".

On the upside, software company Autonomy added 1.2 per cent, with traders citing its analyst day on Nov. 29 as a potential catalyst and with sentiment surrounding the technology sector lifted by earnings-beating results from US computer maker Dell Chipmaker Arm Holdings was the top riser up 3.9 per cent.

See # 8 Page 11

TOKYO: Japan's Nikkei average marked a five-month closing high above 10,000 for a second day on Friday, propelled by hedge fund inflows from overseas and with a fall in the yen providing additional support. But the index lost steam after scoring an intraday high in the morning as profit-taking emerged, with market players saying they were reluctant to actively take positions ahead of the weekend and the U.S. Thanksgiving holiday next week.

Technicals have brightened after the Nikkei on Thursday broke through solid resistance at its 200-day moving average for the first time since May and gathered momentum. The next target looms around its June high of 10,251.90.

"The unwinding of Asialong and Japan-short positions appears to have emerged, eyeing the closing of books," said Kazutaka Oshima, president of Rakuten Investment Management.

"Japanese stocks have gained on the view that they've been lagging, but that is now gradually fading and the market is becoming short of reasons to keep buying them further."

The benchmark Nikkei ended the day up 0.09 per cent to 10,022.39, its highest finish since June 22. On the week, it

added 3.1 per cent. Foreign investors were net buyers of Japanese stocks over the past two weeks, Ministry of Finance data showed. The broader Topix was up 0.08 per cent at 869.52.

"The main driving force for recent gains is position adjustments by funds, in which they buy-back oversold assets and sell those that had been overbought. Japanese stocks represent an oversold asset," said Kenichi Hirano, operating officer at Tachibana Securities.

"These moves are mainly due to overseas funds that need to close books in November and December, and buying energy like this will likely continue until midDecember. But that means it's not as if Japanese stocks will keep pushing higher at this speed after that."

According to Thomson Reuters StarMine, the Nikkei average is trading at a priceto-book of 1.0 time, compared with the Dow Jones industrial average's 1.9 times and the Hang Seng Index's 1.8 times.

Market analysts said even with the Nikkei now moving above 10,000, retail investors remained cautious about jumping back into the Japanese stock market, while foreign investors were the main players. Reuters

US stocks early-trade

US mkts lower on China move NEW YORK: The US stocks fell on Friday after China's central bank moved again to battle inflation, though positive results from technology companies limited losses. The People's Bank of China raised bank reserve requirements for the second time in two weeks, stepping up its fight to rein in prices, a move that could temper growth.

"Commodities are seeing some increased pressure on China's news because any attempt to tighten their policy is going to dampen their ability to grow," said Michael McGervey, President of McGervey Wealth Management in North Canton, Ohio.

"Since China obviously uses a lot of resources, if their growth is tempered it will have a negative impact on demand for commodities and materials."

Concerns about the effects of China inflation along with debt woes in Europe have pressured equities in recent weeks. A possible resolution to Ireland's debt crisis sparked a big rally on Thursday.

Crude oil futures fell 1.2 per cent, while the S&P energy sector lost one per cent. The US dollar index was off 0.1 per cent.

Both Dell and Marvell Technologies Group rallied.

Dell's quarterly profit blew past estimates and the computer maker raised its profit outlook late Thursday, while Marvell also topped profit expectations.

Marvel was the top percentage gainer on the Nasdaq 100, jumping 4.4 per cent to $19.76, while Dell was up 2.5 per cent to $14.

The Dow Jones industrial average dropped 50.62 points, or 0.47 per cent, to 11,129.91.

The Standard & Poor's 500 Index shed 6.27 points, or 0.52 per cent, to 1,190.42. The Nasdaq Composite Index lost 12.65 points, or 0.50 per cent, to 2,501.82.

The S&P 500 continued to hover around 1,200. If it fails to break that level and stay above it, the index could wind up trading in a tight range for the rest of the year, analysts said.

Federal Reserve Chairman Ben Bernanke hit back at critics of the Fed's bond-buying program, saying a more vigorous US economy was essential to fuel the global recovery and dismissed charges he was debasing the dollar. Reuters

Indian shares at 2-month closing low MUMBAI: Indian shares declined 1.7 per cent to their lowest close in more than two months on Friday, after posting their second straight weekly decline, with dwindling foreign fund inflow hinting the rally may have run out of steam.

Energy major Reliance Industries topped the losses, while SKS Microfinance rebounded after tumbling on Thursday.

The 30-share BSE index closed 1.73 per cent, or 345.20 points, lower at 19,585.44 points, its lowest close since September16.

Declining shares were more than three times advancing ones in the broader market, in a volume of 392 million shares, 6 per cent lower than the 30-day average volume.

The index fell 2.8 percent this week, but is still up more than 12 per cent year-to-date, backed by foreign portfolio investment of $28.5 billion in Indian primary and secondary equities.

But foreign fund interest has slowed down this week, raising concerns if it was time to start booking gains.

"We are going through a correction in the middle of an intermediate uptrend,' said Nandip Vaidya, president of brokerage IIFL. "More clarity from overseas has to emerge for a better picture of the market in the near term," he added.

Energy giant Reliance Industries, which has the maximum weighting on the 30-share main index, fell 3.5 per cent due to lack of near-term positive triggers, dealers said. The stock has been a laggard this year and is down 8.5 per cent in 2010.

Financials declined as investors opted to lock in profits after the sharp surge year-todate. The banking sector index shed 2.1 per cent, but is still up 36.6 per cent in 2010.

Leading lenders State Bank of India, ICICI Bank and HDFC Bank dropped between

1.4 per cent and 2.4 per cent.

SKS Microfinance rose as much as 10 percent, when its chairman told a local television channel the company has not seen any banks withdrawing support despite a clamp down by a state on industry collection practices.

The stock, which had fallen as much as 20 percent in the previous session, also got a boost from a rating upgrade by Kotak Securities.

Second-largest mobile operator Reliance Communications and real estate firm Unitech, which has a telecoms joint venture with Norway's Telenor, extended their losses from the previous session, dropping 3.6 per cent and 4.6 per cent, respectively.

The fiercely competitive mobile phone industry in India has been beset by a fresh wave of regulatory uncertainty stemming from a possible probe into 2G-spectrum that a government audit says was awarded too cheaply. Reuters

6

Saturday, November 20, 2010

Market Volume

74,221,327

Value

3,294,897,420

Trades

52,377

Paid up Cap(mn)

Advanced Declined Unchanged Total

Current High Low Change

228 156 18 402

All Share Index

10,966.00 10,984.56 10,909.65 h56.35

Current High Low Change

KSE 30 Index

7,628.24 7,641.37 7,589.80 h38.44

Current High Low Change

KMI 30 Index Current High Low Change

10,596.46 10,611.06 10,516.21 h65.45

17,542.26 17,547.74 17,426.67 h115.59

OIL AND GAS

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index

Performance of SR Industrial Transportation Index

Open 1,411.22 Turnover 6,620,741 P/E (x) 10.52 Company

KSE 100 Index

Symbols

High Low 1,424.80 1,410.32 Total cos Defaulter cos P/BV (x) ROE (%) 3.42 32.54

Close Change 1,419.29 8.08 Listed cap Market cap 65,194.15 mn 1,110,393.29 mn Payout (%) Div Yield (%) 55.94 5.32

PE

Open

High

Low

Close Chg

Volume

Attock Petroleum 691 5.33 Attock Refinery 853 7.13 BYCO Petroleum 3921 Mari Gas Company 735 16.21 National Refinery XD 800 3.93 Oil & Gas Development 43009 10.79 Pak Petroleum 11950 7.88 Pak Oilfields XD 2365 6.04 Pak Refinery Limited 350 PSO 1715 4.79 Shell Gas LPG 226 Shell Pakistan 685 10.14

303.80 121.52 11.24 119.39 253.27 159.04 193.33 254.43 81.08 281.16 36.74 197.10

308.79 127.59 11.58 120.50 265.93 159.89 194.90 257.20 83.18 284.25 38.57 200.94

304.26 121.75 11.27 119.11 254.50 158.65 193.00 254.60 81.50 282.80 36.45 197.25

307.51 3.71 127.23 5.71 11.47 0.23 119.62 0.23 265.35 12.08 159.49 0.45 193.72 0.39 255.59 1.16 82.81 1.73 283.22 2.06 37.50 0.76 197.81 0.71

510972 3883241 2061634 33923 351480 117353 275836 988502 36139 407747 15548 8688

Last 60 days High Low 374.20 129.70 12.10 128.90 265.93 160.20 214.10 262.40 87.39 286.97 40.28 215.20

% Change 0.57 5-Day High 1,419.29 5-Day Low 1,401.64

2009 Div BR (%) (%)

287.99 250 76.20 9.84 106.00 32.17 100B 183.25 125 136.30 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 182.05 330 -

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

20 20B -

CHEMICALS

Open 752.14 Turnover 14,348 P/E (x) 5.78 Company

High Low 752.04 741.86 Total cos Defaulter cos P/BV (x) ROE (%) 1.47 25.53

Close 746.59 Listed cap 3,242.17 mn Payout (%) 11.08

Change -5.55 Market cap 13,046.24 mn Div Yield (%) 1.92

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1092

7.22

72.50

72.90

71.63

72.22 -0.28

14256

80.00

Pak Int Cont.Terminal

60.05

Company

Company

Paid up Cap(mn)

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

PE

High Low 1,254.54 1,231.62 Total cos Defaulter cos P/BV (x) ROE (%) 2.73 35.00

Open

High

Low

3924 7.97 21.95 68 70.75 8.49 273 5.85 152.10 1203 7.01 169.76 1996 2.60 1020 7.58 3663 1.69 94 - 10.06 3277 9.99 179.06 6635 - 13.48 22000 9.86 6785 7.90 108.94 9341 6.36 33.32 384 2.35 43.00 725 9.11 11.94 1388 7.54 133.14 75 - 19.54 15142 4.26 12.00 74 1.46 1106 1.42 42 - 19.49 120 2.41 214 9.68 114.05 551 15.53 14.11 92 - 10.06 90 6.34 33.85

22.49 8.75 153.59 171.30 2.74 7.94 1.70 10.21 182.59 13.75 9.99 110.75 33.90 45.00 12.15 135.50 20.54 12.14 1.78 1.50 18.50 2.65 118.50 14.55 10.24 34.35

22.00 8.00 152.45 168.51 2.46 7.60 1.61 9.21 179.40 13.40 9.70 108.80 33.25 41.75 11.85 133.50 19.99 11.90 1.51 1.40 18.49 2.50 116.00 14.11 9.99 32.56

Close Chg 22.00 8.49 152.92 169.04 2.67 7.80 1.62 10.20 181.76 13.44 9.74 109.08 33.72 43.75 12.02 133.77 19.99 11.94 1.67 1.49 18.49 2.50 118.04 14.29 10.00 32.99

0.05 0.00 0.82 -0.72 0.07 0.22 -0.07 0.14 2.70 -0.04 -0.12 0.14 0.40 0.75 0.08 0.63 0.45 -0.06 0.21 0.07 -1.00 0.09 3.99 0.18 -0.06 -0.86

Close 1,240.34 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 1000 1087 2445 29539 34105 252982 46723 501 1867237 117403 735959 618488 1516345 171 21706 119307 103 5333193 90741 400830 216 402 2003 472531 101 2862

Change 7.19 Market cap 276,209.42 mn Div Yield (%) 6.25

25.38 13.99 164.89 182.00 2.98 7.94 1.82 13.79 185.59 15.20 11.74 111.65 33.90 46.59 13.85 138.00 24.00 12.18 3.00 1.65 22.07 3.40 127.20 14.55 17.88 46.25

% Change 0.58 5-Day High 1,240.34 5-Day Low 1,224.97

2009 Div BR (%) (%)

2010 Div BR (%) (%)

20.26 7.73 5 149.72 125 155.38 40 10B 40 1.78 3.20 1.28 9.21 15 15 165.60 6010B 40R 40 11.15 - 27.5R 9.02 102.96 131.5 10B 95 26.59 40 - 17.5 36.95 20 7.41 113.00 80 55 6.20 12 7.44 5 0.80 1.16 17.03 10 1.80 101.00 75 25 7.67 9.22 10 10B 32.00 50 50

10R 5B -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,063.77 Turnover 75,903 P/E (x) 5.55 Company

High Low 1,087.76 1,072.10 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.47

Close 1,084.90 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 411

6.05

16.25 38.57

16.85 39.20

16.25 39.18

16.75 0.50 39.18 0.61

75796 107

Century Paper Security Paper

Change 21.13 Market cap 3,006.45 mn Div Yield (%) 4.56

Last 60 days High Low 21.80 47.74

15.28 38.00

% Change 1.99 5-Day High 1,084.90 5-Day Low 1,063.77

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

Paid up Cap(mn)

PE

Open

Atlas Battery Atlas Engineering Ltd Atlas Honda

101 4.66 155.26 247 15.23 16.10 626 6.91 97.58 Baluchistan Wheels Ltd XD 133 6.32 32.00 Dewan Motors 890 1.48 Exide (PAK) 56 4.40 153.00 General Tyre 598 18.17 21.70 Ghandhara Nissan 450 3.40 4.93 Ghani Automobile Ind 200 6.64 4.80 Honda Atlas Cars 1428 - 12.85 Indus Motors 786 6.18 261.98 Pak Suzuki 823 11.79 74.06 Sazgar Engineering 150 3.57 19.20

High

High Low 1,201.56 1,164.68 Total cos Defaulter cos P/BV (x) ROE (%) 1.06 25.35 Low

Close 1,187.25 Listed cap 6,768.53 mn Payout (%) 20.42

Close Chg

Volume

159.50 155.26 156.07 0.81 17.09 17.05 17.06 0.96 99.50 97.00 99.21 1.63 33.60 33.60 33.60 1.60 1.50 1.46 1.49 0.01 155.50 152.99 153.59 0.59 22.53 21.01 21.08 -0.62 5.14 4.83 4.90 -0.03 5.75 4.25 4.25 -0.55 12.98 12.50 12.60 -0.25 271.90 262.00 270.62 8.64 75.88 74.00 74.06 0.00 19.50 19.10 19.13 -0.07

24976 1367 6562 150 26712 512 5808 7514 2011 32115 126259 18874 7073

Change 20.57 Market cap 42,655.96 mn Div Yield (%) 4.88

Last 60 days High Low

Open 1,509.66 Turnover 148,674 P/E (x) 33.72 Company

Paid up Cap(mn)

Adam Sugar AL-Abbas Sugar AL-Noor Sugar Ansari Sugar Chashma Sugar Dewan Sugar Fecto Sugar Habib Sugar Habib-ADM Ltd J D W Sugar Mehran Sugar Mirza Sugar National Foods Noon Pakistan XD Pangrio Sugar Premier Sugar Quice Food S S Oil Sanghar Sugar Shahmurad Sugar Shakarganj Mills Thal Industries

58 174 186 244 287 365 146 600 200 490 143 141 414 48 109 38 107 57 119 211 695 150

Company

Close 929.07 Listed cap 3,596.11 mn Payout (%) 30.91

Change 3.61 Market cap 8,899.08 mn Div Yield (%) 10.61

Open

High

Low

0.90 7.74 5.08 0.24 1.12 7.13 11.57 2.64 3.33 0.37 16.14 3.33 0.48 7.89 0.30 1.00 18.26 10.31

16.50 94.70 49.00 5.25 13.39 1.94 39.00 34.57 12.56 79.80 59.00 6.02 42.26 22.22 6.45 41.12 2.05 3.10 14.00 12.66 5.39 70.00

16.90 94.99 50.00 5.00 14.24 1.75 40.95 35.09 12.59 78.90 60.85 6.00 43.48 23.33 6.38 43.17 2.10 3.85 14.00 12.60 5.70 73.50

16.52 94.35 49.99 5.00 13.01 1.60 39.00 34.50 12.50 78.00 56.25 5.76 42.10 23.33 5.82 42.99 2.05 3.31 13.60 12.55 4.99 69.99

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

565

3.91

25.00

25.24

24.66

25.00 0.00

10292

27.90

23.75

-

-

30

-

675 555 1199 785

9.33 9.63 9.92

2.90 15.24 45.24 9.07

3.00 15.54 46.90 9.20

2.91 14.90 45.50 8.72

2.94 14.93 46.20 8.73

68469 16248 26270 605

3.39 16.75 64.25 10.80

1.65 12.25 44.00 8.00

10

30B -

40 7.5

20B -

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

0.04 -0.31 0.96 -0.34

Last 60 days High Low

2009 Div BR (%) (%)

Open 1,111.89 Turnover 63,615 P/E (x) 3.85 Company

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Kohat Cement Lafarge Pakistan Cmt Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement

High Low 1,010.12 985.03 Total cos Defaulter cos P/BV (x) ROE (%) 0.50 7.10

PE

Open

High

Low

1828 866 6.62 858 182 14 956 27.45 948 3574 3651 120.79 350 3.74 6933 15.27 502 3.83 1760 77 1288 13126 3234 6.62 5261 1.35 2228 200 361 798 509.25

3.25 61.99 1.71 17.70 11.98 11.83 2.69 1.70 28.65 3.28 4.97 7.25 1.80 2.54 6.25 3.05 72.71 2.85 7.53 5.89 8.60 19.73

3.41 63.00 1.80 17.65 12.67 12.40 2.99 1.78 29.25 3.27 5.05 8.20 1.84 2.60 7.24 3.09 73.85 2.93 7.94 5.99 9.00 20.44

3.21 61.75 1.50 17.60 11.10 11.55 2.30 1.63 28.73 2.80 4.97 7.10 1.75 2.00 6.33 3.00 72.88 2.82 7.36 5.50 8.20 18.82

Close 999.83 Listed cap 54,792.74 mn Payout (%) 19.04

Close Chg

Volume

Last 60 days High Low

3.25 62.92 1.72 17.61 11.10 12.08 2.91 1.67 28.99 3.14 5.04 7.35 1.83 2.49 7.02 3.03 73.72 2.90 7.79 5.52 8.20 20.37

12051 85951 1995 4501 501 14949 3448 810643 3123285 4016 287246 1401 38241 3650 305951 186734 1138048 122656 11005 583 211 11201

4.20 69.86 2.05 19.20 14.89 12.75 3.19 1.99 31.05 4.70 5.50 8.20 2.20 5.00 7.24 3.65 79.98 3.40 8.58 9.47 11.00 22.24

0.00 0.93 0.01 -0.09 -0.88 0.25 0.22 -0.03 0.34 -0.14 0.07 0.10 0.03 -0.05 0.77 -0.02 1.01 0.05 0.26 -0.37 -0.40 0.64

2.80 57.60 1.01 14.01 10.00 9.51 1.09 1.30 23.02 2.11 4.52 4.25 1.72 1.18 5.50 2.71 64.30 2.51 6.90 5.25 6.30 17.74

% Change 1.19 5-Day High 1,021.50 5-Day Low 986.94

2009 Div BR (%) (%) 50 40 -

20B 20R 10B -

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

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 930.33 Turnover 128,333 P/E (x) 2.67 Company Cherat Papersack ECOPACK Ltd Ghani Glass Packages Ltd Tri-Pack Films

Paid up Cap(mn)

PE

Open

115 2.01 53.79 230 2.00 1067 4.48 48.72 844 53.83 105.99 300

7.75 105.00

High

High Low 952.35 924.89 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 43.91 Low

Close Chg

56.47 53.51 56.47 2.10 2.00 2.09 49.85 48.50 48.78 106.50 104.25 104.96

Close 938.95 Listed cap 3,043.31 mn Payout (%) 15.55

Volume

Change 8.63 Market cap 34,975.52 mn Div Yield (%) 5.81

Last 60 days High Low

% Change 0.93 5-Day High 938.95 5-Day Low 926.02

2009 Div BR (%) (%)

2010 Div BR (%) (%)

2.68 0.09 0.06 -1.03

81525 6001 4080 15836

56.47 2.64 61.99 122.99

34.00 1.70 45.75 98.00

30 32.5

10B -

20 25 -

25B 10B -

106.50 105.00 106.25 1.25

20757

106.50

91.00

100

-

-

-

Company

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Change 1.46 Market cap 31,670.36 mn Div Yield (%) 16.36

Last 60 days High Low

20B 20B

801 179 16101 6500 9901 2405 1710 80855 724 2161 1365 1100 147 739 805 101 2000 2500 7601 2500 7522 615

Change 12.20 Market cap 196,911.28 mn Div Yield (%) 0.91

Last 60 days High Low 16.90 98.10 50.00 6.00 14.24 2.49 47.18 36.00 16.98 81.95 60.99 6.35 57.00 27.82 6.50 44.00 3.40 3.89 14.90 13.10 6.40 75.00

10.50 76.95 39.25 4.03 8.50 1.11 24.13 25.20 11.90 60.10 48.50 4.20 39.01 17.51 4.00 32.50 1.60 2.51 11.50 8.25 3.02 61.00

% Change 0.81 5-Day High 1,521.86 5-Day Low 1,509.66

2009 Div BR (%) (%) 10 40 40 35 40 40 35 30 10 15 20

25B 30B 25B 10B -

2010 Div BR (%) (%) 40 0 12.5R 25 10B 12 12 -

High Low 1,091.91 1,076.73 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 10.64

Close 1,079.37 Listed cap 3,763.71 mn Payout (%) 6.27

Open

High

Low

Close Chg

Volume

3.47 2.02

9.40 13.69 16.97

10.39 13.90 17.10

9.10 13.70 16.81

9.10 -0.30 13.76 0.07 16.90 -0.07

122 62642 802

Change -32.52 Market cap 5,106.90 mn Div Yield (%) 1.63

Last 60 days High Low 19.70 15.43 18.80

7.80 12.25 14.50

% Change -2.92 5-Day High 1,126.60 5-Day Low 1,079.37

2009 Div BR (%) (%) -

10B -

2010 Div BR (%) (%) 17.5

10B -

Performance of SR Personal Goods Index Open 951.21 Turnover 4,709,348 P/E (x) 6.66 Paid up Cap(mn)

(Colony) Thal Amtex Limited XD Artistic Denim XD Azgard Nine Bata (Pak) Brothers Textile Chakwal Spinning XD Chenab Limited Colony Mills Ltd Crescent Jute D S Ind Ltd Dawood Lawrencepur Dewan Farooque Spin.

Dewan Khalid Textile Dewan Mushtaq Textile Din TextileXDXB Faisal Spinning XD Gadoon Textile XD Gul Ahmed Textile XD Hira Txt. Mills Ltd. XD Ibrahim Fibres XD Idrees Textile XD Indus Dyeing XD J K Spinning Janana D Mal Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Textile Mian Textile Mukhtar Textile Nishat (Chunian) XD Nishat Mills XD Pak Synthetic Premium Textile XD Quality Textile XD Ravi Textile Reliance Weaving Saif Textile Salfi Textile Sargoda Spinning XD Service Ind Shadab Textile XD Shahtaj Textile XD Tata Textile Thal Limited Treet Corp Tri-Star Poly Yousuf Weaving Zephyr Textile Ltd

56 2415 840 4493 76 98 400 1150 2442 238 600 514 600 57 34 204 100 234 635 716 3105 180 181 179 43 107 303 509 1455 221 145 1586 3516 560 62 160 250 308 264 33 312 120 30 97 173 307 418 215 400 594

PE

Open

0.80 10.45 4.59 5.60 19.40 - 11.04 5.17 594.46 0.65 0.60 1.20 3.35 4.14 2.59 0.83 1.82 45.87 37.94 5.65 7.35 0.18 2.00 0.14 3.51 0.54 26.08 0.78 33.00 0.55 50.47 3.52 25.59 0.77 4.00 2.90 37.84 3.48 3.20 2.35 261.94 0.92 6.89 0.25 14.95 0.77 1.52 2.47 3.99 5.37 0.50 0.55 1.98 23.65 4.66 53.39 2.20 6.63 0.45 29.50 0.63 9.52 1.51 0.66 9.39 0.42 5.00 0.22 45.83 0.34 1.92 7.23 201.04 0.27 9.88 - 17.30 0.32 31.24 4.16 96.66 8.26 52.09 0.87 0.39 1.35 4.67 4.49

High

High Low 966.19 952.03 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 8.64 Low

Close Chg

1.10 1.10 1.10 0.30 4.72 4.58 4.60 0.01 20.20 19.79 20.16 0.76 11.24 11.02 11.05 0.01 624.18 600.02 623.42 28.96 1.10 0.15 0.22 -0.43 1.87 1.00 1.37 0.17 3.33 3.32 3.32 -0.03 2.80 2.65 2.65 0.06 0.84 0.75 0.75 -0.08 2.00 1.82 1.94 0.12 39.83 38.90 38.99 1.05 8.00 6.60 7.00 -0.35 2.35 2.00 2.34 0.34 4.51 3.61 4.50 0.99 25.12 25.00 25.11 -0.97 33.50 31.50 31.50 -1.50 50.45 49.50 50.45 -0.02 24.51 24.50 24.50 -1.09 4.24 3.99 4.09 0.09 37.45 36.50 36.95 -0.89 3.20 3.20 3.20 0.00 274.96 248.90 262.80 0.86 6.50 5.89 6.04 -0.85 15.80 14.00 15.20 0.25 0.78 0.28 0.62 -0.15 1.57 1.42 1.42 -0.10 2.50 1.52 2.47 0.00 5.80 5.50 5.59 0.22 0.55 0.40 0.40 -0.10 0.89 0.16 0.30 -0.25 24.13 23.70 23.84 0.19 54.48 53.61 54.31 0.92 6.75 6.51 6.51 -0.12 29.50 28.50 28.59 -0.91 10.50 10.49 10.49 0.97 1.57 1.45 1.51 0.00 9.68 9.50 9.50 0.11 5.39 5.25 5.25 0.25 48.12 48.12 48.12 2.29 1.90 1.76 1.76 -0.16 211.09 206.10 211.09 10.05 9.49 9.00 9.49 -0.39 17.75 17.01 17.69 0.39 32.80 32.80 32.80 1.56 97.65 96.55 97.37 0.71 54.24 51.50 51.86 -0.23 1.45 0.60 0.60 -0.27 1.35 1.11 1.11 -0.24 4.25 3.50 3.55 -0.94

Close 959.06 Listed cap 47,070.70 mn Payout (%) 16.68

Volume 1500 276273 2594 707071 5248 501 581 7000 2170 3001 67799 1824 15002 27710 2023 360 201 803 2500 274000 15316 6000 1087 3183 2615 4047 3305 501 36156 292 501 1361608 1279453 4990 5110 1500 20720 13012 1201 637 2001 22014 501 503 568 48313 470941 159 502 4003

Change 7.85 Market cap 124,381.71 mn Div Yield (%) 2.50

Last 60 days High Low 2.00 19.70 24.05 12.32 747.48 1.50 2.59 3.95 3.45 1.90 2.37 44.90 8.00 2.85 4.70 30.90 34.95 52.20 25.96 4.88 40.30 5.35 274.96 9.90 20.50 1.99 1.93 3.79 6.30 0.98 0.98 25.10 57.65 7.48 31.03 10.50 2.40 12.00 6.49 48.12 2.50 255.29 11.50 21.90 32.80 112.80 55.25 1.50 1.80 4.90

0.52 4.40 17.55 8.80 436.00 0.12 0.56 3.00 2.23 0.16 1.44 36.10 2.05 0.26 1.52 20.80 24.55 33.80 19.99 3.02 34.05 2.56 209.03 4.62 9.95 0.25 1.01 1.52 4.30 0.01 0.16 15.25 40.81 5.16 25.71 7.51 1.38 7.60 2.01 20.50 0.50 169.00 7.56 15.61 14.02 86.50 37.20 0.26 0.73 1.50

% Change 0.82 5-Day High 959.06 5-Day Low 947.55

2009 Div BR (%) (%) 20 120 7.5 5 15 20 12.5 7.5 200 20 20 4 -

2010 Div BR (%) (%)

30 20 5 5 20 50 70 - 12.5 10 20 10 20 50R 15 25 50 15 - 25SD 25 5 10 45 25 20B 80 -

10B 5B 45R 20B -

PHARMA AND BIO TECH

215 4.98 208.44 213 10.18 11.00 124 - 136.01

209.99 207.60 207.97 -0.47 11.65 10.70 10.99 -0.01 138.50 129.50 131.99 -4.02

1393 3896 1382

227.45 18.80 143.41

200.00 400 10.55 108.11 17.15

KSB Pumps Millat Tractors XB

132 366

71.50 68.81 68.83 -1.57 486.90 482.03 484.42 1.02

902 51929

88.15 597.90

68.81 390.00

35 450

Open 874.03 Turnover 25,877 P/E (x) 6.77

% Change 0.10 5-Day High 1,537.17 5-Day Low 1,515.27

2009 Div BR (%) (%)

AL-Ghazi Tractor Ghandhara Ind Hinopak Motor

8.24 70.40 6.34 483.40

100 25 60 20 150 10

Performance of SR Pharma and Bio Tech Index

Close 1,518.71 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

0.40 -0.27 1.00 -0.25 0.48 -0.19 1.36 0.03 -0.06 -0.90 0.50 -0.09 0.99 1.11 -0.54 1.87 0.01 0.40 -0.08 -0.06 0.09 0.23

PE

Performance of SR Industrial Engineering Index High Low 1,531.87 1,512.06 Total cos Defaulter cos P/BV (x) ROE (%) 3.06 38.02

16.90 94.43 50.00 5.00 13.87 1.75 40.36 34.60 12.50 78.90 59.50 5.93 43.25 23.33 5.91 42.99 2.06 3.50 13.92 12.60 5.48 70.23

Volume

90 1174 231

INDUSTRIAL ENGINEERING Open 1,517.25 Turnover 59,511 P/E (x) 8.04

100 20B - 100R 80 30B 15 50 100 5 - 20B

PERSONAL GOODS

Company

Change 11.75 Market cap 71,528.97 mn Div Yield (%) 2.71

Close Chg

Close 1,521.86 Listed cap 11,335.33 mn Payout (%) 30.57

Paid up Cap(mn)

Diamond Ind Pak Elektron Tariq Glass Ind

CONSTRUCTION AND MATERIALS Open 988.09 Turnover 6,167,789 P/E (x) 7.04

2010 Div BR (%) (%)

2010 Div BR (%) (%)

-

150 -

-

25B

650

25B

Total Assets (Rs in mn)

8,673.38

6.27

Total Equity (Rs in mn)

1,960.97

MA (100-day)

6.28

Revenue (Rs in mn)

3,692.04

MA (200-day)

6.31

Interest Expense

1st Support

6.46

Loss after Taxation

2nd Support

5.94

EPS 10 (Rs)

658.59

1st Resistance

7.37

Book value / share (Rs)

2nd Resistance

7.76

PE 11 E (x)

Pivot

6.85

PBV (x)

(327.78) (2.546) 15.23 0.46

KOHC closed up 0.77 at 7.02. Volume was 434 per cent above average (trending) and Bollinger Bands were 33 per cent wider than normal. The company's loss after taxation stood at Rs82.948 million which translates into a Loss Per Share of Rs0.64 for the 1st quarter of current fiscal year (1QFY11).

KOHC is currently 11.3 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of KOHC at a relatively equal pace.

Trend forecasting oscillators are currently bullish on KOHC. Momentum oscillator is currently indicating that KOHC is currently in an overbought condition.

NetSol Technologies Limited

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

61.17

Total Assets (Rs in mn)

2,916.67

MA (10-day)

18.91

Total Equity (Rs in mn)

2,378.92

MA (100-day)

21.42

Revenue (Rs in mn)

1,081.40

MA (200-day)

25.28

Interest Expense

1st Support

19.05

Profit after Taxation

2nd Support

18.45

EPS 09 (Rs)

3.775

1st Resistance

20.00

Book value / share (Rs)

30.53

2nd Resistance

20.35

PE 10 E (x)

1.86

Pivot

19.40

PBV (x)

0.64

19.53 294.11

NETSOL closed up 0.86 at 19.67. Volume was 218 per cent above average (trending) and Bollinger Bands were 67 per cent narrower than normal. The company's profit after taxation stood at Rs194.76 million which translates into an Earning Per Share of Rs2.64 for the 1st quarter of current fiscal year (1QFY11).

NETSOL is currently 22.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NETSOL (mildly bullish). Trend forecasting oscillators are currently bullish on NETSOL.

Hira Textile Mills Limited

HOUSEHOLD GOODS

2010 Div BR (%) (%)

Performance of SR Construction and Materials Index

131.00 16.10 92.00 28.25 1.16 121.10 21.00 4.03 3.55 9.65 212.29 69.25 17.92

2009 Div BR (%) (%)

77.83

MA (10-day)

Performance of SR Household Goods Index

-

% Change 0.39 5-Day High 929.07 5-Day Low 914.19

High Low 1,531.58 1,507.61 Total cos Defaulter cos P/BV (x) ROE (%) 10.22 30.30

PE

INDUSTRIAL METALS AND MINING High Low 946.40 917.92 Total cos Defaulter cos P/BV (x) ROE (%) 0.96 33.10

194.25 19.88 122.51 35.69 1.82 155.99 26.70 6.09 5.75 13.40 271.90 81.00 27.58

% Change 1.76 5-Day High 1,187.25 5-Day Low 1,125.96

RSI (14-day)

FOOD PRODUCERS

Performance of SR Industrial Metals and Mining Index Open 925.46 Turnover 121,884 P/E (x) 2.91

-

Fundamental Highlights As on Jun 30, 2010

Technical Analysis

Performance of SR Food Producers Index

2010 Div BR (%) (%) 50

40

Performance of SR Automobile and Parts Index

Performance of SR Chemicals Index Open 1,233.15 Turnover 10,897,955 P/E (x) 7.80

20B

2010 Div BR (%) (%)

AUTOMOBILE AND PARTS Open 1,166.68 Turnover 259,936 P/E (x) 4.18

Kohat Cement Limited

% Change -0.74 5-Day High 765.07 5-Day Low 746.59

2009 Div BR (%) (%) -

Alert ! Unusual Movements

Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline

Paid up Cap(mn) 979 250 1707

High Low 882.34 870.34 Total cos Defaulter cos P/BV (x) ROE (%) 1.51 22.31

Close 876.89 Listed cap 3,904.20 mn Payout (%) 44.54

PE

Open

High

Low

Close Chg

Volume

8.61 6.50 12.79

98.90 85.79 70.30

99.00 86.10 71.15

98.00 85.01 70.00

98.20 -0.70 86.00 0.21 71.10 0.80

2300 131 10940

Change 2.86 Market cap 29,175.90 mn Div Yield (%) 6.58

Last 60 days High Low 104.00 124.00 78.15

77.00 82.20 65.00

% Change 0.33 5-Day High 876.89 5-Day Low 871.52

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

20B -

2010 Div BR (%) (%) 20 -

20B -

Highnoon (Lab) IBL HealthCare Ltd

165 200

6.76 6.47

24.55 8.26

24.41 8.80

24.40 8.01

24.40 -0.15 8.02 -0.24

154 12102

25.79 9.00

22.60 6.10

25 -

-

-

-

Searle Pak XD

306

5.65

62.70

62.90

62.80

62.83

217

64.50

54.01

15

15B

30

-

0.13

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

50.06

Total Assets (Rs in mn)

3,356.84

MA (10-day)

3.97

Total Equity (Rs in mn)

1,312.24

MA (100-day)

3.91

Revenue (Rs in mn)

3,116.91

MA (200-day)

3.91

Interest Expense

263.53

1st Support

3.96

Profit after Taxation

248.83

2nd Support

3.85

EPS 10 (Rs)

3.478

1st Resistance

4.21

Book value / share (Rs)

18.34

2nd Resistance

4.35

PE 11 E (x)

0.77

Pivot

4.10

PBV (x)

0.22

HIRAT closed up 0.09 at 4.09. Volume was 87 per cent above average and Bollinger Bands were 1 per cent wider than normal. The company's profit after taxation stood at Rs94.915 million which translates into an Earning Per Share of Rs1.33 for the 1st quarter of current fiscal year (1QFY11).

HIRAT is currently 4.7 per cent above its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of HIRAT at a relatively equal pace.

Trend forecasting oscillators are currently bearish on HIRAT.

Pakistan International Airline Corp Ltd

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

52.76

Total Assets (Rs in mn)

160,013.18

MA (10-day)

2.27

Total Equity (Rs in mn)

(20,772.84)

MA (100-day)

2.40

Revenue (Rs in mn)

MA (200-day)

2.64

Interest Expense

1st Support

2.16

Loss after Taxation

2nd Support

2.07

EPS 09 (Rs)

1st Resistance

2.34

Book value / share (Rs)

2nd Resistance

2.43

PE 10 E (x)

Pivot

2.25

PBV (x)

94,563.77 9,243.77 (5,822.43) (2.720) (8.92) (0.26)

PIAA closed up 0.06 at 2.28. Volume was 7 per cent above average and Bollinger Bands were 29 per cent narrower than normal. The company's loss after taxation stood at Rs11.693 billion which translates into a Loss Per Share of Rs4.79 for the nine months of current calendar year (9MCY10).

PIAA is currently 13.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into PIAA (bullish). Trend forecasting oscillators are currently bullish on PIAA.

BOOK CLOSURES Company

From

To

United Bank Fauji Fertilizer Co (TFC) Telecard Globe Textile Mills (OE) Chenab Faysal Bank (TFC) Allied Bank Dawan Salman Fibre AKD Capital Pakistan General Insurance PICIC Energy Fund Thal Limited Glaxo SmithKline Pakistan Ravi Textile Mills Dewan Automotive Engineering Dewan Cement Sui Northern Gas Pipelines Sui Southern Gas Pipelines Nadeem Textile Mills Fazal Cloth Mills Sana Industries East West Insurance Co

18-Nov 21-Nov 21-Nov 21-Nov 22-Nov 22-Nov 22-Nov 23-Nov 23-Nov 23-Nov 23-Nov 23-Nov 23-Nov 23-Nov 23-Nov 23-Nov 24-Nov 24-Nov 24-Nov 26-Nov 27-Nov 01-Dec

25-Nov 27-Nov 27-Nov 29-Nov 30-Nov 30-Nov 05-Dec 29-Nov 30-Nov 29-Nov 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov 03-Dec 03-Dec 07-Dec

D/B/R 20(iii) 10F 20(B) 5 20 20 100SD 10(B)

Spot AGM/Date 08-Nov 08-Nov 08-Nov 10-Nov 11-Nov 15-Nov 23-Nov

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

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols

Open

Johnson & Philips Pakistan Cables TRG Pakistan Ltd Murree BreweryXDXB Pak Tobacco Shifa Int.Hospitals Eye Television Pak Hotels PIAC(A) AKD Capital SPOT Pace (Pak) Ltd Netsol Technol XD

8 54.4 4.25 74.5 112.5 28 20.49 40.19 2.22 54.65 2.84 18.81

High 8.85 51.8 4.4 76.75 112.51 29.39 21 42.19 2.34 57.38 2.96 19.75

Low Close 7.5 51.68 4.27 74.5 112.5 28.01 20.05 42.18 2.16 56 2.83 18.8

8.85 51.76 4.29 76.21 112.5 28.02 21 42.19 2.28 57.38 2.86 19.67

Change 0.85 -2.64 0.04 1.71 0 0.02 0.51 2 0.06 2.73 0.02 0.86

Vol 2659 1100 856480 13158 400 5330 2455 102 145250 2625 217925 1895596

7

Saturday, November 20, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,132.40 Turnover 4,040,846 P/E (x) 6.17 Paid up Cap(mn)

Company

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

High Low 1,162.24 1,129.01 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84

PE

Open

High

Low

Close Chg

78 4.88 37740 13.03 3000 0.71 8606 6175 -

79.55 19.23 2.32 2.58 3.73

79.99 19.65 2.43 2.80 3.90

79.10 19.15 2.31 2.62 3.66

79.10 19.55 2.39 2.74 3.78

-0.45 0.32 0.07 0.16 0.05

Close 1,154.45 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume 451 2406706 172290 1461399 32849

Change 22.05 Market cap 79,810.93 mn Div Yield (%) 10.14

120.61 19.76 2.69 2.98 4.60

% Change 1.95 5-Day High 1,154.45 5-Day Low 1,125.76

2009 Div BR (%) (%)

78.00 17.32 1.80 2.30 3.35

70 15 -

-

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

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

204 6.76 279 6.56 457 6.71 1250 400 2.85 718 15.58 791 15.50 3000 40.87 350 303 5.31 200 253 4.11

Paid up Cap(mn)

Company

PE

Open

High

Low

Genertech 198 Hub Power 11572 6.51 Japan Power 1560 KESC XR 7932 Kohinoor Energy 1695 10.82 Kot Addu Power XD 8803 4.77 Nishat Chunian Power Ltd3673 3.02 Nishat Power Ltd 3541 23.87 Sitara Energy Ltd XD 191 3.54 Southern Electric 1367 Tri-star Power XD 150 -

0.95 35.15 1.60 2.24 19.80 39.85 13.65 14.71 18.98 2.14 1.05

1.08 35.90 1.67 2.40 20.39 39.90 13.98 15.05 18.98 2.27 1.13

0.80 34.16 1.55 2.26 19.25 39.00 13.60 14.60 18.70 2.14 0.80

Close 1,210.34 Listed cap 95,369.29 mn Payout (%) 104.13

Change 6.48 Market cap 98,668.32 mn Div Yield (%) 7.96

Close Chg

Volume

Last 60 days High Low

0.80 35.54 1.55 2.28 19.48 39.26 13.75 14.80 18.98 2.18 0.81

62168 5315144 43456 734964 6282 1130372 1213026 2606287 301 100204 12621

1.45 37.24 2.25 2.50 26.50 42.95 14.85 16.10 23.49 2.90 1.75

-0.15 0.39 -0.05 0.04 -0.32 -0.59 0.10 0.09 0.00 0.04 -0.24

0.51 32.75 0.70 1.94 19.10 38.35 9.50 9.50 18.25 2.05 0.33

% Change 0.54 5-Day High 1,210.34 5-Day Low 1,160.61

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

31R -

Open 886.18 Turnover 7,556 P/E (x) 61.23

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,709.94 Turnover 1,241,640 P/E (x) 10.68 Company Sui North GasSPOT Sui South GasXDXB

High Low 1,713.10 1,646.72 Total cos Defaulter cos P/BV (x) ROE (%) 1.22 11.41

Close 1,668.14 Listed cap 12,202.80 mn Payout (%) 66.79

Change -41.80 Market cap 35,852.22 mn Div Yield (%) 6.26

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 8390

9.21 3.39

31.73 23.04

31.50 23.24

30.70 22.11

30.93 -0.80 22.49 -0.55

678452 563188

34.75 30.70

% Change -2.44 5-Day High 1,821.79 5-Day Low 1,668.14

2009 Div BR (%) (%)

25.50 16.50

-

-

2010 Div BR (%) (%) 20 15

25B

BANKS Performance of SR Banks Index Open 1,033.64 Turnover 7,986,747 P/E (x) 7.48 Paid up Cap(mn)

Company

PE

Open

Allied Bank Limited 7821 5.69 57.82 Askari Bank 6427 7.55 15.66 Atlas Bank 5001 1.55 Bank Alfalah 13492 12.44 9.63 Bank AL-Habib 7322 7.18 33.09 Bank Of Khyber 5004 5.32 3.90 Bank Of Punjab 5288 9.30 BankIslami Pak 5280 835.00 3.30 Faysal Bank XB 7309 4.65 14.14 Habib Bank Ltd 10019 6.60 104.25 Habib Metropolitan Bank 8732 6.47 20.94 JS Bank Ltd 6128 2.80 KASB Bank Ltd 9509 2.40 MCB Bank Ltd 7602 9.06 201.72 Meezan Bank 6983 7.84 14.97 Mybank Ltd 5304 2.00 National Bank 13455 5.77 65.82 NIB Bank 40437 2.75 Royal Bank Ltd 17180 5.43 Samba Bank 14335 1.85 Silkbank Ltd 26716 2.69 Soneri Bank 6023 7.48 Stand Chart Bank 38716 11.08 7.50 Summit Bank Ltd 5000 2.85 United Bank Ltd 12242 6.90 57.88

High

High Low Close 1,051.05 1,030.93 1,043.45 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.04 13.94 40.49 Low

Close Chg

58.89 57.20 58.50 0.68 15.96 15.63 15.85 0.19 1.80 1.53 1.56 0.01 9.75 9.61 9.70 0.07 33.65 33.06 33.30 0.21 4.00 3.67 3.99 0.09 9.56 9.37 9.43 0.13 3.38 3.25 3.34 0.04 14.69 14.20 14.40 0.26 105.70 104.00 105.60 1.35 21.25 20.66 21.17 0.23 2.75 2.75 2.75 -0.05 2.40 2.30 2.35 -0.05 205.10 202.00 204.47 2.75 15.04 14.80 14.81 -0.16 2.04 1.95 1.98 -0.02 66.25 65.75 66.03 0.21 2.89 2.75 2.78 0.03 5.37 5.20 5.29 -0.14 1.90 1.85 1.85 0.00 2.74 2.65 2.65 -0.04 7.48 7.20 7.29 -0.19 7.47 7.17 7.20 -0.30 2.99 2.80 2.89 0.04 59.50 57.80 58.76 0.88

Volume

Change 9.82 Market cap 633,319.67 mn Div Yield (%) 5.41

Last 60 days High Low

793478 58.89 679713 16.65 47700 2.84 286537 10.19 103902 33.90 13845 4.70 1485524 10.50 4163 3.69 137018 17.10 160705 107.15 15739 23.30 1000 3.00 36340 3.22 862350 209.75 1216 15.95 70365 2.75 1651354 70.75 292789 3.25 134265 8.98 91041 2.65 107544 3.30 14127 8.00 11151 8.00 6805 3.15 984881 59.50

48.51 14.00 1.50 7.32 29.10 2.50 7.35 2.31 12.85 92.00 18.02 2.00 2.03 180.60 14.00 1.62 60.51 2.42 5.20 1.51 2.44 5.01 6.00 2.30 49.90

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

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

% Change 0.95 5-Day High 1,043.45 5-Day Low 1,031.64

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

Performance of SR Non Life Insurance Index

Paid up Cap(mn)

Company Adamjee Insurance

High Low 750.42 735.42 Total cos Defaulter cos P/BV (x) ROE (%) 0.64 5.20

Close 741.97 Listed cap 11,111.34 mn Payout (%) 79.54

Change -0.95 Market cap 45,909.76 mn Div Yield (%) 6.47

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 23.74

82.10

82.80

81.20

81.91 -0.19

760148

84.15

2009 Div BR (%) (%)

63.05

30

10B

EFU Life Assurance

PE

Open

850 44.33

79.19

% Change -0.13 5-Day High 742.92 5-Day Low 725.26 2010 Div BR (%) (%) 10

-

11.15 57.70 10.73 45.11 11.99 83.95 57.50 15.94 6.59 9.83 14.00 6.61

0.82 0.10 -0.16 -0.35 0.24 0.45 -0.47 -0.10 0.09 0.23 -0.44 -0.39

1995 202 1449 24899 5291 10726 500 308113 11891 4838 201 5498

12.25 59.45 12.00 48.63 12.40 86.69 60.50 17.05 7.00 9.91 15.03 8.17

8.45 47.37 9.42 34.76 10.04 66.02 52.21 12.50 1.66 8.00 11.51 6.00

20 25B 40 8.7B 35 35 30 20B 30 20 15B -14.28B - 20B

10 10 -

UPTO 100 VOLUME

25R 10B 20B -

Symbols

High Low 893.78 879.08 Total cos Defaulter cos P/BV (x) ROE (%) 2.36 3.85

Close 881.27 Listed cap 2,290.72 mn Payout (%) 355.53

Change -4.91 Market cap 10,310.17 mn Div Yield (%) 5.81

High

Low

Close Chg

Volume

Last 60 days High Low

81.00

77.50

78.02 -1.17

7556

82.99

% Change -0.55 5-Day High 886.18 5-Day Low 850.10

2009 Div BR (%) (%)

51.25

2010 Div BR (%) (%)

5513.33B

-

-

Performance of SR Financial Services Index Open 426.35 Turnover 11,512,675 P/E (x) 10.16 Paid up Cap(mn)

Company

AMZ Ventures Arif Habib Investments Arif Habib Limited XB Arif Habib Securities Dawood Equities First National Equity IGI Investment Bank Invest Bank Ist Cap Securities XB Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Security Leasing Stand Chart Leasing

High Low 441.43 425.93 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 0.91

PE

Open

High

Low

225 1.25 360 3.71 450 13.70 3750 4.77 250 575 2121 17.19 2849 3166 626 0.67 7633 508 500 8.17 1000 29.46 1000 821 4.49 775 452 363 978 4.79

0.60 18.23 26.91 25.90 1.83 9.99 2.60 0.70 3.66 1.85 12.24 4.36 29.59 7.02 4.10 6.00 2.31 0.64 2.39 2.80

0.69 18.95 27.45 26.36 2.19 9.89 2.80 0.75 3.79 1.87 12.78 4.55 30.74 7.35 4.65 6.11 2.47 0.64 2.95 2.94

0.55 18.01 26.80 25.80 1.84 9.89 2.61 0.61 3.67 1.80 12.30 4.30 29.90 7.05 4.25 6.00 2.20 0.60 1.51 2.30

Close Chg 0.55 18.85 26.85 25.95 1.99 9.89 2.75 0.62 3.70 1.87 12.55 4.34 30.40 7.07 4.31 6.10 2.40 0.60 2.95 2.30

-0.05 0.62 -0.06 0.05 0.16 -0.10 0.15 -0.08 0.04 0.02 0.31 -0.02 0.81 0.05 0.21 0.10 0.09 -0.04 0.56 -0.50

Close 432.41 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 49796 10219 103211 1468091 13017 110 68656 2016 2374 11351 8845328 218824 13666 384019 178232 1543 137764 501 451 3473

Change 6.06 Market cap 30,186.92 mn Div Yield (%) 1.98

% Change 1.42 5-Day High 432.41 5-Day Low 415.92

Last 60 days High Low

2009 Div BR (%) (%)

1.10 19.98 35.23 26.36 2.70 11.75 2.80 1.00 5.00 2.84 12.78 5.38 40.30 7.44 4.70 6.45 2.70 0.86 2.95 2.95

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

0.42 13.00 24.40 20.90 1.51 6.84 1.17 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35 0.42 1.50 1.50

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

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,073.53 Turnover 1,742,918 P/E (x) 17.09 Paid up Cap(mn)

Company

1st Fid Leasing Allied Rental AL-Meezan Mutual F. AL-Noor Modaraba XD B R R Guardian Mod. Crescent St Mod. XD Elite Cap Mod. XD Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow XD H B L Modaraba XD Habib Modaraba Imrooz Modaraba JS Growth Fund JS Value Fund Meezan Balanced Fund Mod Al-Mali NAMCO Bal.Fund Nat Bank Mod.XD Pak Modaraba XD Pak Prem Fund PICIC Energy F.POT PICIC Growth Fund PICIC Inv Fund Punjab Modaraba XD Stand Chart Modaraba Tri-Star 1st Modaraba Tri-Star Mutual Trust Modaraba XD U D L Modaraba XD UNICAP Modaraba

PE

264 600 1375 210 780 200 113 524 300 581 760 397 1008 30 3180 1186 1200 184 1000 250 125 1698 1000 2835 2841 340 454 212 50 298 264 136

9.38 3.07 5.29 4.83 3.27 1.48 3.24 8.44 11.13 0.63 1.97 2.13 5.60 9.22 43.50 11.64 5.00 10.60 4.83 6.35 3.60 11.94 1.68 5.71 4.94 4.26 4.03 2.31 1.66 2.50

Open 1.59 14.90 6.21 2.80 1.32 0.57 2.10 1.25 4.45 1.94 2.74 6.42 6.50 49.50 3.30 3.16 5.30 1.00 3.00 6.24 0.70 8.58 5.84 8.90 4.28 1.63 8.95 1.70 1.00 1.50 5.77 0.15

High 1.65 14.50 6.35 3.80 1.49 0.60 3.09 1.35 4.45 2.00 2.76 6.38 6.50 50.50 3.50 3.30 5.30 1.10 3.40 7.24 0.72 8.62 5.89 9.05 4.38 1.75 9.23 1.70 1.49 2.00 5.85 0.05

High Low 1,095.18 1,067.56 Total cos Defaulter cos P/BV (x) ROE (%) 0.38 2.21 Low

Close Chg

1.50 14.50 6.21 2.80 1.33 0.56 2.46 1.35 4.45 1.90 2.70 6.31 6.49 47.50 3.34 3.19 5.20 1.02 2.95 6.25 0.72 8.56 5.71 8.85 4.29 1.11 8.70 1.07 1.34 1.20 5.85 0.05

1.50 14.50 6.35 2.90 1.44 0.59 2.59 1.35 4.45 2.00 2.76 6.38 6.50 50.50 3.48 3.26 5.20 1.06 3.09 6.86 0.72 8.60 5.79 8.90 4.35 1.60 8.70 1.07 1.45 1.20 5.85 0.05

-0.09 -0.40 0.14 0.10 0.12 0.02 0.49 0.10 0.00 0.06 0.02 -0.04 0.00 1.00 0.18 0.10 -0.10 0.06 0.09 0.62 0.02 0.02 -0.05 0.00 0.07 -0.03 -0.25 -0.63 0.45 -0.30 0.08 -0.10

Close 1,081.57 Listed cap 29,771.58 mn Payout (%) 104.74

Change 8.04 Market cap 15,539.19 mn Div Yield (%) 9.52

Last 60 days High Low

Volume 1897 1000 5276 9600 110641 90002 203000 5507 350 59155 22622 1400 116140 1010 407000 129360 85820 705 4001 32000 2758 61005 28440 201228 51538 101068 5179 303 101 801 1000 3000

2.24 17.00 7.20 3.80 1.68 1.10 3.09 1.50 5.50 2.00 3.88 6.80 7.25 69.95 3.60 3.50 7.00 2.18 3.69 8.00 1.40 9.44 5.95 9.20 4.75 1.94 10.99 7.12 2.87 4.40 6.99 0.50

1.01 12.50 5.85 2.10 0.90 0.16 1.65 0.76 1.02 1.30 2.32 4.80 5.56 42.90 2.65 2.31 5.15 0.56 2.25 4.50 0.30 7.00 4.00 7.60 3.50 0.57 7.75 0.50 0.86 1.00 4.71 0.05

% Change 0.75 5-Day High 1,081.57 5-Day Low 1,066.52

2009 Div BR (%) (%) 15 4.5 5 20 63 10 5 16.5 10 -

-

2010 Div BR (%) (%) 22.5 18.5 5 0 1.2 5 17 11 21 76 5 10 15.5 15 10 3 18.6 10 20 10 1 17 5 12.5 -

Open

MQTM GRAYS SURC PNSC SIEM PTEC SHJS HADC ISIL ULEVER QUET SCL ZIL MERIT SING RMPL NESTLE WYETH TRIBL BOC JVDC KOHP CLOV PKGI ICL SNAI NONS LAKST ATIL DATM FZCM TOWL GSPM KOSM KASBM GVGL FCONM UVIC AZAMT CRTM BCL GRYL FZTM SLYT AGSML PECO TREI SIBL UNIC AASM HWQS HUSS GWLC BIFO WAZIR MFFL FCIBL IFSL TSBL CSIL BCML ELSM GUSM GUTM SANE SSML SHTM SUTM NAKI PRWM SMTM BHAT BTL MEHT SFAT SFL STML SAPT BNWM BAFS TSML

FINANCIAL SERVICES

2010 Div BR (%) (%)

NON LIFE INSURANCE Open 742.92 Turnover 1,135,784 P/E (x) 12.28

Paid up Cap(mn)

Company

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

11.15 56.01 10.50 44.75 11.60 83.00 57.50 15.80 6.50 9.61 14.00 6.61

Performance of SR Life Insurance Index

Performance of SR Electricity Index High Low 1,228.83 1,176.07 Total cos Defaulter cos P/BV (x) ROE (%) 1.22 9.35

11.19 59.45 10.80 46.00 12.40 84.00 57.50 16.20 6.74 9.84 14.00 6.98

LIFE INSURANCE

-

ELECTRICITY Open 1,203.86 Turnover 11,224,844 P/E (x) 13.08

10.33 57.60 10.89 45.46 11.75 83.50 57.97 16.04 6.50 9.60 14.44 7.00

High

6.80 54.27 32.60 37.89 1276.89 1.81 68.96 0.70 74.76 4053.50 38.37 68.55 45.97 18.14 18.95 1943.05 1907.84 859.00 2.01 78.10 59.82 4.87 46.76 6.15 24.50 32.74 14.08 326.12 34.01 0.50 53.51 15.00 7.59 0.81 1.65 39.30 1.79 2.95 2.00 20.00 46.49 1.36 427.75 3.95 5.51 276.00 1.81 2.62 5.99 25.00 21.00 11.66 3.24 43.50 6.30 67.35 3.02 6.89 2.90 4.08 14.90 18.52 6.30 21.00 2.90 2.69 0.60 33.64 14.98 14.24 6.25 220.00 48.50 57.00 4.10 119.99 19.79 100.00 12.55 53.70 31.50

7.79 52.10 33.49 37.10 1330.00 1.85 72.40 0.75 75.40 4080.00 40.28 71.91 44.56 19.00 19.15 1955.00 1958.87 896.00 2.69 78.80 61.25 4.89 49.09 6.20 25.72 32.80 14.69 324.75 35.34 0.50 53.10 14.90 7.88 1.81 1.80 41.20 1.94 3.12 2.75 19.75 44.95 2.34 425.00 4.25 6.50 285.00 2.25 2.90 6.89 25.89 21.00 10.90 3.65 45.60 7.29 70.71 3.65 6.89 3.75 3.90 15.25 18.65 5.40 22.05 2.90 2.65 0.60 35.30 14.02 14.55 6.39 230.00 47.00 55.00 5.10 121.50 20.50 103.00 13.40 56.00 32.90

Low

Close

6.81 51.75 33.40 37.10 1280.00 1.85 72.40 0.61 71.25 4050.01 36.46 65.25 44.56 17.23 18.26 1889.00 1900.00 850.00 1.71 77.05 59.98 4.30 48.50 6.17 25.49 32.01 14.69 318.20 35.34 0.11 53.10 14.00 7.50 0.56 1.41 38.00 1.75 2.31 1.55 19.75 44.95 1.30 407.00 3.72 5.50 280.00 1.94 2.90 5.20 25.89 19.95 10.90 3.09 45.00 5.50 70.71 3.65 6.89 3.75 3.90 15.25 18.65 5.40 22.05 2.90 2.65 0.60 35.30 14.02 14.49 6.39 230.00 47.00 55.00 5.10 121.50 20.50 103.00 13.10 56.00 32.90

6.81 51.83 33.48 37.10 1310.68 1.85 72.40 0.70 71.39 4076.33 40.28 71.91 44.56 18.13 18.26 1917.22 1931.59 850.00 1.71 78.75 59.98 4.76 48.57 6.20 25.64 32.61 14.69 318.20 35.34 0.18 53.10 14.90 7.79 1.05 1.41 38.00 1.75 2.91 2.49 19.75 44.95 1.30 425.00 3.72 5.50 280.00 1.94 2.90 5.20 25.89 20.48 10.90 3.09 45.30 5.50 70.71 3.65 6.89 3.75 3.90 15.25 18.65 5.40 22.05 2.90 2.65 0.60 35.30 14.02 14.49 6.39 230.00 47.00 55.00 5.10 121.50 20.50 103.00 13.10 56.00 32.90

Change

Vol

0.01 -2.44 0.88 -0.79 33.79 0.04 3.44 0.00 -3.37 22.83 1.91 3.36 -1.41 -0.01 -0.69 -25.83 23.75 -9.00 -0.30 0.65 0.16 -0.11 1.81 0.05 1.14 -0.13 0.61 -7.92 1.33 -0.32 -0.41 -0.10 0.20 0.24 -0.24 -1.30 -0.04 -0.04 0.49 -0.25 -1.54 -0.06 -2.75 -0.23 -0.01 4.00 0.13 0.28 -0.79 0.89 -0.52 -0.76 -0.15 1.80 -0.80 3.36 0.63 0.00 0.85 -0.18 0.35 0.13 -0.90 1.05 0.00 -0.04 0.00 1.66 -0.96 0.25 0.14 10.00 -1.50 -2.00 1.00 1.51 0.71 3.00 0.55 2.30 1.40

100 100 97 92 90 86 85 83 80 65 62 51 50 44 37 37 34 32 26 22 20 17 16 15 15 13 11 11 10 10 10 9 7 7 6 6 5 5 5 5 5 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

FUTURE CONTRACTS

-

Symbols

Open

DGKC-NOV

High

Low

Close

Change

Vol

28.73

29.24

28.90

28.99

0.26

249000

ENGRO-NOV 179.34

182.80

180.49

182.02

2.68

220000

POL-NOV

255.05

257.25

255.25

256.06

1.01

187000

NBP-NOV

65.99

66.39

65.90

66.21

0.22

172000

NML-NOV

53.45

54.50

53.80

54.42

0.97

137000 137000

LUCK-NOV

73.94

1.01

AICL-NOV

82.38

82.79

81.70

82.14

-0.24

110500

MCB-NOV

202.01

204.98

202.50

204.44

2.43

105000

FFBL-NOV

33.30

33.95

33.45

33.77

0.47

76000

PSO-NOV

282.02

284.72

283.00

283.97

1.95

65000

ANL-NOV

11.09

11.25

11.03

11.04

-0.05

PPL-NOV

193.89

195.00

193.50

194.34

0.45

19000

PTC-NOV

19.22

19.55

19.45

19.55

0.33

17000

BOP-NOV

72.93

74.00

73.19

50500

9.25

9.70

9.45

9.51

0.26

10500

109.35

109.50

109.50

109.50

0.15

10000

OGDC-NOV 157.55

158.40

157.61

158.01

0.46

5000

57.50

59.40

59.00

59.31

1.81

3000

NETSOL-NOV 18.88

19.80

19.80

19.80

0.92

500

FFC-NOVB UBL-NOV

ZERO VOLUME Symbols ARUJ BAWS CFL COLG DCM ELCM ESBL FRSM GFIL HUSI

Open

High

5.25 1.30 10.48 875.99 1.49 8.00 2.80 20.02 2.99 9.75

5.00 1.40 10.50 870.00 1.47 7.00 2.79 20.05 3.25 9.70

Low

Close

5.00 1.40 10.50 870.00 1.47 7.00 2.79 20.05 3.25 9.70

5.00 1.40 10.50 870.00 1.47 7.00 2.79 20.05 3.25 9.70

Change

Vol

-0.25 0.10 0.02 -5.99 -0.02 -1.00 -0.01 0.03 0.26 -0.05

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

BOARD MEETINGS

Hub Power Co Ltd

KSE 100 INDEX

Dera Ghazi Khan Cement Co Ltd

Pakistan Telecommunication Co Ltd

Company

Date

Time

ICC Textiles Limited Colony Sugar Mills Limited Altas Honda Limited

20-Nov 22-Nov 24-Nov

11:00 11:30 11:30

TECHNICAL LEVELS Company Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

70.08

Support 1

10,922.25

MA (5-day)

10,919.37

Support 2

10,878.50

MA (10-day)

10,847.28

Resistance 1

10,997.15

MA (100-day)

10,148.97

Resistance 2

11,028.30

*Arif Habib Ltd AKD Securities Ltd TFD Research

10,066.75

Pivot

Buy

*Arif Habib Ltd

44

Buy

AKD Securities Ltd

Positive

TFD Research

Technical Analysis

Fair Value

Rs Recommendations

Brokerage House

Buy

AKD Securities Ltd

43.29

Buy

TFD Research

36.85

Positive

42

Free Float Shares (mn) 810.01 Free Float Rs (mn) 28,787.69 ** NOI Rs (mn) N/A Mean 35.19

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

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

Leverage Position

60.40 28.54 25.96 26.88

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

182.55 5,292.11 33.89 28.91

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

oscillators are currently bullish on HUBC.

National Bank of Pakistan

Engro Corporation

Brokerage House

Fair Value

*Arif Habib Ltd AKD Securities Ltd TFD Research

Rs Recommendations

184 238.8 208.75

Brokerage House

Hold

*Arif Habib Ltd

Buy

AKD Securities Ltd

Positive

TFD Research

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

59.99 179.57 178.40 185.07

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

Fair Value 84

Rs Recommendations

Brokerage House

Buy

*Arif Habib Ltd

61.96

Neutral

AKD Securities Ltd

92.3

Positive

TFD Research

131.09 23,827.78 119.53 180.70

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

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

52.21 65.79 65.83 70.75

35 32.06 29.1

318.37 21,021.77 80.79 65.96

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

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

74.27 32.57 28.84 29.58

age and Bollinger Bands were 41 per cent narrower than normal.

casting oscillators are currently bullish on ENGRO.

oscillators are currently bullish on NBP.

26.30

26.60

26.05

Adamjee Insurance

67.91

81.15

80.35

82.75

83.55

81.95

Askari Bank

57.49

15.65

15.50

16.00

16.15

15.80

Azgard Nine

53.76

10.95

10.90

11.20

11.30

11.10

Attock Petroleum

46.77

304.90

302.30

309.45 311.40 306.85 129.30 131.35 125.50

Bank Alfalah

58.56

9.65

9.55

9.75

9.85

9.70

BankIslami Pak

54.09

3.25

3.20

3.40

3.45

3.30

Bank Of Punjab

57.71

9.35

9.25

9.55

9.65

Dewan Cement

57.07

1.60

1.55

1.75

1.85

1.70

DGK Cement

60.40

28.75

28.45

29.25

29.50

29.00

Dewan Salman

52.77

1.60

1.55

1.70

1.75

Dost Steels Ltd

59.27

2.90

2.85

3.00

3.05

2.95

EFU General Insurance 57.72

44.60

44.05

45.85

46.55

45.30

80.20

82.35

78.85

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

584.63 11,429.61 5.30 19.40

9.45

1.65

76.70

75.35

59.99

179.90

178.05

41.21

14.15

13.95

Fauji Cement

55.51

4.95

4.90

5.05

5.10

5.00

Fauji Fert Bin

74.27

33.35

32.95

34.00

34.25

33.60

Fauji Fertilizer

52.67

108.35

107.60

110.30

Habib Bank Ltd

65.40

104.50

103.40

106.20 106.80 105.10

Hub Power

67.59

34.50

33.45

ICI Pakistan

64.79

133.00

132.25

135.00 136.25 134.25

Indus Motors

83.87

264.45

258.25

274.35 278.05 268.15

JOV and CO

63.58

4.25

4.15

4.50

4.65

Japan Power

48.87

1.50

1.45

1.65

1.70

JS Bank Ltd

57.28

2.65

2.55

2.80

2.85

2.70

Jah Siddiq Co

44.21

12.30

12.05

12.80

13.00

12.55

Kot Addu Power

40.34

38.90

38.50

39.80

40.30

39.40

KESC

61.58

2.15

2.35

2.45

2.30

Lotte Pakistan

76.10

11.85

11.75

12.10

12.25

12.00

Lucky Cement

52.37

73.10

72.50

74.10

74.45

73.50

MCB Bank Ltd

57.22

202.60

200.75

Maple Leaf Cement

49.84

2.85

2.75

2.95

3.00

2.90

National Bank

52.21

65.75

65.50

66.25

66.50

66.00

Nishat (Chunian)

67.31

23.65

23.45

24.10

24.30

23.90

Netsol Technologies

61.17

19.05

18.45

20.00

20.35

19.40

NIB Bank

50.45

2.75

2.65

2.85

2.95

Nimir Ind Chemical

53.66

1.40

1.35

1.50

1.55

1.45

Nishat Mills

60.52

53.80

53.25

54.65

55.00

54.15

Oil & Gas Dev XD

76.84

158.80

158.10

PACE (Pakistan) Ltd.

47.43

2.80

2.75

2.95

3.00

2.90

Pervez Ahmed Sec

62.72

2.25

2.10

2.50

2.65

2.35

PIAC(A)

52.76

2.20

2.10

2.35

2.45

2.25

Pioneer Cement

49.47

7.45

7.10

8.05

8.30

7.70

Pak Oilfields

60.78

254.40

253.20

257.00 258.40 255.80

Pak Petroleum

59.39

192.85

191.95

194.75 195.75 193.85

Pak Suzuki

49.85

73.40

72.75

PSO XD

61.51

282.60

281.95

PTCLA

59.51

19.25

18.95

Shell Pakistan

59.93

196.40

195.00

Sui North Gas

42.21

30.60

30.25

31.40

31.85

31.05

Sitara Peroxide

75.50

14.10

13.90

14.55

14.75

14.30

Sui South Gas

35.37

22.00

21.50

23.10

23.75

22.60

Telecard

52.74

2.35

2.25

2.45

2.50

average volatility over the last 10 trading sessions. Volume indicators

TRG Pakistan

55.34

4.25

4.20

4.35

4.45

4.30

reflect moderate flows of volume into NML (mildly bullish). Trend forecast-

United Bank Ltd

71.05

57.90

57.00

59.60

60.40

58.70

ing oscillators are currently bullish on NML.

WorldCall Tele

60.17

2.65

2.55

2.80

2.90

2.70

Brokerage House

TFD Research

ing that FFBL is currently in an overbought condition.

25.50

61.81

Negative

Fair Value

Rs Recommendations

65

Buy

59.97

Buy

74.2

Positive

Technical Outlook

FFBL is currently 15.2 per cent above its 200-day moving average and is ENGRO is currently 1.4 per cent below its 200-day moving average and is NBP is currently 1.2 per cent below its 200-day moving average and is disdisplaying an upward trend. Volatility is normal as compared to the averdisplaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is high as compared to the average age volatility over the last 10 trading sessions. Volume indicators reflect the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume very strong flows of volume into FFBL (bullish). Trend forecasting oscillareflect moderate flows of volume into ENGRO (mildly bullish). Trend fore- flowing into and out of NBP at a relatively equal pace. Trend forecasting tors are currently bullish on FFBL. Momentum oscillator is currently indicat-

25.70

Faysal Bank

AKD Securities Ltd

Bollinger Bands were 37 per cent wider than normal.

63.18

Positive

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

60.52 53.60 48.00 50.97

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

175.80 9,547.69 70.92 53.95

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

ENGRO closed up 2.70 at 181.76. Volume was 103 per cent above aver- NBP closed up 0.21 at 66.03. Volume was 36 per cent below average and FFBL closed up 0.40 at 33.72. Volume was 21 per cent below average and NML closed up 0.92 at 54.31. Volume was 57 per cent below average (consolBollinger Bands were 30 per cent narrower than normal.

27.05

Arif Habib Securities

Engro Chemical

Accumulate

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

62.55

27.70

EFU Life Assurance

*Arif Habib Ltd

326.94 11,024.37 25.09 33.55

58.20

63.80

27.25

119.70

59.51 19.15 18.77 19.60

Buy

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

59.90

63.35

26.40

123.45

Nishat Mills Ltd

Leverage Position

59.20

61.30

26.60

81.00

forecasting oscillators are currently bullish on PTC.

Rs Recommendations

56.50

62.10

51.83

Attock Refinery

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

Technical Outlook

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

Fair Value

57.50

51.58

Arif Habib Limited

Buy

Technical Analysis

Fauji Fertiliser Bin Qasim Ltd

Technical Outlook

Technical Outlook Technical Analysis

Trend forecasting oscillators are currently bullish on DGKC.

74.19

Attock Cement

24.04

HUBC closed up 0.39 at 35.54. Volume was 193 per cent above average DGKC closed up 0.34 at 28.99. Volume was 13 per cent below average PTC closed up 0.32 at 19.55. Volume was 44 per cent above average and Index will continue to find its 1st support level at 10,922.25 and 2nd sup(trending) and Bollinger Bands were 23 per cent narrower than normal. port level at 10,878.50. and Bollinger Bands were 5 per cent narrower than normal.

Bollinger Bands were 19 per cent narrower than normal.

KSE 100 INDEX is currently 9.0 per cent above its 200-day moving average HUBC is currently 4.7 per cent above its 200-day moving average and is DGKC is currently 7.8 per cent above its 200-day moving average and is PTC is currently 0.2 per cent below its 200-day moving average and is disand is displaying an upward trend. Volatility is relatively normal as compared displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to playing an upward trend. Volatility is relatively normal as compared to the to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting reflect very strong flows of volume into HUBC (bullish).

Trend forecasting reflect volume flowing into and out of DGKC at a relatively equal pace. reflect volume flowing into and out of PTC at a relatively equal pace. Trend oscillators are currently bullish on INDEX. Momentum oscillator is currently indicating that INDEX is currently in an overbought condition.

Allied Bank Limited

Rs Recommendations

30.5

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

1st 2nd Pivot Resistance 3.35 3.50 3.30

Fair Value

Technical Outlook

Technical Outlook

Leverage Position

67.59 34.10 34.31 33.93

10,953.40

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

Brokerage House

Technical Outlook

KSE 100 INDEX closed up 56.35 points at 10,966.00. Volume was 2 per

resistance level at 10,997.15 and 2nd resistance level at 11,028.30, while

Rs Recommendations

47

44.9

RSI (14-day) MA (10-day) MA (100-day) cent below average and Bollinger Bands were 14 per cent narrower than MA (200-day) MA (200-day)

Fair Value

RSI 1st 2nd (14-day) Support 55.16 3.15 3.10

idating) and Bollinger Bands were 29 per cent narrower than normal.

NML is currently 6.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the

2.20

183.10 184.45 181.25 14.65

36.25

14.90

14.45

111.50 109.55 36.95

35.20

4.40 1.60

205.70 206.95 203.85

2.80

160.05 160.60 159.35

75.30

76.55

74.65

284.05 284.85 283.40 19.75

19.95

19.45

200.10 202.35 198.65

2.40

8

Saturday, November 20, 2010

India bans raunchy prime time reality TV

I

MUMBAI: Pamela Anderson, and Bollywood actor Salman Khan laugh on the sets of the Indian reality television show "Big Boss" in Mumbai. -Reuters

I have always done multiple films: Ajay Y

ear 2010 has already seen five Ajay Devgn starrers releasing on regular intervals - Atithi Tum Kab Jaoge, Raajneeti, Once Upon A Time In Mumbaai, Aakrosh and recently Golmaal 3. He would in fact be ending the year with Toonpur Ka Superhero, a live-animation flick. Next year won't be any lesser with Dil To Bachcha Hai Ji, Tezz, Rascals and Power all set to arrive with chances of Aarakshan making it to the marquee as well. Seems like Ajay is having some hectic times shooting for the films, even though he has a newborn

at home who would be craving for his attention.

"Not to forget the time which is required to promote each of the films", smiles Ajay who has enjoyed one of the best years of his career with Golmaal 3 turning out to be super hit as well, "These are some craze times ahead. Every day is turning out to be quite hectic but then its fun."

However, what happens to his resolve of working in lesser films? Though he did mention around the release of Once Upon A Time In Mumbaai that he would cut down on work, seems like he

is happy getting some more projects rolling for himself. Is it due to the obvious temptation of picking up more when the going is good?

"This is not the first time that I am doing multiple movies in a year. In fact an average of 23 releases a year is pretty common in my career graph. Yes, this year has been quite heavy though with 5-6 films.

However, after I am through with the films that I have recently signed, I would be doing only 2-3 films a year", says Ajay.

Well, we would wait to see that for ourselves Ajay!

Amitabh move court against copyright violation

B

ollywood megastar Amitabh Bachchan seems to be irked by constant copyright infringements and the illegal use of his name for the promotion of products.

"I've called the lawyers and we will move court. This is what happens when people try to run a business through emails. And yes, the lesson learnt is, unless you get down yourself on your hands and knees, nothing moves in the right direction," Amitabh wrote on his blog

www.bigb.bigadda.com "The morning till now has been full of incidents related to copyright protection, for, there have been greater examples and infringements being discovered," he added.

The actor explained how a company selling basmati rice called Lakshmi Foods has done an exact imagery of his reality show "Kaun Banega Crorepati" in an advertisement.

"The set, the computers, the questions, the contestant being asked from an over the shoul-

der shot, in suggestion and the voice being used again to ask a question on the product being marketed... this is so unethical and legally wrong," he wrote.

"Another huge infringement has taken place concerning Airtel, the mobile and telephone carrier, about yours truly and the opportunity to be able to talk to me for a fee.

This is simply unacceptable, there is no signed deal at all for this and on questioning they inform through our Vog managers that it has been a mistake!"

ndian regulators have ordered television channels not to broadcast reality shows before 11:00 pm over fears about their increasingly adult content, reports said Friday.

Two hugely popular programmes -- "Bigg Boss", the local version of "Big Brother", and "Rakhi ka Insaaf" -- will be hit by the ruling from the Information and Broadcasting Ministry, the Indian Express said. The government and affected channels declined to confirm the crackdown, and the shows have continued to air in their regular prime time slots.

The fourth series of "Bigg Boss" attracted the headlines this week with the arrival of scantily-clad Hollywood actress and model Pamela Anderson.

Kissing and abusive language have also caused regular scandals on the show. "Rakhi ka Insaaf" ("Rakhi's Justice"), in which opinionated Bollywood dancer Rakhi Sawant tackles people's personal problems, hit controversy recently when a former participant committed suicide.

His family blamed the show's host, saying he fell into depression after Sawant called him impotent while she tried to sort out his marital difficulties. "We have not asked the producers of the show to modify content or have not done any sort of censoring, just shifted the time slots allotted to them," a senior ministry official told The Indian Express.

According to The Times of India, the government also instructed news channels not to broadcast footage from the shows while reporting on them.

Potter poised to set record T

his forecast doesn't take a "Megamind" — "Harry Potter and the Deathly Hallows Part 1" will be the No. 1 film at the nation's box offices this weekend, conjuring up receipts that could approach $120 million or beyond and

likely set a debut record for the "Potter" movies, the most successful film franchise of all time. A true "event" film in every sense of the word, this second-to-the-last installment in the eight-part, decade-long Warner Bros.' series will draw massive crowds to the multiplex as it benefits from a terrific marketing campaign, offthe-chart audience awareness, 4,125 screens, including a record number of IMAX screens, and midnight showings. "Harry Potter and the Goblet of Fire" is the only film in the series thus far to open in excess of $100 million, having earned $102.7 million in its first three days back in 2005.

Falling to a distant second, Paramount's release of the Dreamworks' animated 'Megamind' should take in about $18 million, with a third weekend drop in the mid-30

per cent range. Timing can be everything in this business and the film enjoyed two solid weeks at the top of the charts in a "Potter"-less marketplace with a voracious family audience hungry for kid-appropriate product. As it crosses the

Saif, Kareena say ‘No’ to performances at wedding

Private performances, especially performances at Indian weddings have become the norm rather than the exception for stars in the Bollywood film industry.

However, Saif and girlfriend Kareena Kapoor are not prepared to participate in any kind of dancing at a private event, reported the media. Reports in the media are rife about the couple saying a big ‘no’ to perform at a wedding in Delhi, of which Shah Rukh Khan and Salman Khan are also scheduled to perform.

Incidentally, it was earlier reported by top media agencies in the country that Saifeena, the popular name by which the couple is known to us, had accepted a sum of $100 million mark this week- more than Rs. 3 crores from a end, "Megamind" holds the gutkha baron to shake a leg at distinction of being the first his son’s wedding. blockbuster of the 2010 holiday movie season.

In third place, expect last weekend's second-place finisher "Unstoppable" from 20th Century Fox to gross about $12 million, with a modest sub-50 per cent second-weekend drop.

Denzel Washington and Tony Scott have re-teamed for the anadian model and fifth time in this runaway-train former "Baywatch" flick that uses the director's sigstar Pamela Anderson nature visual style to full effect. is to appear in reality televiCouple that with the star power sion show "Bigg Boss", the of Washington and his draw for Indian version of "Big older moviegoers and the film Brother". should total around $40 million Anderson, 43, was set to

by Sunday night.

Fourth place should belong arrive in Mumbai late to the Todd Phillips comedy Monday and enter the live "Due Date," which incidentally studio near the city on has been the No. 1 film in the Tuesday, a spokesman for the international marketplace for Colors television channel said. the past two weeks.

The actress, who appeared nude in Playboy magazine earlier this year, will join other contestants on the show want to create the Los including a former bandit and Angeles-India Film Council in the Great Khali, a popular order to make way for more World Wrestling Indian film production in Los Entertainment performer.

Angeles.

This is not the first time "Bigg Boss", which is in its Bollywood visits Hollywood fourth series, ran into controas movies like Kites, My versy in the first week of this Name is Khan, Lahore, Jaane year's edition when activists Kahan Se Aayi Hain and of the Hindu nationalist Shiv Saawariya were shot in and Sena party protested against around Los Angeles. But they two Pakistani artists appearing on the show. The show, are finally making it official! hosted by Bollywood superstar Salman Khan, included Pakistanis Veena Malik and Ali Saleem.

Pamela Anderson in Indian TV show

C

Holly, Bolly make historical deal

B

ollywood and Hollywood have been eyeing each other for years now and finally they have made a life changing decision!

We can't tell who proposed to who, all we know is that the two massive movie industries are finally making their alliance official!

Representatives of the City of Los Angeles on the one

hand and the Film and Television Producers Guild of India and the Film Federation of India on the other recently met at Paramount Pictures in Hollywood to sign a declaration.

The statement says that the two sides will cooperate on production, distribution, technology, content protection and commercial deals. Sounds exciting! The two sides also

Create ‘a’ Room For Your Kids

We all need a space of our own, no matter our age.

Children can thrive when there is a place in their home that nurtures their imaginations and their sense of belonging.

But the children's furniture and home décor industry is a multi-billion dollar business with such a staggering variety of choices that parents may feel overwhelmed. You may be tempted to let your child live with white walls and beige carpet until he is old enough to tackle the redecorating on his own. But a few of the same principals and techniques designers use can help you create a room your child will love.

Consider how the room will be used Children's bedrooms have become multipurpose, like most spaces in our homes. It's likely your child not only sleeps in her room, but plays and does homework there as well. While a bed is the essential focus of any bedroom, keep in mind that you may need to incorporate play space, a study area and maybe MUMBAI: Lata Mangeshkar receives the Lifetime Achievement award by A R Rahman and even a seating area into the room as well.

Asha Bhosle at the Global Indian Music Awards (GIMA) in Mumbai.-Reuters

Get your child involved By the time they've mastered speech, most kids are able to tell you what they like and don't like. How involved your child can be in the decorating process will depend on his age and level of development. A toddler may be able to tell you he likes blue but purple is "yucky." An elementary school child may be able to express a preference for a theme or style

of bed. A high school student can be fully involved in the planning and execution of her room remodel.

When it comes to a theme, keep compromise in mind Maybe your child wants an underwater theme like the one he saw on a home improvement show, complete with the prow of a pirate's ship mounted on one wall. You, however, want something that will grow with

him and not break the bank - or your back - to accomplish.

Compromise is needed and can be as easy as placing a wallpaper mural of a sailing ship on one wall of your child's room.

Adapt current design trends Wallpaper murals are a hot design trend, with many home improvement shows using them to create focal points or accents in nearly every room of the house. They're a great option for a children's room because they're easy to install and offer thousands of images that will fit virtually any design theme you choose. Designs range from the sports themed like the stands of a baseball stadium as seen from the field, to jungle animals and underwater seascapes. To learn more and view kid-friendly mural options, visit a Lowe's store near you.

Designing a child's room can be fun for the whole family, and a great way to spend some quality time with your child.

Following these basic principles can help ensure the experience will be rewarding, and the room something your child will love for years to come.

9

Saturday, November 20, 2010

Oil drops, China’s reserve move weighs Shell declares force majeure on some Nigerian supplies LONDON: Oil prices fell more than $1 on Friday as speculation of a Chinese interest rate rise mounted following a move to increase its banks' reserve requirements for the second time in two weeks.

By 1525 GMT, US crude oil was down 97 cents to $80.88 a barrel. Prices remained volatile ahead of the December crude contract expiry on Friday, having traded as high as $82.75 and as low as $80.59.

Friday's move is the second time in two weeks that China, the world's largest oil consumer, has increased banks' reserve requirements, a measure widely expected to be a precursor to an interest rate increase.

Brent crude futures fell by 81 cents to $84.24 a barrel.

"China (is) tightening policy much earlier in this inflationary cycle, so that should maintain long-term growth

prospects," Deutsche Bank's global head of commodities research Michael Lewis said.

"But naturally when central banks raise interest rates, the questions are going to be how much are they going to do, how quickly are they going to do it and how is it going to affect short-term growth."

Expectations of a rate increase rose after a report in a Chinese newspaper suggested Friday could be a convenient time to raise rates before banks settle accumulated interest on the 20th day of the month.

"I would think the impact is limited as it's not an interest rate increase but just a hike of minimum reserve requirement; so this is not an increase in borrowing costs but a withdrawal of excess liquidity," Commerzbank analyst Carsten Fritsch said.

"Only when they in fact do hike interest rates, this will have a more negative impact

on oil."

Brent crude drew support from a disruption to supply in Nigeria, whose crude is priced in relation to the North Sea benchmark, oil traders said.

Royal Dutch Shell Plc's Nigerian venture on Friday declared force majeure on Bonny Light oil exports after a pipeline was damaged.

Attention remained on the prospect that debt-ridden Ireland will obtain a bailout loan from the European Union and the IMF to shore up its banks.

"The announcement of some type of financial assistance for Ireland seems imminent," Gain Capital Forex.com senior strategist Daniel Hwang said in a note. "A resolution before end of week is likely to see risk sentiment improve and help keep oil prices supported above the $80 per barrel level."

-Reuters

AHMEDABAD - INDIA: Farmers pluck brown cotton in a village some 50 kms from Ahmedabad. -Agencies

US cotton limit up on Ireland optimism NEW YORK: US cotton futures closed up the daily limit Thursday, the first time they had risen in three sessions, as optimism about a possible rescue plan for debtridden Ireland weakened the dollar and gave the market a boost, brokers said.

Cotton was also bolstered by market belief that No. 1 consumer China would need to import large amounts of fiber and news an adviser to the Peoples Bank of China said the country should not rely solely on an interest rate rise to put the clamps on inflation.

The benchmark March cotton contract on ICE Futures US rose the 5-cent trading limit to close at the session high $1.2915 per lb, with the session low at $1.2338.

Total volume traded reached around 21,735 lots, more than 40 per cent below the 30-day average of 37,655 lots, Thomson Reuters preliminary data showed. In China, the Zhengzhou Commodity Exchange's key May cotton contract last traded Thursday at 27,430 yuan per tonne, down 45 yuan but above the session low at 26,100 yuan.

Mike Stevens, an independ-

ent cotton analyst in Louisiana, said cotton prices surged due to strong outside commodity markets, the lower dollar and in anticipation of robust US cotton sales in the weekly export data from the US Agriculture Department.

The USDA's weekly export sales report showed total US cotton sales at 566,700 (500lb) running bales, the 8th time in 9 weeks sales have topped 500,000 RBs. Stevens said the outlook for cotton futures was for supplies to remain tight and Chinese demand robust going forward. -Reuters

Palm oil up as Irish debt concerns ease KUALA LUMPUR: Malaysian palm oil edged higher on Friday as anxieties over Irish debt crisis eased a little, although gains were limited by a likelihood of China interest rates hike.

But the market is still set to post its first weekly loss since September, driven earlier by some technical selling and concern Malaysian palm oil exports in the second half of November may slow on the recent strength in the US dollar.

The benchmark Feb 2011 palm oil on the Bursa Malaysia Derivatives Exchange ended 8 ringgit up at 3,326 ringgit ($1,068) per tonne in choppy trade. Overall trade volumes more than doubled to 22,335 lots at 25 tonnes each.

"The market stabilised after a sharp fall early in the week due

to the uncertainty surrounding exports over the weekend.

China's food price controls and China's most active Sept Irish debt worries," said a deal- 2011 soyoil contract rebounder with a foreign commodities ed 2.1 per cent after two brokerage in US cotton mid-day Kuala Lumpur."

The benchmark March cotton contract on Reuters techni- ICE Futures US was trading down 6 cents, or cal analysis 4.65 per cent, at $1.2315 per lb by 1605 GMT. s h o w e d Malaysian palm oil will fall to straight day losses, despite the 3,114 ringgit per tonne, as its state government decision to wave pattern indicates a down- sell soy and vegetable oils to ward wave "a" is progressing. help boost supplies and cool Traders were optimistic that down prices.

The most active Sept. 2011 Ireland is nearing a deal to shore soyoil contract on China's up its banks and budget deficit.

Cargo surveyor Intertek Dalian Commodity Exchange Testing Services is set to unveil hit one-month lows the previNov. 1-15 Malaysian palm oil ous day. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for November 18 2010 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1310

1250

December (3rd Wednesday)

1320

1260

January (3rd Wednesday)

1335

1260

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for November 18 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY

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

2230 2240 2200 2210 2155 2165 2155 2165

2262 2263 2285 2286 2340 2345 2390 2395

8385 8386 8355 8360 8135 8145 7775 7785

2305 2306 2330 2335 2300 2305 2265 2270

21495 21500 21525 21550 21285 21385 20700 20800

TIN

ZINC NASAAC

25390 2142.5 25395 2143 25350 2163 25400 2165 24930 2208 24980 2213 2180 2185

2200 2205 2220 2230 2235 2245 2285 2295

European vegetable oil prices ROTTERDAM: The following were the Friday's Rotterdam vegetable oil price's at 18:00 PST. SOYOIL: EU degummed euro tonne fob exmill Jan11/Mar11 916.00+14.00, Apr11/Jun11 909.00+9.00, Jul11/Sep11 912.00.

RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 915.00+7.00, May11/Jul11 925.00+7.00, Aug11/Oct11 905.00+5.00, Nov11/Jan12 915.00.

SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1450.00+25.00, Apr11/Jun11 1390.00+0.00, Jul11/Sep11 1420.00+0.00.

LINOIL: Any origin dlrs tonne extank Rotterdam Nov11/Dec11 1287.50+5.00.

CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Nov10 1145.00+0.00, Dec10 1140.00+2.50, Jan11/Mar11 1125.00+5.00, Apr11/Jun11 1112.50+2.50.

PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1160.00, Jan11/Mar11 1150.00. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 1115.00+7.50, Jan11/Mar11 1105.00-2.50.

PALM OLEIN: RBD dlrs tonne fob Malaysia Jan11/Mar11 1112.50-2.50, Feb11/Mar11 1092.50-17.50, Jul11/Sep11 1085.00-7.50.

COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Nov10/Dec10 1510.00-10.00, Dec10/Jan11 1520.00+0.00, Jan11/Feb11 1520.00+5.00, Feb11/Mar11 1520.00+5.00.

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

Tokyo rubber surges to 1-wk high BANGKOK: Tokyo rubber futures rose to a one-week high on Friday as tight supplies and hopes for the resolution of Ireland's debt crisis spurred speculative buying, dealers said.

However, profit-taking ahead of the weekend limited gains, they said. The benchmark rubber contract on the Tokyo Commodity Exchange for April delivery rose 5.6 yen to settle at 367.7 yen ($4.40) per kg. It rose as high as 375.9 yen, the highest since Nov 12.

The most active rubber contract on the Shanghai futures market also rose 1,025 yuan to settle at 34,415 yuan ($5,185) per tonne. "TOCOM prices should maintain their bullish trend, but gains finally succumbed to profit-taking after players saw oil prices easing," one dealer said.

Oil erased early gains to below $82 a barrel on Friday, as Asian stocks pared gains and technicals indicated weakness ahead of the weekend, after sharp rises on an improved outlook for Ireland's debt crisis.

TOCOM rubber was expected to rise further next week as technical sentiment improved after prices finished above a key resistance level of 360 yen.

Tight supplies on the physical front should lend support, dealers said. -Reuters

Copper down, investors nervy about demand outlook LONDON: Copper prices softened on Friday, reversing earlier gains in a volatile market as China's move to raise banks' required reserves, and debt troubles in Ireland stoked investor concerns about the demand outlook.

Three-month copper on the London Metal Exchange closed at $8,404 a tonne, versus $8,425 a tonne at the close on Thursday.

The metal used in power and construction touched a session low of $8,320 a tonne and peak of $8,521 a tonne.

Earlier this week, the metal fell more than 5 per cent in the biggest one-day loss in six months.

Top base metals buyer China ordered lenders on Friday to lock up more of their money with the central bank for the second time in two weeks, stepping up its battle to pull excess cash out of the economy before inflation has a chance to take off.

Investors have worried in recent days that the Chinese government would ratchet up its monetary tightening after inflation sped to a 25-month high in October.

"Net longs are quite substantial, so that is quite dangerous," VTB Capital analyst Andrey Kryuchenkov said, referring to a large number of long holders who may want to close out their positions, as this could pressure the market.

"The downside will be limited because of the bailout for Ireland

and uncertainties (such as a rate rise by China) are probably priced in."

Copper hit a record high of $8,966 last week, but euro-zone

Shanghai copper rises 2pc Shanghai copper rose on Friday, extending gains, chasing a 2.9 per cent rally in London metal in the previous session, supported by a firmer euro and positive comments from US Fed chairman Bernanke ahead of the weekend and an expected China interest rate rise. Benchmark Shanghai copper rose 2 per cent to 64,010 yuan, to end the week with a weekly loss of 2 per cent. jitters and concerns over tighter Chinese fiscal policy sent investors fleeing from risk.

Latest data showed LME copper inventories slipped 775 tonnes to 359,825 tonnes, having fallen from 6-1/2 year highs of 555,075 tonnes reached in midFebruary.

Stainless steel-making ingredient nickel closed at $21,850 a tonne, unchanged from Thursday's close.

Aluminium was at $2,264 a tonne versus $2,305, while battery material lead was at $2,277 a tonne versus $2,315 a tonne.

Tin was at $25,000 a tonne from $25,100 a tonne and zinc closed at $2,160 a tonne versus $2,187 a tonne. -Reuters

Gold flats as Ireland fears fade, lifting euro LONDON: Gold prices steadied near $1,350 an ounce on Friday, shrugging off earlier losses, as expectations that Ireland's banking crisis will shortly be resolved lifted the euro versus the dollar.

However, persistent weakness in the wider commodity markets as traders weigh up the prospect of a further rate hike from China is keeping some pressure on gold, analysts said.

Spot gold was bid at $1,351.25 an ounce at 1611 GMT, against $1,352.65 late in New York on Thursday, having earlier fallen as low as $1,341.40. US gold futures for December delivery eased $2.50 to $1,350.50.

"We still have the end of year approaching, which will come into focus more and more in the days to come," said Saxo Bank analyst Ole Hansen.

"US bond yields have come lower over the past two days, removing some dollar support," he said. "The European situation will continue to play up, which should support metals."

Expectations that the dollar will weaken once more is still underpinning longer-term positive sentiment towards gold, analysts said.

"With the Fed continuing to vouch for QE2, dollar weakness will continue to persist, and along with that, a possible solution to the Irish debt crisis has resulted in a firmer euro," said Richcomm Global

Services analyst Pradeep Unni.

"These two factors will continue to provide a bullish bias to the metal in the near term.

The only fear lingering around is a potential rate hike from China, which, though (it) is almost discounted, fails to dissipate completely."

China said it would raise banks' reserve requirements by 50 basis points from Nov. 29 on Friday. Commodity prices tumbled earlier this week on fears the government would lift rates after inflation hit a 25month high in October.

On the physical side of the gold market, Asian buyers hunted bargains after prices dropped from the record high levels hit last week, with demand from top consumer India picking up due to the ongoing wedding season.

But demand for gold-backed exchange-traded funds continued to be soft, with holdings of the world's largest gold ETF, the SPDR Gold Trust, declining 4.6 tonnes to a one-month low of 1,286.299 tonnes on Thursday.

Spot gold is now on track to end the week with around a 1 per cent loss, its second successive negative weekly performance. But the outlook for the precious metal remains broadly positive nonetheless, analysts said. Elsewhere silver was bid at $26.94 an ounce against $26.92, while platinum was at $1,660.24 an ounce against $1,662 and palladium was at $699.97 against $693.72. -Reuters

Sugar, cocoa fall; eyes on China LONDON: Raw sugar fell in choppy dealings on Friday, having erased gains after China increased banks' reserve requirements, and cocoa and coffee extended losses alongside other commodities, dealers said.

ICE March raw sugar stood 1.16 cent or 4.1 per cent lower at 26.99 cents a lb at 1600 GMT. Liffe March white sugar fell $24.50 or 3.5 per cent to $684.20 per tonne.

ICE raw sugar futures appeared to have moved into a range below the psychological 30 cents a lb, within sight of the 30-year high of 33.39 cents touched on Nov. 11.

World sugar production is forecast at 161.9 million tonnes in 2010/11, compared with a May estimate of 163.8 million tonnes, said the US Agriculture Department in a semi-annual report on Thursday.

Cocoa futures slipped back after the prior session's strong advance, pressured by the Chinese news.

March cocoa on Liffe dipped 26 pounds or 1.4 per cent to 1,905 pounds a tonne in modest volume of 7,289 lots at 1607 GMT. The contract rose 49 pounds on Thursday and still stands well above a 15-month low of 1,798 pounds set on Nov. 8. ICE March cocoa was down $50 or 1.7 per cent to $2,889 per tonne in light volume of 4,941 lots.

ICE second-month arabica coffee futures eased with the market looking to consolidate after a strong run-up on Thursday. ICE March arabicas stood at $2.1095 per lb, off 0.35 cent or 0.2 per cent. Prices had hit a 13-1/2-year high for the second month of $2.2145 per lb on Nov. 10 before suffering a steep setback in line with many other commodity markets.

Liffe second-month robusta coffee futures fell $5 or 0.3 per cent to $1,906 a tonne, well below a two-year high of $2,098 per tonne touched on Nov. 9. -Reuters

Indian sugar steady; mkt eyes global cues MUMBAI: India's spot sugar price was steady on Friday as a rise in overseas markets outweighed a slight drop in local demand, dealers said.

"Today demand was weak compared to yesterday. Bulkbuyers were almost absent in the market," said a member of the Bombay Sugar Merchants Association.

In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety eased by 0.2 per cent to 2,817 rupees ($62.18) per 100 kg.

New York raw sugar and London white sugar futures rose over 1 per cent in early trade on Friday.

Traders said a government decision on freeing of sugar exports, expected by the end of the month, will also influence the direction of prices.

India will only consider freeing up sugar exports after obtaining a credible output estimate, the farm minister said on Monday. -Reuters

National Commodity Exchange Ltd Trading Summary Date

16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010

Commodity

Contract Date

CRUDE100 DE10 CRUDE100 JA11 CRUDE100 FE11 SILVER - SL500 DE10 SILVER - SL500 JA11 GOLD 01oz DE10 GOLD 01oz JA11 GOLD 01oz FE11 GOLD 100oz DE10 GOLD 100oz JA11 GOLD 100oz FE11 GOLD NO10 GOLD DE10 GOLD JA11 Kilo GOLD NO10 Kilo GOLD DE10 Tola Gold50 NO10 Tola Gold100 NO10 Mini Gold 1-Aug Mini Gold 2-Aug Mini Gold 3-Aug Mini Gold 4-Aug Mini Gold 5-Aug TT Gold 1-Sep TT Gold 2-Sep TT Gold 3-Sep IRRI6W 18NO10 Rice IRRI - 6 DE10 RBD Palm Olein DE10 KIBOR3M 10-Dec KIBOR3M 11-Mar

Price Quotation

Open

High

Low

Close

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

85.54 86.13 86.19 25.91 25.98 1362.70 1364.50 1366.30 1362.10 1364.10 1365.20 37558.00 37300.00 37454.00 37557.00 37411.00 43635.00 43625.00 38509.00 38455.00 38469.00 38482.00 38495.00 44254.00 44193.00 44208.00 2402.00 3335.00 4800.00 86.82 86.24

85.61 86.13 86.77 26.41 25.98 1376.70 1377.10 1378.50 1375.00 1364.10 1365.20 37571.00 37690.00 37454.00 37557.00 37411.00 43635.00 43625.00 38509.00 38455.00 38469.00 38482.00 38495.00 44254.00 44193.00 44208.00 2402.00 3343.00 4800.00 86.82 86.24

83.61 84.03 84.92 25.43 25.47 1356.00 1356.60 1357.60 1357.10 1358.30 1358.30 37302.00 37200.00 37311.00 37259.00 37268.00 43458.00 43458.00 38349.00 38386.00 38312.00 38324.00 38337.00 44067.00 44110.00 44024.00 3303.00 3335.00 4798.00 86.75 85.99

83.74 84.18 84.77 25.45 25.47 1357.20 1358.30 1359.40 1357.20 1358.30 1358.30 37287.00 37295.00 37311.00 37259.00 37268.00 43458.00 43458.00 38349.00 38386.00 38312.00 38324.00 38337.00 44067.00 44110.00 44024.00 3312.00 3343.00 4798.00 86.75 85.99

Traded Volume in lots 99 85 22 312 1,080 2,049 1,024 72 7 23 2 -

Previous Settlement Price 84.33 84.77 85.34 25.64 25.66 1358.30 1359.30 1360.40 1358.30 1359.30 1360.40 37257.00 37265.00 37281.00 37229.00 37238.00 43424.00 43424.00 38321.00 38360.00 38281.00 38294.00 38307.00 44035.00 44081.00 43989.00 3303.00 3335.00 4800.00 86.82 85.95

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 83.74 19 84.18 57 84.77 13 25.45 8 25.47 1357.20 352 1358.30 1,830 1359.40 1,092 1357.20 4 1358.30 1359.40 37287.00 41 37295.00 9 37311.00 37259.00 37268.00 1 43458.00 43458.00 38349.00 38386.00 38312.00 38324.00 38337.00 44067.00 44110.00 44024.00 3312.00 3343.00 4798.00 86.75 85.99 -

Evora and Ladwig of US compete in Russia figure skating competition in Moscow

10

Saturday, November 20, 2010

Waqar calls for separate squads ABU DHABI: Coach Waqar Younis suggested that national cricket team should have separate teams for Twenty20, ODIs and Test matches.

"I think time has come for us to think on these lines, we must have separate teams for different formats with specialized players for each format," he said ahead of second Test against South Africa starting Saturday in Abu Dhabi.

He insisted all three different formats required a different approach from coaching staff and players. "We have lot of talent in Pakistan and that is why I believe we should now think about having separate squads with specialists.

Obviously some players do quality for all three formats or two of formats."

He said upcoming tour of New Zealand will help Pakistan build their combination for World Cup. "It is going to be an important tour for us in the sense that we can finalise our combination for keeping in mind conditions we will encounter in India, Sri Lanka and Bangladesh during the tournament."

He said he was hoping to see ODI squad perform better and improve their finishing abilities. "In recent series we have lost some very close matches which we should have won due to basic mistakes, so, we are working hard on our fielding and ability to finish off matches."-PPI

Pak cueists fall in Asian games KARACHI: Pakistan lost their both single's event matches to Hong Kong in prequarter of the Snooker in the ongoing Asian Games in Guangzhou, China.

Marco Fu of Hong Kong thrashed Mohammad Sajad by 4-0 and Hong Kong's Fung Kwok Woai beat Khurram by 4-1 score.-PPI

Nadal to meet Federer in exhibition matches LONDON: Rafael Nadal and Roger Federer will interrupt their brief off-season to face off in two exhibition matches before Christmas in Zurich and Madrid next month, it was announced on Thursday.

The world's two best players, both in London to compete in the ATP World Tour finals, will play in Zurich's Hellenstadion on Dec. 21 before flying to the Spanish capital to play the following day at La Caja Magica.

Proceeds from the best of three set matches will go to the players' charities.

"I always enjoy playing Rafa on the big stages and it is especially exciting when we can do it to help raise monies for our foundations," 16-times grand slam champion Federer said in a statement on Thursday.

The announcement of the exhibition matches comes as the ATP prepare for a series of board meetings in London in which they are expected to shorten the men's calendar -- a move favoured by both Nadal and Federer.

World number one Nadal, who boasts 14-7 record over Federer in competitive mathces, has only just returned from a shoulder injury which prevented him playing at the Paris Masters.-Reuters

Beat B'Desh in Asiad Women Cricket

Girls get the first gold for Pakistan KARACHI: Pakistan women's cricket team opened the gold medal account for Pakistan in the Asian Games on Friday, crushing Bangladesh by ten wickets to win the first-ever Asian Games women's cricket tournament in Guangzhou.

After winning the toss, Pakistan skipper Sana Mir invited Bangladesh to bat first, and her players dismissed them for 92 runs in the allotted 20 overs.

For Bangladesh, Salma Khatoon scored 27 and Romana made 17, while for Pakistan, Nida Rashid claimed three and Sana took two wickets.

Pakistani openers reached the

target with more than four overs to spare. Nida played an unbeaten inning of 51 runs, which included seven boundaries, while there were three boundaries in Javeria's unbeaten 39.

Earlier, Japan defeated hosts China by seven wickets to win the bronze medal.

China were restricted to 65-6 off their 20 overs before Japan reached their target with four balls to spare, the winning run coming tamely when off-spinner Wu Juan bowled a wide.

Japan captain Ema Kuribayashi, who plays club cricket in New Zealand, topscored for her side with an unbeaten 24.-PPI

Lanka draws WIndies test, courtesy rain Paranavitana missed out on a century GALLE: Opener Tharanga Paranavitana missed out on a century as the first test between Sri Lanka and West Indies was drawn on Friday after rain washed out the final session on the fifth day.

Paranavitana fell for 95 as the hosts reached tea on 241 for four, a lead of 39. No resumption of play was possible after the break.

Paranavitana and Mahela Jayawardene dug in with a third wicket stand of 87 on the final day to help secure a draw after Sri Lanka had followed on. West Indies had made 580 for nine declared in their first innings and then dismissed the home side for 378.

Spinner Shane Shillingford spoiled Paranavitana's hopes of a century, inducing him into edging a simple catch to Darren Sammy at slip.

Jayawardene moved to his second half-century of the match by straight driving parttime spinner Brendan Nash for six but fell for 58 to the same bowler eight balls later when he drove too early and hit back a low return catch.

Thilan Samaraweera (19) and Angelo Mathews (5) were together when light rain forced the players to take an early tea.

West Indies started brightly and struck two early blows in the morning when Tillakaratne Dilshan and Kumar Sangakkara were dismissed within two overs of each other.

Dilshan and Paranavitana shared an opening stand of 102 before West Indies broke through, Kemar Roach producing an unplayable yorker to uproot Dilshan's off stump when he had scored 54.-Reuters

LONDON: Roger Federer talks to Rafael Nadal during a group photo ahead of the ATP World Tour Finals.-Reuters

GUANGZHOU: Pakistan women's cricket team players pose with their medals after the award ceremony of the women's limited overs cricket finals at the 16th Asian Games.-Reuters

Second test to start today in Abu Dhabi ABU DHBAI: Rejuvenated Pakistan team will clash South Africa in the second cricket Test at Sheikh Zayed Stadium here from Saturday with a new vigor in wake of outstanding batting show by Younis Khan and skipper Misbah-ul-Haq in Dubai.

Pakistan came from nowhere to hold powerful South African side to a draw after conceding a whooping 132-run lead. But Younis and Misbah's undefeated 177 runs stand and their heroics, Pakistan put fragile batting on the track. South Africa started the whole series as favorites. But unpredictable Pakistan has shown the way that they are capable of turning the tables when chips are down, writes APP Sports Correspondent.

Pakistan is likely to make two changes in the team. Asad Shafiq would be replacing Umer Akmal, who had scored just one half century in last 17 innings. From the pace bowlers Muhammad Sami or Muhammad Tanvir walk into to the team in place of Wahab Riaz, who has flown back after side strain on the first day of the first Test in Dubai.

Over-rated Umer Akmal played an awful stroke in the first innings which caused Pakistan's batting failure in the first innings of the first Test.

Sami, who produced a fine show in the famous Sydney against Australia late last year may face trouble on the bald track.-APP

Pak, India set for combustible thriller GUANGZHOU: Pakistan and India Friday dismissed suggestions of "frayed nerves" as arch rivals geared for a combustible hockey clash in Asian Games on Saturday.

Group B match at Aoti hockey stadium, where winner will book a semi-final place, gives Pakistan a chance to avenge two humiliating defeats at India's hands this year.

India won 4-1 at the World Cup in March and then dished out a 7-4 hammering at last month's Commonwealth Games, both times at home in New Delhi.

Pakistan hope to turn the tables on neutral territory. "If we play as well as we are capable off, we will give Indians a

good response," said Pakistan's coach Michel van den Heuvel.

"We have the team to win the tournament."

The Dutchman, who took over after former champions finished last at the World Cup, stressed a win over India was only part of plan since the champions will get a direct entry to London Olympics.

"Every team knows how important this tournament is," he said. "That is why we have prepared well for it."

Pakistan, who won last of their seven Asian Games gold medals in Beijing in 1990, have not bagged a major title since World Cup triumph in Sydney in 1994.

Captain Zeeshan Ashraf was

confident ahead of key clash.

"We are not nervous at all.

India is a good team but we have planned well for this match. Morale is high after our two wins here."

Pakistan showcased their awesome strike power when they smashed Hong Kong 12-0 before recording a moraleboosting 8-2 win over semifinal contenders Japan on successive days.

Veteran penalty-corner exponent Sohail Abbas, recalled to the team after Commonwealth Games, has led the charge with two goals in each match. "We have special tactics for India," said 35-year-old, who began tournament as leading scorer with 306 goals.-PPI

China to assist Pak’s sports uplift GUANGZHOU: Pakistan hopes China will help accelerate its transformation from a sporting minnow to another Asian dragon. "We need help in almost all sports, especially swimming and track and field.

We have so much to learn from China," Syed Arif Hasan, president of the Pakistan Olympic Association (POA), said in a media interview here.

"Without a doubt, China is a sporting giant in Asia and the world, and its help is crucial to the development of sports in

Pakistan."

China has sent some of its best table tennis, swimming and wushu coaches to Pakistan, which has already reaped the rewards at the Asiad, courtesy of Ijaz Ahmed's silver medal in the men's sanshou 75 kg.

Arif Hasan said he wants to go one better and put his athletes in a Chinese training environment that extends beyond the vision of a handful of imported coaches. "I'd like China to give our athletes opportunities to train and com-

pete in China with local Chinese athletes, which is something that would definitely help us improve," he said, adding that he plans to write a letter to that effect to Liu Peng, president of the China Olympic Association. In return, Pakistan could help China's cricket and field hockey teams, he said.

Unlike China, which derives great patriotic pride from its athletes' sporting success, Pakistan has a low budget for sports and sports infrastructure.-PPI

FIFA axes two executive members ZURICH: Two FIFA executive committee members were banned and fined, one for bribery, over allegations they had offered to sell their votes in the contest to host the 2018 and 2022 World Cups.

Four other officials were also banned and fined in an unprecedented move by soccer's world governing body, which has been shaken by the case and is under huge pressure to show that the contest will be clean and transparent.

Nigerian Amos Adamu was banned from all-soccer related activities for three years and fined 10,000 Swiss francs ($10,130) for breaches of five articles of FIFA's ethics code including one on bribery.

His fellow executive committee member Reynald Temarii of Tahiti, president of the Oceania Football Confederation, was banned for one year and fined 5,000 Swiss francs for breaching articles on general conduct and loyalty.

The others officials included Slim Aloulou, chairman of the committee that settles disputes between clubs, players and coaches, and the previously disgraced I s m a e l Bhamjee. In 2 0 0 6 , Botswana's Bhamjee was sent home from the World Cup in Germany and subsequently quit the executive committee for selling match tickets at three times their face value.

COLLUSION DISMISSED A further claim by British newspaper The Sunday Times that some bidding countries were guilty of collusion before

the Dec 2 vote in Zurich was dismissed by the ethics committee.

It decided allegations of vote-

The decision to ban two executive committee members means only 22, instead of the expected 24, will vote when

trading between Spain/Portugal, who are bidding for 2018, and Qatar, who are bidding for 2022, were unfounded.

FIFA chooses the hosts for the two tournaments.

"For as long as I am in the ethics committee, we will have a zero tolerance policy for all

violations of standards," said its chairman Claudio Sulser after a three-day hearing.

"We don't want cheaters, we don't want doping, we don't want abuses to be accepted," added Sulser, a f o r m e r Switzerland international. He added: "The damage caused to FIFA's image is very great.

When one talks of FIFA, there is generally a negative attitude out there, talk of corruption."

Adamu and Tahiti had been provisionally suspended following allegations by The Sunday Times that they offered to sell their votes to undercover reporters posing as lobbyists for an American con-

sortium.

FIFA said Adamu and Temarii had breached general ethics rules as well as article 9.1 which demands "fiduciary duty" to the sport's governing body. Adamu was also found to be in breach of article 11.1 which reads: "Officials may not accept bribes; in other words, any gifts or other advantages that are offered, promised or sent to them to incite breach of duty or dishonest conduct for the benefit of a third party shall be refused."

Adamu plans to take his case to FIFA's appeals committee.

"I am profoundly disappointed with the ethics committee's findings and had honestly believed I would be exonerated of any charges by now," he said in a statement released by his lawyer and reported by the BBC. "I am innocent of all the charges levelled against me by the Ethics Committee and I completely refute the decision they have made.-Reuters

Bernanke hits back at Fed critics, points at China WASHINGTON: Federal Reserve Chairman Ben Bernanke hit back on Friday at critics of the US central bank's bond-buying program and issued a thinly veiled attack on China's policy of keeping its currency on a leash.

Bernanke, facing a chorus of protests about the asset-buying spree from within and outside the central bank, said a more vigorous US economy was essential to fuel the global recovery and dismissed charges he was debasing the dollar.

"The best way to continue to deliver the strong economic fundamentals that underpin the value of the dollar, as well as to support the global recovery, is through policies that lead to a resumption of robust growth in a context of price stability in the United States," Bernanke said in a speech to a conference at the European Central Bank in Frankfurt.

The Fed's Nov. 3 decision to buy a further $600 billion in US government debt with new money generated outrage among policymakers in many nations, who accused the United States of seeking to weaken the dollar to gain an export edge.

German Finance Minister Wolfgang Schaeuble called the policy "clueless" while domestic critics have argued the policy could ignite inflation and fuel asset bubbles.

Fed officials circled their wagons this week to defend the program. Two added their endorsement on Thursday, but another expressed opposition and a fourth said monetary policy should not play the main role in driving a stronger recovery.

"Deficits and surpluses are generated by many countries' behaviour not a single currency," Bernanke said in a later panel discussion with IMF Managing Director Dominique Strauss-Kahn and European Central Bank President JeanClaude Trichet.

"It will be very difficult for exchange rates by themselves to restore the balance and so I think structural adjustments on both sides are necessary," Bernanke said.

Strauss-Kahn said he too recognised the difficulties involved but said global imbalances could not be tackled without "important changes in the relative values in the currencies".

"We need to move in that direction," he said.

Addressing international criticism of the Fed's action, Bernanke said much of the recent weakness of the dollar reflected an unwinding of the increases that were notched as investors fled to the safety of the greenback during the European sovereign debt crisis in the spring.

Many emerging economies have worried that volatile investment inflows sparked by the dollar's decline could be destabilizing -- either fuelling inflation or asset bubbles.

Bernanke said the failure of some emerging market economies with trade surpluses to allow their currencies to appreciate was making the problems those countries face worse.

"Currency undervaluation by surplus countries is inhibiting needed international adjustment and creating spillover effects that would not exist if exchange rates better reflected market fundamentals," he said, without explicitly pointing to China.

US officials have long argued that an undervalued Chinese yuan gives the Asian export powerhouse an unfair advantage.

Bernanke said inflexible currencies were preventing a needed rebalancing of global growth and could end up destabilising the world economy.

"For large, systemically important countries with persistent current account surpluses, the pursuit of export-led growth cannot ultimately succeed if the

11

International & Continuation

Saturday, November 20, 2010

implications of that strategy for global growth and stability are not taken into account," he said.

Bernanke said sluggish US growth, falling inflation and an unemployment rate that has hovered near 10 per cent for months convinced Fed policymakers they needed to pump in more stimulus.

"On its current economic trajectory, the United States runs the risk of seeing millions of workers unemployed or underemployed for many years," he said in his speech. "As a society, we should find that unacceptable."

Bernanke said a fiscal program that combined near-term measures to enhance growth and steps to address long-range deficits would be an important complement to Fed policies.

The Fed's bond-buying plan -know as quantitative easing or QE, for short -- won a surprise endorsement on Thursday from a policymaker who had been seen as an internal critic.

"I believe that QE is a move in the right direction," Minneapolis Federal Reserve Bank President Narayana Kocherlakota told a conference in Chicago.

Cleveland Fed chief Sandra Pianalto also defended the plan as a way to help lift "uncomfortably low" inflation and fend off the risk of a debilitating broad drop in prices.

However, Philadelphia Fed President Charles Plosser said the costs of the program did not outweigh the benefits, while Fed Governor Kevin Warsh said the economy faced problems that monetary policy could not solve.

"Monetary policy has an important role to play," Warsh told business leaders in Chicago. "But it is not a predominant role."

Instead, he said, businesses need more certainty in terms of fiscal, trade and regulatory policies.-Reuters

Risk of euro zone default overdone: IMF official LONDON: The risk of default in the euro zone's debt-troubled states has been overplayed and the premium for holding Irish, Portuguese and Spanish debt will fall as such worries ease, a senior IMF official said on Friday.

"Markets are overreacting in the sense that the risk of default in the countries in Europe under pressure is overestimated," the head of the International Monetary Fund's fiscal affairs department Carlos Cottarelli told Reuters.

Asked whether spreads for Ireland, Portugal and Spain would come down, he said: "Yes of course ... I would expect this, but it's going to take time.

After the beginning of an adjustment process ... it may take up to 18 months before things calm down."

Debt yields for euro zone periphery countries have hit euro lifetime highs on concerns a debt crisis, which began in Greece in May and is now forcing Ireland in to talks on EU and IMF aid, would spread.

The spread between 10-year Irish bond yields and the German Bund was at 559 basis points on Friday at 1115 GMT down around 6 ticks on the day and compared to highs of almost 680 bps earlier this month.

Spanish and Portuguese 10year spreads were up slightly on the day but remain much lower.

Cottarelli rejected concerns the Irish debt crisis would affect other vulnerable euro zone economies. Some economists believe any help offered to Ireland would have to be extended to Portugal to calm markets.

"I don't see a domino effect, I see cases of specific countries with fiscal problems," Cottarelli said.

A joint European Commission, European Central Bank and IMF mission arrived in Dublin on Thursday to examine the country's heavily-indebted banks and discuss an aid package which could be worth tens of billions of euros.Reuters

China raises bank reserves in inflation fight BEIJING: China ordered lenders on Friday to lock up more of their money at the central bank for the second time in two weeks, stepping up its battle to pull excess cash out of the economy before inflation has a chance to take off.

The People's Bank of China said that it would increase banks' required reserves by 50 basis points, its fifth such announcement this year.

Including an earlier temporary increase, the move takes required reserve ratios (RRR) to 18.5 per cent for big banks, a record high.

The tightening step was intended "to strengthen liquidity management and appropriately control money and credit issuance", the central bank said in a statement.

It was not a surprise and, in fact, could be something of a relief for investors who had expected worse.

"It suggests China is intent to manage price pressures through withdrawing liquidity from the system," said

Dongming Xie, China economist at OCBC Bank in Singapore. "However, it also suggests that China is being cautious about aggressive monetary tightening."

The central bank made the announcement after domestic markets had closed for the weekend.

But European stocks extended their losses after the news.

Big miners Rio Tinto and BHP Billiton were both down more than 2 per cent on worries that tighter monetary policy would reduce China's appetite for commodities. Oil futures weakened and the Australian dollar, which is sensitive to the strength of Chinese demand, fell against the US dollar.

China's ruling Communist Party is acutely sensitive to inflation as a political issue.

Rising prices added to discontent in the buildup to widespread anti-government protests in 1989.

Inflation now is mild by comparison and though plenty of consumers have been grum-

bling about higher food prices, the strains have not been enough to unleash unrest.

Chinese stock markets have tumbled nearly 10 per cent over the past six trading days on concerns that the government would ratchet up its monetary policy tightening after inflation sped to a 25month high in October above 4 per cent.

Such concerns were crystallised when China's cabinet vowed on Wednesday to take "forceful" measures, including price controls if necessary, to rein in inflation.

"This RRR hike will not reduce the chance of raising interest rates, and I expect the central bank will raise benchmark rates one more time within the year," said Lu Zhengwei, chief economist at Industrial Bank in Shanghai.

China raised interest rates on Oct 19 -- the first time in nearly three years -- and most analysts still expect 2-4 more increases by the end of next year. -Reuters

Ireland aid plan next wk, contagion fears persist DUBLIN: A financial aid plan to help Ireland cope with its battered banks will be unveiled next week, EU sources said on Friday, but experts warned a rescue may not be enough to prevent contagion in the single currency bloc.

The euro rose and the risk premium investors demand to buy Irish and other peripheral euro zone debt instead of benchmark German bonds narrowed in a sign of optimism that an aid deal for Dublin will be sealed soon.

But a poll of participants at a high-level banking congress in Frankfurt showed that nearly three quarters believed the crisis that has shaken the euro zone for a full year would rage on even

after an Irish rescue and ensnare other financially weak countries such as Portugal.

"As long as the fundamentals don't improve, the pressure will continue on other countries too," Daniel Gros, who heads the Centre of European Policy Studies, told Reuters Insider TV at the congress. "The problem is that no problems are currently being solved. Many believe that the euro zone is just moving from one crisis to the next."

Ireland's central bank chief has acknowledged that the country needs a loan running into the tens of billions of euros to shore up an extremely fragile banking sector that has grown dependent on

ECB funds.

Reflecting concerns among other euro zone periphery countries that Ireland's financial troubles could spread, Greece's finance minister pressed Dublin to move fast.

"We are now at a point where decisions have to be taken," George Papaconstantinou told the banking congress in Frankfurt.

"Time is of the essence."

Irish community minister Pat Carey said the government would publish the details of a four-year fiscal plan to save 15 billion euros early next week. EU sources said the financial aid plan for Ireland would be presented at roughly the same time.-Reuters

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He pointed out that as provinces are expressing inability to take extra burden due to their financial weakness, the Centre would provide the remaining 80,000 rupees to each of the family whose house was damaged in the floods.

Gilani expressed the confidence that the reconstruction of houses would generate economic activities and employment opportunities for people.-NNI

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Earlier the delegation was warmly welcomed and presented cultural Turbans and gifts by the farmers, said a news release issued today. Lauding the role of the implementing partners, FAO and WFP, Meganck expressed his pleasure to see the funds of 40 million euros have been utilized in a very good way, in ways to rebuild communities and to provide a sustainable environment, as sustainability is very important.

"Our purpose is to support and help build your communities especially when they are affected by such calamities", he stated.

Later, he distributed large quantities of Wheat seed, fertilizer and winter vegetable seeds among the small-scale male and female farmers of village Karsal. The purpose of these distributions is to ensure that timely Rabi planting takes place in the flood hit Pakistan where the standing crops over 2.4 million hectares got washed away by the recent disastrous floods.

A number of agricultural lands were also visited by the delegation where farmers were planting wheat seeds with the help of the farm machinery provided by the European Union Food Facility and FAO. The Rabi package distribution is a part of the 40 Million Euros Food Facility Project which aims at combating the rising food prices in Pakistan. As a part of the EUFF initiative, the beneficiaries including small-scale farmers owning two to four hectares of land and the women who head households are receiving the Rabi Package which includes a 50kg bag of Wheat Seeds, a 50kg bag of Urea, 50kg DAP and vegetable seeds for Tomato, Turnip, Spinach and Peas, to produce adequate grain for their household consumption.

The European Union Food Facility is being implemented by FAO United Nations and WFP since May 2009 and it currently supports over 161,000 households of small-scale farmers in 17 most food vulnerable districts in Pakistan.The average landholding of these farmers is 2 to 4 acres of land. In Punjab it focuses districts Chakwal, Multan, Dera Ghazi Khan and Sahiwal. The delegation also visited the Kitchen gardening plots where women farmers planted various vegetable with the support from the European Union Food Facility Project and also observed training provided to them. They interacted with the women and expressed satisfaction over the positive outcome of the programme.-APP

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on Kashmir emanating from Tehran.

"We have conveyed to the Iranian authorities our deep disappointment and regret that they have chosen to disregard our sensitivities and chosen to question our territorial sovereignty," a government source said. External affairs ministry's Joint Secretary YK Sinha summoned the Iranian charge d' affaires to his office Friday and conveyed the Indian government's sentiments, said sources. It was pointed out this was not the first time as Khamenei had also made a similar statement in July this year.

bilitation to the flood affectees in Sindh." Qaim said that the farm- about China's rate increase has been cleared," said Louis Wong, research head at Philip Securities. ers were being provided seed and fertiliser besides cash aid "If not, there will be an overhang and we will continue to see a volatile market." Reuters through Watan Cards.

Continued from page 5 No #8 He said still floodwater was standing in some areas and heavy Elsewhere, Man Group rallied 3.8 per cent, having suffered sharp falls earlier in the week after machinery was being used to drain it out.

Chief Minister said that the black marketers and hoarders will traders said its flagship AHL fund was having a tough week. The intraday low of 5,684.49 was just be punished under the relevant laws. To a question Qaim said that above significant support for the index at 5,682, a 50-day moving average the index bounced off on he had received reports that the sugar was being sold at Rs70/71 Wednesday, said Michael Hewson, markets analyst at CMC Markets. -Reuters per kg in retail. He said DCOs have been directed to control the Continued from page 12 No #9 price in their respective districts. He said that in this regard magThe official, who spoke on condition of anonymity to discuss a private meeting, said the session isterial powers have also been delegated to the revenue officers. at Karzai's hotel was "candid and friendly" and covered key aspects of the Nato mission in Provincial ministers Agha Siraj Durani, Ayaz Soomro, MNA Afghanistan - including the planned transition to Afghan security control, as well as international Aftab Shahban Mirani, Chief Secretary Sindh Ghulam Ali Pasha, civilian assistance to Kabul. They reached a "common understanding" on outlines of a longer-term provincial secretaries including Abdul Subhan Memon, Alam Din Afghan- Nato partnership, the official said.

Bullo, and others were also present on the occasion. -PPI Nato officials say they expect unanimous support from the allies for Obama's plans for a new, expanded missile defense system in Europe that would be based on an existing shield meant to Continued from page 1 No #5 PML-N leader told Zardari that his party is in the favour of defend military units from attack. The US already has a missile defense system based mainly in strong democracy and shall not be a part of any non-democratic or North America, and it is planning one for its European allies.

But Obama will face tough questions from US allies on his exit strategy in Afghanistan. He will unconstitutional step. President Zardari assured Sharif of seriously considering the suggestions written to him in a letter by the lat- also meet with leaders of the European Union on Saturday to defend his preference for stimulus spending at a time when many European nations are enacting economic austerity measures.-Reuters ter suggesting giving relief to the people promising immediate steps in this regard.-Online Continued from page 12 No #10

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The road ahead is long for this project, but the benefits could be tremendous and are certainly worthy of the diligence demonstrated by these four countries so far," she added. Ashgabat agreed on a draft of the intergovernmental agreement to implement the TAPI gas pipeline project. This document will be signed at the Ashgabat summit of the participant countries in December 2010.

Turkmenistan has won support from its Caspian neighbours to lay a pipeline under the sea and become a major gas supplier to Europe, a senior official said on Friday, boosting plans for the EUbacked Nabucco project.

Turkmenistan, which according to BP data holds the world's fourth-largest natural gas reserves, will have up to 40 billion cubic metres of gas spare to supply to Europe, said Baymyrad Hojamuhamedov, deputy chairman of Turkmenistan's cabinet of ministers. He did not specify when this gas would be available.

"Taking into account domestic demand in the west of the country and supplies from there to Iran, we will have 40 billion cubic metres (bcm) of gas free every year, so European countries need not worry," Hojamuhamedov told an energy conference.

Turkmenistan, Central Asia's largest natural gas producer, is seeking to diversify exports from its traditional market, Russia, and has already boosted supplies to China and Iran.

It could potentially become a major supplier of gas to the European Union-backed Nabucco project to supply the fuel to European markets.Nabucco, intended to deliver gas from the Caspian region to Europe, is expected to cost about 7.9 billion euros ($11.04 billion) and is seen coming on line with about 15 bcm of gas by the end of 2014.-Reuters

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pumping money into the city. The Hang Seng Index ended down 0.13 per cent at 23,605.71, after falling 1.5 per cent by midday. For the week, the index shed 2.5 per cent. Turnover in Hong Kong hit HK$97 billion ($12.5 billion), below the HK$103.4 billion average in the last 30 days. Dealers said Hong Kong shares could rebound next week even if China announces a rate rise in Continued from page 1 No #4 tax. He said that the flood has more than 7 million people coming days, as long as it is a modest one.

"We will have a correction next week once the uncertainty affected. He said, "We are determined to provide relief and reha-

Meanwhile Special Judicial Magistrate Islamabad, Muhammad Wajid Hussain Mughal has extended the physical remand of former DG Haj Rao Shakeel to four days.

Mughal extended his physical remand on the request of FIA officials as other accused involved in the scandal were busy in Hajj operations.

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ensure national security and would give befitting response to any aggression.-Online

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coming session. According to presidency spokesman, President Asif Ali Zardari has signed the summary of calling 66th Senate session on 23rd November. Sources added that Standing Committee for Finance would present a report of flood surcharge tax and general sales tax reforms. Sources further added that during the Senate session inflation especially hike in rates of petroleum products and other important issues would came under deliberation.-Online

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at least 200 megawatt electricity through wind power as well. The power ship will further be shifted to the Korangi thermal power plant today (Saturday), Asad Mehmood, the project director and manager associated with the Turkish ship told the news agency here. He said that the ship had anchored after fulfilling all the formalities of the port and that of the environment department.-Online

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the contract was signed and a complex system set up to pay the commissions via Luxembourg.

"After abandoning us, you forget about us, and now the time has come to provide an explanation," Sandrine Leclerc, daughter of one of the victims, said in comments directed at Sarkozy.

At a news conference, the families also urged the inquiry to summon Chirac and Dominique de Villepin, who was Chirac's top aide and then a prime minister under him. Sarkozy's office declined to comment. Charles Millon, who was defence minister in the mid-1990s, has told investigating magistrates that Chirac ordered the payment of certain commissions linked to the deal to be halted, a judicial source said. Millon told magistrates there was a suspicion that some of the money was coming back to France as kickbacks. The Agosta contract was signed in 1994. Sarkozy was budget minister from 1993 to 1995.A parliamentary report last May on the Karachi mystery spoke of commissions for foreign intermediaries.It said the payments had been "prudishly described as exceptional marketing expenses", and worth 84 million euros ($115 million), just over 10 per cent of the value of the submarine contract.-Reuters

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comments. "The crude trading managers in each region will report to their local regional business leader. This change is part of the restructuring of integrated supply and trading we announced internally in October," it said."It is designed to shorten the decision cycles and simplify the organisation by reducing the number of management layers," BP said.-Reuters

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India PM readies court defence as pressure mounts

Singh ensnared in $40bn swindle

NEW DELHI: The World Trade Organisation Director General Pascal Lamy attends the 'WTO and Doha Negotiations ‘Closing the Gaps and Moving Ahead' conference FICCI in New Delhi.-Reuters

Nato to turn Afghan control over by 2014 LISBON, Portugal: Nato will start drawing down its troops in Afghanistan next July and its combat role in the wartorn nation will end by 2014 or earlier so security can be turned over to the Afghans, a top alliance official said Friday.

"We think that goal is realistic, and we have made plans to achieve it, but of course if circumstances agree, it could be sooner, absolutely," said Mark Sedwill, Nato's top civilian representative in Afghanistan.

Sedwill said the troop withdrawal starting next year will be "shallow" and eventually accelerate but did not elaborate.

The escalating war in Afghanistan, where the alliance is struggling to contain Taliban militants, looked set to

dominate a two-day Nato summit opening Friday in Lisbon.

Nato spokesman James Appathurai also said the alliance's 28 leaders, including President Barack Obama, were set to approve the withdrawal plan. He said Nato is "quite confident of the end of 2014 timeline for handing responsibility to Afghan security forces" as requested by Afghan President Hamid Karzai.

Appathurai and Sedwill did not say how many Nato troops would stay in Afghanistan after 2014 serving as military advisers and trainers.

US Secretary of State Hillary Rodham Clinton, who arrived in Lisbon ahead of Obama, met for an hour Friday with Karzai, a State Department official said.

See # 9 Page 11

232MWs to enter nat'l grid soon

Turkey’s floating powerhouse arrives KARACHI: The Turkish-made power ship, Kaya Bey, with a built-in rental power plant, has arrived here.

The Turkish company, Karkey, which owns the ship guaranteed 93 per cent efficiency to provide 231.8 MWs based on diesel-run sets for 60 months.

The arrival of rental power plant ship is the materialisation of PakistanTurkey agreement inked three years back.

The floating rental power plant would become operational in 2 to 3 weeks.

Federal Minister for Water and Power Raja Pervaiz Ashraf in this regard said that Turkey has sincerely prepared this power plant ship naming it “Power of

Friendship”. He said that with the power plant coming online load shedding in Karachi would reduce considerably.

He said we are working on hydel power generation to meet our energy needs, adding thermal power is the most expensive one due to which electricity has gone costly.

Ashraf said that in order to meet our energy needs we have given Dr Samar Mubarakmand a special task and we are optimistic to hear good news soon.

He said that work on Thar coal project is progressing and preparations would be completed in two weeks to produce See # 13 Page 11

French president under serious fire

2002-Khi-blast victims’ kin want Sarkozy probed PARIS: Victims' families have demanded that President Nicolas Sarkozy be called for questioning about a 2002 bomb attack in Pakistan that killed 11 French people.

A new line of inquiry into the bombing has brought up possible links to a murky affair of commissions paid for a Pakistani submarine order when Sarkozy was budget minister.

Presidential immunity means Sarkozy can refuse to be questioned while in office, and he has already publicly dismissed any link between the attack and political corruption.

But other politicians of the mid-1990s might have to testify in an affair that has already been seized on by media, making life uncomfortable for a president

grappling with some of the lowest ratings of any recent French leader, with 18 months left until a presidential election.

The suicide attack in Karachi killed 11 French engineers and technicians who were working on Agosta submarines that France sold to Pakistan under a contract signed in the mid1990s.

The attack was initially blamed on Islamic fundamentalists, but information that surfaced in 2008 has led investigators to ask whether it could have been a reprisal for an order by thenpresident Jacques Chirac to stop paying the commissions.

Sarkozy was budget minister when See # 14 Page 11

Restructuring beheads BP’s crude trading arm LONDON: BP's global head of crude trade, Henrik Wareborn, will leave the company as part of its trading business restructuring, BP said on Friday.

In October, the oil major said it was restructuring its trading arm to cut costs and focus on growth markets such as China and India to boost profits.

Paul Reed, chief executive of BP's global trading unit, said at the time in an internal document that the company, one of the world's largest oil traders,

was restructuring because of a decline in its traditional business in mature Western markets but predicted growth in Asia and emerging supply basins of West Africa and Brazil.

On Friday, BP said it will no longer have a global crude trading head.

"Instead regional business leaders will now be responsible for managing the crude trading business in their respective regions," BP said in emailed See # 15 Page 11

Probe into Hajj scam launches on Zardari’s behest ISLAMABAD: On the orders of President Asif Ali Zardari, Ministry for Religious Affairs has started the inquiry into Hujjaj's accommodation scam, while 5 officials conducting the investigation in Saudi Arabia have been called back to Pakistan to submit their report.

According to reliable sources President Zardari summoned Federal Minister for Religious Affairs Hamid Saeed Kazmi and told him to launch an inquiry into the scam.

Following his orders Federal Investigation Agency (FIA) arrested ex-DG Hajj Rao Shakeel, the mastermind behind the swindle.

According to sources Secretary Religious Affairs Agha Qazalbash has called back the officers digging into the matter in Saudi Arabia.

These probers include Joint Secretary Hajj Raja Aftab, Dept Secretary Hajj Khursheed Anwar, Joint Secretary Finance Arshad Bajwa, Section Officer Chaudhry Liaquat Ali, and Nasir Aziz.

These officers will bring bask all the relevant record of the charge sheet against Rao Shakeel and will also brief the ministry about the letter of the Saudi prince.

See # 10 Page 11

NEW DELHI: Prime Minister Manmohan Singh has turned to India's top legal official to represent him at the Supreme Court over why he failed to probe what could potentially emerge as one of the country's biggest corruption scams.

The last-minute change to have the attorney general represent the prime minister suggests increased concern within the ruling Congress party over a widening scandal that has touched both political and corporate India.

The Prime Minister's Office confirmed the change, but declined to give further information.

Government sources told Indian media Singh had done nothing wrong.

The 2G spectrum allocation scandal is the biggest challenge to Singh since he became prime minister in 2004, and how the next few days unfold will be key to his political survival.

Telecoms Minister Andimuthu Raja was sacked at the weekend after months of pressure from the opposition and Indian media.

Raja is accused of selling telecoms licences too cheaply, potentially losing the state up to $31 billion (19 billion pounds) in revenues, according to a government audit.

Raja has denied the accusations.

Raja is a member of the DMK, a regional party from Tamil Nadu that helps give the Congress party a majority in parliament. The opposition has stalled parliament as it claims Singh failed to act because he feared upsetting his coalition partner.

Telecom shares suffered significant losses on Thursday on investor uncertainty, and the case has already led to opposition parties halting parliament proceedings, thereby threatening to freeze passage of key legislation or approving additional spending plans by the government.

On Tuesday, the Supreme Court took the rare step of publicly criticising Singh for "alleged inaction" in taking 16 months to decide if Raja should be charged and investigated, a blow to the image of a prime minister seen as one of the

country's most honest politicians.

"Manmohan Singh has certainly squandered some moral capital over this spectrum scandal," said an editorial in The Indian Express on Friday.

"The image of integrity is arguably the biggest strength he has, and by letting this scam fester for so long, the prime minister and the Congress party have put that at risk." Attorney General GE Vahanvati must file an affidavit on behalf of Singh by Saturday, according to a court request.

Vahanvati will then defend the prime minister in person at the Supreme Court on Tuesday, and he is expected to say Singh followed correct procedure. Singh, who has not commented on the court criticism, is not expected to attend.

The court wants to know why Singh remained silent on a plea by an opposition member of parliament to prosecute Raja. The court cannot punish Singh if it is found he failed to take action, but any criticism would be a blow to his credibility.Reuters

WTO fears ‘world currency war’ NEW DELHI: The head of the World Trade Organization on Friday warned countries against keeping their currencies undervalued to create jobs, saying such policies could spark a return to 1930s-style protectionism.

Pascal Lamy, WTO director general, said the fight over currency values -- in a reference to the United States and China -- could upset global financial stability.

Generating employment "is at the heart of the strategy of some countries to keep their currencies undervalued," Lamy said in New Delhi.

"Just as it is also at the heart of other countries' loose monetary policies."

Competitive devaluations, which have raised fears of a global currency war, could trigger "tit-for-tat protectionism", he told a business audience.

Lamy singled out "unsustainable

and socially unacceptable unemployment" levels around the world as the most serious challenge facing the global economy. But "uncoordinated 'beggar thy neighbour' policies will not result in increased employment," he said. Washington has urged Beijing to allow its yuan to rise, saying the currency has been undervalued to create an unfair trade advantage and stoke China's economic boom. -Agencies

COAS spends 2nd Eid day at the LoC front lines RAWALPINDI: Chief of Army Staff (COAS), General Ashfaq Parvez Kayani spent second day of Eid with troops deployed in Azad Kashmir.

According to ISPR, COAS visited various locations along the Line of Control (LoC) in Lipa and Neelum Valleys. He informally interacted with the troops and appreciated their morale and professionalism. He said that entire Nation felt proud of our soldiers deployed in the challenging conditions for the defence of Motherland.

Earlier COAS was received by Corps Commander, Lieutenant General Khalid Nawaz Khan at one of the forward posts.

According to sources, addressing the troops COAS said Pakistan Army would See # 11 Page 11

President convenes 66th Senate sitting on 23rd ISLAMABAD: President Asif Ali Zardari has convened 66th Senate session on 23rd November at 3:30 pm.

Sources said the report of flood surcharge tax and general sales tax reforms would be presented before the Senate in the See # 12 Page 11

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