The Financial Daily-Epaper-29-12-2010 by The Financial Daily

International Karachi, Wednesday, December 29, 2010, Muharram-ul-Haram 22, Price Rs12 Pages 12

Cameron phones Zardari, asserts support for Pak

TFD special report on Banking 2010

See on Page 8

IMF gives more time to Pakistan

See on Page 12

NZ beat Pak by 39 runs

See on Page 10

See on Page 12 Economic Indicators

Sattar, Ghauri send resignation to President, PM

$16.39bn Forex Reserves (18-Dec-10) 14.44% Inflation CPI% (Jul 10-Nov 10) $8.88bn Exports (Jul 10-Nov 10) $15.37bn Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) $(6.49)bn Current A/C (Jul 10- Nov 10) $(504)mn $4.43bn Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Nov 10) $746mn Rs 495bn Revenue (Jul 10-Nov 10)

MQM puts PPP into a tight spot

$58.41bn Foreign Debt (Sep 10) Rs 5234.9bn Domestic Debt (Oct 10) Repatriated Profit (Jul- Nov 10) $287.9mn -2.58% LSM Growth (Sep 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 171.39mn Population

PML-N accepts Altaf's challenge of public debate

Portfolio Investment SCRA(U.S $ in million)

198.85 Yearly(Jul, 2010--27-Dec-2010) Monthly(Dec, 2010--27-Dec-2010) 36.13 3.64 Daily (27-Dec-2010) 2783 Total Portfolio Inv (17 Dec-2010)

NCCPL (U.S $ in million) FIPI (28-Dec-2010)

1.31

Local Companies (28-Dec-2010)

-3.41

Banks / DFI (28-Dec-2010)

0.61

Mutual Funds (28-Dec-2010)

2.57 0.39

NBFC (28-Dec-2010) Local Investors (28-Dec-2010)

-0.93

Other Organization (28-Dec-2010)

-0.54

Global Indices Index KSE 100

Change

11,848.05

61.68

Nikkei 225

10,292.63

63.36

Hang Seng

22,621.73

212.07

Sensex 30

20,025.42

3.51

ADX

2,702.67

8.78

SSE COMP.

2,732.99

48.41

FTSE 100

6,008.92

12.85

*Dow Jones

11,543.22

11.81

*Last Updated 20:00 PST

GDR update Symbols

$.Price PKR/Shares 111.45

MCB (1 GDR= 2 Shares) 2.60 OGDC (1 GDR= 10 Shares) 23.01

197.26

UBL (1 GDR= 4 Shares) 2.00 LUCK (1 GDR= 4 Shares) 1.70

42.87

HUBC (1 GDR= 25 Shares) 10.77

36.93

36.44

Money Market Update T-Bills (3 Mths) 15-Dec-2010

13.17%

T-Bills (6 Mths) 15-Dec-2010

13.39%

T-Bills (12 Mths) 15-Dec-2010

13.69%

Discount Rate

29-Nov-2010

14.00%

Kibor (1 Mth)

28-Dec-2010

13.34%

Kibor (3 Mths)

28-Dec-2010

13.43%

Kibor (6 Mths)

28-Dec-2010

13.61%

Kibor ( 9 Mths)

28-Dec-2010

13.95%

Kibor (1Yr)

28-Dec-2010

14.12%

P.I.B ( 3 Yrs)

28-Dec-2010

14.15%

P.I.B (5 Yrs)

28-Dec-2010

14.21%

P.I.B (10 Yrs)

28-Dec-2010

14.24%

P.I.B (15 Yrs)

28-Dec-2010

14.53%

P.I.B (20 Yrs)

28-Dec-2010

14.73%

P.I.B (30 Yrs)

28-Dec-2010

14.88%

Commodities *Crude Oil (brent)$/bbl 93.97 *Crude Oil (WTI)$/bbl 91.17 *Cotton $/lb 148.65 *Gold $/ozs 1,403.30 *Silver $/ozs 29.82 Malaysian Palm $ 1,221 GOLD (NCEL) PKR 38,254 KHI Cotton 40Kg PKR 9,645 *Last Updated 20:00 PST

Open Mkt Currency Rates Symbols

Buy (Rs)

Sell (Rs)

Australian $

85.50

86.90

Canadian $

84.40

85.40

Danish Krone 15.10

15.20

Euro

112.80

114.50

Hong Kong $ 10.80

10.90

Japanese Yen 1.011

1.037

Saudi Riyal

22.78

22.95

Singapore $

65.30

66.50

Swedish Korona 12.70

12.90

Swiss Franc

87.30

87.10

U.A.E Dirham 23.28

23.48

UK Pound

132.50

134.30

US $

85.65

85.95

Inter-Bank Currency Rates Symbols

Buying TT Clean Australian $ 86.43 Canadian $ 85.29 Danish Krone 15.24 Euro 113.60 Hong Kong $ 11.02 Japanese Yen 1.033 Saudi Riyal 22.87 Singapore $ 66.13 Swedish Korona 12.65 Swiss Franc 89.73 U.A.E Dirham 23.35 UK Pound 132.78 US $ 85.73

Selling TT & OD 86.63 85.49 15.28 113.86 11.05 1.035 22.93 66.28 12.68 89.94 23.41 133.09 85.91

Weather Forecast CITIES MAX-TEMP ISLAMABAD 16°C

MIN -1°C

KARACHI LAHORE FAISALABAD

25°C 21°C 21°C

13°C 1°C 3°C

QUETTA RAWALPINDI

12°C 16°C

-5°C 1°C

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Staff Reporter/ Agencies MUSCAT: Prime Minister Syed Yousuf Raza Gilani talking to the Omani editors in Muscat here on Tuesday. -APP

Gilani seeks increased Omani investment

Pakistan, Oman set to talk FTA PM denies communication gap with India MUSCAT: Prime Minister Syed Yousuf Raza Gilani Tuesday denied any communication gap with India on resolution of core issue of Kashmir and other outstanding issues, but asked it not to hold the dialogue process hostage to the Mumbai incident. This impression should be dispelled that there is lack of communication between Pakistan and India, Gilani said, however pointed at lack of trust, in an interaction with local Omani media at his hotel.

Prime Minister Gilani said Pakistan desires resumption of dialogue process with India to resolve all outstanding issues and mentioned his talks with his Indian counterpart Dr Manmohan Singh during which he had asked him that one incident should not be allowed to hold the dialogue process down. Prime Minister said the resolution of Kashmir issue was vital for regional stability, adding Pakistan wished See # 3 Page 11

FY11: first quarter

E-commerce on rise, SBP reports Staff Reporter KARACHI: The scope of payment systems infrastructure in the country increased during the first quarter (July-September) of the current 2010-2011 fiscal year (FY11) as a total of 99 automated teller machines (ATMs) were added to the e-banking infrastructure bringing the total number of ATMs to 4,562 in the country. According to State Bank's First Quarterly Report on

Payments Systems released Tuesday, 60 more bank branches have been upgraded to Real Time Online Branches (RTOBs) while the number of plastic cards (i.e. ATM, Debit and Credit Cards) also increased by 5.23 per cent compared to the previous quarter. The Report said that the value of ATM transactions increased by about 5 per cent to Rs262,524 million while maintaining the number of transactions at the See # 5 Page 11

Hina underlines fiscal discipline ISLAMABAD: Minister of State for Finance and Economic Affairs, Hina Rabbani Khar Tuesday called for maintaining fiscal discipline in the utilisation of resources at all levels for the welfare of the people and socioeconomic development of the country. She stated this while presiding over the session of the 26th annual general meeting and conference of Pakistan Society of

Development Economists (PSDE) here. The three-day conference has been organised by the Pakistan Institute of Development Economics in collaboration with Forum of Federation Center for Civic Education, Higher Education Commission, CIDA, USAID and FES. Deputy Chairman of the Planning Commission Dr Nadeem-ul Haq inaugurated See # 6 Page 11

During CY10

Offshorers pour $0.5bn into KSE Foreigners hold shares worth $2.9 billion crunch amid huge borrowAhmed Siddique ing by the government, it KARACHI: One thing was the foreign inflows that which was interesting at a saved Pakistani market in time of crisis in Pakistan, the outgoing year. led by ferocious floods, is Compared to the net buythe continuous foreign buying of only $24 million in ing in local stock market. 2009, foreigners in 2010 Though local investors bought shares worth $1.2 remained bearish on the billion and sold $0.7 billion See # 8 Page 11 market due to liquidity

Cracker blast at KU injures 8 Staff Reporter KARACHI: At least 8 students injured in cracker blast at Karachi University here Tuesday. As per details, a cracker blast in Karachi University at Arts lobby, near Mehmood-ul Hassan Library at 1:00PM injured 8 students. After receiving information police, Rangers, bomb disposals squads and ambulance rushed at the site and dispatched the injured students to hospital. The bomb was of 200-gram. According to the University sources, one student organisation targeted the other student's organisation while police sources told that it was parcel attack. Police sources further told that it was cracker blast of low intensity. SSP Gulshan Iqbal Naeem Shaikh, SSP Special investigation unit Umer Khattab, SP CID Investigation Mazhar Mashwani and DIG Shaukat Ali visited the site. DIG East Shaukat said that it would be premature to say anything about the blast while, after University searching and probe into the matter the realty would See # 4 Page 11

Fazl asks Zardari to replace PM ISLAMABAD: Terming him a threat to the democratic process in the country, Maulana Fazlur Rehman, Chief of Jamiat Ulema-e-Islam Fazl (JUIF) called upon President Zardari to replace Prime Minister Yousuf Raza Gilani. During a press briefing here Tuesday, Fazal asked the President to take strict action against the PM for derailing the democratic process in the country and acting against the reconciliatory policy of the PPP government. "Bring a new Prime Minister for it is impossible for the democratic process to run in Gilani's being in power", the JUI-F chief asked the incumbent government. He asserted that he was in touch with all the political parties regarding the current political scenario, however added he was expecting some big decision from MQM chief Altaf Hussain. "We stick to our guns, but the problems facing the country cannot be resolved till the government does not take a solid step", Fazal maintained. See # 7 Page 11

KARACHI: The PPP-government came under further pressure Tuesday with its second-largest partner, Muttahida Qaumi Movement's Farooq Sattar and Babar Khan Ghauri dispatched their resignations to President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani. Muttahida Qaumi Movement said Monday that it was withdrawing its two ministers from the federal cabinet in a move that could threaten the narrow parliamentary majority of President Zardari's Pakistan Peoples

Party (PPP). Talking to media, Sattar said that they had resigned because the government failed in solving the problems faced by the people of Pakistan. He said that the government did not consult his party on policy decisions. The statement issued here from MQM Center 'Nine-Zero', said the party's reservations still exist adding government neither took MQM into confidence nor did has any consultations with it. Prime Minister Gilani has also called for a meeting of the federal cabinet to discuss political developments.

MQM has 25 lawmakers in the national assembly but only two ministers in the federal cabinet, Babar Ghauri for ports and shipping and Farooq Sattar for overseas Pakistanis. The loss of its 25 lawmakers would leave the coalition in a parliamentary minority and could bring down the government. "The decision has been taken because the government did not heed to our complaints about the remarks of Sindh Home Minister maligning the MQM," Faisal Sabzwari told reporters. See # 1 Page 11

President, PM assure MQM resolution of grievances

Mirza ready to quit to win MQM back Staff Reporter/ Agencies BADIN/ KARACHI: Sindh Home Minister Dr Zulfiqar Mirza, who infuriated the coalition partners with his fiery statements, Tuesday offered

to sacrifice his ministry to bring round the resented partners. Zulfiqar Mirza said if quitting the ministry could please Muttahida Qaumi Movement (MQM), then he was ready to tender his resignation

for the purpose. Talking to media here, Sindh Home Minister said Pakistan Peoples Party (PPP) would keep democracy up and that he was raring to render every See # 2 Page 11

Wednesday, December 29, 2010

Ministry of Women Development to help First Women Bank Staff Reporter KARACHI: Federal Minister for Women's Development Dr. Firdous Ashiq Awan assured that her ministry would extend complete help for the First Women Bank Limited (FWBL). Talking to the senior management of the FWBL at its head office here on Tuesday, she said that every possible effort would be made to resolve all issues hindering development projects of the Bank. She congratulated Shafqat Sultana, President FWBL and her team for setting new

trends in the financial sector despite all constraints. The Minister hoped that the Bank will introduce more products focusing on serving the poorest of the poor women. Shafqat Sultana, President First Women Bank Limited informed the Minister that the FWBL has contributed towards the growth of women as entrepreneurs and agents of change. A number of FWBL's clients have graduated from small to medium enterprises and the growth continues to corporate. FWBL has so far disbursed Rs. 28 billion.

She further stated that Bank has Rs 10,124 million deposits and has advanced Rs 7,461 million. The bank has gathered Rs 12,804 million as total assets with the profit of Rs 50 million and net asset value of per share of Rs.38.55.FWBL's paid up capital stands at Rs. 284 million and the shareholders equity at Rs 1093 million. The bank not only provides complete banking service but also some support services exclusively for the women like skill and computer literacy etc. We have a vision at

FWBL which is to be the lead Bank for women. To grow from a branch network of 38 in 23 districts to 100 branches and more in every city of Pakistan, to enable women's access to financial resources and economic empowerment, she said. The Minister was also informed that Bank is facing challenges like implementation of Basel II, minimum capital KARACHI: Etihad Airways, the national airline of United Arab Emirates, has won the "Airline of the year" requirement, organizatitle at the Aviation Business Awards-2010 held recently in Abu Dhabi. Picture shows, Etihad Airways' tional restructuring and Acting Chief Strategy & Planning Officer, Mr. Roy Kinnear and Vice President Sales-UAE, Mr. Hareb Al human resource reMuhairy, holding the award.-Staff Photo organization etc wherein it looks forPak envoy to Argentina visits FPCCI ward to the government for immediate intervention.

Sharmila congrates KPC, KAC electees

KARACHI:- Tennis Star Aisam-ul-Haq inaugurating GulAhmed Sale and Ideas re-launch, CEO catwalk productions Frieha Altaf also present on the occasion. Staff Photo

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

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

LCCI hands Iranian relief goods to DMC Staff Correspondent LAHOREL: The Lahore Chamber of Commerce and Industry Tuesday handed over eight wagonloads of relief goods worth Rs.15 million, donated by the Iran Chamber of Commerce and Industry, to Disaster Management Cell for onward dispatch to the flood affected areas. The relief goods comprising eatables and dailyuse items were jointly received by Iranian Consul General in Lahore Mr Ali Nekan and the LCCI President Shahzad Ali Malik at Lahore Cantt Railway Station. LCCI Senior Vice President Sheikh Mohammad Arshad, former LCCI President Mohsin Raza Bukhari and a number Executive Committee Members were also present on the occasion. Speaking on the occasion, the Iranian Consul General Ali Nekan said

that Iranian people put their Pakistani brothers in high esteem and cannot leave them alone in this hour of need. He said that the goods have been selected keeping view the day-to-day needs of the flood hit people and in consultation with the Lahore Chamber of Commerce and Industry. He paid rich tributes to Lahore Chamber of Commerce and Industry for making consistent and persistent efforts aimed at facilitating the flood affectees. The LCCI President Shahzad Ali Malik said that an arrangement with the Disaster Management Cell has been finalised for the distribution of relief goods in Dera Ghazi Khan, Rajanpure, Layyah and Rojhan Jamali. He thanked the Iranian Chamber of Commerce and Industry for sending the relief goods and said that a judicious distribution would be ensured.

KARACHI: Advisor to Chief Minister Sindh on Information and Archives Sharmila Farooqui has congratulated the Democrats Panel and the Ahmed Shah Panel for getting success in the annual elections of the Karachi Press Club and the Karachi Arts Council respectively. In a statement, Sharmila congratulated new KPC President Tahir Hassan Khan, Vice-President Fazil Jamili, Secretary General Moosa Kaleem, Joint Secretary Mohammad Arif Khan and others. She hoped that the new KPC body would play its due role for boosting democracy in the country.-PPI

â&#x20AC;&#x2DC;Govt should recover all missing personsâ&#x20AC;&#x2122; LAHORE: Jamat-e-Islami Punjab Ameer Dr. Syed Waseem Akhtar in a statement here Tuesday said that the law of jungle was enforced in the country, while the heirs of missing persons were waiting them anxiously. He said the government in this regard seemed helpless, as the secret agencies at their own will were lifting citizens and detaining them. He said the secret agencies instead arresting citizens should instead nab terrorists the real culprits so that the terrorism could be eradicated. He said the government should ensure early recovery of the missing persons. He said the rulers were duty bound to provide security of life and property to the citizens. He said if any one is a culprit, he should be arrested and presented before the court.-PPI

Great scope for more trade between Pak, South America

KARACHI: Ms Naela Chohan, Ambassador of Pakistan in Argentina, visited Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Monday and met with Sultan Ahmed Chawla, President FPCCI and other members. She discussed matters relating to trade and economic relations of Pakistan with Argentina and other South American countries such as Ecuador, Peru and Uruguay, where she is a c c r e d i t e d . President,FPCCI welcomed and thanked her

for visiting FPCCI. Ms Chohan, Ambassador of Pakistan in Argentina gave a detailed presentation on the importance of Argentina and other smaller markets of that region like Ecuador, Peru and Uruguay. She informed that Argentina's per capita income is 14 times higher than Pakistan's per capita income, which represents its huge market size. Pakistan's exports to Argentina rose to $41 million last year, a $3 million increase over the previous

year, which highlights the importance of the region as an emerging market for textile and other goods. She said Pakistan enjoys huge trade surplus with all these countries except Argentina and next year Argentina will celebrate 60 anniversary of its diplomatic relations with Pakistan. Moreover, she highlighted the importance of the region as an emerging import market for textiles and other goods, which could be approached through regional and bilateral agreements and initiatives.-Agencies

Business leaders warn govt not to impose RGST KARACHI: A prominent leader of the business community, S M Muneer has advised the government to refrain from imposing unresolved and controversial RGST as it was not vetted by the stakeholders. Addressing a dinner hosted by Yousuf Shaikh in his honour on Monday, Muneer said that the Governor, State Bank of Pakistan has recently said that the government has so far printed Rs1,500 billion currency notes to meet its expenses. He said that this trend is alarming and would result massive inflation in the country. "I met with President, Asif Zardari three times and begged him to take corrective measures to rescue ailing economy", Muneer said adding that

government has also extended its begging bowl to IMF, which is demanding on imposition of taxes and increase in prices of utilities without realizing the fact that how the poor people would manage to pay as they have already been squeezed. "IMF negotiators don't bother how the poor people of Pakistan will manage to pay the taxes and utilities, they only concerned with their unrealistic demands", Muneer said. He warned that the people and the business community is not in the position to pay additional taxes or high prices of utilities any more and the government should plug the revenue pilferage and generate other resources to meet its expenses. The newly elected

President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Haji Ghulam Ali warned the government to stay away imposing RGST as it was meant to further squeeze the tax payers and poor consumers. He vowed to fight for the rights of business community and resist imposition of RGST as it was being imposed under the whims of IMF. He said that the government has been failed miserably to solve any problem due to which the ministers and public representatives are avoiding to come on the public forums such as FPCCI. He said that the ministers concerned would be brought to face the stakeholders and they have to come to these forums even in a few hours notice.-Agencies

GulAhmed's re-launch of Clifton branch

KARACHI: Police personnel standing at the site of a blast which occured in the place for prayers of Imamia Students Organization (ISO) in Karachi University.-Staff Photo

KARACHI: Ideas by GulAhmed on Saturday had its re-launch and inauguration for its Clifton branch. Women every year look forward to the annual sale, and that is why GulAhmed made a special effort to renovate the Clifton branch before the sale. Tennis champion Aisam ul Haq was invited to the grand opening and was asked to be part of the ribbon cutting. Aisam ul Haq and his sister Shiza was greeted by Frieha Altaf (CEO Catwalk production), Zain Bashir (Director

of GulAhmed), and Tariq Duraani (Deputy brand manager of GulAhmed). Aisam had a flight to catch and therefore was unable to stay for too long after the ribbon cutting. Ideas by GulAhmed, Clifton has given a new look to their store, and wanted only a few medias to enjoy this re-launch. The annual sale was filled with customers who were enjoying the 60% discount on all store items. The opening was a great success and was enjoyed by everyone present there.-PR

LCCI hails new LESCO chief Staff Correspondent

Lahore: The Lahore Chamber of Commerce and Industry has congratulated the newly appointed Chairman Board of Directors of Lahore Electric Supply Company (LESCO) Gohar Ijaz and hoped that he would evolve a comprehensive strategy with the consultation of business community to end unscheduled power outages. In a statement issued here Tuesday, the LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad and Vice President Sohail Azhar said that the appointment of Gohar Ijaz will further strengthen public and private sector cooperation. They said that the newly appointed LESCO Chairman is well versed with the issues being faced by the business community therefore he would give priority to the trade and industry. The LCCI office-bearers also hoped that newly Board of Directors of LESCO would evolve a strategy to curtail line losses and pilferage. They expressed the optimism that Gohar Ijaz would leave no stone unturned to fulfill the trust placed in him and will work hard for the improvement of LESCO.

MPs help KESC in recovery of dues KARACHI: The Karachi Electric Supply Company has reached agreements with the defaulting consumers of Liaquatabad and Korangi through involvement of elected representatives. In both places, Members of Parliament and representatives of local associations convened meetings among all stakeholders and played their due role by motivating the defaulting consumers to stop illegal use of electricity and to agree to schedule of payment of their longstanding electricity bills. At Liaquatabad, Senator Haseeb Khan, MPA Anwar Alam, and Advisor to Sindh Chief Minister Khwaja Izhar organized a meeting among representatives of the nonpaying commercial and residential consumers of Al Karam Square and Apsara Apartments and KESC officials. In the meeting, the associations and representatives of defaulting commercial and residential consumers of both the projects agreed to schedule of paying outstanding dues.PPI

Wednesday, December 29, 2010 Top Economic Events

Dollar falls to record low against franc, recovers vs euro Christmas trade, with UK markets closed for a public holiday. Recent yen gains have also been tied partly to year-end repatriation flows from Japanese exporters. The dollar's fall to a 6-1/2-week low of 81.81 yen also reflected a 1 per cent jump in Japanese industrial output in November reported on Tuesday. The dollar was last at 82.10 yen, down 0.8 per cent. The dollar's move below the 55-day moving average of 82.59 yen, which had served as key support, accelerated the decline. The euro hit a 3-1/2-month low of 107.82 yen. "The industrial production numbers out of Japan were extremely strong, and that certainly has provided a bid to the yen across the

board," said Dean Popplewell, chief strategist of FX brokerage OANDA in Toronto. Against the Swiss currency,

the dollar fell to 0.9435 francs, an all-time low, before clawing its way back to 0.9509 francs, still down 0.9 per cent. The dollar traded sharply lower against commoditylinked currencies, with the Australian and New Zealand dollars rising nearly 1 per cent on the day. "Dollar weakness is basically

on the back of commodities," Popplewell said. "Both oil and gold are seeing robust demand. The market seems to have

shrugged off the interest-rate hike in China over the weekend." But some analysts said investors were still wary of taking on too much risk for fear Europe's debt crisis could worsen or the US economy could grow more slowly than expected in 2011. Reports showing US home

prices fell for a fourth straight month in October and US consumer confidence faded in December added to the cautious sentiment and contributed to the euro's retreat, said GFT Forex strategist Kathy Lien. The US dollar often gains when investors grow averse to risk because they see at as a safer option in difficult times. The euro hit a December low last week at $1.3055, and an earlier rise Tuesday ended just shy of $1.3278, the 50 per cent retracement of a monthly decline that started at $1.3500. The move raised doubts about whether the euro would be able to target $1.3330-35, which includes a 61.8 per cent retracement of the same December decline, before year end. -Reuters

Yuan maybe in new rising Indian rupee gains trend as China battles inflation on broad dollar fall Inflation key reason; politics contribute China analysts say NDFs underestimate yuan rise potential SHANGHAI: The yuan rose against the dollar on Tuesday after the People's Bank of China set its mid-point near a record high, a signal the government's drive to contain inflation may have triggered a new leg of appreciation. The yuan is only a whisker away from its highest level since its landmark revaluation in July 2005 and is likely to breach that level this week after the PBOC surprised the market by raising official interest rates on Christmas Day in a sign of Beijing's determination to nip high inflation in the bud. Offshore yuan forwards, the main means by which foreign investors bet on the Chinese currency, may in coming days increasingly reflect greater appreciation over the next year. "FX should be the last tool to manage inflation in China. But it has come to the point that I think China won't mind allowing more CNY appreciation to fight against imported inflation," said Frances Cheung, a strategist at Credit Agricole CIB in Hong Kong, referring to the yuan. Adding to the timing is the forthcoming visit by Chinese President Hu Jintao to the United States in midJanuary. China often lets the yuan appreciate slightly ahead of major political events as a goodwill gesture to its currency policy critics, in particular US politicians. An informal poll of Chinabased dealers over the last week showed many of them

expect the yuan to gain roughly 6 per cent next year, hitting 6.25 per dollar in late 2011, as the exchange rate plays an increasing role in the battle against inflation, which rose to a 28-month high in November. As such, the dealers said offshore forwards , now implying yuan appreciation of slightly over 2 per cent against the dollar in 12 months, have sharply underestimated the currency's potential, leaving investors a good opportunity to short dollars in the shorter half of the curve up to two-year forwards. "The government appears to have given a signal that it will use both interest rates and the exchange rate to fight inflation, including imported inflation," said a senior trader at a Chinese commercial bank in Shenzhen. "The yuan's rise will still be measured, possibly slightly more than 5 per cent in 2011, while politics have an intermittent impact." USING ALL LEVERS Spot yuan closed at 6.6248 per dollar on Tuesday, up from Monday's close of 6.6308 and only 75 pips away from its post-revaluation high of 6.6173 hit on Nov. 11. It has now risen 3.04 per cent since the PBOC depegged the two currencies in mid-June. The PBOC fixed the day's mid-point , from which the yuan can rise or fall 0.5 per cent in a given day, at 6.6252, up from Monday's 6.6305 and within arm's reach of its record

high of 6.6239 set on Nov. 12. Traders said the yuan might not be able to effectively breach the psychologically important level of 6.60 to the dollar this year, with only four trading days left, but its gain could quicken in January ahead of the Sino-US summit in Washington around Jan. 19. One-year non-deliverable dollar/yuan forwards (NDFs) were bid at 6.4800 in thin holiday trade, up from Monday's close of 6.4720. Their implied yuan appreciation in a year's time dropped to around 2 per cent from 2.37 per cent. Shorter-term three-month NDFs rose to 6.5910 from Monday's close of 6.5880, implying yuan appreciation in three months' time of 0.52 per cent, down from 0.56 per cent. The spread of 1-month NDFs over 1-year NDFs has narrowed since November to 0.1355 from 0.1990 on profit-taking in the more liquid 1-year tenors. A sustained period of stronger midpoint fixings though, similar to September-October of this year, could cause that spread to widen again, as investors dump the 1year NDFs. "China is using all levers to temper inflation including rate hikes and of course some CNY appreciation," said Gerrard Katz, head of FX trading at Standard Chartered Bank in Hong Kong. "So we expect to see the yuan move to 6.20 by the end of 2011. Currently NDFs do not price that in and so there is opportunity to sell the 1-year NDF." -Reuters

Asian currencies

Peso surges; firm yuan seen lifting Asian peers SEOUL: The peso and the Indian rupee rose against a weakening dollar on Tuesday in thin, year-end trading, with other emerging Asian currencies expected to strengthen on gains by China's yuan, analysts and dealers said. "A strong yuan is a definitely bullish factor for Asian currencies. As long as China revaluates the yuan in a way that does not hurt the economy, it will lead gains in Asian peers," said Jeong My-young, a currency strategist at Samsung Futures in Seoul. The yuan rose against the dollar on Tuesday after the People's Bank of China set its mid-point near a record high, a signal that traders said points to a fresh leg of yuan appreciation as the government strengthens an antiinflation campaign. However, other foreign exchange authorities in Asia are unlikely to loosen grip on currencies to cope with rising prices, analysts said. Asked if Asian authorities would allow their currencies to appreciate to rein in rising inflation, Gerrard Katz, Head of FX Trading at Standard Chartered Bank in Hong

Kong said: "It will be country by country approach in my opinion. "It's hard to speak in general for Asia, but I would think if the dollar is weaker in general they will be more accepting to a degree if economy is good." The Philippine peso rose 0.3 per cent on high inflows from remittances in relatively thin trading. Traders said a bulk of these remittances had been sent over the four-day Christmas weekend. "I think we're seeing the inflows finally overpowering the market the past few days," said a Manila-based dealer. Another dealer said: "43.80 would be the next crucial level. Unless the level breaks, it looks like we'll just trade between 43.80-44.20 to close the year." The yuan rose against the dollar after the People's Bank of China set its mid-point near a record high, a signal that traders said points to a fresh leg of yuan appreciation as the government strengthens an anti-inflation campaign. The yuan is now only a whisker away from its highest

level since its landmark revaluation in July 2005 and is likely to breach that level this week after the PBOC surprised the market by raising official interest rates on the Christmas Day in a sign of Beijing's determination to nip high inflation in the bud. China often lets the yuan appreciate slightly ahead of major political events as a goodwill gesture to its currency policy critics, in particular US politicians, and Chinese President Hu Jintao is due to visit the United States in midJanuary. An informal poll of Chinabased dealers over the last week showed many expect the yuan to gain roughly 6 per cent next year, hitting 6.25 per dollar in late 2011, as the exchange rate plays an increasing role in the battle against inflation, which rose to a 28-month high in November. The Indian rupee rose, buoyed by broad losses in the dollar versus major currencies, but demand for the dollar from oil firms scrambling to meet month-end import commitments quickly pulled it off its highs. -Reuters

Source

Events

Forecast

All Day

EUR

German Prelim CPI m/m

0.8%

14:00

EUR

M3 Money Supply y/y

1.6%

1.0%

14:00

EUR

Private Loans y/y

1.7%

1.4%

14:30

GBP

Housing Equity Withdrawal q/q

-5.5B

-6.2B

15:30

CHF

KOF Economic Barometer

2.07

2.12

0.1%

Previous Day

Worries about eurozone, US growth still linger NEW YORK: The dollar hit a record low against the Swiss franc and tumbled against the yen on Tuesday after Japan reported its factory output rose in November for the first time in six months. A surprise decline in US consumer confidence this month, however, helped the greenback recover losses against the euro, which had climbed as high as $1.3274 overnight before falling back to $1.3130, down 0.2 per cent. Much of the day's price action was tied to year-end position squaring, traders said. That was the case with the Swiss franc, the biggest gainer among major currencies, with traders citing buying by Swiss corporates. Moves were exaggerated in very thin post-

Time

MUMBAI: The Indian rupee gained on Tuesday, buoyed by sharp losses in the dollar versus major currencies, but choppy domestic shares and demand for the US unit from oil firms and importers limited any sharp upside. The partially convertible rupee closed at 45.09/10 per dollar, off its low of 45.2050 and 0.3 per cent stronger than its close of 45.24/25 on Monday. "The market was pretty dull today with just some oil demand seen," said a senior foreign exchange dealer with a private bank. "I expect more of a two-way market in early 2011. 44.8046.00 band, probably with a broader range of 44 to 46.80. Capital inflows should continue but should just about make the current account gap manageable, which is why the rangebound rupee view." Traders said gains in other regional peers also underpinned rupee sentiment. All Asian currencies rose compared to the dollar. Foreign institutional investors (FIIs) have pulled out a net $500 million from Indian equities this month through

Monday. They are, however, net investors of $28.5 billion in 2010, on top of the $17.5 billion pumped in last year. "Think Q1 2011 could see some small INR strength - with FII debt money and perhaps FPOs (follow-on public offers) of SAIL keeping capital flows coming. Also, historically, Q1 also tends to see better current account situation," said Ananth Narayan G, head of fixed income, currency and commodities at Standard Chartered Bank in Mumbai. "So rupee seen at 44.00-44.50 by March 2011, perhaps 46.00 by June 2011, so the range remains intact," he added. Onemonth offshore non-deliverable forward contracts were quoted at 45.29, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange and MCX-SX closed at 45.10, while those on the United Stock Exchange ended at 45.1025. The total traded volume on the three exchanges inclusive of all contracts was a low $3.7 billion versus a usual $7 billion. -Reuters

Swiss franc up vs euro as investors seek safe plays ZURICH: The Swiss franc rose against both the dollar and the euro on Tuesday, looking to touch the previous week's record peak against the European unit as traders capitalised on safe-haven plays in thin year-end markets. The Swiss franc, which investors regard as a safe haven, has gained some 15 per cent against the euro this year on worries about sovereign debts in the euro-zone and Switzerland's strong growth. It hit an all-time record of 1.2435 on Dec. 22 but has eased somewhat since. According to the UBS consumption indicator, also released on Tuesday, private consumption is expected to rise 1.7 per cent next year, bolstered by strong immigration, low interest rates and declining unemployment. "Today the Swiss franc is still quite strong because it is highly demanded as a safe haven," Sarasin strategist Ursina Kubli said. The euro rose sharply against the dollar on Tuesday, after stop-

loss orders were triggered at key chart points. "The euro weakness is going to continue because the countries at the periphery are growing less strongly," she said. "The bounce back of the euro will be shortlived." The franc rose 0.6 per cent against the euro compared to the New York close, trading at 1.2567 per euro at 0823 GMT. The franc rose 0.9 per cent against the dollar to 0.9507 per dollar. UBS forex strategists said they were bearish on euro-Swiss, focusing on 1.2439 ahead of 1.2283, with resistance at 1.2714 per euro. -Reuters

Source

Events

NZD

Bank Holiday

Actual

Forecast

AUD

Bank Holiday

JPY JPY JPY

Tokyo Core CPI y/y

-0.4%

-0.5%

National Core CPI y/y

-0.5%

-0.6%

Unemployment Rate

5.1%

JPY

Prelim Industrial Production m/m

1.0%

-2.0%

JPY

Retail Sales y/y

1.3%

0.4%

-0.2%

GBP

Bank Holiday

CAD

Bank Holiday

USD

S&P/CS Composite-20 HPI y/y

-0.8%

-0.1%

0.4%

USD

CB Consumer Confidence

52.5

56.2

54.3

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

As per 22.00 PST Ask High 1.3164 1.3272 0.9438 0.9603 1.5391 1.5507 0.9977 1.0069 1.0130 1.0153 108.0500 109.4800 0.8552 0.8590 1.2495 1.2661 126.3600 127.9800 86.4900 87.1300 0.9521 0.9540 1406.4300 1405.9800 30.0000 29.9500

Bid 1.3161 0.9494 1.5389 0.9973 1.0125 108.0100 0.8548 1.2490 126.3100 86.4400 0.9514 1405.6300 29.9500

Low 1.3138 0.9436 1.5368 0.9976 1.0045 107.8300 0.8527 1.2490 126.1500 86.1800 0.9410 1382.9500 29.2600

Major Central Banks Overview Central Bank

Next Meeting

Last Change

Current Interest Rate

Bank of England

January 13, 2011

March 5, 2009

0.50%

European Central Bank

January 13, 2011

May 7, 2009

Swiss National Bank

March 17, 2011

March 12, 2009

0.25%

The Reserve Bank of Australia

February 1, 2011 November 2, 2010

4.75%

Bank of Canada

n/a

September 8, 2010

Federal Reserve

n/a

December 16, 2008

0.25%

Bank of Japan

n/a

December 19, 2008

0.10%

Division of National Bank of Pakistan (NBP) KARACHI, December 28,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A.

85.98

85.78

85.59

U.K.

133.09

132.78

132.47

EURO

113.86

113.60

113.34

CANADA

85.49

85.29

85.07

SWITZERLAND

89.94

89.73

89.49

AUSTRALIA

86.63

86.43

86.20

SWEDEN

12.68

12.65

12.62

JAPAN

1.04

NORWAY

14.55

14.52

14.48

SINGAPORE

66.28

66.13

65.95

DENMARK

15.28

15.24

15.20

SAUDI ARABIA

22.93

22.87

22.81

HONG KONG

11.05

11.02

10.99

CHINA

12.98

12.95

12.92

KUWAIT

304.21

303.51

302.71

MALAYSIA

27.80

27.74

27.97

NEW ZEALAND

64.68

64.53

64.36

QATAR

23.61

23.56

23.50

U.A.E.

23.41

23.35

23.29

KR WON

0.07

THAILAND

2.85

2.84

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 28, 2010

KASB

BMA

ELXIR

GSL

ICSL

0-7days

12.90

12.85

12.70

12.65

JSCM AvgRate 13.00

12.83

8-15dys

13.00

12.80

12.85

12.95

12.90

16-30dys

13.05

12.95

12.90

12.95

13.05

12.97

31-60dys

13.12

13.13

13.10

13.05

13.10

13.09

61-90dys

13.16

13.15

13.18

13.15

13.18

13.16

91-120dys

13.32

13.33

13.25

13.24

13.20

13.30

13.27

121-180dys

13.36

13.35

13.30

13.35

13.30

13.35

13.34

181-270dys

13.50

13.45

13.49

13.50

13.45

13.50

13.48

271-365dys

13.65

2-- years

13.95

14.00

13.95

13.90

13.94

3-- years

14.16

14.19

14.15

14.11

14.13

14.15

4-- years

14.16

14.20

14.21

14.17

14.20

14.15

14.18

5-- years

14.18

14.23

14.25

14.20

14.21

14.20

14.21

6-- years

14.20

14.27

14.24

14.30

14.25

14.26

7-- years

14.22

14.30

14.35

14.30

8-- years

14.23

14.05

14.15

14.12

14.00

14.10

14.11

9-- years

14.24

13.98

14.12

14.18

14.20

14.18

14.15

10--years

14.24

14.25

14.24

14.25

14.22

14.25

14.24

15--years

14.50

14.55

14.53

20--years

14.60

14.75

14.70

14.80

14.75

14.73

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

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

week month months months year years

-0.97 -0.32 -0.04 0.40 -0.07 -0.28

0.44 0.54 0.76 0.66 0.87 0.89

-0.92 -0.19 0.69 0.68 0.80 0.56

0.75 0.67 0.85 0.72 0.67 0.73

0.85 0.69 0.71 0.60 0.24 0.43

USD/CAD USD/CHF

-0.91 0.05 0.32 0.53 -0.14 -0.23

0.88 -0.14 0.15 -0.50 -0.03 0.30

0.34 0.28 -0.19 -0.32 0.15 0.14

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)28/12/2010 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

0.00

ABLN 12.85

13.35

12.85

13.35

12.90

13.40

13.15

13.40

13.65

13.45

13.95

13.60

14.10

13.70

14.20

JSBL

12.85

13.35

12.90

13.40

12.85

13.35

13.15

13.40

13.65

13.45

13.95

13.70

14.20

14.00

14.50

ASPK 12.70

13.20

12.70

13.20

12.80

13.30

13.15

13.40

13.35

13.60

13.45

13.95

13.60

14.10

13.70

14.20

CIPK

12.75

13.25

12.75

13.25

12.80

13.30

13.20

13.45

13.70

13.60

14.10

13.70

14.20

13.80

14.30

DBPK 12.60

13.10

12.70

13.20

12.75

13.25

13.05

13.30

13.25

13.50

13.35

13.85

13.50

14.00

13.60

14.10

FBPK 12.85

13.35

12.85

13.35

12.80

13.30

13.25

13.50

13.45

13.70

13.55

14.05

13.75

14.25

13.90

14.40

FLAH 12.80

13.30

12.80

13.30

12.85

13.35

13.20

13.45

13.40

13.65

13.45

13.95

13.60

14.10

13.70

14.20

HBPK 12.75

13.25

12.85

13.35

12.90

13.40

13.20

13.45

13.35

13.60

13.45

13.95

13.60

14.10

13.70

14.20

HKBP 12.70

13.20

12.80

13.30

12.90

13.40

13.15

13.40

13.30

13.55

13.40

13.90

13.60

14.10

13.70

14.20

NIPK

12.60

13.10

12.85

13.35

13.25

13.75

13.50

13.75

13.60

13.85

13.70

14.20

13.80

14.30

13.90

14.40

HMBP 12.90

13.40

13.00

13.50

12.90

13.40

13.25

13.50

13.35

13.60

13.50

14.00

13.60

14.10

13.70

14.20

SAMB 12.75

13.25

12.80

13.30

12.85

13.35

13.30

13.55

13.45

13.70

13.45

13.95

13.65

14.10

13.75

14.25

MCBK 12.70

13.20

12.70

13.20

12.75

13.25

13.15

13.40

13.30

13.55

13.40

13.90

13.50

14.00

13.75

14.25

NBPK 12.70

13.20

12.75

13.25

12.80

13.30

13.10

13.35

13.25

13.50

13.40

13.90

13.60

14.10

13.70

14.20

SCPK 12.65

13.15

12.65

13.15

12.75

13.25

13.10

13.35

13.25

13.50

13.45

13.95

13.50

14.00

13.70

14.20

UBPL 12.60

13.10

12.70

13.20

12.80

13.30

13.15

13.40

13.30

13.55

13.45

13.95

13.60

14.10

13.70

14.20

AVE

13.24

12.79

13.29

12.84

13.34

13.18

13.43

13.36

13.61

13.45

13.95

13.62

14.12

13.72

14.22

ABPL

12.74

Wednesday, December 29, 2010 Top Economic Events

board," said Dean Popplewell, chief strategist of FX brokerage OANDA in Toronto. Against the Swiss currency,

on the back of commodities," Popplewell said. "Both oil and gold are seeing robust demand. The market seems to have

Asian currencies

Source

Events

Forecast

EUR

German Prelim CPI m/m

0.8%

Previous 0.1%

14:00

EUR

M3 Money Supply y/y

1.6%

1.0%

14:00

EUR

Private Loans y/y

1.7%

1.4%

14:30

GBP

Housing Equity Withdrawal q/q

-5.5B

-6.2B

15:30

CHF

KOF Economic Barometer

2.07

2.12

Previous Day

Time All Day

Source

Events

NZD

Bank Holiday

Actual

Forecast

AUD

Bank Holiday

JPY JPY JPY

Tokyo Core CPI y/y

-0.4%

-0.5%

National Core CPI y/y

-0.5%

-0.6%

Unemployment Rate

5.1%

JPY

Prelim Industrial Production m/m

1.0%

-2.0%

JPY

Retail Sales y/y

1.3%

0.4%

-0.2%

GBP

Bank Holiday

CAD

Bank Holiday

USD

S&P/CS Composite-20 HPI y/y

-0.8%

-0.1%

0.4%

USD

CB Consumer Confidence

52.5

56.2

54.3

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

Bid 1.3161 0.9494 1.5389 0.9973 1.0125 108.0100 0.8548 1.2490 126.3100 86.4400 0.9514 1405.6300 29.9500

Low 1.3138 0.9436 1.5368 0.9976 1.0045 107.8300 0.8527 1.2490 126.1500 86.1800 0.9410 1382.9500 29.2600

Major Central Banks Overview Central Bank

Next Meeting

Last Change

Current Interest Rate

Bank of England

January 13, 2011

March 5, 2009

0.50%

European Central Bank

January 13, 2011

May 7, 2009

Swiss National Bank

March 17, 2011

March 12, 2009

0.25%

The Reserve Bank of Australia

February 1, 2011 November 2, 2010

4.75%

Bank of Canada

n/a

September 8, 2010

Federal Reserve

n/a

December 16, 2008

0.25%

Bank of Japan

n/a

December 19, 2008

0.10%

85.98

85.78

85.59

U.K.

133.09

132.78

132.47

EURO

113.86

113.60

113.34

CANADA

85.49

85.29

85.07

SWITZERLAND

89.94

89.73

89.49

AUSTRALIA

86.63

86.43

86.20

SWEDEN

12.68

12.65

12.62

JAPAN

1.04

NORWAY

14.55

14.52

14.48

SINGAPORE

66.28

66.13

65.95

DENMARK

15.28

15.24

15.20

SAUDI ARABIA

22.93

22.87

22.81

HONG KONG

11.05

11.02

10.99

CHINA

12.98

12.95

12.92

KUWAIT

304.21

303.51

302.71

MALAYSIA

27.80

27.74

27.97

NEW ZEALAND

64.68

64.53

64.36

QATAR

23.61

23.56

23.50

U.A.E.

23.41

23.35

23.29

KR WON

0.07

THAILAND

2.85

2.84

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 28, 2010

KASB

BMA

ELXIR

GSL

ICSL

0-7days

12.90

12.85

12.70

12.65

JSCM AvgRate 13.00

12.83

8-15dys

13.00

12.80

12.85

12.95

12.90

16-30dys

13.05

12.95

12.90

12.95

13.05

12.97

31-60dys

13.12

13.13

13.10

13.05

13.10

13.09

61-90dys

13.16

13.15

13.18

13.15

13.18

13.16

91-120dys

13.32

13.33

13.25

13.24

13.20

13.30

13.27

121-180dys

13.36

13.35

13.30

13.35

13.30

13.35

13.34

181-270dys

13.50

13.45

13.49

13.50

13.45

13.50

13.48

271-365dys

13.65

2-- years

13.95

14.00

13.95

13.90

13.94

3-- years

14.16

14.19

14.15

14.11

14.13

14.15

4-- years

14.16

14.20

14.21

14.17

14.20

14.15

14.18

5-- years

14.18

14.23

14.25

14.20

14.21

14.20

14.21

6-- years

14.20

14.27

14.24

14.30

14.25

14.26

7-- years

14.22

14.30

14.35

14.30

8-- years

14.23

14.05

14.15

14.12

14.00

14.10

14.11

9-- years

14.24

13.98

14.12

14.18

14.20

14.18

14.15

10--years

14.24

14.25

14.24

14.25

14.22

14.25

14.24

15--years

14.50

14.55

14.53

20--years

14.60

14.75

14.70

14.80

14.75

14.73

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

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

week month months months year years

-0.97 -0.32 -0.04 0.40 -0.07 -0.28

0.44 0.54 0.76 0.66 0.87 0.89

-0.92 -0.19 0.69 0.68 0.80 0.56

0.75 0.67 0.85 0.72 0.67 0.73

0.85 0.69 0.71 0.60 0.24 0.43

USD/CAD USD/CHF

-0.91 0.05 0.32 0.53 -0.14 -0.23

0.88 -0.14 0.15 -0.50 -0.03 0.30

0.34 0.28 -0.19 -0.32 0.15 0.14

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)28/12/2010 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

0.00

ABLN 12.85

13.35

12.85

13.35

12.90

13.40

13.15

13.40

13.65

13.45

13.95

13.60

14.10

13.70

14.20

JSBL

12.85

13.35

12.90

13.40

12.85

13.35

13.15

13.40

13.65

13.45

13.95

13.70

14.20

14.00

14.50

ASPK 12.70

13.20

12.70

13.20

12.80

13.30

13.15

13.40

13.35

13.60

13.45

13.95

13.60

14.10

13.70

14.20

CIPK

12.75

13.25

12.75

13.25

12.80

13.30

13.20

13.45

13.70

13.60

14.10

13.70

14.20

13.80

14.30

DBPK 12.60

13.10

12.70

13.20

12.75

13.25

13.05

13.30

13.25

13.50

13.35

13.85

13.50

14.00

13.60

14.10

FBPK 12.85

13.35

12.85

13.35

12.80

13.30

13.25

13.50

13.45

13.70

13.55

14.05

13.75

14.25

13.90

14.40

FLAH 12.80

13.30

12.80

13.30

12.85

13.35

13.20

13.45

13.40

13.65

13.45

13.95

13.60

14.10

13.70

14.20

HBPK 12.75

13.25

12.85

13.35

12.90

13.40

13.20

13.45

13.35

13.60

13.45

13.95

13.60

14.10

13.70

14.20

HKBP 12.70

13.20

12.80

13.30

12.90

13.40

13.15

13.40

13.30

13.55

13.40

13.90

13.60

14.10

13.70

14.20

NIPK

12.60

13.10

12.85

13.35

13.25

13.75

13.50

13.75

13.60

13.85

13.70

14.20

13.80

14.30

13.90

14.40

HMBP 12.90

13.40

13.00

13.50

12.90

13.40

13.25

13.50

13.35

13.60

13.50

14.00

13.60

14.10

13.70

14.20

SAMB 12.75

13.25

12.80

13.30

12.85

13.35

13.30

13.55

13.45

13.70

13.45

13.95

13.65

14.10

13.75

14.25

MCBK 12.70

13.20

12.70

13.20

12.75

13.25

13.15

13.40

13.30

13.55

13.40

13.90

13.50

14.00

13.75

14.25

NBPK 12.70

13.20

12.75

13.25

12.80

13.30

13.10

13.35

13.25

13.50

13.40

13.90

13.60

14.10

13.70

14.20

SCPK 12.65

13.15

12.65

13.15

12.75

13.25

13.10

13.35

13.25

13.50

13.45

13.95

13.50

14.00

13.70

14.20

UBPL 12.60

13.10

12.70

13.20

12.80

13.30

13.15

13.40

13.30

13.55

13.45

13.95

13.60

14.10

13.70

14.20

AVE

13.24

12.79

13.29

12.84

13.34

13.18

13.43

13.36

13.61

13.45

13.95

13.62

14.12

13.72

14.22

ABPL

12.74

Wednesday, December 29, 2010

South East Asian stocks

European shares add to year-end rally; trade thin KSE-100 Index Opening Closing Change % Change Turnover (mn)

11,909.73 11,848.05 61.68 0.52 110.11

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

3,681.69 3,667.79 13.90 0.38 4.73

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

2,985.61 2,968.00 17.61 0.59 0.33

Major Gainers

Symbol COLG SIEM UPFL SHEZ CPL

Change

950.00 1,252.93 1,107.67 119.07 177.97

24.46 23.93 7.67 5.67 5.32

Major Losers

Symbol

Change

RMPL 2,074.83 NESTLE 2,435.00 IDYM 294.05 LAKST 302.09 ENGRO 192.67

-52.99 -15.03 -14.43 -11.01 -6.89

Top 5 Volume Leaders

Symbol

Close Vol (mn)

FFBL NBP AHCL FATIMA JSCL

37.14 72.77 25.72 10.99 11.06

9.31 8.07 7.35 6.31 4.40

Active Issues Plus Minus Unchanged

144 231 25

Sector Updates FERTILISER 000 tonnes

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

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

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

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

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

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

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

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

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

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

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

Indonesia hits 2-week high, others mostly firm

Politicals pare some KSE gains Nawaz Ali KARACHI: Selling by the local investors over uncertain political situation in the country beckoned the bears back into the Karachi Stock Exchange (KSE) on Tuesday as a result it ended below 11,900 level due to selling mainly in oil and fertiliser stocks. The benchmark KSE 100Index fell by 61 points to close at 11,848 points while KSE 30Index and KSE All Share Index lost 59 points and 43 points to close at 11,403 and 8,239 points respectively. "The conflict between government and coalition partners compelled investors to trim their positions especially in oil and fertiliser stocks", said Samar Iqbal, equity dealer at Topline Securities. However, buying interest was seen in Nishat Mills after its inclusion in Shariah Index, he added. After a negative opening,

market managed to recover due to buying at lower levels. However, after giving a number of visits to the positive zone --touching the highest day-level of 11,948 points (+ve 38 points)-- market finally settled down in the bearish zone primarily due to selling spurred by ongoing political situation in the country and a low-intensity blast at Karachi University. It should be noted that Muttahida Qaumi Movement (MQM) has announced to quit federal cabinet. Further, investors were also concerned over rising fiscal deficit after the approval of a 9month extension in the $11 billion IMF loan programme. Therefore index losses then increased due to continued selling pressure mostly in oil and fertiliser stocks and just near the closing bells it touched an intraday low of 11,830 points (ve 79 points) and finally closed thereabouts.

Jawad Khan, equity dealer at JS Global said that ENGRO bore the brunt of the selling trend, over rumours that the trial run of the new plant has not begun on time and the government is seeking explanation for the 23% urea price hike by the fertilisermakers. Foreign investors, however, remained on the buying side as according to NCCPL there was a net-foreign-buying of $1.31 million on Tuesday. On the local side, companies and individual investors did a net-selling of $3.41 and $0.93 million respectively while mutual funds did a net-buying of $2.56 million. Investor participation somewhat improved as 110.1 million shares traded during the day -25 million shares more than a turnover of 85.1 million a day earlier. Out of total 400 active issues 231 declined, 144 advanced, and 25 issues remained unchanged.

HK, China shares take hit from banks, realty HONG KONG/SHANGHAI: Hong Kong and China stocks ended lower on Tuesday with banks and property counters leading the slide in the wake of a surprise interest rate rise by the People's Bank of China. The benchmark Shanghai Composite Index dropped 1.74 per cent to 2,732.99 points, the lowest closing level since Sept. 30, and squarely below the 250-day moving average, considered by some as a key technical support level. The fall extended the previous session's nearly 2 per cent loss as investors dumped banking and property stocks. The market also suffered from a seasonal year-end liquidity shortage, reflected by thin trade and the benchmark money market rate heading for the highest level in three years. "The rate rise triggered a correction mainly caused by an acute shortage of liquidity toward year-end, as well as excessively high valuations in certain small-cap stocks," said Zheshang Securities in

Shanghai fund manager Zhou Liang. "But there's limited room for the index to fall as many blue-chip stocks are already cheap by historic standards. Tightening concerns have been largely priced in, so it could be a good buying opportunity." Many analysts expect the government to front-load more tightening measures after the latest rate rise, including further rate increases and higher bank reserve requirements in the first half of next year, potentially resulting in slower growth. Banks also weighed as the prospect of a slowing economy triggered concern that loan demand will fall and bad assets will rise. Hong Kong shares fell for a third consecutive day with the Hang Seng Index finishing down 0.93 per cent, its biggest single day of fall in per centage terms in nearly two weeks, at 22,621.73, its lowest close since Oct. 4. The China Enterprises Index of top locally listed mainland

enough energy to rise as there weren't enough active players." The benchmark Nikkei finished the day down 63.36 points at 10,292.63. The broader Topix index fell 0.2 per cent or 1.85 points to 902.83. Daily trading volume fell to the lowest since December 2008, with 1.08 billion shares changing hands on the Tokyo Stock Exchange's first section. Turnover in value terms fell to 719.2 billion yen ($8.69 billion) -- the lowest since Jan. 4. Hong Kong shares fell 1.1 per cent as the market resumed trading from a holiday the previous day and absorbed the weekend credit-tightening by China's central bank. Shanghai shares fell 1.3 per cent by late afternoon, extending falls after slipping 1.9 per

Home prices, consumer data hurt Wall Street NEW YORK: US stocks were little changed Tuesday as investors were reluctant to take large positions in either direction and largely shrugged off weaker-than-expected data on consumer confidence and home prices. The S&P/Case-Shiller 20city index showed prices of US single-family homes fell almost double the expected pace in October. US consumer confidence unexpectedly deteriorated month over month in December, hurt by increasing worries about the jobs market, according to a private report. "Everybody has done what they need to do. The money that has been put in place has been put in place until the end of the year - in spite of the fact we may get some modestly surprising data," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey. The Dow Jones industrial average dropped 5.79 points, or 0.05 per cent, to 11,549.24. The Standard & Poor's 500 Indexshed 0.58 points, or 0.05 per cent, to 1,256.96. The Nasdaq Composite Index dipped 4.16 points, or 0.16 per cent, to 2,663.11. General Motors Co gained 2.2 per cent to $35.37 after several analysts initiated coverage of the automaker's shares, including "overweight" ratings at Barclays Capital and Morgan Stanley. Trading volumes, already light for the holiday season, were expected to remain thin as the northeastern United States digs itself out from a blizzard that disrupted air and rail travel at the end of the busy Christmas weekend. The blizzard pushed oil prices up to just below 26month high struck the previous session with US crude for February up 27 cents at $91.27 a barrel.-Reuters

India shares red, flat in quiet trade NEW DELHI: The BSE Sensex closed slightly lower on Tuesday as the holiday season before the year end kept investors at bay, with little direction coming from mixed overseas markets. Top private sector firm Reliance Industries and secondlargest lender ICICI Bank led the decliners in the main index, while telecoms stocks gained ground following Monday's profit sales in India's leading mobile operators Bharti Airtel and Reliance Communications. Tata Steel, the world's seventh-largest steel maker and the largest shareholder in Riversdale, added 0.2 per cent after it said late on Monday that it was yet to decide whether to counter Rio Tinto 's $3.9 billion bid for the Africa-focused miner. Tata Steel also said it had no discomfort with Rio buying into Riversdale.

The main 30-share BSE Index closed 0.02 per cent down at 20,025.42 points, but 19 of its components ended positive. The benchmark traded in a narrow 109-point range. "Many of the larger players are not participating in the markets because of the holiday season," said K.K. Mital, head of portfolio management at Globe Capital. "This should continue for the rest of the week and the market should hover in a range. You could see some stock-specific action, but the broader market should not move much," he said. The main index is up 14.7 per cent so far in 2010, helped by record foreign fund inflows and most investors are optimistic a robust growth outlook for the Indian economy bodes well for the domestic equities market in 2011. See # 10 Page 11

KSE BoD election today

Azam Khan vows better ‘exchange’ Staff Reporter KARACHI: Election of the five member directors of Karachi Stock Exchange (KSE) is scheduled for today (Wednesday). A total of nine candidates are taking part in the election. Major brokers like Abid Ali Habib, Zafar Moti, and Haji Ghani Haji Usman are also in the race. Election campaign is in full swing. All the candidates are aggressively busy trying to ensure a seat at the BoD. No one wants to lose the directorship. A cutthroat competition is in cards, said experts. One of the candidates,

Mohammad Azam Khan CEO Sunrise Capital, has proposed some plans which he claims he'll pursue if elected as director. In a letter issued to the members of the exchange, Azam said that in future, he aims to contribute more actively for innovative and lively products for the benefit of the brokerage industry. Further, the letter also included his multi-pointed actionplan for an improved and healthier stock market. He aims to: 1) develop interest of members by exploring the avenues for improving the business and image of financial industry, 2) introduce newer and more See # 11 Page 11

Chinese companies was down 1.07 per cent at 12,309.59. "The rate rise effect haunted the thin market today," said Linus Yip, chief strategist at First Shangahi Securities. "Interest rates are set to be a hot topic in the coming year, while the latest rate rise has removed some uncertainty and that may allow the market to ANNOUNCEMENTS take a breather before a Company Period Div/Bon/Right PAT (Rs in mn) rebound." Kohinoor Sugar Yearly -73.925 Thal Industries Yearly 15%(D) 119.191 Brokers said a limited downside risk after the recent weakness may fuel bargain hunting, while some said they preferred to hold cash in uncertain market trend. Chinese auto stocks rebounded from recent weakness with Guangzhou Automobile Group Co Ltd, which fell 4.7 per cent on Friday, surged 4.9 per cent. Brilliance China Automotive Holdings Ltd, which tumbled 7.5 per cent on Friday, rebounded 0.9 per cent. Auto stocks were hit last Siddique Dalal, Chairman Dalal Securities Friday after Beijing announced Market would move in narrowband till the end of the calendar measures to limit new car registrations to tackle congestion year with low volumes. It would be mainly due to a slump in foreigners' activity, shortage of liquidity, and political uncertainty. in the city.-Reuters

EPS(Rs) -6.78 7.93

Dhiyan

TUNE IN TO NARROWBAND

Nikkei down as China falls; vols at 2-year low TOKYO: Japan's Nikkei average slipped 0.6 per cent on Tuesday as falls in Chinese shares and a slightly firmer yen prompted light profit-taking, but it was supported by strong Japanese output data and healthy technical signals. The Nikkei was rangebound in thin year-end trading as investors were less enthusiastic about taking more buy positions after a 0.8 per cent gain the previous day. "The Nikkei was capped by falls in Shanghai shares and a slight recovery of the yen. The Nikkei could have risen if Chinese shares gained today as market sentiment is still bullish," said Toshiyuki Kanayama, a market analyst at Monex Inc. "We've seen funds flowing into small-cap shares today, but the market simply didn't have

US stocks mid-morning

cent on Monday. The Nikkei was also pressured as the yen firmed about 0.5 per cent against the dollar to 82.44 by late Asian trade, but the market was careful about selling the Nikkei too strongly as the underlying trend remained bullish. Tokyo participants were looking for chances to test the Nikkei above last year's close of 10,546.44 by this year's final trading day on Thursday, analysts said. Bullish technical signals and positive Japanese output data released on Tuesday also provided bargain-hunting opportunities, they said. Industrial output rose 1.0 per cent in November, marking the first rise in six months, in a sign companies are increasing See # 9 Page 11

However overall market outlook is positive and it would resume positive activities provided that IMF approves tranche, interest rate remains unchanged, and leverage product is launched soon after the appointment of SECP chairman as expected. Investors are advised to adopt “buy on dips” stance and invest in oil, fertiliser and banking stocks. Market would be rangebound today.

Salman Naqvi, Head of Sales Aba Ali Habib Securities Following reduction in foreign buying and uncertain political situation, correction may continue for some sessions. But 100-Index won't lose more than 100-150 points. The return of foreign investors after holidays, recent approval of extension in IMF programme, and interest rate status quo would help index touch 12,500 level in January. Buy banking, oil and selective cement stocks on dips. However, stay away from fertilisers. Correction may continue today.

Wednesday, December 29, 2010

Market

Symbols

Volume

110,110,760

Value

4,970,402,497

Trades

65,013

Paid up Cap(mn)

Advanced Declined Unchanged Total

Current High Low Change

144 231 25 400

All Share Index

11,848.05 11,949.12 11,829.04 i61.68

Current High Low Change

KSE 30 Index

8,239.10 8,311.32 8,227.59 i43.26

Current High Low Change

KMI 30 Index Current High Low Change

11,403.42 11,511.88 11,383.13 i59.85

18,866.49 19,063.98 18,818.11 i83.94

OIL AND GAS

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index

Performance of SR Industrial Transportation Index

Open 1,535.49 Turnover 6,315,269 P/E (x) 11.18 Company

KSE 100 Index

High Low 1,542.99 1,520.44 Total cos Defaulter cos P/BV (x) ROE (%) 3.64 32.54

Open

High

Low

691 5.66 331.08 853 6.86 121.73 3921 - 11.31 735 16.70 125.03 800 3.98 267.19 Oil & Gas Development XD 43009 11.38 169.08 Pak Petroleum 11950 8.67 215.35 Pak Oilfields 2365 6.85 292.86 Pak Refinery Limited 350 - 110.63 P.S.O 1715 4.99 295.95 Shell Gas LPG 226 - 35.49 Shell Pakistan 685 10.57 208.91

330.50 124.69 11.42 124.90 272.25 169.98 216.24 294.40 110.90 295.70 34.56 208.45

326.00 120.50 11.06 123.00 265.10 167.70 213.00 289.00 107.10 293.70 33.90 206.00

Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery

Close Chg 326.87 122.35 11.10 123.26 268.55 168.13 213.26 290.10 108.22 294.70 34.01 206.18

-4.21 0.62 -0.21 -1.77 1.36 -0.95 -2.09 -2.76 -2.41 -1.25 -1.48 -2.73

Close Change 1,525.15 -10.35 Listed cap Market cap 65,194.15 mn 1,183,719.30 mn Payout (%) Div Yield (%) 55.94 5.00 Last 60 days High Low

Volume 167203 3214905 967576 37196 211565 367925 411147 920137 47792 889642 33540 14217

374.20 137.20 12.49 128.90 275.40 171.40 221.75 299.00 114.50 299.20 40.28 209.89

287.99 78.51 10.00 107.00 195.50 143.50 171.60 231.01 55.00 261.51 29.10 182.05

% Change -0.67 5-Day High 1,535.49 5-Day Low 1,522.92

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

2011 Div BR (%) (%)

20B - 15.00 20B -

CHEMICALS

Open 738.03 Turnover 14,880 P/E (x) 5.58 Paid up Cap(mn)

Company Pak Int Cont. Terminal PNSC

1092 1321

High Low 745.23 730.65 Total cos Defaulter cos P/BV (x) ROE (%) 1.43 25.53

Close 738.09 Listed cap 3,242.17 mn Payout (%) 11.08

Change 0.06 Market cap 12,856.18 mn Div Yield (%) 1.98

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.16 39.39

72.50 34.52

72.50 36.24

71.59 34.50

71.61 -0.89 36.24 1.72

4843 10037

77.77 41.00

60.05 32.36

Company

Paid up Cap(mn)

High Low 1,425.43 1,380.02 Total cos Defaulter cos P/BV (x) ROE (%) 3.03 35.00

Open

High

Low

Agritech Limited 3924 8.63 BOC (Pak) 250 12.30 Clariant Pak 273 6.80 Dawood Hercules 1203 8.05 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corporation Ltd 3277 10.59 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 9.03 Fauji Fert. Bin Qasim 9341 7.01 Gatron Ind 384 2.30 Ghani Gases Ltd 725 8.72 ICI Pakistan 1388 8.00 Leiner Gelatine 75 Lotte Pakistan 15142 4.74 Mandviwala 74 Nimir Ind Chemical 1106 Pak Gum 42 Sitara Chem Ind 214 10.67 Sitara Peroxide 551 14.83 Wah-Noble 90 7.30

24.47 89.05 172.65 196.04 3.08 8.78 3.34 11.38 199.56 14.34 10.80 123.02 37.31 44.86 11.63 143.70 14.61 13.59 1.89 2.02 19.14 128.99 13.92 37.85

24.85 92.43 181.28 197.94 3.29 8.95 3.32 11.45 199.70 14.64 11.39 126.80 38.05 45.10 11.69 144.20 15.61 13.64 2.29 2.28 20.00 131.00 13.90 38.80

23.73 89.00 173.00 192.50 2.87 8.40 3.11 11.10 191.00 14.30 10.55 123.01 37.07 42.90 11.50 142.00 13.61 13.23 1.70 2.00 19.88 129.01 13.60 37.50

Close Chg 23.81 89.56 177.97 194.05 2.92 8.42 3.15 11.39 192.67 14.50 10.99 124.57 37.14 42.91 11.51 142.02 13.72 13.26 1.88 2.08 20.00 130.14 13.64 37.95

-0.66 0.51 5.32 -1.99 -0.16 -0.36 -0.19 0.01 -6.89 0.16 0.19 1.55 -0.17 -1.95 -0.12 -1.68 -0.89 -0.33 -0.01 0.06 0.86 1.15 -0.28 0.10

Close 1,392.61 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 152202 72623 61787 101384 184094 293929 1031245 3050 4301145 497635 6311919 3620081 9306176 509 67586 232879 258 4112210 22981 2872193 981 657 45643 2201

Change -6.78 Market cap 306,080.95 mn Div Yield (%) 5.63

24.85 94.20 181.28 197.94 3.74 9.25 4.24 13.79 200.88 15.20 11.39 126.80 38.05 46.59 13.85 145.75 24.00 13.83 2.75 2.74 22.29 139.40 14.69 46.25

20.26 72.00 149.72 163.55 1.90 3.41 1.28 9.15 173.27 11.92 9.16 104.50 26.90 38.03 10.61 116.00 7.50 8.17 0.80 1.30 17.01 101.00 7.67 32.00

% Change -0.48 5-Day High 1,399.39 5-Day Low 1,346.12

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

5B -

2011 Div BR (%) (%) -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,217.35 Turnover 102,667 P/E (x) 6.09 Company

High Low 1,222.13 1,184.84 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47

Close 1,194.23 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

707 50 411

9.04 6.96

17.26 46.28 46.53

17.40 47.25 46.50

16.90 46.00 45.00

17.14 -0.12 47.03 0.75 45.10 -1.43

98552 1614 2501

Century Paper Pak Paper Product Security Paper

Change -23.12 Market cap 3,310.28 mn Div Yield (%) 4.15

Last 60 days High Low 20.39 61.99 47.70

15.28 38.61 38.00

% Change -1.90 5-Day High 1,217.35 5-Day Low 1,165.48

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

2011 Div BR (%) (%) -

Paid up Cap(mn)

High Low 1,188.60 1,163.58 Total cos Defaulter cos P/BV (x) ROE (%) 1.10 25.35

Open

High

Low

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

144 5.68 75.06 101 5.47 179.92 626 8.98 124.27 890 2.40 56 4.67 201.03 598 18.97 22.00 450 3.23 4.76 200 6.94 4.30 1428 - 11.15 786 5.80 255.10 823 11.12 69.01 150 3.84 20.50

75.00 184.90 125.00 2.40 208.95 22.00 4.80 4.45 11.48 255.45 71.90 20.61

75.00 179.00 122.10 2.26 193.01 21.36 4.53 4.20 11.00 251.01 69.50 20.60

Close Chg

Close 1,175.91 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Change 0.23 Market cap 43,206.13 mn Div Yield (%) 4.72

Last 60 days High Low

Company

Paid up Cap(mn)

Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin

Open

High

Low

565 4.14 675 555 9.81 1199 12.61

26.06 2.85 15.85 59.55

26.74 2.97 16.00 62.20

25.74 2.70 15.43 59.99

785 10.23

9.01

9.45

9.00

Close Chg 26.50 2.83 15.69 60.52

0.44 -0.02 -0.16 0.97

9.00 -0.01

Close 1,085.73 Listed cap 3,596.11 mn Payout (%) 30.91

Change 13.68 Market cap 10,772.07 mn Div Yield (%) 8.90

Open 1,720.04 Turnover 1,827,664 P/E (x) 39.32 Company AL-Noor Sugar Dewan Sugar Faran Sugar Habib Sugar Habib-ADM Ltd Ismail Ind J D W Sugar Mehran Sugar Mirza Sugar National Foods Nestle Pakistan Noon Pakistan Noon Sugar Pangrio Sugar Premier Sugar Quice Food Sakrand Sugar Sanghar Sugar Shahmurad Sugar Shak(RCPf)8.5 Perc Shakarganj Mills Tandlianwala Thal Industries UniLever Pakistan

Paid up Cap(mn) 186 365 217 600 200 505 490 143 141 414 453 48 165 109 38 107 223 119 211 346 695 1177 150 665

Last 60 days High Low

Volume

2010 Div BR (%) (%)

2011 Div BR (%) (%)

243959 20414 28924 195223

27.10 3.39 16.75 62.20

24.00 1.93 12.25 44.00

30 40

20B

1125

10.07

8.00

7.5

Company

Paid up Cap(mn)

Open

High

Low

Al-Abbas Cement 1828 Attock Cement 866 6.58 Balochistan Glass Ltd 858 Berger Paints 182 Buxly Paints 14 Cherat Cement 956 24.80 Dadabhoy Cement 982 14.92 Dandot Cement 948 Dewan Cement 3574 DG Khan Cement Ltd 3651 124.58 EMCO Ind 350 3.21 Fauji Cement 6933 15.18 Fecto Cement 502 3.65 Flying Cement Ltd 1760 Frontier Ceramics 77 Gammon Pak 283 Gharibwal Cement 2319 Haydery Const 32 Karam Ceramics 145 12.25 Kohat Cement 1288 Lafarge Pakistan Cement13126 Lucky Cement 3234 6.76 Maple Leaf Cement 5261 1.33 Pioneer Cement 2228 Safe Mix Concrete 200 Shabbir Tiles 361 Thatta Cement 798 462.50

3.27 62.96 3.03 24.06 14.50 11.23 1.86 2.85 2.27 30.27 3.04 5.11 7.01 1.88 1.71 1.55 7.84 0.62 10.80 6.61 3.36 76.44 2.95 6.73 6.18 8.33 18.00

3.29 63.40 3.13 24.15 15.45 11.10 1.95 2.25 2.34 30.30 3.25 5.18 7.01 1.90 2.48 2.26 8.80 0.75 9.80 6.64 3.39 76.50 2.94 6.89 6.50 8.98 18.50

3.21 62.50 2.92 23.45 15.00 10.80 1.80 2.25 2.21 29.80 2.53 5.01 7.00 1.82 1.29 1.05 7.50 0.61 9.80 6.30 3.20 75.11 2.85 6.65 6.25 8.26 17.51

Close 1,006.26 Listed cap 54,792.74 mn Payout (%) 19.04

Change -12.39 Market cap 72,880.65 mn Div Yield (%) 2.76

Close Chg

Volume

Last 60 days High Low

3.22 62.51 2.95 23.60 15.00 10.91 1.94 2.25 2.23 29.90 2.70 5.01 7.00 1.83 1.85 2.20 8.37 0.68 9.80 6.40 3.27 75.26 2.87 6.66 6.41 8.50 18.50

3006 3900 22704 51780 2500 9073 26003 1000 227671 1827724 238 860211 499 41704 420 1501 25880 6206 500 16561 669445 828364 72732 47407 2154 1402 1159

3.98 67.00 4.24 24.16 15.50 12.75 2.49 3.49 3.10 32.10 3.99 5.55 8.20 2.25 5.00 2.48 9.19 1.08 11.50 8.70 3.79 79.98 3.30 8.58 7.49 10.98 22.24

-0.05 -0.45 -0.08 -0.46 0.50 -0.32 0.08 -0.60 -0.04 -0.37 -0.34 -0.10 -0.01 -0.05 0.14 0.65 0.53 0.06 -1.00 -0.21 -0.09 -1.18 -0.08 -0.07 0.23 0.17 0.50

2.80 57.60 1.10 14.01 7.91 9.51 1.31 1.11 1.30 23.40 2.27 4.52 4.25 1.70 1.18 1.05 2.70 0.42 4.80 5.50 2.71 68.95 2.51 6.56 5.25 6.30 17.51

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

% Change -1.22 5-Day High 1,031.62 5-Day Low 1,006.26 2011 Div BR (%) (%) -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,044.18 Turnover 427,543 P/E (x) 2.87 Company

Paid up Cap(mn)

Open

High

High Low 1,062.38 1,021.07 Total cos Defaulter cos P/BV (x) ROE (%) 1.26 43.91 Low

Close Chg

Cherat Papersack 115 2.78 77.03 80.87 77.10 78.18 ECOPACK Ltd 230 2.63 2.66 2.33 2.38 Ghani Glass 1067 4.56 49.47 49.95 49.00 49.65 MACPAC Films 389 3.25 3.69 3.16 3.30 Packages Ltd 844 65.63 131.40 131.50 127.25 127.98 Siemens Engineering XD 82 10.34 1229.00 1280.00 1206.00 1252.93 Tri-Pack Films 300 8.99 126.04 126.00 122.65 123.27

1.15 -0.25 0.18 0.05 -3.42 23.93 -2.77

Close 1,039.16 Listed cap 3,043.31 mn Payout (%) 15.55

Volume

Change -5.02 Market cap 39,199.66 mn Div Yield (%) 5.42

Last 60 days High Low

240187 83.23 34.00 48797 3.30 1.70 10068 61.99 45.30 5010 4.05 1.60 79978 136.74 100.00 231 1381.00 1068.75 43271 128.70 98.10

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

25B 10B -

% Change -0.48 5-Day High 1,045.30 5-Day Low 1,024.29 2011 Div BR (%) (%) -

Company

Paid up Cap(mn)

Company

Paid up Cap(mn)

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

Open

66 1.10 17.00 215 5.45 231.22 214 1.59 213 10.47 11.93 124 - 132.05 132 7.43 63.00 366 6.50 496.26

High

Low

Close Chg

17.25 16.80 17.03 0.03 232.99 226.15 227.49 -3.73 1.60 1.59 1.59 0.00 11.50 11.10 11.31 -0.62 132.00 130.10 130.10 -1.95 63.50 62.00 62.02 -0.98 500.95 496.01 496.81 0.55

6001 6733 944 3400 575 8916 83745

Change -2.49 Market cap 32,686.98 mn Div Yield (%) 15.91

Last 60 days High Low 20.85 238.99 2.40 14.89 147.89 87.15 587.00

65.75 135.00 92.50 1.20 136.00 21.00 4.03 4.00 9.65 215.99 66.75 17.92

90 100 60 20 150 10

20B 20B

Low

Close Chg

Close 1,716.59 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change -3.46 Market cap 228,054.43 mn Div Yield (%) 0.78

Last 60 days High Low

1161 53.00 39.25 126701 5.59 1.11 1560 21.50 18.30 46260 36.50 28.50 3460 16.50 11.90 120 81.12 68.60 437 89.89 64.56 8079 68.49 50.26 2839 7.18 4.20 9235 65.23 39.01 806 2550.00 1820.02 1529 27.30 17.51 3000 14.84 11.05 1271 6.99 4.25 536 53.81 32.50 8000 3.40 2.02 1000 3.90 2.11 610 14.40 13.00 2984 13.50 9.93 1600000 4.71 2.36 1001 7.88 3.21 835 36.75 27.50 300 98.70 66.36 5763 4610.00 3825.00

2010 Div BR (%) (%) 25 25B 40 17.5 110R 0 12.5R 35 20B 10 12 450 12 10 15 178 -

% Change -0.20 5-Day High 1,725.83 5-Day Low 1,714.09 2011 Div BR (%) (%) -

High Low 1,127.00 1,111.25 Total cos Defaulter cos P/BV (x) ROE (%) 0.33 10.64

Open

High

Low

Diamond Ind 90 Gauhar Engineering Ltd 22 Hussain Industries 106 Pak Elektron 1174 3.55 Singer Pak 341 21.36 Tariq Glass Ind 231 2.45

11.00 0.74 7.44 14.18 19.00 20.73

12.00 0.90 8.39 14.34 19.45 20.90

12.00 0.65 6.45 14.02 19.00 20.50

Close Chg 12.00 0.86 7.46 14.10 19.01 20.51

1.00 0.12 0.02 -0.08 0.01 -0.22

Close 1,115.35 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 1004 8500 4539 170068 636 30854

Change 1.77 Market cap 5,162.37 mn Div Yield (%) 2.00

14.12 200.00 0.21 10.55 110.05 60.00 390.00

2010 Div BR (%) (%)

Last 60 days High Low

2010 Div BR (%) (%)

150 650

25B

5,962.30

MA (100-day)

3.59

Revenue (Rs in mn)

MA (200-day)

3.83

Interest Expense

2,390.39

1st Support

3.95

Loss after Taxation

(637.18)

2nd Support

3.85

EPS 09 (Rs)

1st Resistance

4.25

Book value / share (Rs)

2nd Resistance

4.45

PE 10 E (x)

5.49

Pivot

4.15

PBV (x)

0.34

999.63

(1.273) 11.92

BOK closed down -0.30 at 4.10. Volume was 164 per cent above average (trending) and Bollinger Bands were 9 per cent narrower than normal. The company's profit after taxation stood at Rs278.645 million which translates into an Earning Per Share of Rs0.56 for the nine months of current calendar year (9MCY10). BOK is currently 7.0 per cent above 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 BOK at a relatively equal pace. Trend forecasting oscillators are currently bearish on BOK.

Japan Power Generation Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

43.16

Total Assets (Rs in mn)

7,598.16

MA (10-day)

1.82

Total Equity (Rs in mn)

(1,042.83)

MA (100-day)

1.62

Revenue (Rs in mn)

2,731.94

MA (200-day)

1.97

Interest Expense

1st Support

1.58

Loss after Taxation

691.43

2nd Support

1.53

EPS 10 (Rs)

1st Resistance

1.70

Book value / share (Rs)

2nd Resistance

1.77

PE 11 E (x)

Pivot

1.65

PBV (x)

(449.11) (2.878) (6.68) (0.24)

JPGL closed down -0.06 at 1.63. Volume was 906 per cent above average (trending) and Bollinger Bands were 0 per cent narrower than normal. The company's loss after taxation stood at Rs403.263 million which translates into a Loss Per Share of Rs2.58 for the 1st quarter of current fiscal year (1QFY11). JPGL is currently 17.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into JPGL (mildly bullish). Trend forecasting oscillators are currently bullish on JPGL.

Mybank Limited

17.98 0.90 11.49 15.09 20.45 21.40

17.5

7.55 0.15 6.45 12.90 16.51 15.90

10B -

2011 Div BR (%) (%) -

PERSONAL GOODS Performance of SR Personal Goods Index Open 1,012.37 Turnover 7,546,042 P/E (x) 6.66 Company

Paid up Cap(mn)

(Colony) Thal Ali Asghar Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Blessed Tex Mills Brothers Textile Chakwal Spinning Chenab Limited Chenab Ltd Pref Colgate Palm Colony Mills Ltd Crescent Jute Crescent Textile D S Ind Ltd Dar-es-Salaam Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Gillette Pakistan Gul Ahmed Textile Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Indus Dyeing J K Spinning Janana D Mal Jubilee Spinning Kohinoor Ind Kohinoor Spinning Kohinoor Textile Mian Textile Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Premium Textile Prosperity Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Salman Noman Samin Textile Sana Ind Service Ind Service Textile Shahpur Textile Shahzad Textile Shield Corp Suraj Cotton Taj Textile Thal Limited Treet Corp Tri-Star Poly Zil Limited

56 222 2415 840 133 4493 33 64 98 400 1150 800 316 2442 238 492 600 80 34 110 234 192 635 716 3105 99 180 181 184 43 325 303 1300 1455 221 145 1596 3516 560 62 185 250 308 341 264 88 42 134 55 120 44 140 180 39 180 334 307 418 215 53

High Low 1,018.45 1,000.97 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 8.64

Close 1,009.70 Listed cap 47,070.70 mn Payout (%) 16.68

Open

High

Low

Close Chg

Volume

24.75 9.16 6.43 0.34 0.53 0.72 0.55 35.66 4.14 4.19 0.18 0.63 0.76 3.88 0.74 3.12 0.53 3.54 2.86 1.05 0.25 0.40 3.68 1.87 5.44 3.02 0.40 1.12 0.65 4.61 0.36 0.20 1.69 5.08 3.56 7.92 0.56 0.34 11.34 0.81 5.45 9.72 3.68

1.29 1.02 4.09 24.03 2.20 10.19 12.99 47.99 0.63 1.17 3.25 2.45 925.54 2.45 1.09 21.00 1.88 3.30 5.09 21.40 71.00 62.50 27.49 4.00 38.47 6.35 3.50 308.48 6.20 15.96 3.50 1.66 1.19 5.38 0.56 0.55 22.80 62.66 9.25 25.09 14.84 1.54 9.38 36.56 4.46 4.00 3.00 5.81 47.99 234.00 0.55 0.50 5.16 87.73 36.03 0.49 126.17 62.02 1.10 56.40

1.30 1.00 4.16 24.59 2.50 10.20 13.00 48.00 0.70 1.43 3.31 2.00 955.00 2.75 1.13 22.05 1.93 4.00 6.09 21.45 69.50 62.50 27.01 4.10 39.80 6.25 3.65 295.00 6.94 16.49 2.58 1.85 1.15 5.39 0.38 0.59 23.00 63.99 9.15 25.10 15.00 1.77 9.34 36.71 4.48 4.39 4.00 6.65 48.00 234.70 0.70 0.65 5.75 92.11 37.00 0.37 130.00 62.80 0.85 55.02

0.92 0.99 4.00 23.15 2.26 9.91 13.00 46.30 0.36 1.10 3.10 2.00 880.02 2.62 0.90 20.50 1.80 2.30 5.00 20.50 67.50 62.49 27.00 3.92 37.71 5.37 3.25 293.06 5.20 15.50 2.56 1.60 1.05 5.10 0.38 0.45 22.45 62.20 8.95 25.00 14.50 1.47 9.00 36.25 4.10 4.00 3.00 6.10 46.01 231.00 0.40 0.40 5.75 90.00 35.00 0.37 123.51 60.50 0.80 55.00

1.25 -0.04 0.99 -0.03 4.03 -0.06 23.16 -0.87 2.43 0.23 9.94 -0.25 13.00 0.01 48.00 0.01 0.38 -0.25 1.25 0.08 3.14 -0.11 2.00 -0.45 950.00 24.46 2.65 0.20 0.90 -0.19 21.79 0.79 1.85 -0.03 2.50 -0.80 6.00 0.91 20.95 -0.45 69.18 -1.82 62.50 0.00 27.00 -0.49 3.93 -0.07 39.68 1.21 6.25 -0.10 3.26 -0.24 294.05-14.43 6.88 0.68 15.51 -0.45 2.57 -0.93 1.65 -0.01 1.10 -0.09 5.15 -0.23 0.38 -0.18 0.54 -0.01 22.51 -0.29 63.32 0.66 8.95 -0.30 25.00 -0.09 14.65 -0.19 1.52 -0.02 9.30 -0.08 36.70 0.14 4.48 0.02 4.00 0.00 4.00 1.00 6.10 0.29 46.79 -1.20 231.41 -2.59 0.70 0.15 0.40 -0.10 5.75 0.59 92.11 4.38 36.00 -0.03 0.37 -0.12 127.50 1.33 61.06 -0.96 0.85 -0.25 55.00 -1.40

1002 250 221771 751 23001 1242662 2500 1100 1402 16387 88730 400 766 13060 21035 2334 131483 503 8317 2468 11402 1000 1764 16000 86312 504 2701 599 113 1101 400 3976 10520 50207 1000 413 1472395 3701761 15545 5000 2601 30415 2333 105 6181 1520 3972 1001 2527 2180 41500 20001 6200 410 4201 500 85250 166973 4000 1198

Change -2.67 Market cap 134,416.80 mn Div Yield (%) 2.50

Last 60 days High Low 2.00 1.90 17.30 24.59 3.45 12.32 18.75 52.05 1.49 2.59 3.90 2.99 958.00 3.33 1.34 23.90 2.37 4.50 7.44 24.50 71.40 73.00 27.50 4.88 40.77 7.29 5.35 350.15 9.50 20.50 5.50 2.00 2.00 6.10 0.98 0.95 25.14 64.44 10.45 31.03 19.44 2.30 12.00 38.10 6.85 6.20 4.74 8.69 48.95 276.50 0.75 1.10 9.48 95.55 38.52 0.60 130.00 63.30 1.50 58.99

2010 Div BR (%) (%)

0.52 0.61 4.00 30 19.00 20 1.32 7.5 9.50 8.10 - 15B 45.25 50 0.12 0.56 5 3.00 1.21 673.01 2.26 0.16 17.89 15 1.44 1.75 1.80 17.21 35 38.30 70 58.75 19.99 12.5 3.35 10 34.05 20 2.02 2.60 10 209.03 50 4.05 20 5B 13.25 1.99 1.01 0.16 5 4.51 0.14 0.14 15.85 15 45.81 25 45R 5.16 25.00 50 12.51 30 1.29 8.01 25SD 31.25 40 2.89 3.51 10 1.30 5B 5.11 - 100R 27.50 60 169.00 0.14 0.18 3.76 5 43.29 10 29.00 50 0.25 86.50 80 20B 37.25 0.26 36.00 35 -

% Change -0.26 5-Day High 1,012.37 5-Day Low 1,007.35 2011 Div BR (%) (%) -

PHARMA AND BIO TECH Open 992.96 Turnover 122,778 P/E (x) 7.89

% Change -0.16 5-Day High 1,542.22 5-Day Low 1,535.46 2011 Div BR (%) (%)

38,810.57

Total Equity (Rs in mn)

% Change 0.16 5-Day High 1,115.35 5-Day Low 1,102.25

Performance of SR Pharma and Bio Tech Index

Close 1,539.56 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

High

High Low 1,751.73 1,694.07 Total cos Defaulter cos P/BV (x) ROE (%) 11.91 30.30

Performance of SR Industrial Engineering Index High Low 1,560.46 1,531.51 Total cos Defaulter cos P/BV (x) ROE (%) 3.14 38.02

Open

Open 1,113.59 Turnover 215,711 P/E (x) 3.13

INDUSTRIAL ENGINEERING Open 1,542.05 Turnover 110,325 P/E (x) 8.26

75.99 184.90 128.90 2.89 208.95 25.24 5.67 5.75 13.40 282.45 77.90 26.00

Total Assets (Rs in mn)

4.21

Performance of SR Household Goods Index

Performance of SR Construction and Materials Index High Low 1,023.43 1,001.07 Total cos Defaulter cos P/BV (x) ROE (%) 0.49 7.10

500 16782 1468 118603 5421 800 19756 3502 37574 1318 502149 826

2011 Div BR (%) (%)

48.88

MA (10-day)

HOUSEHOLD GOODS

CONSTRUCTION AND MATERIALS Open 1,018.65 Turnover 4,749,592 P/E (x) 6.89

-0.06 3.16 -0.30 -0.10 -3.13 0.00 -0.11 0.14 -0.05 -1.10 0.83 0.10

4.96 48.90 49.25 48.80 48.85 -0.05 3.89 4.00 3.66 3.69 -0.20 3.13 19.31 19.99 19.35 19.35 0.04 7.49 33.58 33.64 33.26 33.34 -0.24 11.62 12.51 12.85 12.35 12.55 0.04 32.54 76.57 73.00 72.75 72.88 -3.69 2.93 87.49 88.45 85.01 87.52 0.03 3.54 59.08 60.65 58.71 59.88 0.80 0.60 6.10 6.10 5.91 5.95 -0.15 24.34 62.13 65.23 63.90 65.23 3.10 26.75 2450.03 2474.95 2426.75 2435.00 -15.03 3.66 24.60 25.80 24.00 25.65 1.05 - 13.00 13.40 13.39 13.40 0.40 0.87 6.00 6.37 5.95 5.99 -0.01 8.54 45.50 47.24 43.50 46.56 1.06 2.10 2.26 2.20 2.22 0.12 2.90 3.00 2.80 2.80 -0.10 1.01 14.30 14.20 13.66 14.14 -0.16 17.30 11.52 12.00 11.50 11.94 0.42 3.78 3.78 3.78 3.78 0.00 6.00 6.15 5.70 5.70 -0.30 309.09 34.00 34.00 34.00 34.00 0.00 11.95 94.00 98.70 94.50 94.76 0.76 20.51 4390.01 4499.82 4300.01 4393.43 3.42

% Change 1.28 5-Day High 1,085.73 5-Day Low 1,015.03

75.00 183.08 123.97 2.30 197.90 22.00 4.65 4.44 11.10 254.00 69.84 20.60

2010 Div BR (%) (%)

% Change 0.02 5-Day High 1,175.91 5-Day Low 1,166.33

RSI (14-day)

FOOD PRODUCERS

Performance of SR Industrial Metals and Mining Index High Low 1,111.32 1,068.74 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 33.10

Fundamental Highlights As on Dec 31, 2009

Technical Analysis

Performance of SR Food Producers Index

INDUSTRIAL METALS AND MINING Open 1,072.06 Turnover 489,645 P/E (x) 3.47

Performance of SR Automobile and Parts Index

Performance of SR Chemicals Index Open 1,399.39 Turnover 26,799,366 P/E (x) 8.66

2011 Div BR (%) (%)

AUTOMOBILE AND PARTS Open 1,175.69 Turnover 708,300 P/E (x) 4.32

Bank of Khyber Limited

% Change 0.01 5-Day High 743.57 5-Day Low 738.03

2010 Div BR (%) (%) 40 15

Alert ! Unusual Movements

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

Paid up Cap(mn) 979 250 1707 165 200 96 306 142

Open

High

High Low 1,005.47 986.51 Total cos Defaulter cos P/BV (x) ROE (%) 1.76 22.31 Low

Close Chg

9.58 110.00 110.25 109.02 109.35 -0.65 6.68 89.54 90.50 88.25 88.41 -1.13 15.47 86.25 87.39 86.00 86.04 -0.21 7.84 27.10 28.45 27.06 28.31 1.21 6.45 8.45 8.96 8.00 8.00 -0.45 11.24 143.10 141.45 140.05 141.25 -1.85 5.40 60.40 60.99 60.00 60.00 -0.40 127.13 1100.00 1155.00 1100.01 1104.77 4.77

Close 989.49 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 25334 7239 36158 45455 2999 323 5053 117

Change -3.46 Market cap 33,337.60 mn Div Yield (%) 5.64

Last 60 days High Low 110.99 113.00 87.98 28.45 9.00 146.40 64.50 1175.00

85.10 82.20 66.50 22.60 7.00 115.90 59.50 761.00

2010 Div BR (%) (%) 20 30 -

20B -

% Change -0.35 5-Day High 996.68 5-Day Low 969.92 2011 Div BR (%) (%) -

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

71.70

Total Assets (Rs in mn)

35,490.71

MA (10-day)

2.57

Total Equity (Rs in mn)

5,104.86

MA (100-day)

2.22

Revenue (Rs in mn)

3,368.22

MA (200-day)

2.79

Interest Expense

1st Support

2.66

Loss after Taxation

2nd Support

2.34

EPS 09 (Rs)

1st Resistance

3.17

Book value / share (Rs)

2nd Resistance

3.36

PE 10 E (x)

Pivot

2.85

PBV (x)

2,881.90 (1,639.83) (3.092) 9.63 0.31

MYBL closed up 0.35 at 3.00. Volume was 1,250 per cent above average (trending) and Bollinger Bands were 19 per cent wider than normal. The company's loss after taxation stood at Rs1.392 billion which translates into a Loss Per Share of Rs0.74 for the nine months of current calendar year (9MCY10). MYBL is currently 7.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into MYBL (bullish). Trend forecasting oscillators are currently bullish on MYBL. Momentum oscillator is currently indicating that MYBL is currently in an overbought condition.

Crescent Steel & Allied Products Ltd

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

67.59

Total Assets (Rs in mn)

4,436.30

MA (10-day)

25.66

Total Equity (Rs in mn)

2,622.61

MA (100-day)

25.50

Revenue (Rs in mn)

3,704.39

MA (200-day)

26.37

Interest Expense

121.91

1st Support

25.96

Profit after Taxation

416.55

2nd Support

25.35

EPS 10 (Rs)

7.378

1st Resistance

26.96

Book value / share (Rs)

46.45

2nd Resistance

27.35

PE 11 E (x)

4.14

Pivot

26.35

PBV (x)

0.57

CSAP closed up 0.44 at 26.50. Volume was 799 per cent above average (trending) and Bollinger Bands were 4 per cent wider than normal. The company's profit after taxation stood at Rs90.081 million which translates into an Earning Per Share of Rs1.60 for the 1st quarter of current fiscal year (1QFY11). CSAP is currently 0.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of CSAP at a relatively equal pace. Trend forecasting oscillators are currently bullish on CSAP.

BOOK CLOSURES Company

From

Adil Textile Mills 01-01-2011 BMA Empress Cash F. 01-01-2011 Road Savings Fund 01-01-2011 Atlas Bank 03-01-2011 Chartered Bank 06-01-2011 BOC Pakistan # 11-01-2011 Habib Sugar Mills 15-01-2011 Lakson Tobacco # 18-01-2011 Chartered Bank 19-01-2011 Pangrio Sugar Mills 22-01-2011 Mirza Sugar Mills 22-01-2011 Arif Habib Investments # 01-02-2011 Summit Bank 01-02-2011

D/B/R

07-01-2011 09-01-2011 09-01-2011 10-01-2011 20-01-2011 17-01-2011 29-01-2011 25-01-2011 01-02-2011 31-01-2011 31-01-2010 07-02-2011 08-02-2011

25.25(B) 10 10 20(R)

Spot

AGM/Date

24-12-2010 07-01-2011 14-01-2011 14-01-2011 24-01-2010

07-01-2011 17-01-2011 29-01-2011 25-01-2011 31-01-2011 31-01-2011 07-02-2011 -

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols Pakistan CablesXD TRG Pakistan Ltd. Murree Brewery Lakson Tobacco Pak Tobacco Shifa Int.Hosp. P.I.A.C.(A) Pak Services AKD Capital Pace (Pak) Ltd. Netsol Technol.

Open 53.4 3.74 87.1 196.94 113.46 34 2.1 148.05 39.69 2.68 19.06

High 55.5 3.99 87.4 205.9 112.75 35.6 2.18 148.05 41.67 2.81 19.6

Low Close 51.55 3.67 86.7 193 110.03 34 2.1 148.05 39.75 2.71 19.11

52 3.7 87 199.99 110.03 34.52 2.16 148.05 41.67 2.75 19.18

Change -1.4 -0.04 -0.1 3.05 -3.43 0.52 0.06 0 1.98 0.07 0.12

Vol 111 4011716 2277 1031 4709 1996 19024 1000 4810 177993 659277

Wednesday, December 29, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,146.66 Turnover 1,848,916 P/E (x) 6.15 Paid up Cap(mn)

Company

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

78 4.88 37740 12.79 3000 0.66 8606 6175 -

Open

High Low 1,145.15 1,127.89 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84

High

80.10 19.32 2.31 2.94 3.63

Low

80.90 19.29 2.30 2.94 3.69

79.10 19.07 2.20 2.81 3.55

Close Chg 79.12 19.19 2.22 2.84 3.58

-0.98 -0.13 -0.09 -0.10 -0.05

Close 1,135.29 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume 501 1092363 278911 477141 46908

Change -11.37 Market cap 78,364.01 mn Div Yield (%) 10.17

116.00 20.12 2.69 3.45 4.25

76.50 18.21 1.95 2.32 3.35

% Change -0.99 5-Day High 1,149.68 5-Day Low 1,133.57

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

2011 Div BR (%) (%)

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

204 6.67 369 6.10 279 6.99 457 6.91 1250 400 3.32 718 17.81 791 16.02 3000 41.03 350 303 6.24 200 253 4.37

Paid up Cap(mn)

Company

Genertech 198 Hub Power 11572 6.75 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 11.19 Kohinoor Power 126 2.68 Kot Addu Power 8803 4.96 Nishat Chunian Power Ltd 3673 3.34 Nishat Power Ltd 3541 25.00 Sitara Energy Ltd 191 3.50 Southern Electric 1367 -

Open

High

0.96 37.00 1.69 2.71 20.77 4.42 40.52 15.24 15.44 18.75 2.29

1.10 37.05 1.72 2.87 20.88 4.40 41.20 15.50 15.56 18.75 2.35

Low 0.83 36.80 1.60 2.69 20.15 4.32 40.70 15.06 15.26 18.75 2.19

Close Chg 0.84 36.85 1.63 2.72 20.15 4.40 40.80 15.25 15.50 18.75 2.20

-0.12 -0.15 -0.06 0.01 -0.62 -0.02 0.28 0.01 0.06 0.00 -0.09

Close 1,267.19 Listed cap 95,369.29 mn Payout (%) 104.13

Volume 10011 872706 1363090 1964223 50028 500 208494 665242 811337 1000 234475

Change -3.09 Market cap 103,479.44 mn Div Yield (%) 7.27

Last 60 days High Low 1.45 38.10 2.25 3.29 25.89 5.70 41.95 16.00 16.70 23.49 2.80

% Change -0.24 5-Day High 1,280.21 5-Day Low 1,257.44

2010 Div BR (%) (%)

0.60 32.75 1.20 1.96 17.95 4.01 38.35 10.54 11.30 17.98 2.05

50 15 50 20 -

2011 Div BR (%) (%)

7.8R -

11.00 38.39 61.51 11.02 43.74 13.60 95.50 58.00 15.96 6.31 11.50 11.65 7.00

11.00 38.40 61.51 11.05 44.38 13.95 96.00 59.45 16.00 7.40 11.55 11.98 7.04

0.00 0.15 -0.40 0.06 0.38 -0.05 -0.47 0.52 -0.13 0.70 -0.43 -0.09 0.04

9752 2600 1902 750 78832 3160 3380 9897 368330 88579 6500 200 12540

12.75 38.88 64.80 12.00 48.63 14.45 99.88 60.90 17.20 8.30 12.00 14.53 8.17

9.75 28.10 47.50 9.42 34.76 10.04 70.30 52.25 12.80 1.85 8.00 11.65 6.01

Open 924.19 Turnover 3,700 P/E (x) 9.87 Paid up Cap(mn)

Company

Open

American Life

500

6.24

19.65

EFU Life Assurance

850 42.33

75.00

High

High Low 948.00 895.40 Total cos Defaulter cos P/BV (x) ROE (%) 3.84 3.85 Low

Open 1,532.75 Turnover 113,666 P/E (x) 9.76 Paid up Cap(mn)

Company Sui North Gas Sui South Gas

5491 8390

8.07 3.17

Open

High Low 1,542.31 1,518.60 Total cos Defaulter cos P/BV (x) ROE (%) 1.11 11.41

High

27.36 21.22

27.59 21.32

Low 27.06 21.05

Close Chg 27.10 -0.26 21.07 -0.15

Close 1,520.37 Listed cap 12,202.80 mn Payout (%) 66.79

Volume 11619 102047

Change -12.38 Market cap 32,557.81 mn Div Yield (%) 6.84

Last 60 days High Low 34.75 30.70

% Change -0.81 5-Day High 1,538.84 5-Day Low 1,493.50

2010 Div BR (%) (%)

26.35 19.95

20 15

2011 Div BR (%) (%)

25B

BANKS Performance of SR Banks Index Open 1,158.68 Turnover 18,754,403 P/E (x) 8.30 Paid up Cap(mn)

Company

Open

Allied Bank Limited 7821 6.28 65.65 Askari Bank 6427 8.16 17.37 Atlas BankSPOT 5001 1.67 Bank Alfalah 13492 13.71 10.77 Bank AL-Habib 7322 7.62 35.73 Bank Of Khyber 5004 5.47 4.40 Bank Of Punjab 5288 9.77 BankIslami Pak 5280 835.00 3.28 Faysal Bank 7309 4.72 14.70 Habib Bank Ltd 10019 7.33 118.03 Habib Metropolitan Bank 8732 8.51 28.18 JS Bank Ltd 8150 2.50 KASB Bank Ltd 9509 2.45 MCB Bank Ltd 7602 9.97 225.18 Meezan Bank 6983 8.73 16.41 Mybank Ltd 5304 2.65 National Bank 13455 6.36 72.25 Network Mic Bank 300 1.63 NIB Bank 40437 2.88 Royal Bank Ltd 17180 4.81 Samba Bank 14335 2.04 Silkbank Ltd 26716 2.67 Soneri Bank 6023 7.79 Stand Chart Bank 38716 13.11 8.44 Summit Bank Ltd 5000 3.75 United Bank Ltd 12242 7.64 65.88

High

High Low Close 1,167.38 1,143.97 1,153.61 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.16 13.94 40.49 Low

Close Chg

65.50 64.51 64.67 -0.98 17.41 17.10 17.14 -0.23 1.80 1.70 1.75 0.08 10.83 10.62 10.69 -0.08 35.98 35.00 35.37 -0.36 4.35 4.05 4.10 -0.30 9.77 9.56 9.59 -0.18 3.40 3.20 3.34 0.06 15.42 14.50 14.64 -0.06 118.40 116.30 117.30 -0.73 28.25 27.60 27.84 -0.34 2.55 2.45 2.54 0.04 2.45 2.44 2.45 0.00 225.99 223.70 224.89 -0.29 16.50 16.25 16.50 0.09 3.04 2.53 3.00 0.35 73.45 71.90 72.77 0.52 1.60 1.60 1.60 -0.03 2.92 2.75 2.76 -0.12 4.95 4.75 4.78 -0.03 2.05 1.93 1.93 -0.11 2.70 2.57 2.59 -0.08 7.86 7.55 7.86 0.07 8.64 8.30 8.52 0.08 4.23 3.60 3.91 0.16 66.40 64.76 65.05 -0.83

Volume

Change -5.07 Market cap 699,174.75 mn Div Yield (%) 4.88

Last 60 days High Low

42788 66.49 473679 18.10 181295 2.55 1645756 11.10 153051 36.40 248162 4.70 744547 10.59 207437 3.88 759078 17.10 145013 121.99 37179 29.19 34358 3.00 62403 2.90 259897 228.39 52691 16.70 2310836 3.04 8068050 73.45 500 2.40 1255604 3.18 45891 8.10 103373 2.65 1350491 3.08 29346 8.30 36123 9.04 922577 4.23 506855 67.39

% Change -0.44 5-Day High 1,158.68 5-Day Low 1,143.35

2010 Div BR (%) (%)

50.00 14.23 1.50 7.87 30.52 2.57 8.00 2.77 13.01 93.00 18.02 2.25 2.16 186.74 14.05 1.90 62.58 0.62 2.50 3.91 1.51 2.50 5.05 6.00 2.33 51.03

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 777.88 Turnover 1,345,268 P/E (x) 12.90 Paid up Cap(mn)

Company Adamjee Insurance

High Low 788.62 767.60 Total cos Defaulter cos P/BV (x) ROE (%) 0.67 5.20

Close 778.25 Listed cap 11,111.34 mn Payout (%) 79.54

Change 0.37 Market cap 48,185.65 mn Div Yield (%) 6.17

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 25.25

87.11

88.35

85.60

87.11 0.00

758802

91.75

% Change 0.05 5-Day High 778.25 5-Day Low 772.42

2010 Div BR (%) (%)

63.05

2011 Div BR (%) (%)

UP TO 100 VOLUME

Symbols

Change -23.66 Market cap 10,266.26 mn Div Yield (%) 3.56

Last 60 days High Low

Volume

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

2010 Div BR (%) (%)

Change

Vol

7.10

-0.22

100

30.45

31.96

31.50

1.05

100

OTSU

33.90

0.00

100

RMPL

2127.82

2149.99

2070.00

2074.83

-52.99

DLL

44.64

44.90

44.25

44.32

-0.32

ASFL

3.73

4.73

1.00

SALT

61.50

60.00

-1.50

GSPM

7.15

7.34

7.00

-0.15

SCM

9.49

9.55

0.06

685.99

689.90

674.00

680.00

-5.99

6.80

6.32

6.80

0.00

NAGC

16.54

16.95

16.25

16.95

0.41

SHJS

93.67

94.00

89.00

89.05

-4.62

UPFL

1100.00

1123.00

1100.00

1107.67

7.67

% Change -2.56 5-Day High 924.19 5-Day Low 900.53

BAFS

57.95

58.00

0.05

FPJM

1.60

1.55

-0.05

PECO

249.00

260.80

236.78

247.20

-1.80

MDTL

54.90

56.00

55.99

1.09

3.50

3.40

-0.10

27.64

29.02

1.38

2011 Div BR (%) (%)

SHCI

2.63

2.65

0.02

CLOV

70.00

73.49

66.95

71.00

1.00

FZTM

18.65

18.65 -1.00

500

19.85

16.03

75.00

74.50

74.50 -0.50

3195

86.95

57.15

BFMOD AASM

404.00

420.00

385.25

399.93

-4.07

CPMFI

3.55

4.19

2.55

3.78

0.23

MIRKS

51.08

52.85

1.77

JOPP

7.51

7.56

0.05

NJLIC

47.25

49.30

45.07

45.50

-1.75

GVGL

31.77

30.19

-1.58

Performance of SR Financial Services Index

GUTM

22.80

23.50

21.67

-1.13

QUET

38.02

36.15

-1.87

High Low 419.26 404.59 Total cos Defaulter cos P/BV (x) ROE (%) 0.26 0.91

Open

High

Low

225 1.64 360 3.49 450 13.60 3750 4.73 250 441 215 2121 18.13 600 669.00 2849 3166 626 0.65 7633 508 500 7.67 1000 26.92 1000 775 452 514 17.32 978 5.38 586 2.75

0.70 17.57 27.43 25.02 2.00 2.74 1.50 2.94 6.98 0.71 3.58 1.79 11.34 4.01 28.02 6.69 4.59 2.17 0.70 4.44 2.84 1.76

0.80 17.83 27.30 26.05 2.07 2.75 1.55 3.00 7.98 0.85 3.60 1.85 11.50 4.48 29.25 6.75 4.90 2.25 0.70 4.34 3.00 1.76

0.58 17.58 26.61 24.81 1.95 2.26 1.50 2.81 6.66 0.61 3.45 1.75 11.00 3.91 28.55 6.43 4.46 2.10 0.50 4.02 2.58 1.75

Open 1,312.30 Turnover 8,960,811 P/E (x) 20.48 Paid up Cap(mn) 1375 210 525 780 65 200 524 581 760 397 1008 3180 1186 283 1200 184 250 125 59 1000 2835 2841 872 545 264

Low

7.32

BWHL

UNIC

Close Chg

Close 407.87 Listed cap 30,336.44 mn Payout (%) 99.56

Volume

Change -5.75 Market cap 28,756.40 mn Div Yield (%) 3.45

Last 60 days High Low

2010 Div BR (%) (%)

0.72 17.75 26.65 25.72 1.95 2.75 1.53 2.90 6.69 0.71 3.50 1.81 11.06 4.14 28.55 6.46 4.56 2.13 0.61 4.33 2.58 1.76

0.02 0.18 -0.78 0.70 -0.05 0.01 0.03 -0.04 -0.29 0.00 -0.08 0.02 -0.28 0.13 0.53 -0.23 -0.03 -0.04 -0.09 -0.11 -0.26 0.00

26558 22980 179864 7352766 20104 1051 750 13357 1620 31993 6734 10410 4398872 1044319 599 64341 207 84432 10529 11201 660 1736

0.95 19.98 28.95 27.02 2.69 3.47 2.90 3.00 8.88 0.97 4.80 2.84 14.05 5.38 36.49 7.59 4.90 2.70 0.90 4.99 3.00 2.98

30 11.5 10 -

0.45 13.00 24.40 20.90 1.51 1.85 0.18 1.35 6.16 0.44 3.06 1.05 8.80 1.96 24.25 5.10 3.50 1.35 0.46 1.65 2.03 1.24

High Low 1,335.57 1,303.54 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 2.21

Open

High

Low

6.70 5.00 1.65 3.98 2.84 1.68 10.00 0.63 2.21 2.70 5.83 67.25 16.29 1.00 7.21 14.30 5.57 5.75 7.19 1.90 8.07 7.01 2.36 6.24 1.70

8.17 3.00 4.06 1.74 1.46 0.68 1.69 2.03 3.18 7.75 6.76 5.35 4.64 1.88 7.50 1.40 6.70 1.24 9.00 6.53 12.61 6.17 1.00 5.37 6.10

8.15 3.00 4.10 1.89 1.99 0.70 1.75 2.10 3.18 8.49 7.00 5.43 4.65 1.36 7.59 1.50 6.15 1.40 9.20 6.98 12.74 6.34 1.04 6.25 6.20

8.00 3.00 4.10 1.58 1.12 0.57 1.50 1.98 3.05 8.00 6.75 5.20 4.55 1.35 7.50 1.37 6.00 1.01 9.20 6.40 12.52 6.00 1.01 5.50 6.00

Close 1,316.68 Listed cap 29,771.58 mn Payout (%) 104.74

AGSML

5.50

5.00

-0.50

FFLM

1.63

1.84

1.73

0.10

PKGI

7.05

7.60

6.63

7.60

0.55

0.04

2011 Div BR (%) (%)

20B 20B 10B -

Change 4.38 Market cap 17,691.42 mn Div Yield (%) 7.95

KSTM

Volume

Last 60 days High Low

2010 Div BR (%) (%)

8.04 3.00 4.10 1.75 1.25 0.67 1.60 2.00 3.10 8.09 6.76 5.38 4.56 1.36 7.50 1.43 6.02 1.15 9.20 6.53 12.59 6.17 1.04 6.24 6.00

152575 500 1000 12624 2382 10002 35016 4771 51708 6009 2097464 3132398 48650 1000 521110 15754 19100 6324 2200 22430 151811 2653648 3160 507 8510

8.59 3.80 4.50 2.37 2.35 1.10 2.37 2.28 3.88 8.49 7.00 5.43 4.73 2.23 8.25 2.18 8.00 2.00 9.45 7.18 12.94 6.50 1.19 8.49 6.99

18.5 5 2.2 0 1.2 17 11 21 5 10 2.8 15.5 10 3 18 10 20 10 3 18.2 12.5

-0.13 0.00 0.04 0.01 -0.21 -0.01 -0.09 -0.03 -0.08 0.34 0.00 0.03 -0.08 -0.52 0.00 0.03 -0.68 -0.09 0.20 0.00 -0.02 0.00 0.04 0.87 -0.10

5.85 2.10 2.70 0.90 0.90 0.16 0.86 1.30 2.56 5.11 5.80 2.65 2.31 1.26 5.15 0.56 4.50 0.30 7.51 4.51 7.90 3.50 0.79 5.37 4.71

0.75

0.55

0.74

4.24

4.20

3.90

4.05

-0.19

BAWS

5.80

5.00

-0.80

CSUML

4.00

4.59

4.00

0.00

DADX

20.21

PHDL

21.22

20.10

-0.11

37.00

35.21

-1.79

NBF

3.97

0.00

FECM

2.90

0.00

DCM

1.82

1.90

1.84

0.02

EWLA

2.75

3.25

0.50

UVIC

3.30

3.75

0.45

DATM

0.40

0.66

0.26

HAJT

0.66

0.63

-0.03

STJT

19.94

19.15

-0.79

YOUW

1.70

1.82

1.70

0.00

KML

2.40

2.89

0.49

MFTM

1.20

1.72

1.20

0.00

KOHS

5.35

6.14

0.79

SASML

7.90

8.89

0.99

TREI

1.99

2.20

2.19

0.20

BIFO

55.40

58.17

58.00

2.60

MERIT

24.00

24.50

24.47

0.47

MFFL

68.00

70.00

2.00

Symbols

Open

NBP-DEC FFBL-JAN NBP-JAN NML-DEC NML-JAN ENGRO-DEC ENGRO-JAN POL-JAN DGKC-DEC POL-DEC DGKC-JAN ANL-JAN FFBL-DEC ANL-DEC PPL-DEC FFC-DEC PSO-DEC AICL-DEC FFC-JAN PSO-JAN AICL-JAN MCB-DEC PPL-JAN MCB-JAN LUCK-JAN OGDC-JAN NCL-DEC LUCK-DEC OGDC-DEC PTC-JAN UBL-JAN UBL-DEC BOP-JAN

2011 Div BR (%) (%)

0.70

ZTL

FUTURE CONTRACTS

% Change 0.33 5-Day High 1,316.68 5-Day Low 1,301.92

Close Chg

% Change -1.39 5-Day High 415.00 5-Day Low 407.87

EQUITY INVESTMENT INSTRUMENTS

AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali Nat Bank Modaraba Pak Modaraba Paramount Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Safeway Mutual Fund U D L Modaraba

High

TOWL

BATA

Performance of SR Equity Investment Instruments Index

Company

Open

FINANCIAL SERVICES

Paid up Cap(mn)

2011 Div BR (%) (%)

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

25R 10B 20B -

18.65

Open 413.63 Turnover 5,932,318 P/E (x) 11.85 Company

Close Chg

Close 900.53 Listed cap 2,290.72 mn Payout (%) 355.53

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

10 10 -

Performance of SR Life Insurance Index

Performance of SR Electricity Index High Low 1,280.97 1,263.43 Total cos Defaulter cos P/BV (x) ROE (%) 1.34 9.35

11.69 38.40 62.94 11.19 45.40 14.10 96.50 59.45 16.23 7.70 11.80 12.30 7.10

LIFE INSURANCE

ELECTRICITY Open 1,270.28 Turnover 6,181,106 P/E (x) 14.31

11.00 38.25 61.91 10.99 44.00 14.00 96.47 58.93 16.13 6.70 11.98 12.07 7.00

72.30 37.55 72.87 62.75 63.13 199.87 200.67 294.51 30.35 293.44 30.50 10.31 37.30 10.23 215.88 123.51 296.56 87.37 124.15 298.13 87.94 225.56 216.34 225.78 76.10 168.50 22.86 75.68 169.00 19.63 67.53 66.19 9.93

High 73.50 38.25 73.89 63.98 64.25 199.55 200.50 295.40 30.40 294.28 30.55 10.25 38.00 10.14 216.00 126.50 295.52 88.20 127.00 296.90 88.50 225.40 217.25 225.50 76.50 169.00 22.71 76.00 169.95 19.30 66.30 65.50 9.56

Low

72.00 37.32 72.50 62.40 63.00 191.50 192.60 291.05 29.80 289.50 30.00 10.02 37.06 9.91 213.01 124.00 294.00 86.00 125.00 295.20 87.75 224.00 214.80 224.00 75.40 168.00 22.71 75.06 168.00 19.30 65.80 65.11 9.56

72.90 37.41 73.31 63.45 63.57 192.94 194.28 292.03 29.97 290.79 30.19 10.06 37.21 9.95 213.41 124.12 294.89 87.38 125.86 296.00 87.92 224.89 214.93 225.24 75.95 168.00 22.71 75.13 168.12 19.30 65.85 65.11 9.56

Change 0.60 -0.14 0.44 0.70 0.44 -6.93 -6.39 -2.48 -0.38 -2.65 -0.31 -0.25 -0.09 -0.28 -2.47 0.61 -1.67 0.01 1.71 -2.13 -0.02 -0.67 -1.41 -0.54 -0.15 -0.50 -0.15 -0.55 -0.88 -0.33 -1.68 -1.08 -0.37

Vol 908000 636000 615500 572500 432500 344000 334500 248500 236000 213000 202000 165500 128000 126500 117500 110000 80000 79000 71500 56000 55000 52000 51000 34000 29500 23000 14000 13500 10500 5000 3500 3000 500

ZERO VOLUME Symbols

Open

High

Low

AABS ALTN ARM CHAS FECS HUSS HWQS ICL IDEN ISTM

94.90 9.10 14.65 12.30 52.25 11.40 18.90 34.50 11.00 7.10

94.89 9.11 14.75 12.25 49.64 11.00 18.00 34.40 10.00 6.94

Change

Vol

-0.01 0.01 0.10 -0.05 -2.61 -0.40 -0.90 -0.10 -1.00 -0.16

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

BOARD MEETINGS

Fauji Fertiliser Bin Qasim Ltd

KSE 100 INDEX

Engro Corporation

National Bank of Pakistan

Company

Date

Time

Khairpur Sugar Mills Ltd Shahtaj Sugar Mills Ltd Al-Noor Sugar Mills Ltd Shahmurad Sugar Mills Ltd Faran Sugar Mills Ltd Adam Sugar Mills Al-Abid Silk Mills Highnoon Laboratories Alfalah GHP Value Fund Alfalah GHP Islamic Fund Shaheen Insurance JDW Sugar Mills Ltd Sanghar Sugar Mills Ltd Al-Abbas Sugar Mills Ltd Haseeb Waqas

29-Dec 29-Dec 30-Dec 30-Dec 30-Dec 30-Dec 30-Dec 30-Dec 30-Dec 30-Dec 31-Dec 3-Jan 3-Jan 3-Jan 3-Jan

2.30 11.30 11.00 3.00 3.30 11.30 11.00 11.00 4.00 4.00 10.00 11.00 11.30 5.30 9.00

TECHNICAL LEVELS

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

73.37

Support 1

11,801.70

MA (5-day)

11,851.48

Support 2

11,755.30

MA (10-day)

11,798.15

Resistance 1

11,921.75

MA (100-day)

10,515.50

Resistance 2

11,995.50

10,290.17

Pivot

AKD Securities Ltd

normal. As far as resistance level is concern, the market will see major 1st Index will continue to find its 1st support level at 11,801.70 and 2nd support level at 11,755.30.

34.7

Sell

32.06

TFD Research

29.1

Brokerage House

68.10 35.96 30.67 30.00

Fair Value

Rs Recommendations

82.1

Buy

*Arif Habib Ltd

Accumulate

AKD Securities Ltd

Negative

TFD Research

Technical Outlook Technical Analysis

11,875.40

resistance level at 11,921.75 and 2nd resistance level at 11,995.50, while

Rs Recommendations

*Arif Habib Ltd

RSI (14-day) MA (10-day) KSE 100 INDEX closed down -61.68 points at 11,848.05. Volume was 2 MA (100-day) per cent above average and Bollinger Bands were 19 per cent wider than MA (200-day) MA (200-day)

Fair Value

Neutral

AKD Securities Ltd

92.3

Positive

TFD Research

Free Float Shares (mn) 326.94 Free Float Rs (mn) 12,142.50 ** NOI Rs (mn) 69.57 Mean 37.39

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

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

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

318.44 23,173.19 195.39 72.59

Brokerage House

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

oscillators are currently bullish on FFBL.

Fauji Fertiliser Co

Brokerage House

Fair Value

Rs Recommendations

Rs Recommendations Buy

*Arif Habib Ltd

127.8

Hold

*Arif Habib Ltd

Positive

AKD Securities Ltd

122.1

Accumulate Neutral

74.2

TFD Research

Technical Analysis 65.03 61.72 51.33 51.19

114.33

Brokerage House

175.80 11,131.65 103.11 63.04

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

Leverage Position

56.15 193.54 179.91 185.02

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

147.48 28,415.27 152.86 195.73

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

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

79.28 119.22 109.33 109.22

ENGRO is currently 4.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ENGRO (mildly bullish). Trend forecasting oscillators are currently bullish on ENGRO.

Bank Al-Falah Ltd

Rs Recommendations

Brokerage House

373.19 46,488.26 30.79 124.35

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

Fair Value

*Arif Habib Ltd

AKD Securities Ltd

43.29

Buy

AKD Securities Ltd

10.25

Accumulate

TFD Research

36.85

Positive

TFD Research

14.01

Positive

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

50.34 30.59 26.91 26.97

Buy

Technical Outlook

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

Rs Recommendations

Buy

Technical Outlook

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

Fair Value 42

Technical Outlook

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

Neutral

Technical Analysis

Dera Ghazi Khan Cement Co Ltd

59.97

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

tors are currently bullish on NBP.

Fair Value

TFD Research

Buy

FFBL closed down -0.17 at 37.14. Volume was 345 per cent above aver- NBP closed up 0.52 at 72.77. Volume was 139 per cent above average ENGRO closed down -6.89 at 192.67. Volume was 276 per cent above average (trending) and Bollinger Bands were 4 per cent narrower than normal. and Bollinger Bands were 15 per cent wider than normal. age (trending) and Bollinger Bands were 51 per cent wider than normal.

Nishat Mills Ltd

AKD Securities Ltd

238.8 208.75

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

182.55 5,458.23 47.91 30.07

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

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

60.04 10.71 9.17 9.81

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

674.58 7,211.24 N/A 10.73

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

NML closed up 0.66 at 63.32. Volume was 6 per cent below average and FFC closed up 1.55 at 124.57. Volume was 417 per cent above average DGKC closed down -0.37 at 29.90. Volume was 55 per cent below average BAFL closed down -0.08 at 10.69. Volume was 34 per cent below average Bollinger Bands were 20 per cent narrower than normal. NML is currently 23.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators

(trending) and Bollinger Bands were 110 per cent wider than normal.

and Bollinger Bands were 30 per cent wider than normal. (consolidating) and Bollinger Bands were 6 per cent narrower than normal. FFC is currently 14.0 per cent above its 200-day moving average and is DGKC is currently 10.9 per cent above its 200-day moving average and is BAFL is currently 8.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FFC (bullish). Trend forecasting

Company

Sell

Technical Outlook

Leverage Position

67.98 71.71 66.39 68.68

Rs Recommendations

176

61.96

Technical Outlook

Leverage Position

Fair Value

*Arif Habib Ltd

KSE 100 INDEX is currently 15.2 per cent above its 200-day moving aver- FFBL is currently 23.9 per cent above its 200-day moving average and is NBP is currently 7.6 per cent above its 200-day moving average and is disage and is displaying an upward trend. Volatility is low as compared to the displaying an upward trend. Volatility is extremely high when compared to playing an upward trend. Volatility is low as compared to the average average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modreflect moderate flows of volume into INDEX (mildly bullish). Trend forereflect very strong flows of volume into FFBL (bullish). Trend forecasting erate flows of volume into NBP (mildly bullish). Trend forecasting oscillacasting oscillators are currently bullish on INDEX. Momentum oscillator is currently indicating that INDEX is currently in an overbought condition.

Brokerage House

displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators

reflect moderate flows of volume into NML (mildly bullish). Trend forecast- oscillators are currently bullish on FFC. Momentum oscillator is currently reflect moderate flows of volume into DGKC (mildly bullish). Trend forereflect very strong flows of volume into BAFL (bullish). Trend forecasting oscillators are currently bullish on BAFL. casting oscillators are currently bullish on DGKC. ing oscillators are currently bullish on NML. indicating that FFC is currently in an overbought condition.

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

RSI 1st 2nd (14-day) Support 45.68 3.20 3.15 64.18 64.30 63.90 46.70 62.20 61.90 61.50 25.00 24.30 51.88 26.40 26.15 60.65 85.70 84.25 58.36 17.05 16.90 41.30 9.85 9.75 55.36 325.10 323.30 56.21 120.35 118.30 60.04 10.60 10.50 53.43 3.20 3.10 46.58 9.50 9.45 53.42 2.20 2.15 50.34 29.70 29.50 60.78 3.05 3.00 48.02 2.70 2.55 51.70 43.60 42.85 40.37 74.35 74.15 56.15 189.20 185.75 47.35 14.30 13.95 46.95 4.95 4.90 68.10 36.80 36.45 79.28 122.80 121.00 62.83 116.25 115.25 57.99 36.75 36.65 62.95 141.30 140.55 50.60 251.55 249.05 56.26 3.90 3.60 43.16 1.60 1.55 45.45 2.45 2.40 44.21 10.90 10.70 61.21 40.60 40.40 58.90 2.65 2.60 61.35 13.10 12.95 48.83 74.75 74.25 68.05 223.75 222.55 43.70 2.85 2.80 67.98 71.95 71.15 51.56 22.30 22.10 39.73 18.20 18.10 40.81 2.70 2.65 60.59 1.95 1.85 65.03 62.35 61.40 61.01 167.20 166.30 40.68 2.70 2.65 44.21 2.05 2.00 52.24 2.30 2.25 31.98 6.55 6.50 63.43 287.95 285.75 61.18 212.10 210.95 42.10 68.90 68.00 64.08 293.70 292.70 47.36 19.05 18.95 61.08 205.30 204.45 38.23 26.90 26.70 54.57 13.50 13.40 42.24 21.00 20.90 43.30 2.20 2.15 36.14 3.55 3.50 62.26 64.40 63.75 49.56 2.80 2.75

1st 2nd Resistance 3.30 3.35 65.25 65.90 63.10 63.70 26.25 26.75 27.10 27.55 88.45 89.75 17.35 17.55 10.15 10.30 329.60 332.30 124.50 126.70 10.80 10.90 3.40 3.50 9.70 9.85 2.30 2.40 30.20 30.50 3.25 3.40 2.95 3.10 45.30 46.15 74.85 75.15 197.90 203.15 15.20 15.75 5.15 5.25 37.75 38.40 126.55 128.60 118.35 119.45 37.00 37.15 143.50 144.95 255.95 257.95 4.45 4.75 1.70 1.75 2.55 2.60 11.40 11.70 41.10 41.40 2.85 2.95 13.55 13.80 76.15 77.00 226.00 227.15 2.95 3.00 73.50 74.25 22.85 23.20 18.55 18.75 2.85 3.00 2.25 2.40 64.15 64.95 169.50 170.90 2.85 2.95 2.20 2.30 2.40 2.45 6.80 6.95 293.35 296.55 215.35 217.40 71.30 72.80 295.70 296.70 19.30 19.40 207.75 209.35 27.45 27.80 13.80 14.00 21.25 21.40 2.30 2.35 3.75 3.85 66.05 67.05 2.90 3.00

Pivot 3.25 64.90 62.80 25.55 26.85 87.00 17.20 10.00 327.80 122.50 10.70 3.30 9.65 2.25 30.00 3.20 2.85 44.50 74.65 194.45 14.85 5.05 37.40 124.80 117.35 36.90 142.75 253.50 4.20 1.65 2.50 11.20 40.90 2.75 13.40 75.60 224.85 2.90 72.70 22.65 18.45 2.80 2.10 63.15 168.60 2.80 2.15 2.35 6.75 291.15 214.15 70.40 294.70 19.20 206.90 27.25 13.70 21.15 2.25 3.65 65.40 2.85

Wednesday, December 29, 2010

HBL: The Historymaker ZAHID BUKHARI

n the sub-continent, undivided India, the people in majority being illiterate and poverty stricken knew nothing about the banks and banking. The center of trade and business was mainly Bombay (now Mumbai). In India there were branches of some foreign banks but Indian banks were mostly owned and run by non-Muslims, Hindus, Parsees etc. At that time the Great Muhammad Ali Jinnah, Pakistan's founding father realised the importance of financial intermediation while he was campaigning for the creation of a separate homeland for the Muslims of India. He also persuaded the distinguished Habib family to establish a commercial bank that could serve the Indian Muslim Community. Till that time there was no bank, not only in India but in the entire world owned, managed or run by Muslims. His initiative resulted in the creation of Habib Bank in 1941, with head office in Bombay having fixed capital of Rs25,000. The Bank played an important role in mobilising funds from the Muslim community to finance All India Muslim League's campaign for the establishment of Pakistan. Habib Bank also played an important role in channeling relief funds for Muslims, hurt in the communal riots and violence that followed the departure of British from India. After Pakistan was born in 1947, Habib Bank moved its headquarters to Karachi, Pakistan's first capital. This gave Pakistan its first newly formed commercial bank. I consider it necessary to mention the names of Habib family who created the first successful bank owned, managed, and run by Muslims for the first time in the whole world. The head of Habib Family was Ismail

TFD Special Report

Habib Seth and other members, Seth Muhammad Ali Habib, Dawood Habib Seth, Dost Muhammad Seth, Rashid D Habib Seth, Habib Muhammad Ali Habib Seth. I joined Habib Bank in 1960, and retired in 1997, and still feel honoured for having trained two sons of Habib family from 1966 to 1967 namely Abbas D Habib --for some days-- and Habib Dost Mohammad for more than a year. At that time I was a manager at Mohammad Ali Society branch. Abbas D Habib is now the head of Bank Al-Habib while Habib Dost Mohammad has migrated to Canada and is living with his elder brother Yaseen Dost Muhammad. The pearl of the Habib Family who etched indelible impressions deep on the banking world is Habib Muhammad Ali Habib the head of Habib Metropolitan Bank. It will be highly inappropriate if I do not mention the name of Kassim Parekh, ex-governor, State Bank of Pakistan and now Chairman of Habib Metropolitan Bank. Before partition, the Hindu community tried to fail the Habib Bank (in then Bombay) by drawing their deposits out of the bank. At that time Kassim Parekh being the prominent figure of Memon Community, persuaded the Communities of Bombay and Kathiawar to deposit more and more funds in Habib Bank, and ultimately frustrated Hindusâ&#x20AC;&#x2122; intentions. Habib family owned and managed Habib Bank until Government of Pakistan nationalised it on 1st January 1974. It is awful to state here that the Pakistani nation, and Muslim community the world over, never praised in any form the great services of Habib family for the Muslims, especially in Pakistan and the world over. After remaining nationalised form

1st January 1974 to 29th December2003, the Privatisation Commission of Pakistan announced denationalisation of Habib Bank in the favour of Aga Khan Fund with 51% shareholding against an investment of Rs22.409 billion. On 26th February, 2004, management control was handed over to AKFED. The Board of Directors was reconstituted to have four AKFED nominees including chairman/president/CEO and the government of Pakistan's three nominees. Thank God, I must say, helm of my bank again came into honest, experienced, and trustworthy hands. The president of the Bank Zakir Mehmood enjoys a great reputation in international banking and has been working wonders in managing and improving HBL. And within a short period of sever years has taken HBL on the top in Pakistan. Recently HBL was praised and awarded for its exemplary services and rapid progress as the best bank by an international financial forum. HBL has been doing its best with its experienced and energetic teamwork to stay the leading Pakistani and a dynamic international bank in the emerging markets. HBL has always provided premium set of innovative products and services by granting superior values to its shareholders, stakeholders, customers, and above all its employees. HBL's overseas operations are running successfully in Afghanistan, Australia, Bahrain, Bangladesh, Belgium, Canada, China, France, Hong Kong, Iran, Kenya, Lebanon, Maldives, Nepal, Netherlands, Nigeria, Oman, Singapore, Sri Lanka, Switzerland, Tanzania, Turkey, UAE, UK, and USA. The author is retired senior vice president of Habib Bank Limited

NIB Bank Ltd: Banking on Growth Bank with the largest paidup capital in all listed commercial banks Raheel Amer

IB Bank can rightly take pride in being a commercial bank with the largest paidup capital of over Rs40 billion . In addition to that it also has the largest foreign stake held by Temasek Holdings of Singapore. NIB Bank Limited started as NDLC-IFIC Bank Ltd which was incorporated in March 2003. The powerful franchise of the three merged entities has been brought together to form a much larger and stronger bank to compete in the market place. In April 2004 Pakistan operations of Credit Agricole Indosuez were also amalgamated with and into NIB Bank. In March 2005 Temasek Holdings of Singapore acquired 25 per cent shareholding in NIB Bank, through Bugis Investments. This shareholding was further enhanced to over 70 per cent in June 2005 following an increase in NIB's paidup capital to Rs3.4 billion. NIB Bank has since grown rapidly from a base of 2 branches in 2003 to 178 branches located in 58 cities and towns of Pakistan. NIB Bank's vision is to stand amongst the top 5 banks in the country. Therefore towards the

end of June 2007 it acquired majority shares of PICIC with the aim of merging PICIC and its commercial banking subsidiary PICIC Commercial Bank into NIB. The acquisition was financed through the country's largest private sector rights issue, with resultant increase in NIB's paidup capital to Rs22 billion. The PICIC acquisition brought with it two of its subsidiaries namely PICIC Asset Management Company and PCIC Insurance under NIB control. NIB also had a shareholding in Nafa, an asset management company whose other shareholders include National Bank of Pakistan and Fullerton Fund Management Company. However, lately NIB sold its stake to National Bank and decided to focus on PICIC asset management company. The legal merger of PICIC & PICIC Commercial Bank into NIB took place on December 31, 2007. NIB Bank continues to be led by Khawaja Iqbal Hassan, supported by various business heads and business enabling function heads. The merger resulted in a vastly expanded branch network and total assets of Rs176.6 billion on merger date. NIB has the highest paidup capital of Rs40.4 bil-

lion amongst all banks in Pakistan. Merger synergies include lower cost deposits, enhanced customer service delivery channels and overall improved efficiencies. These help provide a competitive edge in the face of increasing competition in the banking sector. Temasek Holdings continues to be the largest single investor in NIB Bank with approximately 74 per cent shareholding. Lately, unprecedented floods in the country claimed more than 1500 lives and disrupted 14 million people, making a large number homeless. NIB Bank is responsive to this suffering and has therefore joined the relief efforts to help the unfortunate flood victims through partnering with Omar Asghar Khan Development Foundation and other NGOs. NIB Bank staff is donating three days salary whilst all NIB branches are accepting donations from the public in a special account set up for this purpose. To provide added support the NIB Bank staff will go into the field to distribute relief items along with team members of NGOs. Donations from the public can be made in any NIB Branch for deposit.

Wednesday, December 29, 2010

Oil tops $91; weak USD trumps poor data OPEC has no plans to change policy for now NEW YORK: Oil rose slightly on Tuesday, topping $91 a barrel and hovering just below a 26month high struck the previous session, as a weaker dollar outweighed poor US consumer confidence data. US crude found early support as the dollar slipped against a basket of currencies, before giving back some gains following the release of economic data from the world's top consumer. US consumer confidence unexpectedly deteriorated in December, hurt by increasing worries about the jobs market, according to a private report released by the Conference Board. The data weighed on equities markets. US single-family home prices fell for a fourth straight month in October, pressured by a supply glut, home foreclosures and high unemployment, according to the Standard & Poor's/Case-Shiller composite index. US crude for February rose 23 cents to $91.23 a barrel by 1616 GMT, the day after touching a peak of $91.88, the highest since October 2008. ICE Brent crude traded 18 cents higher to $94.03 a barrel.

Tokyo rubber ends down 2pc SINGAPORE: Tokyo rubber futures slipped more than 2 per cent on Tuesday, moving away from a lifetime high hit the previous day, as a firmer yen against the US dollar ignited selling from speculators. The most active contract on the key Tokyo Commodity Exchange, currently June 2011 , settled 9.8 yen a kg lower at 407.8 yen after moving in a choppy 6 yen range. The contract had rallied to a record of 419.3 yen on Monday. Shanghai rubber futures tracked the Tokyo market lower. The most active May contract ended at 36,030 yuan per tonne, down from Monday's close of 37,110 yuan. Volume was heavy at 1.05 million lots. "It's a case of profit-taking. It's just very volatile, with prices pushed up and down," said a dealer in Singapore. "You won't appreciate such market action." But dealers said tightness in the physical market, steady demand from top consumer China and firm oil prices would still support the market. Thai RSS3 grade jumped to an historic high on Monday to track a rally in Tokyo futures, while tyre makers were chasing nearby cargo despite rising prices due to supply disruption in Southeast Asia, dealers said on Monday. -Reuters

"I think (oil is) being pulled in different directions, with a definite upward bias," said Phil Flynn, analyst with PFGBest Research in Chicago. "On one hand it's commodity side wants to rally, but it's financial instrument side is being restrained because the stock market is lower (due to US consumer confidence data)."

Oil has rallied by 35 per cent from lows struck in May, and is up roughly 15 per cent from the end of 2009. A rally across financial markets took hold in earnest around September, spurred by the US Federal Reserve's latest round of quantitative easing, a weakened dollar and rising demand. "Data in recent weeks have been supportive of the stocks and commodity markets globally. The US will avoid a doubledip. The Asian region including Japan looks a little bit better, with its industrial production finally showing an increase," said David Cohen, director of

Asian Economic Forecasting at Action Economics. "I think a lot of people are expecting prices to turn higher towards $100 a barrel next year." The Organization of Arab Petroleum Exporting Countries, some of whose members also belong to OPEC, met in Cairo at the weekend, when leading exporter Saudi Arabia reiterated its preference for a $70-$80 price range. Others said $100 would be fair and the global economy could withstand it. Oil has also found some support from cold weather across the United States and Europe. A blizzard across the US East Coast earlier this week was viewed as mixed for markets as it bolstered heating demand but hit travel consumption by shutting airports and slowing road travel. The latest indications of fundamentals of supply and demand for the United States, the world's biggest oil burner, will not be released until Wednesday and Thursday. Figures published last week showed a big drop in crude inventories, although they were still higher than a year ago. Reuters

Weather woes lift palm oil to fresh 33-mth high KUALA LUMPUR: Malaysian crude palm oil futures rose to fresh 33-month highs on Tuesday, driven by prospects of erratic weather sapping vegetable oil supplies at a time when demand remains resilient. Heavy rains due to the monsoon season normally hamper the harvesting of palm fruits and make transportation to refineries difficult in the world's leading palm oil producers, Malaysia and Indonesia. Dry weather in soy-producing Argentina has slowed plantings and could prevent soy crops from developing normally. "Palm oil production will fall more than 15 per cent in this month as the weather is pretty bad in palm oil producing states," said a trader with a foreign brokerage in Kuala Lumpur. "But demand is going to improve by at least 10 per cent next month as China gets ready for the Lunar New Year." The benchmark March 2011

crude palm oil contract rose 0.6 per cent to 3,778 ringgit ($1,220.679) per tonne after hitting an intraday high of 3,792 ringgit -- a level unseen since March 2008. Overall traded volumes were 10,730 lots of 25 tonnes each, slightly above the usual 10,000 lots. Malaysian palm oil is expected to hover around 3,766 ringgit per tonne for one trading session before resuming its rally towards 3,840 ringgit, according to a Reuters technical analysis. The most active September 2011 soyoil on China's Dalian Commodity Exchange rose as much as 2 per cent to a 29month high of 10,662 yuan ($1,607.8) before paring some losses to trade at 10,606 yuan. "Despite price control policies in China, soyoil prices were up on soybean supply concerns due to the La Nina driven dry weather in South America," said a Shanghaibased oil analyst. US soyoil for January delivery rose 0.2 per cent in Asian trade hours. -Reuters

Gold shines at 2-wk high over $1,400 as USD dulls NEW YORK: Gold prices jumped nearly 1.5 per cent on Tuesday, topping $1,400 an ounce for the first time in two weeks as the dollar sank and dealers anticipated an unprecedented eleventh annual rise next year. After several weeks of trendless trade, gold staged its biggest oneday gain since Dec. 3 as many investors bet that economic uncertainty and currency diversity would fuel more demand from investors and banks. Prices are on track to rise 28 per cent this year, a record 10th consecutive annual gain. "The end of the year loss of confidence in the dollar value has brought gold players back into the market on the long side. It's hard to say more than that," said George Nickas, a gold broker at FC Stone in New York. After modest early gains, spot gold shot more than $20 an ounce higher in early US trade, hitting a session peak of $1,405.15, the highest since Dec. 14. It was up 1.34 per cent at $1,402.20 by 1434 GMT. US gold futures for February

delivery rose 1.5 per cent, or $20.60, to $1,403.50. Trading volume picked up from Monday's lackluster activity, with over 55,000 lots already traded, nearly one-third of this year's average. But activity was still subdued by the UK holiday and lack of official gold fixings. Independent investor Dennis Gartman, who has at times been cautious on gold's rally this

year, said he was now expanding his position by buying bullion in US dollar terms as central banks stock up. "We are long of gold in nonUS dollar terms, and now we wish to add to the position by buying gold in US dollar terms," he said in his daily Gartman Letter. "This is consistent with our thesis that gold is, at the margin, becoming a reserveable asset of greater interest by the reserve banks of Asia, Africa and likely also South America.

At the margin, they are increasing their gold holdings at the expense firstly of the EUR and now of dollars." Next year is expected to mark the end of a lengthy trend of official sector bullion sales, with central banks globally turning net buyers for the first time in decades. Investors are also expected to continue piling in. Spot gold is biased to rise to $1,410 per ounce as an upward wave "c" is unfolding towards an eventual target at $1,430, said Wang Tao, a Reuters market analyst. "Gold is riding high on its own, but with the euro/dollar bid, it's even better," said a Singapore-based trader. "Asians have been non-stop buyers, and want to load up when gold is some 40 bucks off the all-time highs." Spot silver led gains, rising 1.5 per cent to $29.70 an ounce, up 76 per cent so far this year. The goldsilver ratio, used to measure how many ounces of silver is used to buy an ounce of gold, stood at 47.2, near its 46-month low of 47.1 hit last week. -Reuters

Sugar surges to 30-year high, then slips NEW YORK: Raw sugar futures surged Tuesday to a 30year high on trade and speculative buying, but dealings were thin as most players were away until after the New Year, analysts said. Cocoa values climbed, propped up by fears of supply disruption amid the political impasse in top grower Ivory Coast. Arabica coffee was confined to a tight band. Soft commodity markets in London were shut for the Christmas holiday and will reopen for business on Wednesday. New York's March raw sugar contract hit a new contract and 30-year peak at 33.64 cents per lb and was trading 0.62 cent up at 34.26 cents at 1450 GMT. "(The target of) 35 cents is right around the corner," said Alex Oliveira, senior sugar analyst at brokerage Newedge USA in New York. Fundamentally, prices were buoyed by the belief that available sugar is less than plentiful and consumption is ramping up going into 2011. The rally has been bolstered by the perception that No. 1 consumer and No. 2 world producer India will not be exporting as much sugar as initially thought. The volume of business though was light. Total raw sugar contracts traded stood at about 14,000 lots, way below the 30-day average around 111,000 lots, Thomson Reuters preliminary data showed. Cocoa futures bounded higher, with buying sentiment stoked by fears top grower Ivory Coast would erupt in civil war. The key March cocoa contract in New York climbed $28 to trade at $3,680 per tonne. Arabica coffee was pinned in a band, although futures stayed near their 13-1/2-year high due to tight supplies of high quality beans. The March arabica coffee contract on ICE Futures US was trading flat at $2.3745 per lb. -Reuters

Indian sugar edges higher MUMBAI: India sugar futures edged higher on Tuesday helped by expectations of further exports of the sweetener, though a pick-up in cane crushing weighed on sentiment, dealers said. The sweetener may add to gains for another session. "There are talks of further exports of sugar, which would help the market," said Chowda Reddy, chief analyst with JRG Wealth Management. He sees resistance at 3,090 rupees. The most-traded sugar-M grade contract for January delivery closed 0.99 per cent higher at 3,074 rupees per 100 kg. Traded volumes were at 15,940 tonnes with 1,345 contracts. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety rose by 8.25 rupees to 2,945.75 rupees per 100 kg. Meanwhile, India on Tuesday extended stock limit on sugar for three more months as crushing got delayed due to unseasonal rains. The stock limit was to expire on Dec. 31. -Reuters

GAZA STRIP - PALESTINE: A Palestinian farmer gathers flowers for export in his green house in Rafah in the southern Gaza Strip. -Reuters

Shanghai copper gains on soft USD SINGAPORE: US copper futures rallied to a record high on Tuesday, and Shanghai metal gained almost half a per cent, supported by sharp falls in the dollar, a strong Chinese currency and supply threats. The benchmark fourth month copper contract on COMEX rallied 0.6 per cent to an all-time high of 430.75 cents/lb, while the dollar fell 0.43 points to 79.934 versus a basket of currencies . Technically, COMEX copper was expected to briefly enter a 440-450 cents/lb range over the next four weeks and then retrace to 404.50 cents, according to Reuters technical analyst Wang Tao. Shanghai copper closed up 290 yuan at 69,000 yuan a tonne. The People's Bank of China (PBOC) fixed the yuan's daily mid-point versus the dollar at 6.6252, just shy of the level of 6.6239 hit on Nov. 12, the strongest yuan mid-point since its landmark revaluation in July 2005. That followed the PBOC's interest rate rise on Christmas Day as Beijing stepped up its inflation fight. "It's a dollar play. Big losses in the greenback are giving copper and other commodity prices a push. In the case of copper, there are a number of other bullish fundamental factors at work too," a trader in Hong Kong said. The continued closure of Chile's Patache port terminal since a Dec. 18 shiploader acci-

dent will continue to underpin sentiment, with the Collahuasi mine maintaining production but as yet unable to secure an alternative route to get the concentrate to customers. In the longer term, expectations of a supply deficit next year was also expected to keep copper on the upward trajectory that has seen it rally by more than a quarter this year. In other metals, zinc rose 2 per cent to 19,060 yuan, while aluminium was unchanged at 16,695 yuan. On a volume weighted average, the complex as a whole gained 0.8 per cent. Volumes were light, with zinc trading around 463,000 lots, equivalent to 1.16 million tonnes of metal and about one third the average for 2010. The London Metal Exchange was closed on Monday and Tuesday for Christmas holidays and trade will only resume on Wednesday. When Shanghai closed on Friday, LME copper stood at $9,345 a tonne. Since then, the Chinese market has gained just 50 yuan. Later on Friday, a series of US data will offer fresh direction, including a read on the housing market. Construction is a major consumer of copper with around a fifth of a tonne of the metal used in a typical US home. Consumer confidence and chainstore sales will also be closely watched for sign that the recovery in the United States continued over the holiday period. -Reuters

European vegetable oil prices ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil prices at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11/Apr11 1039.00, May11/Jul11 1043.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1100.00, May11/Jul11 1090.00+5.00, Aug11/Oct11 1010.00+10.00, Nov11/Jan12 1020.00+15.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1480.00+15.00, Apr11/Jun11 1450.00+10.00, Jul11/Sep11 1475.00+5.00, Oct11/Dec11 1380.00+10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1370.00+7.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jan11 1290.00, Feb11 1285.00+5.00, Mar11 1277.50+2.50, Apr11/Jun11 1250.00+0.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Jan11 1260.00, Feb11 1255.00+5.00, Mar11 1252.50+7.50, Apr11/Jun11 1235.00+5.00, Jul11/Sep11 1217.50+5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Jan11/Feb11 1880.00+0.00, Feb11/Mar11 1880.00+0.00, Mar11/Apr11 1875.00-5.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00+0.00. Reuters

NY cotton finishes down in thin trade NEW YORK: US cotton futures finished lower on Monday on light follow-through investor sales and news of an interest rate rise in top consumer China, analysts said. The market may see further choppy trade in the last trading week of 2010 as most large investors have already closed their books and will not return until after the New Year. The cotton market on ICE Futures US was closed last Friday for Christmas. The key March cotton contract dropped 2.36 cents to end at $1.4576 per lb on volume of around 13,000 lots, which is about half the 30-

day average, Thomson Reuters preliminary data showed. "It was follow-through (pressure) from last week," Sharon Johnson, senior cotton analyst at commodities brokerage Penson Futures in Atlanta, Georgia. The market was also pressured by a fresh interest rate increase in China. The December 25 rate increase by the People's Bank of China was the second in just over two months, and while the timing just before year-end may have been a surprise, the move itself was not. "We were down initially ... on China," said Johnson, but

then the market pared its losses as players digested the move and strong soybean futures alleviated the bearish impact of Beijing's decision. "It may be very quiet and choppy (the rest of the week)," she added. Analysts said many market players would also be away next week to attend the annual Beltwide Cotton conference in Atlanta. They said market focus would also increasingly turn to prospective US cotton plantings in 2011, coming as it does after the market's performance in 2010 when cotton values hit all-time highs. -Reuters

National Commodity Exchange Ltd Trading Summary Date

Commodity

28-Dec-2010 CRUDE100 28-Dec-2010 CRUDE100 28-Dec-2010 CRUDE100 28-Dec-2010 SILVER - SL500 28-Dec-2010 SILVER - SL500 28-Dec-2010 GOLD 01oz 28-Dec-2010 GOLD 01oz 28-Dec-2010 GOLD 01oz 28-Dec-2010 GOLD 100oz 28-Dec-2010 GOLD 100oz 28-Dec-2010 GOLD 100oz 28-Dec-2010 GOLD 28-Dec-2010 GOLD 28-Dec-2010 GOLD 28-Dec-2010 KILOGOLD 28-Dec-2010 KILOGOLD 28-Dec-2010 TOLAGOLD50 28-Dec-2010 TOLAGOLD100 28-Dec-2010 MINIGOLD 28-Dec-2010 MINIGOLD 28-Dec-2010 MINIGOLD 28-Dec-2010 MINIGOLD 28-Dec-2010 MINIGOLD 28-Dec-2010 TOLAGOLD 28-Dec-2010 TOLAGOLD 28-Dec-2010 TOLAGOLD 28-Dec-2010 TOLAGOLD 28-Dec-2010 TOLAGOLD 28-Dec-2010 IRRI6W 28-Dec-2010 RICEIRRI - 6 28-Dec-2010 RBD PALMOLEIN 28-Dec-2010 KIBOR3M 28-Dec-2010 KIBOR3M

Contract Date

Price Quotation

Open

High

Low

FE11 MA11 AP11 JA11 MA11 JA11 FE11 MA11 JA11 FE11 MA11 JA11 FE11 MA11 JA11 FE11 JA11 JA11 MON TUE WED THU FRI MON TUE WED THU FRI 30DE10 JA11 JA11 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 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100

91.19 91.75 92.41 29.19 29.14 1382.10 1380.80 1382.00 1380.50 1380.60 1382.00 38135.00 38168.00 38100.00 38094.00 38103.00 44432.00 44432.00 39209.00 39153.00 39167.00 39181.00 39195.00 45597.00 45674.00 45572.00 45595.00 45051.00 2402.00 3376.00 5265.00 86.55 85.42

91.44 92.14 92.59 29.63 29.66 1399.70 1400.20 1401.10 1396.60 1398.10 1397.20 38560.00 38569.00 38584.00 38532.00 38541.00 44943.00 44943.00 39639.00 39682.00 39167.00 39610.00 39625.00 45668.00 45674.00 45572.00 45816.00 45552.00 2402.00 3376.00 5265.00 86.56 86.20

90.57 91.21 92.41 29.14 29.14 1380.50 1379.00 1379.90 1380.50 1379.00 1382.00 38121.00 38102.00 38100.00 38094.00 38103.00 44432.00 44432.00 39209.00 39153.00 33596.00 39181.00 39195.00 45067.00 45002.00 45018.00 45034.00 45051.00 3352.00 3375.00 5263.00 86.55 85.42

91.28 92.00 92.59 29.56 29.59 1396.60 1397.20 1398.20 1396.60 1397.20 1397.20 38560.00 38569.00 38584.00 38532.00 38541.00 44943.00 44943.00 39639.00 39682.00 33596.00 39610.00 39625.00 45568.00 45618.00 45519.00 45535.00 45552.00 3352.00 3375.00 5263.00 86.56 86.20

Traded Volume in lots 131 34 14 95 198 1,435 2,456 27 4 5 1 3 5 3 5 -

Previous Settlement Price 91.14 91.88 92.49 29.42 29.44 1385.50 1386.00 1387.00 1385.50 1386.00 1387.00 38254.00 38263.00 38278.00 38226.00 38235.00 44586.00 44586.00 39329.00 39372.00 39287.00 39301.00 39315.00 45207.00 45256.00 45158.00 45174.00 45190.00 3354.00 3376.00 5265.00 86.55 86.19

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

Current Open Interest Settlement in Lots Price 91.28 104 92.00 28 92.59 29.56 9 29.59 45 1396.60 246 1397.20 1,032 1398.20 1,209 1396.60 1397.20 4 1398.20 38560.00 32 38569.00 15 38584.00 38532.00 38541.00 44943.00 44943.00 39639.00 39682.00 33596.00 39610.00 39625.00 45568.00 1 45618.00 45519.00 1 45535.00 5 45552.00 3352.00 3375.00 5263.00 86.56 86.20 -

Finland's Hautamaeki speeds down slope in four-hills ski jumping tournament

Wednesday, December 29, 2010

McGlashan eyeing 2011 World Cup

Has 2-0 lead in three-match series

NZ whitewash Pakistan in T20

AUCKLAND: Ahead of the second Twenty20 international between New Zealand and Pakistan, wicketkeeper Peter McGlashan has said that he hopes to continue impressing the new selection panel for a place in the Black Caps side for the 2011 World Cup. McGlashan had made the most of his recall to the national side with four catches in the opening Twenty20 match against Pakistan in Auckland on Sunday. The 31-year-old said that a chance to play at the 50-over World Cup in the Indian subcontinent in February wasn't something that he considered even a month ago. "It's come out of the blue - I wasn't contemplating it at all at the start of summer," the Waikato Times quoted McGlashan, as saying. However, after being named in the pre-tournament squad of 30 players and with question marks over Brendon McCullum's desire and fitness to keep wickets in the one-day format, the Northern Knights wicketkeeper feels he now has a shot. "It's entirely up to me now I've got every chance to be on that plane," McGlashan said.Online

Hamilton eyes distraction-free 2011 F1 season LONDON: Lewis Hamilton pointed to problems in his personal life as a contributing factor to his failure to recapture the Formula One title and said he is trying to banish "outside intrusions" from his mind in 2011. Reflecting on a tough season that he rated as a six out of 10, the 2008 world champion gave a rare insight into issues troubling him away from the track and said in a radio interview he hopes to "smooth everything off." Hamilton did not specify what was bothering him, but the McLaren driver's season began in March amid the fallout from the high-profile decision to drop his father, Anthony Hamilton, as manager. Hamilton won just three out of 19 races as he finished fourth in the 2010 drivers' championship. "The personal life, the way things have gone have not been as smooth and as happy as they could have been in the past and to do what I do is a combination of many, many things that are surrounding you," Hamilton told BBC Radio One.-Reuters

Sachin hailed for saying no to liquor ad MUMBAI: The Maharashtra government has appreciated master blaster Sachin Tendulkar for choosing his principles over money, by saying 'no' to endorse a liquor advertisement. In a letter to the legendary batsman, Minister of Social Justice Department Shivajirao Moghe welcomed his decision, refusing to endorse a liquor advertisement. "We appreciate Sachin that he is helping us indirectly in the de-addiction campaign run by the Government and also setting up an example for others," Moghe said. The Minister lauded Sachin for turning down a whopping Rs 20 crore-offer to promote a top liquor or cigarette brand.Reuters

HAMILTON: Peter McGlashan of celebrates the wicket of Younis Khan during game two of the T20 series between New Zealand and Pakistan at Seddon Park.-Reuters

Army standing tall with 30 golds at National Games Monitoring Desk PESHAWAR: Pakistan Army stood tall at the top of the medals tally with 30 golds in the 31st National Games, Wapda sit behind the leaders with 18 golds including 15 golds, nine silvers and five bronze medals which came on Monday. Balochistan stood third while Sindh, Punjab and Khyber-Pakhtunkhwa (K-P) have each won one gold so far. Wapda’s penalty-corner specialist Sohail Abbas scored five consecutive goals in a single match, all through penalty corners, as Navy was thrashed 6-0 in the hockey event. Abbas scored his first goal in the eighth minute, followed by four more in the 30th, 40th, 66th and 62nd with the last goal coming from Asif Micheal.

While Army qualified for next round after securing a 2-0 victory against Punjab, the match between K-P and Pakistan Air Force (Paf) ended in a 3-3 draw. Army’s Shakeel Yousaf scored the winning goal in the 58th minute to defeat Navy 1-0 while Paf drew 22 against Wapda in the football event being played at the Jinnah Stadium in Islamabad. Wapda’s Arif Mehmood scored first followed by Tauseef. However, Paf ’s Mujahid scored in the 59th and 82nd minute to level the match. Paf will face Navy while Army will face-off with Wapda today. Asian Games gold and silver medalist Aamir Atlas of Wapda clinched the gold in the squash event by defeating

defending champion Farhan Mehboob11-9, 11-4, 11-13, 511 and 11-3 in the squash final. Earlier, in the semi-finals Atlas defeated Waqar Mehboob of K-P 11-8, 11-6 and 11-5. Farhan defeated Farhan Zaman Khan of Paf 1113, 11-7, 9-11, 11-6 and 11-9. Wapda and Army were tied for the gold run with both winning three gold medals each in the in the six events of the athletic meet which got underway at the Qayyum Sports Complex. Wapda’s athletes also won four silvers and four bronze. Army bagged the gold in pole volt (women), long jump and shot put, and a silver in javelin throw (men) while Wapda clinched a gold each in javelin throw (men), high jump and shot put and another four silvers.

difficult run chase. "It was a good performance," Taylor said. "The partnership between Guptill and Franklin after Jesse went early set a good platform for the other players to come out and express themselves." Spinner Saeed Ajmal took 335 as the best of the Pakistan bowlers. Pakistan started its run chase strongly but when Younis Khan ran out Mohammad Hafeez for 26, the innings began to unravel. McCullum dashed through the middle order and the tourists slumped to 114-7 after 15.4 overs, with no hope of victory. "I'm disappointed from the bowling side," captain Shahid Afridi said. "We didn't bowl well, especially our experienced bowlers and put the ball in the right areas. "They played positively and we didn't bowl to our strength which is the yorker.".-Online

Hamilton: Spinner Nathan McCullum took four wickets to bowl New Zealand to a 39run win over Pakistan in the second Twenty20 cricket international and to an insurmountable 2-0 lead in the threematch series. After New Zealand had made a competitive 185-7 having being sent in to bat in damp conditions, McCullum raced through the Pakistan middle order to finish with 416 from four overs. Pakistan was left 146-9 after its 20 overs, conceding the series ahead of the final match in Christchurch on Thursday. Earlier, Martin Guptill made 44 and James Franklin 40 to lead New Zealand's recovery after it lost opener Jesse Ryder to the first ball of the match. McCullum dismissed Younis Khan for 3, Asad Shafiq for 6, Abdul Razzaq for 14 and Umar Gul for 0, then took two catches to provoke the collapse of the Pakistan innings after the tourists had been 68-1

in the eighth over. Swing bowler Tim Southee took two wickets with two balls at the end to finish with 226 and spinner Luke Woodcock bowled his four overs for 20 runs in a tidy debut to ensure Pakistan didn't threaten the New Zealand total. Pakistan won a valuable toss and sent New Zealand in to bat on a ground on which a women's Twenty20 international between Australia and New Zealand had been abandoned earlier in the day because of rain. The loss of Ryder to the first ball of the match seemed a major blow but Guptill and Franklin formed a productive partnership, putting on 91 runs for the second wicket, to set the foundation for the New Zealand innings. Scott Styris made 34, captain Ross Taylor 30 not out and wicketkeeper Peter McGlashan hit 26, including 24 from one over from Umar Gul, to present Pakistan with a

Lhr to host All Punjab Raiders Football Cup

Chelsea concerns compounded by 3-1 loss at Arsenal

LAHORE: Prominent clubs of Lahore and other districts of Punjab Province will show their mettle when All Punjab Raiders Football Cup 2011 will be played at Raiders Football Club Ground, Faisal Town, from Sunday, 16 January 2011. According to Organizing Secretary Kabir Ahmed Chaudhry, " Besides organizer Raiders FC, a team formed in 1938 befor partition, other 24 Lahore-based outfits in the event will be Afshan Club, Fatima Memorial, Flying Horse, Garhi Shahue United FC, Jabbar Friends,Model Town FC, Moazam Iraj FC, Nasir Shaheed FC, Gulshan-i-Ravi , Nadeem FC, Pensi Club, Publican Club, Rangers FC, Sabzazar,Quaid FC ( Manga), Samanabad FC, Rehmania FC, PAF Colony, St. Michael, Shah Kamal Club, Shaheen Wahdat Club, Usmania FC, Walton FC and Young Shooters FC. The event will be played on Two Phase with the later Phase will see clubs from Okara, Kasur, Gujranwala, Faisalabad, Jaranwala, Bahawalpur joining the Clubs from Lahore.-Online

LONDON: Chelsea's worrying slump turned into a fullblown crisis when the Premier League champions were comfortably beaten 3-1 by Arsenal at The Emirates on Monday. Goals from Alex Song, Cesc Fabregas and Theo Walcott in a nine-minute spell either side of halftime condemned Carlo Ancelotti's team to another defeat and they have now managed just six points from the last 24 on offer. Branislav Ivanovic replied for the visitors but the damage was already done as Arsenal ended a run of five consecutive defeats against their London rivals to reclaim second place in the table above Manchester City on goal difference. "The win had a double impact. First of all it keeps us in touch with the leaders and, secondly, it is the psychological impact because we were questioned about our ability to win big games," Arsenal manager Arsene Wenger told reporters. "We know that to beat the big teams at home will have an important impact on the league

(title race)." Arsenal have moved to 35 points from 18 games with unbeaten leaders Manchester United on 37 having played a game less. Chelsea, who started the season in scintillating form but have forgotten how to win, remain in fourth place on 31. "The table is not good but this is the reality," said Chelsea manager Carlo Ancelotti. "We have to play better and wake up. I am not worried. I have to work and you will have to ask the owner (Roman Abramovich about my future)." However, after 40 minutes of cut and thrust had failed to separate the teams, Chelsea fell apart alarmingly, leaving Ancelotti ashen-face in the technical area where he had stood in a black raincoat for virtually the entire 90 minutes. If anything Chelsea had looked the more threatening early on with Didier Drogba, scorer of 13 goals in 13 appearances against Arsenal since joining Chelsea, rampaging forward to fire narrowly wide of Lukasz Fabianski's post.Reuters

England not far from Ashes glory MELBOURNE: England's bowling attack continued to maintain a stranglehold on Australia's batsmen in the fourth test on Tuesday, putting the visitors on the brink of a first successful Ashes tour triumph in 24 years. Needing 415 runs just to make England bat again, Australia's brittle top order disintegrated under pressure once more, limping to 169-6 at stumps in front of a despondent crowd of more than 68,000 at the Melbourne Cricket Ground. Australia, who were bundled out for 98 in the first innings, trail England by 246 runs and are odds-on favourites to become the first team to surrender the Ashes on home soil since Alan Border's defeat to the Mike Gatting-led England team in 1986/87. Brad Haddin (11) and Mitchell Johnson (6) survived

the last few overs to stumps and face the unenviable and virtually impossible task of staving off England's victory charge on day four. Tim Bresnan, called into the side for Steve Finn, took three wickets in a brilliant spell after tea to leave Australia reeling on 104-4 before Graeme Swann and James Anderson took a wicket apiece to inflict further pain on the hosts. One of Bresnan's wickets was Australia captain Ricky Ponting, who struggled to 20 before chopping onto his stumps, continuing a woeful run in a series in which his highest score remains an unbeaten 51 in the drawn first test in Brisbane. Ponting apologised before taking the crease for his ugly remonstration with the umpires on Monday over a video referral, but no amount of mea culpas are likely to save the 36-

year-old's captaincy or win forgiveness from a shattered Australian public for his team's performance. He stands on the verge of becoming the first Australian skipper in more than 100 years to lose the Ashes three times and after scores of 10, 1, 12, 9 and 0 in his five previous innings, can no longer lean on his batting record to justify his tenure. Any hope of the attack's performance inspiring their team mates with the bat were soon dashed when Shane Watson enhanced his reputation as one of the worst runners in elite cricket by running out opening partner Phillip Hughes for 23. The pair had made a bright start, notching 50 runs at a rapid run rate of more than five an over, before Watson pushed to cover and called Hughes through for a single.Reuters

MELBOURNE: Ricky Ponting of Australia leads his team onto the field during day three of the Fourth Test match between Australia and England at Melbourne. Reuters

Japan output up on Asia demand, finmin warns on yen TOKYO: Japanese factory output rose for the first time in six months in November and manufacturers expect to boost production in coming months, suggesting that firm demand in Asia will help the economy resume a recovery early next year. But creeping rises in the yen kept policymakers on alert for risks to the exportreliant economy, with the finance minister repeating his warning that the government would take decisive action to stem any sharp yen rises that could hurt growth. Industrial output rose 1.0 per cent in November, matching a median market forecast and marking the first rise in six months, the Ministry of Economy, Trade and Industry said on Tuesday. Manufacturers surveyed by the ministry expect output to rise 3.4 per cent in December and 3.7 per cent in January. The data bodes well for the fragile economy and underscores the Bank of Japan's view that growth will pick up modestly early next year on continued support from exports to emerging Asia, lessening the chance of an imminent policy easing by the central bank. "The headline figure was in line with expectations, but forecasts for December and January came in quite strong," said Yoshiki Shinke, senior economist at Dai-ichi Life Research Institute. "Since today's data shows that the downward risks to the economy have eased, we

now have a smaller chance of the BOJ easing its policy further as long as there are no wild market fluctuations caused by some overseas factors." Companies increased output of automobile, machinery and electronic parts mainly for export to Asia and the Middle East, the data showed. Automakers also increased output to restock in anticipation of a pickup in domestic demand next year, a sign that output may have bottomed out after tumbling when government subsidies on low-emission cars expired in September. "We have already got some positive news from Asian neighbours for October and November. This is confirmation that Japan is benefiting from the recovery of the Asian economies," said Masamichi Adachi, senior economist at JPMorgan Securities Japan. Still, the ministry maintained its assessment that industrial output was moving on a weak note, stressing that production has recovered only moderately after steep declines in the past few months. Adding the economy's woes, the yen rose to a three-week high against the dollar on Tuesday, approaching levels seen before Japanese authorities intervened in the currency market in September for the first time in six and a half years. Noda blamed the recent yen gains mainly on thin trading volume but warned that he

would closely watch market moves toward the year-end and into the new year. "Our stance remains unchanged that we will take decisive steps when rapid moves occur," he told a news conference. Economics Minister Banri Kaieda also told reporters on Tuesday that the government wants to tackle sharp yen rises by cooperating closely with the Bank of Japan, although he did not elaborate on what sort of measures he had in mind. Underscoring the fragile state of the economy, household spending fell 0.4 per cent in November from a year earlier and the jobless rate was steady at 5.1 per cent. Core consumer prices marked their 21st straight month of annual declines, a sign the country remains mired in deflation due to weak domestic demand and keeping pressure on the BOJ to maintain its ultra-easy monetary policy. The BOJ eased policy in October by pledging to keep interest rates effectively at zero until the end of deflation was in sight and by crafting a 5 trillion yen ($60 billion) pool of funds to buy assets ranging from government bonds to corporate debt, including trust funds investing in stocks and property. BOJ policymakers have repeatedly said that increasing the size of the fund would be a clear option if the looming economic slowdown proves worse than expected.-Reuters

Japan trade review may revoke preferences for China TOKYO: Japan is reviewing its trade preference policy for developing countries in a move that could revoke preferences for about 450 items imported from China, an official at the Finance Ministry said on Tuesday. The review of the trade regime aimed to promote economic development, known as Generalised System of Preferences (GSP), comes as China, Japan's biggest trading partner since 2009, readies to surpass Japan as the world's second biggest economy. It also comes as the European Union plans to start reform of its trade preference regime for developing countries, of which China is also a beneficiary, next year. Japan plans to remove goods from certain countries from its GSP list for three years if they have accounted for more than 50 per cent of total imports of the item on average for the past three years, a report on tax guidelines for the next fiscal year showed. As a result, about 450 items imported from China, which in the year to March 2010 were worth 1.3 trillion yen ($15.7 billion), would face tariff rises, among them plastic goods and clothing, said a Finance Ministry official dealing with tariff issues. Japan imported $97.8 billion worth of goods from China in 2009, data from the Japan External Trade Organization showed. "We are not doing things with any specific countries in mind. We have started taking these measures ... so that by removing competitive goods, other developing countries can benefit more," said the official, who declined to be identified as he is not directly responsible for the decision.-Reuters

CONTINUATION No #1

Continued from page 1

The resignations will also be a blow for the PPP just weeks after Jamiat Ulema-e-Islam-Fazl (JUI-F) party took its three cabinet ministers and seven lawmakers out of the government, sparking fears of a domino effect. Meanwhile, MQM Chief Altaf Hussain has given a final warning to the Pakistan Peoples Party-led government to mend its ways or else MQM would be forced to part its ways with the Sindh coalition too and move from government to the opposition benches. Altaf Hussain was addressing his party workers from London following the decision of Party's Coordination Committee to tender resignations of its two Federal Ministers to the government late Monday night. He said MQM can no longer continue backing government on anti-public decisions, declaring it is no use of holding such ministries which incessantly fail to serve any good to masses. "Had Pakistan Peoples Party acted on my advice given time after time, the PPP and people would not have to face the present circumstances," he regretted. Altaf Hussain reiterated that his party wants that the present government completes its five-year term. "We continued to stand with the government so that the democracy did not get derailed", he added. He also came down hard on Pakistan Muslim LeagueN Chief Nawaz Sharif for criticising MQM in public meeting in Muzaffarabad, and called Sharif 'a by-product of dictatorship.'

International & Continuation

Wednesday, December 29, 2010

said Pakistan and Oman had excellent defence cooperation and efforts were on to materialise an agreement on it. Meanwhile, Prime Minister Gilani sought increased Omani investment for Pakistan's energy, telecom and agro-based industries, besides urging support for an early finalisation of a FTA with the six-member Gulf Cooperation Council (GCC).-Agencies

No #4

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be disclosed. Meanwhile, Interior Minister Sindh Dr Zulfiqar Ali Mirza condemned the bomb attack at the university and sought report from CCPO Karachi in this regard. He directed to conduct inquiry with Sindh rangers. He said that the security of the university should be reviewed. He said that all facilities of medical treatment should be provided to the students.

No #5

Continued from page 1

level of the previous quarter; thus increasing the average value per transaction to Rs8,486 compared to Rs8,037 in the previous quarter. It said the contribution of other modes of e-banking is also on the rise despite comparatively insignificant numbers and aggregates value of transactions, added utility bills payments through available modes (ATMs, internet, mobiles etc) of e-banking transactions are also growing. According to the Report, the number of cross-border transactions increased by 154 per cent in volume and 19 per cent in value during the quarter under review. The large value payments settled through Pakistan Real-time Interbank Settlement Mechanism (PRISM), however, decreased by 6.51 per cent in volume and Continued from page 1 No #2 sacrifice for the its sake. Mirza said, "Political parties do have 11.35 per cent in value of transactions in comparison to the previous quarter. The major portion of PRISM transactions, in terms of differences with each other; MQM is a democratic party and I respect their mandate." Meanwhile, President Asif Ali Zardari and value, consisted of securities settlements which accounted for 47 Prime Minister Syed Yousuf Raza Gilani held telephonic conver- per cent of the total transactions followed by Interbank Funds sation with Governor Sindh Dr Ishrat-ul-Ebad here on Tuesday Transfers (37 per cent) and Settlement of Retail Cheques Clearing (16 per cent), the Report added. and assured that alliances reservations would be removed. As per details, President Zardari and Prime Minister Gilani teleContinued from page 1 No #6 phoned Governor Sindh Dr Ishrat-ul Ebad and discussed political the conference while Vice Chancellor of the PIDE Dr Rashid situation. On this juncture President Asif Ali Zardari said that Amjad and Anwar Shah also spoke on the occasion. alliances reservations would be removed. Prime Minister Gilani The purpose of the annual meeting and conference was to proalso talked with Governor Sindh and discussed separation of vide a forum where leading professional economists, other social MQM from the federal cabinet. scientists and policy makers could exchange ideas of the vital ecoGovernor Sindh informed them about Interior Minister Sindh nomic and social issues facing Pakistan. Dr Zulfiqar Mirza's statement and expressed reservations over difWith the passage of the 18th constitutional amendment, ferent issues. Governor Sindh said that MQM's decision is final. Pakistan has taken a major step towards fiscal decentralisation According to media reports, President Asif Ali Zardari had that involves a fundamental shift in the division of powers made committee comprising Chief Minister Sindh Qaim Ali Shah between provinces and the center. During the conference the 7th and Interior Minister Rehman Malik to contact with MQM. NFC award and the economic implications of the 18th Amendment, reformed GST , challenges and opportunities would Continued from page 1 No #3 to discuss all core issues including Kashmir, and India too had also be discussed by the eminent economists and policy makers agreed upon it. About presence of terrorist groups along the and suggest measures for a sustainable economic growth for the Pakistan-Afghanistan border, Gilani said both the countries benefit of the country. Hina Rabbani Khar in her remarks on the topic "Empowering states and provinces or unshackling local govrealise that they are victims of a common enemy. "We should combat terrorism with a joint strategy. The Nato ernments :does it matter for peace, order, good governance and forces and the ISAF are working in consultation with Pakistan and growth" presented by Anwar Shah Director center for public economics Chengdu, China and World Bank Institute, said that after Afghanistan to jointly combat terrorism." To a question regarding the issue of terrorism and extremism, 18th Amendment and 7th NFC award the federal government has Gilani said the government was following the 3Ds policy of dia- empowered fiscally to the provinces.-Online logue, development and deterrence and was moving in the right Continued from page 1 No #7 direction to curb the menace. He said the terrorists being timid He deplored the political situation in the country. When asked people were hitting the soft targets but had now lost stronghold in about Muttahida Qaumi Movement (MQM) and Pakistan Muslim the areas. Prime Minister Gilani said his visit to Oman would gen- League-Nawaz (PML-N) clash, he said that PML-N has got its erate the momentum to reinvigorate the bilateral relations in fur- own philosophy but it did target MQM first. ther expanding economic and trade cooperation between the two Regarding his trip to Saudi Arabia, Fazl said he is going to offer countries. Prime Minister deliberating on the key economic areas Umrah and added that his tour has nothing to do with Hajj scandiscussed with Omani leadership; said a whole gamut of econom- dal or its investigation. -NNI ic cooperation was discussed during his meeting with Sultan Continued from page 1 No #8 Qaboos and the Deputy Prime Minister. He said it was agreed that with net buying of $0.5 billion. the two countries would maintain good cooperation in diverse High government borrowing is crowding out private investment areas including textiles, fishing, education and development in Gwadar. He said the two sides also agreed to work out feasibility in Pakistan and local investors prefer to park their funds in risk on running a ferry service between Gwadar and Muscat. Gilani free government papers or high yielding bank deposits.

US consumer confidence slips; home prices decline NEW YORK: US consumer confidence unexpectedly deteriorated in December, while prices of US single-family homes fell almost double the expected pace in October, tempering growing optimism on the economy's recovery. The latest data was at odds with other signs suggesting the economic recovery is accelerating and a separate report last week showing consumer sentiment at its highest level since June this month. The Conference Board, an industry group, said its index of consumer attitudes slipped to 52.5 in December from an upwardly revised 54.3 in November. The median of forecasts from analysts polled by Reuters was for a reading of 56.0. Consumers' labor market assessment worsened. The "jobs hard to get" index rose to 46.8 per cent in December from 46.3 per cent last month, while the "jobs plentiful" index dropped to 3.9 per cent from 4.3 per cent. "US consumers are still worried about high unemployment, housing market stagna-

tion and the generally meager growth they've seen so far," said Kathy Lien, director of currency research at GFT in New York. Financial markets showed a muted reaction to the consumer and housing data, with traders citing very thin postChristmas trade. Separate data on Tuesday showed the Standard & Poor's/Case-Shiller composite index of 20 metropolitan areas declined 1 per cent in October from September on a seasonally adjusted basis. It was the fourth straight monthly decline and steeper than the 0.6 per cent decrease economists expected. The fall pushed the index 0.8 per cent below its year-earlier level, the first year-on-year drop since January. Some economists cautioned against reading too much into one month's figures and said the surprising drop in consumer confidence doesn't signal a meaningful shift in the outlook for spending. Optimism about the outlook for the economy has grown in recent weeks after reports on jobless claims, durable goods

and consumer spending suggested the economy perked up a bit in the fourth quarter and appears to be entering the new year with a relatively decent amount of momentum. Economists also expect a tax cut deal recently signed into law by President Barack Obama to lift growth next year by as much as 1 per centage point. The economy is also getting monetary support from the Federal Reserve's planned purchases of $600 billion in government debt. Despite the consumer confidence data, US retail sales rose in the week before Christmas as shoppers hurried to finish their gift-buying, putting holiday sales on track to hit the high end of estimates. Data released on Tuesday by the International Council of Shopping Centers and Goldman Sachs showed retail sales rose 4.8 per cent for the week ended Dec. 25 compared to the year-earlier period, helped in part by shoppers who could shop all day on Christmas Eve, which was a day off for many given that Christmas fell on a Saturday this year.-Reuters

Euro zone reform does not go far enough: ECB's Mersch BRUSSELS: Recent reforms of euro zone governance have not gone far enough, European Central Bank Governing Council member Yves Mersch said on Tuesday. "The recent European proposals for reform of the economic governance of the euro area go in the right direction, but are not ambitious enough to ensure a healthy and efficient functioning of monetary union,"

Mersch said in a statement. Firstly, excessive deficit procedures should have a faster trigger, with sanctions applied early and "quasi-automatically," he said. Secondly, greater emphasis should be put on national debt levels, he added. The sovereign debt crisis had its roots in the fact that euro zone countries were unable to properly monitor each others' economic poli-

cy, and procedures should be put in place to correct that, Mersch added. "Beyond these new mechanisms, whose activation should also occur only in exceptional circumstances and under strict compliance, it is crucial that states should learn from this crisis by intensifying their efforts to consolidate," Mersch said in a new year statement as president of Luxembourg's central bank.-Reuters

French Q2 and Q3 GDP revised down slightly PARIS: France revised down its third-quarter gross domestic product growth to 0.3 percent on Tuesday, from an initial figure of 0.4 percent, and revised down its secondquarter GDP rise to 0.6 percent from a preliminary fig-

ure of 0.7 percent. National statistics institute INSEE said investments in the service sector and in public works were weaker in the third quarter than initially thought. Consumer services activity was also not as

strong as previously estimated. INSEE said second-quarter GDP was weaker than previously thought primarily because the transportation of goods by road was not as strong as thought.-Reuters

In 2010YTD, local companies sold shares worth $168 million on net basis whereas local mutual funds sold $127 million worth of shares. As per the research analyst of Topline Securities, offshore funds now hold shares worth $2.9 billion as of December 17, 2010 which is 8 per cent of the market capitalisation and 31 per cent of free float. He said at the beginning of 2010, their share in overall market cap was 6 per cent and 23 per cent of market free float. Their peak holding was $5.1 billion (27 per cent of free float) in April 2008 and lowest was $1 billion (17 per cent of free float) in March 2009, he added. With no big IPOs in the near future, foreigners share in local bourses will continue to increase. With imposition of capital gain tax, individuals who mostly square their position within a day, their average share in December 2010 declined to 45 per cent compared to approx 57 per cent in January 2010. However, during this period foreign participation increased to 6 per cent as compared to only 3 per cent at the beginning of the year. Foreign participation in local market will remain robust next year due to ample liquidity in the global markets for high risk emerging and frontier countries. With Pakistan market trading at 50 per cent discount to regional market on PE multiples against historical average discount of 30 per cent will compel offshore investors to focus more on Pakistan than other regional markets for better returns amid new phase of quantitative easing (QE2).

No #9

Continued from page 5

production on expectations for a pickup in global demand early next year. Manufacturers surveyed by the Ministry of Economy, Trade and Industry expect industrial output to rise 3.4 per cent in December and 3.7 per cent in January, the data showed. Shares of Anges MG surged 8.7 per cent to 122,700 yen after it and Shionogi & Co announced they had agreed to work together on research and development for a treatment for atopic dermatitis and other skin disorders.-Reuters

No #10

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Reliance Industries, India's most valuable firm, fell for a second straight day on Tuesday to close 0.8 per cent down at 1,047.15 rupees. ICICI Bank ended 0.9 per cent down at 1,113.70 rupees after rising 0.5 per cent in the previous session. Top mobile phone operator Bharti Airtel, which had lost 2 per cent on Monday, closed 0.2 per cent higher at 342.20 rupees on Tuesday. Second-ranked mobile firm Reliance Comm added 1.7 per cent after losing 3.6 per cent on Monday. Top Indian outsourcers Tata Consultancy Services, Infosys Technologies added 0.4 per cent and 0.1 per cent respectively, while third-ranked Wipro gained 1.3 per cent on optimism about the sector's growth. In the broader market, 1,459 gainers were marginally ahead of 1,442 losers on relatively low volume of about 237 million shares. The wider 50-share NSE index fell 0.04 per cent to close at 5,996 points. The MSCI's measure of Asian markets other than Japan was up 0.2 per cent, while Japan 's Nikkei fell 0.6 per cent. By 1038 GMT, European shares were up 0.17 per cent with London markets still closed. The MSCI world equity index was trading 0.34 per cent higher.-Reuters

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vibrant products, 3) revive investors' confidence for their increased participation, and work towards areas beneficial for market volumes and liquidity. "It is assured that your (members) concerns will be strongly raised and chased on the floor of KSE Board and at the Securities and Exchange Commission of Pakistan", he added. Academically speaking, Azam Khan holds an MBA degree. His association with KSE is spread over a decade. He started his career as an equity trader and is now ian accomplished Corporate Member of KSE.

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2011 decisive for US AfPak policy

LARKANA: Chief Minister Sindh Syed Qaim Ali Shah and Federal Interior Minister Senator Rehman Malik, members of two member committee constituted by President Asif Ali Zardari holding a meeting at Chief Minister House.-Online

IMF gives more time for RGST approval

Reform extension seen positive for PPP-govt ISLAMABAD: Economic experts here Tuesday termed IMF nine-month extension for stand-by arrangement as positive and an opportunity to complete the reform for General Sales Tax and correct the course of fiscal policy and amend the legislative framework for the financial sector. Pakistan can use this period as an opportunity to further correct the fiscal policy to implement the reformed general sales tax (RGST) in the country, Dr Ashfaq Hassan Khan former Advisor Finance

Ministry told APP here Tuesday. He was of the view that Pakistan can implement the proposed RGST in two stages; firstly it can withdraw Sales Tax exemptions except on education, food items and basic medicines. In the second phase, he said the government can impose tax on agriculture income to improve its tax to GDP ratio. Though, agriculture is a provincial subject, the provinces can ask Federal Board of Revenue (FBR) to

US missile kills 6 in NWA

Cameron, Zardari talk ties over phone

MIRANSHAH: More than six suspected militants were killed on Tuesday in the fourth US missile strike in Pakistani North Waziristan tribal agency since Monday, said officials. Four missiles were fired at two houses in Ghulam Khan District of North Waziristan tribal agency, bordering Afghanistan, security officials were quoted as saying by media reports. They said the strike killed more than six suspected militants, adding that two foreigners were among the targeted. -Online

Kayani visits Khi Garrison RAWALPINDI: Chief of Army Staff (COAS), General Ashfaq Parvez Kayani visited Karachi on Tuesday, where he addressed officers of Karachi Garrison. He spoke about the domestic and regional security issues and also dilated upon the ongoing military operations to restore normalcy in terrorism-affected areas of the country. He also lauded rescue and relief efforts undertaken by various Army Formations during recent floods. On arrival, COAS was received by Corps Commander, Lieutenant General Muhammad Zahir Ul Islam. -Online

KARACHI/ ISLAMABAD: British Prime Minister David Cameroon telephoned President Asif Ali Zardari on Tuesday afternoon. Bilateral relations and situation in the region figured in the talks. David Cameroon called the President soon after the President arrived in Karachi from Naudero where he had been for the Party meeting and public address on the eve of the

collect the tax on their behalf as it has done in case of tax on services sector. He was of the view that annually Pakistan is loosing up to Rs300 billion in the realm of withholding tax as organisations like restaurants/ hotels collect the tax from customers but do not pay it to the government. He added that tax to GDP ratio of the provinces has not increased for the past many years while they have potential of more tax collection. Dr Ashfaq also called for

third anniversary of Shaheed Mohtarma Benazir Bhutto on Monday. According to Presidency sources, British Prime Minister David Cameroon discussed host of issues with the President including national, international and Pak-UK relations in length. PPP would continue its five-year term and next elections would be fair and

reducing the size of the cabinet to minimise expenditures for the benefit of the country. Dr Rashid Amjad also welcomed the IMF decision. He added that IMF supports Pakistan to improve the country's balance of payment position which is in the country's interest. He added he did not think that IMF is imposing any conditionality by asking Pakistan to implement RGST as its implementation is in our own interest. -APP

free, President told British Prime Minister David Cameroon. He further said that Pakistan would continue to fight the menace of war against terrorism while British PM assured President that UK will continue to support Pakistan thick and thin for a strong and stable democratic Pakistan in this regard, Sources concluded. -Online

Pagara sees MQM, JUI-F in next govt KARACHI: Pakistan Muslim League-Functional (PML-F) Chief Pir Pagara has reiterated 2011 as the year of polls and predicted that MQM and JUI-F will be the part of new government. He was talking exclusively to Online News Agency here in Karachi on Tuesday. He said next government setup will be political and

one amongst these political parties currently active on will grab the crown. He shared his good wishes with new government as he prayed for them. Replying to questions, Pir Saheb said MQM will never return to federal cabinet as PPP will remain unsuccessful in aligning them. He was of the view that both

MQM and JUI-F have played their cards wisely and will be rewarded in next ruling setup accordingly. He predicted about next ruling party as it will be the same that intermittently appears on political scene every four or five years and then clarified by saying that it will be civilian setup, replying to a query. -Online

KABUL: US strategy to defeat al Qaeda and the Taliban tripled American troops fighting in Afghanistan and doubled missile strikes in Pakistan, but ushers in a make-or-break 2011 after a year of record violence. Since taking office, President Barack Obama ordered more than 50,000 extra troops into battle to reverse Taliban momentum and build up Afghan government forces so that combat troops could start leaving in 2011. There are now 140,000 US-led Nato troops on the ground -two-thirds of them American -and 2010 has proved to be the deadliest year on record with the deaths of at least 707 foreign soldiers, or an average of two a day. The United Nations declared the first 10 months as 20 per cent deadlier for Afghan civilians than the same period in 2009. The Taliban have made increasing inroads into the north and west. Killings and kidnappings of Western aid workers have put much of rural Afghanistan, which suffers from huge poverty and social problems, off-limits. In a damning assessment of America's key ally, US memos

No gas cuts from next mth: Qamar ISLAMABAD: Minister for Petroleum and Natural Resources Syed Naveed Qamar said decision to shutter fertiliser industry vis-Ă -vis gas load shedding programme would save sufficient gas to ensure uninterrupted gas supply to domestic consumers from January next. "Temperature further falls in January, increasing the use of geysers and heaters everywhere, so we have planned it in advance, the minister said after MNA Malik Shaki Bashir Awan raised a Calling Notice Attention Notice regarding gas load-shedding. The minister attributed gas load shedding and low pressure to the gap between supply and demand in every winter. Besides, new towns and localities had been added to the already stressed system, he added. He said the government had adopted a uniform policy throughout the country, and there was not any point of cutting gas supply to any particular province. "The whole country is ours; the whole industry is ours; and, it is the responsibility of all of us to efficiently run it," he added. Referring to Iran-PakistanIndia (IPI) and TurkmenistanAfghanistan-Pakistan-India (TAPI) gas pipeline projects, Naveed Qamar said the present PPP-led coalition government had taken those important schemes on fast-track, and it would take around 4-5 years to accomplish. -APP

leaked by whistleblower website WikiLeaks said no amount of aid money would ever convince Pakistan to abandon support of the Afghan Taliban. Nevertheless, Obama treated the United States to a cautious one-year review of the surge, saying strategy was "on track" and that progress was sufficient to permit a "responsible reduction" of US forces in July 2011. Gains were fragile and reversible, the president acknowledged, but al Qaeda was now weaker than ever since the 2001 US-led invasion of Afghanistan even if the network was still planning follow-ups to the September 11, 2001 attacks. The fact that he himself stayed only three hours under the cover of darkness and never left Bagram Air Field during a visit to American troops on December 3 spoke volumes about the real state of security. The White House attributed the decision to bad weather and the Afghans insisted there were no hard feelings, but the cancellation of talks with Karzai in Kabul did nothing to dispel fears of a fraying political alliance. There are still four years before the international com-

munity aims to hand over responsibility for security to the Afghan government. Even Petraeus, the lauded US general who took over from the sacked Stanley McChrystal in June, has expressed doubt about victory by 2014, admitting that a "resilient" Taliban, squeezed out of some areas, simply pops up in others. Questions about diplomatic continuity have also been raised by the death of Obama's special representative to Afghanistan and Pakistan, Richard Holbrooke, and the decision to replace him by his much less well-known deputy Frank Ruggiero. Politically, the Afghan and Pakistani governments seem weaker than ever, tainted by corruption despite near unconditional financial support running into billions of dollars from Washington. US ambassador Karl Eikenberry wrote in one cable that Karzai was "paranoid and weak" and "unfamiliar with the basics of nation building", raising the question as to whether Washington can succeed without a solid partner in Kabul. -Reuters

MQM concerns genuine: Awan KARACHI: Federal Minister for Law and Parliamentary Affairs Babar Awan Tuesday said MQM chief Altaf Hussain's concerns were genuine and that he fully agreed with the MQM leadership. Speaking to media representatives after attending a ceremony held in connection with 'Past, Present and Future' organised by Sindh Madrassah ul Islam, Awan said MQM chief Altaf Hussain's concerns were genuine and that he fully agreed with the MQM leadership, adding President Asif Ali Zardari has assured that all 'grievances' of the Muttahida Qaumi Movement (MQM) will be addressed. MQM has expressed its concern over the socioeconomic problems of the people and similar are the views of the government, he added. Awan said the government

was determined to solve the problems of the masses during the next two years. Awan also praised JUI-F chief Fazlur Rehman and said that Rehman played a constructive role in the coalition government. "Difference of opinion is part of the democratic process and we do not believe in the policy of dictation," Awan pointed out. He said the government was in no haste and it would complete its tenure and present a people friendly budget in the next two years. To a question about the decisions taken recently by the judiciary, Awan said the present government will always respect the judiciary. About the anti-corruption drive of the present government, he said a major move was in the offing to catch big bank defaulters. -Online

Dec 31: last day of SECP CRS, CEES ISLAMABAD: The amnesty schemes launched by the Securities and Exchange Commission of Pakistan (SECP), i.e., the Companies Regularization Scheme (CRS) and Companies Easy Exit Scheme (CEES) shall close on Friday, December 31. These schemes were initially operative for three months, from July to September. On public demand these schemes were extended initially to October and then to November. Now they have been finally extended to December 31, vide its circular No 27 of 2010,

placed on the SECP website. The fees structure in terms of S.R.O. 996(I)/2010 of October 26 shall apply. The companies are earnestly advised to benefit from the schemes within the stipulated time, by either regularizing through filing of their overdue returns under the CRS or strike their companies off the register under the CEES. This is the last and final extension and no further extension shall be granted. A strict action shall be initiated against the defaulter companies, after the closing of the schemes. -Online

Lawmakers raise voice over rising drone attacks ISLAMABAD: Members of the National Assembly Tuesday expressed serious concern over the rising drone attacks into the tribal areas of Pakistan. They called upon the government to get these attacks halted which are disturbing law and order and hurting the economy of the country. PPP-Sherpao leader Aftab Ahmed Khan Sherpao said that more then five drone attacks were reported in tribal areas during the last 24 hours, adding that these attacks were resulting in terrorism and extremism in Pakistan.

He said the government claims that it is against these attacks and asked then why the joint resolution of the parliament regarding the drone attacks has not been implemented. He said the government should table the joint resolution in the House to review the situation because the increasing number of drone attacks are causing collateral damage as well as resulting in extremism. Sherpao warned that any military operation in South Waziristan would further deteriorate the situation.

JUI-F leader Maulana Attaur Rehman said that the US forces came to Afghanistan to eliminate terrorism however they have completely failed to curb the menace which has also affected Pakistan. He also referred to the joint resolutions of the Parliament on drone attacks and called for implementation of these resolutions in true letter and spirit. PML-N leader Hanif Abbasi said the government should make its policy clear on drone attacks and let the people know about any agreement in this regard. He said innocent people have

been killed in drone attacks which were ultimately resulting in terrorism and extremism. He said the government should arrest the assassins of Shaheed Benazir Bhutto and called for joint struggle to expose her assassins, adding that Shaheed Benazir Bhutto was an asset of the country and she had remained Prime Minister for two times. MQM leader Dr Wasim also expressed concern about law and order situation and terrorism in the country and called for all holding parties conference (APC) to find out a strat-

egy to curb terrorism, suicide attacks. PPP leader Fauzia Wahab was also concerned about terrorism and suicide attacks and said that instead of summoning APC the issue should be debated by the House. Meanwhile, Dr Darshun staged a walk out from the House to protest increasing incidents of kidnapping of minorities for ransom in Sindh and other parts of the country. Adviser to Prime Minister on the directions of Deputy Speaker went to protesting parliamentarian to bring him back in the House.

Pakistan Muslim League- N chief whip Sheikh Aftab took a strong line on recent increase in drone attacks in Pakistan's tribal areas and termed it a dent in the country's sovereign status. He recalled Pakistan's prestige which it acquired in the comity of nations on becoming the seventh nuclear state in the world and the first in the Islamic world, but lamented over its inability to be able to stop drone attacks. If we have to live we have to live as a sovereign country. We would not allow our sovereignty to be compromised, he said. He drew attention of the

House to the shutting down of industry in Faisalabad, country's industrial hub owing to long power and gas outages. Closure of industry would definitely cast negative impacts at a juncture when prices had already soared very high in the country, he argued. Sheikh Aftab urged the government to make what he called important decisions to improve law and order, eradicate unemployment and boost economy. He stressed for re-opening of industry, and institution that were once profit-making. -APP

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