The Financial Daily-Epaper-02-12-2010

International

7 Pakistanis held in Spain over 26/11 link

WoT, an uphill task, says PM See on Page 12

Toyota sues GM on plant closure See on Page 12

*Crude Oil (brent)$/bbl 87.54

*Crude Oil (WTI)$/bbl 85.64

*Cotton $/lb 118.92

*Gold $/ozs 1,391.90

*Silver $/ozs 28.55

Malaysian Palm $ 1,097

GOLD (NCEL) PKR 38,129

KHI Cotton 40Kg PKR 9,431

*Last Updated 20:00 PST

Yearly(Jul, 2010--30-Nov-2010)

Monthly(Nov, 2010--30-Nov-2010)

Daily (30-Nov-2010)

Total Portfolio Inv (19 Nov-2010)

162.73

58.01

-1.43

3796

7.78

-2.53

-0.73

-3.07

-0.98

-0.26

-0.21

SCRA(U.S $ in million)

Portfolio Investment

FIPI (1-Dec-2010)

Local Companies (1-Dec-2010)

Banks / DFI (1-Dec-2010)

Mutual Funds (1-Dec-2010)

NBFC (1-Dec-2010)

Local Investors (1-Dec-2010)

Other Organization (1-Dec-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (19-Nov-10)

Inflation CPI% (Jul 10-Nov 10)

Exports (Jul 10-Nov 10)

Imports (Jul 10-Nov 10)

Trade Balance (Jul 10-Nov 10)

Current A/C (Jul 10- Oct 10)

Remittances (Jul 10-Nov 10)

Foreign Invest (Jul 10-Oct 10)

Revenue (Jul 10-Oct 10)

Foreign Debt (Sep 10)

Domestic Debt (Aug 10)

Repatriated Profit (Jul- Oct 10)

LSM Growth (Aug 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.85bn

14.17%

$7.17bn

$12.25bn

$(5.08)bn

$(533)mn

$3.50bn

$569mn

Rs 411bn

$58.41bn

Rs 4863bn

$203.80mn

-3.85%

4.10%

$1,051

171.20mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

17.05

2.00

1.70

10.66

PKR/Shares

111.32

146.00

42.82

36.39

36.51

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (1Yr)

P.I.B ( 3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

01-Dec-2010

01-Dec-2010

01-Dec-2010

29-Nov-2010

01-Dec-2010

01-Dec-2010

01-Dec-2010

01-Dec-2010

01-Dec-2010

01-Dec-2010

01-Dec-2010

01-Dec-2010

01-Dec-2010

01-Dec-2010

01-Dec-2010

13.16%

13.39%

13.67%

14.00%

13.34%

13.34%

13.59%

13.96%

14.09%

13.75%

13.80%

14.08%

14.34%

14.48%

14.70%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 82.50 82.60

Canadian $ 83.90 84.00

Danish Krone 14.50 15.00

Euro 112.50 113.00

Hong Kong $ 10.90 11.00

Japanese Yen 1.011 1.037

Saudi Riyal 22.70 22.80

Singapore $ 64.70 64.80

Swedish Korona 12.55 12.65

Swiss Franc 86.85 86.95

U.A.E Dirham 23.00 23.10

UK Pound 133.20 133.30

US $ 85.50 85.70

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 81.91 82.10

Canadian $ 83.51 83.71

Danish Krone 14.93 14.96

Euro 111.28 111.54

Hong Kong $ 11.02 11.05

Japanese Yen 1.024 1.026

Saudi Riyal 22.82 22.88

Singapore $ 64.91 65.06

Swedish Korona 12.19 12.22

Swiss Franc 85.45 85.65

U.A.E Dirham 23.31 23.36

UK Pound 133.34 133.65

US $ 85.63 85.82

Inter-Bank Currency Rates

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CITIES MAX-TEMP MIN

ISLAMABAD 24°C 4°C

KARACHI 30°C 13°C

LAHORE 25°C 8°C

FAISALABAD 26°C 6°C

QUETTA 16°C -7°C

RAWALPINDI 24°C 5°C

Weather Forecast

Index Close Change

KSE 100 11,221.81 12.95

Nikkei 225 9,988.05 51.01

Hang Seng 23,249.80 241.81

Sensex 30 19,850.00 328.75

ADX 2,745.58 15.71

SSE COMP. 2,823.45 3.27

FTSE 100 5,637.46 109.19

*Dow Jones 11,198.41 192.39

*Last Updated 20:00 PST

Global Indices

Mirza finalises securityplan for Moharram

SECP extendsCRS, CEES

schemesISLAMABAD: TheSecurities and ExchangeCommission of Pakistan(SECP) has extended theCompanies RegularizationScheme (CRS) andCompanies Easy ExitScheme (CEES), toDecember 31.

The schemes were initial-ly operative for threemonths, from July to

See # 7 Page 11

Yields upon all T-bills

Ghulam Raza Rajani

KARACHI: The StateBank of PakistanWednesday surged the cut-off yields on all the treasurybills.

SBP accepted bids worthRs117.19 billion in T-billsauctions against the targetof Rs110 billion, receivingbid worth of Rs193 billion.

See # 10 Page 11

Indiadeniesvisa to

MusharrafNEW DELHI: The IndianGovernment on Wednesdayrejected the visa applicationof former Pakistan presi-

dent Pervez Musharraf.Musharraf was to visit

India for a conference ofYoung PresidentsOrganisation (YPO), aninternational outfit involv-ing influential businessleaders. -APP

KARACHI: Pakistan'sslow implementation of keyreforms may again delaythe release of the sixthtranche of an $11 billionInternational MonetaryFund loan, a sourceinvolved with the IMF talkssaid on Wednesday.

The government hintedTuesday at seeking a three-month extension in standbyarrangement because oflegislative delays.

An IMF mission came toPakistan last month toreview the country's per-formance and was due topresent the country's case to

its board in mid-December.Pakistan was hoping to

secure the sixth tranchethen. The seven-trancheprogramme has keptPakistan's economy afloatsince it was agreed inNovember 2008. The sixthtranche had originally beenscheduled for release inAugust.

"It is unlikely the casewill be presented on Dec 17as there are still things inthe process which won't befinalised until then," saidthe source. One of them isimplementation of a

See # 5 Page 11

IMF may give3mth breather

Pak to start repaying loan from 2012

ISLAMABAD: The gov-ernment, with the supportof oil extracting companies,on Wednesday announcedincrease in the sunflowersupport price from theexisting Rs1600 to Rs2000per 40 kilogram.

"The oil seed companieshave assured that theywould purchase sunflowerfrom the farmers at Rs2000per 40 kilogram," FederalMinister for Food andAgriculture, NazarMuhammad Gondal saidwhile addressing a pressconference after meeting

the representatives of oilseed extracting companieswho were also accompany-ing him.

Besides facilitating thefarmers, the enhancementin support price is alsoaimed at encouraging thebalanced crop systemwhich was affected after theincrease in wheat supportprice that had attractedfarmers towards enhancingwheat cultivation area.

He said that the enhance-ment in sunflower supportprice would not only help

See # 6 Page 11

Govt to buy 40kgsunflower at Rs2k

ISLAMABAD: Pakistanitraders have inked freshcontracts on new rates toimport 1 million cottonbales from India, afterIndian exporters deliveredlittle under previous dealson lower prices, industryofficials said on Wednesday.

Textile firms in theworld's third-largest cottonconsumer have banked onneighbouring India to meetdemand after massive sum-mer floods damage to the

domestic crop caused anestimated shortfall of about4 million tonnes.

Pakistan's textile industryaccounts for about 60 percent of the country's totalexports.

"Traders here have signednew contracts between$1.33 and $1.50 per lb andabout 60,000 bales havealready arrived," NaseemUsman, chairman of theKarachi-based Cotton

See # 9 Page 11

Pak books 1mnIndia cotton bales

ISLAMABAD: Documentsreleased by Wikileaks indi-cate that Pakistan's politicalleadership has allegedlybeen in agreement with USdrone attacks.

The leaked cables quoteformer US Ambassador toPakistan Anne W Patterson

as saying that the country'spolitical leadershipapproved the strikes inPakistan's tribal regions.

Patterson's cable states:Malik suggested we holdoff alleged predator attacksuntil after the Bajaur opera-tion. The PM brushed aside

Rehman's remarks and said"I don't care if they do it aslong as they get the rightpeople. We'll protest in theNational Assembly andthen ignore it."

Although publiclyPakistani officials oppose

See # 8 Page 11

Govt greenlit drone hitsl Zardari names Talpur as President if assassinated

l Kayani mulled ousting Zardari l FO dismisses N-fearsl Shahbaz tips off JuD on UN curbs l Top spy met Israelisto stop India attack l US disappointed on Dr Khan release

WikiLeaks

ISLAMABAD: Prime MinisterSyed Yousuf Raza Gilani Wednesdayclaimed that like other gigantic hur-dles which government has accom-plished thick and thin, it will also getRGST approved from NationalAssembly hence would achieve

another benchmark.He was of the view that we will get

RGST approval from NationalAssembly like we did from Senatestressing undoubtedly MQM andJUI-F are our coalition partnershence we will ensure that they are

convinced with the passage of time.Regarding PML-N, Gilani said that

they are our friends and not foesadding we respect their sentiments asevery party has reservations onRGST. Prime Minister Yousuf Raza

See # 4 Page 11

PM positive on RSGT approval

Cabinet also OKs transit pact with Afghanistan

Special Correspondent/ Agencies

ISLAMABAD: Federal CabinetWednesday gave the final approvalfor the shifting of federal ministriesto the provinces, under the devolu-tion plan laid out in the 18thAmendment.

The session was chaired by PrimeMinister Gilani at the Prime MinisterSecretariat in Islamabad, while chiefministers of all four provinces and allmembers of the ParliamentaryImplementation Commission attend-

ed the meeting. Ministries of YouthAffairs, Population and Welfare,Special Initiatives, Zakat and Usher,and Rural Development will betransferred to provinces.

Later, briefing newsmen alongwith Chairman ImplementationCommission of 18th AmendmentMian Raza Rabbani and severalother ministers, Information MinisterQamar Zaman Kaira said the specialmeeting of the cabinet unanimouslyapproved recommendations of theCommission.

The Cabinet also gave a go-aheadto the Ministry of Commerce forTransit Trade Agreement withAfghanistan.

Chairman of ImplementationCommittee, Raza Rabbani said that

today is an historic day in the historyof Pakistan. This is the first step inthe journey of devolution and mak-ing Pakistan a true federation.

He said five ministries beingdevolved are Population, YouthAffairs, Local Government andRural Development, SpecialInitiatives and Zakat and Ushr.

He said the cabinet decided that theemployees working in various fieldoffices of these ministries will betransferred to the respective adminis-tration of the provinces, IslamabadCapital Territory, Fata and Gilgit-Baltistan under civil servants act1973 pending a new law on the sub-ject.

Employees working in any See # 3 Page 11

Ministries’ shiftgets Cabinet nod

Youth, Population, Zakat-Ushr, Rural Dev, & Special Initiatives

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani chairing theImplementation Commission meeting at PM Secretariat. -APP

Karachi, Thursday, December 2, 2010, Zil Hajj 25, Price Rs12 Pages 12

2 Thursday, December 2, 2010

TV PROGRAMMES

THURSDAY

Time Programmes7:00 News8:00 News9:05 Subah Savere

Maya ke Sath11:00 News12:00 News13:10 Newsbeat (Rpt)14:10 Tonight With

Jasmeen (Rpt)15:00 News16:00 News17:30 Samaa Metro18:00 News18:30 Samaa Sports19:30 Crime Scene20:03 Newsbeat21:00 News22:03 Tonight With

Jasmeen23:00 News23:30 24

On this auspiciousoccasion of 39thNational day of

United Arab Emirates, theCounsel General of UAESohail Bin Matar Al-Ketbiwishes his fellow countrymen in Pakistan and thepeople of Pakistan a veryH a p p yNational Day.

Sohail BinMatar Al-Ketbi alsogave the fol-lowing mes-sage on theo c c a s i o n :"Pakistan cul-turally, geo-g r a p h i c a l l yand strategi-cally enjoysvery strongties with theUAE, which has flour-ished since decades andhave since developed intowide-ranging co-opera-tion in various fields. Theemerging economic rela-tions between Pakistanand United Arab Emiratesis not only paving way forfurther strengthening theeconomy but would alsoleading towards econom-ic cooperation amongst

the Islamic world.It is due to strong rela-

tions between the twocountries & its people thattoday we see major eco-nomic growth and devel-opment. On the culturalfront too both nationsshare mutual interest.

It is evident that theirbonding is a big steppingstone towards the better-ment of the entire MuslimNation, as it has existedfrom the early times andwe still have ample ofopportunities to extendbilateral ties.

As we celebrate thisNational day , I wouldlike us to celebrate thesuccesses of the deep

rooted human ties thatbind us, and the endlessopportunities that willcontinue to keep us con-nected and also resolvethat that we shall spare noefforts to further strength-en the fraternal tiesbetween our two countries

through mutualcooperation in allfields

I as the representa-tive UAE has beenappreciative ofPakistan's contribu-tion to the evolutionof key institutions inthe Emirates such asarmed forces,police, health andeducation, and hasreciprocated in thesame friendly man-ner to the full satis-

faction of Pakistan. We have seen many

meetings and delegationsbetween the leaders andhigh officials of the twocounties whose mainfocus too is on encourag-ing public and privateinvestment in joint ven-tures in the fields of ener-gy, agriculture, construc-tion and infrastructuredevelopment.

Message from CG UAE

UAE observes39th National Day

Staff Reporter

KARACHI:- TheKarachi Electric SupplyCompany (KESC) hasdecided to import oil andLiquefied Natural Gas(LNG) to end its depend-ence on the governmentfor fuel supply to run itspower generation units,CEO KESC, TabishGohar informed businesscommunity here.

Speaking at a meetingof Korangi Association ofTrade and Industry(KATI), he said the com-pany was negotiatingterms and condition forimport of oil and LNGwith two companies. Theutility will have its ownoil terminal. Gohar fur-ther said that KESC con-verting its two powergeneration units having

1000 mw capacity at BinQasim on coal at a cost of$120 million with theassistance of china, whichmay reduce power tariffby re one per unit.

Referring to load shed-ding in the residential andcommercial areas of thecity, he said in explicitterm that there was noissue of supply anddemand gap in the city.Paucity of funds and non-supply of required quotaof gas are the main rea-sons behind the loadshedding in the city, headded.

He noted that KESCwas getting only 75mmcfd gas against itsquota of 276 mmcfd. Oilprices are about 2.5 timeshigher as compared togas, yet the utility is run-ning its units on oil for

the sake of general public.He expressed fears thatKESC may not be able tokeep its power generatingunits operational in casegas supply to the utilitywas as further curtailed.

Gohar said that therewere around 5000 kundasin city and efforts wereunderway to removethem. However, he said, itis not an easy job due topolitical and other inter-ference. Tabish Goharsaid that KESC had spentaround 210 million dol-lars for improving its sys-tem and a 560 mw powerunits was under construc-tion in bin Qasim.Referring to industrialareas, he said that KESChad faced lot of criticismfrom different quartersfor exempting industriesfrom load shedding.

KESC to import oil,LNG on its own

Staff Reporter

KARACHI: ChairmanEOBI, Zafar Iqbal Gondalleft for Philippines toattend ILO Conference on"Labour Market stakehold-ers" for a better under-standing of policy dynam-ics regarding home basedworker" arrange byInternational LabourOrganisation.

Chairman will brief theparticipants about the per-formance about EOBI andits ongoing projects andfuture planning of EOBI.

On the basis of lessonlearnt at the conferenceEOBI will take initiative ofcoverage of workers inPakistan specially inSialkot where a large num-ber of home based workersare engaged in football,surgical instrument andgarment industries.

After attending the ILOConference the Chairmanwill have also meetingwith the officials ofPhilippine Security institu-tions. The Chairman willreturn to Pakistan on 13thDecember.

Chairman EOBIto represent Pak

at ILO forum

TFD Report

KARACHI: A high pro-file US delegation recentlyvisited the OverseasInvestors Chamber ofCommerce & Industry(OICCI) to discuss ways toidentify and promote for-eign investment opportuni-ties in Pakistan as well asto best utilise the aid foreconomic development inthe country.

The delegation whichcomprised AmbassadorRobin Raphel SpecialCoordinator for Economic& DevelopmentAssistance; William MartinConsul General; JoeBergen Assistant toCoordinator for EconomicDevelopment Assistance;Julie Koenen KarachiDirector for USAID and BoPalmer Economic Officerwas received and wel-comed by Naved A KhanVice President OICCI.

Raphel discussed thecurrent economic situa-tion, energy crisis, law andorder and the infrastructureof Pakistan. The delegationalso discussed issues ham-pering foreign directinvestment (FDI) inPakistan and what role andsteps could be taken by theUS government andOICCI to overcome them.

Speaking on the occa-sion, Naved A Khan VicePresident of OICCI said"The OICCI, a premierbody of multinationals inthe country is playing asignificant role in increas-ing investment and eco-nomic growth despite chal-lenging times. Pakistanoffers excellent investmentopportunities and a closeliaison and collaborationbetween the governmentand the investor communi-ty can make the country aninvestment-friendly desti-nation."

US delegationvisits OICCI

Staff Reporter

KARACHI: PakistanInstitute of CorporateGovernance (PICG) recentlyorganized a full-day confer-ence on the 'Role of theAudit Committee' at KarachiMarriott hotel.

With a brief introductionby Fuad A Hashimi(President & CEO, PICG)the conference was focusedon the changing perspectiveand challenges associatedwith this signal board com-mittee. Historically, the auditcommittee has always hadthe role of oversight andmonitoring management andthe external auditor.Consequent to the globaleconomic crisis and the con-tinuing uncertainty, the focusof the committee has intensi-fied on all financial commu-nications - from guidance topress releases to other dis-closures.

Timothy Copnell,Associate Partner, AuditCommittee Institute, KPMG

LLP (UK), delivered the keynote address on 'InternationalBest Practices' pertaining tochanging role of the AuditCommittee globally. It wasfollowed by the contrastingexperiences from differentPakistani business segmentspresented by Kamran Mirza(Chief Executive, PBC).Copnell also discussed roleof external auditor keepingexperiences from Pakistan incontext. The session wasconcluded with an enlighten-ing discussion forum, wherediscussants deliberated fur-ther on the critical issues.The discussants on the panel,Abdullah Yusuf (CouncilMember & Vice President(North), ICAP), Hasan A.Bilgrami (President,ICMAP) and Arif MasudMirza (Head, ACCAPakistan) elaborated furtheron how Independence ofcommittee may be ensuredand what could be differentalternatives available toenhance their performanceand contribution overall.

PICG holdsAuditing moot

THURSDAY

Time Programmes8:00 Chai Time (Rpt)9:00 News9:15 Pehla Sauda10:00 News 10:15 Bazaar11:00 News11:05 Ghar Ka Kharch12:00 News12:15 Power Lunch13:00 News13:05 Islamabad Say(Rpt)14:00 News15:02 Akhri Sauda15:30 Agri Business16:15 Karobari Dunya17:05 Ghar Ka Kharch(Rpt)18:05 Chai Time19:00 News19:05 Aap Ka Paisa19:30 Mang Raha HaiPakistan 20:00 News20:05 Islamabad Say 21:00 Pakistan Aaj Raat22:00 News22:05 Doosra Pehlu23:00 News23:05 Siyasat Mana Hai 0:00 News

JUPimperilsSherry

RehmanMonitoring Desk

KARACHI: Jamiat-e-Ulema-e-Pakistan hasannounced to stage protestdemonstrations across thecountry on December 3against the bid to repealblasphemy law and in thisconnection a forum -Tahfuz-e-Namoos-e-Risalt- headed by SahibzadaAbul Khair has beenformed to monitor the situ-ation with special referenceto protecting the blasphe-my law.

The announcement wasmade at an all parties con-ference (APC) held onTuesday under the auspicesof Jamiat-e-Ulema-e-Pakistan with SahibzadaAbul Khair in the chair.Others who attended themeeting included SyedMunawar Hasan, AmeerJamat-e-Islami; AbdulGhafoor Hyderi, GeneralSecretary JUI(F); MuftiM u n e e b - u r - R e h m a n ,President Tanzeem-ul-Madaris Ahle Sunday; PirMian Abdul Khaliq of BharChowndi and PML leaders.

Greenomicssets green

managementstandards

KARACHI: Setting thecorporate direction forgreen initiatives in manu-facturing, Greenomicspresents solutions, in thethird conference, that pro-pel firm sustainable prac-tices, said a handout issuedhere on Wednesday.

Contributing to thenation's vision for greenpolicies, Greenomics 2010offers a solid platformwhere public and privateentities unite to determineenvironmental corporateresponsibility.

As in the previous twoyears, this year saw theUAE Ministry ofEnvironment and Water(MoEW), LG Electronicsand the United NationsIndustrial DevelopmentOrganisation (UNIDO) joinforces to create an open dis-cussion around environ-mental threats and issuesarising from the practicalimplementation of organi-sational eco strategy.

The launch of Greenomics,now in its third year, wasborn out of LG Electronicsdetermination to ignite a pos-itive change across allaspects of life. It aims to findinnovative yet practical solu-tions for the challenges fac-ing the environment and sup-port governments, environ-mental experts, businessesand individuals in becomingmore environmentallyresponsible.-PR

IndustrialGrowth

discussedat LCCI

Staff Correspondent

LAHORE: A seminar,jointly organised byLahore Chamber ofCommerce & Industry(LCCI) and PakistanInstitute of Cost &Contracts (PICC), onGrowth of ConstructionIndustry and Contributionof related ManufacturingIndustries was held inAmeen Hall of LCCI, ithas been learnt.

The seminar was attendedby a large number of stake-holders from various institu-tions and GovernmentDepartments related to con-struction industry.

The Chief Guest, ProfDr Saleem Shuja, ReactorUniversity of Lahore,thanked participants andexpressed his satisfactionover the success of theseminar. He highlightedthe core aspects involvedin growth of constructionindustry and the contribu-tion of related manufac-turing industries.

KARACHI: Chairman KATI Syed Johar Ali Qandharipresenting KATI shield to Christopher H JohnsonAmerican Consult on investment, Vice Charimen

Saleem-uz-Zaman and Shahid Jawed Qureshi,Immediate Past Chairman KATI Razzak Hashim

Paracha and Gulzar Feroze.-Staff Photo

KARACHI: Patren-in Chief S M Munner andChairman KATI Syed Jogar Ali Qandhari presenting

a KATI shield to Tabish Gauhar, CEO KESC, ViceChairmen Saleem Javed Qureshi, Chairman KESCstanding Committee KATI Najmul Arfeen seen in

picture are Mian Zahid hussain.-Staff Photo

KARACHI: Group picture shows Najm-us-Saqib Shabbir, Head PRIand Jauhar Ali, Director IBP with participants and speakers of the

workshop on Remittance Call Centre.-Staff Photo

KARACHI: Telenor Regional Director Sales andDistribution, South-1 Ahmed Nadeem Pasha along

with winners of “Malaamal Campaign” AbdulHameed (Hafsa Communication, left), and Adil

Khan (Adil Communication).-Staff Photo

KARACHI: US delegation recently visited theOverseas Investors Chamber of Commerce &

Industry (OICCI). Picture shows Naved A KhanVice President OICCI welcoming the delegation at

OICCI office.-Staff Photo

Workshop onremittancecall centre

KARACHI: Institute ofBankers Pakistan in collabo-ration with PakistanRemittance Initiative - PRI(A joint initiative of StateBank of Pakistan, Ministryof Overseas Pakistanis andMinistry of Finance) organ-ised one-day workshop onRemittance Call Centre,recently. The call centre per-sonnel from CommercialBanks, Islamic Banks as wellas Microfinance Banks par-ticipated in the workshop.

Over the past few years,the call center has emergedas the essential component ofthe Customer RelationshipManagement (CRM) strate-gy now widespread amongfinancial sector globally.More than ever, the remittersand beneficiaries are expect-ing more value from theproducts and services beingoffered and are quicklyadopting the communicationchannels made possible byadvances in telecommunica-tion and the internet.

Keeping in view the above,The Institute of BankersPakistan in collaborationwith PRI conducted a one-day workshop on the subject'Remittance Call Center:Scope and Objective' to pro-vide in-depth informationabout the Remittance CallCenter and the variousprocesses involved in it.-PR

KARACHI: A group of Sweden trade delegation led by Minister for Trade (Sweden) Ewa Bjorlingwith Sindh Finance Minister Syed Murad Ali Shah at CM House.-APP

MUMBAI: The Indian rupeeposted its biggest single-daygain in two months onWednesday tracking a sharprebound in the euro, while dol-lar sales by exporters and acouple of large corporates alsohelped.

The partially convertiblerupee closed at 45.37/38 perdollar, after hitting 45.3350, itshighest since Nov. 22. The unitclosed at 45.88/89 on Tuesday,when it had dipped to 46.12, itsweakest since Sept. 17.

On the day, the rupee rose 1.1per cent, its biggest single-dayrise since Oct. 1.

"Positive equities and a pull-back in the euro helped therupee. Exporters too sold dol-lars, there were also two largecorporates selling," said VikasChittiprolu, a senior foreignexchange dealer with state-runAndhra Bank in Mumbai.

"There was a lot of selling inthe market towards close, asthe market was stuck long dol-lar. So most were stoppingout," said Ashtosh Raina, headof foreign exchange trading at

HDFC Bank."What happens tomorrow

will depend on the balance ini-tial public offering flows.45.20 is the next support forthe dollar".

One-month offshore non-deliverable forward contractswere at 45.61, weaker than theonshore spot rate, suggesting abearish near-term outlook.

In the currency futures mar-ket, the most traded near-month dollar-rupee contract onthe National Stock Exchange,MCX-SX and United StockExchange closed at 45.6175,45.62 and 45.62 respectively,with the total traded volume onthe three exchanges at an aver-age $6.5 billion. -Reuters

Indian rupee logs bestone-day gain in 2-mth

3Thursday, December 2, 2010

Currencies Rate

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

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 01/12/2010

A USD GBP CAD EUR JPY

O/N 0.24000 0.55563 0.97500 0.41125 SN 0.08938

1WK 0.25375 0.56188 1.02000 0.54750 0.10063

2WK 0.25625 0.56625 1.05250 0.63250 0.10563

1MO 0.26531 0.57813 1.09167 0.75375 0.11875

2MO 0.28250 0.63063 1.15083 0.85125 0.14500

3MO 0.30344 0.74125 1.22583 0.96875 0.18375

4MO 0.35031 0.82500 1.30000 1.03125 0.24625

5MO 0.41094 0.93125 1.36667 1.11125 0.30438

6MO 0.46656 1.03625 1.44000 1.20500 0.35438

7MO 0.51875 1.11375 1.50667 1.24875 0.40625

8MO 0.57125 1.19750 1.57583 1.30000 0.45375

9MO 0.62156 1.28000 1.64417 1.34750 0.49625

10MO 0.67313 1.35625 1.71583 1.39750 0.52500

11MO 0.72906 1.42375 1.79750 1.44375 0.55375

12MO 0.79000 1.49188 1.88250 1.48750 0.58375

Countries Selling Buying BuyingTT & OD TT Clean OD/T.CHQ

U.S.A. 85.80 85.60 85.42U.K. 133.65 133.34 133.04EURO 111.54 111.28 111.02CANADA 83.71 83.51 83.29SWITZERLAND 85.65 85.45 85.22AUSTRALIA 82.10 81.91 81.69SWEDEN 12.22 12.19 12.26JAPAN 1.03 1.02 1.02NORWAY 13.84 13.80 13.77SINGAPORE 65.06 64.91 64.74DENMARK 14.96 14.93 14.89SAUDI ARABIA 22.88 22.82 22.76HONG KONG 11.05 11.02 10.99CHINA 12.87 12.84 12.81KUWAIT 303.93 303.22 302.43MALAYSIA 27.16 27.10 27.03NEW ZEALAND 63.68 63.53 63.36QATAR 23.56 23.51 23.44U.A.E. 23.36 23.31 23.24KR WON 0.07 0.07 0.07THAILAND 2.85 2.84 2.83

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3128 1.3131 1.3178 1.2972

USD-CHF 1.0017 1.0021 1.0064 0.9988

GBP-USD 1.5615 1.5618 1.5646 1.5548

USD-CAD 1.0163 1.0167 1.0268 1.0153

AUD-USD 0.9672 0.9675 0.9694 0.9544

EUR-JPY 110.4100 110.4600 110.6600 108.4500

EUR-GBP 0.8405 0.8408 0.8436 0.8337

EUR-CHF 1.3154 1.3158 1.3184 1.3015

GBP-JPY 131.3300 131.3800 131.5200 129.9500

CHF-JPY 83.8800 83.9500 84.1000 83.1400

CAD-CHF 0.9856 0.9863 0.9877 0.9765

Gold 1391.6500 1392.5000 1396.5800 1382.2100

Silver 28.5700 28.6400 28.7900 27.9900

As per 22.00 PST

Time Source Events Forecast Previous

4:50 JPY Monetary Base y/y 6.9% 6.4%

5:30 AUD Retail Sales m/m 0.4% 0.3%

5:30 AUD Trade Balance 2.07B 1.76B

2nd-7th GBP Halifax HPI m/m 0.3% 1.8%

14:30 GBP Construction PMI 51.1 51.6

15:00 EUR PPI m/m 0.4% 0.3%

15:00 EUR Revised GDP q/q 0.4% 0.4%

17:45 EUR Minimum Bid Rate 1.00% 1.00%

18:30 USD Unemployment Claims 425K 407K

20:00 USD Pending Home Sales m/m -0.7% -1.8%

Source Events Actual Forecast Previous

AUD GDP q/q 0.2% 0.5% 1.1%

CNY Manufacturing PMI 55.2 54.8 54.7

EUR German Retail Sales m/m 2.3% 1.3% -1.8%

GBP Nationwide HPI m/m -0.3% -0.3% -0.7%

EUR Final Manufacturing PMI 55.3 55.5 55.5

GBP Manufacturing PMI 58.0 54.8 55.4

USD Challenger Job Cuts y/y -3.3% -31.8%

USD ADP Non-Farm Employment Change 93K 70K 82K

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada Dec 07 2010 Sep 08 2010 1%

Bank of England Dec 09 2010 Mar 05 2009 0.50%

Bank of Japan Dec 21 2010 Dec 19 2008 0.10%

European Central Bank Dec 02 2010 May 07 2009 1%

Federal Reserve Dec 14 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

The Reserve Bank of Australia Dec 07 2010 Nov 02 2010 4.75%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, December 01,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

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

ABPL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

ABLN 12.90 13.40 12.90 13.40 13.00 13.50 13.10 13.35 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20

J S B L 12.60 13.10 12.70 13.20 12.90 13.40 13.25 13.50 1340 13.65 1345 13.95 13.70 14.20 14.00 14.50

ASPK 12.50 13.00 12.60 13.10 12.65 13.15 12.90 13.15 1325 13.50 1335 13.85 13.40 13.90 13.60 14.10

CIPK 12.40 12.90 12.50 13.00 12.75 13.25 13.15 13.40 1340 13.65 1350 14.00 13.60 14.10 13.65 14.15

DBPK 12.20 12.70 12.30 12.80 12.35 12.85 12.80 13.05 1290 13.15 1315 13.65 13.25 13.75 13.35 13.85

FBPK 12.75 13.25 12.80 13.30 12.95 13.45 13.10 13.35 1340 13.65 1360 14.10 13.70 14.20 13.90 14.40

FLAH 12.75 13.25 12.75 13.25 12.75 13.25 13.10 13.35 1340 13.65 1345 13.95 13.60 14.10 13.70 14.20

HBPK 12.75 13.25 12.75 13.25 12.80 13.30 12.95 13.20 1330 13.55 1345 13.95 13.55 14.05 13.65 14.15

HKBP 12.50 13.00 12.50 13.00 12.80 13.30 13.05 13.30 1330 13.55 1340 13.90 13.55 14.05 13.70 14.20

N I PK 12.60 13.10 12.85 13.35 13.20 13.70 13.50 13.75 1370 13.95 1385 14.35 14.00 14.50 14.10 14.60

HMBP 12.65 13.15 12.75 13.25 13.00 13.50 13.30 13.55 1350 13.75 1380 14.30 13.85 14.35 13.90 14.40

SAMB 12.75 13.25 12.75 13.25 12.80 13.30 13.15 13.40 1335 13.60 1360 14.10 13.70 14.20 13.85 14.35

MCBK 12.50 13.00 12.65 13.15 12.90 13.40 13.05 13.30 1330 13.55 1340 13.90 13.50 14.00 13.75 14.25

NBPK 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

SCPK 12.60 13.10 12.60 13.10 12.75 13.25 13.00 13.25 1320 13.45 1345 13.95 13.50 14.00 13.60 14.10

UBPL 12.70 13.20 12.80 13.30 12.90 13.40 13.10 13.35 1330 13.55 1340 13.90 13.50 14.00 13.65 14.15

AVE 12.63 13.13 12.71 13.21 12.84 13.34 13.09 13.34 1334 13.59 1346 13.96 13.59 14.09 13.73 14.23

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)01/12/2010

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

1 week 0.95 0.86 0.07 0.81 0.96 1.00 -0.32 -0.961 month 0.86 0.55 0.60 0.76 0.89 0.90 -0.70 -0.873 months 0.91 0.78 0.61 0.78 0.86 0.89 -0.86 -0.766 months 0.88 -0.22 0.59 0.47 0.91 0.87 -0.64 -0.911 year 0.59 0.17 0.33 0.41 0.83 0.64 -0.01 -0.792 years 0.59 0.11 -0.18 0.46 0.78 0.62 -0.51 -0.71

Currencies CorrelationGBP/USD

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.90 12.70 12.60 12.65 13.00 12.80 12.78

8-15dys 12.85 12.80 12.70 12.75 12.85 12.90 12.81

16-30dys 12.85 12.85 12.85 12.90 12.85 12.85 12.86

31-60dys 12.90 12.85 12.90 13.00 12.85 12.90 12.90

61-90dys 13.05 12.90 13.00 13.10 13.00 13.05 13.02

91-120dys 13.30 13.10 13.15 13.20 13.15 13.15 13.18

121-180dys 13.30 13.25 13.30 13.40 13.35 13.35 13.33

181-270dys 13.50 13.30 13.40 13.50 13.45 13.45 13.43

271-365dys 13.55 13.40 13.55 13.65 13.55 13.50 13.53

2-- years 13.70 13.55 13.60 13.70 13.60 13.70 13.64

3-- years 13.80 13.75 13.72 13.75 13.70 13.75 13.75

4-- years 13.82 13.75 13.75 13.78 13.75 13.79 13.77

5-- years 13.85 13.80 13.77 13.80 13.75 13.81 13.80

6-- years 13.85 13.80 13.77 13.88 13.80 13.83 13.82

7-- years 13.88 13.85 13.79 13.95 13.80 13.84 13.85

8-- years 13.90 13.90 13.82 14.00 13.80 13.86 13.88

9-- years 13.90 13.92 13.92 14.10 13.90 13.88 13.94

10--years 13.95 14.05 14.07 14.20 14.10 14.08 14.08

15--years 14.40 14.35 14.30 14.40 14.30 14.30 14.34

20--years 14.50 14.50 14.40 14.65 14.40 14.40 14.48

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for December 01, 2010

NEW YORK: The eurorebounded on Wednesday onhopes the European CentralBank may take bold steps toease the region's debt crisis andon news the United States couldback the effort through higherIMF commitments.

The single euro-zone currencyremained vulnerable given per-sistent fears about Europe's fis-cal problems but the US pledgeon International Monetary Fundsupport pushed the euro to ses-sion highs at $1.3183.

Traders in general were happyto keep the euro within a tightrange ahead of Thursday's ECBmeeting.

The ECB is expected to keepinterest rates unchanged andpossibly announce the extensionof crisis support measuresbeyond their expiration in mid-January.

"I personally think the market

will be disappointed tomorrowbecause the lack of a consensuswithin the ECB about bond pur-chases will cause it to deliverless than what the market is hop-ing for," said Aston Chan, port-

folio manager at GLC, a $1.2billion London-based globalmacro hedge fund.

Chan added that the euro-zonecrisis has morphed into a politi-cal problem given Germany'sdoubts about funding morebailouts. Germany is the euro-zone's largest economy and itsde facto lender of last resort.

In midday New York trading,

the euro was up 1.3 per cent at$1.3147, pulling away fromTuesday's 2-1/2-month low at$1.2969, but off the day's highsat $1.3183.

Depending on what the ECB

announces on Thursday,traders are still targeting$1.2794, a level representingthe 61.8 per cent retracementof the June to November rally.A breach of that should bringthe August lows around$1.2600 in sight.

Analysts and traders said theeuro's 9 per cent fall from itsNov. 4 high of $1.4283 to

Tuesday's low left many feelingit was a good time to take prof-its on short euros.

Overall though, concernsremain that other countries mayfollow Ireland and Greece inasking for bailouts, withPortugal widely seen as next inline, especially after ratingsagency Standard & Poor's onTuesday put its A- rating onreview for downgrade.

The euro's rise lifted othercurrencies that thrive in times ofglobal expansions and increasedrisk-taking. The Australian dol-lar rose 0.7 per cent toUS$0.9645.

The greenback slipped 0.2 percent versus a currency basket to80.998, but stayed near a 2 1/2-month high hit on Tuesday asthe currency, the most liquid andtherefore considered safe, hasbenefited from the euro's prob-lems. -Reuters

Euro rises, broad sellingmomentum cools for now

SHANGHAI: China's yuanended slightly higher againstthe dollar on Wednesday, asthe dollar index fell slightly inearly European trade.

But dealers said the dollarhad potential to rise asEuropean debt worries lin-gered, which could add down-ward pressure on the yuan incoming days.

Spot yuan ended at 6.6634versus the dollar, up slightlyfrom Tuesday's close of 6.6670and was up 2.44 per cent sincethe PBOC announced a depeg-ging of the Chinese currencyfrom the dollar in mid-June.

It moved in a small range of6.6647 to 6.6774, tradingfirmer than the central bank'sdaily mid-point of 6.6786, theweakest level since Nov. 3and down from Tuesday's6.6762.

The 24-pip fall in thePBOC's mid-point onWednesday, which lagged thedollar's gains, showed theChinese central bank's appar-

ent intention to keep the yuanin a tight range.

"We are focused on the dol-lar index performance fornow," said a dealer at anEuropean bank in Shanghai."And the stable fixing gives usa signal that the central bankhas no intention to let the yuanmove too much."

Dealers said that in the longterm, the yuan's appreciationwas an inevitable trend asChina needs to fight againstimported inflation.

China's official purchasingmanagers' index (PMI) rose toa seven-month high of 55.2 inNovember from 54.7 inOctober, while HSBC's ChinaPurchasing Managers' Indexrose in November to an eight-month high at 55.3.

Offshore, one-year NDFsfell slightly to 6.5183 bid fromTuesday's close of 6.5410,with implied yuan appreciationin a year's time rising to 2.46per cent from 2.07 per centshown on Tuesday. -Reuters

Yuan up in narrowrange, tracks dlr fall

Taiwandollar gives

up gainsTAIPEI: The Taiwan dollargained briefly on Wednesdaybefore concerns over Europe'sdebt crisis and a move by theisland's central bank cut itsrise.

Taiwan's currency rose to ashigh as T$30.411 before end-ing at T$30.852 against USdollar, versus the close ofT$30.85 in the prior session.

The central bank has steppedin to keep the Taiwan dollar'srises in check. The currencyhas gained about 3 per centsince late September, reflect-ing expectations that US mon-etary easing would attract for-eign fund inflows to Asia.

The euro dropped to$1.2969 in early Asia trade, alevel not seen since mid-September, as markets waitedto see if other fiscally weakeuro-zone countries couldavoid the debt crises that haveengulfed Greece and Ireland. -Reuters

LONDON: Sterling slippedagainst a firmer euro onWednesday as investors paredshort positions in the single cur-rency ahead of an ECB policymeeting, while strong UK manu-facturing data supported thepound versus the dollar.

"I think this may just be a shortsqueeze in the euro ahead of theECB," said Michael Hewson,analyst at CMC Markets.

"But overall the trend is stilldown and while (euro/sterlingstays) under 84.50 pence Iexpect further gains for sterlingover the euro, possibly down to81.00," he said.

The euro traded at 84.05 pence,up around 0.7 per cent on theday. It had fallen to as low as83.34 earlier in the session,which was its lowest since Sept.20. Sterling traded virtually flatversus the dollar at $1.5555 afterrising to a session high of$1.5649 as data showed UK

manufacturing unexpectedlyexpanding to a 16-year high lastmonth. The pound had fallen to atwo-month low of $1.5485 onTuesday as the dollar made broadgains on increasing risk aversion.

"I think this bounce can see itrise to $1.57-1.58 levels where itcould run into renewed selling."said Ian Stannard, senior curren-cy strategist at BNP Paribas.

The UK manufacturing PMI

headline index rose to 58.0 inNovember, from 55.4 in Octoberand way above forecasts of 54.6.The index also showed thefastest employment growth sincethe survey began in 1992.

Other data showed Britishhouse prices fell for the fourthmonth in five in November.Consumer confidence weakenedmore than expected inNovember and people were themost downbeat about prospectsfor personal finances in almosttwo years. -Reuters

Stg cedes ground toeuro; supported vs $

SINGAPORE: The Thai bahtedged higher against the dollaron Wednesday after the Bankof Thailand surprised marketswith an interest rate rise andsaid rates would rise further.

The baht last stood at30.02/05 to the dollar, up fromaround 30.09/14 just ahead ofthe decision.

The Bank of Thailand raisedinterest rates by a quarter-pointto 2 per cent on Wednesday,surprising many economists.Most analysts had expected nochange this week because ofthe uncertainty about the glob-al economy plus the likelihoodof the currency being pushed

higher at a time when exporterswere already complainingabout its surge this year.

The baht had been rising in therun up to the rate decision,buoyed by gains in the Thaistock market. Elsewhere in theregion, the Indonesian rupiahedged higher, having found sup-port near 9,050 to the dollar.

Exporters led the selling inthe dollar-baht pair earlier onWednesday. Gains in the stockmarket also helped push theThai baht higher.

The rupiah gained slightlyearlier in the day after Moody'sInvestors Service placed onreview for upgrade the

Indonesian government's Ba2foreign and local-currencybond ratings.

A trader for a European bankin Indonesia said the dollar raninto resistance near 9,050 tothe rupiah, adding that therupiah was also supported bytalk of fresh fund inflows intothe region.

The peso opened lower thanexpected at 44.10 to the dollar,down from Tuesday's close at44.00. Traders seized the oppor-tunity to sell the dollar at higherlevels. Coupled with good sell-ing in the NDFs, funds and inter-bank speculators sent the dollarlower. -Reuters

Asian currencies

Baht rises after ratehike; rupiah edges up

SYDNEY: The Australian dollar hit a 2-1/2-month low on Wednesday after disappointingthird-quarter growth data led investors to sellmore of the currency that was alreadyentrenched in a downtrend.

The Australian dollar slumped over half a centto a low of $0.9536 after data showed the econ-omy grew a meagre 0.2 per cent in the thirdquarter, short of forecasts for 0.5 per centgrowth.

Although it crawled off lows by late trade tostand at $0.9586, helped in part by firm Chinesemanufacturing data, it was still some 5 per centunder a 28-year high of $1.0085 hit on Nov 5.

The spill in the Aussie dollar took a toll on theNew Zealand dollar. It was briefly dragged tosupport levels around $0.7400, but rebounded inlate trade to $0.7439.

While most analysts said Australia's economywould soon re-accelerate as consumption andbusiness investment pick up, some thought thesoft data would at least affirm bets Australiawould not get an interest rate hike before mid-

2011."The risk is our first-half 2011 rate hikes are

now more likely a second-half 2011 event, pro-viding the economy (and profits) more time tostrengthen," said Scott Haslem, an economist atUBS. That it could be some time yet before arate hike, gave investors more reason to sellriskier currencies for now, especially with themarket on edge over Europe's debt problems.

Rate investors agreed there was little chanceof a rate hike any time soon. Interbank futuresimplied no move to 5 per cent until November2011, from 4.75 per cent now.

Westpac predicts the currency could scale new28-year peaks of $1.02 by June 2011.

"The Aussie dollar has been very resilient tothe current bout of risk aversion, reflecting itsoutstanding relative fundamentals despitetoday's sell off," it said.

Underscoring the Aussie dollar's bright out-look, the euro struggled at A$1.3578 in latetrade, within spitting distance of a record low ofA$1.3515 hit earlier in the day. -Reuters

Aussie at 2-1/2-mth lowas growth ebbs, for now

Swiss francoff highs

against euroZURICH: The Swiss francpulled back from 10-week highsagainst the euro on Wednesdayas traders waited to see if policy-makers will take further action tocontain euro-zone debt concerns.

The bounce in the euro cameafter three days of sustainedlosses which on Tuesday saw thefranc push through the 1.30mark for the first time sinceSept. 16 to 1.2930 francs to theeuro. But analysts said therespite may be only temporary,as concerns over single currencyweakness have not gone away.

"The euro is recovering slightlyafter the sharp drop in the pastdays but it could go down furtheruntil year end and into the earlypart of next year," said Sarasincurrency strategist Ursina Kubli.

"The main doubts about sov-ereign debt will continue toweigh on the euro, and as longas the high risk of contagionremains, the single currency islikely to weaken both againstthe dollar and the franc," Kublisaid. The franc was 0.3 per centlower against the euro com-pared to the New York close,trading at 1.3078 francs per euroat 0744 GMT. The franc was up0.1 per cent against the dollar at1.0028 per dollar. -Reuters

Rupiah edges up, supported by talk of fund inflows

Focus on ECB meet, liquidity policy, possible bond buys

The Islamist Hamasmovement, whose char-ter advocates the elimi-

nation of Israel, would acceptthe outcome of a Palestinianreferendum on a future peacetreaty with the Jewish state,its Gaza leader said onWednesday.

Ismail Haniyeh, addressinga rare news conference in theIsraeli-blockaded enclave,signaled a softening ofHamas's long-standing posi-tion prohibiting the ceding ofany part of the land of whatwas British-mandatedPalestine until 1948.

"We accept a Palestinianstate on the borders of 1967,with Jerusalem as its capital,the release of Palestinian pris-oners, and the resolution ofthe issue of refugees,"Haniyeh said, referring to theyear of Middle East war inwhich Israel captured East

Jerusalem and the Palestinianterritories.

"Hamas will respect theresults (of a referendum)regardless of whether it dif-fers with its ideology andprinciples," hesaid, provided itincluded allPalestinians inGaza, the WestBank and theDiaspora.

The Hamascharter, draftedin 1988, regardsall of the land ofPalestine, includ-ing what is nowIsrael, as the her-itage of Muslims.The idea of a ref-erendum on afuture peace accord withIsrael was rejected by someHamas leaders when it wasproposed by Palestinian

President Mahmoud Abbasseveral months ago.

Negotiations betweenAbbas and Israel have sincefaltered over Israel's refusalto halt settlement building in

the West Bank, including EastJerusalem.

NO AL QAEDA HEREHaniyeh said Israel was not

willing to give thePalestinians a fully sovereignstate and he therefore had nohope the fragile US- brokeredattempts to revive peacemak-ing would succeed.

He said his move-ment was willing tocooperate withWestern andEuropean countries"who want to helpthe Palestinian peo-ple regain theirrights." The UnitedStates and EuropeanUnion shun Hamasas a terrorist organi-zation and do notrecognize its Gazaauthority.

"We urgeEuropean foreign

ministers to revise their posi-tion regarding meetings withthe elected government,"Haniyeh said, adding that

contacts were being madewith United Nations officialsin the Gaza Strip in thisregard.

Haniyeh denied Israel'sclaim to have killed threemembers of the al Qaedaorganization in Gaza in thepast month.

Israel said two of three mili-tants it killed in Novemberwere planning attacks againstIsraeli and western tourists inthe Egyptian territory of Sinai.

He said a priority of hisgovernment was to avoid amilitary escalation with Israelby persuading other militantfactions to preserve a de factoceasefire.

Hamas had repeatedly dis-tanced itself from al Qaedaand had not hesitated to con-demn al Qaeda-claimedattacks in some Arab andwestern capitals, he noted.-Reuters

The disclosure in leaked UScables that Gulf Arab leaderswant Washington to destroy

Iran's nuclear programme exposeslong-hidden views that will kill anychance of detente with Tehran. FromSaudi Arabia, the world's biggest oilexporter, to tiny Bahrain, Gulf Arabrulers revealed a reality they had spentyears trying to hide publicly.

The views in the cables released byare in contrast with the public stanceof those Sunni rulers whose statementson their religious rivals in Shi'ite Iranand its nuclear programme have untilnow been far more conciliatory.

The revelations, however, do con-firm the depth of suspicion and hatredof the Shi'ites among Sunni Arab lead-ers, especially in Saudi Arabia, theleading Sunni power and whichregards Iran as an existential threat.

That concern was intensified by therise of the Shi'ites in Iraq after the US-led invasion of 2003 - the first timethe Shi'ites controlled an Arab heart-land country for nearly a millennium.For Sunni Gulf rulers, seeing Iraq fallunder Shi'ite influence was shockingenough, but the fear of a nuclear Iranis something they find even morealarming.

According to the leaked cables,Saudi Arabia's King Abdullah repeat-edly exhorted the United States to "cutoff the head of the snake" by launchingmilitary strikes to destroy Iran'snuclear programme. He has never pub-licly called on Washington to use forceagainst Iran.

The Bahraini king also said Iran'snuclear programme should be haltedby any means, and the crown prince of

the emirate of Abu Dhabi saw "thelogic of war dominating" when itcomes to dealing with the Iranian

threat. "I think it confirms that theGCC (Gulf Cooperation Council)states are all more united on the anti-Iranian front than pre-viously disclosed,"said TheodoreKarasik, a Dubai-based analyst.

DEEP MISTRUST

Saudi analystKhaled al-Dakhil saidthe cables were areminder of the deepmistrust between Iranand Saudi Arabia aswell as other GulfArab states. "I don'tthink Iran takes at facevalue public declara-tions coming from theGulf, whether for awar or not just asGulf leaders do not believe declara-tions about how peaceful the Iraniannuclear programme is," he said.

The leaks show the extent of theworry that Iran's nuclear programme iscausing in the region. "Iran should

take note of the distress that its nuclearprogramme is causing in the regionthis is not something that should be

ignored," said Salman Shaikh, directorof the Brookings Doha Center.

Iran denies its nuclear programme is

a cover to build a nuclear bomb andsays it is purely for peaceful purposes.President Mahmoud Ahmadinejad onMonday appeared to play down theimpact the WikiLeaks disclosures, say-ing they would not hurt Tehran's rela-

tions with its Gulf neighbours.The United States has repeatedly

said the military option to halt theIranian nuclear programme is on thetable, but US military chiefs have alsomade clear it is a last resort, fearing itcould ignite wider conflict in theMiddle East. "These revelations showthat the Gulf Arab region is concen-trating on Iran to the level that wewant a war with Iran," said SamiAlFaraj, head of the Kuwait Centre forStrategic Studies. Analysts say theGulf rulers' desire for military actionagainst Iran could add to wider Sunni-Shi'ite tensions and undermine SaudiArabia's efforts to mediate with Iran toease sectarian tensions in Iraq andLebanon.

"It depends how people receive this.If they play it up and manipulate it, interms of Sunni-Shi'ite relations itcould find some fertile ground,"Shaikh said. "But in terms of policy Idon't think it's going to have greatimpact they are dominated by otherinterests," he added, echoing com-ments by Dakhil who saw limitedimplications.

Animosity between Sunnis andShi'ite goes back to a centuries-oldreligious schism that still poisons rela-tions. Hardliner Sunnis regard Shi'itesas "rejectionists" who strayed fromtrue Islam. Until recently Gulf statesbanned Shi'ites from performing reli-gious rituals in public. In some coun-tries they are denied government andsecurity jobs.

No Gulf Arab government has com-mented on the Gulf leaks, which hadon Monday not been widely coveredby local media.-Reuters

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Damage hasbeen done

big timeThe latest sets of documents released by

Wikileaks have brought much disgrace to theUS administration, which willingly or negli-gently let sensitive documents land in thehands of Wikileaks. The documents releasedmostly pertain to the countries where either theregime is not liked by the US or it has littlecontrol over. The documents have little to sayabout India and Israel, the two blue-eyed boysof the US administration.

The US regret on release of documents is justnot acceptable because of the colossal damagedcaused to the countries and the citizens of thosecountries. Since the documents have beenreleased to 'media favourites' one is forced todraw the inference that the documents have beenreleased with the consent of the US administra-tion. If not, the questions which come to mindsare: Is wikileaks stronger than the superpower?What are the motives of owners of Wikileaks?Does the release aim at weakening the Muslimsfurther through fragmentation?

Ironically the response of the Muslim countrieshas been conspicuous by its absence, either theychose to keep quiet to avoid disclosure of their'misdeeds' or are simply the hostages of Zionistmedia. It also shows that Zionists have beenusing rulers of Muslim countries to fulfill theirulterior motives as they used Iraq and Saudi Ariato weaken Iran, used Saddam Hussain andOsama bin Laden to pave way for attacks on Iraqand Afghanistan and installed Hamid Karzai (anemployee of oil company Unocal owned byGeorge Bush and his associates) as President ofAfghanistan to facilitate presence of the USforces in Afghanistan for undertaking cross bor-der attacks on China, Iran and Pakistan.

There is no need to confirm or deny the validi-ty of the released documents but vigilance mustcertainly be enhanced. There is a need to protectthe Muslim countries from Zionist attacks be itthe attack of Fortune 500 companies to take con-trol of the resources or the internal disturbancescaused in the name of restoration of democracy,protecting human rights, and ushering in eco-nomic revolution.

These documents specifically malignedPresidents Asif Zardari and PML-N leaderNawaz Sharif by attributing a few quotes toMiddle Eastern rulers. While opposition leaders,who have stayed in Saudi Arabia for a while pre-ferred to remain silent, President Zardari, cate-gorically denounced the move and termed it anattempt to spoil relationship between the twobrotherly countries. Still, it would have been bet-ter had the clarification come from the Saudigovernment.

There is also a lesson for the political leaders ofPakistan to maintain distance with the represen-tatives of the US governments because whateverthey say can be used against them. At times whenthese representatives come to Pakistan theybehave like viceroys of the superpower andinstruct Pakistan government to do certain thingsand abstain from some others. Pakistani leader-ship should protect sovereignty of the countryrather than begging a few petty gains.

4Wednesday, December 2, 2010

Publisher & Editor-in-Chief: Amir A. Ashary

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

111-C, Jami Commercial Street 11, Phase VII, DHA KarachiTelephone: 92-21-5311893-6 Fax: 92-21-5388428

URL: www.thefinancialdaily.comEmail Address: [email protected]

Lahore office

24- Peshawar Block, Fortress Stadium, Lahore

Telephone: 92-42-6675595 Fax: 92-42-6664349

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The Financial Daily InternationalVol 4, Issue 115

The views in the cables released byare in contrast with the public stance

of those Sunni rulers whose statementson their religious rivals in Shi'ite Iranand its nuclear programme have until

now been far more conciliatory.

“

Haniyeh said Israel wasnot willing to give the

Palestinians a fullysovereign state and he

therefore had no hope thefragile US- brokered

attempts to revivepeacemaking would succeed

The United States hasrepeatedly said the military

option to halt the Iraniannuclear programme is onthe table, but US military

chiefs have also made clearit is a last resort, fearing itcould ignite wider conflict

in the Middle East

Hidden Gulf viewson Iran exposed

Peace with Israel

Hamas to honor referendum

Global concern about the debtcrisis rocking the euro zonemounted on Wednesday, with

Washington sending a top US Treasuryenvoy to Europe and G-20 officialsdiscussing the turmoil in a conferencecall.

A day after investors pushed the riskpremiums on Spanish and Italian gov-ernment debt to new highs, the bondspreads of countries on Europe'ssouthern periphery narrowed and theeuro steadied on speculation that theEuropean Central Bank could unveilnew anti-crisis steps at a meeting onThursday.

But calmer markets failed to removedeep worries about contagion in the16-nation euro bloc that has pushedEuropean policymakers onto thedefensive and forced them to searchfor new ways to stabilise their 12-year-old currency project.

An 85 billion euro ($110.7 billion)EU/IMF rescue of Ireland last week-end and public reassurances fromEuropean politicians and centralbankers have been largely ignored byinvestors, who have targeted Portugal,Spain and Italy, intent on testing theEU's resolve and crisis-fightingresources.

"You may think and you sometimesread that Europe is in chaos, disinte-grating, and the euro about to disap-pear. This is wrong," Klaus Regling,the head of the EU's temporary rescuemechanism, said in a speech inSingapore.

Reflecting global concerns about theeuro zone crisis, the US Treasuryannounced late on Tuesday that itwould dispatch Undersecretary forInternational Affairs Lael Brainard to

Europe this week to discuss the tur-moil.

Brainard will visit Madrid, Berlinand Paris to discuss "economic devel-opments in Europe" and the "sharedagenda on strong and sustainablegrowth," the Treasury said in a briefstatement.

G-20 sources told Reuters thatdeputy finance ministers from thegroup of major rich and developing

nations had discussed the financial sit-uation in Europe on Monday in a previ-ously arranged conference call,although they described the call as rou-tine.

GLOBAL RISKCitigroup Chief Economist Willem

Buiter warned in a research note thisweek that the euro zone turmoil may be

the "opening act" of a global sovereigndebt crisis that could soon infect theUnited States and Japan.

EU plans to make private bond hold-ers shoulder some of the pain from anysovereign debt restructuring after mid-2013 have led investors to reassess therisk of putting their money in the gov-ernment bonds of high-deficit coun-tries.

European Central Bank President

Jean-Claude Trichet warned marketson Tuesday against underestimating thedetermination of policymakers to sta-bilise the euro zone, but their optionsfor stopping the rot appear limited.

The ECB could decide to increase thescale of its bond purchase program atits Thursday meeting, but resistance tosuch a step is high on the bank's

Governing Council, with some mem-bers instead advocating an end toextraordinary crisis measures.

Meanwhile, Germany has resistedpressure from countries such as Franceto turn the euro zone into a "fiscalunion" in which member states sacri-fice sovereignty over economic policyfor the good of the group.

Chancellor Angela Merkel is alsoskeptical about putting up more fundsfor bailouts, concerned that Germantaxpayers would end up shoulderingthe lion's share of a string of rescues ofcountries which Berlin believes havemade themselves vulnerable througheconomic mismanagement.

Peter Bofinger, a member of the"wisemen" panel of economic advisersto the German government, said therisks to the euro were "enormouslylarge" and Germany needed to decidewhether it wanted to let the currencyfail or do more to save it.

"For me it is decisive that we ask our-selves in Germany whether we want tocontinue to have the euro or not,"Bofinger told Germany's NTV televi-sion late on Tuesday. "We must havethis discussion because we must askourselves whether we find it worth it tostand up for it."

The euro edged higher onWednesday, trading at $1.3060 afterdipping to a 10-week low against thedollar on Tuesday. The premiuminvestors demand to hold Portuguese,Spanish and Italian bonds instead ofGerman benchmarks fell on specula-tion the ECB could take new anti-crisissteps on Thursday.

European bank stocks also rebound-ed strongly after losses on Tuesday.-Reuters

Euro crisis worries spread

Citigroup Chief Economist WillemBuiter warned in a research note this

week that the euro zone turmoil may bethe "opening act" of a global sovereign

debt crisis that could soon infect theUnited States and Japan. EU plans tomake private bond holders shouldersome of the pain from any sovereign

debt restructuring after mid-2013 haveled investors to reassess the risk of

putting their money in the governmentbonds of high-deficit countries

FERTILISER000 tonnesUrea Offtake (Jan to Sep 10) 4,190Urea Offtake (Sep 10) 324Urea Price (Rs/50 kg) 851DAP Offtake (Jan to Sep 09) 680DAP Offtake (Sep 10) 226DAP Price (Rs/50 kg) 2,628

AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 10 to Oct 10) 26,842

Sales (July 10 to Oct 10) 25,279

Production (Octy 10) 7,311

Sales (Oct 10) 7,459

INDUS MOTOR COProduction (July 10 to Oct 10) 17,013




HONDA ATLAS CARProduction (July 10 to Oct 10) 5,481




DEWAN FAROOQ MOTORSProduction (July 10 to Oct 10) 186

Sales (July 10 to Oct 10) 70

Production (Octy 10) 0

Sales (Oct 10) 18

BANKING SECTORScheduled bank (Rs in mn)Deposit (Nov 6,10) 4,729,932

Advances (Nov 6,10) 3,011,868

Investments (Nov 6,10) 1,897,426

Spread (Sep 10) 7.57%

OIL MARKETING CO(000 tons)MS (Jul 10 to Oct 10) 744

MS (Oct 10) 198

Kerosene (Jul 10 to Oct 10) 53

Kerosene (Oct 10) 15

JP (Jul 10 to Oct 10) 452

JP (Oct 10) 122

HSD (Jul 10 to Oct 10) 2,182

HSD (Oct 10) 664

LDO (Jul 10 to Oct 10)) 22

LDO (Oct 10) 6

Fuel Oil (Jul 10 to Oct 10) 3,086

Fuel Oil (Oct 10) 854

Others (Jul 10 to Oct 10) 3

Others (Oct 10) 1

PRICES (Ex-Refinery) RsMS (1 Nov 10) 44.53

MS (1 Oct 10) 40.71

MS % Chg 9.38%

Kerosene (1 Nov 10) 51.25

Kerosene (1 Oct 10) 47.31

Kerosene % Chg 8.33%

JP-1 (1 Nov 10) 51.48

JP-1 (1 Oct 10) 47.54

JP-1 % Chg 8.29%

HSD (1 Nov 10) 54.24

HSD (1 Oct 10) 50.38

HSD % Chg 7.66%

LDO (1 Nov 10) 49.51

LDO (1 Oct 10) 46.13

LDO % Chg 7.33%

Fuel Oil (1 Nov 10) 42,046

Fuel Oil (1 Oct 10) 39,276

Sector Updates

Symbol Close Vol (mn)DGKC 29.62 25.84 NML 59.13 20.89 LOTPTA 12.17 10.29 NIB 2.87 7.64 NBP 66.63 6.83

Symbol Close ChangeNESTLE 2,152.51 102.50 WYETH 913.50 43.50 ULEVER 4,137.01 13.01 EXIDE 188.64 8.98 SRVI 247.38 7.95

Symbol Close ChangeUPFL 1,050.00 -43.24RMPL 1,800.00 -25.36FZTM 393.59 -18.6NRL 258.36 -13.27APL 317.25 -7.13

Plus 152Minus 222Unchanged 22

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Thursday, December 2, 2010 5

Dhiyan

Market would be volatile but the overall outlook is bullish. The

index can touch 12,000 points in the coming days. Day-traders are

recommended to stay away from the market while investors can

invest in blue chip stocks like DGKC, POL. Good upcoming corpo-

rate results and government/foreign institutional buying would be the

factors that will trigger the market. Market would be mixed today.

Mohammad Azam Khan, CEO Sunrise Capital

Mohsin Adhi, Director Alfa Adhi SecuritiesMarket seems bearish and as a result index could come down to

10,800 points levels in the short-term. Investors are therefore advised

to stay on the sidelines and wait for the announcement of December-

end corporate results. If good banking stocks are available at dis-

counts they can be invested in. Approval of RGST would hurt the

market while good corporate results and peaceful law and order situ-

ation in Moharram would support it. Market would be dull today.

IT COULD BE MIXED, OR DULL

Opening 11,234.76

Closing 11,221.81

Change 12.95

% Change 0.12

Turnover (mn) 157.97

Opening 3,502.97

Closing 3,502.73

Change 0.24

% Change 0.01

Turnover (mn) 6.84

Opening 2,862.06

Closing 2,863.70

Change 1.64

% Change 0.06

Turnover (mn) 0.33

NEW YORK: Traders work on the floor of the New York Stock Exchange.-Reuters

HONG KONG/SHANGHAI:Shares in Shanghai and HongKong rose in thin trade onWednesday, with a cashsqueeze in China and fundflows out of the territoryprompting risk adverseinvestors to avoid taking largepositions.

The benchmark Hang SengIndex closed up 1.05 per cent at23,249, while the ChinaEnterprise Index of top locallylisted mainland stocks closed1.03 per cent higher at 12,949.

"We're probably beginning toattract some bargain huntersnow," said Patrick Yiu, an asso-ciate director at CASH AssetManagement. "The Hong Kongdollar's weakness points to cap-ital outflows, but this mayimprove as the index is nowtrading above its 10-day mov-ing average."

The Hong Kong dollar hov-ered around two-month lows onWednesday, as investor worriesabout the European debt crisis,China's plans to curb inflation,

and political tensions on theKorean peninsula.

Volume was thin with 1.6 bil-lion shares changing hands,about a fifth lower than theaverage turnover of 1.9 billionshares seen in November asfunds consolidated their posi-tions ahead of the year-end.

The spread between the lowerand upper Bollinger Bands alsohovered around one-year highs,pointing to a period of highvolatility that could attractoptions and implied volatilitytrades. MINISCULE VOLUME IN

SHANGHAIThe Shanghai Composite

Index closed up 0.1 per cent at2,823.4 after slumping onTuesday, with a liquiditycrunch in the domestic moneymarket weighing on the stockmarket.

The index dropped more than5 per cent in November, com-pared with a 12 per cent gain inOctober.

Analysts said the index had

solid support at its 125-daymoving average at 2,698points. Firm resistance wasseen at the 250-day movingaverage at 2,877 points, a markthe index plunged from onTuesday.

Speculative retail investors,who make up two-thirds ofturnover, continued to focus onpolicy measures, avoidingactive buying of heavilyweighted commodity, bankingand transportation issues, sec-tors considered vulnerable in apolicy tightening environment.

Volume slumped back to lev-els seen in November's lacklus-tre trading month. Turnover ofShanghai A shares dropped to104 billion yuan ($15.60 bil-lion) from 172 billion yuan onTuesday.

Oil major Sinopec , thebiggest weight in the index,dropped 0.6 per cent. SAICMotor fell 1.2 per cent. ChinaShenhua Energy , the world'smost valuable coal producer,dropped 0.3 per cent.-Reuters

HK, Shanghai stocksmove up in thin trade

Nawaz Ali

KARACHI: Shares endedlower at Karachi StockExchange (KSE) onWednesday due to sellingspurred by reduction inrefineries/OMCs margins andprofit booking by the localinstitutions.

The benchmark KSE 100-Index lost 12 points to close at11,221 points while KSE 30-Index was down by 19 pointsto close at 10,818 points andKSE All Share Index fell by 6points to close at 7,811 points.

"Bearish activity was wit-nessed after Ogra notifiedreduction in refineries &OMCs margins to 3% onpetroleum products", saidAhsan Mehanti, Director ArifHabib Investments.

Market started the day on apositive note and soon afterthe opening bells touched an

intraday high of 11,325 points(+ve 90 points) due to buyingin main board stocks.Thereafter market remained inthe green zone during themajor part of the session. Butthe news of reduction in mar-gins of oil marketing compa-nies and refineries to 3 percent --from 4 per cent -- on dif-ferent petroleum productsinvited intraday correction andrelevant stocks witnessedheavy battering while localinstitutional investors toobooked gains therefore indexwent down in the negativezone touching a lowest level of11,218 points (-ve 16 points).

Refinery and oil marketingstocks witnessed heavy sellingby the investors where AttockRefinery and NationalRefinery closed at its lowercircuits while Pakistan StateOil ended 1 per cent down.

See # 11 Page 11

Ogra’s movemarginalises100-Index toa dull red end

MUMBAI: The BSE Sensexrose 1.7 per cent on Wednesdayto its best close in nearly twoweeks as hopes of strong eco-nomic and corporate earningsgrowth triggered bargain hunt-ing, after the market had fallen2.6 per cent in November.

The manufacturing sector inAsia's third-largest economyexpanded at its fastest pace insix months in November on theback of robust new businessand a sharp rise in exportorders, a survey showed onWednesday.

This came a day after datashowed the Indian economygrew more than expected in theSeptember quarter, defyingweakness elsewhere.

Shares in state-run Indian OilCorp (IOC.BO) rose as much

as 14 per cent during the day,after its chairman said the fuelretailer would sell shares inJanuary at a 30 per cent premi-um to its close on Tuesday.

The main 30-share BSEindex ended up 1.68 per cent at19,850 points, after havingrisen as much as 1.9 per centearlier, with 24 of its compo-nents advancing.

"The comfort has been pro-vided by the strong economicdata and people are now buyingin anticipation of strong earn-ings growth next month," saidK.K. Mital, head of portfoliomanagement services at GlobeCapital.

He said the buying sentimentshould continue in the nearterm unless there was any

See # 12 Page 11

India shares rise 1.7pcon economic boost

TOKYO: Japan's Nikkei aver-age edged up 0.5 per centWednesday after falling nearly2 per cent the previous daywhen a liquidity squeeze hitChinese shares, and marketplayers said they would contin-ue looking to Chinese equitiesand US economic data fordirection.

The Nikkei gained 8 per centin November, however, andanalysts said recent yen weak-ness and expectations of a fur-ther recovery in the US econo-my would continue to lendsupport, although Japaneseshares will be weighed downby worries that the euro zone'scredit crisis may spread.

"Investors were worried overinterest hikes in China and theeuro zone yesterday and arenow waiting for this Friday'sUS employment figures andChristmas sales figures to tradeon," said Fumiyuki Takahashi,equity strategist for BarclaysCapital Japan.

"So investors want to watchthe market a bit more closelywith so many uncertaintiesaround. But the long-term viewis rather positive with highexpectations for Japanese com-panies to do well this financialyear," he said.

The Nikkei ended the day up51.01 points at 9,988.05, abovesupport at the 200-day movingaverage, now at 9,911.59.

The broader Topix indexadded 0.6 per cent to 866.07.

Trade was light on the Tokyo

exchange's first section, with1.71 billion shares changinghands, its lowest volume thisweek. Advancing stocks out-numbered declining issues,861.

EUROPE AT CENTER

STAGE

But market players in Tokyosaid the impact on Japan's eco-nomic fundamentals wouldlikely be limited and Japanesestocks would likely continue tomove higher.

"Europe's credit problems arenow taking the center stage,even though they have alwaysexisted, as debate about the USQE2 have calmed down andtightening worries in Chinahaven't become an obvious, bigtrading factor yet," saidMasaru Hamasaki, seniorstrategist at Toyota AssetManagement.

"Once the problems inEurope are taken care of to acertain degree, we can expectto see a rebound in the euro.Assuming dollar/yen remainsstable, the Japanese marketwill likely start seeking higherground again."

Shares of exporters weremixed, with Honda Motor Corising 2.3 per cent to 3,080 yenand Kyocera Corp down 1.6per cent at 8,400 yen. Onetrader cited buying of auto-related stocks by overseasinvestors.

Toyota Motor Corp was alsoup 2.8 per cent at 3,310 yen.-Reuters

Nikkei up afterslide, sets eyes

on China, US data

US stocks morning-trade

Wall Streetrecoups onstrong jobs,factory data

NEW YORK: US stocks ral-lied on Wednesday as upbeatUS and Chinese data liftedinvestor confidence about aglobal economic recovery.

The US private sector postedits largest jobs gain in threeyears and manufacturing grewfor a 16th month running, whileChina posted strong factoryproduction data.

"Manufacturing data shows acontinuation of the positivetrend and new orders were pret-ty strong and employment hasbeen improving," said ZahidSiddique, associate portfoliomanager at Gabelli EquityTrust in Rye, New York, notingoverseas data was also support-ive of stocks.

"Overall, the combination ofthat data is driving the markethigher," he said.

The Dow Jones industrialaverage jumped 186.71 points,or 1.70 per cent, to 11,192.73.The Standard & Poor's 500Index rose 19.03 points, or 1.61per cent, to 1,199.58. TheNasdaq Composite Indexadded 46.57 points, or 1.86 percent, to 2,544.80.

The S&P 500 traded above its14-day moving average for thefirst time in eleven sessions andwas having its best day inalmost a month, but still facedstrong resistance at 1,200.

"If we close above 1,200, thenext stop is 1,225 to 1,230,"said Tom Alexander, head ofAlexander Trading inSavannah, Georgia.

See # 14 Page 11

Commods,banks helpFTSE snap

losing streakLONDON: Britain's leadingshare index rose on Wednesday,clawing back some of the loss-es made in the past three ses-sions, with commodities boost-ed by upbeat Chinese data andbanks rallying after being hit bysovereign debt concerns.

The FTSE 100 index gained114.23 points, or 2.1 per cent,to 5,642.50, having endedNovember back at levels notseen since mid-September.

"There has been good newsconsistently across the globe,starting with the Chinese PMIs.UK manufacturing data wasalso much better than expectedand the US figures were good,"Mike Lenhoff, chief strategistat Brewin Dolphin, said.

China's official purchasingmanagers' index (PMI) climbedto a seven-month high inNovember, while British manu-facturing activity last monthunexpectedly rose to a 16-yearhigh.

In the US, manufacturinggrew for a 16th month and theprivate sector posted its largestjobs gain in three years.

"What it tells us is the corpo-rate sector is taking a very

See # 13 Page 11

NBP launchescash, chequemgmt system

Staff Reporter

KARACHI: According topress statement issued here theFinancial Institutions and CashManagement Division,Overseas Banking Group,National Bank of Pakistan hassuccessfully launched Cash &Cheque Management system(CCMS).

Its' introduction is aimed atproviding Cash ManagementSolutions to financial institu-tions and corporate customerson real time basis.

CCMS is a web based appli-cation designed to facilitateend to end users and to catertheir needs related cash man-agement services. This servicewill be available at all theNBP branches countrywide.Ali Raza, President NationalBank of Pakistan inauguratedthe Project.

Mostly up on bargain-hunting;Jakarta outperforms

South East Asian stocks

European shares post biggestgain in three months

Thursday, December 2, 20106

Volume 157,973,037

Value 7,487,772,690

Trades 78,106

Advanced 152

Declined 222

Unchanged 22

Total 396

Current 7,811.46

High 7,881.60

Low 7,804.58

Change i6.64

Current 11,221.81

High 11,329.06

Low 11,213.29

Change i12.95

Current 10,818.90

High 10,938.60

Low 10,799.44

Change i19.25

Market KSE 100 Index All Share Index KSE 30 Index

Current 17,907.60

High 18,174.09

Low 17,903.71

Change i91.73

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Flying Cement Limited

FLYNG closed up 0.03 at 1.79. Volume was 390 per cent above

average (trending) and Bollinger Bands were 22 per cent narrower

than normal. The company's loss after taxation stood at Rs28.864

million which translates into a Loss Per Share of Rs0.16 for the 1st

quarter of current fiscal year (1QFY11).

FLYNG is currently 22.2 per cent below its 200-day moving average

and is displaying a downward trend. Volatility is high as compared to

the average volatility over the last 10 trading sessions. Volume indica-

tors reflect volume flowing into and out of FLYNG at a relatively equal

pace. Trend forecasting oscillators are currently bearish on FLYNG.

RSI (14-day) 45.30 Total Assets (Rs in mn) 5,548.30

MA (10-day) 1.83 Total Equity (Rs in mn) 1,598.52

MA (100-day) 1.98 Revenue (Rs in mn) 80.62

MA (200-day) 2.30 Interest Expense 28.12

1st Support 1.72 Loss after Taxation (172.17)

2nd Support 1.67 EPS 10 (Rs) (0.978)

1st Resistance 1.85 Book value / share (Rs) 9.08

2nd Resistance 1.93 PE 11 E (x) -

Pivot 1.80 PBV (x) 0.20


As on Jun 30, 2009

NETSOL closed up 0.10 at 19.22. Volume was 123 per cent above

average and Bollinger Bands were 63 per cent narrower than normal.

The company's profit after taxation stood at Rs194.76 million which

translates into an Earning Per Share of Rs2.64 for the 1st quarter of

current fiscal year (1QFY11).

NETSOL is currently 22.5 per cent below its 200-day moving aver-

age and is displaying an upward trend. Volatility is extremely low

when compared to the average volatility over the last 10 trading ses-

sions. Volume indicators reflect moderate flows of volume into NET-

SOL (mildly bullish). Trend forecasting oscillators are currently bullish

on NETSOL.



MA (100-day) 20.92 Revenue (Rs in mn) 1,081.40


1st Support 18.95 Profit after Taxation 294.11

2nd Support 18.65 EPS 09 (Rs) 3.775


2nd Resistance 20.05 PE 10 E (x) 1.82

Pivot 19.35 PBV (x) 0.63

NetSol Technologies Limited


As on Dec 31, 2009

LPCL closed up 0.01 at 3.01. Volume was 9 per cent above average

and Bollinger Bands were 56 per cent narrower than normal. The

company's loss after taxation stood at Rs1.045 billion which trans-

lates into a Loss Per Share of Rs0.80 for the nine months of current

calendar year (9MCY10).

LPCL is currently 9.3 per cent below its 200-day moving average and

is displaying a downward trend. Volatility is extremely low when com-

pared to the average volatility over the last 10 trading sessions.

Volume indicators reflect volume flowing into and out of LPCL at a

relatively equal pace. Trend forecasting oscillators are currently bear-

ish on LPCL.




MA (200-day) 3.32 Interest Expense 1,230.81

1st Support 2.95 Loss after Taxation (1,278.96)

2nd Support 2.89 EPS 09 (Rs) (0.974)



Pivot 3.05 PBV (x) 0.40

Lafarge Pakistan Cement Ltd


As on Jun 30, 2010

PACE closed down -0.04 at 2.80. Volume was 47 per cent below

average and Bollinger Bands were 56 per cent narrower than normal.

The company's loss after taxation stood at Rs108.886 million which

translates into a Loss Per Share of Rs0.39 for the 1st quarter of cur-

rent fiscal year (1QFY11).

PACE is currently 29.5 per cent below its 200-day moving average

and is displaying a downward trend. Volatility is extremely low when

compared to the average volatility over the last 10 trading sessions.

Volume indicators reflect volume flowing into and out of PACE at a

relatively equal pace. Trend forecasting oscillators are currently bear-

ish on PACE.





1st Support 2.75 Profit after Taxation 633.16

2nd Support 2.68 EPS 10 (Rs) 2.370



Pivot 2.85 PBV (x) 0.12

PACE Pakistan Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,463.52 1,484.22 1,450.29 1,457.31 -6.20 -0.42

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

13,934,394 - - 65,194.15 mn 1,142,125.19 mn 1,463.52

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

10.80 3.52 32.54 55.94 5.18 1,452.52

Attock Petroleum 691 5.50 324.38 326.45 316.81 317.25 -7.13 428928 374.20 287.99 250 - 300 20

Attock Refinery 853 7.18 134.75 137.20 128.02 128.02 -6.73 6750810 137.20 78.05 - - - -

BYCO Petroleum 3921 - 12.01 12.14 11.65 11.73 -0.28 2734205 12.49 10.00 - - - -

Mari Gas Company 735 16.12 119.72 122.00 118.80 118.95 -0.77 80960 128.90 106.00 32.17 100B 31 -

National Refinery 800 3.83 271.63 275.40 258.05 258.36 -13.27 708378 275.40 189.08 125 - 200 -

Oil & Gas Development 43009 11.10 162.87 165.20 162.90 164.03 1.16 1119138 167.00 140.05 82.5 - 55 -

Pak Petroleum 11950 8.20 203.77 206.00 201.00 201.62 -2.15 835336 214.10 168.70 130 20B 90 20B

Pak Oilfields 2365 6.31 270.17 274.20 266.50 267.38 -2.79 2216541 274.20 219.05 180 - 255 -

Pak Refinery Limited 350 - 83.99 88.18 85.50 88.18 4.19 100145 88.18 48.26 - - - -

P.S.O 1715 4.76 284.40 289.50 281.01 281.40 -3.00 1600676 292.15 243.55 50 - 80 -

Shell Gas LPG 226 - 39.16 39.89 38.00 38.01 -1.15 4490 40.28 28.05 - - - -

Shell Pakistan 685 10.04 202.53 204.40 194.00 195.69 -6.84 88992 204.40 182.05 330 - 40 -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

PERSONAL GOODS

Performance of SR Personal Goods Index


970.48 983.56 963.10 972.02 1.54 0.16


28,384,689 - - 47,070.70 mn 128,373.53 mn 972.02


6.91 0.60 8.64 16.68 2.41 964.36

Al-Qaim Textile 75 - 1.50 2.00 1.50 1.50 0.00 500 2.00 0.50 - - - -

Amtex Limited XD 2415 10.52 4.72 4.80 4.60 4.63 -0.09 280833 18.88 4.40 - - 30 -

Annoor Textile 9 - 13.00 13.00 13.00 13.00 0.00 500 13.00 12.80 - - - -

Artistic Denim 840 5.96 21.56 21.50 21.00 21.44 -0.12 611 24.05 18.00 20 - 20 -

Ashfaq Textile 70 3.26 4.00 5.00 3.00 3.00 -1.00 1002 5.00 3.00 - - - -

Azam Textile XD 133 0.30 2.48 2.84 1.48 2.19 -0.29 748 3.45 1.35 - - 7.5 -

Azgard Nine 4493 - 11.15 11.37 10.91 11.01 -0.14 1084663 12.32 9.01 - - - -

Bannu Woolen XD 76 0.46 13.10 14.10 13.10 13.17 0.07 2005 14.50 7.50 - - 20 -

Bata (Pak) 76 5.17 618.49 639.50 609.50 623.94 5.45 2459 747.48 436.00 120 - - -

Blessed Tex Mills 64 0.70 46.99 47.49 46.50 46.75 -0.24 605 52.05 40.80 7.5 - 50 -

Chakwal Spinning 400 0.48 1.10 1.82 1.10 1.10 0.00 6002 2.59 0.56 - - 5 -

Chenab Limited 1150 - 3.23 3.30 3.10 3.10 -0.13 99100 3.95 3.00 - - - -

Colony Mills Ltd 2442 3.73 2.62 2.59 2.39 2.39 -0.23 84855 3.40 2.26 - - - -

Crescent Fibres Ltd 124 0.57 11.30 12.30 11.30 12.30 1.00 4001 18.35 8.41 - - 10 -

Crescent Jute 238 - 0.78 0.84 0.63 0.70 -0.08 1201 1.49 0.16 - - - -

D S Ind Ltd 600 - 1.91 1.97 1.80 1.85 -0.06 87463 2.37 1.44 - - - -

Data Textile 99 - 0.49 0.74 0.50 0.67 0.18 400 0.96 0.02 - - - -

Dawood Lawrencepur 514 47.04 40.00 40.50 39.98 39.98 -0.02 336 44.50 36.10 - - 5 -

Ellcot Spinning 110 0.59 19.95 20.00 19.50 19.50 -0.45 551 25.45 17.21 7.5 - 35 -

Fazal Textile 62 3.14 412.19 428.50 392.00 393.59-18.60 289 490.05 303.00 15 - 100 -

Gadoon Textile XD 234 0.52 47.95 49.70 48.00 48.00 0.05 2451 52.50 34.65 - - 70 -

Gillette Pakistan 192 - 62.00 63.00 62.00 63.00 1.00 105 73.00 58.05 - - - -

Gul Ahmed Textile 635 3.45 25.10 24.03 24.01 24.01 -1.09 10000 25.96 19.99 5 - 12.5 -

Gulistan Spinning 146 1.36 7.97 8.40 7.00 7.13 -0.84 9601 8.86 5.01 - 10B 10 -

Gulistan Textile 190 1.62 25.94 27.19 25.01 26.93 0.99 1004 27.19 17.57 - 10B 10 -

Gulshan Spinning 222 0.87 7.08 7.50 7.10 7.14 0.06 6830 10.30 5.51 - 10B 10 20B

Hira Textile Mills Ltd. 716 0.75 3.91 4.00 3.75 3.98 0.07 83502 4.88 3.35 - - 10 -

Ibrahim Fibres 3105 3.04 39.55 38.99 37.70 38.70 -0.85 9105 40.41 34.05 - - 20 -

Ideal Spinning 99 0.33 3.49 4.39 3.00 3.85 0.36 57965 4.79 2.02 - - - -

Idrees Textile 180 3.32 3.20 3.05 2.71 3.05 -0.15 4502 5.35 2.60 - - 10 -

Janana D Mal 43 0.23 15.21 16.20 14.21 14.23 -0.98 8039 20.50 9.95 - - - -

Kohinoor Ind 303 - 1.62 1.68 1.53 1.58 -0.04 63464 1.94 1.01 - - - -

Kohinoor Mills 509 - 2.49 3.45 1.60 3.00 0.51 1057 3.79 1.52 - - - -

Kohinoor Textile 1455 3.93 5.62 5.88 5.50 5.50 -0.12 4473 6.30 4.51 - - - -

Masood Textile 600 2.01 19.05 19.05 19.05 19.05 0.00 1000 22.59 18.01 15 - 15 100R

Mukhtar Textile 145 - 0.50 0.50 0.34 0.48 -0.02 6282 0.95 0.16 - - - -

Nagina Cotton 187 0.80 15.50 15.68 15.68 15.68 0.18 1000 17.50 12.00 - - 20SD -

Nishat (Chunian) 1586 1.83 22.77 23.22 21.91 22.02 -0.75 4956976 25.14 15.66 - 50R 15 -

Nishat Mills 3516 5.08 59.61 60.43 58.55 59.13 -0.48 20886819 60.43 42.55 20 - 25 45R

Paramount Spinning 174 0.68 8.30 9.30 8.89 9.30 1.00 38854 11.25 6.00 - 10B 10 10B

Prosperity 185 1.10 13.77 14.35 13.05 14.35 0.58 1001 20.50 12.51 20 - 30 -

Quetta Textile XD 130 0.74 45.30 45.30 45.30 45.30 0.00 150 47.00 25.80 - 632R 20 -

Ravi Textile 250 - 1.56 1.64 1.54 1.55 -0.01 37012 2.38 1.38 - - - -

Saif Textile 264 0.40 4.80 5.40 4.61 4.99 0.19 201 6.85 2.01 - - - -

Samin Textile 134 5.20 5.72 6.24 5.76 6.24 0.52 501 8.69 5.02 - - - 100R

Sana Ind 55 2.92 38.29 39.39 37.57 38.48 0.19 3500 39.39 27.50 35 - 60 -

Sargoda Spinning 312 0.39 1.90 2.20 2.00 2.00 0.10 1369 2.50 0.50 - - 5 -

Service Ind 120 8.47 239.43 250.50 244.00 247.38 7.95 35320 255.29 169.00 200 - - -

Service Textile 44 - 0.50 0.50 0.50 0.50 0.00 5000 0.75 0.14 - - - -

Shadab Textile 30 0.39 12.69 13.69 12.59 13.68 0.99 312 13.69 7.56 - - 10 -

Shahtaj Textile 97 - 17.70 17.75 17.35 17.67 -0.03 360 21.90 15.61 20 - 45 -

Thal Limited 307 4.33 101.79 103.80 101.01 101.43 -0.36 51364 112.80 86.50 20 20B 80 20B

Treet Corp 418 9.34 56.99 59.83 57.83 58.64 1.65 421931 59.83 37.20 - - - -

Yousuf Weaving 400 0.52 1.40 1.57 1.25 1.50 0.10 2652 2.00 0.73 - - - -

Zil Limited 53 3.59 51.71 54.29 52.00 53.62 1.91 12260 54.29 33.00 40 10B 35 -



(%) (%) (%) (%)

HOUSEHOLD GOODS

Performance of SR Household Goods Index


1,100.42 1,112.01 1,091.46 1,096.91 -3.50 -0.32


139,487 - - 3,763.71 mn 5,135.69 mn 1,100.42


2.88 0.31 10.64 6.27 2.18 1,090.21

AL-Abid Silk 115 2.77 26.18 26.89 25.75 25.75 -0.43 101 35.00 25.00 7.5 - -20B 20R

Diamond Ind 90 - 12.71 13.66 11.80 11.81 -0.90 202 19.70 7.80 - - - -

Pak Elektron 1174 3.57 14.14 14.40 14.00 14.19 0.05 123848 15.43 12.82 - 10B - 10B

Tariq Glass Ind 231 1.95 16.35 16.84 16.25 16.34 -0.01 15335 18.80 14.50 - - 17.5 -



(%) (%) (%) (%)

FOOD PRODUCERS

Performance of SR Food Producers Index


1,572.34 1,596.81 1,562.62 1,590.07 17.73 1.13


660,376 - - 11,335.33 mn 207,449.65 mn 1,590.07


34.68 10.51 30.30 30.57 0.88 1,554.54

Adam Sugar 58 0.88 16.87 16.88 16.60 16.60 -0.27 1602 16.90 10.50 10 - - -AL-Noor Sugar 186 5.17 49.21 51.49 49.55 50.85 1.64 315 52.00 39.25 40 - - -Ansari Sugar 244 0.30 6.00 6.50 6.39 6.39 0.39 2500 6.50 4.03 - - - -Bawany Sugar 87 - 2.85 3.00 2.25 2.50 -0.35 4100 3.49 0.85 - - - -Chashma Sugar 287 1.04 13.00 13.44 12.61 12.85 -0.15 29773 15.47 8.50 - - - -Clover Pakistan 94 9.99 58.49 61.41 60.55 61.13 2.64 373 61.41 33.33 - - 15 -Dewan Sugar 365 - 3.00 2.94 2.50 2.51 -0.49 10100 3.15 1.11 - - - -Habib Sugar 600 7.05 33.45 34.95 33.75 34.19 0.74 519447 36.00 26.05 35 25B - -Habib-ADM Ltd 200 11.49 12.27 12.50 12.40 12.41 0.14 1291 16.98 11.90 40 - 40 -Ismail Ind 505 31.04 73.00 72.49 69.35 69.54 -3.46 118 77.70 66.25 15 - 17.5 110RJ D W Sugar 490 2.81 80.96 85.00 81.00 83.89 2.93 16731 85.00 62.00 40 - 0 12.5RMehran Sugar 143 3.50 63.13 64.25 62.00 62.39 -0.74 14997 64.25 48.50 35 30B 25 10BMirpurkhas Sugar 70 5.35 61.05 64.10 64.10 64.10 3.05 16863 64.10 53.64 25 10B 15 20BMirza Sugar 141 0.37 5.99 6.00 5.97 5.97 -0.02 2347 6.48 4.20 - - - -Mithchells Fruit 50 8.42 72.90 69.30 69.30 69.30 -3.60 120 74.00 61.50 20 - - -National Foods 414 15.94 43.53 42.72 42.35 42.72 -0.81 300 57.00 39.01 - 25B 12 -Nestle Pakistan XD 453 23.64 2050.01 2152.51 2050.00 2152.51 102.50 1188 2152.51 1710.00 600 - 450 -Noon Pakistan 48 3.45 24.71 24.88 23.48 24.16 -0.55 1495 27.30 17.51 - 10B 12 -Noon Sugar 165 - 13.58 14.25 13.75 13.96 0.38 2013 14.84 10.20 50 10B - -Pangrio Sugar 109 0.44 5.60 5.79 5.30 5.41 -0.19 16202 6.50 4.00 - - - -Premier Sugar 38 9.40 48.81 51.25 51.25 51.25 2.44 1431 51.25 32.50 30 - - -Quice Food 107 - 2.35 2.10 2.06 2.06 -0.29 2500 3.40 1.60 - - - -Shahmurad Sugar 211 18.30 12.63 12.85 12.60 12.63 0.00 1529 13.20 8.31 15 - - -Shakarganj Mills 695 - 6.52 7.50 6.26 6.40 -0.12 11828 7.50 3.21 - - - -Tandlianwala 1177 317.27 34.00 34.90 34.00 34.90 0.90 900 35.50 27.50 - - - -



(%) (%) (%) (%)

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,178.67 1,190.74 1,164.63 1,169.19 -9.47 -0.80


1,093,089 - - 6,768.53 mn 42,308.95 mn 1,196.95


4.33 1.10 25.35 20.42 4.72 1,169.19

Agriautos Ind 144 5.30 70.00 71.05 70.01 70.01 0.01 1137 72.99 63.01 40 - 90 -

Atlas Battery 101 4.78 160.73 161.80 160.00 160.14 -0.59 8023 187.90 131.00 100 20B 100 20B

Atlas Engineering Ltd 247 13.39 16.00 15.00 15.00 15.00 -1.00 500 19.88 15.00 - 100R - -

Atlas Honda 626 7.68 105.00 106.50 104.52 106.02 1.02 1375 122.51 92.50 80 30B - -

Dewan Motors 890 - 1.52 1.59 1.40 1.45 -0.07 1037064 1.80 1.16 - - - -

Exide (PAK) 56 4.46 179.66 188.64 180.01 188.64 8.98 4285 188.64 121.10 50 - 60 -

General Tyre 598 18.63 22.01 22.49 21.51 21.61 -0.40 1203 26.70 21.00 - - 20 -

Ghandhara Nissan 450 3.37 4.89 4.88 4.60 4.85 -0.04 8347 6.09 4.03 - - - -

Honda Atlas Cars 1428 - 11.99 12.00 11.75 11.80 -0.19 7091 13.40 9.65 - - - -

Indus Motors 786 5.91 262.09 264.99 258.12 258.88 -3.21 8216 282.45 215.99 100 - 150 -

Pak Suzuki 823 11.74 74.08 74.25 73.60 73.71 -0.37 7603 79.50 69.25 5 - - -

Sazgar Engineering 150 3.59 19.75 19.50 19.25 19.26 -0.49 8242 27.58 17.92 - 20B 10 20B



(%) (%) (%) (%)

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,542.31 1,550.95 1,538.46 1,541.15 -1.16 -0.08


76,525 - - 1,336.62 mn 32,301.56 mn 1,547.41


8.26 3.14 38.02 131.49 15.92 1,539.82

Ados Pak 66 0.97 14.87 15.00 14.12 15.00 0.13 180 21.89 14.12 20 - - -

AL-Ghazi Tractor 215 5.14 213.71 215.25 213.50 214.51 0.80 8167 227.45 200.00 400 - 150 -

Bolan Casting 104 - 44.55 44.60 42.90 44.60 0.05 2002 51.99 40.40 - 20B 25 10B

Ghandhara Ind 213 10.09 11.10 11.05 10.90 10.90 -0.20 12100 18.80 10.55 - - - -

Millat Tractors XB 366 6.44 492.45 495.70 491.50 491.98 -0.47 54035 597.90 390.00 450 25B 650 25B



(%) (%) (%) (%)

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


957.48 969.42 954.74 960.00 2.52 0.26


256,588 - - 3,043.31 mn 35,798.98 mn 960.00


2.75 1.21 43.91 15.55 5.66 948.86

Cherat Papersack 115 2.55 71.67 74.99 70.50 71.60 -0.07 184974 74.99 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.20 2.25 2.11 2.13 -0.07 31710 2.64 1.70 - - - -

Ghani Glass 1067 4.59 49.98 49.90 49.90 49.90 -0.08 415 61.99 45.75 30 10B 25 10B

MACPAC Films 389 - 2.80 3.00 2.50 2.67 -0.13 4300 3.84 1.60 - - - -

Packages Ltd 844 54.41 105.69 106.97 105.50 106.10 0.41 5248 112.75 98.00 32.5 - - -

Siemens Engineering 82 10.79 1301.35 1320.00 1305.10 1307.93 6.58 134 1381.00 1068.75 900 - 900 -

Tri-Pack Films 300 8.28 113.05 115.00 111.25 113.49 0.44 29804 115.00 94.00 100 - - -



(%) (%) (%) (%)

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


999.33 1,022.20 987.29 1,001.77 2.44 0.24


34,366,861 - - 54,792.74 mn 72,175.69 mn 1,001.77


6.62 0.47 7.10 19.04 2.88 992.46

Al-Abbas Cement 1828 - 3.20 3.44 3.20 3.30 0.10 71943 4.20 2.80 - - - 100R

Attock Cement 866 6.43 62.37 63.00 61.01 61.13 -1.24 39681 69.86 57.60 50 20B 50 -

Balochistan Glass Ltd 858 - 1.51 1.70 1.69 1.69 0.18 200 2.05 1.01 - - - -

Berger Paints 182 - 19.93 19.98 19.11 19.49 -0.44 21311 20.45 14.01 - - - 122R

Cherat Cement 956 26.77 12.06 12.24 11.70 11.78 -0.28 24723 12.75 9.51 - - - -

Dadabhoy Cement 982 13.00 1.69 1.70 1.50 1.69 0.00 5014 2.20 1.30 - - - -

Dewan Cement 3574 - 1.88 2.05 1.65 1.87 -0.01 573287 2.05 1.30 - - - -

DG Khan Cement Ltd 3651 123.42 28.25 29.66 28.26 29.62 1.37 25839938 31.05 23.40 - 20R - 20R

Fauji Cement 6933 15.00 5.00 5.10 4.95 4.95 -0.05 707678 5.50 4.52 - - - -

Fecto Cement 502 3.78 7.20 7.25 7.20 7.25 0.05 3000 8.20 4.25 - 10B - -

Flying Cement Ltd 1760 - 1.76 1.88 1.75 1.79 0.03 193423 2.20 1.70 - - - -

Gammon Pak 283 - 1.51 2.40 1.60 2.24 0.73 102 2.90 0.98 - - - -

Gharibwal Cement 2319 - 6.70 7.50 6.26 7.39 0.69 5792 7.50 2.11 - - - -

Haydery Const 32 - 0.67 0.75 0.65 0.68 0.01 42589 1.48 0.25 - - - -

Kohat Cement 1288 - 7.15 7.30 7.10 7.19 0.04 60524 8.70 5.50 - - - -

Lafarge Pakistan Cmt. 13126 - 3.00 3.15 2.99 3.01 0.01 1084119 3.65 2.71 - - - -

Lucky Cement 3234 6.69 75.08 76.44 74.00 74.44 -0.64 4704439 79.98 67.15 40 - 40 -

Maple Leaf Cement 5261 1.36 2.99 3.04 2.90 2.92 -0.07 344287 3.40 2.51 - - - -

Pioneer Cement 2228 - 6.86 7.12 6.76 6.93 0.07 644743 8.58 6.56 - - - -

Safe Mix Concrete 200 - 5.89 6.00 5.65 5.97 0.08 18671 9.47 5.25 - - - -



(%) (%) (%) (%)

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


979.00 985.94 967.89 974.60 -4.39 -0.45


134,342 - - 3,596.11 mn 9,471.97 mn 979.00


3.25 1.08 33.10 30.91 9.52 973.16

Crescent Steel 565 3.89 24.93 25.15 24.80 24.89 -0.04 8801 25.98 23.75 - - 30 -

Dost Steels Ltd 675 - 2.90 2.90 2.76 2.85 -0.05 103483 3.39 1.65 - - - -

Huffaz Pipe 555 8.96 14.80 14.85 14.25 14.34 -0.46 12650 16.75 12.25 - 30B - -

International Ind 1199 10.61 51.50 51.78 50.90 50.93 -0.57 20855 63.95 44.00 - - 40 20B

Siddiqsons Tin 785 10.43 9.09 9.18 8.82 9.18 0.09 1202 10.80 8.00 10 - 7.5 -



(%) (%) (%) (%)

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,091.55 1,112.89 1,079.07 1,083.91 -7.64 -0.70


41,036 - - 1,186.83 mn 3,004.07 mn 1,091.55


5.58 0.42 7.47 25.28 4.53 1,065.20

Century Paper 707 - 16.72 16.89 16.40 16.45 -0.27 17689 21.80 15.28 - 425R - -

Pak Paper Product 50 8.01 42.06 44.16 41.20 41.63 -0.43 15281 62.85 38.61 20 - 25 33.33B

Security Paper 411 6.10 39.50 40.40 39.31 39.50 0.00 8066 41.50 38.00 50 - 50 -



(%) (%) (%) (%)

CHEMICALS

Performance of SR Chemicals Index


1,275.44 1,294.44 1,269.80 1,278.79 3.35 0.26


20,338,903 - - 52,251.88 mn 284,265.26 mn 1,278.79


8.00 2.80 35.00 48.81 6.10 1,255.59

Agritech Limited 3924 8.29 21.98 23.05 20.95 22.87 0.89 29600 25.38 20.26 - - - -

Bawany Air 68 75.00 9.50 10.48 8.52 9.00 -0.50 308 13.99 7.73 - - 5 10R

BOC (Pak) 250 11.49 83.97 84.25 83.67 83.68 -0.29 3181 87.99 66.90 90 - 15 -

Clariant Pak 273 5.96 157.00 157.00 155.75 156.00 -1.00 7254 164.89 149.72 125 - - -

Dawood Hercules XD 1203 7.24 175.45 178.50 174.00 174.68 -0.77 30993 185.00 159.01 40 10B 40 -

Descon Chemical 1996 - 2.54 2.61 2.48 2.59 0.05 10784 2.90 1.78 - - - -

Descon Oxychem Ltd. 1020 - 7.27 7.48 7.10 7.18 -0.09 212597 8.27 3.20 - - - -

Dewan Salman 3663 - 2.14 2.18 1.95 1.98 -0.16 2612635 2.30 1.28 - - - -

Engro Corp. LtdSPOT 3277 10.20 182.61 186.25 183.25 185.71 3.10 2233351 186.74 168.65 6010B 40R 40 -

Engro Polymer 6635 - 13.50 13.85 13.25 13.34 -0.16 568423 15.20 11.20 - 27.5R - -

Fatima Fertilizer 22000 - 9.71 10.24 9.65 10.18 0.47 3133262 11.74 9.11 - - - -

Fauji Fertilizer XD 6785 8.19 112.87 114.40 112.60 113.03 0.16 1178128 114.40 102.96 131.5 10B 95 -

Fauji Fert. Bin Qasim 9341 6.51 34.65 34.90 34.40 34.51 -0.14 2090809 34.90 26.59 40 - 17.5 -

Ghani Gases Ltd 725 8.73 11.65 11.92 11.49 11.52 -0.13 45004 13.85 7.41 - - - -

ICI Pakistan 1388 7.75 137.41 139.99 137.05 137.53 0.12 440671 139.99 116.00 80 - 55 -

Ittehad Chemical 360 10.26 28.75 27.75 27.32 27.49 -1.26 1109 28.85 21.00 15 - 5 -

Lotte Pakistan 15142 4.35 12.36 12.48 12.10 12.17 -0.19 10291667 12.48 7.85 5 - - -

Nimir Ind Chemical 1106 - 1.64 1.67 1.48 1.51 -0.13 530956 1.72 1.16 - - - -

Shaffi Chemical 120 - 2.35 2.75 2.26 2.41 0.06 1004 3.40 1.80 - - - -

Sitara Chem Ind 214 10.96 129.75 136.20 125.00 133.75 4.00 19738 136.20 101.00 75 - 25 5B

Sitara Peroxide 551 14.48 13.37 13.60 13.30 13.32 -0.05 33999 14.69 7.67 - - - -

Wah-Noble 90 6.25 33.26 33.50 32.40 32.52 -0.74 7398 46.25 32.00 50 - 50 -



(%) (%) (%) (%)

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


894.83 909.37 887.24 896.94 2.11 0.24


35,809 - - 3,904.20 mn 29,926.04 mn 896.94


7.03 1.57 22.31 44.54 6.34 882.69

Abbott (Lab) 979 8.76 100.06 100.50 99.00 100.00 -0.06 2133 104.00 78.00 120 - 20 -

Ferozsons (Lab) 250 6.42 84.00 85.00 84.30 84.99 0.99 423 124.00 82.20 10 20B - 20B

GlaxoSmithKline 1707 13.29 74.27 75.89 73.50 73.89 -0.38 14816 76.00 65.00 50 - - -

Highnoon (Lab) 165 7.29 26.00 26.50 25.82 26.30 0.30 6511 26.98 22.60 25 - - -

Otsuka Pak 100 7.54 33.90 35.00 33.74 33.79 -0.11 153 35.00 27.50 15 - - -

Searle Pak 306 5.53 61.90 61.99 60.75 61.50 -0.40 11722 64.50 57.00 15 15B 30 -



(%) (%) (%) (%)

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


736.32 745.34 722.92 733.37 -2.96 -0.40


44,700 - - 3,242.17 mn 12,623.67 mn 736.32


5.50 1.40 25.53 11.08 2.01 731.63

Pak Int Cont. Terminal 1092 7.22 72.00 72.90 71.07 72.19 0.19 2795 77.77 60.05 - 20B 40 -

PNSC 1321 36.96 35.07 35.50 33.65 34.00 -1.07 41905 41.00 33.65 30 - 15 -



(%) (%) (%) (%)

BOOK CLOSURES

Dawood Hercules Chemicals # 2-Dec 8-Dec - - 8-Dec

Askari Gen Insurance 2-Dec 8-Dec 25(R) - -

Dawood Hercules 2-Dec 8-Dec - - -

MCB Bank 3-Dec 10-Dec 30(iii) 25-Nov -

Dawood Hercules Chemicals 7-Dec 13-Dec 20(ii) 29-Nov -

Pakistan Premier Fund 7-Dec 14-Dec - - 14-Dec

Engro Corporation (Standalone) 7-Dec 21-Dec 20(ii) 29-Nov -

Fauji Fertilizer Bin Qasim 14-Dec 20-Dec 12.50(iii) - -

Oil and Gas Development Co 14-Dec 21-Dec 15(i) - -

Siemens Pakistan 20-Dec 29-Dec 600 - 29-Dec

INDICATIONS

# Extraordinary General Meeting

Company From To D/B/R Spot AGM/Date

OTHER SECTORS

Johnson & Philips 9 9.89 8.02 8.92 -0.08 1605TRG Pakistan Ltd. 4.2 4.35 4.13 4.16 -0.04 1305935Murree Brewery Co 78.3 79.1 78.25 79 0.7 971Grays of Cambr XD 50.08 52.27 48.75 49.09 -0.99 161Pak Tobacco 119.13 119.5 113.18 113.92 -5.21 79337Shifa Int.Hospitals 27.86 29.05 28 28.96 1.1 5242PIAC(A) 2.27 2.3 2.21 2.21 -0.06 27408AKD Capital XD 52 51.99 50.01 50.53 -1.47 2402Pace (Pak) Ltd 2.84 2.95 2.78 2.8 -0.04 380787Netsol Technologies 19.12 19.75 19.05 19.22 0.1 1209668Pak Telephone 2 2.3 1.91 2 0 5581

Symbols Open High Low Close Change Vol

Thursday, December 2, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -12.95 points at 11,221.81. Volume was 99

per cent above average and Bollinger Bands were 16 per cent wider than

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

resistance level at 11,296.15 and 2nd resistance level at 11,370.50, while

Index will continue to find its 1st support level at 11,180.40 and 2nd sup-

port level at 11,138.95.

KSE 100 INDEX is currently 10.9 per cent above its 200-day moving aver-

age 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 INDEX (mildly bull-

ish). Trend forecasting oscillators are currently bullish on INDEX.

Momentum oscillator is currently indicating that INDEX is currently in an

overbought condition.

RSI (14-day) 73.51 Support 1 11,180.40

MA (5-day) 11,180.07 Support 2 11,138.95

MA (10-day) 11,130.78 Resistance 1 11,296.15

MA (100-day) 10,267.95 Resistance 2 11,370.50

MA (200-day) 10,123.72 Pivot 11,254.70


Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed up 1.37 at 29.62. Volume was 613 per cent above average

(trending) and Bollinger Bands were 14 per cent narrower than normal.

DGKC is currently 10.4 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 volume

flowing into and out of DGKC at a relatively equal pace. Trend forecasting

oscillators are currently bullish on DGKC

*Arif Habib Ltd 42 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 62.35 Free Float Shares (mn) 182.55

MA (10-day) 28.65 Free Float Rs (mn) 5,407.12

MA (100-day) 26.33 ** NOI Rs (mn) 84.56

MA (200-day) 26.83 Mean 28.95

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


Nishat Mills Ltd


Technical Outlook

NML closed down -0.48 at 59.13. Volume was 517 per cent above aver-

age (trending) and Bollinger Bands were 31 per cent wider than normal.

NML is currently 16.4 per cent above its 200-day moving average and is

displaying an upward trend. Volatility is relatively normal as compared to

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

reflect very strong flows of volume into NML (bullish). Trend forecasting

oscillators are currently bullish on NML.






MA (100-day) 49.17 ** NOI Rs (mn) 115.17

MA (200-day) 50.80 Mean 59.43



National Bank of Pakistan


Technical Outlook

NBP closed down -0.56 at 66.63. Volume was 160 per cent above average

(trending) and Bollinger Bands were 46 per cent narrower than normal.

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

playing an upward trend. Volatility is low as compared to the average

volatility over the last 10 trading sessions. Volume indicators reflect volume

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

oscillators are currently bullish on NBP.


AKD Securities Ltd 61.96 Neutral




MA (100-day) 66.03 ** NOI Rs (mn) 55.66

MA (200-day) 70.17 Mean 67.07



Lucky Cement Ltd


Technical Outlook

LUCK closed down -0.64 at 74.44. Volume was 246 per cent above aver-

age (trending) and Bollinger Bands were 2 per cent wider than normal.

LUCK is currently 5.2 per cent above its 200-day moving average and is


volatility over the last 10 trading sessions. Volume indicators reflect mod-

erate flows of volume into LUCK (mildly bullish). Trend forecasting oscilla-

tors are currently bullish on LUCK.



TFD Research 72.75 Neutral



MA (100-day) 70.09 ** NOI Rs (mn) 16.90

MA (200-day) 70.75 Mean 74.99



Hub Power Co Ltd


Technical Outlook

HUBC closed up 0.08 at 36.57. Volume was 22 per cent above average

and Bollinger Bands were 73 per cent wider than normal.

HUBC is currently 7.1 per cent above its 200-day moving average and is



reflect very strong flows of volume into HUBC (bullish). Trend forecasting

oscillators are currently bullish on HUBC.


AKD Securities Ltd 44 Buy




MA (100-day) 34.66 ** NOI Rs (mn) N/A

MA (200-day) 34.13 Mean 36.62



Engro Corporation


Technical Outlook

ENGRO closed up 3.10 at 185.71. Volume was 131 per cent above aver-

age and Bollinger Bands were 17 per cent narrower than normal.

ENGRO is currently 0.7 per cent above its 200-day moving average and is



reflect moderate flows of volume into ENGRO (mildly bullish). Trend fore-

casting oscillators are currently bullish on ENGRO.

*Arif Habib Ltd 184 Hold





MA (100-day) 178.96 ** NOI Rs (mn) 66.31

MA (200-day) 184.38 Mean 184.46



Pakistan Oilfields Ltd


Technical Outlook

POL closed down -2.79 at 267.38. Volume was 73 per cent above average

and Bollinger Bands were 61 per cent wider than normal.

POL is currently 14.4 per cent above its 200-day moving average and is


volatility over the last 10 trading sessions. Volume indicators reflect mod-

erate flows of volume into POL (mildly bullish). Trend forecasting oscilla-

tors are currently bullish on POL.



TFD Research 281.35 Neutral



MA (100-day) 236.20 ** NOI Rs (mn) 265.44

MA (200-day) 233.68 Mean 269.56


EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,182.21 1,207.06 1,167.95 1,184.07 1.86 0.16


2,452,904 - - 29,771.58 mn 17,246.26 mn 1,184.07


17.63 0.39 2.21 104.74 9.23 1,130.49

1st Fid Leasing 264 9.44 1.41 1.64 1.41 1.51 0.10 12020 2.24 1.01 - - - -

AL-Meezan Mutual F. 1375 5.83 6.90 7.10 6.90 7.00 0.10 169000 7.20 5.85 - - 18.5 -

Atlas Fund of Funds 525 1.62 4.00 4.05 3.65 4.02 0.02 9511 4.50 2.63 - - 2.2 -

B R R Guardian Mod. 780 4.20 1.89 1.95 1.81 1.85 -0.04 9013 2.37 0.90 - - 0 -

Constellation Mod. 65 3.41 1.50 1.70 1.50 1.50 0.00 501 2.99 0.90 - - - -

Crescent St Mod. XD 200 1.48 0.54 0.60 0.51 0.59 0.05 12530 1.10 0.20 - - 1.2 -

Elite Cap Mod. XD 113 3.25 2.59 2.60 2.60 2.60 0.01 600 3.09 1.65 4.5 - 5 -

First Capital Mutual F. 300 10.13 4.05 4.06 4.05 4.05 0.00 1000 5.50 1.94 - - - -

First Dawood Mutual F. 581 0.66 2.08 2.14 2.00 2.10 0.02 63913 2.14 1.30 - - - -

Golden Arrow 760 2.09 3.01 3.10 2.92 2.93 -0.08 255492 3.88 2.32 - - 17 -

H B L Modaraba 397 2.29 6.89 6.87 6.87 6.87 -0.02 500 6.91 4.80 5 - 11 -

Habib Modaraba 1008 5.77 6.62 6.70 6.60 6.69 0.07 6941 6.70 5.56 20 - 21 -

JS Growth Fund 3180 54.63 4.44 4.50 4.30 4.37 -0.07 260012 4.50 2.65 - - 5 -

JS Value Fund 1186 15.11 4.56 4.56 4.20 4.23 -0.33 598590 4.73 2.31 10 - 10 -

KASB Modaraba 283 1.04 1.85 1.82 1.40 1.42 -0.43 7964 2.23 0.52 - - 2.8 -

Meezan Balanced Fund 1200 5.91 6.06 6.25 5.92 6.15 0.09 22100 6.69 5.15 - - 15.5 -

Mod Al-Mali 184 11.00 1.09 1.16 1.00 1.10 0.01 4307 2.18 0.56 - - - -

Pak Modaraba 125 5.05 1.00 1.08 1.01 1.01 0.01 171 1.40 0.30 - - 3 -

Pak Prem Fund 1698 12.15 8.75 8.80 8.72 8.75 0.00 169700 9.39 7.00 - - 18.6 -

PICIC Energy Fund XD 1000 1.80 5.95 6.29 6.00 6.18 0.23 397262 6.29 4.20 - - 10 -

PICIC Growth Fund 2835 7.02 10.64 11.20 10.71 10.95 0.31 343710 11.20 7.90 - - 20 -

PICIC Inv Fund 2841 6.00 5.29 5.48 5.20 5.28 -0.01 88253 5.48 3.50 - - 10 -

Prud Modaraba 1st 872 2.20 0.97 0.97 0.90 0.97 0.00 1500 1.20 0.76 - - 3 -

Punjab Modaraba XD 340 - 1.45 1.89 1.55 1.60 0.15 10005 2.54 0.50 - - 1 -

Stand Chart Modaraba 454 4.23 8.97 9.90 8.52 8.63 -0.34 5144 10.99 7.75 16.5 - 17 -

Trust Modaraba 298 2.42 1.75 1.26 1.25 1.26 -0.49 3047 4.40 1.00 - - 5 -



(%) (%) (%) (%)

FINANCIAL SERVICES

Performance of SR Financial Services Index


438.66 443.28 426.83 429.28 -9.38 -2.14


6,860,176 - - 30,336.44 mn 29,688.70 mn 442.65


10.04 0.29 0.91 99.56 3.11 429.28

AMZ Ventures 225 1.27 0.55 0.59 0.53 0.56 0.01 24528 1.10 0.42 - - - -

Arif Habib Investments 360 3.58 18.35 18.40 18.01 18.20 -0.15 4506 19.98 13.00 - - - 20B

Arif Habib Limited 450 13.32 26.64 26.90 26.03 26.11 -0.53 35457 34.00 24.40 15 25B - 20B

Arif Habib Corp 3750 4.63 25.97 26.20 25.15 25.20 -0.77 3944158 27.02 20.90 - - 30 -

Dawood Cap Mngt. XB 150 1.26 1.26 1.80 1.25 1.41 0.15 142483 2.14 0.86 - - - -

Dawood Equities 250 - 2.23 2.40 1.91 1.96 -0.27 6034 2.70 1.51 - - - -

First Credit & Invest Bank Ltd 650 12.50 3.25 3.35 3.00 3.00 -0.25 7290 4.50 2.00 - - - -

IGI Investment Bank 2121 16.25 2.60 2.65 2.60 2.60 0.00 81152 2.88 1.17 - - - -

Invest Bank 2849 - 0.70 0.85 0.60 0.60 -0.10 19013 1.00 0.44 - - - -

Ist Cap Securities 3166 - 3.62 3.65 3.50 3.56 -0.06 17401 4.80 2.54 - 10B - 10B

Ist Dawood Bank 626 0.64 1.97 1.94 1.72 1.80 -0.17 62380 2.84 1.31 - - - -

Jah Siddiq Co 7633 - 13.03 13.16 12.45 12.52 -0.51 6088326 14.05 8.80 -243.778B 10 -

JOV and CO 508 - 4.18 4.35 3.93 4.02 -0.16 144675 5.38 1.96 - - - -

JS Global Cap 500 8.14 30.04 31.40 29.03 30.27 0.23 21873 40.00 24.25 150 - - -

JS Investment 1000 28.50 6.87 7.00 6.80 6.84 -0.03 105989 7.59 5.10 - - - -

KASB Securities 1000 - 4.40 4.49 4.40 4.44 0.04 5223 4.70 3.20 - - - -

Pervez Ahmed Sec 775 - 2.21 2.29 2.16 2.17 -0.04 59625 2.70 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.61 0.68 0.64 0.64 0.03 107 0.86 0.42 - - - -

Sec Inv Bank 514 11.76 2.00 3.00 2.74 2.94 0.94 40797 3.90 1.65 - - - -

Stand Chart Leasing 978 5.21 2.50 2.89 2.28 2.50 0.00 506 2.95 1.95 - - - -



(%) (%) (%) (%)

LIFE INSURANCE

Performance of SR Life Insurance Index


951.41 993.28 927.91 935.87 -15.54 -1.63


4,154 - - 2,290.72 mn 10,943.43 mn 961.55


104.91 4.04 3.85 355.53 3.39 935.87

American Life 500 5.72 17.95 17.11 17.11 17.11 -0.84 701 20.45 17.01 - - - -

EFU Life Assurance 850 47.39 83.22 86.95 81.60 83.41 0.19 1752 86.95 51.25 5513.33B - -

New Jub Life Insurance 627 30.62 46.80 49.14 45.60 45.63 -1.17 1700 49.14 39.68 10 - - -



(%) (%) (%) (%)

BANKS

Performance of SR Banks Index


1,064.10 1,076.84 1,053.29 1,058.88 -5.22 -0.49


20,347,651 - - 257,548.02 mn 644,585.40 mn 1,064.10


7.68 1.07 13.94 40.49 5.27 1,048.08

Allied Bank Limited 7821 5.90 61.52 62.00 60.70 60.76 -0.76 348651 62.00 48.51 40 10B 20 -Askari Bank 6427 7.58 16.07 16.19 15.90 15.91 -0.16 398648 16.65 14.05 - 20B - -Atlas Bank 5001 - 1.66 1.67 1.56 1.60 -0.06 25401 2.55 1.50 - - - -Bank Alfalah 13492 12.21 9.59 9.79 9.51 9.52 -0.07 317088 10.19 7.65 8 - - -Bank AL-Habib 7322 7.30 33.98 34.49 33.50 33.85 -0.13 416909 34.49 29.10 20 20B - -Bank Of Khyber 5004 5.49 4.29 4.29 4.07 4.12 -0.17 32172 4.70 2.50 - - - -Bank Of Punjab 5288 - 9.67 9.80 9.40 9.44 -0.23 1141238 10.59 7.56 - - - -BankIslami Pak 5280 812.50 3.32 3.48 3.25 3.25 -0.07 149593 3.88 2.70 - - - -Faysal Bank XB 7309 4.60 14.23 14.40 14.08 14.25 0.02 28410 17.10 12.85 - - - 20BHabib Bank Ltd 10019 6.63 106.11 107.40 106.00 106.12 0.01 176061 108.79 92.55 60 10B - -Habib Metropolitan Bank 8732 7.48 25.56 25.50 24.30 24.46 -1.10 124869 26.74 18.02 10 16B - -JS Bank Ltd 6128 - 2.89 2.84 2.65 2.66 -0.23 96560 3.00 2.00 - - - 66RKASB Bank Ltd 9509 - 2.59 2.69 2.56 2.60 0.01 18410 2.90 2.03 - 26B - -MCB Bank LtdSPOT 7602 9.15 206.33 208.00 205.50 206.52 0.19 413539 210.00 182.61 110 10B 55 -Meezan Bank 6983 8.20 15.60 15.90 15.45 15.50 -0.10 4002 16.32 14.05 - 5B - -Mybank Ltd 5304 - 2.26 2.33 2.10 2.30 0.04 49516 2.75 1.66 - - - -National Bank 13455 5.82 67.19 67.95 66.50 66.63 -0.56 6834347 70.75 61.50 75 25B - -Network Mic Bank 300 - 1.21 1.45 1.06 1.45 0.24 1100 1.69 0.62 - - - -NIB Bank 40437 - 2.87 3.00 2.85 2.87 0.00 7642000 3.25 2.46 - - - -Royal Bank Ltd 17180 - 5.02 5.20 4.86 4.97 -0.05 90775 8.18 3.91 - - - -Samba Bank 14335 - 1.86 1.87 1.80 1.81 -0.05 44282 2.65 1.51 - - -63.46RSilkbank Ltd 26716 - 2.76 2.79 2.70 2.74 -0.02 690453 3.08 2.50 - - - -Soneri Bank 6023 - 7.09 7.40 7.01 7.05 -0.04 65924 8.00 5.01 - - - -Stand Chart Bank 38716 11.85 7.74 7.87 7.56 7.70 -0.04 6758 8.00 6.00 - - - -Summit Bank Ltd 5000 - 3.21 3.40 3.10 3.10 -0.11 94854 3.80 2.30 - - - -United Bank Ltd 12242 6.99 59.69 60.70 59.15 59.51 -0.18 1230945 60.70 49.90 25 10B 10 -



(%) (%) (%) (%)

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


752.95 762.60 740.47 746.44 -6.51 -0.86


886,387 - - 11,111.34 mn 46,613.49 mn 752.95


10.96 0.57 5.20 79.54 7.25 746.44

Adamjee Insurance 1237 23.19 80.52 81.39 79.50 80.01 -0.51 431822 84.45 63.05 30 10B 10 -



(%) (%) (%) (%)

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,637.30 1,651.68 1,618.49 1,621.69 -15.61 -0.95


643,703 - - 12,202.80 mn 34,691.18 mn 1,637.30


10.39 1.18 11.41 66.79 6.43 1,602.60

Sui North Gas XD 5491 8.49 28.69 29.22 28.50 28.51 -0.18 591698 34.75 25.55 - - 20 -Sui South Gas 8390 3.42 22.96 23.01 22.62 22.69 -0.27 52005 30.70 19.60 - - 15 25B



(%) (%) (%) (%)

ELECTRICITY

Performance of SR Electricity Index


1,240.77 1,255.79 1,233.62 1,241.10 0.33 0.03


11,725,184 - - 95,369.29 mn 100,980.12 mn 1,241.10


13.05 1.22 9.35 104.13 7.98 1,224.99

Genertech 198 - 0.94 1.04 0.86 0.97 0.03 15811 1.45 0.51 - - - -

Hub Power 11572 6.70 36.49 37.00 36.40 36.57 0.08 2405342 37.24 32.75 33.5 - 50 -

Japan Power 1560 - 1.71 1.70 1.62 1.65 -0.06 60335 2.25 1.20 - - - -

KESC XR 7932 - 2.31 2.33 2.25 2.30 -0.01 81111 2.50 1.94 - 31R - 7.8R

Kohinoor Power 126 2.59 4.47 4.25 4.25 4.25 -0.22 1000 6.10 4.09 - - - -

Kot Addu Power 8803 4.82 39.58 39.78 39.50 39.64 0.06 99125 42.95 38.35 64.5 - 50 -

Nishat Chunian Power Ltd 3673 3.18 14.28 14.60 14.21 14.48 0.20 2243441 14.85 9.80 - - - -

Nishat Power Ltd 3541 24.98 15.49 15.94 15.26 15.49 0.00 6724843 16.10 9.60 - - - -

Sitara Energy Ltd 191 3.48 18.61 19.15 18.50 18.64 0.03 6791 23.49 17.98 20 - 20 -

Southern Electric 1367 - 2.19 2.20 2.13 2.16 -0.03 69203 2.90 2.05 - - - -

Tri-star Power XD 150 - 1.01 1.00 0.96 0.96 -0.05 18180 1.75 0.33 3 - - -



(%) (%) (%) (%)

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


1,133.85 1,149.65 1,125.33 1,128.56 -5.29 -0.47


2,411,935 - - 50,077.79 mn 78,059.87 mn 1,153.22


6.16 0.79 12.84 62.56 10.16 1,128.56

Pakistan Telecomm Co A 37740 12.78 19.27 19.50 19.12 19.17 -0.10 1820600 20.12 17.55 15 - 17.5 -Telecard XD 3000 0.65 2.20 2.27 2.17 2.19 -0.01 318941 2.69 1.80 - - 1 -WorldCall Tele 8606 - 2.63 2.70 2.60 2.61 -0.02 272368 2.98 2.31 - - - -Wateen Telecom Ltd 6175 - 3.67 3.75 3.50 3.50 -0.17 158931 4.50 3.35 - - - -



(%) (%) (%) (%)

Ask Gen Insurance XR 204 6.40 11.47 11.95 10.56 10.56 -0.91 2378 12.75 8.45 - - - 25R

Atlas Insurance 369 5.78 36.48 36.95 36.11 36.33 -0.15 10120 36.95 27.10 40 10B - -

Central Insurance XB 279 7.03 60.50 62.90 61.45 61.85 1.35 501 62.90 47.37 20 25B 10 10B

Century Insurance 457 6.81 11.35 11.40 10.85 10.89 -0.46 3400 12.00 9.42 - - - -

EFU General Insurance 1250 - 46.38 47.50 45.00 45.39 -0.99 28511 48.63 34.76 40 8.7B - -

Habib Insurance 400 3.00 12.54 12.90 12.59 12.59 0.05 551 12.90 10.04 35 - - -

IGI Insurance 718 16.82 90.00 91.00 88.00 90.67 0.67 10012 92.00 66.41 35 - 10 20B

Pak Reinsurance 3000 41.03 16.35 16.56 15.95 16.00 -0.35 368194 17.20 12.50 30 - - -

PICIC Ins Ltd 350 - 7.17 7.09 6.72 6.85 -0.32 1902 8.30 1.66 - - - -

Premier Insurance 303 5.52 10.10 10.25 10.02 10.21 0.11 17700 10.30 8.00 20 15B - -

Silver Star Insurance 253 4.11 7.00 7.06 6.60 6.62 -0.38 7894 8.17 6.00 - 20B - -

United Insurance XB 400 2.10 6.26 6.69 6.10 6.40 0.14 2382 7.20 4.03 - 16B - -

Universal Insurance 210 - 3.19 2.70 2.70 2.70 -0.49 1000 4.00 1.77 - - - -

UPTO 100 VOLUME

FANM 3.09 2.85 2.85 2.85 -0.24 100

HAJT 0.50 0.42 0.40 0.42 -0.08 100

SHCM 9.90 10.90 10.90 10.90 1.00 100

SANSM 13.69 13.74 13.35 13.74 0.05 100

JKSM 4.57 5.20 4.10 5.05 0.48 98

OLPL 6.99 6.60 6.60 6.60 -0.39 88

COLG 899.34 900.00 894.50 894.50 -4.84 65

MWMP 1.61 1.69 1.34 1.50 -0.11 60

SCL 87.15 91.00 82.80 91.00 3.85 53

SALT 52.72 55.00 50.25 50.25 -2.47 51

SHJS 91.22 95.49 95.49 95.49 4.27 51

ULEVER 4124.00 4158.00 4081.00 4137.01 13.01 51

BAFS 65.01 62.00 62.00 62.00 -3.01 50

RMPL 1825.36 1800.00 1800.00 1800.00 -25.36 43

HINO 137.51 139.40 137.50 137.50 -0.01 40

FRCL 2.24 2.25 1.40 2.12 -0.12 34

WYETH 870.00 913.50 870.00 913.50 43.50 33

SLYT 4.25 4.05 3.81 4.05 -0.20 26

PAKD 80.50 82.90 82.65 82.65 2.15 26

SHEZ 95.00 98.00 92.30 97.33 2.33 25

KOSM 1.05 1.19 0.87 1.09 0.04 24

REWM 9.20 9.95 9.20 9.20 0.00 24

MLCFPS 5.59 6.20 4.60 5.05 -0.54 20

PKGI 7.00 7.49 6.07 7.40 0.40 19

IBLHL 8.00 8.91 7.55 8.19 0.19 17

DMTM 5.20 5.00 5.00 5.00 -0.20 16

FIBLM 2.00 2.50 1.52 2.24 0.24 11

HWQS 17.75 18.75 18.75 18.75 1.00 11

ALQT 6.30 5.35 5.35 5.35 -0.95 10

DNCC 2.90 2.50 2.50 2.50 -0.40 10

UDPL 10.00 9.68 9.68 9.68 -0.32 10

PHDL 37.05 38.90 35.20 35.51 -1.54 8

GATI 42.80 43.95 43.76 43.95 1.15 7

UPFL 1093.24 1050.00 1050.00 1050.00 -43.24 7

FEM 1.60 1.70 1.68 1.68 0.08 5

FNEL 8.91 9.00 9.00 9.00 0.09 5

ZTL 3.53 4.40 3.35 3.80 0.27 5

ETNL 22.35 21.50 21.50 21.50 -0.85 5

LEUL 2.00 1.75 1.75 1.75 -0.25 5

BROT 0.70 0.73 0.15 0.35 -0.35 4

EMCO 3.45 3.98 3.40 3.40 -0.05 4

IFSL 6.80 7.29 7.00 7.00 0.20 3

FZCM 44.58 46.80 42.40 46.70 2.12 3

FASM 33.25 34.75 31.60 34.50 1.25 3

LAKST 332.99 334.50 334.00 334.00 1.01 3

MERIT 18.25 17.31 17.31 17.31 -0.94 3

GRYL 1.15 2.10 1.12 1.12 -0.03 2

TRIBL 2.00 1.52 1.52 1.52 -0.48 2

DINT 26.44 26.75 26.75 26.75 0.31 2

HMIM 0.80 0.98 0.39 0.39 -0.41 2

CRTM 20.98 21.90 21.00 21.45 0.47 2

KOHE 19.68 19.67 18.80 18.80 -0.88 2

GAIL 4.40 5.00 4.36 4.36 -0.04 2

TSMF 1.39 1.50 1.44 1.44 0.05 1

FUDLM 5.65 5.90 5.79 5.79 0.14 1

CSIL 4.00 4.01 4.01 4.01 0.01 1

EWLA 3.29 3.25 3.00 3.00 -0.29 1

IDYM 274.22 277.35 277.35 277.35 3.13 1

KSTM 0.56 0.78 0.72 0.72 0.16 1

MQTM 7.35 6.76 6.76 6.76 -0.59 1

TATM 32.27 33.75 33.00 33.00 0.73 1

ARUJ 4.50 4.10 4.10 4.10 -0.40 1

COTT 1.10 0.91 0.88 0.91 -0.19 1

STML 21.90 21.90 21.90 21.90 0.00 1

SAPT 102.30 103.95 103.95 103.95 1.65 1

LIBM 58.95 56.50 56.50 56.50 -2.45 1

NSRM 12.17 11.17 11.17 11.17 -1.00 1

MSCL 7.23 7.50 7.50 7.50 0.27 1

DWAE 0.50 0.50 0.50 0.50 0.00 1

TREI 1.98 1.90 1.90 1.90 -0.08 1

SING 18.80 18.80 18.80 18.80 0.00 1

SAPL 128.00 132.99 132.90 132.90 4.90 1

PGCL 20.98 21.43 21.40 21.40 0.42 1

ARPAK 14.25 15.00 15.00 15.00 0.75 1

PSEL 163.67 169.35 169.35 169.35 5.68 1


FUTURE CONTRACTS

DGKC-DEC 28.55 29.97 28.50 29.84 1.29 7049500

NML-DEC 59.81 60.40 58.77 59.11 -0.70 1683500

POL-DEC 272.67 275.50 269.05 269.81 -2.86 571000

NBP-DEC 67.78 68.46 67.10 67.35 -0.43 369000

ENGRO-DEC 182.15 185.90 183.50 185.46 3.31 333000

PSO-DEC 286.94 291.00 283.75 284.05 -2.89 236000

LUCK-DEC 75.81 76.56 74.51 75.02 -0.79 179500

PPL-DEC 203.72 205.85 201.50 201.84 -1.88 77500

MCB-DEC 205.06 206.88 204.25 204.73 -0.33 73500

FFBL-DEC 33.67 34.08 33.53 33.59 -0.08 57500

AICL-DEC 81.20 81.70 80.25 80.40 -0.80 44000

PTC-DEC 19.50 19.60 19.31 19.33 -0.17 34000

ANL-DEC 11.26 11.28 11.05 11.10 -0.16 30500

NCL-DEC 23.02 22.81 22.10 22.81 -0.21 11500

BOP-DEC 9.82 9.51 9.50 9.50 -0.32 11000

FFC-DEC 113.90 114.00 114.00 114.00 0.10 10000

UBL-DEC 60.61 61.10 60.00 60.01 -0.60 8000

OGDC-DEC 162.04 162.50 161.02 162.48 0.44 6500


ZERO VOLUME

AATM 1.09 1.08 1.08 1.08 -0.01 0.00

AGSML 5.00 5.05 5.05 5.05 0.05 0.00

BHAT 256.20 249.79 249.79 249.79 -6.41 0.00

DYNO 10.94 10.80 10.80 10.80 -0.14 0.00

FRSM 20.50 20.76 20.76 20.76 0.26 0.00

FTSM 1.65 1.55 1.55 1.55 -0.10 0.00

HUSI 10.48 9.70 9.70 9.70 -0.78 0.00

ICCT 0.99 0.90 0.90 0.90 -0.09 0.00

ILTM 119.01 124.96 124.96 124.96 5.95 0.00

KCL 9.50 9.45 9.45 9.45 -0.05 0.00

KSBP 69.99 69.98 69.98 69.98 -0.01 0.00

LPGL 19.91 18.91 18.91 18.91 -1.00 0.00


Al-Abbas Cement 56.91 3.20 3.05 3.40 3.55 3.30

Allied Bank Limited 73.90 60.30 59.85 61.60 62.45 61.15

Attock Cement 44.25 60.40 59.70 62.40 63.70 61.70

Arif Habib Corp 52.02 24.85 24.45 25.90 26.55 25.50

Arif Habib Limited 44.52 25.80 25.50 26.65 27.20 26.35

Adamjee Insurance 58.55 79.20 78.40 81.10 82.20 80.30

Askari Bank 53.93 15.80 15.70 16.10 16.30 16.00

Azgard Nine 50.45 10.85 10.65 11.30 11.55 11.10

Attock Petroleum 51.42 313.90 310.55 323.55 329.80 320.15

Attock Refinery 66.34 124.95 121.90 134.15 140.25 131.10

Bank Alfalah 50.71 9.45 9.35 9.70 9.90 9.60

BankIslami Pak 46.95 3.20 3.10 3.40 3.55 3.35

BankOf Punjab 51.68 9.30 9.15 9.70 9.95 9.55

Dewan Cement 63.71 1.65 1.45 2.05 2.25 1.85

DGK Cement 62.35 28.70 27.80 30.10 30.60 29.20

Dewan Salman 63.64 1.90 1.80 2.15 2.25 2.05

Dost Steels Ltd 52.41 2.80 2.70 2.90 3.00 2.85

EFU General Insurance 54.95 44.40 43.45 46.90 48.45 45.95

EFU Life Assurance 66.24 81.05 78.65 86.40 89.35 84.00

Engro Chemical 63.87 183.90 182.05 186.90 188.05 185.05

Faysal Bank 41.56 14.10 13.90 14.40 14.55 14.25

Fauji Cement 48.50 4.90 4.85 5.05 5.15 5.00

Fauji Fert Bin 73.32 34.30 34.10 34.80 35.10 34.60

Fauji Fertilizer 66.04 112.30 111.55 114.10 115.15 113.35

Habib Bank Ltd 61.05 105.60 105.10 107.00 107.90 106.50

Hub Power 68.85 36.30 36.05 36.90 37.25 36.65

ICI Pakistan 68.55 136.40 135.25 139.35 141.15 138.20

Indus Motors 59.63 256.35 253.80 263.20 267.55 260.65

JOV and CO 53.36 3.85 3.70 4.25 4.50 4.10

Japan Power 55.27 1.60 1.55 1.70 1.75 1.65

JS Bank Ltd 47.72 2.60 2.55 2.80 2.90 2.70

Jah Siddiq Co 44.21 12.25 12.00 12.95 13.40 12.70

Kot Addu Power 46.65 39.50 39.35 39.80 39.90 39.65

KESC 59.81 2.25 2.20 2.35 2.40 2.30

Lotte Pakistan 71.02 12.00 11.85 12.40 12.65 12.25

Lucky Cement 52.13 73.50 72.50 75.90 77.40 74.95

MCB Bank Ltd 58.25 205.35 204.15 207.85 209.15 206.65

Maple Leaf Cement 50.06 2.85 2.80 3.00 3.10 2.95

National Bank 53.61 66.10 65.60 67.55 68.50 67.05

Nishat (Chunian) 48.38 21.55 21.05 22.85 23.70 22.40

Netsol Technologies 53.41 18.95 18.65 19.65 20.05 19.35

NIB Bank 53.70 2.80 2.75 2.95 3.05 2.90

Nimir Ind Chemical 52.31 1.45 1.35 1.60 1.75 1.55

Nishat Mills 68.89 58.30 57.50 60.20 61.25 59.35

Oil & Gas Dev XD 69.11 162.90 161.75 165.20 166.35 164.05

PACE (Pakistan) Limited 44.48 2.75 2.65 2.90 3.00 2.85

Pervez Ahmed Sec 50.29 2.15 2.10 2.25 2.35 2.20

PIAC(A) 46.40 2.20 2.15 2.30 2.35 2.25

Pioneer Cement 36.64 6.75 6.60 7.10 7.30 6.95

Pak Oilfields 63.60 264.50 261.65 272.20 277.05 269.35

Pak Petroleum 62.96 199.75 197.85 204.75 207.85 202.85

Pak Suzuki 46.97 73.45 73.20 74.10 74.50 73.85

PSO XD 53.83 278.45 275.50 286.95 292.45 283.95

PTCLA 48.08 19.00 18.90 19.40 19.65 19.25

Shell Pakistan 49.00 191.65 187.65 202.05 208.45 198.05

Sui North Gas 36.49 28.25 28.00 29.00 29.45 28.75

Sitara Peroxide 57.95 13.20 13.10 13.50 13.70 13.40

Sui South Gas 40.75 22.55 22.40 22.90 23.15 22.75

Telecard 40.67 2.15 2.10 2.25 2.30 2.20

TRG Pakistan 48.60 4.05 4.00 4.30 4.45 4.20

United Bank Ltd 65.87 58.90 58.25 60.45 61.35 59.80

WorldCall Tele 50.36 2.60 2.55 2.70 2.75 2.65

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

TRG Pakistan Ltd 3-Dec 7:00

ICC Textiles Ltd 4-Dec 11:00

JS Investment Ltd 6-Dec 10:30

BOARD MEETINGS

Company Date Time

Thursday, December 2, 2010 8

LONDON: This image released by British Airways, shows David Beckham signing a

British Airways plane before his departure to Zurich, Switzerland.-Reuters

KARACHI: Etihad Airwayshas announced a codeshareagreement with AsianaAirlines, the major airline ofSouth Korea, complementingEtihad's own daily return serv-ice to Seoul, which commenceson December 10, it wasannounced here.

The new cooperative rela-tionship will see flightsbetween Etihad's home-baseAbu Dhabi, Seoul and beyond,operating under an EY (Etihad)and OZ (Asiana) code. Thiswill also facilitate Pakistanipassengers travelling to SouthKorea, by providing additionaloptions for convenient connect-ing flights from Abu Dhabi toSeoul and beyond.

The codeshare fares weremade available for purchasefrom mid-November. The carri-ers also intend to commencereciprocal rewards pro-grammes, where members ofeach airline's frequent-flyerprogramme can earn andredeem points on the code-shared flights. The codeshareagreement will expand, withtime, to add new territoriesacross Europe, Middle East,Africa and Korea.

Furthermore Etihad Airwayshas reported profitable earningsbefore interest, taxation, depre-ciation, amortization and

rentals (EBITDAR) for 2010,said Chief Executive OfficerJames Hogan, marking animportant step forward in theairline's journey towards fullbreak-even in 2011 and prof-itability in 2012.

This will be achieved despiteheavy investment in newroutes, fleet and infrastructure.All indicators show that thesetargets are in sight.

Hogan was speaking at afinancial road-show event inLondon, attended by more than170 representatives of banksand other financial institutions.This road-show was a part ofthe airline's regular interactionswith the international financialcommunity. Etihad laid out itsbusiness strategy for the futurehighlighting its commercialperformance since its inceptionseven years ago.

Amer N Khan, CountryManager, Etihad AirwaysPakistan added that; "Our teamin Pakistan is proud to play avital role in the overall devel-opment and ensuring healthyprofit for Etihad Airways. Hefurther added that the growth ofAbu Dhabi, both as a globaltourist and business destina-tion, is playing a critical role inour development. Our share-holders expect a return and wewill deliver that return."-NNI

Etihad,Asiana to

share code

Etihad earnings better in CY10

LONDON: British Airwayscabin crew are to be balloted onwhether to hold further strikesin a long-running dispute whichhas already cost the airlinesome 150 million pounds ($234million), their union said.

Cabin crew have alreadystaged a series of walkouts overthe disagreement which beganin November last year whenBA announced it was cuttingcrew pay and reducing staffing.

"BA's continued hounding ofunion members leaves us noother option but to conduct anew industrial action ballot,"

said Tony Woodley, joint gener-al secretary of the Unite union,which represents 90 percent ofBA's 12,000 cabin crew.

The union said any strikewould not be over Christmas.

Last week, Len McCluskey,who will take over as head ofthe Unite in the new year, saidhe expected there would be anoverwhelming "yes" vote infavour of further industrialaction.

There had been hopes that adeal could be reached to breakthe deadlock after union leaderssaid they would ballot members

on a new deal which addressedone of the main sticking points,the removal of travel perksfrom staff that had gone onstrike.

But earlier this month, theunion said it could not recom-mend the offer to workersbecause a number of cabincrew representatives said theycould not support it.

Strikes earlier this yearseverely disrupted short-haulservices although a majority oflong-haul flights did operatefrom London's Heathrow air-port.-Reuters

British Airways cabincrew may strike again

HONG KONG: A CathayPacific plane that made anemergency landing inKazakhstan on Monday wasforced to turn back to Londonduring a flight in September,the airline said Wednesday.

The Boeing 747-400 returnedto Heathrow airport an hourinto a flight on September 11,when cockpit crew discovereda malfunction in an air pressurevalve, a company spokes-woman told AFP.

The emergency landing thisweek in the Kazakh city ofKaraganda, about six hours

after the plane's take-off fromAmsterdam, was also causedby a faulty air-pressure compo-nent, she confirmed.

But the earlier flight fromLondon bound for Hong Konginvolved a problem with a dif-ferent component in a separatesection of the aircraft, thespokeswoman added.

"The two incidents weretotally unrelated," she said.

"They involved differentvalves. September's incidentwas not an emergency landing.No oxygen masks weredeployed," she added.

A valve in the tail of the planewhich regulates cabin pressurewas replaced after theSeptember flight returned toHeathrow and the plane tookoff again for Hong Kong with-out incident.

The plane remained in serv-ice before it was forced to makean emergency landing inKazakhstan after the failure ofa back-up device designed toprevent the aircraft frombecoming over-pressurised.

There were no injuries oneither flight, Cathay said.-Agencies

Emergency-landing planehad a faulty past: Cathay

KARACHI: The secondIndonesia "Solo Exhibition"would be organized at a localhotel from December 3 underthe auspices of the ConsulateGeneral of Indonesia inKarachi.

This was announced by theConsul General of Indonesia inKarachi, Rossalis R Adenan.

Addressing a news confer-ence on Tuesday, he said thatthe two-day event would focuson promoting Indonesiatourism and will also displayIndonesian products such asspices, textiles, paper products,and consumers goods.

Cultural events as well asseminars would also be organ-ised during the exhibition, itwas further stated.

It was pointed out that thereis a lot of potential of econom-ic collaboration betweenIndonesia and Pakistan.

Adenan emphasised the roleof tourism towards the eco-nomic growth and pointed outthat the target for the touristarrival in Indonesia for the year2011 has been set as seven mil-lion.

He said that Indonesia andPakistan enjoy excellent politi-cal relations but stressed thatthese should also be reflected inother fields such as economyand tourism etc.

Adenan said that in the year2009 the economic growth rateof Indonesia remained at 4.6per cent and in 2010 it wouldbe between six to seven percent.

He pointed out that the cul-ture of Indonesia is diverse andthere are 300 ethnic groupswith the country's population of230 million. `Although we arediverse, we are united', headded.-APP

Khi to hostIndonesia

“solo expo”

DUBAI: Dubai carrierEmirates, the largest Arab air-line, said it will launch flightsto Iraq's city of Basra startingFebruary 2, 2011 to tap grow-ing demand for the destination.

Basra will be Emirates' firstIraq route after the airlinepostponed the launch offlights to Baghdad earlier thisyear citing "operational rea-sons".

"The city's recent growth haspaved the way for numerousmultinational companies andindustries to invest in infra-structure and we have seenstrong potential from a numberof our markets," Chairman andChief Executive Sheikh Ahmedbin Saeed Al-Maktoum said ina statement.

"Since the 2009 oilfield bid,traffic from the US and Europeinto Basra has increased signif-icantly and we are ready to cap-italise on this growth," headded.

Iraq's Shi'ite south, whereBasra is located, has been rela-tively peaceful in recentmonths in comparison toBaghdad and the north wheredevastating assaults and bomb-ings by Sunni Islamist insur-gents remain common.

Emirates expects its out-bound traffic from Basra to beskewed towards local Iraqis,who are expected to travelmore as the economy recovers.

The airline expects to handlearound 10-12 tonnes of cargoper flight.-Reuters

Emirates to fly toIraq in Feb 2011

Finnairin fat

troubleHELSINKI: Finnair,Finland's flag carrier, said itwould cancel more than 100flights and make a loss thisyear because of a strike itscabin crews planned to startat 1100 GMT.

Finnair shares were down3.5 percent by 0920 GMT,having recovered from a 6.5percent fall to a two-monthlow, while shares in Nordiccarrier SAS, whose Blue1unit would also be affected,lost 2.2 percent.

Finnair will likely have tocancel a large proportion ofits flights as most of its 2,000cabin crew employees wereexpected to strike, spokes-woman Hanna-Kaisa Nurmisaid.

According to Finnair's web-site, it had cancelled 112flights after 1100 GMT, ornearly all connections for therest of the day.

Finnair said it would lose 2-2.5 million euros for each dayof the work stoppage and nowexpected a full-year operatingloss. It previously expected tobe in the black on the operat-ing level in the fourth quarterand in all of 2010, comparedwith a 1.7 million euro loss in2009.

Analysts said the profitwarning indicated Finnairwas expecting the disputewith its flight attendantscould last for an extendedperiod, with most of itsplanes grounded.

"The profit warning seemsto be a way to pressure theopponent for an agreement,"said Nordea Bank analystPasi Vaisanen. "If Finnairgives up here, it would bemore difficult to make a goodagreement with its pilots nextyear, which is crucial for thecompany's competitiveness."

A legal adviser for theemployers' union, which isrepresenting Finnair in thenegotiations, told Reuters nofurther talks were scheduled.

Finnair, whose mechanicsheld a one-day strike lastmonth, is one of severalEuropean airlines facingstrike threats.-Reuters

Flybe is after60mn poundsLondon listingLONDON: Budget airlineFlybe plans to raise 60 millionpounds through a London ini-tial public offering (IPO) inDecember, the company saidhere.

Flybe said it would use halfof the proceeds of the offering,which will be made up of newshares, to fund its aircraft fleetexpansion, and the other half tostrengthen its cash position.

"A listing will assist Flybe inachieving the next stage in itsexciting strategy for growth,"the airline's chief executive JimFrench said in a statement.

British Airways said itplanned to subscribe forenough shares in the offer tomaintain its existing 15 percentstake in Flybe.

Flybe acquired BA Connect,the former regional airlinebusiness of British Airways, in2007, making it Europe'slargest regional airline.

The carrier, which focuses onniche UK routes, has tried tofloat several times but has beenforced to shelve plans becauseof tough market conditions.

"We are delighted to partici-pate in the Flybe IPO," BAChief Executive Willie Walshsaid in a statement.

"We are committed to sup-porting Flybe in its listing andcapital raising."

Bank of America MerrillLynch is the sole global coordi-nator and bookrunner on theoffer.-Reuters

Court nodsJapan

Airlinesrehab plan

TOKYO: Struggling JapanAirlines (JAL) has said it hadwon approval from the Tokyodistrict court for a rehabilita-tion plan that will see thou-sands of job cuts, route closuresand a debt waiver.-Agencies

THY initiatesnew Dhakaflights via

Karachi Staff Reporter

KARACHI: Turkish Airlines'four times a week service fromIstanbul to Dhaka via Karachiwill commence on 26December 2010 and will beoperated on Mondays,Wednesdays, Fridays andSundays.

Meanwhile the airline willstart connecting flights viaBangkok to Ho Chi Minh City(Saigon) into Vietnam from 29December 2010 with four timesa week service departing fromIstanbul on Mondays,Wednesdays, Friday sandSaturdays.

Roundtrip airfares begin from590 euros (including all taxes)from Istanbul to Dhaka, withinthe term of 26th December2010- 31st March 2011, alsothe tickets to Ho Chi Minh Citywill be on sale with the reducedprices starting from 623 eurosas roundtrip travels includingtaxes/fees for the travelsbetween 29th December 2010-31st March 2011.

Star Alliance memberTurkish Airlines is the fourthbiggest network carrier inEurope, the airline currentlyflies to 167 destinations,including 128 international and39 domestic lines, with joiningthe new routes to its flight net-work, the airline will reach to169 destination worldwide.

VietnamAirlines to

fly betweenHCMC-BeijingHANOI: Vietnam's nationalcarrier will fly directly betweenthe country's business hub, HoChi Minh City (HCMC), andBeijing starting mid-December,the airline said Wednesday.

China is Vietnam's biggesttrading partner and VietnamAirlines already flies betweenthe capital cities of the twocommunist neighbours.

But the state-owned carrierwill now "become the first airlineto fly non-stop between Ho ChiMinh City and Beijing", VietnamAirlines said in a statement.

There will be three flights aweek from December 16, it said.

Vietnam Airlines -- a memberof the SkyTeam airline alliancethat includes Air France andAmerica's Delta Airlines -- hasset out to become one ofSoutheast Asia's leading carriers.

It aims to transport 12 millionpassengers this year and toboost its fleet from 70 to 115aircraft by 2015.-Agencies


POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1320 1260

January (3rd Wednesday) 1320 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for Novemeber 30 2010

LME Official Prices, US$ per tonne for Novemeber 30 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2200 2244.5 8370 2209 22590 24130 2096 2195

Cash seller 2220 2245 8375 2210 22595 24135 2097 2200

3-months buyer 2175 2265 8285 2224 22620 24100 2101.5 2215

3-months seller 2185 2268 8286 2225 22625 24125 2102 2220

15-months buyer 2130 2328 8085 2190 22275 23775 2143 2230

15-months seller 2140 2333 8095 2195 22375 23825 2148 2240

27-months buyer 2130 2385 7715 2153 21700 2123 2280

27-months seller 2140 2390 7725 2158 21800 2128 2290

LONDON METAL EXCHANGE (METALS)

LONDON: Oil rose to above$85 a barrel on Wednesday aspositive data from the UnitedStates and China, the world'stop two oil consumers, boostedinvestor confidence about eco-nomic recovery.

China's official purchasingmanagers' index (PMI)climbed to a seven-month highin November. The US privatesector posted itslargest jobs gainin three years andmanufac tu r ingalso grew.

US crude forJanuary gained$1.45 to $85.56 abarrel by 1607GMT after tumbling almost 2per cent on Tuesday. Brentcrude was up $1.70 at $87.62.

"From the depths of despairyesterday that resulted in asell-off, there is a rash of posi-tive economic data everywhereyou look today, and that pulled

prices up," said Phil Flynn, ananalyst at PFGBest Researchin Chicago.

The upbeat economic datacountered lingering concernabout Europe's debt problemsand a weekly US crude supplyreport. US crude oil invento-ries last week rose unexpected-ly, while distillates stocks fellless than forecast, the Energy

Information Administrationsaid in a report released at1530 GMT showed.

Crude had gained a lift earli-er from industry group theAmerican Petroleum Institute'sreport released on Tuesdayshowing a bigger decline in

crude stocks than expected.Oil also rose as the US dollar

weakened against a basket ofcurrencies. Oil and dollar-denominated commoditiesoften move inversely to thedollar.

The euro rose on Wednesdayas a three-day selling spree loststeam. Doubts whether theeuro-zone can contain debt

problems fac-ing somemembers keptthe single cur-rency withinrange of a 2-1/2-month lowversus the dol-lar.

Analysts said the market waslooking for more pre-emptiveaction by policymakers follow-ing a rescue package forIreland as pressure in the euro-zone bond market was widen-ing to more countries includingBelgium. -Reuters

Oil rallies above $85 on Chinamanufacturing, US jobs

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Wednesday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmill Feb11961.00, Mar11/Apr11 964.00,May11/Jul11 965.00+20.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Feb11/Apr11975.00+25.00, May11/Jul11980.00+20.00, Aug11/Oct11940.00+13.00.

SUNOIL: EU dlrs tonneextank six ports optionFeb11/Mar11 1420.00+0.00,Apr11/Jun11 1380.00+0.00,Jul11/Sep11 1395.00-10.00.

LINOIL: Any origin dlrstonne extank RotterdamDec11/Jan12 1267.50+2.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Afloat1170.00, Jan11/Mar111165.00+30.00, Apr11/Jun111140.00+17.50, Jul11/Sep111130.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Jan11 1185.00,Feb11/Mar11 1175.00.

PALMOIL: RBD dlrs tonnefob Malaysia Jan111140.00+22.50, Feb11/Mar111130.00+17.50.

PALM OLEIN: RBD dlrstonne fob Malaysia Jan111150.00+22.50, Feb11/Mar111140.00+17.50, Apr11/Jun111125.00+27.50, Jul11/Sep111110.00+32.50.

PALM STEARIN: Dlrs tonnefob Malaysia Dec10 1120.00.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Dec10 1010.00+0.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamDec10/Jan11 1575.00+25.00,Jan11/Feb11 1570.00+20.00,Feb11/Mar11 1570.00.

PALMKERNEL OIL:Mal/Indon dlrs tonne cifRotterdam Nov10/Dec101695.00+10.00, Dec10/Jan111695.00+15.00, Jan11/Feb111695.00+20.00.

CASTOROIL: Any origindlrs tonne extank RotterdamFeb11/Mar11 1925.00. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

1-Dec-2010 CRUDE100 JA11 US$ Per Barrel 85.09 85.60 83.65 85.45 246 84.16 85.45 72

1-Dec-2010 CRUDE100 FE11 US$ Per Barrel 85.45 86.05 84.11 85.99 106 84.72 85.99 17

1-Dec-2010 CRUDE100 MA11 US$ Per Barrel 86.04 86.41 86.04 86.41 - 85.17 86.41 -

1-Dec-2010 SILVER - SL500 JA11 US$ Per Troy Ounce 27.06 28.77 27.01 28.69 199 28.10 28.69 53

1-Dec-2010 SILVER - SL500 FE11 US$ Per Troy Ounce 27.02 28.70 27.02 28.70 - 28.11 28.70 -

1-Dec-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1372.80 1397.00 1371.70 1393.70 2,109 1385.90 1393.70 969

1-Dec-2010 GOLD 01oz FE11 US$ Per Troy Ounce 1373.80 1397.50 1372.40 1394.40 2,226 1386.60 1394.40 968

1-Dec-2010 GOLD 01oz MA11 US$ Per Troy Ounce 1380.00 1398.50 1373.40 1395.50 396 1387.70 1395.50 160

1-Dec-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1371.70 1393.70 1371.70 1393.70 - 1385.90 1393.70 -

1-Dec-2010 GOLD 100oz FE11 US$ Per Troy Ounce 1373.90 1395.20 1372.40 1394.40 26 1386.60 1394.40 1

1-Dec-2010 GOLD 100oz MA11 US$ Per Troy Ounce 1373.40 1394.40 1373.40 1394.40 - 1387.70 1395.50 -

1-Dec-2010 GOLD DE10 Per 10 grms 38191.00 38394.00 37769.00 38376.00 15 38129.00 38376.00 4

1-Dec-2010 GOLD JA11 Per 10 grms 38200.00 38388.00 37780.00 38388.00 3 38140.00 38388.00 22

1-Dec-2010 GOLD FE11 Per 10 grms 37795.00 38403.00 37795.00 38403.00 - 38155.00 38403.00 -

1-Dec-2010 KILOGOLD DE10 Per 10 grms 37741.00 38349.00 37741.00 38349.00 - 38101.00 38349.00 -

1-Dec-2010 KILOGOLD JA11 Per 10 grms 37752.00 38349.00 37752.00 38349.00 - 38113.00 38360.00 -

1-Dec-2010 TOLAGOLD50 DE10 Per Tola 44034.00 44742.00 44034.00 44742.00 - 44454.00 44742.00 -

1-Dec-2010 TOLAGOLD100 DE10 Per Tola 44034.00 44742.00 44034.00 44742.00 - 44454.00 44742.00 -

1-Dec-2010 MINIGOLD MON Per 10 grms 38839.00 39440.00 38839.00 39440.00 - 39190.00 39440.00 -

1-Dec-2010 MINIGOLD TUE Per 10 grms 38882.00 39482.00 38882.00 39482.00 - 39233.00 39482.00 -

1-Dec-2010 MINIGOLD WED Per 10 grms 38797.00 39496.00 38797.00 39496.00 - 39247.00 39496.00 -

1-Dec-2010 MINIGOLD THU Per 10 grms 38811.00 39411.00 38811.00 39411.00 - 39161.00 39411.00 6

1-Dec-2010 MINIGOLD FRI Per 10 grms 38825.00 39425.00 38825.00 39425.00 - 39176.00 39425.00 -

1-Dec-2010 TOLAGOLD MON Per Tola 44637.00 45338.00 44637.00 45338.00 - 45046.00 45338.00 80

1-Dec-2010 TOLAGOLD TUE Per Tola 44686.00 45387.00 44686.00 45387.00 - 45096.00 45387.00 2

1-Dec-2010 TOLAGOLD WED Per Tola 44588.00 45403.00 44588.00 45403.00 - 45112.00 45403.00 -

1-Dec-2010 TOLAGOLD THU Per Tola 44916.00 45305.00 44605.00 45305.00 2 45013.00 45305.00 4

1-Dec-2010 TOLAGOLD FRI Per Tola 44931.00 45321.00 44621.00 45321.00 1 45030.00 45321.00 4

1-Dec-2010 IRRI6W 02DE10 Per 100 kg 2402.00 2402.00 3282.00 3301.00 - 3282.00 3301.00 -

1-Dec-2010 RICEIRRI - 6 DE10 Per 100 kg 3298.00 3317.00 3298.00 3317.00 - 3298.00 3317.00 -

1-Dec-2010 RBD PALMOLEIN DE10 Per Maund 4751.00 4794.00 4751.00 4794.00 - 4751.00 4794.00 -

1-Dec-2010 KIBOR3M 10-Dec Per Rs. 100 86.59 86.60 86.59 86.60 - 86.59 86.60 -

1-Dec-2010 KIBOR3M 11-Mar Per Rs. 100 85.64 85.84 85.64 85.84 - 85.81 85.84 -

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

Tokyo rubber

inches higherBANGKOK: Tokyo rubberfutures inched higher onWednesday, recovering fromprevious losses on the back offirmer oil prices and limitedsupply, dealers said.

The benchmark rubber con-tract on the Tokyo CommodityExchange for May deliveryrose 3.3 yen, or about 1 percent, to settle at 363.5 yen($4.35) per kg.

"Rubber got support fromhigher oil prices and it shouldrise further as supply is stilllimited," one dealer said.

Oil rose on Wednesday ondata showing factories in Chinarevved up output in November,while Europe's debt problemsand signs of rising US fuelinventories capped gains.

The most active Shanghairubber futures contract for Maydelivery rose 280 yuan to finishat 31,160 yuan ($4,672) pertonne on Wednesday.

Dealers said rubber futurescould rise further on Thursday,receiving support from firmeroil prices and limited supply inThailand, the world's biggestproducer. -Reuters

MUMBAI - INDIA: SFarmers sit on a heap of sugarcanes loaded on a tractor outside of a sugar

mill at Morinda in the northern Indian state of Punjab. -Reuters

LONDON: Gold eased backtowards $1,380 an ounce onWednesday as some appetite forrisk returned to the Europeanequity, debt and currency mar-kets, but remained firmly under-pinned by persistent concernsover euro-zone debt levels.

The preciousmetal also gave upgains in euro andsterling terms,after hittingrecord highs inboth currencies asinvestors boughtthe metal as a safestore of value.

Spot gold was bid at$1,384.30 an ounce at 1604GMT, against $1,384.94 late inNew York on Tuesday. US goldfutures for December deliveryeased 30 cents to $1,385.00.

Euro-priced gold retreatedafter earlier hitting a peak of1,070.11 euros an ounce, an all-time high, while gold in sterlingalso pared gains after touching arecord 895.49 pounds an ounce.

The precious metal has madegood gains this week in all three

currencies as investors fret overthe chances of debt problemsthat have afflicted Ireland andGreece this year spreading toother parts of the euro-zone, likePortugal.

These concerns have led to abroad-based move higher in

gold in a number of major cur-rencies.

"Gold is like a see-saw on ahot air balloon," said MitsubishiCorp analyst Matthew Turner.

"Sometimes the euro end isrising relative to the dollar end,at other times the dollar end isrising relative to the euro end,but if you look around yourealise that most of the time bothends are rising in absoluteterms."

Better-than-anticipated eco-nomic data in China, Europe

and the United States liftedworld stocks, while bets theEuropean Central Bank couldstep up its bond buying programpartially offset fears about theeuro-zone debt crisis.

Holdings of the world's largestgold-backed exchange-traded

fund, NewYork's SPDRGold Trust,rose 1.5 tonneson Tuesday to1 , 2 8 6 . 6 0 3tonnes. Theydipped slightlyin the month of

November, however.Meanwhile gold imports into

Turkey slipped to just over 3tonnes in November fromaround 9 tonnes in October, theIstanbul Gold Exchangereported.

Among other precious met-als, silver was at $28.29 anounce against $28.05, whileplatinum was at $1,674.24 anounce versus $1,656.Palladium was the biggestgainer, up more than 3 per centto $722 versus $696. -Reuters

Gold retreats but eurodebt woes underpin

NEW YORK: The US cotton

market closed higher Tuesday

on end-of-the-month investor

short-covering as the market

ended November well below the

all-time highs hit earlier in the

month, although analysts said

market fundamentals remained

bullish.

The key March cotton contract

rose 1.58 cents to end at $1.1734

per lb, dealing from $1.1376 to

$1.189. The contract was down

2.58 per cent on the month, its

biggest monthly decline since

May, Thomson Reuters prelimi-

nary data showed.

Spot December rose 3.72

cents to close at $1.2623, and

ended the month up 0.77 per

cent. The price of cotton on ICE

Futures US stormed to an all-

time peak of $1.5723 per lb on

November 10, up more than 115

per cent since July as strong mill

demand from China, tight stocks

and insatiable fund buying pow-

ered fiber contracts to their

highest level since the US Civil

War.

Keith Brown, president of

commodity firm Keith Brown

and Co in Moultrie, Georgia,

said fiber contracts moved up

Tuesday mainly due to "end-of-

the-month short-covering." "In

the near-term, we may be chop-

py. In the longer-term, we may

move higher," he said, predict-

ing tight cotton supplies in the

first quarter of 2011 while mill

demand from countries like

China remains strong. The mar-

ket may have also received a

boost from steadier Chinese cot-

ton futures. The May cotton

contract on the Zengzhou

Commodity Exchange was last

done on Tuesday at 25,375 yuan

per tonne, up 585 yuan on the

day. -Reuter

NY cotton settles upon short-covering

LONDON: Copper rose to itshighest level in two weeks onWednesday on data that showedgrowth in top consumer China aswell as on a weak dollar.

Benchmark three-month cop-per on the London MetalExchange closed at $8,585 atonne, extending gains made onTuesday, when it closed at$8,360. The metal used in powerand construction earlier toucheda session high of $8,630.

Boosting sentiment was better-than-expected Chinese factorydata in November, with the offi-cial Chinese purchasing man-agers' index (PMI) rising to aseven-month high.

Following this, an industryreport showed that the pace ofgrowth in US manufacturingtapered off slightly in November,though the sector still posted its16th consecutive month ofexpansion. At around the sametime, construction spending inthe world's largest economyposted a surprisingly robust 0.7per cent gain in October.

"It is part of a generalimprovement in manufacturingglobally," said Daniel Smith, ananalyst at Standard Chartered.

"Even in the US, I would arguethe data has either bottomed orimproved marginally."

"This is consistent with a gen-eral picking up in the macroenvironment," he added. "Itlooks like copper is going tohave another go at $9,000."

Worries about nearby coppersupplies have pushed the premi-um for cash material over thethree-month contract to around$62 a tonne -- its widest back-wardation since October 2008.

A looming deficit in the coppermarket is expected to push cop-per prices next year above the

record high of $8,966 hit in earlyNovember.

Bolstering this outlook, LMEcopper stocks have fallen steadi-ly since February, last down 900tonnes to 354,850 tonnes -- theirlowest since October 2009.

Investors also kept close tabs

on a dominant position control-ling 50-80 per cent of cash war-rants for copper, subject to LMElending guidance.

Among other metals, steel-making ingredient nickel endedat $23,500 a tonne versus$23,050, having earlier touched$23,570, its highest in nearlythree weeks. Aluminium closedat $2,340 versus $2,275 a tonne.The metal, used in transport andpackaging, earlier hit $2,352, itshighest since Nov. 16.

Battery material lead wasuntraded at the close but last bidat $2,265 versus $2,230 a tonnewhile zinc ended at $2,160 ver-sus $2,112 a tonne. Tin, used inelectrical solder, hit a one-weekhigh at $25,200 but closed at$24,700 from $24,495 a tonne. -Reuters

Copper hits 2-wk high,Chinese data supports

KUALA LUMPUR:Malaysian crude palm oilfutures hit a fresh 28-monthhigh on Wednesday, extendinggains for a third day, driven byconcerns over lower output inthe monsoon season and firmeroverseas agricultural commod-ity markets.

Heavy rains caused by sea-sonal monsoon that usuallyhappens from November toFebruary the next year tends tocurb palm fruit harvest andmake transport difficult inMalaysia's major palm oil pro-ducing states, includingSouthern state of Johor andSabah in Borneo island.

"Traders expect the market tobe bullish since palm oil ismoving into a low productionperiod now," said a trader inKuala Lumpur.

"I believe supply is going tobe distracted by weather andmake palm oil prices support-ive, although demand is stillgood." The benchmark

Malaysia crude palm oilfutures on Bursa MalaysiaDerivatives were trading up 2.2per cent at 3,486 ringgit($1,100.552) per tonne, aftertouching an intraday high of3,500 ringgit -- a level unseensince July 15, 2008.

Overall traded volume morethan doubled to 20,240 lots of25 tonnes each ahead of a keyindustry conference set to starton Wednesday in Indonesia.

A Reuters technical analysisshowed palm oil contract islikely to rise to 3,625 ringgit atonne.

Persistent dry weather inArgentina, the world's No. 3soybean supplier, has helpedpush US soy futures higher inChicago in recent days.

Firmer US soy futures havebuoyed December soyoil totrade above $51, while themost active September 2011soyoil contract on China'sDalian Commodities Exchangejumped 2 per cent. -Reuters

Palm oil climbs onweather, agri commods

Sugar rises,mk eyes

India cropLONDON: Sugar futures rosesharply on Wednesday with themarket keeping close watch onthe situation in top consumerIndia where there have beenharvest delays and approval forunrestricted exports is stillawaited.

Cocoa futures eased with thefocus on delayed electionresults in key grower IvoryCoast while coffee futures wereslightly lower.

The possibility that India'sproduction could fall short ofearlier expectations as heavyrainfall threatens to reducesucrose levels has also raisedquestions about the extent towhich the world's number twoproducer will export.

"Lingering uncertainty sur-rounding the timing and levelof Indian exports remains,"Barclays Capital said in a mar-ket note on Wednesday.

March raw sugar futures onICE rose 0.73 cent or 2.65 percent to 28.28 cents a lb by 1545GMT while March white sugarfutures on Liffe climbed $15.00to $725.00 per tonne.

Cocoa futures fell back afterrallying on Tuesday on fundbuying fuelled by growing ten-sions in Ivory Coast.

March cocoa on Liffe stood41 pounds or 2.15 per centlower at 1,863 pounds a tonne.The contract rose to a peak of1,919 pounds a tonne onTuesday as tensions in theIvory Coast began to build.

March cocoa on ICE fell $54to $2,753 a tonne.

Robusta coffee futures onLiffe were slightly lower,weighed by hedge sellinglinked to a pick-up in the har-vest in top producer Vietnam.

March robusta coffee fell $9to $1,800 a tonne while Marcharabica coffee futures on ICEeased 0.50 cent or 0.25 per centto $2.0070 per lb. -Reuters

Indian sugardrops for

second dayMUMBAI: India's spot sugarprice dropped for a second con-secutive day on Wednesday,hammered by higher suppliesamid weak demand, thoughexport prospects limited thedownside, dealers said.

The country has made avail-able 1.5 million tonnes of non-levy sugar for December, high-er than 1.4 million tonnes it hadreleased for November, thegovernment said in a statementon Tuesday.

Non-levy, or free-sale, sugar issold by millers in the open mar-ket, but the quantity each millcan sell is fixed by the federalgovernment on a monthly basis.

"This month we have highersupplies than demand. Millershave lowered prices in tender tosell the allocated quantity," saida sugar dealer based at the Vashispot market near Mumbai. InKolhapur, a key market in top-producing Maharashtra state, themost traded S-variety fell by0.95 per cent to 2,823 rupees($62.18) per 100 kg. -Reuters

Shanghai copper

strengthensCopper rose on Wednesday,

with London extending gainsof almost 2 per cent andShanghai adding 1.6 per cent,buoyed by optimistic data, butPortugal's placement on nega-tive credit watch by ratingagency Standard & Poor's mayweigh on sentiment.

Three-month copper on theLondon Metal Exchange rose$60 to $8,420 a tonne at 0729GMT. Copper rose $140 in theprevious session. Shanghai'sbenchmark third month coppercontract rose 1.6 per cent to63,540 yuan.

EIA says US crude inventories unexpectedly rise

10Wednesday, December 2, 2010

A statue of football legend Bobby Moore isseen outside Wembley Stadium in London

Sharapovato lead

Russia’s FedCup squad

MOSCOW: Maria Sharapovawill lead Russia in their FedCup first-round tie againstFrance next year, the country'stennis chief said on Tuesday.

"Sharapova has agreed toplay the first round," ShamilTarpishchev, president of theRussian Tennis Federation andtheir Fed Cup captain, toldreporters.

"She is now fully recoveredfrom the problems with hershoulder and again could chal-lenge for the number onespot."

Former world number oneSharapova has struggled toregain her best form after anine-month lay-off followingshoulder surgery at the end of2008. The Florida-basedRussian finished this yearranked 18 in the world.

Sharapova made her first andonly other Fed Cup appearancefor Russia in a 4-1 victory overIsrael in February 2008.

Tarpishchev said 2009French Open championSvetlana Kuznetsova, formerworld number one DinaraSafina, and up-and-comingAnastasia Pavlyuchenkovawill complete Russia's line-upfor the tie against France inMoscow on Feb. 5-6.-Reuters

Monitoring Desk

KARACHI: Pakistan's prepa-rations for the World Cup werefurther jolted when MazharMajeed, the alleged bookmak-er at the centre of the spot-fix-ing allegations, revealednames of four more playersinvolved with him.

Kamran Akmal, UmarAkmal, Wahab Riaz and ImranFarhat were named in a secret-ly-filmed video aired by a pri-vate TV channel last night.

The video comprised Majeedboasting of connections withthe four cricketers. This wasafter an earlier video, releasedby the News of The World,forced the InternationalCricket Council (ICC) to sus-pend Salman Butt, MohammadAmir and Mohammad Asifwith Scotland Yard calling thetrio in for questioning.

Kamran was overlooked for

Pakistan's recently-concludedseries in the UAE and has,together with Farhat, beenomitted from the Twenty20and Test squad for NewZealand that was announcedyesterday. Umar and Riaz,however, have been includedby the Pakistan Cricket Board(PCB).

Majeed, after naming thefour, denied having any linkswith Shahid Afridi, YounusKhan, Abdul Razzaq and a'religious' Saeed Ajmal in thevideo.

The PCB has been underimmense pressure from theICC to set its house in orderfollowing the earlier allega-tions. A special 'task team' washanded the job of cleaning upPakistani cricket; to devise andimplement anti-corruptionmeasures. They were to alsohave a new code of conduct tobe signed by all players.

Mazhar Majeeddiscloses fourmore names

DUBAI: Taking another stepforward in finalising a newFuture Tours Programme forthe 2012-2020 period, ICC'sChief Executive Committeehas begun the process of draw-ing up rules and regulations forthe Test and ODI leagues.

The Committee also agreed toreconstitute its working groupcomprising David Collier(ECB), Nishantha Ranatunga(SLC), N Srinivasan (BCCI),James Sutherland (CA) andDavid Richardson (ICCGeneral Manager-Cricket) toconsider rules, regulations andpoints system for the leagues.

The working group, whichpreviously made recommenda-tions on the leagues and ICCglobal event calendar, will alsohave top statistician and ICCCricket Committee member,David Kendix. The group willreport back in January next year.

"With the ODI league com-mencing immediately after theICC Cricket World Cup 2011,the ICC Board will need to con-firm the rules and regulations atits February meeting. Therewas noticeable excitement dur-ing the CEC meeting when we

realised the interest which theseleagues will create," ICC ChiefExecutive Haroon Lorgat saidin the statement.

With the ICC Board havingalready approved the use of theDecision Review System in the2011 Cricket World Cup inBangladesh, India and SriLanka, the CEC "agreed toafford members the opportuni-ty to use the DRS in bilateralOne-Day Internationals prior tothe CWC".

"This will provide furtheropportunities for players,match officials and the technol-ogy suppliers to experience theuse of the system. The long-term use of DRS in ODIs will,however, be considered by theICC Cricket Committee at itsmeeting following the CWC,"the ICC statement said.

The CEC also received anupdate on the Anti Corruptionand Security Unit review andLorgat said, "Although theACSU is regarded as the worldleader in its field of work theICC is keen to review all itsprocedures and structures tomake improvements wherepossible.-APP

Future Tours for 2012-2020

ICC movesahead on Test,ODI leagues

LONDON: West Ham Unitedhumbled holders ManchesterUnited 4-0 on Tuesday to reachthe League Cup semi-finalswith Old Trafford rejectJonathan Spector scoring twicein the swirling snow at UptonPark.

With the crowd scarcelybelieving their eyes, strikerCarlton Cole added two secondhalf goals as the PremierLeague's bottom team blewaway United's 29-matchunbeaten run in all competi-tions.

Arsenal overcame WiganAthletic 2-0 at the EmiratesStadium in the other all-Premier League quarter-finalclash on a freezing night in thecapital.

Birmingham City host topflight rivals Aston Villa, lastseason's losing finalists, in aMidlands derby on Wednesdaywhen Roy Keane's strugglingChampionship (second divi-sion) side Ipswich Town are athome to West BromwichAlbion.

Manchester United, top ofthe league and winners of the

League Cup for the past twoseasons, made wholesalechanges from the side that blewaside Blackburn Rovers 7-1 atthe weekendand were givena taste of theirown medicine.

"To performlike this againstthe best teamtoday in thecountry... whatmore could Iask for?," WestHam managerAvram Granttold Sky Sportstelevision aftersteering the clubinto the last fourfor the first timein 20 years.

"I thought wecould win butnot by thisscore."

F I R S TGOALS

Even with ayoung side, Alex Ferguson'smen were still fancied to see offthe league's tail-enders but

United States defender Spector,playing in a central midfieldrole, ripped up the script withhis first goals in English soccer.

Spector, who spent threeyears on Manchester United'sbooks and made just eight

starts before moving toCharlton Athletic on loan andthen joining West Ham in 2006,opened the scoring with a loop-

ing 22nd minute header off aVictor Obinna cross.

The 24-year-old, who last

played for West Ham whenthey lost to United in August,made it 2-0 in the 37th whenObinna again caused mayhem

in the area andSpector lasheda loose ballhome at thenear post.

West Hamthought theyhad scoredafter 17 min-utes whenObinna's shotwas deflectedinto the net offSpector, whowas belatedlybut correctlyruled offsideby refereeM a r kClattenburg.

F e r g u s o nsaid his side,d e s p i t ei n c l u d i n gexperiencedplayers like

Ryan Giggs and DarrenFletcher, had let in some "terri-ble goals" and been punished,

even if they would learn fromthe mistakes.

"Too many younger playerswho made real errors in theirgoals... really you can't giveaway goals like that eventhough they are young," he toldSky Sports.

"Today West Hamapproached it as more of a cuptie, they got stuck in with a lotof late challenges and thingslike that but they got the crowdup for them. But the game wasabout the goals we gave awayreally."

Arsenal, making ninechanges from the side that beatAston Villa 4-2 away in theleague on Saturday, startedslowly but took the lead threeminutes before the breakthrough an own goal by captainAntolin Alcaraz.

The Gunners made it 2-0 inthe 67th when NicklasBendtner bundled the ball in atthe far post but they missedplenty more chances.

Wigan had forward VictorMoses carried off on a stretcherin the first half with a suspect-ed broken wrist.-Reuters

Man Utd dumped out of League Cup

Rossihopeful for

in timerecovery

MILAN: Former MotoGPworld champion ValentinoRossi is hopeful of being fitfor the first test of the 2011season in Malaysia after hav-ing stitches removed followingshoulder surgery.

The Italian underwent sur-gery on his right shoulder twoweeks ago for a long-standinginjury and had 10 stitchesremoved on Tuesday, with hisdoctor predicting the Ducatirider would be able to starttraining in 15 days.

"In about two weeks I willbegin to work actively in thepool and gym to be ready forthe three days of testing inFebruary (1-3)," Rossi said onhis website.

"We must make haste, butwe hope to be fit for the firsttest with Ducati in 2011 inSepang."

Rossi will ride for Ducatithis season after switchingfrom Yamaha.-Reuters

KPK gamesconclude

PESHAWAR: The firstKhyber Pakhtunkhwa Gamesconcluded amidst colourfulevent at Qayyum SportsComplex, the main venue forthe closing ceremony.

Provincial Minister forInformational Mian IftikharHussain, Provincial SportsMinister Syed Aqil Shah,Secretary Sports and CultureAzam Khan, SecretaryInformation Azmat HanifOrakzai, Organizing Secretaryof the 31st National Games,Organizing Secretary MasoodAhmad, position holders' play-ers and officials were alsopresent and enjoyed thethrilling event.

A total of 24 male eventsincluding 12 specified forfemale were part of theKhyber Pakhtunkhwa Gamesheld after a lapse of 29-years.The first edition of the Gameswith the Names of Khyber washeld way back in 1980-81. Theaim and objective of theGames is to select and short-list probables through compe-tition for the forthcoming 31stNational Games.-APP

Bravo liftsWIndies

at rain-hitfirst day

KANDY: West Indian DarrenBravo lifted a rain-hit openingday of the third and final testagainst Sri Lanka with a fluent,unbeaten 63, his third half-centu-ry of the series, on Wednesday.

Bravo's knock, which includ-ed nine fours, enabled WestIndies to recover to 134 for twoafter the exit of Chris Gayle fora duck from the first ball of thegame.

Bravo put on 115 with DevonSmith who scored 55 off 100balls (seven fours). ShivnarineChanderpaul was unbeaten on 11when bad light ended play 45minutes before the scheduledclose. Sri Lanka missed chancesby Smith and Bravo off the luck-less Dilhara Fernando whoended up wicketless and conced-ing 50 runs. Fernando hadreplaced injured NuwanKulsekara in the home team.

Thilan Samaraweera failedto cling on to a difficultchance at gully offered bySmith at 45. MahelaJayawardene, one of the safestslip fielders in the Sri Lankaside, dropped a sitter at thirdslip when Bravo was on 56.

Only 8.3 overs were possiblein the afternoon session beforerain forced an early tea. Youngfast bowler Suranga Lakmal hadbaptised international cricket'snewest test venue, the PallakeleStadium, by dismissing Gayle,trapped lbw.-Reuters

MUMBAI: Rajasthan Royalsreceived an unexpected lease oflife on Tuesday, with the inde-pendent arbitrator appointed tolook into the Indian cricketboard's decision to terminatethe franchise from the IPL giv-ing them interim relief for sixweeks. What's more, he evenallowed them to participate inthe January 8-9 player auctionsin Mumbai.

The BCCI, which smuglybelieved that it had left no looseends, will see this as a majorsetback to its plans. It hadalready announced that IPL-IV

would be an eight-team affair,assuming that the Kochi fran-chise would either sort out itsinternal conflicts or make wayfor a new team.

The Royals had been given atermination notice on Oct 10,along with King's XI, followingits governing council meeting.They approached the HCagainst the move and, on itsrecommendation, agreed totake the matter into arbitrationalong with the BCCI for an out-of-court settlement. The courtappointed Justice Srikrishna asthe independent arbitrator.

According to sources, theteam can not only participate inthe January auctions but alsoretain players (if it wants to)just like the other teams unlessthere is a further stay. "We havereceived the interim order andwe're in the process of review-ing it. We are very grateful forthe speed and urgency shown.However, we must recognisethat the full arbitration processstill needs to be completed,"Raghu Iyer, the chief marketingofficer and spokesperson forRajasthan Royals, said.-Agencies

IPL franchise terminating issue

RR gets 6-wkinterim relief

SYDNEY: Australian skipperRicky Ponting has branded theTV referral system as 'a blight onthe game' after being deniedwhat he considered was a faircatch in the drawn first Test ofthe Ashes series. The bone ofcontention was the decision togive England double centurionAlastair Cook not-out after beingcaught by Ponting.

Cook's chipped shot, on 209,off the bowling of XavierDoherty ended up in the handsof Ponting, who dived forwardat short mid-wicket to take the

catch, but both the batsman andthe umpires were not con-vinced. The decision wasreferred to the third umpire, butthe TV replays were not conclu-sive and the decision was tossedback to the on-field umpireswho decided that the batsmancould not be given out.

"I do get a little bit annoyedwith it because I actually think itis a blight on the game, trustingin technology which is not goodenough. I could have got that balland tossed it up straight awayand no-one would have asked a

question of it," a sports websitequoted Ponting, as saying."I saidto the umpire straight away that Iwas pretty sure I caught the ball.That was about all I could do.Quite a few of the boys ran to mestraight away and said, 'Youcaught it'. I wanted to see howthey got to the not out decision."

"What they said to me was thatit wasn't 100 per cent clear on thereplays, they found it hard to giveit out," he added. The Australiancaptain has long campaigned forthe fieldsman's word to be trust-ed in such incidents.”-APP

Ponting slams TVreferral system

LONDON: West Ham United's Cole shoots to score his second goal and the team's fourthgoal against Man Utd during their English League Cup soccer match at Upton Park.-Reuters

ISLAMABAD: Players of Pakistan Hockey team which won gold medal in Asian Games 2010, pose for a group photo alongwith President Pakistan Hockey Federation (PHF) Qasim Zia during a reception hosted by RISJA and NPC Sports

Commiittee at National Press Club .-Online


International & Continuation

CONTINUATION

UK houseprices fallagain in

November LONDON: British house pricesfell for the fourth month in fivein November, a survey showedon Wednesday, in a sign thedownturn in the country's prop-erty market is becoming moreentrenched.

Mortgage lender Nationwidesaid the average price of a prop-erty fell 0.3 per cent inNovember, a slightly biggerdrop than the 0.2 per cent fallforecast by analysts. The annualrate of growth fell to 0.4 percent, its weakest sinceSeptember 2009.

However, Nationwide chiefeconomist Martin Gahbauer saidsupply pressures were starting toease and there was little to sug-gest house price declines wouldaccelerate in the months ahead.

"There are early signs that theflow of new property onto themarket may be slowing downagain as potential sellersobserve the recent weakness inprices and decide against mar-keting their properties at the cur-rent juncture," he said.

Nationwide's figures tally witha raft of data showing last year'sproperty market rebound hasgone into reverse as Britons pre-pare for the toughest govern-ment spending squeeze in gener-ations.

Banks, wary of an escalationin the euro zone's debt crisis,have also reined in lending to allbut the safest of borrowers.-Reuters

50-billion-dollar government bailout.After government backed restructuring GM, the largest US

automaker, recently launched a massive 23 billion dollar shareoffering in a dramatic turnaround for the embattled company. TheIPO lowered the government stake in the company below 50 percent and recouped 11.7 billion dollars for US taxpayers. -Reuters

Continued from page 12No #1

of disruptions of the international uranium enrichment servicesmarket. LEU is used by most of today's civilian nuclear powerplants. The creation of the bank was first proposed in September2007 by Russia, which fears nuclear fuel supply cutoffs beingused by developed nations for political purposes. -Reuters


ministry being abolished and working in ICT will be adjusted inthe ministries and divisions in Islamabad.

Rabbani categorically stated that none of the employee wouldbe retrenched or laid off and there was also no proposal of goldenhandshake for them. He said it would be ensured that their termsand conditions of service are not detrimental to their interests. Anew law, in consultation with the provinces, would be introducedto safeguard their service conditions. Replying to a questionRabbani said the process of devolution would be completed in theconstitutional defined deadline of 30th of June next year. TheInformation Minister told a question that the President and thePrime Minister would decide about the fate of the Ministers beingdevolved to the provinces.

About induction of two more ministers in the federal cabinet, hesaid in coalition set up, partners are to be adjusted as per their pro-portion and the same principle is being followed.


Gilani said that Pakistan Army has been given the nod to launchan offensive in North Waziristan but the decision to when tolaunch the operation lies with the army. PM said that there is nopressure on us regarding launching an offensive in NWA stressingthe government had given permission to launch the offensivebefore hand. The army first launched offensive in Malakand andSouth Waziristan. He said public apprehensions on RGST wouldbe removed. -Agencies


reformed general sales tax (RGST), a key condition for therelease of the sixth tranche. To do that it would have to implementfiscal reforms such as eliminating electricity tariffs and introduc-ing the RGST, which could deepen public frustrations with anunpopular government. Pakistan is likely to seek an extension ofthe IMF programme as it is scheduled to end this year. Howeverthe source said no formal request had been sent.

Pakistan is scheduled to begin paying back the loan elicitedfrom International Monetary Fund (IMF) in 2012, for which thegovernment needs to scramble for more debts right now, mediareported. Meanwhile, talking to media, renowned economist DrAshfaq Hasan said Pakistan's economy has been dragged to thebrink where nation could not do away with loans. He stressed thenew relations fostered with the IMF will now last longer.

Expressing concerns that the country has to pay back IMF loansfrom 2012, the economist said Pakistan would have to pay nearlythree billion dollars to IMF alone; hence, the government wouldhave to take recourse to large-scale borrowings in future as well.


encourage balanced crop system but would also help increaseedible oil production to reduce dependence on the imports andthereby save billions of rupees.

"Pakistan has been importing edible oil of worth $1.7 billionannually and the figure may go up to $2 billion owing to pricefluctuation," the minister said adding that with the increase in pro-duction, the country would definitely reduce dependency onimports. He said that the cultivation areas for the sunflower cropwould also be increased from last year's 872,000 acres to1,145,000 acres this year to enhance production from 51,300 met-ric tons to 71,100 metric tons respectively.

He said that the government with the support of USAID hasbeen providing hybrid seed and fertilizer to the farmers addingthat the farmers have already been supported in cultivating thecanola crop. To a question, the federal minister said that govern-ment would export the surplus wheat likely before the new wheatcrop. To another question, the federal minister did not support theidea of utilizing organic fertilizer for crop cultivation saying thatthe countries like Pakistan could not afford it owing to increasingdemand of food. -Agencies


September 30. On public demand, these schemes were initiallyextended to October 31 and then to November 30.

Upon receipt of further demand for extension from the corporateconsultants, associations and relevant quarters, the SECP has fur-ther extended the schemes for another month, says a press releaseissued here on Wednesday. The companies are advised to takeadvantage of the schemes within the extended time, by either reg-ularising through filing of their overdue returns under the CRS orstrike their companies off the register under the CEES. "This isthe last extension and any requests for further extension shall notbe granted", the press release added. -APP


the attacks, this particular cable shows they allegedly back themin private. Pakistan's Foreign Office has repeatedly said there isno justification for the drone strikes, describing them as "counter-productive" and a violation of the country's sovereignty.

The embassy cables also revealed that small teams of USSpecial Forces soldiers were allegedly secretly embedded withPakistan's military forces in the tribal regions, helping to huntdown Taliban and al Qaeda fighters and co-ordinate drone strikesin the area. "The Pakistani Army has for just the second timeapproved deployment of US special operation elements to supportPakistani military operations. Previously, the Pakistani militaryleadership adamantly opposed letting us embed our special oper-ations personnel with their military forces," one of the cables'summary stated. Further, Pakistan Army Chief General AshfaqParvez Kayani, told the US ambassador in March 2009 he'd beprepared to force out President Zardari to safeguard political sta-bility, according to a diplomatic cable provided to the Guardiannewspaper by Wikileaks.org.

Kayani said he would stop short of a coup and keep the govern-ment led by Prime Minister Syed Yousuf Raza Gilani in place,according to the cable, which said he made the comment during afourth meeting with the ambassador in a week.

He mentioned Asfandyar Wali Khan, leader of the AwamiNational League Party, as a possible replacement for Zardari, itsaid. The meeting occurred amid a stand-off between Zardari and


Brokers Forum, told Reuters. "Very little has come from the previous contracts signed earlier, aftera slight upward adjustment between the parties." Traders had booked about 1 million bales in theAugust-September period for delivery from October to January from India, the world's secondlargest producer, industry officials said. India suspended the online process of registering cottonexports in early October after receiving applications equal to the stipulated exportable surplus of 5.5million cotton bales. Most Pakistani dealers alleged Indian exporters used registration suspensionsas an "excuse" to escape their contracts because of rising international cotton prices in recentmonths. "We have received less than 10 per cent from nearly one million bales contracted from Indiaearlier on lower prices," Yasin Siddik, vice chairman of private All Pakistan Textile MillsAssociation (APTMA) said. "But new contracts are being signed with Indian dealers on new ratesand that cotton is coming," he added. -Reuters


opposition leader Nawaz Sharif over the reinstatement of judges fired under military rule in 2007.Six days after the meeting, Zardari agreed to reinstate Pakistan's chief justice, who had been the

focal point of sometimes violent street protests. Gilani's government extended Kayani's term for anadditional three years in July to help in the fight against Taliban factions close to the border withAfghanistan. Further, Pakistan Wednesday dismissed American and British fears that its nuclearweapons programme could fall into hands of terrorists as stated in leaked American diplomatic cables.Memos obtained by whistleblower site WikiLeaks and reported by the Guardian and The New YorkTimes suggested that United States was more concerned than it let on publicly about Pakistan'snuclear arsenal. "Their fears are misplaced and doubtless fall in the realm of condescension," foreignoffice spokesman Abdul Basit told foreign media. "There has not been a single incident involving ourfissile material, which clearly reflects how strong our controls and mechanisms are."

"It is time they part with their historical biases against Pakistan," Basit said, referring to Britainand the United States. Further, Interpol on Wednesday issued a global arrest warrant for the shad-owy founder of WikiLeaks, as the chaos from its massive dump of secret US cables spread from gov-ernments to financial markets. "Zardari said that Pakistani Muslim League-Nawaz Chief MinisterShahbaz Sharif had tipped off the JUD about the UNSCR 1267 mandated asset freeze, resulting inalmost empty bank accounts," said the State Department cable. The UN Security Council sanctionsthat came roughly two months after the Mumbai terrorist attack had made it obligatory on Pakistanto implement its provisions. Another US cable coming out of Islamabad on March 7, 2007, revealsthat the American Embassy in Pakistan had requested Washington to delay the imposition of UNSecurity Council resolution against JuD by two weeks, so as to protect US personnel in the region.

Central bank increased the cut-off yield on 3-month T-bill by 31bps to 13.16 per cent and raisedamount of Rs63.28 billion. Similarly, cut-off yield on 6-month T-bill hiked up by 19bps to 13.39 percent and raised amount Rs48.81 billion. Likewise, 12-month T-bill increased by 37bps to 13.67 percent and raised amount Rs5.1 billion.


NEW YORK: US private sec-tor payrolls rose by the biggestamount in three years inNovember, lifting optimismabout the job market ahead ofFriday's key employmentreport, while manufacturingdata showed growth wasintact.

US private employers addeda stronger-than-forecast93,000 jobs in November, thebiggest rise since November2007, after an upwardlyrevised gain of 82,000 themonth before, data by ADPEmployer Services, whichjointly developed the report

with MacroeconomicAdvisers LLC, showedWednesday.

In a separate report, theInstitute for SupplyManagement said its index ofnational factory activitydipped to 56.6 last month from56.9 in October, in line withexpectations and well abovethe 50 level which indicatesexpansion.

The report also showedemployment plans were steadywith the prior month.

The labor market has beenamong the weakest parts of theUS economy, and economistssee gains in that area as strongevidence that the recovery is

picking up steam.Manufacturing, on the otherhand, has led the recovery.

The private payrolls rise "isjust another sign of re-acceler-ation in the labor market.Some of the details suggestthat there is a 60 per centchance that the government'spayroll number could beatconsensus," said John Canally,Investment Strategist at LPLFinancial in Boston.

The US government'smonthly employment reporton Friday is forecast to showanother month of job gains inboth the private and publicsectors. In a Reuters poll, non-farm payrolls are seen up140,000 in November whileprivate payrolls are seen up153,000.

US stocks were up more than1 per cent, helped by signs inthe data that the recovery wastaking hold but also supportedby speculation the EuropeanCentral Bank would takemeasures to address the eurozone debt crisis.

The price of benchmark 10-year notes was down, and theUS dollar was also loweragainst major currencies aftera week of gains.

Even though economistscheered the job gains, they

noted that the labor marketstill has a long way to go.Friday's jobs report is forecastto show the US unemploymentrate remained at 9.6 per cent inNovember.

Also, the number of plannedlayoffs in November by USemployers rose to the highestsince March, according to areport by consultants Challenger,Gray & Christmas, Inc.

Employers announced48,711 planned job cuts lastmonth, up 28 per cent from37,986 in October, with thegovernment and nonprofit sec-tor leading the rise, the reportshowed.

Providing a more upbeatview of the economy was agovernment report showingconstruction spending posted a0.7 per cent gain in October.Expectations had been for a0.4 per cent decline in spend-ing, a Reuters poll showed.

In another report. nonfarmproductivity grew faster thanpreviously estimated in thethird quarter. According to thegovernment data, productivityincreased at an annual rate of

2.3 per cent rather than the1.9 per cent pace reported lastmonth, as employers squeezedmore output from workers andkept costs down.-Reuters

US privateemployers add jobs,manufacturing grows

BERLIN: German retail salesrose strongly in October andthe manufacturing sectoraccelerated last month, sug-gesting Europe's dominanteconomy has enough momen-tum going into next year toride out the debt crisis engulf-ing much of the region.

Retail sales rose by 2.3 percent, the Federal StatisticsOffice said, recording theirbiggest monthly gain sinceJanuary 2008 and surpassingall forecasts in a Reuters pollof economists.

The figures added to otherdata pointing to a robustupswing in Germany. A surveyalso released on Wednesdayshowed the manufacturingsector accelerated inNovember, spurring the fastestjob creation since March 2008.

"We're quite positive aboutnext year," said JuergenMichels at Citigroup. "We'reexpecting private consumptionto rise by more than two percent. That would be thestrongest in 10 years."

"The upturn is not onlybeing driven by export growthbut rather it's being supportedby a strong recovery of domes-tic demand," he added.

German business moraleimproved in November to itsstrongest level since 1991, and

unemployment fell inNovember for a 16th straightmonth. On Tuesday, Germansteelmaker ThyssenKruppgave an upbeat outlook for2011.

German firms are profitingfrom growth in emerging mar-kets.

Germany's strong recoveryhas helped pull the euro zoneto improved growth in recentquarters, but there are con-cerns it may be leaving otherstruggling economies behind -- particularly those on the eurozone periphery fighting a debtcrisis.

On an annual basis, retailsales were down 0.7 per centin real terms, the FederalStatistics Office said. But inthe year through October, theyrose by 2.0 per cent in nominalterms and by 1.0 per cent inreal terms from the same peri-od last year.

"The conditions for a lastingupturn in domestic demandhaven't been this good in along time," said UniCrediteconomist Alexander Koch.

"There's a lot suggesting thatthe fourth quarter will be goodand Christmas-season businesswill be quite good as well."

On Sunday, Germany's HDEretail industry associationreported a strong first weekend

of pre-Christmas shopping.The group expects overallChristmas sales to rise 2.5 percent from 2009, and spendingto grow by 1 per cent at least in2011.

Underlining the importanceof the two-month holiday sea-son for the German market,HDE says that retailers garneraround one-fifth of their annu-al sales from November andDecember.

This year, it expects growthin online business to outpacethe rest of the sector consider-ably, with sales growing byaround 8 per cent to almost 6billion euros.

The pick-up is also filteringthrough at more traditionalretailers.

Germany's Metro, theworld's No 4 retailer, raised its2010 profit forecast lastmonth, saying its cost-cuttingefforts were ahead of plan andthat eastern Europe and Asiawere giving the strongest signsof economic recovery.

"We are experiencing a sig-nificant pickup of business inall regions," said ChiefExecutive Eckhard Cordes,who also noted particular diffi-culties, saying: "Let's be hon-est, the German consumer is,and remains, a difficult ani-mal."-Reuters

Germans spend,factories hum inrobust recovery

BANGKOK: Thailand's cen-tral bank surprised financialmarkets on Wednesday by rais-ing its benchmark interest rate25 basis points to 2.0 per centand made it clear there wouldbe further tightening to curbinflation, pushing up the baht.

Most economists had expect-ed no change because of uncer-tainty about the global econo-my and the likelihood of high-er rates making the currencyeven stronger, when exportersare already complaining they

can no longer compete.The central bank said the

economy was expected to grownext year due to robust domesticdemand, and repeated that keep-ing rates low for too long wouldcause problems. Economistssaid its statement was surpris-ingly hawkish and they expect-ed rates to rise to 2.75 per centby the end of 2011, according toa Reuters snap poll.. Many ofthem saw another quarter-pointrise in January.

"We keep our forecast of fur-

ther rate rises, it's just a matterof time. If the baht is not toostrong and capital inflows arenot heavy, we think they maygradually increase rates nextyear by at least another 75basis points," said ThanomsriFongarunrung, an economist atPhatra Securities.

In an annual report on theThai economy compiled inSeptember but published onWednesday after the rate deci-sion, the InternationalMonetary Fund said policy

rates were far from neutral andsignificant adjustments wouldeventually be needed.

"Given the high degree ofuncertainty about the outlook,staff agree that interest ratenormalisation should nonethe-less proceed gradually, as evi-dence accumulates that therecovery is truly becomingentrenched," it said.

The baht rose to 30.02 perdollar after the rate decision,against 30.09/14 just before.-Reuters

Bank of Thailand surpriseswith rate rise; baht up

According to NCCPL data, local funds and companies did a net-selling of $3.06 million and $2.53million respectively while foreign investors mainly remained on the buying side as they did a net-buying of $7.78 million.Losses however remained restricted owing to a continued support by theforeign investors therefore index ended the session with a minor decline. Volumes remained health-ier on Wednesday also mainly led by Mansha stocks, but witnessed a minor decline on day-to-daybasis as 157.9 million shares traded during the day which is 7.2 million shares less as compared toa turnover of 165.1 million shares on Tuesday. DGKC stood as the volume leader with 25.84 mil-lion shares followed by Nishat Mills with 20.89 million shares and Lotte Pakistan with 10.29 mil-lion shares. Out of total 396 active issues 222 declined, 152 advanced, and 22 held status quo.


negative news on euro zone debt. "Local developments also need to be watched out for," Mitalsaid. The market is, however, up nearly 14 per cent so far this year bolstered by overseas portfolioinvestments worth a record $28.7 billion in 2010. Indian Oil Corp closed 11 per cent higher at384.10 rupees. Its chairman said the company aims to raise $4.4 billion in January through a follow-on share sale and that the pricing for offer was likely to be at 450 rupees apiece.

The Indian government is selling a 10 per cent stake, while the company will offer an equal num-ber of new shares to raise 20 billion rupees, making the sale the biggest-ever share offering in theIndian market. Shares in top lender State Bank of India rose 3.7 per cent to 3,105.10 rupees and No.2 ICICI Bank gained 2 per cent to 1,166.95 rupees on hopes that a fast-growing economy and pick-up in industrial activity would boost demand for credit. The banking sector index rose nearly 3 percent and the real estate sector index closed up 3 per cent.-Reuters


positive outlook and that has got to be good for equities," Lenhoff said.Commodity stocks were big movers on the index, tracking firmer metal and crude CLc1 prices

after the Chinese data suggested demand was robust. Miners Kazakhmys, Antofagasta and BHPBilliton gained 3.4 to 5.3 per cent, while Xstrata jumped 5.8 per cent, also buoyed by a bullish notefrom Barclays Capital. Oil stocks BG Group, BP and Royal Dutch Shell rose 0.9 to 2.7 per cent.

Among individual risers, Sage Group was 5.3 per cent higher after the British accountancy softwarecompany's results beat full-year expectations. Though the market moved higher, some traders werecautious. "It certainly looks like there has been a base put under the market. Ultimately I think the stagehas been set for the market to move higher, although uncertainty will keep something of a lid on it,"said Yusef Heusen, senior sales trader at IG Index. BAE Systems slipped 1 per cent, knocked by a bear-ish sector note by Goldman Sachs, with the broker reiterating its "conviction sell" on the company. Ex-dividend factors accounted for the two heaviest FTSE 100 fallers, Severn Trent and National Grid,while Land Securities and Johnson Matthey lost their payout attractions on Wednesday.-Reuters


That target area coincides with a recent two-year high and the 61.8 per cent Fibonacci retracementof the benchmark's slide from October 2007 to March 2009, a key technical indicator.

United Technologies Inc jumped 3 per cent to $77.46. Shares of the diversified manufacturer werealso boosted by European planemaker Airbus' plans to upgrade its best-selling A320 medium-hauljets from 2016 with new engines. The S&P energy index rose 2.2 per cent, leading gains on the S&P500 on expectations that a stronger Chinese economy would mean increased demand for energy. Ina development closely watched by investors, US President Barack Obama named Treasury SecretaryTim Geithner and budget director Jack Lew to work with congressional Republicans and Democratsto break a logjam over the fate of Bush-era tax cuts.-Reuters


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ISLAMABAD: President Asif AliZardari while accepting the recommen-dations of the parliamentary and judicialcommission has appointed Justice EjazChaudhry as new chief justice of LahoreHigh Court (LHC).

Justice Ejaz Chaudhry will assume theoffice of chief justice of LHC onDecember 8 following the retirement ofsitting chief justice KhawajaMuhammad Sharif.

Law ministry has issued notificationabout appointment of Justice EjazChaudhry as chief justice of LHC.

This is the first high-profile appoint-ment in judiciary in consonance with thenew procedure after the passage of 18thamendment which has been made in thelight of the recommendations of thejudicial commission and parliamentarycommission.

Following the approval of name ofJustice Ejaz Chaudhry by parliamentarycommission Prime Minister SyedYousuf Raza Gilani had sent the summa-ry to the president Asif Ali Zardari whohas appointed Justice Ejaz Chaudhry asnew chief justice of LHC. -Online

Justice Ejaz nownew CJ of LHC

TOKYO: Toyota Motor saidWednesday it has filed a lawsuit with aUS court for damages against GeneralMotors' bankruptcy estate over the clo-sure of their joint manufacturing plant inCalifornia.

The Japanese firm claims GM MotorsLiquidation Company (MLC) shouldpay 73 million dollars for breach of con-tract over the closure of the New UnitedMotor Manufacturing Inc. (NUMMI)plant this year, said Toyota spokesmanPaul Nolasco.

GM pulled out of the venture last yearas it restructured under government-backed bankruptcy protection. Toyotaclosed the plant earlier this year afterreaching a deal with the plant's 4,500unionised workers.

"We've been discussing how to paycosts of winding down NUMMI formore than a year, but as the US courtrecommended us to file a lawsuit, we

iled the suit on November 24," saidNolasco.

Toyota sold the factory to TeslaMotors in May as the Japanese automak-er bought a 50 million dollar stake in theUS electric vehicle maker.

Separately, NUMMI has also filed asuit against MLC, seeking about 360million dollars in damages stemmingfrom the dissolution of the joint venture,Nolasco said.

MLC, responsible for the discardedassets of the former auto giant, chose "toend its active participation in NUMMI,"which "breached MLC's commitmentsto NUMMI and sounded its death knell,"the statement said.

Toyota eclipsed the former GM as theworld's top automaker in 2008.

Amid skyrocketing debt and plummet-ing sales, GM was forced into bankrupt-cy protection in June 2009, as it got a

See # 1 Page 11

Toyota sues GMon plant closure

ISLAMABAD: Supreme Court ofPakistan while issuing notices to the fed-eration and provinces has sought replyon the petition filed against less increasein the pension of the retired employeesas compared to enhancement in thesalaries of the government employees.

A 3-member bench of SC presidedover by the Chief Justice of Pakistan(CJP) Iftikhar Muhammad Chaudhrytook up the petition for hearing onWednesday which had been filed byAbdul Ghafoor Dogar.

The petitioner took the plea that gov-ernment had increased the salaries of itsemployees by 50 per cent during the cur-

rent financial year budget while the pen-sion in respect of retired employees hadbeen enhanced only by 26 per cent. Itwas sheer discrimination and violationof articles 9, 14 and 25 of the constitu-tion.

"The pension has been less increasedprobably for the reason that the retiredemployees have reached such stage ofage where they eat bread less", justiceKhalil-ur Rehman remarked.

The court after brief hearing the peti-tion has issued notices to the federationand all the four provinces and soughtreplies from them within 3 weeks. -Online

Explanation soughtfrom Fed, provinces

Pensioners get peanuts

Hajj Scam

FIA tobroaden

probe circleISLAMABAD: FederalInvestigation Agency (FIA) hasdecided to widen its circle ofinvestigation, seek permissionfor further arrests from the rel-evant agencies.

According to media reports,FIA has asked for the arrest ofthe senior joint secretary HajjRaja Aftab-ul Islam for theirregularities in the Hajj scam,more information has beengathered from a deputy secre-tary and two section officers inthis regard.

It has been revealed that RajaAftab-ul Islam was the first oneto sign the authorisation for thepurchase of 82 buildings for thehajjis and he was formallyinvolved in the scam.

Former DG Hajj Rao Shakilhas already been arrested by theFIA according to sources he isin Adiala jail for further inves-tigation. -Online

Senate bodymeeting put off

ISLAMABAD: Meeting ofsenate standing committee forlaw and justice has been post-poned due to the absence offederal law minister Dr BabarAwan and law secretary.

On Wednesday, the chairmanof the committee Kazim Khanalong with other memberscame to the room to proceedthe session but on the protest ofthe members saying that with-out the presence of federal lawminister Dr Babar Awan andlaw secretary the session cannot take place.

Senator Kazim Khan had topostpone the session, commit-tee emphasized that the federallaw minister and secretaryshould respect the committeesand make sure of their atten-dance in such committees. -Online

Russia sets upfirst nuclear

fuel bankMOSCOW: Russia has suc-cessfully completed the cre-ation of the world's first inter-national nuclear fuel bankunder an agreement with theIAEA, the Rosatom state atom-ic energy corporation saidWednesday.

The fuel bank now stores 120tonnes of low-enriched urani-um (LEU) in the Siberian cityof Angarsk, the Russian agencysaid in a statement.

"This is enough to completetwo refuels of the world's mostcommonly-used light-waterreactors with a capacity of1000MW," the Rosatom state-ment said.

The fuel has been enriched tobetween 2 and 4.95 per centand is being kept under the aus-pices of the InternationalAtomic Energy Agency(IAEA).

The IAEA approved thereserve's creation at a two-daymeeting in November. It ismeant to ensure stable fuel sup-plies to partner nations in case

See # 2 Page 11

KATHMANDU: HIV-infected people hold placards during a programme organized to mark World AIDS Day. Reuters

ISLAMABAD: Pakistan on Wednesday dismissedWestern concerns over the security of its nuclearweapons programme following the publication of moreU.S. State Department cables by anti-secrecy organisa-tion WikiLeaks.

A fresh cache of U.S. diplomatic cables releasedTuesday and Wednesday show widespread concernabout the safety of Pakistan's nuclear weapons with wor-ries stretching from Washington to Riyadh to Moscow.

A senior Pakistani government official familiar withhis country's nuclear weapons programme waved offWestern handwringing. "They (the weapons) aresecured. That's it. No matter whatever point of view any-

body else has," he said. A senior official in Pakistan'sInter-Services Intelligences spy agency said the country'snuclear weapons were "the safest," and that spent fuelrods in the nuclear reactors were "safe and secure."

"Your planes have had accidents and lost nuclearbombs at sea," he said. "I think it is the Bible thatsays:'Physician, heal thyself first.'" PM Gilani's office, ina statement issued after a meeting with the new USambassador, Craig Munter, said the revelations wouldnot " have any effect on the strong, strategic partnershipbetween Pakistan and the USA, as both sides were res-olute to address the misperceptions in the interest oflong-term cordial bilateral relations". -Reuters

Pak rejects fears over N-armsRussians concerned about nuclear infiltration

ISLAMABAD: Prime MinisterSyed Yousuf Raza Gilani saidWednesday that his governmentwould continue to fight against ter-rorism despite economic challengesposed by the recent flood and theimpact of global recession.

Prime Minister while talking toCameron Munter, Ambassador of theUSA, who called on him at the PMHouse, said the terrorism was a com-mon threat which called for develop-ing a joint strategy to complimenteach other efforts.

He further added that war on terrorhas had seriously implications forPakistan's economy.

While the Government ofPakistan, he said, was taking someunpopular decisions through reformsand restructuring of economy.

"It is the responsibility of the inter-national community to assistPakistan in gaining higher market

access to the developed world toease its economic difficulties partic-ularly the unemployment pressures",he said.

The improved economic condi-tions, he added, would also help toaddress the root causes of extremismand terrorism.

Prime Minister emphasised thatPakistan firmly believes that it waspart of solution for Afghanistan'speace and security.

Pakistan, he added, was willing tocontribute towards that end by help-ing Afghan Government in trainingits National Army, Police and devel-oping bureaucratic institutions.

While commenting on the mis-leading WikiLeaks, Prime Ministermentioned that government ofPakistan has already released itsreaction on the subject and wouldensure that Pakistan's national inter-ests would not be compromised by

such mischief in any manner.The US Ambassador stated that

the malicious WikiLeaks would nothave any affect on the strong, strate-gic partnership between Pakistanand the USA, as both sides were res-olute to address the misperceptionsin the interest of long term cordialbilateral relations.

He further said that the US desiredto strengthen mutual cooperation invarious fields and focus on concreteprojects of development in Pakistanas well as establish better businessrelations between the two countries.

The US Ambassador whileacknowledging Pakistan's contribu-tion in helping to bring about peacein the region said that Pakistan has alegitimate role in the future ofAfghanistan.

Salman Bashir, Secretary ForeignAffairs was also present in the meet-ing. -NNI

WoT, an uphilltask, says PM

US envoy Munter calls on PM Gilani

National interest never be compromised by misleading WikiLeaks

KARACHI: Pakistan's budget deficitfor the first three months of the 2010/11fiscal year was 1.6 per cent of grossdomestic product, Finance Ministry saidon its web site Wednesday.

This compared with a fiscal deficit of1.5 per cent in the same period last year.

Pakistan announced last month a fiscaldeficit of 4.7 per cent of GDP, agreedwith the International Monetary Fundfor fiscal year 2010/11 as part of an $11billion bailout programme.

The original target of 4 per cent ofGDP was revised following the devas-tating summer floods which cost around$10 billion in damages.

A widening in the fiscal deficit to 1.6per cent of GDP in the first quarter,which ended Sept 30, was a warning thatPakistan would likely overshoot thedeficit target by the end of the fiscal yearin June, analysts said. They forecast abudget deficit of at least 6 per cent ofGDP. -Reuters

3M budget deficitat 1.6pc of GDP