The Financial Daily-Epaper-21-10-2010 by The Financial Daily

International Karachi, Thursday, October 22, 2010, Zul-Qa’dah 12, Price Rs12 Pages 12

Cameron unveils armed forces budget cut plans Economic Indicators

Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Aug 10)

GDP Growth FY10E Per Capita Income FY10 Population

51.59 2.36 1.30 2461

Total Portfolio Invest (8 Oct-2010)

(U.S $ in million)

FIPI (20-Oct-2010) Local Companies (20-Oct-2010) Banks / DFI (20-Oct-2010) Mutual Funds (20-Oct-2010) NBFC (20-Oct-2010) Local Investors (20-Oct-2010) Other Organization (20-Oct-2010)

-0.32 1.15 0.41 1.52 -0.60 -1.32 -0.83

Global Indices Index Close KSE 100 10,486.02 Nikkei 225 9,381.60 Hang Seng 23,556.50 Sensex 30 19,872.15 ADX 2,786.49 SSE COMP. 3,003.95 FTSE 100 5,695.26 *Dow Jones 11,011.92 *Last Updated 20:00 PST

Change 21.13 157.85 207.23 110.98 21.28 2.10 8.63 33.30

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

$.Price PKR/Shares 2.60 111.62 18.80 161.42 2.00 42.93 1.70 36.49 9.77 33.55

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

12.77% 13.08% 13.22% 13.50% 12.72% 13.00% 13.22% 13.61% 13.71% 13.62% 13.75% 13.79% 14.22% 14.33% 14.51%

20-Oct-2010 20-Oct-2010 20-Oct-2010 29-Sep-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010

Commodities *Crude Oil (brent)$/bbl 81.86 *Crude Oil (WTI)$/bbl 79.92 *Cotton $/lb 111.90 *Gold $/ozs 1,336.90 *Silver $/ozs 23.65 Malaysian Palm $ 960.70 GOLD (NCEL) PKR 37,064 KHI Cotton 40Kg PKR 8,091 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 84.10 Canadian $ 84.00 Danish Krone 15.70 Euro 119.00 Hong Kong $ 11.00 Japanese Yen 1.041 Saudi Riyal 22.85 Singapore $ 65.10 Swedish Korona 12.60 Swiss Franc 88.80 U.A.E Dirham 23.35 UK Pound 136.50 US $ 86.05

85.10 85.00 16.30 120.50 11.30 1.067 23.00 66.10 13.20 90.25 23.50 137.50 86.35

Inter-Bank Currency Rates Symbols

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

Buying TT Clean

Selling TT & OD

83.68 83.26 15.84 118.18 11.05 1.054 22.88 65.51 12.64 88.76 23.36 134.89 85.86

83.87 83.46 15.88 118.45 11.08 1.057 22.93 65.66 12.67 88.96 23.42 135.21 86.05

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

31°C 40°C 32°C 34°C 29°C 32°C

MIN

18°C 24°C 23°C 22°C 8°C 20°C

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See on Page 12

New extortion group present in city: Malik

SCRA(U.S $ in million)

NCCPL

See on Page 12

Pak Army wins Gold in Cambrian Patrol

Curfew, operation loom over Karachi

Portfolio Investment Yearly(Jul, 2010 up to 18-Oct-2010) Monthly(Oct, 2010 up to 18-Oct-2010) Daily (18-Oct-2010)

Pak pursuing access to EU mkts: Zardari

PM rules out Army deployment in metropolis

$16.97bn 13.77% $5.18bn $9.03bn $(3.85)bn $(545)mn $2.65bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $100.90mn -3.85% 4.10% $1,051 170.84mn

Forex Reserves (8-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Sep 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10)

SC announces verdicts on 18th amend today

ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani talking to media persons at CDA Headquarters. APP

Banks told to serve notices on beneficiaries

SC receives lists of loan usurpers ISLAMABAD: Counsel for State Bank of Pakistan Syed Iqbal Haider submitted the lists containing particulars of beneficiaries of written off bank loans with the Supreme Court of Pakistan on Wednesday. Two separate lists were submitted with the three-member bench headed by Chief Justice of Pakistan Iftikhar Muhammad Chaudhry seized with issue of Rs256 billion written off loans. The first list contained top 50 beneficiaries of written off loans including 29 mills, companies or industries not cov-

ered by Circular 29. The list contained names like Eurogulf Enterprises, Younus Habib, West Pakistan Tank Terminal, Mercury Garments Industries, Siraj Steels Ltd, Spinning Machinery Co, Saad Cement Ltd, Pakistan National Textile, Mehr Dastagir Spinning Mills, Mohib Textile Mills, Redco Textiles, Chaudhry Cables, Abdullah S Al Rajhiest, Quality Steel Works, Mekran Fisheries, Kohinoor Looms, Aziz Spinning, Farooq Habib Textile, Northern Polythene, Firdous Spinning Mills, See # 17 Page 11

CDC to face competition

Sponsors up to new depository co Staff Reporter KARACHI: The good news for the investors and participants of the equities market and the bad news for the Central Depository Company of Pakistan (CDC) is that some of the sponsors are contemplating establishing yet another depository in the country. According to the sources sponsors of one of banks has taken the initiative and being joined by the global players. If second depository is established in Pakistan, the country

will be among the club of countries having more than one depository. In India two depositories; Stock Holding Corporation of India Limited and Central Depository India Limited are already operating. Bangladesh is also getting ready to launch the second depository. Some of the questions which immediately come to minds are does the law allow establishing another depository in Pakistan? What terms and conditions will have to be met by See # 18 Page 11

For the purchase of new weapons

$2bn to help Pak WoT efforts: US WASHINGTON: Pakistan Army, which is "wellequipped" to take head-on the terrorist safe havens, will be able to further improve its capabilities with the new $2 billion security aid, the Pentagon has said, amid reports that the US is frustrated with Islamabad's "unwillingness" to mount a campaign against militants. "We have always said that Pakistanis have the ability to conduct those operations, but it

will be done at a time and place of their choosing," Pentagon spokesman Lt David Lapan told reporters. It is all in improving their capabilities. It is not that they do not have capabilities, but continuing to improve capabilities across the force," Lapan said. "The Secretary of Defence said in the past that Pakistanis are the ones with foot on the accelerator. They have to See # 19 Page 11

ADB ups trade finances in Pak Special Correspondent ISLAMABAD: The Asian Development Bank (ADB) is expanding its Trade Finance Program (TFP) in Pakistan by an additional $500 million. According to a report of the Bank presented to the Friends

of Pakistan session in Brussels, the Bank could provide around $1.5 billion to $2 billion per year of trade finance to help the country cope with the immediate needs arising from the recent devastating floods and longer term reconstruction See # 20 Page 11

NA session starts from Nov 1st ISLAMABAD: President Asif Ali Zardari has summoned National Assembly session on 1st November (Monday) at Parliament House at 5 pm to discuss deteriorating law and order situation in Karachi. According to notification issued by National Assembly Secretariat here Wednesday, President Zardari has convened NA session on 1st November under Article 56 (1). Speaker National Assembly Fehmida Mirza would preside over the session. During the meeting important issues specially deteriorating law and order in Karachi would come under discussion while MQM and ANP have already See # 15 Page 11

Farooq Leghari laid to rest DERA GHAZI KHAN: Former president Farooq Ahmad Khan Leghari laid to rest in his native graveyard here on Wednesday. Nimaz-e-Janaza of former president Leghari was offered here in his native village in the See # 16 Page 11

KARACHI: Sindh Home Department decided to launch an operation amidst curfew in various areas of Karachi adversely affected by the target killings. A high-ranking meeting under the chair of secretary interior, Arif Khan, contemplated the deteriorating situation of law and order and decided on many steps to ameliorate it. The meeting decided to undertake search operation in various badly affected areas after clamping curfew in the areas. The meeting was attended by IG Sindh, Sultan Salahuddin Babar Khattak, CCPO Karachi Fayyaz Leghari, deputy director general Rangers and DIGs of all zones. Briefing the media after meeting, the secretary interior informed that various options had been mulled in order to deal with situation arising out

No one allowed to un-calm K hi: President ISLAMABAD: Interior Minister, Rehman Malik and Home Minister Sindh Zulfiqar Mirza called on President Asif Ali Zardari at Aiwan-e- Sadr on Wednesday. Law and order situation, particularly the recent incidents of violence in Karachi, was discussed during the meeting. The President already directed the Interior Minister Rehman Malik to submit a comprehensive report on targeted killings in Karachi and directed the concerned See # 11 Page 11 of 3-day volatile rioting, arson, cient volume of police and looting and ever-continuous Rangers available. target killings, and it had been He said that any area requirdecided to conduct strict search ing curfews and /or operations operations in sensitive areas; would be decided after a comeven reverting to such extreme plete report by concerned measures as curfews if DIGs. required, with the consent and He also informed that so far advice of CM, Sindh. 105 persons had been arrested, Replying to a question, the who were being interrogated. secretary interior rejected the Five of those arrested have notion and need for deploy- been identified as required by ment of Army in Sindh to avert various police stations in any crisis, as there was suffiSee # 12 Page 11

Dip after 11-mth

LSM declines 3.58pc in Aug Ahmed Siddique KARACHI: The recent flood has not only devastated infrastructure and agriculture, but also affected large scale manufacturing (LSM), as latest data revealed that LSM depicted a decline of 3.58 per cent in August after eleven month. However, industrial output showed a growth of 0.97 per cent during July-August period of the current fiscal year as compared to the same period of

LSM trend

the last year, according to data from the Federal Bureau of Statistics (FBS). According to the data, in the first two-month, the Quantum Index Numbers of the LSM Industries stood at 195.61 See # 13 Page 11

3, 6-mth T-bills yields down Ghulam Raza Rajani KARACHI: State Bank of Pakistan Wednesday reduced the cut-off yields on 3 & 6-month treasury bills mainly due to ample liquidity available in money market. SBP accepted bids worth Rs122.36 billion in T-bills auctions against the target of Rs95 billion. Central bank slashed the cutoff yield on 3-month T-bill by 5bps to 12.7933 per cent and raised amount of Rs56.76 See # 14 Page 11

2 Nokia redefines social messaging M Imran Sharif KARACHI: Nokia launches new messaging handset - the Nokia C3 with extremely fascinating features bringing a full Qwerty keyboard to the world's most popular mobile phone platform, Series 40, said a handout issued here on Wednesday. People can view, post, comment, share locations and even update their status on networks such as Facebook and Twitter, straight from the homescreen. Introduction of devices such as C3 by Nokia, which offer more and more features of a smartphone at lower prices, is increasing by the day. Nokia's continuous efforts of 'connecting people' are paying off as its strategy to offer something for everyone from every walk of life can be seen materialising with its promising new line of devices. C3 is the latest addition to this.

Thursday, October 21, 2010

Traders concerned over law & order Staff Reporter KARACHI: Karachi Chambers of Commerce and Industry (KCCI) members have expressed deep concern over the prevailing law and order deteriorating law and order situation in the largest metropolis, industrial & financial capital of Pakistan. Siraj Kassam Teli, Chairman, Businessmen Group & former President-KCCI, Tahir Khaliq, Zubair Motiwala (Advisor to CM Sindh), Haroon Farooki, Anjum Nisar, Vice Chairmen & former Presidents-KCCI, Talat Mahmood, Acting President-KCCI, Junaid Ismail Makda, Vice President-KCCI and Managing Committee Members, in press statement condemned the relentless waves of

bloodshed and violence while vehemently criticizing the failure of the Government to control the situation. They stated that it is the business and industrial community who is the real stakeholder generating revenue to run the national affairs and the business and industrial community of Karachi generates the lion's share of 67 per cent for the national exchequer and 35 per cent of the GDP, but the Govt and the political stakeholders never recognised its importance. They lamented that it is a great irony that in the present grave economic scenario, fatally stabbed economy by internal and external threats, the business community of Karachi is steadfast to fortify the industrial and

commerce activities, however, in the prevailing difficult situation of increased target killings, kidnapping for ransom, extortion of money (bhatta), crimes against properties, decoities, car thefts, street crimes, etc, it has become impossible to continue doing business in Karachi. They strongly urged the Government to control the deteriorating law and order situation as it is the prime responsibility of the Government to provide protection, safety and security. They stated that deteriorating law & order situation stops the wheels of industry and disturbs the trading circles, incurring colossal losses of Rs3 billion to Rs5 billion per day and it takes 4 to 7 days for normalising the situation.

Minister forms trust for PTCL employees

KARACHI: A group photograph of Ahmed Jamal CSO, PPAF, Aliudin, Head of CITI consumer banking, Nisar Jat and other during media launch of seventh CITI-PPAF Micro enterpreneurship.-Staff Photo

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

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

Pak to host Halal Global Congress Staff Reporter KARACHI: Halal Development Council (HDC) is organising the 1st Global Halal Congress in Pakistan with the theme 'Discover Pakistan's Halal Potential'. The Halal Congress is an International conference to introduce Pakistan to the leading Halal industry experts, global Halal agenda promoters and international Halal certifiers. The Congress will be held at a local hotel in Karachi on 4th December 2010. It will be addressed and attended by more than 30 renowned scholars, scientists and Halal authorities from more than 20 destinations (including Malaysia, Thailand, Philippines, South Africa,

Mauritius, Malawi, Turkey, Iran, Australia, Switzerland, USA, UK, Brazil, Poland, Italy, France, Germany and Bosnia). The Congress will enable business professionals from banking, insurance, food and beverage, cosmetics, pharmaceuticals, tourism, logistics, and packaging to identify the investment, joint venture and trading opportunities in Pakistan. The Halal brand is globally recognized as a symbol of 'good quality product'. Despite being a big Muslim country, Pakistan is not known to the world as a supplier of certified Halal products and thus its share in this trillion dollar global Halal business is negligible.

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

KARACHI: Head of Marketing, Nokia Pakistan & Afghanistan Khurram Pradhan present on the launch of Nokia C3.-Staff photo

KARACHI: Deputy High Commissioner UK envoy Robbert Gibson called on CM Sindh Syed Qaim Ali Shah here.-Staff photo

ISLAMABAD: Federal Minister for Privatisation Senator Waqar Ahmed Khan on Wednesday directed the officials to finalise the other entities trust and to get them registered at their earliest to transmit the benefits of Benazir Employees Stock Option Scheme (BESOS) to the workers without any further delay. A delegation of CBA workers Union of Pakistan Te l e c o m m u n i c a t i o n Company Limited (PTCL) led by the Secretary General Lala Muhammad called on the minister. The PTCL CBA Workers Union gave three names of their office bearers for the establishment of PTCL BESOS Trust. The Privatization Commission (PC) formed the BESOS Trust and got it registered today. The delegation termed the free of cost distribution of 12 per cent government of Pakistan shares under BESOS a revolutionary step of the present government.

CM surprises Sindh secretariat staff KARACHI: Surprised visit of Chief Minister Qaim Ali Shah created chaotic situation among the officials of Sindh Secretariat and Tughlak House offices on Wednesday while many ministers, secretaries, officials and employees were found absent. On this occasion CM Checked the attendance registers and took a serious note of the absence of officers and employees and issued directives to chief secretary Sindh Ghulam Ali Shah Pasha that he should ensure the attendance of employees and officials. While giving directives to Chief Secretary CM said that it is the duty of government to solve the problems of the people and if the there is no one official in the office, how we can solve the problems of the people. Qaim Ali Shah said that if any one is found absent next time from their office strong action would be taken against him, he added.-Online

KARACHI: A view of closed shops as observing mourning day in the Provincial Capital City after Shershah market Firing incident.-APP

Malik vows to root out corruption ISLAMABAD: Minister for Interior A Rehman Malik on Wednesday announced to constitute Task Force for abolishing corruption from the various institutions and to make society transparent from corrupt elements. This task force will comprise of officials from Federal Investigation Agency (FIA) and Intelligence Bureau and to start operation within 15 days to root out the menace of corruption from various organizations, Rehman Malik said at the inaugural ceremony of Recreation Room and Day Care Centre at Women Police Station at G-7 Markaz. Chief Commissioner Islamabad Tariq Mehmud Pirzada, Inspector General of Police Islamabad Syed Kaleem Imam, DIG (Operations) Bani Ameen, DIG

(Headquarters) Kamal Uddin Tipu, DIG (Security) Dr Mujeeb ur Rehman, SSP Islamabad Tahir Alam Khan, SSP (Traffic) Dr Moeen Masood, AIG Muhammad Ashraf Zubair Siddiqui, SSP Headquarters Ashafaq Ahmed Khan, SPs Jameel Hashmi, Umer Hyat and other senior police officials were also present on the occasion. He said that those involved in corruption and promoting the corrupt practices would be arrested and also urged media to help them in pointing those elements damaging the national kitty through their dishonest attitude. The minister said that he started the operation against corrupt from his own ministry and several officials and staffers have been sent to jail over their corrupt attitude.-APP

UK envoy calls on Qaim KARACHI: The British Deputy High Commissioner in Karachi, Robert Gibson, here on Wednesday called on Chief Minister Sindh, Syed Qaim Ali Shah, and discussed matters of mutual interest with him. An official statement issued here said that he discussed post-flood measures being adopted by the Sindh government and reconstruction plan evolved in this regard. He assured the Chief Minister Sindh that the commitment of the UK to provide pound 150 millions for rehabilitation of flood affected people and areas, will be fulfilled soon. The UK Deputy High Commissioner also informed the Chief Minister that various British companies are ready to come and participate in rehabilitation and reconstruction works in Sindh. He also discussed security system in Karachi with Chief Minister Sindh, who informed him that the government has evolved a strategy to combat the situation and control the law and order in Karachi. Syed Qasim Ali Shah informed the British Deputy High Commissioner that all political parties have been taken into confidence and prompt measures are being evolved in this regard. The British Deputy High Commissioner expressed his satisfaction over the steps taken by the government. He said that security measures for diplomatic areas are quite satisfactory and hoped that law and order situation will soon be improved in Karachi. Secretary to CM Sindh Abdul Chubbier Case and Director General Protocol Niaz Abbasi were also present on the occasion.-APP

MQM wants peace in Karachi: Sattar KARACHI: Deputy Convener, Muttahida Qaumi Movement (MQM), Rabita Committee, Dr Farooq Sattar said the MQM is a responsible political entity and it intends to maintain tranquility in the city. He was addressing a press conference at the MQM's Headquarters, Azizabad here on Wednesday. Earlier, a meeting of

MQM Rabita Committee held there. He said every heart is grief-stricken due to deaths in firing incident in Shershah Kabari Market on Tuesday. He also said the accused who are involved in firing incident in Shershah Kabari Market here, be arrested. Dr Farooq Sattar said MQM Chief Altaf Hussain has asked the party men to stay calm.

He said we have also conveyed the details of incidents of recent violence in city to the concerned authorities. He said the MQM has always acted as a responsible political party and it will also fulfill its responsibilities in future. Among others member Rabita Committee, Shoaib Bukhari and Raza Haroon were also present on the occasion.-APP

RCG rejects PaCCS rollback Staff Correspondent ISLAMABAD: Tax Reform Coordination Group (RCG) has strongly rejected the proposal to roll back Pakistan Automated Customs Clearance System (PaCCS) and handing over the task of customs clearance to Pakistan Revenue Automation Limited (PRAL). RCG meeting was presided by Dr Hafeez Shaikh deliberated in the tax proposals submitted by the sub-groups on tax reforms the other day. During the meeting of Tax Reform Co-ordination Group (RCG) an issue to roll back PaCCS and handing over the customs clearance operations to Pakistan Revenue Automation Limited, a company owned by Federal Board of Revenue. The Tax Reform Coordination Group (RCG) has formed a Fiscal Policy Board to streamline the implementation on tax reforms to create fiscal space for flood affected areas as well as other development needs of the country. To be carried out for enhance resource mobilisation in the country.RCG claims deliberately that some of the vested elements are behind the permanent rollback of PaCCS. The proposal for rolling back PaCCS mean negating the customs reforms, which have started yielding good results.

Home secy seeks security reports KARACHI: The Home Secretary Sindh has asked all DIGs of the three zones of Karachi to submit their reports and identify sensitive areas where law and order is critical. A spokesperson of Home Department told APP here on Wednesday that the DIGs may submit their reports shortly. -APP

ECP restores 25 more MPs KARACHI: Bilal Mustafa Managing Director Bank of Khyber (BoK) in a group photo with BoK group heads, senior officer and branch managers on the 7th anniversary celebrations of BoK RAAST Islamic Banking.-Staff Photo

KARACHI: The Consul General of Switzerland Dr Didier Boschung, hosted a dinner in honour of the Senior journalists and electronic and print media at his residence. It was attended by Vice Consul Elizabeth Bucher, Commercial officer Aslam Pervaiz and others.-Staff Photo

ISLAMABAD: Chief Election Commissioner Justice (Retd) Hamid Ali Mirza on Wednesday issued a notification to restore membership of 25 members of National and Provincial Assemblies who have submitted the details of their assets and liabilities. Those whose membership of assemblies has been restored, include nine members of National Assembly and 16 members of Provincial Assemblies of Punjab, Sindh, KhyberPakhtunkhwa and Balochistan.-APP

Thursday, October 21, 2010

Swiss franc surges vs USD ZURICH: The Swiss franc rose against the dollar on Wednesday as the greenback's rally snapped after China's interest rate hike. The franc was little changed against the euro compared to the New York close, trading at 1.3345 per euro. The franc was still stuck in the range of 1.33 to 1.35 per euro, traders and analysts said. The franc has been trading well off its highs against the euro since the Swiss National Bank in September wiped out interest rate hike expectations by slashing its mid-term inflation forecast and by giving a sceptical outlook for the economy. The franc rose 0.3 per cent against the dollar to 0.9675 per dollar at 0659 GMT, still well off the record-high hit last week at 0.9461. Swiss trade data due on Thursday may provide further clues about the strong franc's impact on the economy. -Reuters

Dollar falls sharply as market focuses on Fed easing Uncertainty about Fed policy, global currency talks looms NEW YORK: Investors unloaded the dollar on Wednesday as a report from an influential consultancy said the Federal Reserve planned to buy $500 billion of Treasury debt over six months to invigorate a faltering US economy. The report accelerated a dollar sell-off that began overnight. The dollar hit a 15year low beneath 81 yen and the euro rose above $1.39, up more than 1 per cent, while the commodity-linked Australian dollar rose nearly 2 per cent. Markets expect the Fed to start pumping money into the US economy as soon as November, a policy known as "quantitative easing," and that has driven the dollar down since September. The Medley report con-

firmed comments made on Tuesday by a Fed official that $100 billion a month in bond purchases may be appropriate, providing traders an incentive to push the dollar lower.

"Quantitative easing still hangs over the market, and that's dollar negative, but there is still uncertainty about what it will look like," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman. The euro rose 1.1 per cent to

$1.3960, off a $1.3699 session low. It hit an 8-1/2-month high above $1.41 last week. Traders said selling interest was clustered around $1.4010-20. Chandler said a rise in

German bond yields in anticipation of tighter euro-zone policy was also helping the euro, particularly with investors focused on easier US policy. Sterling rose 0.9 per cent to $1.5848, shaking off losses after Bank of England min-

utes showed a three-way split among policymakers, with one voting for more monetary easing. The dollar hit a 15year low beneath 81 yen and was last down 0.6 per cent at 81.08 yen. Analysts warned, however, that already large speculative bets against the dollar and lingering uncertainty about global currency tensions could limit dollar losses in the short run. Some said China's move and recent assurances from Treasury Secretary Timothy Geithner the United States was not devaluing the dollar for export advantage suggest G20 finance officials may be trying to iron out differences over exchange rate policy ahead of their weekend meeting in South Korea. -Reuters

Yuan ends lower Mostly weaker after China after China rate hike Asian currencies

rate rise, losses limited BANGKOK: The Malaysian ringgit and Thai baht led most Asian currencies lower on Wednesday as a surprise rate rise in China prompted investors to shun risks, but a retreat in the dollar helped curb losses. The South Korea's won recouped early losses to post a modest gain after its exporters took profits on a brief dollar rise. The dollar shed 0.2 per cent against a basket of currencies. The Malaysian ringgit slid sharply to around a seven-week low of 3.1370 per dollar in active morning trade after China's rate rise but the firmer dollar quickly attracted profittakers and the ringgit recovered to 3.1260.

The South Korean won rebounded from early losses as exporters chased it and local stocks recovered. Some players trimmed long dollar positions to cut losses. Earlier, the won hit threeweek lows against the dollar as China's surprise rate hike prompted dollar short-covering. The won was quoted at 1,129.4, up 0.1 per cent from a 1,130.5 close on Tuesday. It earlier fell to 1,144.0, a low since Sept. 29. Dollar/Philippine peso NDFs were bid down across the curve with the most liquid one-month dollar/peso NDFs falling to 43.610, some 11 points higher than the spot and implying a small 0.24 per cent peso depre-

Stg gains against dollar, stays weak against euro LONDON: Sterling rose against the dollar on Wednesday as finance minister George Osborne outlined plans for UK public spending cuts, but it stayed weak against the euro after Bank of England minutes showed one vote for more quantitative easing. Osborne announced plans to

cut half a million jobs, slash the welfare state and raise the retirement age as part of an unprecedented cost-cutting drive to tackle the UK's ballooning budget deficit. Sterling initially rose against the dollar and pared losses against the euro, with investors encouraged by the UK government's determination to address its debt problem, though it pulled back when plans to impose a bank levy were announced. The pound was also reined in by the possibility of the central bank opting to inject more stimulus via a renewed bout of quantitative easing (QE) if the economy shows signs of falter-

ing. This kept it weak against the euro, which has gained broadly on the view that the European Central Bank will gradually withdraw monetary stimulus, in contrast to the United States where a second round of QE looks to be on the cards. At 1527 GMT, sterling was

up nearly 0.9 per cent at $1.5856, taking it well above a low of $1.5650 hit in early trade, its weakest since late September. The pound was helped as the euro jumped 1.2 per cent against the dollar, with investors concluding that the previous day's negative response to a rate hike by China had been overdone. However, the pound fell against the euro which was up 0.8 per cent at 88.09 pence. BoE minutes showed one policymaker, Adam Posen, argued for more quantitative easing this month, while another, Andrew Sentance, again called for a rate hike, while the rest voted for no change. -Reuters

ciation from the spot. Spot dollar/peso was bid down 0.16 per cent at 43.47 at 0541 GMT against 43.40 late on Tuesday. The Thai baht tumbled nearly half a per cent in early moderately active trade, tracking Asian peers down amid broad risk aversion triggered by China's rate rise. The baht fell to around 29.99 per dollar, off its 30.04 morning low and against 29.87 late on Tuesday. "The question is whether this is just a temporary correction for the dollar and Asian currencies, or a longer lasting trend reversal," a dealer at a Thai bank said. -Reuters

Taiwan $ slips on suspected cbank move TAIPEI: The Taiwan dollar eased on Wednesday as central bank intervention snuffed out earlier gains posted as investors found new confidence in the market following an interest rate hike in China. Taiwan's currency ended at T$30.93 to the US dollar compared with its Tuesday close of T$30.90. The local unit started the day lower after China surprised markets late on Tuesday with its first rate hike since December 2007, a possible sign of more tightening by the massive economy on which Taiwan increasingly depends for trade. But as Shanghai stocks Shanghai rose 1.2 per cent after falling nearly 2 per cent at the open, investors took the rate hike in stride and put money back into other growth-linked financial markets. But a suspected late-session move by Taiwan's central bank, which is keen to balance rates between fair prices and the demands of powerful exporters, erased the day's forex gains. The central bank had stressed in a report on Tuesday a "flexible" foreign exchange mechanism. Some took that as a hint of less aggressive intervention Reuters

Aussie rebounds from 2-wk lows, Kiwi trails WELLINGTON/SYDNEY: The Australian dollar rebounded from a two-week low against the greenback on Wednesday as the market recovered from an initial shock to China's first interest rate hike in nearly three years. The policy move on Tuesday caught investors by surprise and spurred an unwinding of short dollar positions, causing the Aussie to slide to a two week low around $0.9663, well off a 28-year peak of $1.0004 scaled last Friday. The currency has since bounced back to $0.9760, up from $0.9689 late in New York. Against the yen, the Aussie rose to 79.42 yen, having earlier slid to a one-month low at 78.63 yen. Key to the bounce was that Asian equity markets climbed off session lows with China's key stock index erasing early losses by the mid-session to rise 1 per cent. The Aussie is well supported at the overnight low around $0.9660, where real money accounts and at least one Asian central bank had been seen buying. But traders said

sell orders were building around $0.9800, which could provide a near-term cap for the currency. The euro bought A$1.4112, off a session high of A$1.4183 but was still in a familiar range seen this month. Sue Trinh, senior currency strategist at RBC Capital Markets in Hong Kong, said the US dollar will be very choppy in the lead up to the November Federal Reserve policy meeting. "The US dollar has underperformed sharply in recent weeks on QE2 speculation. Any signs that the extent of QE2 will be less than expected, or delayed until December, will be deemed as positive for the US dollar," she said. The New Zealand dollar was at $0.7468, versus $0.7448 in New York, after striking a 12-day low of $0.7429 in early trade. The kiwi found strong support from the October 8 low of $0.7426, while resistance begins at $0.75. The Aussie held near late Tuesday levels against the Kiwi at NZ$1.3058, after striking a one-week low of NZ$1.2960 in offshore trade. -Reuters

SHANGHAI: Spot yuan closed slightly lower versus the dollar on Wednesday after the People's Bank of China surprised the market by raising official interest rates late on Tuesday. The yuan closed at 6.6519 on Wednesday, 72 pips weaker than Tuesday's close, after the PBOC fixed the yuan's daily mid-point sharply weaker at 6.6754, which was 201 pips weaker than Tuesday's reference rate. The government, which had been expected to allow the yuan to appreciate up to around 6.60 to the dollar by mid-November due to US pressure, may pause yuan appreciation for a short period to dampen capital inflows, analysts say. Traders said Beijing's unexpected move, its first monetary tightening since December 2007, didn't appear to have much of an

impact on China's currency market, as the long-term yuan appreciation trend remains intact. The dollar also pared its sharp overnight gains in Asian trading Wednesday as quantitative easing by the Fed is still widely expected later this year. As the rate hike was part of an effort to cool capital inflows, which have inflated asset prices, Beijing may slow the pace of its currency's rise, OCBC Bank said in a research note Wednesday. "We expect the yuan's appreciation to stall for a while, as a further rise would attract more inflows of hot money," said a Shanghaibased trader at a foreign bank. Offshore, one-year dollaryuan nondeliverable forwards rose to 6.4339/6.4389 from 6.4300/6.4340 late Tuesday. -Reuters

Indian rupee reverses gains on corp $ demand MUMBAI: The Indian rupee reversed gains on Wednesday as corporates stepped up dollar purchases on expectations the rupee will weaken going ahead when unsucessful bidder's at the country's largest share sale repatriate funds. The partially convertible rupee closed at 44.35/36 per dollar, off the day's high of 44.2350 and steady from its close on Tuesday, when it had dropped to 44.5075 during trade, its weakest since Oct. 13. "There was good demand from state-run banks as well as offshore guys which pulled the rupee off highs," said Ashtosh Raina, head of foreign exchange trading at HDFC Bank in Mumbai. Some dealers in the market speculated the Reserve Bank of India (RBI) may have bought dollars through staterun banks to absorb the large dollar flows for Coal India's $3.5 billion share sale. But most large state-run banks who usually represent the RBI said there had been no

intervention in the market. Foreigners have so far this year, bought shares worth a record $23.6 billion, in addition to last year's record $17.5 billion inflows. The rupee is up 4.9 per cent on the year. One-month offshore nondeliverable forward contracts were quoted at 44.73, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.4750, 44.4850 and 44.4475 respectively, with the total traded volume on the three exchanges a below average $6.9 billion. -Reuters

Top Economic Events Time 7:00 7:00 7:00 7:00 12:00 12:00 12:30 12:30 13:00 13:00 13:30 17:30

Source CNY CNY CNY CNY EUR EUR EUR EUR EUR EUR GBP USD

Events CPI y/y GDP q/y Industrial Production y/y PPI y/y French Flash Manufacturing PMI French Flash Services PMI German Flash Manufacturing PMI German Flash Services PMI Flash Manufacturing PMI Flash Services PMI Retail Sales m/m Unemployment Claims

Source

Events

AUD EUR GBP GBP CAD USD

MI Leading Index m/m German PPI m/m MPC Meeting Minutes Public Sector Net Borrowing Wholesale Sales m/m Crude Oil Inventories

Forecast 3.6% 9.5% 14.1% 4.1% 55.6 57.5 54.6 55.0 53.2 53.8 0.4% 454K

Previous 3.5% 10.3% 13.9% 4.3% 56.0 58.2 55.1 54.9 53.7 54.1 -0.5% 462K

Actual

Forecast

-0.1% 0.3% 1-0-8 15.6B 1.2% 0.7M

0.2% 1-0-8 14.2B 0.5% 1.5M

Previous Day 0.3% 0.0% 1-0-8 14.2B 0.0% -0.4M

Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY Gold Silver

As per 22.00 PST Ask 1.3977 0.8806 1.3425 113.37 0.9615 1.0238 1.5858 128.75 0.9879 1.4304 84.43 1344.33 23.82

Bid 1.3974 0.8802 1.3421 113.31 0.961 1.0232 1.5854 128.69 0.9873 1.4293 84.38 1343.53 28.79

High 1.3987 0.8821 1.3425 113.36 0.9716 1.0346 1.5875 128.75 0.9883 1.4332 84.56 1345.76 23.91

Low 1.3698 0.8744 1.3315 113.6 0.9574 1.0228 1.5652 127.41 0.9667 1.4179 83.83 1330.61 23.32

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 20/10/2010 A USD GBP CAD EUR JPY O/N 0.22688 0.55125 1.03667 0.74625 SN 0.09438 1WK 0.25150 0.55500 1.05583 0.73000 0.10688 2WK 0.25169 0.56125 1.07833 0.73625 0.11438 1MO 0.25625 0.56875 1.11500 0.76250 0.12625 2MO 0.27109 0.62563 1.15833 0.81063 0.15438 3MO 0.28844 0.73725 1.22000 0.95313 0.19813 4MO 0.34219 0.82272 1.27167 1.01063 0.28313 5MO 0.40281 0.92563 1.32833 1.09500 0.34125 6MO 0.45375 1.02750 1.39833 1.19594 0.40125 7MO 0.50469 1.10225 1.46167 1.23938 0.46125 8MO 0.55256 1.18444 1.54167 1.28500 0.50625 9MO 0.60063 1.26500 1.61167 1.33719 0.55625 10MO 0.65400 1.33938 1.67667 1.38438 0.58500 11MO 0.70688 1.40688 1.75833 1.43063 0.61313 12MO 0.76550 1.47444 1.82667 1.47813 0.64188

Major Central Banks Overview Central Bank

Next Meeting

Last Change

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

Dec 07 2010 Nov 04 2010 Nov 03 2010 Dec 16 2010 n/a n/a n/a

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

Current Interest Rate 1% 1% 0.25% 0.25% 0.50% 4.50% 0%

Division of National Bank of Pakistan (NBP) KARACHI, October 20,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND

86.00 135.21 118.45 83.46 88.96 83.87 12.67 1.06 14.51 65.66 15.88 22.93 11.08 12.93 302.60 27.53 64.16 23.62 23.42 0.08 2.87

85.80 134.89 118.18 83.26 88.76 83.68 12.64 1.05 14.47 65.51 15.84 22.88 11.05 12.90 301.90 27.46 64.02 23.57 23.36 0.08 2.86

85.61 134.59 117.90 83.05 88.52 83.46 12.61 1.05 14.44 65.34 15.80 22.82 11.03 12.86 301.11 27.39 63.85 23.50 23.30 0.08 2.86

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 20, 2010

CMKA

BMA

INVSR

GSL

ICSL

11.90 12.10 12.30 12.40 12.65 12.80 13.00 13.05 13.20 13.40 13.65 13.70 13.75 13.75 13.75 13.75 13.65 13.77 14.25 14.35

11.70 12.10 12.20 12.33 12.65 12.75 12.85 13.05 13.15 13.40 13.60 13.70 13.75 13.75 13.75 13.70 13.65 13.75 14.25 14.50

11.80 12.00 12.15 12.30 12.60 12.75 12.95 13.00 13.15 13.35 13.60 13.70 13.75 13.78 13.78 13.75 13.65 13.80 14.20 14.30

11.70 12.00 12.25 12.35 12.70 12.90 13.00 13.10 13.26 13.45 13.60 13.65 13.70 13.75 13.76 13.77 13.60 13.85 14.15 14.20

12.00 12.00 12.25 12.40 12.65 12.80 12.95 13.10 13.20 13.35 13.60 13.73 13.75 13.75 13.75 13.75 13.65 13.80 14.20 14.30

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

JSCM AvgRate 11.75 12.00 12.25 12.40 12.65 12.75 13.00 13.05 13.20 13.35 13.68 13.70 13.78 13.80 13.80 13.75 13.65 13.75 14.25 14.35

11.81 12.03 12.23 12.36 12.65 12.79 12.96 13.06 13.19 13.38 13.62 13.70 13.75 13.76 13.77 13.75 13.64 13.79 14.22 14.33

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

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

week month months months year years

0.86 0.90 0.69 0.83 0.53 0.51

0.92 0.83 0.54 -0.56 0.47 0.17

-0.16 0.84 0.65 0.09 0.49 -0.20

EUR/USD NZD/USD

0.47 0.71 0.78 0.04 0.66 0.53

0.84 0.93 0.85 0.84 0.89 0.74

USD/CAD USD/CHF

0.44 0.87 0.71 0.84 0.67 0.57

-0.39 -0.83 -0.78 -0.46 0.31 -0.45

-0.62 -0.93 -0.53 -0.92 -0.78 -0.64

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)20/10/2010 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

0.00

ABLN 11.50

12.00

11.85

12.35

12.15

12.65

12.75

13.00

12.90

13.15

13.10

13.60

13.25

13.75

13.35

13.85

JSBL

11.65

12.15

12.00

12.50

12.30

12.80

13.05

13.10

13.35

13.20

13.70

13.30

13.80

13.50

14.00

ASPK 11.60

12.30

12.20

12.70

12.60

12.85

12.90

13.15

13.10

13.60

13.20

13.70

13.30

13.80

CIPK

ABPL

ASK

12.10

11.80

11.75

12.25

12.00

12.50

12.25

12.75

12.85

13.10

13.05

13.30

13.10

13.60

13.20

13.70

13.40

13.90

DBPK 11.60

12.10

11.70

12.20

12.10

12.60

12.70

12.95

12.90

13.15

13.65

13.25

13.75

13.35

13.85

FBPK

11.60

12.10

11.80

12.30

12.00

12.50

12.60

12.85

13.00

13.25

13.10

13.60

13.15

13.65

13.40

13.90

FLAH 11.75

12.25

11.90

12.40

12.25

12.75

13.00

12.95

13.20

13.10

13.60

13.20

13.70

13.30

13.80

HBPK 11.60

12.10

11.85

12.35

12.20

12.70

12.75

13.00

13.25

13.10

13.60

13.20

13.70

13.35

13.85

HKBP 11.50

12.00

11.80

12.30

12.20

12.70

12.75

13.00

12.90

13.15

13.10

13.60

13.20

13.70

13.30

13.80

NIPK

11.50

12.00

12.20

12.70

12.60

13.10

12.80

13.05

13.00

13.25

13.10

13.60

13.20

13.70

13.30

13.80

HMBP 11.70

12.20

11.85

12.35

12.40

12.90

12.80

13.05

13.00

13.25

13.15

13.65

13.20

13.70

13.30

13.80

SAMB 11.75

12.25

11.90

12.40

12.25

12.75

12.80

13.05

13.00

13.25

13.15

13.65

13.25

13.75

13.35

13.85

MCBK 11.60

12.10

12.00

12.50

12.40

12.90

12.75

13.00

12.95

13.20

13.10

13.60

13.20

13.70

13.40

13.90

NBPK 11.70

12.20

11.85

12.35

12.05

12.55

12.65

12.90

12.80

13.05

13.10

13.60

13.20

13.70

13.30

13.80

SCPK

11.60

12.10

11.85

12.35

12.15

12.65

12.70

12.95

13.20

13.10

13.60

13.15

13.65

13.35

13.85

UBPL 11.50

12.00

11.80

12.30

12.20

12.70

12.95

13.00

13.25

13.15

13.65

13.25

13.75

13.35

13.85

AVE

12.12

11.87

12.37

12.22

12.72

12.75

13.00

12.97

13.22

13.11

13.61

13.21

13.71

13.34

13.84

11.62

4 Thursday, October 21, 2010

PM made his point rightly

The Financial Daily International Vol 4, Issue 77

Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board S. Muneer Hussain Rizvi

Haseeb Khan, FCA 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

Need to rationalise Pakistan’s foreign trade The immediate point of concern for the policy planners should be the rise in trade deficit but some quarters have the complacency that current account deficit has reduced. One of the major factors contributing to reduction in current account deficit has been the rising remittances, else FDI and privatisation has been almost at a stand still. The number about exports creates some hopes because textile export grew by more than 20 per cent to $2.92 billion during the quarter. This increase is being attributed to surge in prices. Similarly export of food items also grew due to increase in export of rice. However, a point of concern is limited availability of cotton over the remaining months of the year. Pakistan's import exceeded $9 billion registering growth of 19 per cent. The major surge was witnessed in the import of crude oil by nearly 49 per cent to US$1 billion. However, import of POL products dropped by almost 11 per cent to $1.29 billion. Import of food items grew by over 65 per cent to US$1.17 billion mainly because increase in import of sugar and edible oil. The positive point was there was very little import of wheat. Textile group imports also grew by 66 per cent to $620 million due to the increase in quantity of raw cotton and synthetic fibre. For the colossal trade deficit only government could be held responsible because of following imprudent policies. It has failed in increasing indigenous production of canola, sunflower and corn oil but been facilitating import of palm oil. The government also opted for a bad option by allowing import of refined sugar contrary to the advice of industry and that to at a highly inappropriate time. Increase in import of raw cotton and synthetic fibre was also the outcome of following bad policies. Fully cognisant of the shortage of cotton the government did not restrict export of raw cotton and yarn. Similarly, local polyester staple fibre manufacturing units continued to suffer from poor capacity utilisation. Hike in POL (both black and white oil products) was the result of following bad policies. Greater reliance on fossil oil based thermal generation plants, closure of CNG stations and forcing the motorists to shift to motor gasoline from CNG all added to import bill of the country. Therefore, it is most desirable that the policy makers opt for better policies during the remaining nine months of the financial year. Time is most ripe to convince farmers to bring additional area under cultivation of canola, sunflower and corn (without reducing area under cultivation of wheat) to contain oil import bill. As the winter is approaching the government is mostly likely to curtail gas supply to the urea manufacturing plants. To be precise it is violation of the contractual obligation and more importantly diverting gas to power plants will not benefit electricity consumers as long as Transmission and distribution losses are not brought down by ensuring uninterrupted supply at affordable cost. The bottomline is to restore competitiveness of the local manufacturers else the country would not be able to benefit from enhanced market access being offered by the European Union. Producing exportable surplus would also help in achieving economy of scale and cost optimisation.

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.

Raheel Amer

t may not be wrong to say that the Prime Minister Syed Yousuf Raza Gilani's address has not been received in its true perspective. Soon after the address some of the private channels tried to prove whatever he said was nothing but a bundle of lies. The participants of the talk shows tried to establish he was wrong but none denounced 'selective media' trial. The wishful thinking about mid-term election was also evident but in a round about manner. Prime Minster made his point very rightly. One should also be honest that the details provided by the panelists often fall under the 'classified information', which is believed to have been provided by the 'king makers' and 'spoilers'. Some of the faces appear too often and almost on every private TV channel. Viewers often reach the conclusion that channels are being exploited by the 'vested interests'. They also tend to agree with the notion that funds are being diverted to news channels by some of the foreign governments having substantial stake in Pakistan to consolidate as well as demolish the governments in the countries. Looking at Pakistan's history makes it evident that Liaquat Ali Khan, Zulfikar Ali Bhutto, Benazir

Bhutto and even Zia-ul-Haq were assassinated by those who wanted to destabilise Pakistan at a juncture when efforts were needed the most to consolidate the country. The worst law and order situation throughout the country is also a part of the overall strategy of the global and regional superpowers. Karachi is being given 'blood bath' at regular intervals to disrupt economic activities in Pakistan. However, some of the leaders of the political parties are towing the line of super powers for creating turmoil in Pakistan. The only pur-

minister and president should be removed, constitution provides the guidelines. It should table a nonconfidence move and get it approved by the house and president can also be impeached as per the constitution. If opposition can't muster the needed support it should convince members of the treasury and others to vote against the two in the best interest of the nation. If they know they could achieve nothing then they should wait for their turn. The ongoing encounter is proving too fatal for the too feeble economy of the country.

“

Prime Minister's address was distorted by the same people who don't want to see Pakistan flourish. It must have been taken it its true context which was nothing more than sheer patriotism. He only tried to ease the tension that was building up between state and judiciary over issues which could have been resolved without much fuss. We hope he stands fast in his tracks to take Pakistan out of this stubborn political turmoil that has implications far greater than what meet the eye.

pose seems pushing Pakistan into anarchy so that the superpower could play their own game in the region, particularly two of Pakistan's immediate neighbours Afghanistan and Iran. It is evident that if peace is established and the countries join hands they could pose a serious resistance against the implementation of the global agenda of the superpowers. Though, the opposition is never tired of saying that it did not wish to derail democracy it has failed in opting for bringing an in-house change. If it believes that prime

From day one the present coalition government has been under extreme criticism for following policies that are not even supported by its partners. PPP and PMLN signed charter of democracy before the election but also competed against each other in the general election. Though, PML-N formed the government in the largest province but emerged the worst critic of the federal government. Judiciary-executive conflict remains high and the worst happens because of non-state players creating the worst confu-

sion. Some of the private channels and a few anchors are being accused of violating 'self regulatory code of conduct'. These channels often air programs which can't be termed decent because the participants often seem to be spreading disinformation or their language is highly derogatory and/or offensive, many of the current affairs' programmes look improvised version of 'comedy circus'. Many times topics, themes and dissemination of information are divulging state secrets and breaching the sanctity of national security and having the access to certain classified information demands maintaining secrecy. Latest of the controversies is the fuss created by the vested interests regarding withdrawal of the Executive Order issued to restore the judiciary. Some of the groups wish to create worst of the conflicts so that the apex court could take an extreme action. Adding to the confusion are the statements being issued by those who are 'more loyal than the King'. Prime Minister's address was distorted by the same people who don't want to see Pakistan flourish. It must have been taken it its true context which was nothing more than sheer patriotism. He only tried to ease the tension that was building up between state and judiciary over issues which could have been resolved without much fuss. We hope he stands fast in his tracks to take Pakistan out of this stubborn political turmoil that has implications far greater than what meet the eye. Democracy must prevail, so must the institutions.

New Chinks in Iran Economy I

n Tehran's Grand Bazaar, the vaulted alleys that normally ring to the hammers of goldsmiths, have been quiet recently; the doors of the gold merchants shut. The latest strike by Iran's powerful merchants against a new tax lasted several days and pointed to wider unease among Iranians over the government's handling of an economy already squeezed by

ment and may revive anti-government protests that shook the country for months after last year's disputed presidential elections. Disaffection among traditional supporters of the government over its handling of the economy has even come from some senior members of the Islamic Republic's clergy. "It is reported every day that inflation has dropped but this is

“

The latest strike by Iran's powerful merchants against a new tax lasted several days and pointed to wider unease among Iranians over the government's handling of an economy already squeezed by ever-tighter international sanctions over its nuclear programme.

ever-tighter international sanctions over its nuclear programme. "They'll stay on strike until the government abolishes the (new) 3 per cent value added tax," a watch seller on a stall next to the closed gold shops said. The government, which battled a general strike at the bazaar in July over another tax hike, has threatened to punish traders if they do not return to work. But economic worries are spreading among shoppers not just merchants. Plans to end food and fuel subsidies have raised fears of an inflation spiral that will cut ordinary people's spending power. The central bank intervened in recent weeks to reverse a sudden 13 per cent fall in the rial and reassure Iranians their savings were safe. But hundreds of people still crowd outside the exchange bureaux in Tehran, where fears of further depreciation have caused a rush for dollars and gold -- ever the safe havens in uncertain times. "People are buying dollars because they are certain there is going to be inflation after the implementation of the subsidy reform plan and inflation means the devaluation of the rial," said one Tehran shopkeeper. Cutting subsidies, which cost Iran nearly $100 billion a year, is a risky strategy for the govern-

the opposite of what people are witnessing," Grand Ayatollah Naser Makarem Shirazi told worshippers in a recent Friday sermon, warning officials not to play down the economic challenges. SACTIONS OR SPECULATORS? President Mahmoud Ahmadinejad, whose country faces tightening sanctions over Western accusations it is develop-

Street, a noisy Tehran thoroughfare where the money changers are clustered, the men he was referring to were doing a feverish trade. In nearby back streets, unlicensed traders, bundles of notes in their hands, were offering dollars at a negotiable mark-up to anyone willing to pay a premium to avoid the queues. Speculators may be cashing in, but analysts say the crash was sparked by banks in Dubai, a vital trading partner across the Gulf, refusing to touch the rial as sanctions tightened. This caused a sudden shortage of dollar notes in Iran, whose banks are almost entirely isolated from the rest of the world, though the country has ample foreign currency reserves from the sale of its crude oil on the world markets. The fourth round of U.N. sanctions calls for vigilance over transactions with any Iranian bank, including the central bank, while more and more foreign firms are cutting back business with Iran to avoid falling foul of even tighter US and European Union rules. With rising taxes, falling subsidies, foreign markets restricted by sanctions and increasing difficulty getting access to the hard currency they need for trade, more and more businesses are reporting problems.

“

The central bank intervened in recent weeks to reverse a sudden 13 per cent fall in the rial and reassure Iranians their savings were safe. But hundreds of people still crowd outside the exchange bureaux in Tehran, where fears of further depreciation have caused a rush for dollars and gold -- ever the safe havens in uncertain times.

ing a nuclear bomb, blamed the currency slump on speculators. "With propaganda in the foreign currency market they made the (exchange) rate fluctuate," he said in a speech during one of his regular visits to the provinces. "They make trouble for the export market, the retail market and the import market." In a courtyard just off Ferdowsi

Customers at a large store selling refrigerators, televisions and other imported electrical appliances were told they would have to wait for new stock to arrive and that prices might have to increase due to the currency fluctuation. Iranian media reported a shortage in raw materials to make paint; producers blamed the cur-

rency crisis and trade sanctions. One Iran analyst, who asked not be identified, said the policy of keeping a strong rial was largely due to political "pride and prestige" and a gift to importers while being extremely damaging to potential Iranian exporters. Ironically, Iran stepped in to restore rial strength just as major world economies are involved in what economists call 'race to the bottom', keeping their currencies low to help exports. PROPPING UP THE RIAL Ahmadinejad has promised cash handouts to help the needy survive the subsidy cuts, but critics say the details are vague and most Iranians are bracing themselves for major price rises. That too could add to pressure on the rial, which some economists say is overvalued by 30-50 per cent or more, taking into account Iranian inflation which has just come down to under 10 per cent but for many years was 30 per cent. Iran loosely pegs its rial to major world currencies, so the recent decline over five days prompted analysts to ask if it was deliberate devaluation or a scramble for dollars due to fears of hard currency scarcity in a country hit by financial sanctions. Iran has allowed the rial to fall 4-5 per cent a year against the dollar, but last month's short-lived drop was unusually sharp. "So long as oil prices are high, Iran can decide to hold the rial at above a real value. But in doing so it is harming the Iranian industrialists and subsidising imports," the analyst said, adding that the rial would have to be devalued eventually. "You can't have such a spread between inflation in Iran and the US and the devaluation so small... It is inevitable and unsustainable, but no one can predict when with any accuracy." Even Iranian media are speculating about a devaluation. "If the pressure on the central bank increases its ultimate solution would be to change the basic exchange rate," the semi-official Fars news agency quoted Houshang Shajari, an economist, as saying, urging the central bank to "stop wasting its foreign currency reserves" propping up the rial.-Reuters

Thursday, October 21, 2010

South East Asian stocks

European shares close firmer, buoyed by miners

Mostly lower, Thai stocks rally after rates held

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

KSE green, despite cityâ&#x20AC;&#x2122;s red

10,464.89 10,486.02 21.13 0.20 103.97

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

3,266.25 3,267.43 1.18 0.04 4.98

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

2,669.49 2,670.32 0.83 0.03 0.17

Major Gainers

Change

ULEVER 4,089.98 RMPL 1,480.00 BATA 467.08 FZTM 349.90 SRVI 210.05

Symbol

89.95 60.00 17.08 14.90 10.00

Major Losers

Symbol

Change

WYETH 780.02 UPFL 1,020.00 LAKST 331.46 MTL 444.40 PSEL 154.50

-19.98 -10 -7.99 -5.54 -5.5

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA JSCL JSGF DGKC AMTEX

10.36 9.92 2.92 27.06 7.71

26.52 7.95 7.41 5.06 4.80

Active Issues Plus Minus Unchanged

208 159 22

Sector Updates FERTILISER 000 tonnes

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

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

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

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

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

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

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

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

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

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

Nawaz Ali LAHORE: Bilal Mustafa managing director the Bank of Khyber (BoK) formally inaugurating BoK Islamic banking branch at Shah Alam Market in Lahore. BoK groups heads are also present on the occasion.-Staff Photo

Indian shares fall; metal makers melt MUMBAI: The BSE Sensex on Wednesday shed 0.6 per cent, amid dented sentiment following China's surprise move to raise interest rates late Tuesday, with Coal India's initial share offering also acting as a drag. Metal producers declined as base metals prices fell in London and Shanghai following a sell-off in the international market on Tuesday after China's first rate rise since 2007. The Chinese central bank's move reflected concern about resurgent asset price and could mark the start of a more aggressive phase of monetary tightening in the world's fastest-growing major economy. The 30-share BSE index shed 0.56 per cent or 110.98 points to 19,872.15, with 21 of its

components losing ground. It flip-flopped during the day, having risen as much as 0.5 per cent. "I think China was one of the factors. Also, we had some jitters from the US," said Dipen Shah, senior vice-president of research for private client group at Kotak Securities. "The market had run up a lot very fast, and there seems to be profit booking happening at higher level. We think this is healthy for the market." The benchmark index is up nearly 14 per cent so far in 2010, with foreign funds pumping in $23.5 billion into Indian equities. Coal India's $3.5 billion public offering, the country's largest-ever IPO, was covered 8 times by 0930 GMT. See # 7 Page 11

Nikkei at 2-wk closing low on Beijing move TOKYO: Japan's Nikkei average fell almost 2 per cent to book its lowest close in two weeks on Wednesday as investors rushed to take profits after China unexpectedly tightened credit. China raised interest rates by 25 basis points, its first hike in nearly three years, and resource-related shares in particular took a hit as investors reined in their appetite for commodities. But the Nikkei pared earlier losses as Shanghai shares reversed an early fall, with some

analysts also saying China's move was beneficial for the Chinese economy in the long run. Fears that the yen could rise if Chinese shares fell were not realised and an apparent halt to the yen's recent appreciation also lent some support to Tokyo shares, market players said. "China's tightening came as a shock, but the country's intention doesn't seem to be a cooling of its economy, Instead it has moved to prevent bubbles from bursting. It's rather natural, if you look at it in the See # 8 Page 11

Thal Industries 1Q net hits Rs299.017mn KARACHI: The Thal Industries Corporation Ltd has posted a higher profit after tax of Rs299.017 million for the period ending September 30, 2010. According to financial results of the company dispatched to Karachi Stock Exchange (KSE) here on Wednesday, the profit before tax surged to Rs434.208 million as earning per share also jumped to Rs5.85 during the period under review.-APP

Miners push FTSE higher LONDON: Britain's top share index closed higher on Wednesday, led by miners on the back of firmer metals prices, with investor sentiment buoyed by positive corporate earnings releases from the United States. The market reaction to the British government's spending review was muted. The FTSE 100 ended up 25.04 points, or 0.4 per, at 5,728.93, having closed 0.7 per lower at 5,703.89 on Tuesday. Miners rebounded after a steep decline in the previous session when China, the world's biggest consumer of metals, surprised markets by announcing its first interest rate rise since 2007, a move designed to rein in a booming economy. Advances in key metals prices underpinned the gains, with copper, aluminium and nickel adding 0.8 to 2.4 per as the dollar dipped. See # 9 Page 11

HK falls; Shanghai flat as China jacks up rate HONG KONG/SHANGHAI: Hong Kong stocks fell on Wednesday, with property and commodity plays hit hardest by China's surprise interest rate hike, while Shanghai shares ended flat helped by a rally in life insurers. The Shanghai Composite closed up 0.07 per cent after a volatile day of trading. Hong Kong's Hang Seng index fell 0.9 per cent to 23,556.5. China's central bank jolted global markets late on Tuesday evening with a 25-basis-point hike in one-year deposit and lending rates, a move that could mark the start of a more aggressive phase of monetary tightening. For a Take a Look on China's rate hike, please double-click within brackets "This is a warning shot. They want to get it in before QE2 to see if the hot money flow into Asia continues," said Mike

Werner, senior analyst with Sanford Bernstein in Hong Kong, referring to a second round of quantitative easing by the Federal Reserve. "This hot money is inflationary and that is what they are targeting," said Werner. Property shares in Hong Kong and on the mainland markets fell as investors took the opportunity to lock in recent gains and on signs that this latest move was aimed at curbing asset inflation. Shanghai's property subindex slumped 3.5 per cent, while China Vanke, the country's largest developer by sales, fell 6.1 per cent. In Hong Kong, property shares fell 1.4 per cent, underperforming the broader market. China Overseas Land fell 3 per cent while Hang Lung Properties, the Hong Kong developer with most exposure to mainland real estate, fell 2.3

per cent. Energy and metal plays were also lower following the sharp slump in commodity prices in the previous session on the back of a firmer dollar. Petrochina fell 2.5 per cent while aluminium producer Chalco lost 3.3 per cent. Shares of refiners are likely to be in focus on Thursday after a source told Reuters that China would raise retail fuel prices, the first such increase since April. INSURERS RALLY China's move comes just ahead of third-quarter GDP and inflation data, due on Thursday, prompting some analysts to speculate that the rate hike pointed to further evidence that the country's economic growth remained on solid footing. "The earlier-than expected rate rise suggests that top authorities have probably seen See # 10 Page 11

KARACHI: Regardless of the worse security situation in the city, stocks managed to recover at the Karachi Stock Exchange on Wednesday which ended with some minor gains over buying in the result announcement session. The benchmark KSE 100index closed 21 points up at 10,486 while KSE 30-Index grew by 11 points and KSE All Share Index increased by 15 points to close at 10,066 points and 7,299 points respectively. "The result season enthusiasm kept the market in the positive territory despite bad law and order situation in the city", said Samar Iqbal, equity dealer at Topline Securities. Following tense law and order situation in the city market started the day on a negative note. Going forward ,it saw some rangebound activities throughout the session where index moved in a range of 10,515 (+ve 50 points) and 10,436 (-ive 28 points). However, the apex index, mostly remained, in the positive zone as investors took positions over attractive valuations in the result announcement session looking forward to some good corporate results in the coming days. Buying was also seen after an announcement of increase in

local cement prices. Therefore due to continued buying mainly in banking, textile, cement, fertilizer, and chemical stocks index managed to close the session on a positive note. Ahsan Mehanti, Director Arif Habib Investments said that increase in local cement prices owing to its rising demand for reconstruction & rehabilitation of flood affected regions wooed investors into the cement sector while tax-free access of local textile products to EU markets pushed investors into country's top exporting sector. Activities of foreign investors remained limited as according to NCCPL they did a net-selling of $0.3 million on Wednesday. On the local side, mutual funds and companies did a net-buying of $1.52 million and $1.14 million while individual investors and other organisation did a netselling of $1.32 million and $0.83 million respectively. Volumes remained impressive throughout the day as 103.9 million shares traded in the overall market, 17 million more compared to a turnover of 86.9 million shares a day earlier. Most of the shares were traded in Lotte Pakistan which was the volume leader with 26.5 million shares followed by Jahangir Siddiqui Co 7.9 million, Jehangir Siddiqui Global Capital 7.41 million, See # 6 Page 11

ANNOUNCEMENTS Company Period Salfi Textile XD 1st qtr Island Textile XD 1st qtr Tata Textile XD 1st qtr Pak Refinery 1st qtr Ghani Glass Ltd.XDXB 1st qtr Thal Ltd SPOT 1st qtr Sitara ChemicalXDXB 1st qtr Meezan Balanced XD 1st qtr PICIC Growth Fund 1st qtr PICIC Inv.Fund XD 1st qtr PICIC Energy Fund 1st qtr

Div/Bon/Right -

PAT (Rs in mn) 183.515 136.813 447.561 -24.012 263.558 299.017 62.198 31.455 111.956 62.103 85.820

EPS(Rs) 54.90 273.63 25.83 -0.69 2.72 5.85 3.05 0.26 0.39 0.22 0.86

US stocks mid-day

Stronger earnings, weak USD lift Wall St NEW YORK: Stocks bounced back on Wednesday on strong corporate earnings and raised outlooks, while a decline in the US dollar lifted shares related to materials companies. Delta Air Lines and US Airways Group jumped after they reported strong profits, while Boeing Co buoyed the Dow after it boosted its fullyear forecast. Materials shares led the broad market higher, with FreeportMcMoRan Copper & Gold gaining 2.8 per cent to $95.33 and the S&P materials index rose 2.3 per cent. Commodities gained as the US dollar dropped to a near 15-year low against the yen. See # 5 Page 11

Result Preview

Lucky earning to decline 33pc Aamir Abidi KARACHI: According to "The Financial Daily" research, Lucky Cement Limited (LUCK) today (Thursday) is going to unveil weaker (YoY) financial results for 1QFY11. See # 21 Page 11

Result Preview

FFBL may post PAT of Rs2.95bn Raza Baqar KARACHI: Fauji Fertiliser Bin Qasim in its results, due today (Thursday), is expected to post profit after tax worth Rs2.95 billion (EPS: 3.16) for 9MCY10 as against Rs1.80 billion (EPS: 1.93) earned in the same period a year earlier. A significant jump in earning is hoped for owing to likely high volumetric DAP sales in September 2010 as the See # 22 Page 11

Dhiyan

DOWN-DAY LIKELY; TAKE NO CHANCES Hamad Aslam, Head of Research BMA Capital Correction is expected in the market where index could breach 10,000 points level in the coming days. Investors are therefore advised to book profits and avoid new investments. However, good corporate results and foreign inflow through 'coalition support fund' can support the market. As far as results are concerned; some better results are expected from the fertiliser and E&P sectors. Market might be negative today and index can test its immediate support level of 10,380 points.

Farhan Mansuri, VP Capital Markets Arif Habib Limited Some rangebound activities are expected in the market where index would be moving between 10,700 and 10,100 points. Investors are recommended to take short term positions in high dividend yielding stocks of cement and E&P sectors. Launch of Margin Trading System (MTS), good corporate results, better law and order situation would trigger the market. Positive activities would continue in today provided the law and order situation remains controllable.

Thursday, October 21, 2010

Market

KSE 100 Index

Symbols

Volume

103,965,201

Value

2,372,158,696

Trades

46,305

Advanced Declined Unchanged Total

Current High Low Change

208 159 22 389

All Share Index

10,486.02 10,515.70 10,436.20 h21.13

Current High Low Change

7,299.55 7,319.82 7,264.34 h15.39

OIL AND GAS

Paid up Cap(mn)

Company

Attock PetroleumXDXB Attock Refinery

691

853 17.13

BYCO Petroleum

3921

Open

4.45 289.63 -

High

High Low 1,340.42 1,324.84 Total cos Defaulter cos P/BV (x) ROE (%) 4.16 37.01 Low

Close Chg

Volume

292.99 287.99 289.41 -0.22

106298

Last 60 days High Low 374.20

287.99

% Change -0.02 5-Day High 1,335.07 5-Day Low 1,321.87

2009 Div BR (%) (%)

2010 Div BR (%) (%)

250

300

94.22

96.04

93.20

94.22

0.00

1282953

96.04

73.47

10.85

10.94

10.65

10.85

0.00

673014

12.93

9.62

735 16.55 122.45

123.35 120.99 122.14 -0.31

40281

138.45

106.00 32.17 100B

National Refinery XD

800

5.18 210.03

209.50 207.00 208.14 -1.89

24725

230.84

183.25

125

200

Oil & Gas Development XD 43009 10.51 152.36

153.60 151.95 152.28 -0.08

288333

154.05

133.00

82.5

20B

Pak Petroleum Pak Oilfields XD

11950

7.54 185.54

186.00 184.20 185.53 -0.01

2365

5.94 232.31

234.50 231.01 234.14

350

PSO XD

1715

82.58

4.52 268.26

Shell Gas LPG

226 16.34

Shell Pakistan XD

685

34.56

9.90 193.46

85.90

79.12

1.83

79.21 -3.37

268.43 266.20 267.03 -1.23 36.28

36.28

311313

214.10

168.70

130

20B

405326

251.24

213.17

180

255

78768

85.90

48.26

296434

289.45

233.10

1.72

3550

39.80

27.32

194.70 193.01 193.11 -0.35

4084

244.00

188.00

330

CHEMICALS Performance of SR Chemicals Index Open 1,180.92 Turnover 35,627,116 P/E (x) 7.39 Company

Paid up Cap(mn)

Bawany AirXDXR BOC (Pak) Clariant Pak Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman Dynea PakSPOT Engro Corporation Ltd Engro Polymer Fatima Fertilizer Fauji Fertilizer Fauji Fert. Bin Qasim Ghani Gases Ltd ICI Pakistan Ittehad Chemical XD Lotte Pakistan Nimir Ind Chemical Sitara Chem Ind XDXB Sitara Peroxide United Distributors Wah-NobleSPOT

High Low 1,196.55 1,176.45 Total cos Defaulter cos P/BV (x) ROE (%) 2.59 35.00

Open

High

Low

68 1.36 10.06 250 9.67 75.00 273 5.65 161.01 1203 7.72 168.06 1996 2.23 1020 4.03 3663 1.60 94 4.40 11.25 3277 8.98 176.10 6635 - 13.28 22000 9.60 6785 7.37 108.09 9341 7.75 30.13 725 9.49 12.49 1388 7.54 123.82 360 6.00 24.66 15142 3.60 9.56 1106 72.50 1.42 214 9.04 115.16 551 - 10.19 92 - 11.18 90 5.02 42.79

10.70 75.99 162.85 170.00 2.29 4.10 1.68 12.15 176.27 14.03 9.95 108.65 30.72 12.71 128.50 25.80 10.47 1.48 120.00 10.65 11.75 42.96

10.01 75.99 160.10 167.00 2.15 3.98 1.52 11.69 174.65 12.90 9.42 108.02 30.20 12.35 122.75 23.50 9.49 1.39 109.41 10.15 10.60 42.00

Close Chg 10.64 75.99 160.65 167.41 2.25 4.04 1.61 11.80 175.13 13.64 9.85 108.41 30.46 12.53 126.58 25.31 10.36 1.45 110.32 10.43 10.60 42.35

0.58 0.99 -0.36 -0.65 0.02 0.01 0.01 0.55 -0.97 0.36 0.25 0.32 0.33 0.04 2.76 0.65 0.80 0.03 -4.84 0.24 -0.58 -0.44

Close 1,187.81 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 3376 200 1907 1654 6006 63713 123464 1810 331639 1623552 2134716 161181 4787634 358742 1263564 817 26517450 86081 49472 226759 1229 22606

Change 6.89 Market cap 267,018.79 mn Div Yield (%) 6.61

16.78 82.50 174.00 185.88 2.98 5.20 2.21 13.00 194.59 15.20 12.46 113.39 30.72 13.85 128.50 34.16 10.47 1.74 128.01 11.09 17.88 48.00

% Change 0.58 5-Day High 1,187.81 5-Day Low 1,179.27

2009 Div BR (%) (%)

2010 Div BR (%) (%)

9.72 66.90 90 154.27 125 155.38 40 10B 1.78 3.20 1.28 10.85 15 165.60 6010B 40R 10.10 - 27.5R 9.02 102.96 131.5 10B 26.59 40 7.41 109.50 80 21.00 15 6.75 5 1.16 109.41 75 7.67 9.22 10 10B 41.00 50 -

5 15 20 15 20 75 5 55 5 25 50

10R 5B -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,131.26 Turnover 31,577 P/E (x) 5.84

High Low 1,162.49 1,123.16 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47

Close 1,131.68 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

Century Paper 707 Pak Paper ProductXDXB 50 Security Paper 411

4.37 4.73

17.86 40.00 40.44

18.33 42.00 41.50

17.80 40.00 40.00

18.00 0.14 42.00 2.00 40.00 -0.44

20744 9832 1001

Company

Change 0.42 Market cap 3,136.05 mn Div Yield (%) 4.32

Last 60 days High Low 22.70 62.85 50.40

17.31 38.61 38.10

2009 Div BR (%) (%)

2010 Div BR (%) (%)

- 425R 20 50 -

25 33.33B 50 -

Performance of SR Industrial Metals and Mining Index

Company

Paid up Cap(mn)

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

High Low 945.56 904.25 Total cos Defaulter cos P/BV (x) ROE (%) 0.95 33.10

Open

High

Low

565 3.40 675 555 5.58 1199 4.58 785 17.31

25.50 2.56 12.76 46.98 8.94

25.98 2.91 13.70 47.00 8.50

24.60 2.22 12.90 46.11 8.00

Close Chg 25.10 2.71 13.00 47.00 8.48

-0.40 0.15 0.24 0.02 -0.46

Close 929.44 Listed cap 3,596.11 mn Payout (%) 30.91

Change -8.81 Market cap 8,893.10 mn Div Yield (%) 10.75

Last 60 days High Low

Volume 6039 190021 43929 48500 1660

31.73 3.17 16.75 70.71 10.80

23.75 1.65 12.25 45.60 8.00

2009 Div BR (%) (%) 10

30B -

% Change -0.94 5-Day High 938.25 5-Day Low 918.71

30 40 7.5

20B -

Performance of SR Construction and Materials Index

Company

Paid up Cap(mn)

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

High Low 979.55 954.22 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.10

Open

High

Low

1828 866 5.09 858 182 956 982 11.62 108 3574 3651 37.58 6933 12.55 1760 77 32 145 11.91 1288 13126 3234 6.40 5261 2228 200 798 2141.00

3.06 62.91 1.80 15.40 11.00 1.52 27.15 1.49 26.66 4.95 2.01 3.89 0.80 9.77 5.87 2.89 70.57 2.86 8.00 6.80 20.50

3.19 64.00 1.80 15.84 11.00 1.70 28.50 1.59 27.28 5.05 2.00 3.90 0.90 10.75 5.99 3.08 71.42 2.93 8.25 7.48 21.52

2.90 62.90 1.79 14.55 10.30 1.50 25.93 1.40 26.35 4.90 1.93 2.90 0.77 9.95 5.85 2.86 70.25 2.80 8.00 6.02 19.48

Close 972.52 Listed cap 54,792.74 mn Payout (%) 19.04

Change 10.04 Market cap 69,799.52 mn Div Yield (%) 3.01

Close Chg

Volume

Last 60 days High Low

3.15 63.88 1.79 15.50 10.65 1.51 25.93 1.49 27.06 5.02 1.97 2.90 0.84 10.24 5.90 3.01 71.26 2.85 8.25 6.05 21.41

9204 863306 200 110 503 15001 557 96310 5058925 430814 16703 200 1012 1443 227732 1035088 750597 252489 50128 3013 12900

4.20 71.90 2.05 20.00 12.50 2.74 32.90 2.20 28.74 5.50 2.30 4.50 2.00 10.75 6.80 3.23 74.00 3.62 8.58 9.47 21.80

0.09 0.97 -0.01 0.10 -0.35 -0.01 -1.22 0.00 0.40 0.07 -0.04 -0.99 0.04 0.47 0.03 0.12 0.69 -0.01 0.25 -0.75 0.91

2.80 60.30 1.01 14.01 8.90 1.30 22.10 1.30 23.02 4.50 1.74 1.91 0.25 4.01 5.50 2.60 62.60 2.51 6.80 5.50 17.74

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

20B 20R -

% Change 1.04 5-Day High 972.52 5-Day Low 950.17 2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 890.93 Turnover 121,300 P/E (x) 2.54 Company

Paid up Cap(mn)

Open

Cherat PapersackXDXB 115 3.61 36.03 Ghani GlassXDXB 1067 4.29 48.10 MACPAC Films 389 2.90 Merit Pack 47 - 16.06 Packages Ltd 844 16.30 107.58 Tri-Pack Films 300 7.59 103.77

High

High Low 901.82 877.45 Total cos Defaulter cos P/BV (x) ROE (%) 1.12 43.91 Low

Close Chg

37.83 37.75 37.83 49.70 45.75 46.69 2.90 2.11 2.90 16.80 16.30 16.48 108.00 106.50 107.58 104.89 103.75 104.00

1.80 -1.41 0.00 0.42 0.00 0.23

Close 889.63 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 29781 58129 303 226 32155 631

Change -1.30 Market cap 33,088.90 mn Div Yield (%) 6.12

Last 60 days High Low 51.05 61.99 4.69 20.70 125.96 105.00

34.00 45.75 1.60 11.81 98.00 91.00

2009 Div BR (%) (%) 30 32.5 100

10B -

Company

Paid up Cap(mn)

Pak Int Cont.Terminal XD 1092 PNSC XD 1321

% Change -0.15 5-Day High 900.23 5-Day Low 885.49 2010 Div BR (%) (%) 20 25 -

25B 10B -

Company

Paid up Cap(mn)

AL-Ghazi Tractor Bolan CastingXDXB Ghandhara Ind Millat TractorsXDXB

215 104 213 366

Open

4.84 205.23 5.30 46.15 2.27 14.27 5.70 449.94

High

Low

Close 1,433.87 Listed cap 1,336.62 mn Payout (%) 131.49

Close Chg

Volume

205.75 200.60 202.04 -3.19 45.90 45.90 45.90 -0.25 14.80 14.20 14.45 0.18 450.00 443.00 444.40 -5.54

29932 2500 35059 114450

Change -17.79 Market cap 30,135.07 mn Div Yield (%) 18.30

Last 60 days High Low 227.45 51.99 19.50 597.90

200.26 35.25 11.29 390.00

% Change -1.23 5-Day High 1,529.96 5-Day Low 1,433.87

2009 Div BR (%) (%)

2010 Div BR (%) (%)

400 450

150 25 650

20B 25B

10B 25B

Close 718.06 Listed cap 3,242.17 mn Payout (%) 11.08

Change 27.91 Market cap 12,781.61 mn Div Yield (%) 1.96

Open

High

Low

Close Chg

Volume

Last 60 days High Low

64.45 38.50

67.67 40.42

65.50 39.00

67.67 39.00

13224 8310

87.86 41.00

Alert ! Unusual Movements Gadoon Textile Mills Limited

3.22 0.50

60.05 34.50

% Change 4.04 5-Day High 718.06 5-Day Low 667.24

2009 Div BR (%) (%) 30

20B -

2010 Div BR (%) (%) 40 15

AUTOMOBILE AND PARTS Performance of SR Automobile and Parts Index Open 1,089.88 Turnover 123,934 P/E (x) 3.82

High Low 1,102.85 1,084.86 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 25.35

Paid up Cap(mn)

Open

High

Low

Agriautos IndSPOT 144 Atlas Battery 101 Atlas Honda 626 Dewan Motors 890 Exide (PAK) 56 Ghandhara Nissan 450 Ghani Automobile Ind 200 Honda Atlas Cars 1428 Indus Motors 786 Pak Suzuki 823 Sazgar EngineeringXDXB 150

5.29 5.73 7.74 4.23 4.41 5.24 9.17 5.19

72.00 152.17 105.86 1.51 145.59 4.50 5.03 11.28 228.40 74.00 20.19

72.90 155.00 111.15 1.54 148.00 4.41 5.25 11.90 230.49 74.00 20.11

71.51 152.00 108.00 1.50 146.00 4.26 4.71 11.00 227.00 73.80 19.76

Company

Close Chg 72.46 152.01 111.13 1.52 147.69 4.27 5.25 11.50 229.57 73.85 20.00

0.46 -0.16 5.27 0.01 2.10 -0.23 0.22 0.22 1.17 -0.15 -0.19

Close 1,097.00 Listed cap 6,768.53 mn Payout (%) 20.42

Volume 5729 10043 2605 51001 400 12000 1220 13533 26104 307 990

Change 7.12 Market cap 40,134.69 mn Div Yield (%) 5.34

Last 60 days High Low 78.39 206.95 127.99 2.09 158.00 6.30 5.70 13.50 287.00 89.99 27.85

63.01 131.00 92.00 1.16 121.10 4.03 3.55 9.65 212.29 69.25 19.50

% Change 0.65 5-Day High 1,097.00 5-Day Low 1,081.24

2009 Div BR (%) (%)

2010 Div BR (%) (%)

40 100 80 50 100 5 -

90 100 60 150 10

20B 30B 20B

20B 20B

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

64.33

Total Assets (Rs in mn)

MA (10-day)

45.92

Total Equity (Rs in mn)

1,974.02

MA (100-day)

38.37

Revenue (Rs in mn)

6,043.72 7,140.79

MA (200-day)

36.70

Interest Expense

1st Support

45.40

Loss after Taxation

(338.60)

2nd Support

44.52

EPS 09 (Rs)

(14.447)

1st Resistance

46.78

Book value / share (Rs)

620.01

84.22

2nd Resistance

47.28

PE 10 E (x)

1.24

Pivot

45.90

PBV (x)

0.55

GADT closed up 0.33 at 46.29. Volume was 2 per cent below average and Bollinger Bands were 13 per cent wider than normal. The company's profit after taxation stood at Rs828.191 million which translates into an Earning Per Share of Rs37.32 for the year ended FY10. GADT is currently 27.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into GADT (bullish). Trend forecasting oscillators are currently bullish on GADT.

Huffaz Seamless Pipe Industries

FOOD PRODUCERS Performance of SR Food Producers Index Open 1,477.71 Turnover 144,238 P/E (x) 31.85 Company AL-Noor Sugar Chashma Sugar Colony Sugar Mills Habib Sugar Habib-ADM Ltd XD Hussein Sugar J D W Sugar Mehran Sugar Mirpurkhas Sugar National Foods XD Noon Sugar Pangrio Sugar Rafhan Maize Shakarganj Mills Tandlianwala

Paid up Cap(mn) 186 287 990 600 200 121 490 143 70 414 165 109 92 695 1177

Open

High

High Low 1,502.43 1,486.58 Total cos Defaulter cos P/BV (x) ROE (%) 9.65 30.30 Low

Close Chg

4.20 41.31 41.31 41.31 41.31 0.73 8.97 9.89 9.00 9.03 3.90 3.90 3.40 3.89 6.19 30.09 30.00 29.50 30.00 11.34 12.42 12.59 12.21 12.25 - 13.30 13.19 12.30 12.37 2.41 71.73 72.20 71.93 71.93 3.12 55.50 56.49 54.51 55.70 6.30 57.22 59.99 54.50 59.91 19.62 40.90 41.00 40.20 41.00 - 12.50 12.65 12.50 12.50 0.49 5.90 6.00 5.10 5.99 7.18 1420.00 1480.00 1380.00 1480.00 4.60 5.50 4.52 5.10 277.27 31.25 30.50 30.25 30.50

0.00 0.06 -0.01 -0.09 -0.17 -0.93 0.20 0.20 2.69 0.10 0.00 0.09 60.00 0.50 -0.75

Close 1,497.02 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change 19.30 Market cap 190,797.49 mn Div Yield (%) 0.96

Last 60 days High Low

4948 46.89 39.25 4500 11.40 8.00 717 4.49 2.40 92580 32.25 24.73 1220 16.98 11.90 1320 14.00 4.22 105 72.20 60.10 702 57.89 48.50 20801 65.00 54.50 505 65.29 39.01 1200 12.93 10.00 201 7.00 4.00 913 1599.00 1229.00 12248 5.50 3.02 2000 35.50 22.45

% Change 1.31 5-Day High 1,497.02 5-Day Low 1,477.71

2009 Div BR (%) (%) 40 35 40 40 35 25 50 900 -

25B 30B 10B 25B 10B -

2010 Div BR (%) (%) 40 0 12.5R 25 10B 12 600 -

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

44.29

Total Assets (Rs in mn)

MA (10-day)

12.79

Total Equity (Rs in mn)

MA (100-day)

14.44

Revenue (Rs in mn)

MA (200-day)

16.53

Interest Expense

1st Support

12.70

Profit after Taxation

2nd Support

12.40

EPS 09 (Rs)

4.192

Book value / share (Rs)

21.99

1st Resistance

13.50

2,884.76 750.96 1,323.26 17.49 143.13

2nd Resistance

14.00

PE 10 E (x)

5.58

Pivot

13.20

PBV (x)

0.59

HSPI closed up 0.24 at 13.00. Volume was 381 per cent above average (trending) and Bollinger Bands were 141 per cent wider than normal. The company's profit after taxation stood at Rs129.068 million which translates into an Earning Per Share of Rs2.33 for the year ended FY10. HSPI is currently 21.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of HSPI at a relatively equal pace. Trend forecasting oscillators are currently bearish on HSPI

J. K. Spinning Mills Limited

HOUSEHOLD GOODS Performance of SR Household Goods Index Open 1,143.09 Turnover 266,477 P/E (x) 2.60 Company AL-Abid SilkSPOT Diamond Ind Pak Elektron Tariq Glass Ind

Paid up Cap(mn)

Open

High

Low

34.99 14.59 13.84 16.87

35.00 14.50 13.81 17.75

33.55 13.59 13.51 16.99

Paid up Cap(mn)

Close Chg 33.65 14.24 13.65 17.30

-1.34 -0.35 -0.19 0.43

Close 1,137.72 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 3006 301 234602 28564

Change -5.37 Market cap 5,604.96 mn Div Yield (%) 2.41

Last 60 days High Low 35.00 19.70 15.95 19.12

26.60 9.20 12.17 14.50

% Change -0.47 5-Day High 1,143.09 5-Day Low 1,108.77

2009 Div BR (%) (%) 7.5 -

10B -

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

51.62

Total Assets (Rs in mn)

PERSONAL GOODS

MA (10-day)

6.46

Total Equity (Rs in mn)

104.90

MA (100-day)

7.25

Revenue (Rs in mn)

835.16

Performance of SR Personal Goods Index

MA (200-day)

7.19

Interest Expense

1st Support

5.93

Loss after Taxation

2nd Support

4.76

EPS 09 (Rs)

Open

Accord Textile 93 0.85 Amtex Limited XD 2415 2.06 8.71 Artistic Denim XD 840 5.00 20.00 Azam Textile 133 0.54 3.00 Azgard Nine 4493 256.75 10.30 Babri CottonSPOT 29 0.43 14.25 Bannu WoolenSPOT 76 1.16 13.30 Bata (Pak) 76 4.61 450.00 Chenab Limited 1150 3.23 Colony Mills Ltd 2442 2.55 2.92 Crescent Jute 238 0.90 Crescent TextileSPOT 492 2.91 21.46 D S Ind Ltd 600 1.66 Dawood Lawrencepur 514 8.97 39.00 Dewan Mushtaq Textile 34 0.27 2.51 Gadoon TextileSPOT 234 1.24 45.96 Ghani Value Glass XD 75 6.07 28.00 Gillette Pakistan 192 45.61 62.90 Gul Ahmed TextileSPOT 635 3.27 24.70 Gulistan Textile 190 1.78 22.03 Gulshan Spinning 185 1.71 9.44 Hira Textile Mills Ltd. 716 1.23 4.36 Ibrahim FibresSPOT 3105 3.40 36.99 Idrees TextileSPOT 180 2.29 4.00 J K SpinningXDXB 175 0.47 6.57 Khalid Siraj 107 0.79 Kohinoor Ind 303 1.43 Kohinoor Spin. SPOT 1300 1.36 1.41 Kohinoor Textile 1455 2.72 5.30 Leather Up 60 1.50 Masood Textile 600 1.02 19.70 Mukhtar Textile 145 0.49 Nagina CottonSPOT 187 1.29 17.36 Nishat (Chunian) 1586 2.47 19.25 Nishat MillsSPOT 3516 6.12 51.00 Pak Synthetic 560 6.95 5.75 Ravi Textile 250 4.62 1.79 Reliance WeavingSPOT 308 0.85 11.42 Rupali PolySPOT 341 5.87 35.17 Salfi Textile XD 33 0.12 24.92 Sally Textile 88 0.34 5.25 Sargoda SpinningSPOT 312 0.58 2.20 Service Fabrics 158 0.26 Service Ind 120 5.41 200.05 Shadab TextileSPOT 30 0.61 8.60 Shadman Cot 176 2.35 12.00 Shahpur Textile 140 1.11 0.90 Shahtaj TextileSPOT 97 - 21.47 Shams TextileSPOT 86 1.19 17.99 Suraj CottonSPOT 180 1.30 36.05 Tata Textile XD 173 0.20 19.70 Thal LimitedSPOT 256 4.64 109.49 Treet Corp 418 8.85 40.91 Zil Limited XD 53 2.98 42.35

High

High Low 924.15 910.60 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 8.64 Low

Close Chg

0.85 0.85 0.85 0.00 8.50 7.71 7.71 -1.00 20.39 19.71 19.89 -0.11 2.99 2.95 2.95 -0.05 10.42 10.18 10.27 -0.03 15.25 14.75 15.11 0.86 13.40 12.95 13.30 0.00 470.00 460.00 467.08 17.08 3.29 3.17 3.22 -0.01 2.96 2.71 2.75 -0.17 0.82 0.72 0.82 -0.08 20.45 20.39 20.39 -1.07 1.69 1.57 1.67 0.01 38.99 37.31 37.48 -1.52 2.80 2.80 2.80 0.29 46.40 45.02 46.29 0.33 28.00 27.00 27.50 -0.50 64.50 60.10 61.57 -1.33 24.70 23.51 24.61 -0.09 20.93 20.93 20.93 -1.10 9.60 9.05 9.41 -0.03 4.40 4.25 4.27 -0.09 36.80 36.00 36.80 -0.19 4.24 4.00 4.01 0.01 7.57 5.58 7.07 0.50 0.60 0.55 0.60 -0.19 1.55 1.35 1.51 0.08 2.00 1.46 1.50 0.09 5.49 5.13 5.20 -0.10 1.50 1.50 1.50 0.00 20.60 19.25 19.99 0.29 0.59 0.25 0.49 0.00 17.50 16.75 17.10 -0.26 19.78 19.11 19.47 0.22 52.44 50.75 52.04 1.04 6.39 5.70 6.39 0.64 1.88 1.76 1.80 0.01 11.50 11.00 11.10 -0.32 36.50 35.60 35.78 0.61 26.15 23.68 25.86 0.94 5.20 5.17 5.18 -0.07 2.24 2.07 2.23 0.03 0.21 0.18 0.21 -0.05 210.05 206.99 210.05 10.00 9.60 7.60 9.60 1.00 13.00 11.00 12.90 0.90 0.90 0.80 0.80 -0.10 21.90 21.25 21.33 -0.14 18.00 18.00 18.00 0.01 36.49 35.99 36.49 0.44 20.70 19.00 20.40 0.70 110.00 108.00 108.55 -0.94 42.95 41.50 42.91 2.00 44.46 44.00 44.46 2.11

Close 915.32 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change 0.89 Market cap 116,254.33 mn Div Yield (%) 2.73

Last 60 days High Low

1000 0.85 4804347 20.45 6565 24.05 4510 3.23 1045480 12.90 799 18.75 2002 14.00 313 560.00 27255 4.89 12110 5.00 893 1.90 573 27.70 42007 2.49 1175 50.35 5000 3.99 10502 48.30 2189 38.64 179 73.00 527 24.76 110 24.84 2791 9.73 127517 4.85 4600 39.00 18502 5.35 1088 10.30 2101 1.99 5118 2.00 69850 2.00 11013 6.30 769 2.50 2555 23.25 381 0.99 1300 17.50 2782609 19.87 4428913 53.14 2001 7.90 51620 4.69 63700 12.00 1991 36.75 10520 27.75 16300 6.20 3401 2.50 2000 1.17 7405 225.99 1399 10.04 525 15.00 500 2.26 8788 21.90 15819 18.00 138551 37.50 38587 20.70 104483 114.99 282723 49.49 12766 44.46

0.24 7.71 17.55 1.35 8.55 9.50 7.50 436.00 2.93 2.23 0.48 19.51 1.44 37.08 1.52 33.80 27.00 57.50 19.99 19.50 5.31 2.52 34.05 2.56 4.75 0.10 1.01 0.56 4.00 1.35 18.51 0.25 12.00 14.64 40.81 5.16 1.38 6.91 31.35 19.25 2.74 0.31 0.12 176.00 7.60 7.00 0.25 14.75 15.00 29.50 13.76 97.00 37.20 33.00

% Change 0.10 5-Day High 918.23 5-Day Low 914.43

2009 Div BR (%) (%)

2010 Div BR (%) (%)

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

PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index Open 851.91 Turnover 28,173 P/E (x) 6.54 Company Abbott (Lab)

Paid up Cap(mn) 979

Open

High

High Low 867.74 846.37 Total cos Defaulter cos P/BV (x) ROE (%) 1.46 22.31 Low

Close Chg

Close 853.50 Listed cap 3,904.20 mn Payout (%) 44.54

Volume

Change 1.59 Market cap 28,336.75 mn Div Yield (%) 6.81

% Change 0.19 5-Day High 853.50 5-Day Low 843.96

Last 60 days High Low

2009 Div BR (%) (%)

2010 Div BR (%) (%)

7.99

91.29

92.90

91.10

91.11 -0.18

690

96.40

77.00

120

250

5.78

88.36

90.98

87.50

88.03 -0.33

5095

124.00

85.60

20B

GlaxoSmithKline

1707

12.78

70.40

71.57

70.00

70.80

0.40

12040

83.15

65.00

Highnoon (Lab)

165

6.65

24.48

24.94

24.48

0.00

152

25.79

22.10

IBL HealthCare Ltd

200

17.58

8.34

8.39

7.91

Ferozsons (Lab) XB

Sanofi-Aventis

Searle Pak XD

306

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

Open 914.43 Turnover 14,190,391 P/E (x) 6.11 Company

High Low 1,147.44 1,130.83 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 10.64

96 3.27 90 21.25 1174 2.92 231 2.82

Performance of SR Industrial Engineering Index High Low 1,450.89 1,427.95 Total cos Defaulter cos P/BV (x) ROE (%) 2.73 38.02

High Low 724.00 700.66 Total cos Defaulter cos P/BV (x) ROE (%) 1.44 25.53

INDUSTRIAL ENGINEERING Open 1,451.66 Turnover 181,945 P/E (x) 7.18

16,527.43 16,562.92 16,417.57 h68.72

8.30 5.32

2010 Div BR (%) (%)

CONSTRUCTION AND MATERIALS Open 962.48 Turnover 8,823,248 P/E (x) 6.32

Open 690.14 Turnover 21,534 P/E (x) 5.66

% Change 0.04 5-Day High 1,159.89 5-Day Low 1,124.87

INDUSTRIAL METALS AND MINING Open 938.25 Turnover 290,149 P/E (x) 2.87

Current High Low Change

10,066.60 10,095.94 10,025.43 h11.21

Performance of SR Industrial Transportation Index

Close Change 1,331.47 -0.23 Listed cap Market cap 65,194.15 mn 1,052,571.03 mn Payout (%) Div Yield (%) 68.56 6.10

Mari Gas Company

Pak Refinery Limited

Current High Low Change

KMI 30 Index

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,331.71 Turnover 2,842,065 P/E (x) 11.25

KSE 30 Index

10.58 126.68 5.23

60.75

7.91 -0.43

133.01 129.00 133.01 62.20

60.00

61.01

4018

8.66

6.10

6.33

1785

133.01

115.90

0.26

4363

64.19

53.36

15B

1st Resistance

7.92

1,332.50

71.78 (2.87) (0.410)

Book value / share (Rs)

14.99

2nd Resistance

8.74

PE 10 E (x)

0.47

Pivot

6.75

PBV (x)

0.47

JKSM closed up 0.50 at 7.07. Volume was 85 per cent below average (consolidating) and Bollinger Bands were 57 per cent narrower than normal. The company's profit after taxation stood at Rs110.590 million which translates into an Earning Per Share of Rs14.94 for the year ended FY10. JKSM is currently 4.1 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of JKSM at a relatively equal pace. Trend forecasting oscillators are currently bearish on JKSM

Dewan Cement Limited

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

45.65

Total Assets (Rs in mn)

MA (10-day)

1.57

Total Equity (Rs in mn)

4,222.04

MA (100-day)

1.68

Revenue (Rs in mn)

5,682.57

MA (200-day)

2.25

Interest Expense

21,596.72

1st Support

1.41

Loss after Taxation

2nd Support

1.31

EPS 09 (Rs)

1st Resistance

1.60

Book value / share (Rs)

2nd Resistance

1.69

PE 10 E (x)

Pivot

1.50

PBV (x)

463.19 (163.21) (0.457) 11.81 0.13

DCL closed unchanged at 1.49. Volume was 36 per cent below average and Bollinger Bands were 36 per cent narrower than normal. The company's Loss after taxation stood at Rs622.764 million which translates into a Loss Per Share of Rs1.74 for the year ended FY10. DCL is currently 33.8 per cent below its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DCL (mildly bullish). Trend forecasting oscillators are currently bullish on DCL.

BOOK CLOSURES Company

From

Asian Stocks Fund Attock Refinery Balochistan Partical Board BF Modaraba Bilal Fibres B P Board Climex Engineering Co Dadex Eternit Dreamworld Fateh Sports Ware Fazal Textile Mills First Constellation Modaraba Fuji Fertiliser Gammon Pakistan Goodluck Industries Hafiz Textile Mills ICC Textiles IGI Investment Bank International Knitwear

21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Nov 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct

28-Oct 28-Oct 28-Oct 28-Oct 28-Oct 28-Oct 30-Oct 28-Oct 29-Oct 27-Oct 27-Oct 28-Oct 27-Nov 28-Oct 28-Oct 28-Oct 30-Oct 27-Oct 28-Oct

D/B/R 8.2 10B 100 20 6

Spot AGM/Date 13-Oct 13-Oct 13-Oct 13-Oct 13-Oct

28-Oct 29-Oct 28-Oct 28-Oct 28-Oct 28-Oct 30-Oct 28-Oct 29-Oct 27-Oct 24-Oct 30-Oct 28-Oct 30-Oct 27-Oct 28-Oct

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols

Open

Pakistan Cables 55.99 TRG Pakistan Ltd. 4.05 Murree BreweryXDXB 74.09 Shakarganj Food 1.1 Shezan Internat SPOT 95 Lakson Tobacco 339.45 Pak Tobacco 110.11 Shifa Int Hosp XD 28.1 Eye Television 22.4 PIAC(A) 2.15 AKD Capital 65.9 Pace (Pak) Ltd 3.05 Netsol Technol SPOT 18.87 Pak Telephone 1.95

High 56.6 4.09 76 1.2 95 346.99 113.4 29.5 22.5 2.29 65 3.14 19 1.89

Low Close 53.8 3.97 72.5 1.2 95 330.05 108.55 28 22 2.13 62.61 2.97 18.6 1.89

53.8 4.04 74.36 1.2 95 331.46 110 28.1 22.01 2.14 62.88 3.08 18.69 1.89

Change -2.19 -0.01 0.27 0.1 0 -7.99 -0.11 0 -0.39 -0.01 -3.02 0.03 -0.18 -0.06

Vol 202 439192 3212 500 911 115 10902 6693 6500 14570 47467 634321 241060 1500

Thursday, October 21, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,135.61 Turnover 1,135,304 P/E (x) 6.08 Paid up Cap(mn)

Company

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

78 37740 3000 8606 6175

High Low 1,141.32 1,115.31 Total cos Defaulter cos P/BV (x) ROE (%) 0.78 12.84

Open

High

Low

Close Chg

4.71 9.05 1.07 -

95.02 19.12 2.46 2.72 3.80

99.76 19.15 2.51 2.79 3.95

95.11 18.85 2.42 2.51 3.75

95.53 19.00 2.50 2.70 3.77

0.51 -0.12 0.04 -0.02 -0.03

Close 1,129.75 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume 121 330169 252717 552297 39887

Change -5.86 Market cap 77,856.45 mn Div Yield (%) 10.29

120.61 20.22 3.08 3.30 6.13

91.00 17.32 1.80 2.30 3.60

% Change -0.52 5-Day High 1,158.82 5-Day Low 1,129.75

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

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

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

204 6.67 369 4.85 279 5.37 1250 36.76 400 7.64 718 14.13 3000 350 59.75 303 4.98 252 5.21 200 253 1.67 210 -

11.90 31.30 51.01 44.13 10.88 82.68 14.83 2.35 8.79 7.38 13.44 7.00 3.00

Paid up Cap(mn)

Company

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

Open

High

Low

198 11572 6.24 1560 7932 8803 6.76 3673 3541 95.50 178 191 3.33 1367 6.28 150 -

0.91 33.98 1.56 2.13 39.10 12.24 13.20 0.80 19.37 2.49 0.82

0.99 33.95 1.64 2.16 39.30 12.40 13.47 1.69 19.65 2.60 0.93

0.78 33.55 1.60 2.04 38.92 11.60 13.15 0.61 18.70 2.33 0.85

Close 1,170.85 Listed cap 95,369.29 mn Payout (%) 104.13

Change -6.53 Market cap 96,238.30 mn Div Yield (%) 8.43

Close Chg

Volume

Last 60 days High Low

0.99 33.72 1.60 2.10 39.07 12.20 13.37 1.00 18.70 2.45 0.93

2051 49271 2001 278514 74930 4189207 1764973 3622 5022 38513 5006

1.50 37.24 2.28 2.63 44.85 12.90 13.73 1.69 23.49 3.19 1.58

0.08 -0.26 0.04 -0.03 -0.03 -0.04 0.17 0.20 -0.67 -0.04 0.11

0.51 32.75 0.70 1.92 38.35 9.50 9.25 0.23 18.70 2.05 0.33

% Change -0.55 5-Day High 1,177.38 5-Day Low 1,160.95

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

31R -

Open 866.52 Turnover 45,450 P/E (x) 96.29

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,624.75 Turnover 1,553,197 P/E (x) 11.85 Paid up Cap(mn)

Company Sui North Gas Sui South GasSPOT

High Low 1,672.56 1,593.68 Total cos Defaulter cos P/BV (x) ROE (%) 1.35 11.41

Close 1,656.30 Listed cap 12,202.80 mn Payout (%) 66.79

Change 31.56 Market cap 36,743.17 mn Div Yield (%) 5.64

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 18.78 6712 4.37

30.55 28.50

32.07 29.00

29.70 28.10

31.92 1.37 28.63 0.13

506860 1046337

33.40 30.70

25.00 16.00

% Change 1.94 5-Day High 1,680.18 5-Day Low 1,624.75

2009 Div BR (%) (%) -

2010 Div BR (%) (%) 15

25B

BANKS Performance of SR Banks Index Open 996.61 Turnover 6,177,694 P/E (x) 7.04 Paid up Cap(mn)

Company

Open

Allied Bank Limited 7821 5.34 54.87 Askari Bank 6427 6.33 15.19 Atlas Bank 5001 1.85 Bank Alfalah 13492 11.99 9.04 Bank AL-Habib 7322 6.80 31.76 Bank Of Khyber 5004 3.30 3.30 Bank Of Punjab 5288 8.10 BankIslami Pak 5280 3.12 Faysal Bank 6091 3.22 13.94 Habib Bank Ltd 10019 6.58 102.08 Habib Metropolitan Bank 8732 5.79 19.49 JS Bank Ltd 6128 2.45 KASB Bank Ltd 9509 2.42 MCB Bank Ltd 7602 9.25 198.15 Meezan Bank 6983 7.30 15.25 Mybank Ltd 5304 2.18 National Bank 13455 5.46 64.92 Network Mic Bank 300 0.90 NIB Bank 40437 2.90 Royal Bank Ltd 17180 7.20 Samba Bank 14335 2.08 Silkbank Ltd 26716 12.50 2.80 Soneri Bank 6023 6.45 Stand Chart Bank 38716 9.64 6.40 Summit Bank Ltd 5000 2.94 United Bank Ltd 12242 6.26 53.10

High

High Low Close 1,003.75 985.45 996.53 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.95 13.45 34.35 Low

Close Chg

55.25 54.02 54.98 0.11 15.36 15.05 15.31 0.12 1.89 1.79 1.79 -0.06 9.08 8.91 8.99 -0.05 31.88 31.50 31.56 -0.20 3.54 3.30 3.30 0.00 8.20 8.05 8.17 0.07 3.20 2.77 3.04 -0.08 14.00 13.60 13.98 0.04 102.50 101.10 102.30 0.22 19.65 19.20 19.58 0.09 2.40 2.32 2.34 -0.11 2.59 2.38 2.39 -0.03 199.49 196.00 198.27 0.12 15.35 15.00 15.03 -0.22 2.21 2.13 2.17 -0.01 65.34 64.54 65.04 0.12 1.00 0.62 1.00 0.10 2.97 2.82 2.87 -0.03 7.22 6.20 6.67 -0.53 2.01 1.93 1.93 -0.15 2.84 2.70 2.75 -0.05 6.50 6.38 6.50 0.05 6.75 6.75 6.75 0.35 2.98 2.75 2.91 -0.03 53.30 52.80 53.21 0.11

Volume

Change -0.08 Market cap 608,297.34 mn Div Yield (%) 4.88

Last 60 days High Low

30084 59.70 183578 17.15 26201 2.84 323641 10.25 68120 34.00 1314241 3.99 275437 10.97 284845 3.87 90341 15.58 48986 109.10 11403 22.38 370600 2.90 11222 3.70 315211 214.99 2444 15.95 10000 2.79 757687 73.89 5768 2.25 266580 3.50 291823 12.50 115637 2.90 1194819 3.30 19078 7.00 1650 8.50 68797 3.90 158298 60.20

48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 0.26 2.42 5.20 1.55 2.15 5.01 6.00 2.30 49.90

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

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

% Change -0.01 5-Day High 1,001.80 5-Day Low 993.23

20 - 66R 55 -63.46R 10 -

Performance of SR Non Life Insurance Index

Paid up Cap(mn)

Company

Adamjee Insurance XD

High Low 705.50 683.33 Total cos Defaulter cos P/BV (x) ROE (%) 0.60 5.20

Close 695.50 Listed cap 11,111.34 mn Payout (%) 79.54

Change 3.76 Market cap 43,716.07 mn Div Yield (%) 6.89

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 13.21

73.56

73.93

72.17

72.67 -0.89

500418

89.90

63.05

2009 Div BR (%) (%) 30

10B

EFU Life Assurance XB

% Change 0.54 5-Day High 695.50 5-Day Low 665.72 2010 Div BR (%) (%) 10

-0.90 1.56 0.89 2.19 0.12 -2.68 0.15 0.04 0.42 0.22 -0.09 -0.28 0.02

217 4711 501 91616 1000 29076 1198563 1002 5832 2001 595 1004 1048

11.95 32.86 64.90 54.50 13.89 84.00 18.89 4.16 10.60 7.70 16.49 10.00 4.00

8.45 27.10 47.37 34.76 10.04 66.02 12.50 1.66 8.00 6.02 11.51 6.00 1.77

High Low 883.01 857.94 Total cos Defaulter cos P/BV (x) ROE (%) 3.71 3.85

Close 880.78 Listed cap 2,290.72 mn Payout (%) 355.53

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

Change 14.26 Market cap 10,467.17 mn Div Yield (%) 3.69

Open

High

Low

Close Chg

Volume

Last 60 days High Low

850 43.72

77.13

80.98

75.01

80.45 3.32

45450

82.98

10 10 -

UPTO 100 VOLUME

25R 10B 20B -

Symbols

% Change 1.65 5-Day High 880.78 5-Day Low 822.57

2009 Div BR (%) (%)

51.25

2010 Div BR (%) (%)

5513.33B

Performance of SR Financial Services Index Open 365.43 Turnover 9,881,632 P/E (x) 0.44

High Low 375.20 358.60 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22

Close 369.37 Listed cap 30,336.44 mn Payout (%) 4.60

Change 3.94 Market cap 26,264.67 mn Div Yield (%) 10.40

Paid up Cap(mn)

Open

High

Low

Close Chg

225

0.60

0.57

0.60 0.00

1508

1.10

0.42

Arif Habib Invest. XB Arif Habib Limited XB

360 450

7.59 6.62

16.50 26.77

16.79 26.90

16.10 26.36

16.24 -0.26 26.55 -0.22

39752 23714

20.99 47.70

13.00 24.62

25B

20B 20B

Arif Habib Securities 3750 Dawood Cap Mangt. XB 150

2.27 -

23.07 1.21

23.29 1.48

22.85 1.30

23.04 -0.03 1.45 0.24

1022524 797

34.99 2.69

20.90 0.50

30 -

First Credit & Invest Bank Ltd 650 26.42

First National Equity IGI Investment Bank

575 2121 12.75

Invest and Fin Sec XD

Last 60 days High Low

% Change 1.08 5-Day High 369.37 5-Day Low 356.16

AMZ Ventures

Company

Volume

2009 Div BR (%) (%)

2010 Div BR (%) (%)

2.70

3.50

2.76

3.17 0.47

20021

4.50

2.00

10.00 2.00

9.02 2.04

9.00 2.04

9.00 -1.00 2.04 0.04

1450 1100

11.75 2.43

6.86 1.17

7.38

7.59

7.41

7.50 0.12

1000

9.00

6.70

11.5

0.62 0.02 0.09 -0.04 0.25 0.06 -0.05 0.17 0.05 0.13 0.00 -0.23

281314

1.09

0.44

3949 91601 7947844 119107 5406 196247 14412 3007 106558 20305

5.34 2.84 14.95 5.90 41.25 8.04 5.25 5.95 2.63 3.49

2.54 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35 1.50

- 10B -243.778B 10 150 -231.08R -

10B -

600

2.61

Invest Bank

2849

0.60

0.67

0.53

Ist Cap SecuritiesSPOT Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap XD JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Stand Chart Leasing

2878 1.83 626 0.32 7633 508 500 1000 13.53 1000 821 4.28 775 978 5.11

4.35 1.94 9.67 2.22 26.40 5.92 3.95 5.30 1.72 2.48

4.50 2.40 10.08 2.34 26.90 6.15 4.10 5.60 1.77 2.40

4.27 1.55 9.48 2.16 26.00 5.76 3.85 5.20 1.61 2.25

4.44 1.90 9.92 2.28 26.35 6.09 4.00 5.43 1.72 2.25

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,043.26 Turnover 9,876,117 P/E (x) 7.54 Paid up Cap(mn)

Company

High Low 1,076.88 1,031.09 Total cos Defaulter cos P/BV (x) ROE (%) 0.31 4.09

Open

High

Low

1st Fid Leasing 264 AL-Meezan Mutual F. XD 1375 2.46 Asian Stocks XD 900 3.01 Atlas Fund of Funds 525 2.88 B R R Guardian Mod. 780 2.61 Crescent St Mod. SPOT 200 1.95 Elite Cap Mod. SPOT 113 3.92 Equity Modaraba 524 First Capital Mutual F. 300 4.78 First Dawood Mutual F. 581 Golden ArrowSPOT 760 4.07 H B L Modaraba XD 397 4.66 Habib Modaraba 1008 4.47 JS Growth Fund 3180 36.50 JS Value Fund 1186 KASB Modaraba XD 283 2.50 Meezan Balanced F. XD 1200 5.29 Mod Al-Mali 184 NAMCO Balanced F. 1000 3.03 Pak ModarabaSPOT 125 1.76 Pak Prem Fund 1698 3.81 Pak Strat Fund 3000 5.49 PICIC Energy Fund 1000 1.59 PICIC Growth Fund 2835 5.10 PICIC Inv Fund XD 2841 4.08 Prud Modaraba 1st XD 872 2.63 Punjab Modaraba 340 6.67 Safeway Mutual Fund XD 545 2.60 Stand Chart Modaraba XD 454 5.11 Trust Modaraba XD 298 2.71 U D L ModarabaSPOT 264 3.46

1.40 6.27 3.18 3.50 1.05 0.83 2.50 1.14 3.51 1.73 3.63 5.25 5.99 2.70 2.63 1.55 5.45 0.75 2.94 1.01 7.87 7.14 5.50 8.29 3.80 0.99 1.40 6.67 8.76 1.25 6.55

1.45 6.39 4.18 4.50 1.35 0.89 2.60 1.10 4.49 1.75 3.80 5.27 6.00 3.10 2.76 1.78 5.50 0.90 3.29 1.00 8.00 7.05 5.49 8.60 3.69 1.00 1.49 7.50 9.00 2.14 6.64

1.40 6.22 4.10 3.15 0.90 0.74 2.55 1.10 3.26 1.72 3.60 5.25 5.95 2.70 2.52 1.26 5.48 0.56 2.80 0.97 7.85 7.00 5.00 7.90 3.56 0.99 1.40 7.48 8.60 2.00 6.50

Close Chg 1.43 6.38 4.13 3.75 1.15 0.78 2.55 1.10 4.45 1.72 3.74 5.27 5.95 2.92 2.75 1.50 5.50 0.61 3.03 0.97 8.00 7.03 5.48 7.96 3.59 1.00 1.40 7.48 9.00 2.14 6.64

0.03 0.11 0.95 0.25 0.10 -0.05 0.05 -0.04 0.94 -0.01 0.11 0.02 -0.04 0.22 0.12 -0.05 0.05 -0.14 0.09 -0.04 0.13 -0.11 -0.02 -0.33 -0.21 0.01 0.00 0.81 0.24 0.89 0.09

Close 1,057.06 Listed cap 29,771.58 mn Payout (%) 104.19

Change 13.80 Market cap 17,499.84 mn Div Yield (%) 24.31

% Change 1.32 5-Day High 1,057.06 5-Day Low 1,033.70

Volume

Last 60 days High Low

2009 Div BR (%) (%)

1401 23504 248783 21046 28530 42287 23000 2500 148337 500 314030 500 9438 7406501 36016 3003 5000 8928 9000 1200 201001 7513 126133 691565 74873 383917 44728 800 4175 600 7300

2.24 7.25 5.80 4.50 2.43 0.94 3.44 1.50 4.49 2.09 3.88 6.80 7.49 3.90 3.98 2.00 7.00 1.25 3.70 1.40 9.86 8.10 6.49 10.55 5.00 1.20 2.00 8.49 10.99 4.40 6.99

4.5 5 20 10 5 16.5 10

1.01 5.85 2.80 2.53 0.90 0.16 1.65 0.76 0.99 1.36 2.32 4.80 5.56 2.70 2.31 0.52 5.30 0.56 2.25 0.25 7.00 6.01 4.00 7.60 3.50 0.70 0.57 5.62 7.75 1.00 5.00

2010 Div BR (%) (%)

- 18.5 8.2 2.2 0 1.2 5 17 11 21 5 10 2.8 - 15.5 15 3 - 18.6 - 11.53 5 20 10 3 1 - 18.2 17 5 - 12.5

Open

CENI LIBM SHSML BIFO SHCI JOPP PASM SUTM GUSM PSEL AGSML SIEM MWMP NJICL GFIL TRPOL WAZIR LMSM SMTM WYETH COLG CWSM GRYL SCL GRAYS FRSM NESTLE ECOP NOPK ISTM SSML MDTL SPLC IDSM NPSM AGL SANSM MUCL SFL GWLC SAPT POAF SAIF PHDL ELSM UPFL EMCO HUSI DWSM PICTPS FTSM CSIL ICCT DNCC KSBP BWHL PKGI UNIC FZTM NATM PRET SZTM PRWM YOUW BHAT KML BTL MEHT MFTM QUET GATI HWQS MZSM SHJS MLCFPS KOHE PECO

FINANCIAL SERVICES

2010 Div BR (%) (%)

NON LIFE INSURANCE Open 691.74 Turnover 1,837,741 P/E (x) 11.54

Paid up Cap(mn)

Company

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

11.00 32.86 51.90 46.32 11.00 80.00 14.98 2.39 9.21 7.60 13.35 6.72 3.02

Performance of SR Life Insurance Index

Performance of SR Electricity Index High Low 1,180.44 1,161.92 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 9.35

11.00 32.73 51.90 45.05 11.00 79.00 14.52 2.20 8.56 7.60 13.35 6.71 3.00

LIFE INSURANCE

ELECTRICITY Open 1,177.38 Turnover 6,413,110 P/E (x) 12.36

11.00 32.86 52.00 46.33 11.00 84.00 15.20 2.40 9.28 7.70 13.35 7.00 3.02

10.99 55.00 11.00 36.10 2.50 9.00 9.25 34.50 6.30 160.00 5.76 1160.00 1.75 55.48 3.80 0.70 5.90 2.50 7.39 800.00 760.00 1.74 1.31 56.10 49.00 19.25 1926.00 2.30 22.99 4.89 2.05 54.87 0.60 3.00 22.90 22.94 13.90 12.95 121.80 3.10 94.10 13.48 3.52 43.40 17.26 1030.00 2.65 9.90 1.69 8.50 3.69 4.04 0.40 2.00 77.90 30.89 6.87 5.10 335.00 12.65 25.71 4.49 13.62 1.10 195.00 2.01 50.00 56.01 0.99 27.09 41.50 21.00 4.97 64.02 5.43 22.75 304.00

High 11.24 57.50 11.25 37.90 2.50 9.00 9.30 35.00 6.50 155.00 6.76 1168.00 2.50 57.45 3.99 0.91 5.90 3.25 7.40 790.00 765.00 2.59 2.29 56.21 51.00 20.25 1939.50 2.40 24.13 4.99 2.35 57.00 0.57 3.49 22.84 23.46 13.90 11.95 120.50 3.55 98.50 13.48 3.75 43.00 17.75 1030.00 3.40 10.90 1.79 9.50 4.50 3.75 0.60 1.99 78.90 30.98 6.96 4.80 349.95 11.65 26.99 5.26 13.95 1.15 204.45 1.70 50.50 57.97 1.00 28.44 43.39 22.00 4.80 65.00 5.99 23.23 300.00

Low

11.24 57.00 11.25 37.90 2.50 9.00 9.25 35.00 6.25 152.09 5.55 1150.00 1.30 54.00 3.20 0.90 5.20 3.25 7.25 780.00 750.00 1.32 1.21 56.20 47.60 20.05 1900.00 2.11 23.99 4.50 1.71 52.17 0.57 3.48 22.69 23.15 13.90 11.95 115.91 3.13 98.50 13.48 3.75 41.23 17.75 1020.00 2.95 9.99 1.70 9.50 2.69 3.61 0.60 1.50 74.26 30.94 6.96 4.71 349.90 11.65 26.94 5.26 13.90 1.15 202.00 1.63 50.50 57.97 1.00 28.44 43.39 22.00 4.80 65.00 5.99 23.23 300.00

11.24 57.28 11.25 37.90 2.50 9.00 9.30 35.00 6.50 154.50 5.55 1168.00 1.73 56.50 3.20 0.91 5.20 3.25 7.30 780.02 764.73 1.65 1.21 56.20 48.00 20.19 1920.90 2.24 23.99 4.50 2.27 56.00 0.57 3.48 22.69 23.15 13.90 11.95 116.68 3.14 98.50 13.48 3.75 41.23 17.75 1020.00 2.95 9.99 1.75 9.50 3.98 3.75 0.60 1.75 76.58 30.94 6.96 4.80 349.90 11.65 26.94 5.26 13.90 1.15 202.00 1.70 50.50 57.97 1.00 28.44 43.39 22.00 4.80 65.00 5.99 23.23 300.00

Change

Vol

0.25 2.28 0.25 1.80 0.00 0.00 0.05 0.50 0.20 -5.50 -0.21 8.00 -0.02 1.02 -0.60 0.21 -0.70 0.75 -0.09 -19.98 4.73 -0.09 -0.10 0.10 -1.00 0.94 -5.10 -0.06 1.00 -0.39 0.22 1.13 -0.03 0.48 -0.21 0.21 0.00 -1.00 -5.12 0.04 4.40 0.00 0.23 -2.17 0.49 -10.00 0.30 0.09 0.06 1.00 0.29 -0.29 0.20 -0.25 -1.32 0.05 0.09 -0.30 14.90 -1.00 1.23 0.77 0.28 0.05 7.00 -0.31 0.50 1.96 0.01 1.35 1.89 1.00 -0.17 0.98 0.56 0.48 -4.00

100 100 100 100 100 96 80 75 74 71 60 60 54 53 51 50 46 40 36 30 29 28 27 23 22 20 17 15 13 12 11 11 10 10 10 10 10 10 8 8 7 6 6 6 5 5 5 4 3 3 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

FUTURE CONTRACTS Symbols

Open

NML-OCT

49.00

DGKC-OCT

26.68

High 50.27

Low 48.53

27.30

26.56

Change

Vol

50.07

1.07

711000

27.13

0.45

414500

FFBL-OCT

30.16

30.75

30.00

30.65

0.49

297000

MCB-OCT

198.49

199.02

197.05

198.61

0.12

216000

0.87

165000

NCL-OCT

18.32

19.30

18.50

19.19

OGDC-OCT 152.34

152.60

151.59

152.50

0.16

153500

70.62

71.51

70.50

71.50

0.88

81500

PSO-OCT

269.15

268.49

267.10

267.54

-1.61

80000

PPL-OCT

185.71

186.30

184.02

186.01

0.30

75000

NBP-OCT

65.20

65.35

64.75

65.13

-0.07

AICL-OCT

73.75

74.30

72.65

72.81

-0.94

69000

POL-OCTB

232.83

234.87

231.75

234.52

1.69

56000

ENGRO-OCT 176.51

176.50

175.22

175.62

-0.89

46000

-0.01

45000

LUCK-OCT

72500

ANL-OCT

10.34

10.45

10.25

10.33

PTC-OCT

19.05

19.10

0.05

500

AICL-COCT

73.93

0.00

73.00

-0.93

0.00

ZERO VOLUME Symbols

Open

High

Low

ADAMS

12.49

12.50

0.01

ALICO

17.95

17.50

-0.45

ARPAK

13.00

14.00

Change

1.00

Vol

ARUJ

4.50

4.49

-0.01

0.00

BILF

0.70

0.76

0.06

0.00

0.00 0.00 0.00

ESBL

2.74

2.65

-0.09

0.00

FAEL

9.25

9.30

0.05

0.00

FANM

2.10

2.15

0.05

0.00

FCONM

1.84

1.75

-0.09

FECS

45.12

44.99

-0.13

0.00

KOHS

3.44

3.75

0.31

0.00

BOARD MEETINGS

Dera Ghazi Khan Cement Co Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

74.04

Support 1

10,442.90

MA (5-day)

10,455.23

Support 2

10,399.80

MA (10-day)

10,373.32

Resistance 1

10,522.40

MA (100-day)

9,935.91

Resistance 2

10,558.80

9,977.34

Pivot

*Arif Habib Ltd

Buy

AKD Securities Ltd

36.85

Positive

Technical Analysis

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

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

Rs Recommendations

33 32.06 29.1

*Arif Habib Ltd

Accumulate

AKD Securities Ltd

Neutral

TFD Research

182.55 4,939.79 36.64 26.66

* 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

70.58 29.12 27.88 29.43

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

326.94 9,958.55 9.84 30.37

are currently bullish on DGKC.

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

Brokerage House

Fair Value

Rs Recommendations

Brokerage House

Fair Value

Rs Recommendations

Brokerage House

Fair Value

Rs Recommendations

*Arif Habib Ltd

Buy

AKD Securities Ltd

Accumulate

AKD Securities Ltd

105.2

Buy

TFD Research

Positive

92.3

Positive

TFD Research

72.75

Neutral

Technical Outlook

Technical Outlook 54.61 64.45 65.39 72.17

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

318.37 20,706.59 67.98 64.96

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

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

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

175.80 9,148.63 50.09 51.55

* 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)

51.78 72.17 67.21 70.14

Bollinger Bands were 8 per cent narrower than normal. NML is currently 0.2 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into NML (bullish). Trend forecasting

129.35 9,217.48 11.34 70.87

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

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

61.39 68.50 77.37 97.02

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

Fair Value 8.5

Rs Recommendations Positive

Technical Outlook

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

Brokerage House TFD Research

74.22 5,393.77 15.63 73.08

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

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

56.22 4.87 4.88 5.59

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

381.31 1,914.17 N/A 4.98

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

NBP closed up 0.12 at 65.04. Volume was 58 per cent below average (con- LUCK closed up 0.69 at 71.26. Volume was 30 per cent below average AICL closed down -0.89 at 72.67. Volume was 14 per cent above average FCCL closed up 0.07 at 5.00. Volume was 5 per cent below average and solidating) and Bollinger Bands were 56 per cent narrower than normal.

and Bollinger Bands were 19 per cent narrower than normal.

and Bollinger Bands were 9 per cent narrower than normal.

Bollinger Bands were 30 per cent narrower than normal.

NBP is currently 1.9 per cent below its 200-day moving average and is dis- LUCK is currently 1.6 per cent above its 200-day moving average and is AICL is currently 24.9 per cent below its 200-day moving average and is FCCL is currently 10.2 per cent below its 200-day moving average and is playing an upward trend. Volatility is extremely low when compared to the displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely low when compared to 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 the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NBP at a relatively equal pace. Trend reflect moderate flows of volume into LUCK (mildly bullish). Trend forecast- reflect moderate flows of volume into AICL (mildly bullish). Trend forecast- reflect volume flowing into and out of FCCL at a relatively equal pace. forecasting oscillators are currently bullish on NBP.

ing oscillators are currently bullish on LUCK.

ing oscillators are currently bullish on AICL.

Trend forecasting oscillators are currently bullish on FCCL.

Date

Time

Bawany Air Products Limited Capital Assets Leasing Limited D.M Textile Mills Ltd Dawood Lawrencepur Limited First Habib Modaraba Ghani Automobile Industries Ltd Ghani Value Glass Limited Habib Insurance Company Ltd Lucky Cement Limited Pakistan State Oil Company Ltd Sitara Peroxide Limited Baluchistan Wheels Limited Dreamworld Ltd Fatima Fertiliser Company Limited Fazal Textile Mills Limited First Imrooz Modaraba JS Growth Fund JS Investments Limited JS Value Fund Limited Meezan Bank Limited

21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct

3:00 11:30 4:30 3:00 11:30 10:00 9:30 12:00 11:30 10:00 3:30 11:00 10:30 11:30 11:00 10:00 11:00 11:00 9:30 9:30

Company

Leverage Position

70.48 49.68 46.61 52.22

Company

TECHNICAL LEVELS

Positive

Fauji Cement Co Ltd

Neutral

Technical Analysis

Buy

oscillators are currently bullish on NML.

Buy

74.2

Technical Analysis

Adamjee Insurance Co Ltd

61.96

TFD Research

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

oscillators are currently bullish on FFBL.

Lucky Cement Ltd

National Bank of Pakistan

AKD Securities Ltd

Rs Recommendations

65 59.97

DGKC closed up 0.40 at 27.06. Volume was 77 per cent above average FFBL closed up 0.33 at 30.46. Volume was 183 per cent above average NML closed up 1.04 at 52.04. Volume was 88 per cent above average and

and Bollinger Bands were 1 per cent wider than normal. (trending) and Bollinger Bands were 50 per cent wider than normal. KSE 100 INDEX is currently 5.1 per cent above its 200-day moving aver- DGKC is currently 0.5 per cent below its 200-day moving average and is FFBL is currently 5.1 per cent above its 200-day moving average and is age and is displaying an upward trend. Volatility is extremely low when displaying an upward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is extremely low when compared to compared to the average volatility over the last 10 trading sessions .volvolatility over the last 10 trading sessions. Volume indicators reflect very the average volatility over the last 10 trading sessions. Volume indicators ume indicators reflect moderate flows of volume into INDEX (mildly bullish). Momentum oscillator is currently indicating that INDEX is currently in strong flows of volume into DGKC (bullish). Trend forecasting oscillators reflect very strong flows of volume into FFBL (bullish). Trend forecasting

*Arif Habib Ltd

Fair Value

Technical Outlook

port level at 10,399.80 .

an overbought condition.

Brokerage House

Buy

Technical Outlook

Leverage Position

68.26 25.41 25.12 27.23

Fair Value

TFD Research

Technical Outlook

10,479.30

Index will continue to find its 1st support level at 10,442.90 and 2nd sup-

Brokerage House

Buy

43.29

TFD Research

KSE 100 INDEX closed up 21.13 points at 10,486.02. Volume was 39 per

resistance level at 10,522.40 and 2nd resistance level at 10,558.80 , while

Rs Recommendations

AKD Securities Ltd

RSI (14-day) MA (10-day) MA (100-day) cent above average and Bollinger Bands were 12 per cent wider than nor- MA (200-day) MA (200-day)

Fair Value

*Arif Habib Ltd

Nishat Mills Ltd

Fauji Fertiliser Bin Qasim Ltd

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

RSI 1st 2nd (14-day) Support 45.50 2.95 2.80 68.12 54.25 53.50 45.13 63.20 62.50 41.69 26.30 26.05 48.09 22.85 22.60 61.39 71.90 71.15 60.55 15.10 14.95 50.08 10.15 10.05 28.08 287.25 285.15 72.16 92.95 91.65 60.07 8.90 8.80 45.27 2.80 2.55 46.95 8.10 8.00 45.65 1.40 1.30 68.26 26.50 25.95 60.61 1.50 1.45 70.36 2.30 1.90 76.95 45.45 44.60 84.17 76.65 72.85 47.72 174.45 173.75 56.67 13.70 13.45 56.22 4.95 4.85 70.58 30.20 29.95 62.89 108.05 107.75 65.44 101.45 100.55 49.74 33.55 33.35 65.41 123.40 120.20 54.49 227.55 225.55 35.32 2.20 2.10 54.46 1.55 1.50 46.76 2.30 2.25 44.21 9.60 9.25 28.04 38.90 38.70 50.72 2.05 2.00 51.78 70.55 69.80 59.88 196.35 194.45 45.36 2.80 2.75 54.61 64.60 64.15 70.55 19.10 18.80 50.06 18.50 18.35 53.30 2.80 2.75 52.81 1.40 1.35 70.48 51.05 50.05 70.42 151.60 150.95 61.08 3.00 2.90 56.14 1.65 1.55 47.58 2.10 2.05 56.10 8.10 7.90 45.80 231.95 229.75 51.26 184.50 183.45 45.82 73.75 73.70 48.37 266.00 265.00 50.03 18.85 18.70 41.42 192.50 191.90 59.07 30.40 28.85 76.76 10.15 9.90 62.05 28.15 27.70 62.72 2.45 2.40 52.35 3.95 3.90 54.04 52.90 52.60 55.80 2.55 2.40

1st

2nd

Resistance 3.25 3.35 55.50 56.00 64.30 64.70 26.85 27.15 23.25 23.50 73.65 74.70 15.45 15.55 10.40 10.55 292.25 295.15 95.80 97.35 9.05 9.15 3.25 3.45 8.25 8.30 1.60 1.70 27.45 27.85 1.70 1.75 3.00 3.30 46.75 47.20 82.60 84.80 176.05 176.95 14.10 14.25 5.10 5.15 30.70 31.00 108.70 109.00 102.85 103.35 33.95 34.15 129.15 131.70 231.05 232.50 2.35 2.45 1.65 1.70 2.40 2.45 10.20 10.45 39.30 39.50 2.15 2.20 71.70 72.15 199.85 201.40 2.90 3.00 65.40 65.75 19.80 20.10 18.90 19.15 2.95 3.05 1.50 1.55 52.75 53.45 153.25 154.25 3.15 3.25 1.80 1.85 2.25 2.35 8.35 8.40 235.45 236.70 186.30 187.05 73.95 74.10 268.25 269.45 19.15 19.30 194.20 195.30 32.75 33.60 10.65 10.90 29.05 29.50 2.55 2.60 4.10 4.15 53.40 53.60 2.85 2.95

Pivot 3.10 54.75 63.60 26.60 23.05 72.90 15.25 10.30 290.15 94.50 9.00 3.00 8.15 1.50 26.90 1.60 2.60 45.90 78.80 175.35 13.85 5.00 30.45 108.35 101.95 33.75 125.95 229.00 2.25 1.60 2.35 9.85 39.10 2.10 71.00 197.90 2.85 64.95 19.45 18.75 2.90 1.45 51.75 152.60 3.05 1.70 2.20 8.15 233.20 185.25 73.90 267.20 19.00 193.60 31.25 10.40 28.60 2.50 4.05 53.10 2.65

Thursday, October 21, 2010

First Hajj flight from Sialkot on Oct 29

ME airliner unboards 75 female hujaj at Khi airport

ORLANDO: Virgin America Airlines, Virgin Group Founder Richard Branson welcomes passengers from the airline's new Orlando service from Los Angeles at Orlando International Airport.-Reuters

Etihad brand envoys cheer â&#x20AC;&#x2DC;kids in distressâ&#x20AC;&#x2122; ISLAMABAD: Pakistani poprock group Strings, official brand ambassadors for Etihad Airways in Pakistan, has distributed over 500 gift packs to displaced children living in the Sujawal relief camp in Pakistan, in collaboration with Emirates International Mobile Humanitarian Hospital for Children (EIMHH). Faisal Kapadia, one of the Strings duo, said: "This was an important opportunity to bring a smile to children's faces and remind them that we care. "We were pleased to join Etihad and Emirates International Mobile Humanitarian Hospital on this special trip. Many of the affected people lived off the land, so they are now left with absolutely nothing. Choosing to sit idly by and watch their suffering is not an option." Etihad Airways Country Manager in Pakistan, Amer

Khan, joined Strings and EIMHH in their visit to the displaced families residing in the Sajawal relief camp, distributing gift packs and assisting the medical staff of EIMHH tend to child patients. Khan said "Etihad recognises the difficulties these children and their families are faced with, and we hope the gifts we distributed have helped to raise their spirits." Etihad is currently working with EIMHH to assist the hospital in transferring medical supplies to Pakistan through Etihad Crystal Cargo. The airline has also been working closely with the Pakistani authorities to transfer medical supplies and humanitarian aid to the country. Etihad recently launched its inaugural flight of its A330-200 freighter aircraft to Pakistan, filled with relief supplies.

Dr Adel Al Shamry, Chief Executive of EMIMH, said: "I am delighted to work with Etihad on the recent visits to the relief camps in Pakistan. "This trip will educate the public and increase awareness of the situation here, which is dire. I look forward to working closely with Etihad to ensure that both our organisations from the UAE are doing all they can to help the misplaced flood victims in Pakistan." The EMIMH continues to support the flood victims with its focus on the prevention and treatment of children diseases. The mobile, elaborate medical facility travels through the Sindh region offering free medical care, ICU, diagnostics, pharmacy and other services by engaging doctors and staff from Canada, France, UAE and Pakistan, Syria and the Philippines.-APP

Cathay Pacific traffic stats aired KARACHI: The Cathay Pacific Airways has released combined Cathay Pacific and Dragonair traffic figures for September 2010 that showed jump in the number of passengers, amount of cargo, and mail carried compared to the same month in 2009, coupled with increases in both passenger and cargo capacity. A statement issued here said that the two airlines carried a total of 2,178,726 passengers in September

was up by 18.4 per cent as compared to the same month last year. The passenger load factor was 81.8 per cent, a surge of 1.6 per cent, while capacity for the month, measured in Available Seat Kilometres (ASKs), was up by 12.9 per cent. For the year to date, the number of passengers carried is up 10.9 per cent compared to an ASK rise of 3 per cent. The statement said that the

Cathay Pacific and Dragonair carried 146,152 tonnes of cargo and mail last month, up 9.6 per cent on September last year. The cargo and mail load factor was 69.8 per cent, a drop of 4.6 per cent, while capacity, measured in available cargo/mail tonne kilometres, was up by 25.4 per cent. For the year to date, tonnage has grown by 20.5 per cent compared to a capacity increase of 12.7 per cent.-APP

Bahrain to inject $1bn into state airline MANAMA: Bahrain plans to give an extra 400 million Bahraini dinars ($1 billion) in fresh capital to loss-making national carrier Gulf Air, the company said, adding to the country's fiscal burden. "Gulf Air can confirm that its owners have raised its authorized share capital by an additional 400 million (dinars)," a spokeswoman for Gulf Air said in an e-mailed statement to Reuters. She said the airline's capital would be increased to 530 million dinars. Al Wasat newspaper reported earlier that Bahrain's king had issued a decree to expand the state's 2010 budget by 400 million dinars for the capital injection and had authorised the finance ministry to raise the funds from local and international capital markets. An official at the finance ministry declined to comment. Gulf Air, which flew nearly 6 million passengers last year, plans to break even in two to three years after making a loss of $502 million in 2009, according to a document seen by Reuters. However the airline has struggled to find a niche after previous owners Oman, Abu Dhabi and Qatar gave up their stakes partly to establish their own carriers. It now focuses on regional routes in the Middle East to compete with airlines from top energy exporters such as Qatar Airways and Emirates Airline that serve global traffic linking Asia and Europe. The spokeswoman said it was the first time Gulf Air's capital had been increased since Bahrain took full ownership in 2007.-Agencies

KARACHI: A foreign airline off-loaded 75 women Hajj pilgrims at Quaid-e-Azam International Airport here on Tuesday. According to a private television channel, the local administration of the foreign airline off-loaded the Hajj pilgrims while saying that the airline can not take any woman Hajj pilgrim, in group, to Saudi Arabia without the male escort. The off-loaded Hajj pilgrims belong to the Jaffaria sect of Muslims and according to it women can go without male escort to perform Hajj and Umra and the Government of Saudi Arabia has also admitted it. Commenting on the incident the Director of Hajj operation, Abdul Sattar said that he has been informed by the administration of the airline that the flight was scheduled to fly to

Saudi Arabia via Bahrain, adding this problem was created due to the indirect flight and that country's legal restriction on lone female Hajj pilgrims. Meanwhile Pakistan International Airline (PIA) will start its Hajj operation from Sialkot International Airport on October 29 and first hajj flight with 468 intending pilgrims will take-off for Jeddah. Station Manager PIA Khalid Hameed said newsmen here on Friday that all arrangements had been finalised for initiating Hajj operation. One daily flight would depart from here and the process of Hajj flights would be completed by operating nine flights, he revealed. Khalid said that 4,212 intending pilgrims of Sialkot, Daska, Pasrur, Sambrial, Narowal and other adjoining areas would benefit from it.-Agencies

French airline to fly Paris-Baghdad route PARIS: French airline Aigle Azur is preparing to launch the first direct commercial flights from Paris to Baghdad, a spokeswoman for the company told AFP on Thursday. An inaugural flight is planned on October 30 for business leaders and "in a few weeks, the regular programme will be launched" with two flights a week to the Iraqi capital from Paris Charles de Gaulle airport, the spokeswoman said. "We are still waiting for a few points to be finalised," she added. Aigle Azur said it was negotiating a deal to take Air France

passengers arriving in Paris on to Baghdad, allowing Air France to sell indirect flights to Iraq for the first time since 1990. The French flag-carrier suspended its flights to Baghdad that year at the start of the Gulf War and more years of conflict since the 2003 US invasion of Iraq prevented them from being resumed. Aigle Azur's current flights serve France, Portugal and North Africa. Iraqi Airways in April launched the first direct flights between Baghdad and London in 20 years.-APP

Some Europe fuelers close pumps on Irani planes TEHRAN: Iran confirmed that some companies at European airports were refusing to sell it fuel, and its flag carrier said planes were making unscheduled stops en route to Tehran because they could not refuel in London. Iran has played down the impact of international sanctions, which were tightened in June, and previously dismissed reports that Iranian airlines were having problems refueling abroad as part of a "psychological war". But when asked about the issue at his weekly news conference on Tuesday, foreign ministry spokesman Ramin Mehmanparast said, "Unfortunately, some western companies have adopted inappropriate policies. "Our advice to their governments is not to act beyond the regulations and even that illegal resolution," he said, referring to new UN sanctions aimed at pressuring Iran over its nuclear programme.-Reuters

Vietnam Air flight survives air pocket PARIS: Thirty passengers on a Vietnam Airlines flight to Paris were injured when their plane hit an air pocket over Russia and lost altitude abruptly, a spokeswoman for the airline said on Wednesday. The aircraft, a Boeing 777 departing from Hanoi, landed at 0515 GMT at Charles De Gaulle airport near Paris with no technical difficulties, completing its route. Of the 30 injured passengers, nine passengers and three crew members were being treated in a Paris hospital for injuries which were described as "not severe". "Their state is not a concern," the spokeswoman said.-Reuters

SINGAPORE: Passengers arrive from their flights at one of the terminals at Changi International Airport in Singapore.-Reuters

Emirates educates corp travel agents KARACHI: The Emirates Airline, in association with the American Express Group, held the first ever programme in Pakistan for corporate travel bookers. An announcement here on Friday said that the event was initiated by the Emirates Sales team and targeted towards educating corporate clientele, responsible for making corporate travel bookings, about the role of travel agents as well as Emirates Airlines' newest offerings. Through this event, Emirates intended to acknowledge their

corporate clientele from both local and multi-national organisations and create greater awareness through one-on-one interaction regarding the function of Emirates as their airline partner. Led by Sales Manager South Pakistan, Khalid Yousuf Khan, the programme featured various speakers such as Corporate Sales Manager in Pakistan Noman Siddiqui, Tour Executive of Emirates Holidays Christopher Trinidad and Senior Customer Sales Agent for Skywards (earning

rewards as you fly) Delilah Robinson, who all addressed the audience. They briefed the audience on Emirates latest Skywards products, Emirates holiday packages and their newest destinations as well as the additions being made to their already extensive fleet. The participants had the chance to engage themselves in discussion and benefit from this session by learning about travel machinery as well as the workings of the aviation industry.-APP

Thursday, October 21, 2010

European vegetable oil prices

BANGKOK - THAILAND: A shopkeeper evaluates gold chains sold by a customer in Bangkok's Chinatown. -Reuters

Coffee up on supply concerns LONDON: Robusta coffee prices neared a 2-year high on Wednesday as dealers eyed wet weather in Vietnam which could damage robusta output, while arabica futures were underpinned by tight supplies of quality beans. ICE raw sugar futures nudged close to 9-month highs, underpinned by supply concerns, while cocoa was little changed. Robusta coffee was boosted by a combination of weather concerns in Vietnam, the November options expiry and an influx of fund buying, dealers said. Liffe January robusta coffee traded at its highest level in two months at $1,804 a tonne, before paring gains to trade up $64 or 3.7 per cent at $1,806 per tonne at 1431 GMT. ICE December arabica coffee futures were up 2.9 cent or 1.5 per cent at $1.9380 a lb. ICE raw sugar futures neared nine-month highs on investor buying, supported by concerns over tight near-term supplies. ICE March raw sugar futures traded up 0.75 cent or 2.7 per cent at 29.06 cents a lb. London December white sugar was up $12.80 or 1.8 per cent at $731.00 per tonne, after earlier hitting a contract high of $730.70 a tonne. ICE December cocoa was up $10 or 0.4 per cent at $2,760 per tonne, while Liffe second-month March cocoa traded 8 pounds higher at 1,891 pounds a tonne. -Reuters

Gold rises; Fed intent report knocks USD LONDON: Gold climbed on Wednesday as the dollar fell sharply against the euro and yen after a report suggested the US Federal Reserve planned to boost growth by purchasing $500 billion in US Treasury debt over six months. Spot gold was bid at $1,344.00 an ounce at 1625 GMT, against $1,336.00 late in New York on Tuesday. US gold futures for

Worldwide Trading. "It looks like the market maybe got ahead of itself and that correction yesterday put things back in perspective a little bit. I definitely don't think the uptrend is over, but it might be a little less fierce upside than we've seen recently." Silver was at $23.80 an ounce against $23.32, having also slipped by the most since July 1

Indian sugar stays flat as mills hold prices December delivery rose $8.30 an ounce to $1,344.30. The precious metal fell 2.5 per cent on Tuesday, its biggest oneday loss since July 1, after China raised its benchmark interest rates by 25 basis points, sparking a dollar recovery. While fresh weakness in the US currency helped prices to rise back above $1,340 an ounce, its move has been relatively muted after Tuesday's hefty losses. "We're seeing a pretty big move in the dollar to the downside and we're not seeing that reflected as much in the gold market to upside," said Jeff Pritchard, an analyst at Altavest

on Tuesday with a 4.1 per cent fall. It is still one of the biggest climbers of the precious metals so far this year, up 41 per cent. Platinum was at $1,676.49 an ounce against $1,667.50, while palladium was at $584.99 against $573.08. The white metals also fell on Tuesday in gold's wake, but analysts say their firm underlying fundamentals are expected to lend support. Demand for the autocatalyst metals is expected to improve this year as the car industry continues its recovery, while mine supply in South Africa is expected to be constrained. -Reuters

Copper choppy, weak dollar provides support LONDON: Copper reversed earlier losses on Wednesday, as the dollar dipped and markets reassessed the previous day's surprise interest rate hike by top consumer China. Benchmark copper for three month delivery on the London Metal Exchange closed at $8,340 a tonne from $8,260 at the close on Tuesday and compared with a session low at $8,170. On Tuesday, the red metal hit a 27-month high of $8,492 a tonne, but tumbled more than 2 per cent, its biggest one-day fall since July, after China surprised markets by raising interest rates for the first time in nearly three years. "A decent sell-off yesterday in response to the Chinese rate hike," said Daniel Major, analyst at RBS Global Banking & Markets. "The markets are treading water to an extent -- currency markets are helping. "There is no reason why a cou-

ple of more weakish data points or unexpected pieces of news

Shanghai metals edges down Benchmark third-month Shanghai copper fell 1.2 per cent to 62,650 yuan. Falls in zinc and aluminium meant that on a volume-weighted basis Shanghai metals fell 1 per cent.

couldn't take it back below $8,000, and that's a good opportunity to re-enter." Analysts also said that stronger earnings in the United States, was also providing a boost for base metal prices. Despite the latest data showing a small rise, copper stocks have been dwindling for months, standing at 370,750 tonnes.

Aluminium ended at $2,362 a tonne versus Tuesday's close of $2,357. Daily average primary aluminium output rose to 66,700 tonnes in September from 66,500 tonnes in August, provisional figures from the International Aluminium Institute showed on Wednesday. Zinc closed at $2,440 a tonne, versus Tuesday's close of $2,392, while battery material lead ended at $2,450 from $2,400. Tin closed at $26,750 a tonne. It was last quoted at $25,850/$25,900 at Tuesday's close. Nickel, used in stainless steel, ended at $23,945 a tonne versus Tuesday's close of $23,460 per tonne. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for October 19 2010 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1280

1175

October (3rd Wednesday)

1265

1180

November (3rd Wednesday)

1265

1190

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for October 19 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

2189 2190 2165 2175 2130 2140 2130 2140

ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Dec10/Jan11 840.00+7.00, Feb11/Apr11 845.00+7.00, May11/Jul11 847.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 840.00+10.00, May11/Jul11 845.00+10.00, Aug11/Oct11 825.00+5.00. SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1300.00+15.00, Apr11/Jun11 1290.00+5.00, Jul11/Sep11 1305.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1327.50+15.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Oct10 1020.00, Nov10 1010.00+22.50, Dec10 1007.50+25.00, Jan11/Mar11 1005.00+25.00. PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1047.50, Jan11/Mar11 1042.50. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 1002.50+27.50, Jan11/Mar11 997.50+30.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Dec10 1010.00+27.50, Jan11/Mar11 1005.00+30.00, Apr11/Jun11 1007.50+30.00. PALM STEARIN: Dlrs tonne fob Malaysia Nov10 985.00+15.00, Dec10 985.00+15.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1415.00+20.00, Nov10/Dec10 1415.00+20.00, Dec10/Jan11 1415.00+20.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1925.00-75.00. Reuters

8290 2376 8295 2377 0 2405 1 2405.5 8135 2395 8145 2400 7770 2370 7780 2375

TIN

26540 26545 26500 26550 25825 25875

ZINC NASAAC

2285 2286 2305 2315 2330 2340 2380 2390

MUMBAI: India's spot sugar ended steady for a third consecutive session on Wednesday as mills insisted on higher prices despite a slight drop in the demand, analysts said. "Millers are expecting improvement in demand as Diwali is around the corner. They are firm about prices," said a member of the Bombay Sugar Merchants Association. Demand for sugar usually goes up ahead of Diwali, the Hindu festival of lights, which falls in the first week of November. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety nudged 0.08 per cent higher to 2,600 rupees ($58.6) per 100 kg. A sharp rise in international market and a delay in cane crushing also supported sentiments, the member said. New York raw sugar futures nudged close to 9-month highs on Wednesday, underpinned by a weaker dollar. Fresh showers in India's key sugar producing states of Maharashtra are likely to delay cane crushing, industry and government officials told Reuters. -Reuters

Oil rises above $81 on dollar, US inventories US crude inventories rise less than expected LONDON: Oil jumped above $81 a barrel on Wednesday, supported by a weaker dollar and a government report showing crude inventories rose less than expected and inventories of some fuels fell in the world's largest consumer. Crude oil stocks rose by 670,0000 barrels, the US government's Energy Information Administration said, less than analysts forecast. Stocks of distillates fell more than expected, while gasoline stocks unexpectedly rose. "The report looks moderately bullish at first sight. I think if the market is bullish for other reasons, macro reasons, this could add fuel to the fire," said Antoine Halff of Newedge Group in New York. US crude for November, which expires later on Wednesday, jumped $1.77 to $81.26 a barrel by 1504 GMT. Brent crude rose $1.87 to $82.97.

Oil was up earlier in the session because of the weaker dollar and as investors reassessed China's interest rate increase announced on Tuesday, taking the view that it would do little to curb demand in the world's second-largest consumer. "This will not derail the

Chinese economy, so the reaction was a bit overdone," said Carsten Fritsch, commodities analyst at Commerzbank in Frankfurt. "Commodity prices and also equity markets have rebounded today." Crude in New York on Tuesday fell more than 4 per cent, the biggest one-day percentage decline since February, after China surprised markets with its first interest rate increase in nearly three years.

Palm oil at 27-mth peak on export demand KUALA LUMPUR: Palm oil futures hit a new 27-month high and other vegetable markets gained as traders banked on strong export demand from China despite the country's central bank raising interest rates. Malaysia's January 2011 palm oil contract jumped as much as 2.3 per cent to 2,985 ringgit ($960.7) per tonne, trading at a level unseen since August 2008 and hovering just below the crucial 3,000 ringgit level. Traded volume almost doubled to 19,252 lots of 25 tonnes from each the usual 10,000 lots as traders put aside concerns that China's demand would stall in the country's efforts to tighten credit. The most active May soyoil futures on China's Dalian Commodity Exchange ended

down just 0.4 per cent at 8,980 yuan ($1,352) a tonne, after falling to over a month low of 8,812 yuan earlier in the day. "The Chinese government didn't raise the interest rate by much, and the thing that they are worrying now is the overheating of domestic inflation," said LMC International chairman James Fry at an industry conference in Kuala Lumpur. Chinese vegetable oil demand was recovering from a slow start in October as cargo surveyors Intertek Testing Services and Societe Generale de Surveillance said overall Malaysian palm oil exports for Oct. 1-20 rose as much as 5 per cent versus a month ago. US December soyoil climbed 1.7 per cent in late Asian hours on expectations of still strong Chinese demand and aided by the weakening dollar. -Reuters

US crude reached a fivemonth high above $84 on Oct. 7 as expectations the Federal Reserve would this year embark on a second round of expansionary monetary measures to boost growth weighed on the dollar. Several Federal Reserve officials indicated on Tuesday that the central bank will soon offer further monetary stimulus, with one saying $100 billion a month in bond buying may be appropriate. China has been the main driver of oil demand growth so far this year, although it still uses about half as much oil as the United States. The EIA report released at 1430 GMT followed that of industry group the American Petroleum Institute (API), which said on Tuesday crude inventories rose by 2.3 million barrels last week. -Reuters

Tokyo rubber falls to 1-wk low BANGKOK: Tokyo rubber futures fell to a 1-week low on Wednesday as a surprise Chinese interest rate raise prompted players to unwind contracts, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange fell 3.4 yen to settle at 335.2 yen ($4.11) per kg. It fell as low as 328.0 yen, the lowest since Oct. 12, as the Chinese move sparked fears of possible tighter monetary policy and prompted a broad sell off in commodities, including rubber. The most active Shanghai rubber futures for March delivery fell 2.7 per cent to an intra-day low of 30,845 yuan per tonne on Wednesday due to China rate raise. TOCOM rubber was expected to return to its rising trend again on Thursday after prices have rebounded slightly in the afternoon session on Wednesday. -Reuters

New York cotton fall 2.7pc as dollar surges NEW YORK: US cotton futures fell 2.7 per cent on Tuesday as a dollar rally on the back of China's surprise decision to increase interest rates to cool demand encouraged investors to sell holdings of cotton and other commodities. The US cotton market, which hit its highest level since the American Civil War last Friday, reeled from the announcement by China, the No 1 cotton importer. According to Sterling Smith, analyst for brokers Country Hedging Inc in Minnesota "The idea of slower growth in China affected cotton." Speculative investment

funds dumped positions accu- by Beijing came after its own mulated in cotton's 65 per cent cotton market had closed price rally since July. Thanks higher on Tuesday. The Zhengshou Commodity to tight stocks and strong fiber demand, funds had looked to Exchange's May cotton cotton as the next big thing in futures was last traded at 23,940 yuan per tonne, up 245 commodities. ICE Futures US key NY cotton early-trade December cotton contract ICE December cotton futures rose fell 3.11 cents to close at 2.26 cents to $1.1252 per lb on vol$1.1026 per lb, near the ume of 4,096 lots. bottom of its $1.0925 to $1.1475 band. Total volume yuan from its previous close. traded in the cotton market Fundamentally, analysts said stood at 20,808 lots at 1852 the cotton market is still seeGMT, nearly 5.0 per cent ing strong consumer demand below the 30-day average at from China, and supply and 21,818 lots, preliminary demand have driven cotton Thomson Reuters data ending stocks to their lowest showed. The announcement level since 1995. -Reuters

National Commodity Exchange Ltd Trading Summary Date

20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010 20-Oct-2010

Commodity

CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold TT Gold TT Gold IRRI6W Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M

Contract

Price

Date

Quotation

NO10 DE10 JA11 NO10 DE10 NO10 DE10 JA11 NO10 DE10 JA11 OC10 NO10 DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 2-Sep 3-Sep 21OC10 NO10 NO10 10-Dec 11-Mar

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 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

Open

82.00 81.00 81.06 23.67 23.59 1343.60 1343.50 1344.90 1343.70 1340.00 1345.20 37087.00 37232.00 37172.00 37086.00 43379.00 43379.00 38286.00 38325.00 38248.00 38261.00 38274.00 43850.00 44032.00 43944.00 2402.00 3230.00 4391.00 86.72 86.16

High

82.01 82.61 81.30 23.73 23.91 1345.50 1346.50 1348.00 1343.70 1344.40 1345.20 37225.00 37232.00 37240.00 37191.00 43379.00 43379.00 38286.00 38325.00 38266.00 38261.00 38274.00 43988.00 44032.00 43964.00 2402.00 3230.00 4391.00 86.72 86.16

Low

79.97 80.14 81.06 23.67 23.30 1330.00 1329.00 1330.00 1341.70 1332.00 1342.40 37000.00 36950.00 37172.00 37086.00 43311.00 43311.00 38215.00 38253.00 38248.00 38189.00 38202.00 43766.00 43949.00 43944.00 3201.00 3229.00 4389.00 86.70 85.74

80.93 81.67 81.30 23.73 23.74 1341.70 1342.40 1343.20 1341.70 1342.40 1342.40 37160.00 37169.00 37182.00 37133.00 43311.00 43311.00 38215.00 38253.00 38266.00 38189.00 38202.00 43905.00 43949.00 43964.00 3201.00 3229.00 4389.00 86.70 85.74

Traded Volume

Current

Open Interest

in lots

Settlement

in Lots

247 9 60 265 2,207 1,938 11 9 23 1 2 3 -

Price 80.71 81.41 81.06 23.55 23.57 1337.80 1338.40 1339.30 1337.80 1338.40 1339.30 37064.00 37073.00 37086.00 37037.00 43199.00 43199.00 38118.00 38156.00 38169.00 38093.00 38105.00 43792.00 43836.00 43851.00 3202.00 3230.00 4391.00 86.72 85.72

Price 80.93 81.67 81.30 23.73 23.74 1341.70 1342.40 1343.20 1341.70 1342.40 1343.20 37160.00 37169.00 37182.00 37133.00 43311.00 43311.00 38215.00 38253.00 38266.00 38189.00 38202.00 43905.00 43949.00 43964.00 3201.00 3229.00 4389.00 86.70 85.74

50 1 1 70 759 728 1,265 11 42 12 4 1 -

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

India’s Virat Kohli plays a shot during their second ODI against Australia

Thursday, October 21, 2010

Malik to lead PIA in Quaid Trophy KARACHI: Former Test Captain Shoaib Malik has been named to lead PIA in the Quaid-e-Azam Cricket Trophy starting simultaneously at six centres of the country from Saturday. Deputy General Manager PIA Sports and former Test opener Shoaib Muhammad while announcing the team on Wednesday, said Faisal Iqbal will be Malik's deputy. Team will be selected from among the 20 as per the availability of the players from the national duty. Malik was not considered in the Pakistan team for upcoming series against South Africa starting from October 25 in United Arab Emirates (UAE). He was named skipper of the Pakistan team to take part in Super Sixes to be held in Hong Kong next month. PIA will be facing defending champion Karachi in their opening 4-day league tie at National Stadium. The national carrier has included four members of the colts team including Zia-ulHaq, Fawad Khan and Maroof Aziz. Moin Khan, Zahid Ahmed (Coaches) and Aqeel Memon (Manager) will be the officials of the team.-APP

Sajjad to represent Pak in World Snooker LAHORE: Asian number two, Muhammad Sajjad has been nominated by the Asian Confederation of Billiard Sports (ACBS) to represent the Asian region IBSF World Snooker Championship in Syria starting from December 4. The Asian body has selected the talented Pakistani players on the basis of his performance being the runners up in the Asian Snooker Championship. With the inclusion of Muhammad Sajjad in the Pakistan Snooker squad, now Pakistan will now be represented by three players in Syrian event, Imran Shahzad ,Pakistan Ranked No 12, Sohail Shahzad, Pakistan Ranked No 23. The Pakistan Billiards & Snooker Association intends to hold a World Training / Practice Camp for the above snooker team after their arrival from the Asian Games next month.-APP

Lara, Younis Khan’s Handle Kevin and Sachin with apology earns care: Lee him a place back Injured Yousuf out of SA ODI series

Monitoring Desk KARACHI: The long-running battle between cricketer Younus Khan and the Pakistan Cricket Board (PCB) has finally been resolved as Younus submitted a written apology to the PCB and has found his place back on the team. The former captain held a meeting with PCB Chairman Ijaz Butt on Wednesday, during which they resolved all outstanding issues amicably. Younus is expected to return to the side, possibly as soon as the series against South Africa in the UAE later this month. "Younis has given a written undertaking which was required to clear him and he will be soon be back in the team," Pakistan Cricket Board (PCB) legal adviser Taffazul Rizvi said. "Younis has got a letter of clearance," confirmed close friend, Basit Ali. The 32-year-old batsman had been banned indefinitely on charges of violating a players' code of conduct after Pakistan's disastrous tour of Australia, which ended in February.

Six other players, Mohammad Yousuf, Shoaib Malik, Rana Naved-ul-Hasan, Shahid Afridi, Kamran Akmal and Umar Akmal, were also banned and fined. Except for Yousuf, who retired, they all appealed against the sanctions. A tribunal run by retired judge Irfan Qadir overturned the bans and halved the fines against six players. Yousuf was allowed to play on Pakistan's recent tour of England, which was mired in a separate spotfixing scandal. The PCB ordered Younis to apologise for statements made to the media criticising the cricket board for having taken strict steps, but the former captain refused. Chief selector Mohsin Khan told reporters that Younis would be part of the limited over squad against South Africa in the United Arab Emirates. After monitoring his progress, he may also be included for a Test series against South Africa, Khan said. Pakistan plays the first

Twenty20 match in Abu Dhabi on October 27. Younis last played a one-day for Pakistan in January during the tour of Australia. He played the last of his 63 Tests in Sri Lanka last year. He led Pakistan to its World Twenty20 title in England last year. He relinquished the captaincy after falling out with teammates in November. INJURED YOUSUF OUT Meanwhile Pakistan suffered a serious blow with experienced batsman Mohammad Yousuf ruled out of the limited over series against South Africa next week due to injury. Mohammad Yousuf has been ruled out of the series against South Africa next week, team manager Intikhab Alam said. The 36-year-old ruptured a muscle in his right leg during training last week and Alam said the injury was serious. "Yousuf has informed us of the gravity of the injury and, since its a second grade tear of the muscle, he will not be able to play in the limited over series but he will be available for the two Tests that follow," Alam told.

Aisam in Kremlin cup quarters

ICC considers spying on players

LAHORE: Pakistan's Aisam ul Haq together with Indian Rohan Bopanna made it to the quarter final of the Kremlin Cup ATP World Championship defeating L. Fridle of Czech Republic and V Hanescu of Romania 6-1,36,10-8 in Moscow on Wednesday. In the first set Aisam and Rohan totally dominated their opponents and clearly dictated the terms of proceedings on court as they broke Friedl & Haneseu's serve twice on

LONDON: The International Cricket Council (ICC) is considering testing players by sending out undercover agents who will pose as illegal bookmakers. The radical proposal hopes to check whether players will report such encounters or not. Cricketers who do not reveal the approaches would be penalised under the anti-corruption code, and sanctions could range from fines to suspensions. The plan is only in its embryonic stage and is one of many new initiatives being considered by the ICC in light of the Pakistan spot-fixing allegations. The idea was put to the ICC chief executive Haroon Lorgat and is now being considered as a measure to fight corruption in cricket.-Agencies

LONDON: From the moment he curled in a sensational winner for Everton against Arsenal five days before his 17th birthday in 2002, Wayne Rooney's life changed forever. Desperate for another matchwinner in the mould of Paul Gascoigne, fans and pundits alike immediately hailed him as the future of English football, and over the next few years in which he moved to Manchester United he did not disappoint. Unlike the carefully manicured image of David Beckham, Rooney was raw and wild at times and played football as if he was still on the streets with his pals in Merseyside.

way to grabbing the set,said the information made available here. In the second set, however, the fates were completely reversed as Aisam and Rohan's serve was broken twice and they were 1-5 down at one point of time. Thanks to a few outclass return winners by them they were able to break back and then by holding their own serve were able to make it 3-5. Here again they played very well to take the score to 40-40

from being 0-30 on Hanescu's serve but were unable to prevent Hanescu from closing the set with a 6-3 score. In the super tie break Aisam & Rohan put enormous pressure on Friedl and Hanescu as they made it 3-0 but their lead was later neutralized when they lost their advantage. At 7-8 however they were again able to get a break up to make it 9-8 and made no more mistake in winning the next point on their own serve to take the super tie break and the match.-APP

LONDON: Australian pacer Brett Lee feels Indian batting icon Sachin Tendulkar, West Indian Brian Lara and England`s Kevin Pietersen are part of a select band of international batsmen who should never be sledged as the strategy generally backfires. "There are guys you can stir up and get stuck into and there are others you leave alone," Lee said. "Sachin Tendulkar is a guy you don`t want to chat to period, because he will knuckle down, same as Brian Lara. Kevin Pietersen has controlled aggression and he likes it when someone has a chat to him. He takes it personally and it fires him up and he`ll want to score a big hundred," the fast bowler was quoted as saying by the local newspapers here. Lee said he is confident that Pietersen, who is currently struggling for the destructive form that made him a much-feared batsman, will come good in the Ashes. "He might be a slightly different character to the norm, he might be away from the side and doing his own thing but that happens in everyday life. I`d always back Kevin Pietersen to come out and do well," Lee said. "He will do well and I hope he does put on a good show for the Australian spectators. What Test cricket needs is a match-winner and exciting cricket and Kevin Pietersen fits the bill.-Online

Pak needs to move on: Aleem Dar LAHORE: The International Cricket Council (ICC) Umpire of the Year Aleem Dar has urged Pakistan to forget the recent controversies and urged the Pakistan Cricket Board (PCB) to increase player awareness on such matters so that the team can regain its lost status in the cricket world. Dar, who received the award in Bangalore earlier this year, has officiated in 60 Tests, 136 One-Day Internationals (ODI) and 18 Twenty20s, a record for a Pakistani umpire. "The players should be given more classes on the ICC's code of conduct," Dar told The Express Tribune. "Pakistan has enormous talent and is the best team in the world. There are good days and bad days, and Pakistan has had a few bad ones but I believe good time is to follow very soon." The 42-year-old, who was the only Pakistani to win an award in Bangalore, won the David Shepherd Trophy for the second time in a row, beating strong competition from Steve Davis, Tony Hill and five-time ICC Umpire of the Year Simon Taufel.-Agencies

Facilities not for banned players: PCB KARACHI: The Pakistan Cricket Board has stopped Salman Butt, Mohammad Asif and Mohammad Amir using any of the board's facilities or training at the national cricket academy while they remain banned. PCB legal advisor Tafazzul Rizvi said the decision was taken under the International Cricket Council (ICC) anticorruption code. "The three remain suspended by the ICC and the anti-corruption code does not allow suspended players to be associated with cricket internationals or cricket or to use the facilities of their home board,"

Rizvi said. "It is mandatory on us to impose these steps and keep the suspended players segregated from others. They can't use our facilities while their suspension remains." Butt, Asif and Amir have been suspended by the ICC while an investigation takes place into newspaper allegations they had deliberately arranged for no-balls to be delivered during the fourth test against England at Lord's in August. The trio, who have all denied wrongdoing, will attend an appeal hearing in Doha on Oct 30 and 31.-Reuters

Prizes cascade on BD cricketers DHAKA: Cash and other incentives are flooding in for the Bangladesh cricket team after their 4-0 triumph over New Zealand in a one-day series. Prime Minister Sheikh Hasina hosted the team at her official residence and announced a gift of a housing plot in the capital and a car to every player of 20-member team. A welfare trust fund will also be set up to help the players after their careers or during times of injury, she said. Hasina handed over individual cheques for 100,000 taka (890 pounds) each, presented by two private banks to each member of the team. She also handed over the keys to a car given to acting captain of the wining team

Shakib Al Hasan by a private bank. "It was a great success and our players can now realise that hard work and proper training can help them achieve any triumph in the arena of sports," state news agency BSS quoted Hasina as saying. Earlier, the Bangladesh Cricket Board said it was giving around eight million taka to the team as a bonus for winning the matches and series. The country's sports ministry also announced an additional incentive of one million taka for the cricketers. The New Zealand series was Bangladesh's first clean sweep against a full-strength top cricketing nation.Reuters

Why Rajasthan off IPL: Warne SYDNEY: Shane Warne, the Rajasthan Royals captain for the first three seasons of the IPL, has questioned the league's governing council's move to scrap his side ahead of the fourth edition. The IPL governing council had ejected the Rajasthan and Punjab franchises on charges of transgression of shareholding and ownership norms, but Warne asked whether there were other reasons behind the expulsion. "Is it [the ejection] because the franchises have done something wrong or is there something sinister behind it," Warne wrote in his personal blog. "Is there an ulterior motive? To me the IPL must be transparent, open, honest, and, above all, fair to all teams! They need to treat

them equally; no teacher's pets! "All of the owners and investors showed a lot of faith and goodwill in the BCCI from the outset. They trusted them to deliver on the massive predictions that led to the franchises being sold at figures never heard of in cricket. With the IPL exceeding all expectations, on all fronts, I find it staggering that the IPL has decided to throw 2 teams out," Warne wrote. Warne was also critical of the suggestion that Rajasthan did not have the best interests of the game in mind, citing examples of several of his team-mates who have gone on to represent their countries on the back of IPL success.-Agencies

Rooney faces career’s toughest decision Eight years on, after the worst period of his career on and off the pitch, Rooney appears to be disenchanted with the game and has reached a self-inflicted crossroads. His next decision will be the most important of his life. Tuesday's extraordinary news conference by shellshocked Manchester United manager Alex Ferguson in which the Scot spoke candidly about Rooney's desire to quit Old Trafford sent shockwaves around the footballing world. Rumours of huge wage demands immediately pointed the 24-year-old's likely future towards United's mega-rich rivals Manchester City -- a move that were it to happen

would turn him into a pariah in the red half of town. "If he thought he already

for both club, told the BBC Wednesday. "It's an unbelievable situa-

lived in a goldfish bowl then that would be nothing compared to if he went to City," Sammy McIlroy, who played

tion. Carlos Tevez has done the same thing and at the moment has done very well. "But to go just across the

water with the fans at United loving him, he could be in for a rough ride." Tevez made the move from United to City in 2009 but was largely forgiven by United fans, who realised the Argentine's hand had been forced by the Old Trafford money-men. If Rooney were to defect, he would have no such sympathy and any flirtation with who Ferguson once described as the "noisy neighbours" down the road would make the next few months almost impossible for him at Old Trafford. ROONEY'S CALL City manager Roberto Mancini insisted there had been no contact with Rooney

Wednesday but the speculation will multiply before the January transfer window unless the player either pledges himself to United or spells out his wishes. Ferguson cleverly left the ball firmly in Rooney's court on Tuesday and the striker will have to make his intentions clear, sooner rather than later. Paul Ince, another former United midfielder who discovered that you cross Ferguson at your peril, believes Rooney was not interested in the 200,000 pounds per week pay packet City could offer and may just be fatigued at carrying the hopes of his country and his club on his shoulders.-Reuters

International & Continuation

Thursday, October 21, 2010

Europe must mind jobs and growth in fiscal cuts: IMF

Britain slashes spending, raises retirement age LONDON: Britain will cut half a million jobs, slash the welfare state and raise the retirement age as part of an unprecedented cost-cutting drive that will test the strength of both the economy and the ruling coalition. Conservative finance minister George Osborne's spending review on Wednesday turned up the heat on the Liberal Democrat coalition partners and kept alive a debate about whether Britain's economic recovery can survive the cuts. Unions reacted angrily but public protest in Britain in Britain has so far been muted compared with France, where unions are trying to force a retreat on pension reform with protests including blockades of fuel depots. "Tackling this budget deficit is unavoidable. The decisions about how we do it are not. There are choices. And today we make them," Conservative finance minister George

Osborne told parliament. The fiscal squeeze over the next four years will total more than 100 billion pounds ($157 billion). Analysts are not convinced, however, that the government will be able to see through the cuts through especially given that it has moved more of the burden on to the welfare budget, lopping off an extra 7 billion pounds on top of the 11 billion of savings previously announced. As a result of the welfare raid, budgets for government departments outside protected areas like health and overseas aid would shrink by 19 per cent, not the quarter announced in the budget. Capital spending, Osborne said, would be 2 billion pounds higher per year than originally planned because of the difficulty of getting out of contractual obligations. Osborne said that the state

pension age for men and women will rise to 66 by 2020. "Raising the state pension age is what many countries are now doing, and will by the end of the next parliament save over 5 billion pounds in a year." Around 490,000 public sector jobs are likely to disappear over the next four years. French protesters are resisting a rise in their retirement age to 62 and British rail union leader Bob Crow urged Britons to look "to the kind of resistance being mobilised by the French trade unions ... as an example of how to repel austerity cuts." UNION UNREST There have also been protests against the austerity budget that Spain's parliament is due to approve on Wednesday, while in Portugal unions have called a general strike for Nov. 24 as the minority government bargains for support in parliament for measures needed to shore up investor confidence.-Reuters

PRAGUE: Europe's recovery is underway but governments must ensure necessary fiscal consolidation does not hurt jobs or growth and can be slowed in some cases if momentum stalls, the International Monetary Fund said on Wednesday. Earlier this month, the Fund raised its growth outlook for the euro area to 1.7 per cent in 2010 and 1.5 per cent in 2011, and it said in the outlook inflation would remain low at 1.6 per cent and 1.5 per cent, respectively. It said there were still risks, including the possibilities of weaker than predicted global growth as well as renewed volatility on European markets. In its Regional Economic Outlook for Europe, the IMF said developments in the continent's emerging East would depend on the richer West, where renewed instability could hit trade and capital flows, hurting already weak domestic demand.-Reuters

CONTINUATION No #1

Continued from page 12

aerospace industry's international face. Through its in-orbit delivery services, commercial launch services, and aerospace technology applications, it promotes international cooperation with Asia, Africa, Latin America as well as all the other continents of the world. Its effort will help harness the resources of space and outer space for the common good of humanity," he said. Dilating on the recent flood devastation in Pakistan, he said, the country has passed through one of the most difficult periods in its history. 20 million people were affected or uprooted by the devastation of the unprecedented floods. -Online

No #2

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Saud kill him without a fight, they said. A post-mortem found Abdulaziz had suffered chipped teeth, heavy blows to the head, injuries to the brain and ears and severe neck injuries consistent with strangulation by hand, the trial heard. -APP

No #3

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called story of the missing files. The spokesman further pointed out that such irresponsible statement is highly regretted and could not be expected from the responsible spokesman of an important political party. -NNI

No #4

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for hearing including federal minister Humayun Aziz Kurd and other members of National Assembly Salman Mohsin, Maulvi Agha Mahmood, Javed Husnain Shah and Seven members of Punjab Assembly Shafiq Gujar, Waseem Afzal Gondal, Safdar Gill, Semal Kamran, Shumaila Rana, Farah Deeba and Majida Zaidi and one MP of Khyber-Pakhtunkhwa (KP) Gulistan Khan. According to spokesman ECP would complete the hearing of these parliamentarians' cases to till October 25th. -Agencies

No #5

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The indexes' gains came the day after stocks posted their biggest loss in two months, suggesting investors thought Tuesday's slide was overdone. While Tuesday's selling came on a day of heavy volume -- a potentially bearish sign -- the selloff was warranted, given recent complacency in the market, said Scott Marcouiller, chief technical market strategist at Wells Fargo Advisors in St. Louis. "I take it as a healthy thing. It's showing there's fear in the marketplace," said Marcouiller. "Now we're testing the market to see, can it sustain this rally all day? If it doesn't, it just means we've got a little more work to do." The Dow Jones industrial average gained 157.35 points, or 1.43 per cent, to 11,135.97. The Standard & Poor's 500 Index rose 15.68 points, or 1.34 per cent, to 1,181.58. The Nasdaq Composite Index climbed 31.13 points, or 1.28 per cent, to 2,468.08. Earnings from the big banks were mixed. Wells Fargo & Co and US Bancorp reported higher earnings, but Morgan Stanley reported a surprise loss. Wells Fargo rose 3.4 per cent to $25.39 and US Bancorp added 0.2 per cent to $22.86, while Morgan Stanley gave up 1.2 per cent at $25.09. Regional banks weighed on the KBW Bank Index , down 1 per cent, after Marshall & Ilsley Corp reported a larger-than-expected loss. Shares of Wisconsin's largest Bank lost 7.3 per cent to $6.44.-Reuters

No #6

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D.G.Khan Cement 5 million, and Amtex with 4.8 million shares. Out of total 389 active issues, 208 advanced and 159 declined while 22 issues remained unchanged.

No #7

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Non-ferrous metals producer Sterlite Industries and aluminium maker Hindalco dropped 3.5 per cent and 1.7 per cent respectively. Tata Steel, the world's seventh-largest maker of the alloy, shed 2.8 per cent. Financials declined on concerns interest rates may rise further. Leading lenders SBI and ICICI Bank shed 0.9 per cent and 0.5 per cent respectively. HDFC Bank dropped 1.2 per cent after the private-sector lender met street estimates with a 33-per cent rise in quarterly net profit. The stock is up 37 per cent year to date. "The result was good. But it is already in the price," said Neeraj Dewan, director of Quantum Securities. Mortgage lender Housing Development Finance Corp fell 2.8 per cent. Declining shares outpaced advancing ones in a ratio of 1.7:1 on a moderate volume of 430 million shares. The 50-share NSE index slipped 0.8 per cent to 5,982.10 points. The MSCI's all-country world index was up 0.1 per cent by 1037 GMT, while MSCI's emerging markets index dropped 0.1 per cent. n Property developer Oberoi Realty Ltd listed at 280 rupees, a premium of 7.7 per cent to its issue price of 260 rupees. It closed at 282.95 rupees. n HCL Technologies dropped 3 per cent to 425.85 rupees after the software firm said its September-quarter profit fell by a little more than a third from a year ago, as hiring expenses jumped sharply. n Bajaj Holdings and Investment, the parent of India's No. 2 motorcycle maker Bajaj Auto, rose 2.4 per cent to 871.20 rupees, after it said late Tuesday its July-September net profit nearly doubled. n Tyre maker Ceat slid nearly 4 per cent to 161.80 rupees after it said its September-quarter net profit declined more than 75 per cent. n Yes Bank firmed 1.4 per cent to 352.15 rupees, as the private sector lender said its July-September net profit rose 57.14 per cent. -Reuters

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longer term," said Tomomi Yamashita, senior fund manager at Shinkin Asset Management. "Financial markets are still supported by expectations of further easing by the United States, with ample liquidity helping assets such as bonds and commodities. The focus from now on is whether these money flows will change course." The benchmark Nikkei lost 157.85 points, or 1.7 per cent, to 9,381.60, its lowest close since Oct. 4. It fell as much as 2.3 per cent at one stage. The broader Topix declined 1.2 per cent to 823.69. The Shanghai Composite Index was trading 0.3 per cent higher. Although it suffered a slight breach during the day, support is seen remaining solid at its 13-week moving average, now at 9,379, which has served as solid support since late September, and then the upper level of its daily Ichimoku cloud around 9,300, market participants said. RESOURCE STOCKS HURT Resource-related stocks such as trading house Mitsui & Co also tumbled as China's move hit prices of oil, gold and base metals. Mitsui fell 2.7 per cent to 1,293 yen and fellow trading house Mitsubishi Corp dropped 2.4 per cent to 2,000 yen. Stocks that are seen to benefit from demand in China also fell, with construction machinery maker Komatsu Ltd down 1.3 per cent at 1,951 yen. "Some speculative funds are believed to be temporarily pulling out their money from risk assets after China's tightening. This could be a factor putting pressure on shares and commodities," said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Morgan Stanley Securities. Trade picked up slightly on the Tokyo exchange's first section, with about 1.88 billion shares changing hands, after posting on Monday its lowest volume since late September, just below 1.50 billion shares. Declining stocks outnumbered advancers by more than 6 to 1.-Reuters

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Global miner Rio Tinto rose 2.7 per after it approved a $3.1 billion iron ore expansion to meet booming demand from Asia. US stocks rose more than 1 per by LONDON's close, as investors cheered positive third-quarter earnings from companies including Boeing. British finance minister George Osborne gave details of the harshest government spending cuts in decades, taking an axe to the welfare state in an effort to reduce a record budget deficit. And the Bank of England's nine-strong Monetary Policy Committee split three ways as expected in October, with one member wanting more stimulus, another repeating his call for a rate hike and the rest voting for no change. "A pretty muted response all round in terms of any real reaction to the comprehensive spending review, or even the Bank of England minutes," said Henk Potts, markets strategist at Barclays Wealth. "Investors continue to have a very difficult balancing act between what still looks like a relatively bright outlook for the rest of this year in terms of the corporate picture, and what is clearly a darkening macro picture, specifically into the second half of this year and into 2011," he said. Banks lagged the broader market, with traders pointing to Osborne's pledge to seek the "maximum sustainable" revenue from the finance sector, including a longflagged levy on banks that the industry had lobbied heavily to minimise. A surprising third-quarter loss from US peer Morgan Stanley also weighed on sector sentiment. Autonomy was the top FTSE 100 riser, up 4.2 per, extending gains made on Tuesday when the software firm accompanied third-quarter results with an upbeat outlook, as Goldman Sachs and Nomura repeated "buy" ratings on the stock. Smith & Nephew rose 3.2 per, with traders citing a positive read-across from results on Tuesday from the orthopaedic products firm's U.S peers Stryker Corp and Johnson & Johnson. Smiths Group, BSkyB and BAE Systems fell after going ex-dividend.Smiths and BAE Systems have been hurt by the defence cuts announced by the UK government on Tuesday.-Reuters

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more hard evidence of an underlying economic recovery in China," said analysts at JPMorgan in a note to clients. Chinese insurers rose sharply with investors seeing an environment of moderately rising rates a positive for the sector. China Life rose 3.2 per cent in Hong Kong on 3.2 times its average 30-day volume. Insurers earn a 'spread' between the return on their assets, which are weighted towards bonds, and their liabilities to customers, with higher spreads achievable when rates rise, said Frances Feng, analyst at Credit Suisse in Hong Kong. Mainland banking shares pared earlier declines with China Construction Bank recovering all its losses and closing 0.3 per cent higher in Hong Kong. With no change to the savings deposit rates, banks should benefit from an expansion of net interest margins, traders said. Banking shares, which have lagged the broader market this year, have seen heavy interest in recent weeks with investors, in particular foreign institutions, were tempted by the rallying stock market and attractive valuations.

"Although not symbolic by any means, real rates are still negative and monthly loan data is still above trend. In 'normal' economies, rates go up when economic growth returns to trend," said Sean Darby, of Nomura in a note to clients. "For equity markets, they ought to have little to fear from the rate hike."-Reuters

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authorities to bring all those involved in such heinous incidents to justice regardless of their affiliations. While condemning the recent incidents, the President said that a handful of vicious elements not to be allowed to disturb peace and stability of the country's economic hub and peace be restored at all costs, he said. -Online

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connection with target killings. An additional 220 culprits were arrested in connection with target killings, and massive weaponry confiscated from them. He however refused to give any final statement regarding the political affiliation of those arrested, and also said that so far the issue of implementing curfews had yet to be decided. Meanwhile, Prime Minister Gilani again made it clear that there is no possibility whatsoever to summon Army in Karachi urging some handful of elements are trying to create chaos in Karachi who will not succeed in their nefarious designs at any cost. While talking to host of journalists during his visit to CDA, Prime Minister said that we need to remain calm stressing all political parties to shun differences in view to pull Karachi out of the unremitting bloodbath. "I have given directives to Rehman Malik to conduct methodical inquiry into Karachi mayhem", he said. Regarding statement of Nabeel Gabol, PM said that his statement was personal and it had no link with party policy and in this regard Nabeel Gabol has been summoned to Islamabad. He said the army could be called in to assist the civil government, but added "the political leadership of the country was able to contain it." Addressing the establishment of first Day Care Center by the Women Police Station of Islamabad police here Wednesday Interior Minister said that a new extortion group in Karachi has emerged which is acting in Lyari and Shershah.

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points as compared to 193.73 points in the corresponding period of the previous year. In the month of August 2010, two sub-sectors performed badly as Oil Companies Advisory Committee (OCAC) reported 30.43 per cent fall in offtake of petroleum products and Ministry of Industries down by 8.4 per cent, while Provincial Bureau of Statistics showed surge in production by 8.42 per cent. FBS data further revealed that petroleum sector witnessed a decline of 30.43 per cent in August over the corresponding period of last financial year. Offtake of furnace oil declined 30.8 per cent to 165 million liters from 238 million liters. Similarly, sale of kerosene declined 24.07 per cent to 11 million liters from previous year's same period of 14.5 million liters in August 2009. As per details, Ministry of Industries has reported 8.43 per cent decrease in industrial production where main contraction came from Nitrogen fertilizer which fell 12.13 per cent, caustic soda down 22.53 per cent, buses 36.84 per cent, tractors decreased 19.8 per cent and trucks 17.74 per cent in August 2010 over the same period of last year.

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billion. Similarly, cut-off yield on 6-month T-bill dipped by 2bps to 13.1193 per cent and raised realised amount Rs65.6 billion.However, SBP scrap 12-month T-bill amount.

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submitted a motion in this regard. The opposition would discuss situation arising after rumors of withdrawal of notification regarding restoration of judges.It would be 26th session of NA in which the government once again would try to approve bill regarding new institution for accountability while the government would also table other bills for legislation. The session would remain continue till 12 November. -Agencies

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presence of thousands of weepers belonging to all walks of life. Farooq Ahmad Khan Leghari passed away in the Armed Forces Institute of Cardiology in Rawalpindi, following a long illness. He was 70. Several thousand followers attended his Nimaz-e-Janaza including politicians and other people who loved him thin thick and thin. Leghari had been a cardiac patient and was treated for the same in CMH Rawalpindi. He belonged to Dera Ghazi Khan District of South Punjab. Leghari was eighth elected President of Pakistan in 1993. He dismissed Benazir Bhutto's government on allegations of corruption, lawlessness and extra-judicial-killings by using article 58-2B of the Constitution on November 05, 1996.Leghari formed his own political party 'Millat', which he later in 2002 merged in PML-Q. -Online

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Balochistan Foundry Ltd, Tawakkal Group of Industries, Mian Muhammad Sugar Mills, Punjab Cooperative Board for Liquidation, Pakpattan Dairies, Adamjee Industries etc. The total waived off loan amount by various banks to these business entities stood at Rs47.2 billion. The other list contained names of 17 business entities whose amounts were waived off under BPD-29 (Circular 29) of State Bank of Pakistan. The amount under this category stood at Rs15.6 billion.Under Circular 29, the banks were allowed to write off loans under two conditions i.e., revival of sick industries and recovery of bad loans due to security situation. During the previous proceedings, the SBP counsel had apprised the court that since 1971 to 2009, an amount of Rs 256 billion had been written off by banks. The same bench also allowed a separate plea filed by Barrister Zafarullah to become a party to the case. The petitioner contended that banks were making profits at the cost of their customers. The interest rate upon loaning facility had jumped to over 12 per cent due to which foreign investors were not coming here, he added. On another plea about writing off Rs82 million loans, a notice was also issued to Indus Sugar Mills. -Agencies

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the sponsors of the second depository? Interesting, the Act under which CDC was created does not prohibit creation of more depositories in the country. At the best it prescribes meeting two conditions (1) joining hands with one of the three stock exchanges operating in the country and (2) taking on board a foreign partner and having the expertise to manage such an entity.It seems meeting the two conditions pose no challenge to the sponsors of proposed depository. The positive point is entry of a new player may lead to reduction in service charges and also improvement in the quality of services being offered by the CDC. Though, it can't be said that CDC does not offer competitive rates, operating as monopoly has certain disadvantages for the clients.

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decide what is most appropriate, but it is not for lack of capabilities," the Pentagon spokesman said. Lapan said that Secretary of Defence Robert Gates and Admiral Mike Mullen, Chairman of the Joint Chiefs of Staff, would meet Pakistani Army Chief of Staff Gen Ashfaq Parvez Kayani at the Pentagon tomorrow. The joint Defence Working Group of the two countries would also hold meetings at the Pentagon, he said. "Focus of those discussions will be flood relief, Pakistan-US counter insurgent efforts in our respective areas and follow up on our defence consultative group discussions." The proposed aid, news reports said, will help Pakistan purchase helicopters, weapons systems and equipment to intercept communications. The $2 billion package is on top of billions of dollars that the US has already given to Pakistan in military aid and a $7.5 billion aid package over five years in non-military counter-terrorism assistance approved by Congress last year. -Agencies

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requirements. The TFP provides loans and guarantees through, and in conjunction with, international and ADB's developing member country banks to support trade transactions in developing. The $2 billion will be for emergency rehabilitation and reconstruction work and the funds will be released in accordance with the findings of a Damage and Needs Assessment (DNA) led by ADB and the World Bank.

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AS per TFD analyst the company is expected to post profit after tax (PAT) of Rs740 million (EPS: 2.29) as compared to the PAT of Rs 1,103 mn (EPS: 3.41). The main reason of this dip in earnings is likely due to a decline in cement dispatches owing to devastating floods. Net sales of the company are expected to fall by 9 per cent to Rs5.5 billion as against Rs6.04 billion during 1QFY10 on account of fall in total dispatches by around 9.8 per cent to 1.39 million tonnes. However, increase in retention prices did restrict further decrease in topline. Gross profit is also likely to come down by 18 per cent to Rs1.83 billion against Rs2.23 billion. On the other hand, distribution cost is expected to increase by 3.4 per cent owing to the higher ratio of export sales. While other operating expenses are also seen declining by 24.2 per cent as company bore high exchange losses last year.

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company managed to sell 178K tonne DAP during 3QCY10. The significant jump in DAP offtake was due to aggressive advanced buying by farmers with concerns over increase in fertiliser prices as implementation of RGST was set for October 2010. Better primary margins witnessed in the vicinity of $218-220/per tonne during 9MCY10 against $177-180/tonne in 9MCY09, would also bolster the gross margins and in turn the bottom line. Financial charges would also play significant role which are expected to dip by 51 per cent YoY. The company is also expected to pay dividend of Rs1.20/share in 3QCY10.

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APTMA Chairman calls on President Zardari

Textilers urged to make most of EU trade breaks National Policy on Climate Change being finalised

KARACHI: Fewer people seen moving near the busiest Empress Market on the mourning day, announced by MQM, of the 13 martyrs of Shershah firing incident occurred on Tuesday. -Online

PPP did not come into power through back doors

PPP will complete its 5yrs, says Awan KOTLI SATIYAN: Federal Minister for Law Dr Babar Awan said PPP did not come through back doors but got rule through peoples' vote power and would complete it's tenure of five years. Addressing to Kotli Satiyan Bar Association here Wednesday, federal minister Dr Babar Awan said that PPP did not come into power through back doors it was the people power that gave this party a chance to govern and we would come up to the expectations of the people, adding all avenues of those coming into power through back doors have been closed. He said despite passage of 63 years of freedom, Kotli Satiyan could not be freed, adding that Kotli Satiyan would be provided all rights. He said he always raised voice for the poor to make provision

Pak Army wins gold in Cambrian Patrol

RAWALPINDI: Pakistan Army has won Gold Medal in the Exercise Cambrian Patrol, which were held from October 11-13, 2010. Exercise Cambrian Patrol is a prestigious British Army exercise which is organised annually in United Kingdom in Wales. Apart from British Army, teams from military establishments all over the world were also invited to participate. According to ISPR, Rawalpindi Corps team represented Pakistan Army in Exercise Cambrian Patrol - 2010. The team showed an excellent performance by winning a Gold Medal in the event, which is a big honour not only for Army but for the country as a whole. It is a three-day exercise in which the teams, comprising eight members, are required to infiltrate into simulated enemy lines and perform multiple tasks including obstacle crossing, close target reconnaissance and ex-filtrate successfully in real time environments. For year - 2010, a total of 86 teams participated in the exercise, including 70 British and 16 teams of protectionism." from other countries of the world King called for a "grand bargain including USA, Canada, Germany, among the major players in the France and India. -APP of justice easy. He told the Bar Association that he is their lawyer and would fight for them. He said that he wanted to see the nation's flag fly very high. He said that now residents of Swat and Malakand are very happy due to the sacrifices rendered by the people. He said that two summaries would be dispatched for permanent courts in Kotli Satiyan. In this connection law ministry dispatched one summary to Chief Justice while senior minister Raja Riaz would dispatch the other summary to Punjab Cabinet session. He said that a degree college would be set up there in 2011. He announced to give Rs one million for facilities of library and chambers while Rs two million for furniture in Kotli Satiyan Bar Association. Online

ISLAMABAD: President Asif Ali Zardari said Wednesday that government was vigorously pursuing the progress recently made in the European Union's foreign ministers meeting for the grant of market access of Pakistani goods to its market, and urged the traders to take full benefit of the EU concessions. President urged the business community to gear up efforts and add more value to the manufactured goods for optimum utilisation of the trade concessions that will be offered by the European Union. The duty free exports to the EU countries will not only boost Pakistan's exports but also enable the country to generate economic and employment opportunities to look after the people initially affected by war against militancy and recently by the devastating floods. He said this while talking to Chairman of All Pakistan Textile Mills Association (APTMA) Ejaz Gohar, who called on him at the Aiwan-e-Sadr. President while appreciating the European Union (EU) for agreeing to grant trade concessions said it would

help Pakistan's economy to recover from immense stress caused by unprecedented floods across the country. He said," we have also stressed the US government for early legislation on establishment of ROZs to help Pakistan revive the hard-hit economy and create employment opportunities in war and flood-affected areas. Aptma chairman apprised the President about the steps being taken by the textile industry to boost Pakistan's exports into the EU and the US markets and also the various problems being faced by the industry. President during the meeting said that textile was the key sector of the country's economy and assured that government would work for resolving all the problems of the textile industry on priority basis. Rana Muhammad Farooq Saeed Khan, Federal Minister for Textile and Industry was also present during the meeting. Furthermore, President Zardari while talking to Dr R K Pachauri, Chairman UN IPCC (Intergovernmental Panel on Climate Change) who called o him at here said that National Policy on Climate

Change based on incentives driven initiatives to increase afforestation and contain the adverse impact of climate change in Pakistan is in final stage of its preparation. The government has involved all the stakeholders including farmers, foresters, local communities, the private sector, the students and the general public in the Hameedullah Jan Afridi, Federal Minister for Environment, M Salman Faruqui, Secretary General to the President, Malik Asif Hayat, Secretary to the President, Muhammad Javed Malik, Secretary Environment, Spokesperson to the President Farhatullah Babar and other senior government officials were also present during the meeting. Briefing the journalists, Spokesperson to the President Farhatullah Babar said that the President while speaking to Dr Pachauri called for establishing cooperative relationship between institutions in Pakistan and Tata Energy Research Institute (TERI) particularly for climate modeling and projections of impacts of climate change. -Agencies

Pak,China to launch satellite soon BEIJING: Pakistan is closely collaborating with China for launching a joint space communication satellite next year which will be a milestone in friendship between the two countries and bring immense economic benefits to Pakistan, said Ambassador Masood Khan while addressing the 30th anniversary of the establishment of China Great

Wall Industry Corporation (CGWIC) here Wednesday. The agreement to set up joint satellite communication project called Pasksat-1R was reached in 2008 during the visit of Pakistani President's visit to China. While felicitating the CGWC on its 30th anniversary, Ambassador Khan congratulated China over the launch

of its second lunar orbiter - Chang'e 2 earlier this month. He also extended heartiest felicitations to China National Space Administration and China Aerospace Science and Technology Corporation. He said it has been a privilege for Pakistan to be associated with the GWIC. "The CGWIC is China's See # 1 Page 11

BoE chief warns of ‘currency war’ LONDON: Bank of England governor Mervyn King has warned that tensions between countries over their respective exchange rates could degenerate into trade protectionism amid talk of a potential 'currency war'. Ahead of a meeting of G-20 finance ministers and central bankers in South Korea this weekend, King told British business leaders that "the need to act in the collective interest has yet to be recognised". "Unless it is, it will be only a matter of time before one or more countries resort to trade protectionism as the only domestic instrument to support a necessary rebalancing" of economies. "That could, as it did in the 1930s, lead to a disastrous collapse in activity around the world. Every country would suffer ruinous consequences - including our own. "But, to borrow a phrase, in order to be tough on protectionism, we need also to be tough on the causes

world economy". The world needed "a bargain that recognises the benefits of compromise on the real path of economic adjustment in order to avoid the damaging consequences of a move towards protectionism. "Exchange rates will have to be part of such a bargain," he stressed. The United States and European Union, trying to export their way to economic health amid lacklustre domestic demand, accuse China of significantly undervaluing the yuan to boost its own exports. China says it is being made a scapegoat for US domestic problems. And it points out that expectations of US "quantitative easing", a move to pump more dollars into the market, are swamping emerging markets with destabilising capital inflows as investors chase higher yields. -APP

Swiss Cases Missing Files

NAB throws out ‘N’ accusations ISLAMABAD: A spokesperson of the National Accountability Bureau (NAB) has categorically rejected the allegation made by the Pakistan Muslim League -Nawaz (PML-N) spokesman that files containing Swiss Cases have been stolen from the NAB. The spokesperson said that such type of fabricated and baseless statements were unfortunately released to create sensation for unknown purposes, says a press release. The spokesman reiterated that the NAB has a very secure and well-

developed security system in place. Files of all cases were fully secured and there was no question of any file being misplaced from the NAB headquarters. The record of SGS and Cotecna cases is lying in accountably courts besides the High Courts and the Apex Court as well as with the concerned prosecutors since 1997. The NAB would appreciate if Siddique-ul Farooq provides iota of credible evidence to enable the NAB to conduct inquiry of the so See # 3 Page 11

Fake-degrees

EC summons 12 MPs ISLAMABAD: Election Commission of Pakistan (ECP) has summoned 12 fake degree holders on Thursday, including one federal minister. As per details, Higher Education Commission (HEC) has provided the list of 58 fake degree holders to ECP. ECP has summoned the 12 fake degree-holder MPs See # 4 Page 11

Saudi prince jailed for life for murder LONDON: A Saudi prince, the grandson of King Abdullah, was jailed for life by a British court Wednesday for murdering his male servant in a brutal attack at a London hotel. Saud Bin Abdulaziz Bin Nasir al Saud, 34, was ordered to serve a minimum of 20 years by a judge at London's Old Bailey, also known as the Central Criminal Court. "It is very unusual for a prince to be in the dock on a murder charge. No one in this country is above the law," Judge David Bean told Saud as he sentenced him. The court convicted Saud on Tuesday of beating and strangling Bandar Abdullah Abdulaziz to death on February 15 at the culmination of a lengthy period of sexual violence towards his employee. The two-week trial heard that Saud was fuelled by champagne and cocktails when he murdered the 32-yearold Abdulaziz in a ferocious attack after the pair had returned from a Valentine's Day night out. Prosecutors said he repeatedly assaulted Abdulaziz and that two attacks were captured on CCTV by the hotel lift. The victim was so worn down by the violence that he let See # 2 Page 11

Sugarcane price fixed at Rs127/40 kg in Sindh Staff Reporter KARACHI: Chief Minister Sindh, Syed Qaim Ali Shah has fixed Rs127 per 40 kg for the procurement of sugarcane for new upcoming crushing season. A statement issued by a spokesman of CM House said here on Wednesday.

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