International

Pak ready for meaningful dialogue with India: FO See on Page 12

Shahbaz returns home with big hopes See on Page 12

Cameron faces defeat on EU bill See on Page 12

Crude Oil (brent)$/bbl 94.75

Crude Oil (WTI)$/bbl 91.38

Cotton $/lb 144.81

Gold $/ozs 1,421.40

Silver $/ozs 30.94

Malaysian Palm $ 1,227

GOLD (NCEL) PKR 38,873

KHI Cotton 40Kg PKR 9,645

Yearly(Jul, 2010-31-Dec-2010)

Monthly(Dec, 2010-31-Dec-2010)

Daily (31-Dec-2010)

Total Portfolio Inv (24 Dec-2010)

195.39

32.67

2.15

2878

4.67

7.67

-4.36

-1.58

-1.49

0.50

-5.40

SCRA(U.S $ in million)

Portfolio Investment

FIPI (31-Dec-2010)

Local Companies (31-Dec-2010)

Banks / DFI (31-Dec-2010)

Mutual Funds (31-Dec-2010)

NBFC (31-Dec-2010)

Local Investors (31-Dec-2010)

Other Organization (31-Dec-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (27-Dec-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- Nov 10)

Remittances (Jul 10-Nov 10)

Foreign Invest (Jul 10-Nov 10)

Revenue (Jul 10-Nov 10)

Foreign Debt (Sep 10)

Domestic Debt (Nov 10)

Repatriated Profit (Jul- Nov 10)

LSM Growth (Oct 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.42bn

14.44%

$8.88bn

$15.37bn

$(6.49)bn

$(504)mn

$4.43bn

$746mn

Rs 495bn

$58.41bn

Rs 5296.7bn

$287.9mn

-2.81%

4.10%

$1,051

171.45mn

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

23.51

2.00

1.70

10.85

PKR/Shares

111.31

201.29

42.81

36.39

37.16

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)

29-Dec-2010

29-Dec-2010

29-Dec-2010

29-Nov-2010

31-Dec-2010

31-Dec-2010

31-Dec-2010

31-Dec-2010

31-Dec-2010

31-Dec-2010

31-Dec-2010

31-Dec-2010

31-Dec-2010

31-Dec-2010

31-Dec-2010

13.20%

13.41%

13.73%

14.00%

13.37%

13.46%

13.62%

13.98%

14.12%

14.16%

14.22%

14.26%

14.53%

14.73%

14.88%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 84.80 85.30

Canadian $ 84.80 85.50

Danish Krone 15.00 15.10

Euro 112.00 112.20

Hong Kong $ 10.60 10.70

Japanese Yen 1.038 1.065

Saudi Riyal 22.75 22.95

Singapore $ 64.50 64.70

Swedish Korona 12.00 12.70

Swiss Franc 86.90 87.10

U.A.E Dirham 23.10 23.20

UK Pound 132.15 132.35

US $ 85.60 85.80

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 87.13 87.33

Canadian $ 85.69 85.89

Danish Krone 15.28 15.32

Euro 113.93 114.19

Hong Kong $ 11.02 11.05

Japanese Yen 1.052 1.054

Saudi Riyal 22.86 22.91

Singapore $ 66.60 66.75

Swedish Korona 12.68 12.71

Swiss Franc 91.35 91.56

U.A.E Dirham 23.33 23.39

UK Pound 132.34 132.65

US $ 85.62 85.80

Inter-Bank Currency Rates

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Roll up your sleeves,Mr ObamaSee Analysis on Page 4

Staff Reporter/ Agencies

KARACHI: A sever blow wasdealt to PPP-coalition govern-ment on Sunday whenMuttahida Qaumi Movement --largest coalition partner --announced to carve itself out ofalliance citing several reasons,adding government never gavean ear to MQM's advices,henceforth Prime Minister SyedYousuf Raza Gilani has lost hismandate in the House as gov-ernment left with 158 memberson its side, while Oppositionnumbers fattens to 174.

It is likely that today(Monday) Prime Minister maybe asked to take a fresh vote ofconfidence, where political ana-

lysts say that it would be a talltask for PM Gilani to prove hismajority.

According to the press brief-ing of MQM leaders, the deci-sion to sit in the Opposition wastaken by MQM's CoordinationCommittee's meeting held

simultaneously in Karachi andLondon.

Haider Abbas Rizvi informedthat media the MQM today(Monday) would formally sub-mitted request to the SpeakerNational Assembly andChairman Senate to allocate

Opposition benches to MQM.Talking to the media, MQM

leader Faisal Sabzwari said themeeting of MQM'sCoordination Committee, tak-ing serious exception, amongother things, to the massive hikein prices of petroleum products

by the government at the outsetof new-year, finally decided tomove from government toopposition benches.

Sabzwari regretted thatdespite repeated calls made byhis party, the government failedto take any practical steps

towards redressal of MQM'sgrievances. "This forcedMuttahida Qaumi Movement totake the extreme step of sittingon the opposition benches bothin the National Assembly andthe Senate," he added.

Faisal Sabzwari said nowMQM is weighing all theoptions including parting wayswith government in Sindh gov-ernment. He said MQM wouldoppose all the anti-people deci-sions of the government.

Reiterating MQM's stance onimposition of taxes, he said thegovernment should tax theincome from agriculture and thelandlords.

"The government should tax See # 7 Page 11

MQM opts for Opposition Govt loses majority in NA; PM maybe asked for fresh vote of confidence

lNow the ball is in PML-N court, say analysts lAltaf Hussain telephones political leaders

lMQM terms POL price hike back-breaking for masses; says landlords should be taxed

Ahmed Siddique

KARACHI: Total Investmentvalue of foreign portfolio sig-nificantly hiked by 53.2 percent or $1.02 billion to $2.93billion at the end of year 2010against $1.92 billion witnessedon year-end 2009.

Rise in portfolio investmentin CY10 driven by fresh invest-ment of $522 million and valueof equity appreciation of around$490 million.

In terms of rupee, special con-vertible rupee account (SCRA)showed closing market value ofshares and securities at Rs 252billion against Rs161 billionobserved on same period lastyear, thus reflecting 56.4 per

cent jump in portfolio valueduring the period.

As per "The Financial Daily"analyst, foreign investors own$2.93 billion which is 32 percent of the free float marketcapitalization on above date.The main reasons for surge inforeign holding value were sig-nificant hike in equity market asit surged by 28.1 per cent or2,636 points to close at 12,022-level at the end of December31, 2010 comparing with theindex stood at 9,387 points atthe end of the year 2009.

On the other hand in CY10,foreign investors cumulativelybought shares worth $1.20 bil-lion and sold $682 million,resulting in net buying of $522

million during the outgoingyear.

Interestingly, none of the localcategories invested on net basisin equity market during theperiod, as biggest yearly sellingwere witnessed fromCompanies which sold $4.69billion worth of shares in thelocal bourse against buying of$4.52 billion, thus turning thenet selling worth of $165 mil-lion.

Furthermore, mutual funds,banks local individuals, NBFCand other organizationsremained on the selling sidewith shares worth $130 million,$95 million, $77 million, $45million and $10 million respec-tively.

Foreign portfolio up at $2.9bnKSE during CY10: foreigners hold 32pc of free float

Offshorers invest $522 million

KARACHI: Sindh ChiefMinister Syed Qaim Ali Shahhas approved on Sunday theabolishing of the health insur-ance policy of the governmentemployees.

Earlier, Sindh's special secre-tary finance mailed a summary,regarding the closure of thehealth insurance policy of thegovernment servants, for

approval of the Chief Minister.The closure of the health

insurance policy will affectmore than six thousand employ-ees of the Sindh Government.

Sindh Secretariat's workershave announced that onMonday (today) they wouldprotest against the abolishing ofthe health insurance policy. -Agencies

Sindh employeeshealth policy ends

Special Correspondent

LAHORE: Prime MinisterSyed Yousuf Raza Gilanilooks determined and confi-dent over despite latest politi-cal move, as on Sunday hesaid that government is notgoing anywhere.

He was talking to the news-men here in Lahore aftermeeting with former JIAmeer Qazi Hussain Ahmed.

Prime Minister Gilani saidthat MQM’s departure makesno difference to the govern-ment and says that he doesn'tsee any crisis or the govern-ment's collapse.

Gilani asserted that govern-ment would continue to func-tion with or without anycoalition partner.

He was optimistic thatPML-N Chief Nawaz Sharif isin favor of democratic process

and would not let it derail.To a question on the recent

increase in the prices of petro-leum products, Gilani saidthat government could notafford to grant any more sub-sidies on petroleum products,added that prices of the petro-leum products was deter-mined by an independentauthority, that adjust the localfuel prices keeping its inter-national prices in fore.

Prime Minister Gilanireplying to another questionsaid that PPP governmentdoest not believe in horse-trading.

Gilani said that governmenthas no intention to bringamendments in the blasphe-my law, while SherryRehman has submitted themotion in her personal capac-ity, added that govenmentcan’t even think of doing so.

Gilani positiveover govt's fate

Govt can't afford subsidies on POL products

Iran claimsshot down spyplanes in GulfTEHRAN: Iran has shot downtwo unmanned western recon-naissance drone aircraft in theGulf, a senior RevolutionaryGuards commandertold the semi-official Fars news agency onSunday.

"Many spy planes andadvanced planes of our enemieshave been shot down (by ourforces) ... We have also shotdown two spy planes in thePersian Gulf," said commanderAmir Ali Hajizadeh. "But it is thefirst time we are announcing it."

See # 9 Page 11

Rulers

PPP 127

ANP 13

PML-F 5

NPP 11

BNP/FATA 1/1

Total 158

Opposition

PML-N 91

PML-Q 49

MQM 25

JUI 8

PPP-S 1

Total 174

PML-N eyespremiership

LAHORE: Pakistan MuslimLeague-Nawaz (PML-N) GeneralSecretary and member NationalAssembly Ahsan Iqbal saidSunday that national will soonseen PML-N chief Mian NawazSharif in the Parliament.

Talking to a private TV chan-

nel, Ahsan Iqbal said that in thecurrent scenario PML-N surelynot in the position to formulategovernment on its own but aftermaking alliances with other polit-ical parties it was quite possible,added in that situation PML-Nleader Mian Nawaz Sharif wouldsurely be the prime candidate forthe premiership.

Responding the MQM's deci-sion to sit in the Opposition,PML-N Secretary General said

See # 8 Page 11

Nation to see Sharifsoon in House: Iqbal

Karachi, Monday, January 3, 2011, Muharram-ul-Haram 27, Price Rs12 Pages 12

LALAMUSA: FederalMinister for Information andBroadcasting Qamar ZamanKaira has said that work on var-ious power generation projects,including Thar coal project hasbeen started.

Talking to the media afterattending a ceremony here nSunday, he said after the com-pletion of these projects, thecountry would not only be ableto generate electricity for itsown use but would also be ableto export the extra power.

He said the previous govern-ment did not give priority topower generation whichincreased the gap between elec-tricity demand and generation

capacity over the years.To a question, Kaira said the

work of exploration for naturalgas, in particular digging newwells, is in progress to ensureuninterrupted gas supply. Hewas hopeful that the situationwould soon improve.

However, he said the use ofgas has immensely increased ascompared to past years.

The minister said that morethan 25 per cent vehicles arenow using gas as fuel and CNGstations are functioning in allparts of the country."Unfortunately, gas generationcould not be increased in thepast", he regretted.

He said that people who had

been in the government duringthe last 11 years have no right tocriticize the present governmenton this issue. The minister saidthe PPP-led government is pay-ing full attention to resolve thecore issues of the people,adding they (government) arenot doing street politics.

He said the NFC Award, thepassage of 18th and 19thamendments by Parliamentunanimously are big achieve-ments and gifts of the PPP-ledgovernment to the nation.

Kaira said the governmenthas categorically stated that noamendment would be made toblasphemy laws but some

See # 10 Page 11

'Power crisis breathing last'Kaira says various power plants in pipeline

2 Monday, January 3, 2011

TV PROGRAMMES

MONDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere Maya

ke Sath

11:10 The Reema Show

(Rpt)

12:00 News

13:10 Faisla Aap Ka (Rpt)

14:10 Tafteesh (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Tonight With

Jasmeen

23:00 News

23:30 24

LAHORE: Fight opera-tions at the Allama IqbalInternational AirportLahore began on Sundaymorning after dense fogreceded. The operationcame to halt on Saturdayevening after heavy fogengulfed the most parts ofthe Punjab.

The flight operations atAllama Iqbal InternationalAirport were suspendedtill 9am, Sunday.

The fog continued toengulf the province for thelast many days causingaccidents and nuisances.

The motorway has beenclosed several times for

all kinds of traffic toavoid any mishap.

Meanwhile, a PIAflight, which was sched-uled to leave for Saudicapital of Riyadh onSunday morning, was sus-pended due to bad weath-er condition.

Dozens of passengersstranded at the Peshawarairport said that theirvisas would be expired ifthey failed to enter theSaudi kingdom Monday.

The passengersappealed to PIA authori-ties to make emergencyarrangements for theirdeparture. -Agencies

Flights resumeat Lhr airport

KARACHI: The tradeand industry termedincrease in petroleumproducts prices unjusti-fied and said that it willruin the economy.

Bin Qasim Associationof Trade & Industry(BQATI) Patron-in-Chief/ Founder President, MianMuhammad Ahmed andFounder Vice President,Usman Ahmed said thatthe government has onceagain taken a cruel act byincreasing POL prices.The government's move isjust like stabbing in theback of the economy, theysaid.

"At a time when oilprices had gone to the

world's highest at $147per barrel, the domesticPOL prices did not crossthe level of Rs60 per litreand now when oil pricesare hovering around $80per barrel, the govern-ment has brought theprices to over Rs80 perlitre, which is sheer injus-tice to the nation and theeconomy," Mian Ahmedsaid.

It clearly shows that thePOL price increase inPakistan has no relationwith the international oilprices, especially whenthe country producesaround 20 tons, or 25 per-cent, oil indigenously,Mian Ahmed said. -PPI

BQATI criticisesPOL price raise

ISLAMABAD: ThePakistan EconomyWatch (PEW) on Sundayproposed a ministry fordevelopment of alternateenergy in Pakistan.

Alternative EnergyDevelopment Board(AEDB), staffed witharound 100 people and abudget of mere Rs61.6million leaves much tobe desired, it said.

Inefficient state-runcorporations are wastingup to Rs500 billionannually while billionsare spent due to politicalconsideration but devel-opment of alternate ener-gy has remained a lowestpriority, said Dr MurtazaMughal, President PEW.

We have yet to have anAlternate Energy Policy,

he added.Thirty-seven per cent

Pakistanis have no gridconnectivity while only20 per cent have accessto natural gas. Alternateenergy is the only hopefor around 15000 vil-lages in that cannot beconnected to the powersystem in the next twodecades, he said.

He said that weak andunderstaffed AEDB isdependent on the deci-sions of many bureau-crats that cannot thinkbeyond fossil fuels --coal, petroleum, and nat-ural gas that are finiteresources.

Dr Murtaza Mughalsaid that surrounded bypolitics, bureaucracy,red-tape, political

appointments and influ-ential oil and gas lob-bies, the AEDB hasbecome a symbolic insti-tution despite efforts offew individuals whowants to make it a usefulentity.

Therefore, he said,Pakistan needs a min-istry for development ofrenewable energy tomake proper use of itsvast usable energyresources. It wouldimprove our energy mix,reduce dependence onoil, save country from oilshocks and reduce envi-ronmental degradation,he said.

Oil import bill is pro-jected to increase three-fold in a decade leavinggovernment with no

funds to spend on socialsector uplift, he warned.Fossil-fuelled powerplants and vehicles emitpollutants like sulphurdioxide, particulate mat-ter, nitrogen oxides, car-bon monoxide, toxicchemicals, heavy metalslike mercury, chromium,and arsenic which canresult in heart disease,asthma, and other healthproblems, he said.

It is responsible foracidification of waterresources, damage toaquatic life, leaf damage,and the production ofsmog. It releases carbondioxide which is one ofthe main greenhousegases causing globalwarming, said DrMughal. -PPI

Govt fail to formulate alternate energy policy yet: PEW

Call for alternateenergy ministry

ISLAMABAD: A largenumber of post graduatestudents in the country areunable to get the desiredexperience under theNational InternshipProgram, because of theirirrelevant placement in thepublic sector departments.

The President ofIslamabad Chamber ofCommerce & Industry,Mahfooz Elahi said thatthe National InternshipProgram has failed toachieve its objective inproviding right experienceto the talented youthaccording to their educa-tion.

He said that this year

Rs3.6 billion has beenallocated for NationalInternship Program forproviding internships toaround 30,000 students ofHEC recognized universi-ties but a large portion ofthis amount will be wastedagain.

As per policy, studentsare inducted for internshipin the public sector onlyand majority of them areplaced in those depart-ments which are totallyirrelevant to their educa-tion, Elahi said.

Before starting jobs, stu-dents are required toundergo internships to getthe practical experience

and knowledge relevant totheir studies but under theNational InternshipProgram, they are unableto get desired experience.

President ICCI said thatgovernment should revisitits policy and internshipmust also be offered in thePrivate sector, where stu-dents can have betteropportunities of gettinggood experience in the pri-vate sector environment.

This change in policycan also help students tomove towards entrepre-neurial activities, insteadof utilizing their energiesin unproductive publicsector jobs.

Internships planfails to meet ends

KARACHI: Advisor toSindh Chief Minister forInformation and ArchivesSharmila Farooqui hassaid that maintaining lawand order in Sindh is thefirst priority of the gov-ernment as it believes intaking actions againstcriminals without anydiscrimination.

She said this whiletalking to media on theoccasion of an exhibitionat Clifton last evening.

Sharmila said that eco-nomic development islinked to peace whileRangers have been pro-vided special powers tomaintain peace inKarachi and other partsof Sindh, while policehas been equipped withmodern weapons.

The advisor said thepresent governmentunder the dynamic lead-ership of President AsifAli Zardari wanted to

bring economic revolu-tion and boost confi-dence of people indemocracy.

She said that the crimi-nals could be controlledonly with the cooperationof people.

"We all will have tostrive for the peace in thecountry while the presentgovernment is payingattention towards reha-bilitation of flood affect-ed people," she said. -PPI

Law & order No. 1priority: Sharmila

Staff Reporter

KARACHI: Siraj KassamTeli, Chairman BMG andformer president, in thesecond sub-committeemeeting for Public Sector,Utilities, Power and Gashas asked KESC to lookinto the problems of themasses and provide solu-tions.

Giving the reference ofslow meters on which KESCcharge on average, the highbilling arising because of ithas created huge uproaramong consumers.

Teli suggested TabishGohar that changing meters

in one-go is not a gigantictask for KESC but thereplacement would resolvethe issue and cries of all.

Tabish Gohar, CEOKESC who attended thesub-committee meeting asChief Guest, informed that250,000 meters are notperforming well and onemeter cost Rs10,000.

On the claim made byKESC that customers aredoing unlawful things, Telimade clear the fact that allcustomers are not involvedin alleged malpracticesand it is very insensible toblame all users.

He added that KCCI is

the Forum to speak up andwe highlight issues in clearcut way. If KESC makeunlawful attempt we willdefinitely come up andraise voice.

Siraj Teli formed a spe-cial committee to bechaired by Junaid EsmailMakda and suggested thebusiness community tocome up and share theirgrievances, KCCI wouldinvestigate their issues andget it resolved with KESCinputs.

KESC agreed for forma-tion of special committeeduring the meeting. Teliadded that in other coun-

tries, people even didn'tknow the names of theCEO and head of electrici-ty or gas companies buthere we have to keep tractin order to resolve issues,people are not concernedthat whether the companyis privatised or not, thepoint in question is whatservice the consumer getafter using highly expen-sive electricity when prob-lems stood unresolved.

Tabish Gohar, CEOKESC shared his companyplans and blamed on short-age of fuel and gas whichaffected the cost of elec-tricity.

KESC pressed to shedlight on public issues

MONDAY

Time Programmes

8:00 Amnay Samnay

(Rpt)

9:00 News

9:15 Pehla Sauda

10:00 News

10:15 Bazaar

11:00 News

11:05 Ghar Ka Kharch

12:00 News

12:15 Power Lunch

13:00 News

13:05 Agenda 360

(Sat Rpt)

14:00 News

15:02 Akhri Sauda

15:30 Munafa Khor

Hoshiyar (Rpt)

16:15 Karobari Dunya

17:05 Ghar Ka Kharch

(Rpt)

18:05 Chai Time

19:00 News

19:30 Mang Raha Hai

Pakistan

20:00 News

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:00 News

22:05 Doosra Pehlu

23:00 News

23:05 Agenda 360

(Sun Rpt)

0:00 News

DERAGHAZIKHAN: Federal Minister and Chairperson of Benzir income Support Programme (BISP)Farzana Raja distributing Cheques of 0.1 among the deserving people during a public gathering in G D

Khan on Sunday.-Online

ATTOCK: A View of thick fog causing low visiblity that engulfsthe whole city.-APP

1080

HIVcases

detected

in 2010KARACHI: Though thelast year 2010 has gifted usmany good things alongwith other bad things butthe very sad news which2010 has given us isregarding the HIV/Aidspatients as in 2010 year,1080 cases has beendetected all over theprovince, which are morethan 2009 registered cases,PPI learnt here on Sunday.

According to the yearlyfigures of Sindh AidsControl Programme(SACP), 879 male, 150female and 51 children areamong the total detected1080 patients of HIV/Aidsin 2010 in the province.

It is matter of great con-cern that the ratio ofHIV/Aids patients of 2010is more than the 2009because 688 cases hadbeen detected in 2009throughout the province.According to the officialfigures, 392 more cases ofHIV/Aids have beendetected in 2010 in com-parison with 2009.

In 2010, 51 childrenhave been detected asHIV/Aids patients but in2009 there were only 6children which were regis-tered as the patients ofHIV/Aids, while, 658male, 24 female among thetotal patients in 2009.

When contactedProgramme ManagerSACP Dr Nafis Sohail toldPPI that we have not com-piled the report yet butaccording to exact figures,1080 cases has beendetected from all over theprovince in 2010.

To a question regardingthe increase in HIV/Aidspatients, she said that thisis the figure regarding theregistered patients butthere are thousands ofpatients of HIV/Aids in theprovince according torough estimate.

She said that we are try-ing to create friendly envi-ronment for the patients asthey can come to our cen-ters and take proper treat-ment which will give bene-fit to the patients and otherhis/her relatives andfriends as well.

She said that despite lackof funds, SACP is doing itsjob very well. She said thatAids is very dangerous dis-ease so the governmentshould take effective stepsto protect our innocentpeople from it.

It is also pertinent tomention here that SindhAIDS Control Programmeis facing worsening situa-tion regarding the fundsfor the "rehabilitation" ofthe HIV/AIDS registeredpatients because after theend of the World Bank'sloan/grant, the Sindh gov-ernment has released onlyRs11 million for thesalaries of more than 45staff and logistics. -PPI

6 suspects

held in

KhiKARACHI: At least sixsuspected terrorists wereheld by the Police onSunday arrested morethan a half a dozen sus-pected terrorists inKarachi, police said.

The police said that act-ing on intelligencereports, raids were con-ducted in different areasof Karachi which led toarrest of over half adozen suspected terror-ists.

Those arrested werereported to have linksand banned outfits andother groups involved incriminal activities, policetold.

The Sunday's raidswere part of recent driveby Sindh home depart-ment to nab thoseinvolved in targetedkilling in provincialmetropolis. -Agencies

IHC CJ

takes oath

todayISLAMABAD: Newlyappointed Chief Justiceof Islamabad High Court(IHC) Iqbal Hameed-ur-Rehman will take oath ofhis office on January 3(today) from PresidentAsif Ali Zardari.

According to mediareports, PresidentZardari will take oathfrom him in GovernorHouse Sindh on Monday(today).

While the oath takingceremony of JusticeMuhammad Anwar KhanKasi and Justice RiazAhmad Khan will beheld on January 4 inIslamabad High Court.Chief Justice IqbalHameed-ur Rehman willtake oath from bothjudges.

After the oath takingceremony of the CJ andtwo judges of IslamabadHigh Court, the Courtwill start its functioningon regular basis.

LAHORE: Spectaors watching final polo match played between Master Paint &Diamond Paint teams during Royal Dil Polo Cup at Polo Club.-APP

KARACHI: Sindh Provincial Minister Shazia Marri look-ing the new design of furniture during an exhibition of

furniture at a local Art Gallery on Sunday.Online

3Monday, January 3, 2010

HOUSTON/NEW YORK: Oilprices hit a 26-month high over$92 a barrel on Friday, closing theyear up 15 per cent on expecta-tions that the economic recoverywill drive demand growth nextyear and send prices into tripledigits.

Strong growth from Asia, espe-cially China, and a rebound indemand from recoveringeconomies elsewhere fueled afour-month rally that knockedcrude over the $70-$80 range itheld for much of the year.

US crude oil futures surged to a2010 high on Friday, settling up$1.54 a barrel at $91.38 a barrel,after touching $92.06, the highestlevel since Oct. 7, 2008. The set-tlement marked the largest end-year price since 2007.

London Brent gained $1.66 tosettle at $94.75 a barrel, its high-est end-December settlement

since 2007 and up nearly 22 percent on the year.

Global output jumped 2.2 mil-lion barrels per day (bpd), accord-ing to a Reuters poll, the biggestincrease since 2004, and anotherhealthy 1.5 million bpd gain isforecast for next year.

While many experts say oilcould break $100 a barrel in thenew year, they don't expect asurge to levels near $150 seen in2008, when crude first broke intotriple digits. The Organization ofthe Petroleum ExportingCountries would step in to cool offmarkets if they headed into territo-ry that could endanger the globaleconomic recovery, analysts said.

"At some point, I would expectOPEC to increase production,whether through an extra cargohere or there to cash in on highprices or whether by a more con-certed effort to calm people

down," said Tim Evans, analystfor Citi Futures Perspective.

Recent gains in the dollar couldalso help cap oil's momentum byincreasing the cost of dollar-denominated currencies for hold-ers of other currencies.

US crude averaged $79.61 abarrel for the year, second only to2008's record $99.75. Crude shotto a high of $147 a barrel in Julyof that year, before the globalrecession hit demand and sentprices below $33.

Cold weather in the UnitedStates and Europe and OPEC'sdecision to keep production levelssteady earlier this month haveadded to bullish sentiment thismonth. Analysts are watching tosee how much of the recent rallyhas been caused by seasonalweather demand and how muchhas been driven by more structur-al consumption growth. -Reuters

Oil scales 26-mth highto end 2010 up by 15pc

NEW YORK: The US dollarended a volatile year onFriday a bit firmer than whereit began with investors gear-ing up for gains in early 2011on expectations the US eco-nomic recovery was gainingmomentum.

The euro, which had itsworst year against the dollarsince 2005, is likely to stayunder pressure as the marketfocuses on Portugal, Spainand other euro-zone countriesstruggling to address debt andbanking problems.

The United States willrelease December employ-ment data next Friday.Economists polled by Reutersexpect to see a private sectorjobs gain of 140,000 and adecline in the jobless rate to9.7 per cent.

Expectations of above-fore-cast jobs growth have grownafter data last week showedthe four-week average of newjobless claims -- a measure ofunderlying labor markettrends -- fell to its lowestlevel since July 2008.

"The numbers coming out ofthe United States over the lasttwo months have been on thestronger side and that is prob-ably going to continue thisweek," said PareshUpadhyaya, head of AmericasG10 FX Strategy at BofAMerrill Lynch GlobalResearch in New York.

"That will continue to putupward pressure on yields andtherefore the dollar willremain on the stronger side"against the euro, yen and ster-ling, he said.

Higher US yields in 2011and Japan's increased relianceon debt will boost the dollar -- particularly against the yen -- said Boris Schlossberg,research director at GFT inNew York.

The yen neared 80 per dollar

earlier this year, just shy of apost-World War Two high of79.75 set in 1995, as long-term US interest rates fell andmarkets feared a sluggish USrecovery was running out ofsteam.

A key risk for the dollar thisweek, strategists at BNPParibas said, could come fromFederal Reserve ChairmanBen Bernanke's testimony tothe Senate budget panel onFriday.

"The greater risk is that hereinforces (the Fed's) commit-ment to keep rates low andany hint that further quantita-tive easing beyond the $600billion may be an option willsee the US dollar weaker,"they wrote to clients.

For the year, the dollar wasup 1.5 per cent against a bas-ket of six currencies, but itfell about 13 per cent againstthe yen.

The Australian dollar, whichhit a 28-year high of $1.0257on Friday and was up 14 percent against the greenbackthis year, may extend gains ifglobal growth remains firmand commodity prices high.But a slowdown in China is arisk, and some analysts saidthe Aussie's 2010 gains maymake it ripe for a correctionthis year.

The euro finished the yeardown 6.7 per cent against thedollar, its biggest annual slidesince 2005, hurt by a debt cri-sis that engulfed Greece andIreland, rattled Portugal andSpain and even sowed doubtsabout the euro's future.

But the euro recouped somelosses in December andclimbed above $1.34 onFriday, extending a recoveryfrom a 2010 low beneath$1.19 -- its worst showingsince early 2006.

Traders tied much of theeuro's rebound in December

to thin volume and year-endpositioning, with investorstaking profits on extendedbets against the currency thathave built up over recentmonths as fears of a euro-zonedebt crisis grew.

The euro may remain underpressure early in 2011 as anestimated 150 billion to 200billion euros in euro-zonesovereign bonds come to mar-ket, and some investors worrydemand may be weak.

"Everybody it seems isanticipating a very rocky roadfor the euro-zone over thenext three months," saidGareth Berry, G10 FX strate-gist for UBS in Singapore.

FRANC TO COME BACKTO EARTH?

The dollar set a record lowof 0.9301 Swiss franc onFriday. The euro/franc pair hita record low on Thursday at1.2398 francs and lost 16 percent this year.

Concerns about the euro-zone debt crisis and moremuted worries aboutWashington's finances haveenhanced the safe-havenallure of the Swiss curren-cy.

Despite signs of stronger USgrowth, the Federal Reservehas given no indication that itplans to curtail a $600 billionbond-buying program it start-ed last month. Analysts alsofear an Obama administrationdeal to extend US tax cutscould swell the budget deficit.

While Schlossberg extolledSwitzerland's fiscal health andcalled the franc "arguably theonly sound money left"among major currencies, hesaid recent gains were exces-sive.

"It's just not sustainable thata country of 7 million canabsorb the capital flowsthey've been absorbing," hesaid. -Reuters

Greenback up in year gone;

gains seen on recovery hopes

US dollar weekly outlook

Euro posts worst year since 2005 on debt fears SINGAPORE: Asian currenciescompleted their biggest gain since2006 as the region's world-leadingeconomic growth and wideninginterest-rate premiums attractedcapital from overseas.

"The combination of stronggrowth and rising interest rates areattracting capital inflows into theregion," said David Cohen, aneconomist at Action EconomicsLtd. in Singapore. "Asian curren-cies have very strong fundamen-tals and as China continues itsappreciation of the yuan next year,the others will follow."

Malaysia's ringgit led gains inAsia last year, advancing 11.8 percent to 3.0635 per dollar in KualaLumpur, its best year since 1973.The nation's central bank raisedinterest rates three times to 2.75per cent to stem inflation amid aninflux of overseas capital.

Thailand's baht climbed 11 percent last year, the second- bestperformance in Asia excluding theyen. The finance ministry last

week raised its forecast for 2010economic growth to 7.8 per centfrom 7.5 per cent, citing anincrease in exports.

The currency strengthened 0.6per cent on Friday to 29.98 perdollar in Bangkok. Elsewhere,Singapore's dollar rose 9.3 percent last year to S$1.2823, thePhilippine peso appreciated 5.7per cent to 43.62 and Taiwan'sdollar gained 5.2 per cent in 2010to NT$30.368.

Singapore's dollar had its bestannual performance since 1994after the central bank last yearunexpectedly sought a strongercurrency to curb inflation. Itreached S$1.2817 on Nov. 4, itshighest level since at least 1981.

A report on Jan. 3 may show theeconomy expanded 13.2 per centin the fourth quarter of 2010 froma year earlier, according to themedian estimate of economistssurveyed.

Taiwan's central bank on Dec.30 unveiled additional measures

to counter capital inflows as itraised borrowing costs for thethird time last year. It lifted thereserve requirement on somelocal-currency deposits by for-eigners to as much as 90 per cent.Policy makers raised the policyrate to 1.625 per cent from 1.5 percent, compared with near zerorates in the US and 1 per cent inthe euro area.

Taiwan's dollar fell 0.5 per centon Friday, after being 2.4 per centhigher a minute before tradingended, on suspected intervention bythe central bank, according totraders who declined to be identi-fied. Indonesia's rupiah gained 4.6per cent to 8,978 and the Indian rupeeappreciated 4.1 per cent to 44.71.

China's yuan strengthenedbeyond 6.6 per dollar for the firsttime in 17 years bringing gains for2010 to 3.6 per cent on specula-tion China will seek appreciationto tame inflation. The currencyclimbed 0.6 per cent from a weekago to 6.5897. -Agencies

Mostly gain in outgoingyear on capital flows

Asian currencies

NEW YORK: US cottonfutures settled an historic year91.50 per cent higher, withFriday's 1.38 per cent rise con-tributing to their overalladvance, as strong demand fromtop consumer China and invest-ment funds nearly doubledprices.

The key March cotton contracton ICE Futures US added 1.97cents to close at $1.4481 per lb,and set a higher range that ranfrom $1.4353 to $1.4684 a lb.

Volume, however, was excep-tionally light at 5,421 lots.

The cotton market came in asthe second best performing com-modity in the Reuters-Jefferiescommodity index, up over 80

per cent in 2010 and just a shadebehind silver.

While cotton was off its peakof close to $1.60 a lb set on Dec.21, the outlook for 2011remained bullish. Inventorieswere tight, China's consumptionremains hot, and investmentbuyers viewed the fiber futuresas undervalued.

Historians said the $1.60 highset last seen at the height of theUS Civil War in the 1860s, whenthe Confederacy hoped to use itsmonopoly on cotton to winrecognition from European pow-ers.

"We started seeing mill fixa-tions below $1.40. That gavecotton a base. Then, in the news,

Australia reported that 1 per centof their acres got flooded. Andthe ministry of agriculture inChina came out with crop esti-mates of 28.5 million bales withUSDA showing it at 30 millionbales," said Mike Stevens, anindependent cotton analyst inMandeville, Louisiana.

"Those were not big marketmovers, but they reinforced thepositive tone on an extremelylight trading day," he added.

Despite cotton's lofty levels,analysts said underlying funda-mental support from strongdemand coupled with specificsupply issues is likely to contin-ue boosting prices in 2011. -Reuters

Stronger US cotton,adds 91.5pc last year

NEW YORK/LONDON: Goldrose to within $10 of a recordhigh on Friday, closing out anunprecedented tenth annual gainas the combination of a weakerdollar and global economicuncertainty seemed to pave theway higher next year.

The entire precious metals com-plex had a stellar run in 2010, ledby palladium's 97 per cent rise, in abroad commodities rally thatpushed the 19-commodity Reuters-Jefferies CRB index up 15 per cent.

Spot silver, too, swept higherfor an 83 per cent gain on theyear, as investors sought the whitemetal as an alternative to gold. Itwas the best-performing assets inthe CRB, hitting a 30-year peakof $30.92 on Friday.

Spot gold moved up to$1,418.85 an ounce by 1905GMT, up 1.06 per cent from theprevious close at $1,403.99, and a29.4 per cent advance over 2009.Bullion prices were on track for

their fifth straight month of gains,the longest stretch of monthlyincreases since late 2001.

US February gold futures settled2010 at $1,421.40 an ounce, up$15.50, or 1.1 per cent, and markeda 29.7 per cent gain over 2009's set-tlement when the active gold con-tract ended at $1,096.2 on theCOMEX division of the NYMEX."The gold price remains well sup-ported by a weaker dollar and solidinvestment demand," said Anne-Laure Tremblay, precious metalsstrategist at BNP Paribas.

Traders and analysts expectgold to break above $1,500 in2011, particularly if the dollarextends its decline, the US econo-my remains unable to generateenough jobs to lower unemploy-ment and Europe's debt crisis isnot diffused.

"As for next year, I'm thinkinggold could trade firmly over thenext quarter or two. And thenhave the potential to see some

weakness in the second half of theyear," said Tom Pawlicki, pre-cious metals analyst at MF Globalin Chicago.

He said he thinks gold investorswill remain focused on sovereigndebt issues, and Chinese and cen-tral bank buying of gold, alongwith quantitative easing enhanc-ing gold's luster.

But eventually those issues willget played out, he added and anincrease in the negative real yieldsthat have been benefited gold in2010 could work against preciousmetals plays in 2011 as economicgrowth begins to pick up.

Also tempering some of theenthusiasm, holdings in the SPDRGold Trust, the world's largestgold-backed exchange-tradedfund, fell to 1,280.722 tonnes byDec 30, its lowest since early June.Spot palladium surged to a nine-year high at $799.47 an ounce, andplatinum, at $1,766.24, was up 20per cent on the year. -Reuters

Gold gets 10th annual gain;silver shines in the past year

NEW YORK/LONDON: USsugar futures finished their mostvolatile year in three decades at anear 30-year high on Friday, whilecoffee clocked its biggest risesince 1994 in a fund-fueled rally.

Cocoa broke a four-year risingstreak with a 7.7 per cent decline,despite political upheaval in topproducer Ivory Coast.

While fund investors aban-doned sugar in the first half, theyflocked to coffee in the second,driving prices to a succession of13-1/2 year highs notching it up77 per cent year-against-year andmaking it the third-best performerin the CRB.

On Friday, ICE March rawsugar futures surged 1.74 cents, orby 5.7 per cent, to settle at 32.12cents per lb, just belowWednesday's 30-year peak of34.77 cents. It rose 19.2 per centfrom the 2009 settlement of 26.95cents.

London front-month whitesugar futures ended 2010 up 9.5per cent year-on-year at $777.50per tonne, compared with a closeof $710.20 per tonne on Dec. 31,2009.

ICE spot-contract arabicas fin-ished 2010 up with their biggestannual rise in 16 years, under-

pinned by a shortage of high-qual-ity Colombian arabica beans andfund interest.

ICE spot-month arabicas closedthe day up 4.20 cents at $2.4050per lb, near last week's 13-1/2 yeartop at $2.4225. This settlementwas up 77 per cent from the finaltrading day of 2009 when the spotcontract settled at $1.3595 per lb.

London second-month robustacoffee futures ended 2010 up 57per cent year-on-year at $2,097per tonne on Friday, comparedwith a close of $1,332 per tonneon Dec. 31, 2009.

ICE cocoa futures rose onFriday, underpinned by concernsthat a power struggle after an elec-tion in top producer top growerIvory Coast could disrupt suppliesto the international market,although market reaction was sub-dued as cocoa continued to betransported, dealers said.

London second-month cocoafutures ended 2010 down 11 percent year-on-year at 2,029 poundsper tonne on Friday, comparedwith a close of 2,271 pounds onDec, 31, 2009.

ICE spot-month cocoa finished2010 down 7.7 per cent year-on-year, the first yearly decline since2005.-Reuters

Sugar nails 19pc gainsfor yr; arabica soars 77pc

TORONTO: Canada's dollarhit its highest in more than 30months on Friday, boosted byrallying commodities, to closeout the year above parity withthe US currency on scant NewYear's Eve trading volumes.

The Canadian dollar reachedas high as C$0.9925 to the USdollar, or $1.0076, a peak lasttouched in May 2008, afterbriefly poking through a techni-cal support level.

Analysts noted the move tobreak C$0.9931 to the US dol-lar came under very thin trad-ing conditions on the last day ofa year that included the Bank ofCanada's first rate hikes follow-ing the financial crisis, euro-zone debt troubles, rising com-modity prices, and the USFederal Reserve's stimulus

plans.The gains were also made as

the US dollar fell broadly asinvestors closed their books on2010.

The Canadian dollar'sstrength also coincided with areversal in the price of oil,which surged back above $91a barrel as the weaker US dol-lar and technical supportstopped a bout of year-endprofit taking.

"Canada is kind of in the mid-dle of the pack ... but you'regetting that sense that, after along year and some very shal-low trading, there's this senti-ment of a weaker US dollarheading into year-end," saidDavid Tulk, senior macrostrategist at TD Securities.

The Canadian dollar finished

at C$0.9946 to the US dollar, or$1.0054, up from Thursday'sclose at par, which was theloonie's first finish at the one-for-one level since Nov. 10.

"The market does appear tohave some optimism built intoit, just like yesterday. We'veseen a bit of a breakout in termsof the dollar/Canada range thathas dominated in the last fewsessions ... but it's thin and it'sthe year-end," said Jack Spitz,managing director of foreignexchange at National BankFinancial.

Slim trading volumes aheadof the New Year's holidaybrought choppy conditions forthe Canadian dollar but, over-all, the currency will hoveraround parity into 2011, ana-lysts say.-Reuters

C$ hits 2 1/2-yr top in lastyear’s concluding session

Copper caps

‘10 with run

of recordsLONDON/NEW YORK:Copper concluded 2010 with arun of record highs, rising 2 percent on Friday as undimmeddemand from China and theprospect of fresh fund invest-ment had analysts pointing tofurther gains next year.

After a year of divergence forthe base metals complex, withtin leading gains at 59 per centand zinc dipping 5 per cent,copper is widely expected tobuild on its nearly uninterrupt-ed rally in the second half of2010 as ore grades decline, newmines remain scarce and topbuyer China grows.

Prices have zipped to recordhighs in each of the past threedays, undettered by Beijing'sChristmas rate hike or thebiggest rise in London MetalExchange stocks sinceFebruary.

Instead, traders have focusedon the steep premium forprompt copper as a signal oftight supplies, and are bettingon a handful of new exchange-traded funds to open the doorfor new investors who hadshied away from futures.

In its December forecast,Goldman Sachs said it expect-ed prices to hit $11,000 thistime next year.

Benchmark copper on theLondon Metal Exchange endedring trading bid at $9,960 atonne, securing a 31 per centgain from $7,375 a tonne at theclose on Dec. 31, 2009. It earli-er reached a record of $9,687 onFriday, its third peak in a row.

US copper futures on theCOMEX gained 33 per centthis year after a 1.9 per cent riseto $4.4470 per lb, havinglogged its latest record high of$4.4520. A sharp drop in theUS dollar aided gains on Fridayamid trade volume that wasabout one-third the norm at12,000 lots.

After a trendless first half ofthe year, copper prices climbedabout 55 per cent rise in thesecond half of the year.

See # 2 Page 11

Wheat, soy

log biggest

yearly gains

since 2007CHICAGO: US grain marketsrose as the dollar fell on Friday,closing out the year with cornand soybeans near their highestprices since mid-2008 aftersevere global weather and unex-pected Chinese demand fueledrenewed investor demand.

Corn futures, up 2.1 per centon Friday after hitting a new29-month high, led the sectorthis year with a 51.7 per centgain as burgeoning ethanoldemand, strong exports anddisappointing crop yields in theUnited States drained globalstocks. South American weath-er concerns extended the rallythis month.

Wheat prices rallied 46.7 percent in 2010, their best yearlygain since 2007. Prices surgedthis summer after a drought inRussia and the Black Searegion decimated the crop thereand shut off exports; recent wetweather in Australia has height-ened fears over supplies ofhigh-quality wheat.

See # 1 Page 11

Sterling logs

sharp losses

for 2010LONDON: The pound weak-ened against all but two of its 16most- traded peers as investorsbet the government's plannedausterity measures would curbgrowth, while speculation thecentral bank would resume buy-ing bonds to help the growth alsoundermined the currency.

The pound jumped 1.5 per centto $1.5652 on Friday, leaving itlittle changed in December andparing its decline for the yearagainst the greenback to 3.1 percent.

Against the euro, the poundwas at 85.77 pence, 3.3 per centstronger in the year as the sover-eign-debt crisis in countriesincluding Ireland, Portugal andGreece underpinned sterling.

The UK currency strengthened0.8 per cent against the yen to126.81 per pound, trimming loss-es to 2.6 per cent in December, itsbiggest monthly decline sinceAugust. It fell to 125.51 yen onDec. 30, its weakest sinceFebruary 2009. Sterling hasdepreciated 19 per cent versusthe Japanese currency in 2010.

Sterling was the worst per-former in 2010 after the euroamong 10 developed nations cur-rencies measured by BloombergCorrelation-Weighted CurrencyIndexes. It slid 7.2 per cent com-pared with a more than 10 percent drop in the shared currency.The yen outperformed all with a12 per cent increase, followed bythe Australian dollar, which rosealmost 12 per cent.

"The UK is still suffering fromanemic growth, doesn't have asafe-haven status, and is exposedto the problem in the euro-zone,"said Geoffrey Yu, a currencystrategist at UBS AG in London.

"We need to see where theBank of England is headed interms of policy in 2011. Anincrease in interest rates will ben-efit the pound from a yield per-spective."

The pound will climb to $1.60by the end of June and strengthento 83 pence per euro, accordingto median analyst forecasts com-piled. -Agencies

Gains expected to continue in 2011 with demand growth

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use of these reports and recommendations.

AnotherPOL spike

in the heartThe latest hike in prices of petroleum products

has attracted criticism from the political parties,trade and industry and transporters. The generalconsensus is that the hike will further fuel theinflation in the country already hovering around15 per cent. As against this, the government termsthe increase unavoidable due to rise in prices ofcrude oil as well as while oil products worldwide.Government also expresses inability to continueto pay subsidy due to mounting budget deficit.Elected members of three political parties name-ly PML-N, MQM, and Jamaat-e-Islami havemoved adjournment motion demanding debate onthis critical issue, suspending all other businesses.

The debate at national Assembly and Senate isnot likely to yield any results, except mudsling-ing. The speeches will be full of rhetoric and crit-icism on corruption and not following good gov-ernance and mostly likely to culminate atdemanding immediate withdrawal of increase. Asagainst this, government's arguments will includehike in international crude prices, widening budg-et deficit and pressure from multilateral donors togradually withdraw all sorts of subsidies.

The persistent hike in POL prices can only beattributed to not following prudent policies. Thegovernment was fully aware of the crude pricemovement and pressure from the donors to with-draw subsidies. However, it made no attempt tosecure price through future contracts and added tothis has been extensive load shedding of electric-ity and gas and closure of CNG stations, resultingin massive increase in consumption of motorgasoline and diesel. According to Irfan Qureshi,Managing Director, Pakistan State Oil, consump-tion of motor gasoline alone has gone up to180,000 tonnes from 57,000 tonnes.

Oil share in the total energy mix of the countrynow exceeds 30 per cent with annual demand ofpetroleum products touching 20 million tonnes,equivalent to 400,000 barrels per day. Out of thisonly 13 per cent is being met through localresources while remaining 87 per cent is metthrough import. Efforts to promote CNG use havebeen derailed because of gas shortfall hoveringaround 800mmcfd at present.

Since crude prices are likely to hover around$100 per barrel during winter and remain above$85 during rest of 2011 the government must takeshort as well as medium term measures to easethe burden on the consumers. Quantum of POLconsumption can be contained by enhancing gasavailability in the country simply by containingUFG and resolving ongoing litigation pertainingto newly discovered gas fields. This can improvegas supply minimum 500mmcfd and maximum900mmcfd.

As regards withdrawal of subsidy being attrib-uted to pressure of multilateral lenders isabsolutely incorrect. These institutions are insist-ing on containing budget deficit. While all theefforts of the government are aimed at enhancingrevenue collection, little is being done to containpilferages, wastages and extravaganzas.

Can the politicians stop badmouthing each otherand right their wrongs?

4Monday, January 3, 2011

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

Editor: Shakil H. Jafri

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The Financial Daily InternationalVol 4, Issue 143

After a good end to a not-so-goodyear, US President Barack Obamafaces even tougher challenges in

the months ahead as looming fights overspending and healthcare set the stage fora difficult 2012 re-election campaign.

When a new Congress convenes onWednesday, Obama will be confrontedfor the first time by a Republicanmajority in the House ofRepresentatives and a strengthenedRepublican minority in the Senate.

Whether he strikes deals with thosenewly powerful foes and continues themomentum built in December's "lame-duck" Congress or becomes mired inanother bout of legislative gridlockcould be a critical factor in Obama'sprospects for a second term.

"The political climate is about tocompletely change for Obama, and howthose budget and healthcare battles playout will really determine his status forthe race in 2012," said Steven Schier, apolitical analyst at Carleton College inMinnesota.

A burst of accomplishment in Congressduring the final days of December pro-duced a tax deal with Republicans, repealof the ban on gays serving openly in themilitary and ratification of a new nucleararms treaty with Russia.

Those triumphs for Obama followedmonths of economic doldrums, stub-bornly high unemployment and sinkingapproval ratings that culminated inNovember's self-described election"shellacking."

Before heading to Hawaii for hisChristmas vacation, Obama said theachievements of December showedwhat could happen when both parties

work together. He also acknowledgedthe bipartisan mood could be short-lived.

"I'm not naive. I know there will betough fights in the months ahead,"Obama said. "But my hope heading intothe new year is that we can continue toheed the message of the American peo-ple and hold to a spirit of common pur-pose."

FIGHT LOOMS OVERSPENDING, DEFICITS

Topping the agenda in the newCongress will be a clash over govern-

ment spending and deficit reduction,with Republicans itching to pushthrough dramatic spending cuts before abill to fund the government expires onMarch 4.

Obama and his fellow Democrats arelikely to object to Republican prioritiesfor proposed spending cuts of as muchas $100 billion. Democrats have warnedagainst sharp reductions in social servic-es, particularly in a sluggish economy.

Republicans also have promised totake a stab at rolling back Obama's land-mark healthcare overhaul, an issue cer-tain to face heavy opposition fromObama and Democrats.

Obama will have a chance to offer his

own vision early in the year when hemakes a State of the Union speech toCongress and unveils a new budget, andhe could propose some form of taxreform as a way to reach a major dealwith Republicans.

"What will really tell the tale iswhether Obama can be taken as credibleon deficits and debt, because that is howhe gets the attention of independents andmoderates again," said Cal Jillson, apolitical analyst at Southern MethodistUniversity in Texas.

Those centrist voters, a critical part ofObama's 2008 election coalition, desert-ed Obama and Democrats in 2010. ForObama, winning them back could bemore critical than keeping the party's lib-eral wing, already angry about his tax-cut deal with Republicans, in his camp.

Polls show the deal to extend Bush-eratax cuts to all Americans, despiteObama's campaign promise to raisetaxes on the wealthy, has been popularwith most Americans.

CLINTON SHOWS THE WAY?Obama could be guided by the exam-

ple set by Democrat Bill Clinton, whowon re-election to the White House in1996 by moving to the center and com-

promising with Republicans afterDemocrats suffered huge losses in the1994 midterm elections.

"It's not detrimental to Obama in apolitical sense to be seen as compromis-ing with Republicans," Jillson said. "Ifhe does it in a clever way, he can winback those independents because theycontinue to like him personally."

Republicans, who spent most of thelast two years opposing Obama's initia-tives, will face pressures of their ownas they take on new governing respon-sibilities while trying to satisfy conser-vative Tea Party activists pushing forspending cuts.

Obama also is expected to make atleast some changes in his White Houseteam in the new year, with senior advis-er David Axelrod headed home toChicago to begin planning for the 2012campaign and other shifts likely.

Republican presidential challengersare expected to begin launching theircampaigns during the first few monthsof the year, meaning the pressure in bothparties to stake out political turf ratherthan compromise will begin early.

For Obama, regaining the spirit andmessage that infused his winning 2008campaign could be more important thanspecific policy victories, said KarlynBowman, a public opinion analyst at theAmerican Enterprise Institute.

"The bigger challenge for him will begiving people a sense of optimism. Heneeds to reconnect with people in theway he did in the campaign," she said.

"Americans still want Obama to suc-ceed. The fact he leads nearly allRepublican contenders indicates hisunderlying strength."-Reuters

Roll Up Your Sleeves, Mr Obama

The sentencing of an Iranianwoman to be stoned to death foradultery led to an international

outcry, prompting authorities in theIslamic Republic to suspend it, but shestill faces possible execution by hang-ing. Following are facts on the case ofSakineh Mohammadi Ashtiani, 43.n Ashtiani's husband was murdered

in 2005, after which an Iranian courtconvicted the mother of two of havingan "illicit relationship" with two men.

Amnesty International says shereceived 99 lashes as her sentence butshe was subsequently convicted of"adultery while being married", whichthe human rights group says shedenied. For this, she was given a ston-ing sentence in 2006. She is alsoaccused of involvement in her hus-band's murder.n After it was publicised, Ashtiani's

sentence caused an internationalfurore. The European Union called it"barbaric", the Vatican pleaded forclemency and Brazil offered her asy-lum. The case further strained Tehran'srelations with the West, already at oddsover Iran's nuclear programme.n A local judiciary official in July

said the stoning of Ashtiani had been

suspended for the time being due to"humanitarian reservations". However,he said Ashtiani would remain inprison and could still face execution.n Iran's state television in August

showed footage of Ashtiani confessingto adultery and involvement in her hus-band's murder. With her face blurred inthe telecast, Ashtiani described howshe had struck up a relationship withher husband's cousin. The British gov-ernment and Amnesty condemned thescreening of the alleged confession.n Iran accused international media

of manipulating the story to demonisethe Islamic Republic, and PresidentMahmoud Ahmadinejad denied inSeptember that Ashtiani had ever beensentenced to stoning. He said her case

had been used as "propaganda" againsthis country.n Iran arrested two German

reporters in October as they were inter-viewing Ashtiani's son. Tehran has heldthe two on espionage charges sincethen and has accused them of comingto Iran to "stage propaganda".n A senior judiciary official told

state television in November there wasa good chance Ashtiani's life would bespared.n Sympathisers of Ashtiani around

the world were briefly relieved inDecember when word of her releasespread on the Internet. Their hopeswere crushed after it became clear oldphotographs showing Ashtiani at herhome had been misinterpreted as indi-cating she was free. As Iranian officialsemphasise Ashtiani's case is purely ajudicial matter, she remains in prisonwaiting for a final review of her case.n Adultery is the only crime which

carries the stoning penalty under sharialaw, in force in Iran since 1979. A judi-ciary spokesman announced in 2008the suspension of some executions bystoning but said individual judges werestill free to order stonings until lawswere integrated. Two men were stonedto death in 2008 and one in March2009.

Stoning is rare in Iran compared toexecutions by hanging, which can becarried out for crimes such as murderand rape. The practice involves victimsbeing buried up to their midriffs andpelted to death with medium-sizedstones.-Reuters

Set in Stoning

The prospects for cooper-ation between theUnited States and China

in space are fading even asproponents say workingtogether in the heavens couldhelp build bridges in often-testy relations on Earth.

The idea of joint ventures inspace, including spacewalks,explorations and symbolic"feel good" projects, havebeen floated from time to timeby leaders on both sides.

Efforts have gone nowhereover the past decade, swampedby economic, diplomatic andsecurity tensions, despite a2009 attempt by PresidentBarack Obama and hisChinese counterpart, HuJintao, to kick-start thebureaucracies.

US domestic politics makethe issue unlikely to advancewhen Obama hosts Hu at theWhite House on Jan. 19.

Washington is at odds withBeijing over its currency poli-cies and huge trade surplus butneeds China's help to deterNorth Korea and Iran's nuclearambitions and advance globalclimate and trade talks, amongother matters.

Hu's state visit will highlightthe importance of expandingcooperation on "bilateral,regional and global issues,"the White House said.

But space appears to be afrontier too far for now, partlydue to US fears of an inadver-tent technology transfer. Chinamay no longer be much inter-ested in any event, reckoningit does not need US expertisefor its space program.

New obstacles to coopera-tion have come from the

Republicans capturing controlof the US House ofRepresentatives in the Nov. 2congressional elections fromObama's Democrats.

Representative Frank Wolf,for instance, is set to take overas chairman of the appropria-tions subcommittee that fundsthe US space agency in theHouse.

A China critic and humanrights firebrand, theRepublican congressman hasf a u l t e dNASA's chieffor meetingleaders ofC h i n a ' sManned SpaceE n g i n e e r i n gOffice inOctober.

"As youknow, we haveserious con-cerns about thenature and goals of China'sspace program and stronglyoppose any cooperationbetween NASA and China,"Wolf and three fellowRepublicans wrote NASAAdministrator Charles Boldenon Oct. 15 as he left for China.

SPACE EXPLORATIONObama and Hu, in a state-

ment in November 2009,called for "the initiation of ajoint dialogue on humanspaceflight and space explo-ration, based on the principlesof transparency, reciprocityand mutual benefit."

The statement, marking avisit by Obama to China, alsocalled for reciprocal visits in2010 of NASA's chief and "theappropriate Chinese counter-part."

Bolden, who went to Chinaas head of a small team, saiddiscussions there "did notinclude consideration of anyspecific proposals for futurecooperation" -- a statementapparently designed to placateWolf, who will have a big sayin NASA's budget.

The Chinese visit to NASAdid not materialize in 2010 forreasons that have not beenexplained. NASA representa-tives did not reply to questions

but a Chinese embassyspokesman, Wang Baodong,said he suspected it was"mainly a scheduling issue."

China is an emerging spacepower. Over 13 years startingin August 1996, it ran up 75consecutive successful LongMarch rocket launches afterovercoming technical glitcheswith the help of US compa-nies.

China launched its secondmoon orbiter in October. In2008, it became the thirdcountry after the United Statesand Russia to send astronautson a spacewalk outside anorbiting craft.

Beijing plans an unmannedmoon landing and deploymentof a moon rover in 2012 andthe retrieval of lunar soil and

stone samples around 2017.Chinese scientists have talkedabout the possibility of send-ing a man to the moon after2020 -- more than 50 yearsafter US astronauts accom-plished the feat.ANTI-SATELLITE TESTSPossible US-Chinese coop-

eration became more contro-versial after Beijing carriedout a watershed anti-satellitetest in January 2007, using aground-based missile to knock

out one of itsinactive weath-er satellites inhigh polarorbit. Noadvance noticeof the test wasgiven.

T h i r t e e nmonths later,the UnitedS t a t e sdestroyed a

malfunctioning US spy satel-lite using a ship-launchedRaytheon Co Standard Missile3 after a high-profile buildupto the event. The US intercep-tion was just outside theatmosphere so that debriswould burn up promptly.

US officials say China'scapabilities could threaten USspace assets in low orbit. TheChinese test also created alarge cloud of orbital debristhat may last for 100 years,boosting the risk to mannedspaceflight and to hundreds ofsatellites belonging to morethan two dozen countries.

China's work on anti-satel-lite weapons is "destabilising,"Wallace Gregson, assistant USsecretary of defense for Asianand Pacific security affairs,

said in December, also citingits investment in anti-ship mis-siles, advanced submarines,surface-to-air missiles andcomputer warfare techniques.

"It has become increasinglyevident that China is pursuinga long-term, comprehensivemilitary buildup that couldupend the regional securitybalance," Gregson told aforum hosted by theProgressive Policy Institute inWashington.

The Heritage Foundation, aconservative think tank, calledon members of the incomingCongress to be wary of anyspace cooperation with Chinaon the grounds it could bolsterBeijing's knowledge and harmUS security.

"Congress should reject (theObama) administrationattempts to curry favor withthe international communitywhile placing US advantagesin space at risk," Dean Cheng,a Heritage research fellow forChinese political and securityaffairs, and two colleaguessaid in a Dec. 15 memo to law-makers.

Proponents of cooperationsay even symbolic steps, suchas hosting a Chinese astronauton the International SpaceStation, might help win friendsin Beijing and blunt hard-liners.

Gregory Kulacki, Chinaproject manager for the Unionof Concerned Scientists, agroup often at odds with USpolicy, said cooperation wouldbe more of a political projectthan a technical one.

"We need to get past the ideathat the Chinese need us morethan we need them," he said.-Reuters

Hitching the Wagon to Stars?

The sentencing of an Iranian woman

to be stoned to death for adultery

led to an international outcry, prompting

authorities in the Islamic Republic to

suspend it, but she still faces possible

execution by hanging. Following are

facts on the case of Sakineh

Mohammadi Ashtiani, 43

“

The idea of joint ventures in

space, including spacewalks,

explorations and symbolic

"feel good" projects, have been

floated from time to time by

leaders on both sides

"The political climate is about tocompletely change for Obama, and

how those budget and healthcare battles playout will really determine his status for therace in 2012," said Steven Schier, a political

analyst at Carleton College in Minnesota

“

FERTILISER000 tonnesUrea Offtake (Jan to Nov 10) 5,463Urea Offtake (Nov 10) 845Urea Price (Rs/50 kg) 870DAP Offtake (Jan to Nov 09) 121DAP Offtake (Nov 10) 152DAP Price (Rs/50 kg) 3,137

AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 10 to Nov 10) 33,929

Sales (July 10 to Nov 10) 32,092

Production (Nov 10) 7,087

Sales (Nov 10) 6,813

INDUS MOTOR COProduction (July 10 to Nov 10) 20,987

Sales (July 10 to Nov 10) 20,375

Production (Nov 10) 3,974

Sales (Nov 10) 3,753

HONDA ATLAS CARProduction (July 10 to Nov 10)6,626

Sales (July 10 to Nov 10) 6,247

Production (Nov 10) 1,145

Sales (Nov 10) 1,075

DEWAN FAROOQ MOTORSProduction (July 10 to Nov 10) 186

Sales (July 10 to Nov 10) 70

Production (Nov 10) 0

Sales (Nov 10) 0

BANKING SECTORScheduled bank (Rs in mn)Deposit (December 3,10) 4,824,464

Advances (December 3,10) 3,050,639

Investments (December 3,10) 1,916,917

Spread (October 10) 7.49%

OIL MARKETING CO(000 tonnes)MS (Jul 10 to Nov 10) 932

MS (Nov 10) 186

Kerosene (Jul 10 to Nov 10) 66

Kerosene (Nov 10) 12

JP (Jul 10 to Nov 10) 589

JP (Nov 10) 124

HSD (Jul 10 to Nov 10) 2,792

HSD (Nov 10) 612

LDO (Jul 10 to Nov 10)) 26

LDO (Nov 10) 4

Fuel Oil (Jul 10 to Nov 10) 3,641

Fuel Oil (Nov 10) 572

Others (Jul 10 to Nov 10) 3

Others (Nov 10) 1

PRICES (Ex-Refinery) RsMS (1 Dec 10) 45.15

MS (1 Nov 10) 44.53

MS % Chg 1.39%

Kerosene (1 Dec 10) 52.04

Kerosene (1 Nov 10) 51.25

Kerosene % Chg 1.54%

JP-1 (1 Dec 10) 52.27

JP-1 (1 Nov 10) 51.48

JP-1 % Chg 1.53%

HSD (1 Dec 10) 55.20

HSD (1 Nov 10) 54.24

HSD % Chg 1.77%

LDO (1 Dec 10) 50.52

LDO (1 Nov 10) 49.51

LDO % Chg 2.04%

Fuel Oil (1 Dec 10) 43,019

Fuel Oil (1 Nov 10) 42,046

Sector Updates

Symbol Close Vol (mn)LOTPTA 13.70 53.26NBP 76.82 37.72FFBL 35.73 30.71BAFL 11.21 25.76ANL 9.66 20.69

Symbol Close ChangeATBA 190.47 14.84

CPL 183.00 11.92

NRL 273.79 11.12

SIEM 1,253.51 11.01

NATF 69.41 10.23

Symbol Close ChangeRMPL 2,109.87 -80.12NESTLE 2,374.86 -75.14WYETH 1,051.70 -48.30LAKST 289.92 -29.32COLG 923.00 -21.50

Plus 234Minus 177Unchanged 16

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Monday, January 3, 2010 5

Dhiyan

Market is in overbought region therefore a correction of 400-500 points isexpected in the next two weeks. Also increase in NSS rates, expected rise ininterest rate due to hike in government borrowing, and possible increase ininflation after a POL prices’ jump maybe the reasons for this correction.However, after the said correction, green activities can revive on any posi-tive news on margin trading system, better corporate results, or institutionalbuying. Invest on dips and concentrate on high dividend-yielding stocks ofbanking, fertiliser and oil sectors' those scrips which are expected toannounce good results. Market would be negative today.

Farhan Mansuri, VP Capital Markets Arif Habib Limited

Tariq Hussain Khan, Head of Portfolio management United Capital

Last week, market successfully closed at year's high, but now we expect a sharptechnical correction as it’s much inflated. Therefore index can come down to11,600 points and if it manages to sustain thereabouts then a rebound is possible.Good corporate results, rising global oil prices, and political stability would help theindex hang in there. However, if it fails to sustain 11,600 level more negative activ-ities may follow. Day-traders better hold on to the sidelines while investors maysell but wait for dips as well. And At dips they can invest in fertilisers, oils, E&Psand cements. Today's opening maybe positive but correction could ensue later.

WON’T BE A DAY TO REMEMBER

Opening 11,858.17Closing 12,022.46Change 164.29% Change 1.39Turnover (mn) 579.37

Opening 3,671.84Closing 3,733.01Change 61.17% Change 1.67Turnover (mn) 23.10

Opening 2,980.36Closing 3,016.70Change 36.34% Change 1.22Turnover (mn) 1.21

CHICAGO: Traders leave a confetti littered Eurodollar options pit at the CME Groupafter the close of the final trading session of the last year. -Reuters

Weekly Review

NEW YORK: A bout of profittaking seems likely early thisyear after the S&P 500 endedits best December in almosttwo decades, but stocks mayhave further to run at the startof 2011.

Technical indicators arepointing to a strained market,though recently stocks havebeen maintaining the momen-tum of late 2010.

The potential is certainlythere for shares to derail thisweek with some important eco-nomic reports due. A repeat oflast month's disappointing USjobs number could spark a sell-off.

"We think in the near termmarkets are getting ahead ofthemselves," said ZahidSiddique, portfolio manager forGabelli Equity Trust in Rye,New York. "The data has to begood for the markets to contin-ue to go up, and if there is anyweakness in the data, we thinkwe could have a sell-off."

Analysts in a Reuters pollexpect the economy added126,00 jobs in December, upfrom 39,000 the prior month,but still not enough to signifi-cantly dent unemployment.

A series of global purchasingmanagers indexes are also duethis week, including theInstitute for SupplyManagement's two monthlysurveys. They are expected toshow growth quickened inDecember in the US servicesand manufacturing sectors.

An array of technical factorsshow the market may be at thetop end of its recent tradingrange, but strongly trendingmarkets often produce falsesignals.

"There is no denying the factthat the market is overbought,"said Paul Hickey, an analyst atBespoke Investment Group inHarrison, New York. "The

entire month of December theS&P 500 has closed in over-bought levels everyday."

Hickey considers the S&P500 overbought when it movesone standard deviation aboveits 50-day moving average. Butlooking at prior months wherethat has occurred he found per-formance the next month wasabove average instead ofreverting to the mean.

"Momentum tends to carrythe market further," he said.

Signs of an improving econo-my, tax breaks and loose mone-tary policy helped spur a near20-per cent rally in the S&P500 since the end of August.The index rose 6.5 per cent inthe last month of the year, itsbest December since 1991.

The gains stalled in the lastweek of the year with indexesfinishing essentially flat.

Siddique, who helps managea $1.3 billion equity fund, sayshis firm raised cash as equitiesrose by paring positions instrong performing consumerdiscretionary and industrialsectors.

He says that worries overEurope's sovereign debt crisis,global growth and political ten-sions may resurface. He is look-ing at defensive sectors such asutilities, consumer staples andhealthcare, which have lagged.

"In some of our fund we havebeen increasing cash alloca-tions," he said. "So if there is asell-off, we can reallocate thatcash into the relevant sectors."

The S&P 500 relativestrength index, which comparesprice gains to losses over agiven period, has been near orabove the overbought 70 levelfor nearly two weeks.

The index's slow stochasticand moving average conver-gence- divergence (MACD)levels indicate that S&P 500may be coming to the top of its

recent trading range.Although strongly trending

markets can continue in anoverbought condition for sometime, a convergence of thosethree indicators in earlyNovember heralded a 4 per centcorrection.

Analysts at UBS point to an80-90 point uptrend channel forthe S&P 500 with a support linelinking August and Novemberlows and a resistance line link-ing peaks in the same months.

That would currently placeS&P support at around 1,222and resistance at 1,314, givingthe potential for a 3 per centpullback if the channel holds.

In 2011 the United States isalso entering the third year of apresidential cycle. This theoryholds that after the midtermelections presidents push lesscontroversial legislation thatcould hurt markets as theirsights are set on reelection.

Since 1914 the Dow Jonesindustrial average has gainedan average of 49.3 per cent over15.5 months from its low in themidterm election year to it highin the following pre-electionyear, according to UBS.

Transposing that onto theS&P 500 for this year could seethe index peak at around 1,430in mid-October.

But some investors whofocus more on the economy andcorporate results are not con-vinced.

Rob Russell, president ofRussell & Co in Dayton, Ohio,said he expects equities to side-line in 2011 as higher corporateearnings are offset by a stag-nant economy.

"Unemployment will contin-ue to be that 800-pound goril-la," he said. "We will continueto see, like we have for a goodpart of this year, a sea of contra-dicting economic data." -Reuters

Hangover or afterparty

for the stocks?

Wall Street weekly outlook

Nawaz Ali

KARACHI: Bulls laid downtheir law at Karachi StockExchange (KSE) last week lug-ging it above 12,000 level afteraround 30 months.

During the last week of theyear, the benchmark KSE 100-Index increased by 164 points -1.39 per cent --to close at12,022 points, KSE 30-Indexjumped by 196 points -1.73 percent-- to close at 11,588 pointsand KSE All Share Index roseby 117 points -1.42 per cent--to close at 8,359 points.

It was due to investors' takingpositions in oil, banking andfertiliser stocks anticipatinggood corporate results abettedby higher international oilprices. Also, the news regard-ing purchase agreement ofUBL shares too attractedinvestors' attention.

In 2010, KSE 100-Indexgained 28 per cent crossing12,000 points level after July2008 despite weak economicsituation, political uncertainty,and deteriorating law and ordersituation in the mega city, how-ever, volumes remained on thelow. The activities were mainlydriven by the foreign investorswith a net-buying of $526 mil-lion during the year mainly inenergy stocks.

Commenting on last week'sactivity, Angela Memon, ana-lyst at JS Global Capital saidIMF's agreeing to a 9-monthextension in its SBA pro-gramme and a much awaitedreimbursal of CSF payment (of$633mn) kept bulls moralehigh last week. The signing ofthe share purchase agreement

between Bestway Holding andAbu Dhabi Group (ADG) was amuch touted development aswell, she added.

The week started on a bullishnote due to buying in fertiliserstocks after an increase in ureaprices, thereafter market wasmainly in the grip of bulls.During the rest of the weekdaysthe news regarding UBL stakesale, higher international oilprices triggered buying whileinvestors' interest was also seenpiquing on hopes of somehealthy corporate results andpayouts in oil and bankingstocks.

In the end the index crossedthe psychological barrier of12,000 points after a period ofaround 30 months and at onemoment touched the highestlevel of the week at 12,083points.

Further, the appointment ofan ex-broker Mohammad Ali asthe Chairman Securities &Exchange Commission ofPakistan (SECP) too fueledinvestors' appetite as they areexpecting an early launch ofmuch awaited leverage productwhile market also welcomedthe election of the new KSEmember directors.

Though market stood mainlyin the positive zone but therewas some profit-taking by thelocal investors while an uncer-tain political situation andwarning given by IMF toPakistan to reduce its budgetdeficit too raised caution.

"Political instability causedprofit-taking but investors wel-comed election of new KSEboard of Directors", said

See # 6 Page 11

KSE callsit a weekat around

30-mth high

Gulf stocks mkt

Dubai upmost in

2-months;Egypt drops

DUBAI: Dubai sharesadvanced the most in more thantwo months, leading gains inGulf markets, as oil climbed tothe highest year-end price since2007. Egypt's benchmarkretreated as a bomb killed 21people yesterday.

Dubai Investments, whichowns stakes in more than 40companies, soared the mostsince Sept. 19. Drake & ScullInternational, the Dubai-basedengineering contractor, rose fora fifth day.

The DFM General Indexadvanced 2.3 per cent, the mostsince Oct. 28, to 1,668.27 at the 2pm close in the emirate. Themeasure lost 9.6 per cent in 2010.Abu Dhabi's ADX General Indexincreased 0.8 per cent.

Nakheel, the developer ofpalm-shaped islands offDubai's coast, paid 3.9 billiondirhams ($1.1 billion) to tradecreditors as it seeks to renego-tiate terms on at least $10.5 bil-lion of loans and bills. Nakheelis working to secure theapproval of 95 per cent of itstrade creditors by the end ofthe first quarter, the companysaid in an emailed statementshortly before the marketclosed.

Dubai Investments jumped6.8 per cent to 83.3 fils. Drake& Scull rose 5.8 per cent to 1.1dirhams, the highest sinceOctober 2009. Emirates NBD,the UAE's biggest bank,advanced 8 per cent to 2.98dirhams.

Egypt's benchmark EGX30Index declined for the first timein five days, losing 0.5 per centto 7,103.61 at 12:51 p.m. inCairo, the biggest drop sinceDec. 22. The gauge rose 15 percent in 2010.

Qatar's gauge gained 0.7 percent and Oman's MSM30 Indexrose 0.8 per cent. SaudiArabia's Tadawul All ShareIndex advanced less than 0.1per cent. Kuwait's andBahrain's market are closed fora holiday. -Agencies

Global stock fund inflows gain in 4th quarter: EPFR

Asian stocks surge in year to loglargest 2-yr advance since 2004

Monday, January 3, 20116

Volume 579,372,645

Value 26,328,691,311

Trades 334,689

Advanced 234

Declined 177

Unchanged 16

Total 427

Current 8,359.31

High 8,399.69

Low 8,217.38

Change h117.17

Current 12,022.46

High 12,083.20

Low 11,815.20

Change h164.29

Current 11,588.24

High 11,671.92

Low 11,371.67

Change h196.67

Market KSE 100 Index All Share Index KSE 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

NIB Bank Limited

NIB closed up 0.04 at 2.95. Volume was 17 per cent below average

and Bollinger Bands were 25 per cent narrower than normal. The

company's loss after taxation stood at Rs3.559 billion which trans-

lates into a Loss Per Share of Rs0.88 for the nine months of current

calendar year (9MCY10).

NIB is currently 9.9 per cent below its 200-day moving average and

is displaying an upward trend. Volatility is extremely high when com-

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

Volume indicators reflect volume flowing into and out of NIB at a rel-

atively equal pace. Trend forecasting oscillators are currently bullish

on NIB.

RSI (14-day) 52.04 Total Assets (Rs in mn) 208,118.96

MA (10-day) 2.90 Total Equity (Rs in mn) 41,643.27

MA (100-day) 2.81 Revenue (Rs in mn) 18,272.36

MA (200-day) 3.27 Interest Expense 12,872.36

1st Support 2.90 Profit after Taxation 691.05

2nd Support 2.80 EPS 09 (Rs) 0.171

1st Resistance 3.10 Book value / share (Rs) 10.30

2nd Resistance 3.20 PE 10 E (x) -

Pivot 3.00 PBV (x) 0.29

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

KESC closed up 0.10 at 2.81. Volume was 243 per cent above aver-

age (trending) and Bollinger Bands were 113 per cent wider than

normal. The company's loss after taxation stood at Rs1.782 billion

which translates into a Loss Per Share of Rs0.09 for the 1st quarter

of current fiscal year (1QFY11).

KESC is currently 15.3 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 indi-

cators reflect very strong flows of volume into KESC (bullish). Trend

forecasting oscillators are currently bullish on KESC.

RSI (14-day) 62.55 Total Assets (Rs in mn) 207,629.50

MA (10-day) 2.71 Total Equity (Rs in mn) (525.11)

MA (100-day) 2.25 Revenue (Rs in mn) 70,508.12

MA (200-day) 2.44 Interest Expense 6,823.64

1st Support 2.73 Loss after Taxation (14,641.22)

2nd Support 2.58 EPS 10 (Rs) (0.74)

1st Resistance 2.95 Book value / share (Rs) (0.02)

2nd Resistance 3.02 PE 11 E (x) -

Pivot 2.80 PBV (x) (114.62)

Karachi Electric Supply Corp Ltd

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

SILK closed down -0.05 at 2.62. Volume was 44 per cent below

average and Bollinger Bands were 44 per cent narrower than nor-

mal. The company's loss after taxation stood at Rs700.335 million

which translates into a Loss Per Share of Rs0.32 for the nine

months of current calendar year (9MCY10).

SILK is currently 11.8 per cent below its 200-day moving average

and is displaying a downward trend. Volatility is relatively normal as

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

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

relatively equal pace. Trend forecasting oscillators are currently

bearish on SILK.

RSI (14-day) 44.09 Total Assets (Rs in mn) 68,664.34

MA (10-day) 2.66 Total Equity (Rs in mn) 196.91

MA (100-day) 2.72 Revenue (Rs in mn) 5,913.32

MA (200-day) 2.97 Interest Expense 5,855.52

1st Support 2.58 Loss after Taxation (2,902.91)

2nd Support 2.53 EPS 09 (Rs) (3.224)

1st Resistance 2.70 Book value / share (Rs) 0.22

2nd Resistance 2.77 PE 10 E (x) -

Pivot 2.65 PBV (x) 11.98

Silkbank Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

NCL closed up 0.07 at 22.72. Volume was 13 per cent below aver-

age and Bollinger Bands were 51 per cent narrower than normal.

The company's profit after taxation stood at Rs477.454 billion

which translates into an Earning Per Share of Rs3.01 for the 1st

quarter of current fiscal year (1QFY11).

NCL is currently 19.6 per cent above its 200-day moving average

and is displaying a downward trend. Volatility is extremely low

when compared to the average volatility over the last 10 trading

sessions. Volume indicators reflect moderate flows of volume into

NCL (mildly bullish). Trend forecasting oscillators are currently

bearish on NCL.

RSI (14-day) 53.60 Total Assets (Rs in mn) 14,251.88

MA (10-day) 22.62 Total Equity (Rs in mn) 4,432.51

MA (100-day) 19.45 Revenue (Rs in mn) 13,343.54

MA (200-day) 18.99 Interest Expense 1,101.05

1st Support 22.40 Profit after Taxation 931.47

2nd Support 22.10 EPS 10 (Rs) 7.89

1st Resistance 23.10 Book value / share (Rs) 26.79

2nd Resistance 23.50 PE 11 E (x) 1.89

Pivot 22.80 PBV (x) 0.85

Nishat (Chunian) Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,531.25 1,564.75 1,517.39 1,549.11 17.86 1.17

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

34,878,040 - - 65,194.15 mn 1,202,905.77 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

11.34 3.69 32.54 55.94 4.93 -

Attock Petroleum 691 5.79 327.94 337.90 322.66 334.52 6.58 1556979 374.20 287.99 300 20B - -

Attock Refinery 853 6.99 119.56 127.20 119.50 124.68 5.12 10275590 137.20 79.23 - - - -

Mari Gas Company 735 16.93 124.58 126.99 122.65 124.97 0.39 211924 128.90 107.00 31 - - -

National Refinery 800 4.06 262.67 282.00 263.50 273.79 11.12 1156839 282.00 200.00 200 - - -

Oil & Gas Development XD 43009 11.56 169.32 171.75 167.50 170.83 1.51 2473664 171.75 144.61 55 - 15.00 -

Pak Petroleum 11950 8.83 214.33 219.90 212.00 217.15 2.82 3854628 221.75 171.60 90 20B - -

Pak Oilfields 2365 6.99 291.23 300.80 288.02 295.96 4.73 9934532 300.80 231.01 255 - - -

Pak Refinery Limited 350 - 110.15 114.50 106.51 107.72 -2.43 408263 114.50 55.00 - - - -

P.S.O 1715 5.00 294.04 299.20 293.52 295.18 1.14 4785412 299.20 262.00 80 - - -

Shell Gas LPG 226 - 35.57 35.73 33.25 33.83 -1.74 65630 40.28 29.10 - - - -

Shell Pakistan 685 10.68 207.56 209.89 205.74 208.22 0.66 154579 209.89 182.05 40 - - -

Paid up Last 60 days 2010 2011

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

1,008.66 1,022.90 996.57 1,011.79 3.14 0.31

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

55,212,978 - - 47,070.70 mn 135,597.86 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

6.86 0.59 8.64 16.68 2.43 -

(Colony) Thal 56 - 0.61 1.30 0.85 1.21 0.60 8254 2.00 0.52 - - - -Ali Asghar Textile 222 24.75 0.95 1.50 0.99 0.99 0.04 7250 1.50 0.61 - - - -Amtex Limited 3139 9.20 4.11 4.68 4.00 4.05 -0.06 3441396 17.21 4.00 30 - - -Artistic Denim 840 6.53 23.75 24.59 22.51 23.50 -0.25 16156 24.59 19.10 20 - - -Azam Textile 133 0.37 2.27 2.66 2.06 2.64 0.37 45857 3.45 1.32 7.5 - - -Azgard Nine 4493 - 10.15 10.43 9.48 9.66 -0.49 20686395 12.32 9.48 - - - -Babri Cotton 33 0.47 12.00 13.00 11.50 11.53 -0.47 25804 18.75 8.10 - 15B - -Bannu Woolen XD 76 0.47 12.94 13.40 13.00 13.40 0.46 36213 14.50 9.50 20 - - -Bilal Fibres 141 0.34 1.45 2.00 1.26 1.26 -0.19 7040 2.80 0.58 - - - -Blessed Tex Mills 64 0.69 46.50 48.00 46.00 46.15 -0.35 8143 51.90 45.25 50 - - -Brothers Textile 98 - 0.84 0.80 0.26 0.69 -0.15 6331 1.49 0.12 - - - -Chakwal Spinning 400 0.51 1.11 1.43 0.90 1.17 0.06 16407 2.59 0.56 5 - - -Chenab Limited 1150 - 3.24 3.40 3.07 3.12 -0.12 623507 3.90 3.02 - - - -Chenab Ltd Pref 800 - 2.95 2.89 2.00 2.50 -0.45 10402 2.99 1.21 - - - -Colony Mills Ltd 2442 3.98 2.38 2.84 2.30 2.55 0.17 49851 3.33 2.26 - - - -Crescent Fibres Ltd 124 0.61 12.25 14.25 12.25 13.11 0.86 11775 14.99 8.41 10 - - -Crescent Jute 238 - 1.00 1.38 0.77 0.78 -0.22 144126 1.38 0.16 - - - -Crescent Textile 492 4.56 20.00 23.99 20.50 23.72 3.72 28370 23.99 17.89 15 - - -D S Ind Ltd 600 - 1.99 2.04 1.76 1.83 -0.16 2702774 2.37 1.44 - - - -Dar-es-Salaam 80 - 2.35 4.00 2.30 3.50 1.15 10504 4.50 1.75 - - - -Dawood Lawrencepur 514 51.14 44.49 46.00 43.45 43.47 -1.02 46966 47.00 36.10 5 - - -Dewan Mushtaq Textile 34 0.18 4.47 6.99 3.47 5.90 1.43 26357 7.44 1.80 - - - -Ellcot Spinning 110 0.61 20.45 21.46 19.31 20.05 -0.40 10965 22.25 17.21 35 - - -Gadoon Textile XD 234 0.72 68.85 71.40 65.50 66.04 -2.81 16622 71.40 38.30 70 - - -Gul Ahmed Textile 635 4.20 27.09 29.28 27.00 29.24 2.15 9911 29.28 19.99 12.5 - - -Hira Textile Mills Ltd. 716 0.73 4.01 4.24 3.90 3.90 -0.11 237004 4.88 3.35 10 - - -Ibrahim Fibres 3105 3.31 38.84 42.75 37.56 42.14 3.30 414173 42.75 34.05 20 - - -ICC Textile 100 - 1.74 1.90 0.90 1.26 -0.48 5109 2.70 0.30 - - - -Ideal Spinning 99 0.47 6.48 6.90 4.56 5.50 -0.98 20720 7.29 2.02 - - - -Idrees Textile 180 3.86 3.49 3.65 3.20 3.55 0.06 9207 5.35 2.60 10 - - -Indus Dyeing 181 3.19 324.71 339.99 279.53 328.20 3.49 5526 350.15 209.03 50 - - -J K Spinning 184 0.95 6.20 6.94 5.20 6.20 0.00 8876 9.50 4.05 20 5B - -Kohat Textile 208 0.74 1.40 1.40 1.40 1.40 0.00 49000 1.50 0.51 - - - -Kohinoor Ind 303 - 1.62 1.97 1.53 1.59 -0.03 102954 2.00 1.01 - - - -Kohinoor Spinning 1300 0.43 1.02 1.51 1.05 1.19 0.17 10527 2.00 0.16 5 - - -Kohinoor Textile 1455 3.59 5.21 5.60 5.00 5.02 -0.19 139745 6.06 4.51 - - - -Mukhtar Textile 145 - 0.49 0.78 0.36 0.78 0.29 32138 0.95 0.14 - - - -Nagina Cotton 187 0.83 16.54 16.95 16.00 16.17 -0.37 8054 17.50 12.80 20SD - - -Nishat (Chunian) 1596 1.89 22.65 23.20 22.01 22.72 0.07 5806388 25.14 16.13 15 - - -Nishat Mills 3516 5.51 61.70 65.80 61.85 64.17 2.47 16838200 65.80 45.95 25 45R - -Pak Synthetic 560 3.07 9.17 9.55 8.95 9.10 -0.07 35984 10.45 5.16 - - - -Paramount Spinning 174 0.76 10.50 10.55 10.30 10.40 -0.10 8802 11.25 7.65 10 10B - -Premium Textile 62 0.45 25.00 28.30 25.00 28.30 3.30 12504 31.03 25.00 50 - - -Prosperity 185 1.13 14.34 15.00 14.15 14.74 0.40 22314 19.25 12.51 30 - - -Ravi Textile 250 - 1.56 1.77 1.37 1.51 -0.05 842341 2.30 1.29 - - - -Reliance Weaving 308 0.64 9.10 9.90 8.95 9.10 0.00 16707 12.00 8.01 25SD - - -Rupali Poly 341 4.52 37.00 37.00 36.00 36.00 -1.00 5950 38.10 31.25 40 - - -Saif Textile 264 0.36 4.16 4.50 4.05 4.50 0.34 76681 6.85 3.10 - - - -Sally Textile 88 0.22 4.00 4.39 3.85 4.39 0.39 5082 6.20 3.52 10 - - -Salman Noman 42 2.12 3.00 5.50 3.00 5.00 2.00 38601 5.50 1.80 - 5B - -Samin Textile 134 5.08 6.69 6.83 5.81 6.10 -0.59 23342 8.69 5.11 - 100R - -Sargodha Spinning 312 0.52 2.20 3.43 2.30 2.69 0.49 9583 3.43 1.40 5 - - -Saritow Spinning 133 0.33 2.70 2.89 2.00 2.00 -0.70 105862 2.99 1.10 - - - -Service Ind 120 8.22 233.33 244.00 228.00 240.04 6.71 16695 276.50 169.00 - - - -Service Textile 44 - 0.55 0.70 0.40 0.40 -0.15 50500 0.75 0.14 - - - -Shadman Cot 176 1.40 8.60 10.60 7.65 7.71 -0.89 40717 15.00 7.00 - - - -Shahpur Textile 140 0.47 0.49 0.65 0.33 0.34 -0.15 22651 1.01 0.18 - - - -Shahtaj Textile 97 - 19.00 19.95 19.00 19.21 0.21 8475 21.90 15.61 45 - - -Shahzad Textile 180 0.30 5.16 5.75 5.00 5.00 -0.16 6702 9.48 3.76 5 - - -Suraj Cotton 180 0.79 37.50 37.50 35.00 35.27 -2.23 8670 38.52 29.00 50 - - -Thal Limited 307 5.57 123.95 132.00 120.05 130.25 6.30 1442966 132.00 86.50 80 20B - -Treet Corp 418 9.56 60.61 63.30 60.00 60.05 -0.56 647670 63.30 37.25 - - - -ZahidJee Textile 341 0.47 3.80 3.79 3.50 3.50 -0.30 8000 4.87 2.00 - - - -Zephyr Textile Ltd 594 5.16 4.24 4.25 3.90 3.92 -0.32 9230 4.90 2.25 - - - -

Paid up Last 60 days 2010 2011

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,113.91 1,138.89 1,103.33 1,126.81 12.90 1.16

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

1,014,861 - - 3,763.71 mn 5,124.88 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

3.04 0.32 10.64 6.27 2.06 -

Gauhar Engineering Ltd 22 - 0.67 0.90 0.65 0.86 0.19 21000 0.90 0.16 - - - -Hussain Industries 106 - 7.02 8.40 6.10 7.40 0.38 19556 11.49 6.10 - - - -Pak Elektron 1174 3.54 14.19 14.40 14.00 14.04 -0.15 764197 15.09 12.90 - 10B - -Singer Pak 341 22.70 19.88 20.79 19.00 20.20 0.32 8725 20.79 16.51 - - - -Tariq Glass Ind 231 2.45 20.25 20.95 20.10 20.52 0.27 197760 21.40 15.90 17.5 - - -

Paid up Last 60 days 2010 2011

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,714.09 1,755.10 1,663.10 1,703.51 -10.57 -0.62

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

3,062,033 - - 11,335.33 mn 225,450.43 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

36.36 11.02 30.30 30.57 0.84 -

Adam Sugar 58 1.13 16.25 18.20 15.20 18.20 1.95 43470 18.20 11.15 25 - - -

AL-Noor Sugar 186 3.69 47.75 53.02 47.00 50.57 2.82 97983 53.02 39.25 50 - - -

Bawany Sugar 87 - 5.50 6.50 4.20 5.00 -0.50 5485 6.73 0.86 - - - -

Chashma Sugar 287 1.00 12.12 13.50 12.00 12.41 0.29 27396 15.47 8.50 - - - -

Crescent Sugar 214 12.74 5.16 6.75 5.05 6.75 1.59 10551 6.75 5.00 - - - -

Dewan Sugar 365 - 3.53 4.20 3.43 3.60 0.07 369263 5.59 1.11 - - - -

Faran Sugar 217 4.18 20.00 21.73 19.31 20.84 0.84 41764 21.73 18.30 25 - - -

Habib Sugar 600 7.49 32.92 33.95 33.00 33.31 0.39 255320 36.50 28.50 25 25B - -

Habib-ADM Ltd 200 11.75 12.74 12.85 12.35 12.69 -0.05 7811 16.50 11.90 40 - - -

Haseeb Waqas 324 - 18.35 19.90 17.00 19.90 1.55 18599 22.78 16.50 - - - -

J D W Sugar 490 2.97 87.86 89.25 84.00 88.71 0.85 25157 89.89 64.61 0 12.5R - -

Mehran Sugar 143 3.40 57.96 60.65 57.00 57.52 -0.44 32285 68.49 50.50 35 20B - -

Mirza Sugar 141 0.62 5.91 6.70 5.90 6.09 0.18 28213 7.18 4.20 10 - - -

National Foods 414 25.90 59.18 75.50 59.50 69.41 10.23 148374 75.50 39.01 12 - - -

Noon Pakistan 48 3.71 25.89 26.90 24.00 26.00 0.11 7175 27.30 17.51 12 - - -

Noon Sugar 165 - 12.51 13.40 11.91 11.98 -0.53 34774 14.84 11.05 - - - -

Pangrio Sugar 109 0.89 6.00 6.45 5.90 6.10 0.10 13892 6.99 4.25 10 - - -

Premier Sugar 38 8.62 46.57 49.54 42.80 46.98 0.41 5302 53.81 32.50 - - - -

Quice Food 107 - 2.16 2.29 2.10 2.20 0.04 25500 3.40 2.02 - - - -

Rafhan Maize 92 3.34 2189.99 2260.00 1980.05 2109.87 -80.12 23704 2298.00 1233.34 600 - - -

Sanghar Sugar 119 1.03 14.40 14.70 13.60 14.40 0.00 19331 14.70 13.00 - - - -

Shahmurad Sugar 211 7.16 11.40 12.25 10.96 10.96 -0.44 28321 13.50 9.93 10 - - -

Shak(RCPf)8.5 Perc 346 - 3.78 4.78 3.78 4.78 1.00 1600500 4.78 2.36 - - - -

Shakarganj Mills 695 - 6.40 6.88 5.02 5.53 -0.87 20159 7.88 3.75 - - - -

UniLever Pakistan 665 20.35 4362.24 4499.82 4220.01 4360.17 -2.07 10958 4610.00 3825.00 178 - - -

Paid up Last 60 days 2010 2011

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

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,166.33 1,213.52 1,162.17 1,194.87 28.54 2.45

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

2,771,223 - - 6,768.53 mn 43,371.60 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

4.34 1.10 25.35 20.42 4.71 -

Agriautos Ind 144 5.77 74.26 76.99 73.00 76.20 1.94 10849 76.99 65.75 90 - - -Atlas Battery 101 5.69 175.63 194.75 176.25 190.47 14.84 98232 194.75 136.10 100 20B - -Atlas Honda 626 9.06 122.76 126.38 122.10 124.98 2.22 5492 128.90 94.00 - - - -Dewan Motors 890 - 2.40 2.52 2.18 2.28 -0.12 1690608 2.89 1.20 - - - -Exide (PAK) 56 4.64 198.50 208.95 188.11 196.25 -2.25 7137 208.95 136.00 60 - - -General Tyre 598 19.48 22.40 23.64 21.00 22.60 0.20 93596 25.24 21.00 20 - - -Ghandhara Nissan 450 3.42 4.58 5.18 4.53 4.92 0.34 171461 5.67 4.03 - - - -Ghani Automobile Ind 200 6.41 4.30 5.20 4.10 4.10 -0.20 11007 5.75 4.00 - - - -Honda Atlas Cars 1428 - 11.14 11.74 11.00 11.60 0.46 158365 13.40 9.65 - - - -Indus Motors 786 5.76 252.67 263.40 250.01 252.47 -0.20 249205 282.45 216.49 150 - - -Pak Suzuki 823 11.12 69.10 72.48 68.50 69.82 0.72 1064558 77.90 66.75 - - - -Sazgar Engineering 150 3.90 20.50 21.00 20.31 20.90 0.40 26098 26.00 17.92 10 20B - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,537.58 1,560.46 1,531.51 1,547.84 10.27 0.67

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

534,205 - - 1,336.62 mn 32,809.69 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

8.40 3.19 38.02 131.49 15.66 -

Ados Pak 66 1.10 16.71 17.71 16.80 17.00 0.29 9812 20.85 14.12 - - - -

AL-Ghazi Tractor 215 5.44 232.94 234.94 225.10 227.00 -5.94 15776 238.99 200.00 150 - - -

Dewan Auto Engineering 214 - 1.54 1.76 1.25 1.31 -0.23 88337 2.40 0.21 - - - -

Ghandhara Ind 213 10.83 11.41 11.95 11.10 11.70 0.29 52724 14.80 10.55 - - - -

KSB Pumps 132 7.20 62.77 64.00 59.31 60.11 -2.66 61120 87.15 59.31 - - - -

Millat Tractors XB 366 6.54 494.29 502.50 495.50 499.78 5.49 304047 504.45 390.00 650 25B - -

Paid up Last 60 days 2010 2011

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

1,039.76 1,062.38 1,018.17 1,038.51 -1.25 -0.12

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

2,824,057 - - 3,043.31 mn 39,340.51 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

2.87 1.26 43.91 15.55 5.42 -

Cherat Papersack 115 2.76 76.60 80.87 76.75 77.41 0.81 397577 83.23 34.00 20 25B - -

ECOPACK Ltd 230 - 2.71 2.84 2.05 2.57 -0.14 876240 3.30 1.80 - - - -

Ghani Glass 1067 4.53 48.89 50.25 49.00 49.30 0.41 31739 61.10 45.30 25 10B - -

MACPAC Films 389 - 3.47 3.80 3.01 3.02 -0.45 33708 4.05 1.60 - - - -

Packages Ltd 844 65.95 129.39 133.50 125.00 128.61 -0.78 1172124 136.74 100.11 - - - -

Siemens Engineering XD 82 10.34 1242.50 1290.00 1202.00 1253.51 11.01 87116 1381.00 1120.00 900 - - -

Paid up Last 60 days 2010 2011

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

1,013.64 1,030.14 991.75 1,010.11 -3.54 -0.35

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

36,459,965 - - 54,792.74 mn 72,852.29 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

7.29 0.52 7.10 19.04 2.61 -

Al-Abbas Cement 1828 - 3.22 3.70 3.15 3.47 0.25 176905 3.98 2.80 - 100R - -

Attock Cement 866 6.64 63.00 63.50 61.30 63.11 0.11 59898 65.99 57.60 50 - - -

Balochistan Glass Ltd 858 - 3.30 4.24 2.56 3.06 -0.24 1486706 4.24 1.10 - - - -

Berger Paints 182 - 23.01 24.16 22.81 23.01 0.00 196206 24.16 14.01 - 122R - -

Buxly Paints 14 - 14.86 15.50 13.60 14.50 -0.36 14178 15.50 7.91 - - - -

Cherat Cement 956 24.43 11.00 11.25 10.75 10.75 -0.25 22716 12.75 9.51 - - - -

Dadabhoy Cement 982 13.15 1.75 2.03 1.63 1.71 -0.04 121771 2.49 1.31 - - - -

Dewan Cement 3574 - 2.33 2.49 2.10 2.24 -0.09 1693164 3.10 1.30 - - - -

DG Khan Cement Ltd 3651 125.71 29.94 30.61 29.61 30.17 0.23 18350706 32.10 23.40 - 20R - -

Fauji Cement 6933 15.21 5.13 5.23 5.01 5.02 -0.11 2755852 5.55 4.52 - - - -

Flying Cement Ltd 1760 - 1.85 1.90 1.80 1.80 -0.05 446600 2.25 1.70 - - - -

Frontier Ceramics 77 - 2.15 2.48 1.29 2.41 0.26 6536 5.00 1.18 - - - -

Gharibwal Cement 2319 - 7.87 8.80 7.27 8.33 0.46 56810 9.19 2.70 - - - -

Haydery Const 32 - 0.68 0.88 0.45 0.70 0.02 166939 1.08 0.42 - - - -

Kohat Cement 1288 - 6.60 6.75 6.26 6.46 -0.14 49178 8.70 5.50 - - - -

Lucky Cement 3234 6.81 75.80 76.75 74.75 75.79 -0.01 4586752 79.98 69.20 40 - - -

Maple Leaf Cement 5261 1.33 2.97 3.00 2.85 2.87 -0.10 454851 3.30 2.51 - - - -

Maple Leaf(Pref) 541 3.10 4.01 4.63 4.00 4.22 0.21 48274 8.89 3.21 - - - -

Pioneer Cement 2228 - 6.78 6.94 6.52 6.77 -0.01 260973 8.58 6.52 - - - -

Safe Mix Concrete 200 - 6.35 7.50 5.75 7.30 0.95 45834 7.50 5.25 - - - -

Shabbir Tiles 361 - 8.80 9.40 8.00 8.48 -0.32 21186 9.60 6.30 - - - -

Thatta Cement 798 472.00 18.00 18.99 17.51 18.88 0.88 810478 22.24 17.51 - 50R - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

1,045.25 1,127.20 1,038.92 1,094.17 48.92 4.68

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

2,978,958 - - 3,596.11 mn 10,747.33 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

3.46 1.14 33.10 30.91 8.94 -

Crescent Steel 565 4.30 26.06 28.45 25.74 27.51 1.45 1410597 28.45 24.00 30 - - -

Dost Steels Ltd 675 - 2.76 2.98 2.55 2.70 -0.06 63702 3.39 1.93 - - - -

Huffaz Pipe 555 9.76 15.78 16.05 15.40 15.61 -0.17 105491 16.25 12.25 - - - -

International Ind 1199 12.47 56.72 62.20 55.60 59.85 3.13 1392945 62.20 44.00 40 20B - -

Paid up Last 60 days 2010 2011

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,217.12 1,232.05 1,162.81 1,183.40 -33.72 -2.77

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

659,543 - - 1,186.83 mn 3,280.40 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

5.98 0.45 7.47 25.28 4.23 -

Century Paper 707 - 16.67 17.60 16.55 16.85 0.18 624622 19.89 15.28 - - - -

Pak Paper Product 50 9.06 44.77 48.90 45.00 47.13 2.36 14062 48.90 38.61 2533.33B - -

Security Paper 411 6.92 47.70 46.85 43.70 44.86 -2.84 20859 47.70 38.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,378.80 1,425.43 1,373.26 1,399.04 20.24 1.47

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

129,149,176 - - 52,251.88 mn 317,268.14 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

8.69 3.04 35.00 48.81 5.61 -

Agritech Limited 3924 8.66 24.24 24.85 22.50 23.90 -0.34 392355 24.85 20.26 - - - -

Bawany Air 68 67.67 9.43 9.85 8.10 8.12 -1.31 28553 13.25 7.73 5 10R - -

BOC (Pak) 250 12.51 89.28 92.43 88.02 91.10 1.82 250823 94.20 72.00 15 - - -

Clariant Pak 273 7.00 171.08 185.95 171.00 183.00 11.92 179383 185.95 149.72 - - - -

Dawood Hercules 1203 8.22 188.19 200.99 189.49 198.36 10.17 676015 200.99 163.55 40 - - -

Dewan Salman 3663 - 3.36 3.47 2.85 2.99 -0.37 7993512 4.24 1.30 - - - -

Dynea Pak 94 - 10.94 11.49 10.94 11.20 0.26 26236 13.79 9.15 15 - - -

Engro Corporation Ltd 3277 10.65 197.13 200.88 189.25 193.81 -3.32 13041267 200.88 173.30 40 - - -

Fatima Fertilizer 22000 - 9.98 11.39 10.01 11.28 1.30 18532685 11.39 9.16 - - - -

Fauji Fertilizer 6785 9.12 121.39 128.50 122.60 125.86 4.47 10268647 128.50 104.90 95 - - -

Fauji Fert. Bin Qasim 9341 6.74 36.45 38.05 35.69 35.73 -0.72 30708028 38.05 27.02 17.5 - - -

ICI Pakistan 1388 8.13 142.09 146.80 142.00 144.24 2.15 2517252 146.80 116.00 55 - - -

Lotte Pakistan 15142 4.89 13.50 14.11 13.12 13.70 0.20 53261963 14.11 8.39 - - - -

Mandviwala 74 - 1.84 2.29 1.61 1.89 0.05 138889 2.75 0.80 - - - -

Nimir Ind Chemical 1106 - 2.06 2.28 1.97 2.00 -0.06 4657287 2.74 1.30 - - - -

Shaffi Chemical 120 - 2.45 2.78 2.13 2.71 0.26 25032 3.40 1.80 - - - -

Sitara Chem Ind 214 10.47 127.11 131.90 126.00 127.75 0.64 7482 139.40 101.00 25 5B - -

Sitara Peroxide 551 14.40 14.05 14.15 13.20 13.25 -0.80 508982 14.69 8.00 - - - -

Wah-Noble 90 6.95 36.43 38.80 35.80 36.13 -0.30 39362 46.25 32.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

969.92 1,016.32 966.88 997.07 27.14 2.80

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

971,505 - - 3,904.20 mn 33,646.53 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

7.80 1.74 22.31 44.54 5.71 -

Abbott (Lab) 979 9.62 107.90 112.50 107.30 109.74 1.84 99637 112.50 85.10 20 - - -

Ferozsons (Lab) 250 6.58 89.08 90.50 86.00 87.13 -1.95 20628 113.00 82.20 - 20B - -

GlaxoSmithKline 1707 15.86 82.28 89.98 82.25 88.19 5.91 743221 89.98 66.50 - - - -

Highnoon (Lab) 165 8.02 27.36 29.50 27.05 28.94 1.58 64013 29.50 23.50 - - - -

Searle Pak 306 5.40 61.00 62.75 60.00 60.01 -0.99 25373 64.50 59.50 30 - - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

743.37 762.68 715.47 752.39 9.02 1.21

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

281,169 - - 3,242.17 mn 13,206.45 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

5.80 1.48 25.53 11.08 1.91 -

Pak Int Container Terminal 1092 7.28 73.50 73.93 70.01 72.75 -0.75 126072 77.77 60.05 40 - - -

PNSC 1321 41.25 33.88 39.45 33.90 37.95 4.07 158004 41.00 32.36 15 - - -

Paid up Last 60 days 2010 2011

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

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

BOOK CLOSURES

Atlas Bank 03-Jan 10-Jan - 24-Dec -

BOC Pakistan 11-Jan 17-Jan - - 17-Jan

Buxly Paints # 11-Jan 19-Jan - - 19-Jan

TRG Pakistan 12-Jan 20-Jan - - 20-Jan

Shadman Cotton Mills # 12-Jan 18-Jan - - 18-Jan

Kohinoor Mills # 13-Jan 20-Jan - - 20-Jan

Mybank Ltd. # 13-Jan 19-Jan - - 20-Jan

Summit Bank # 13-Jan 19-Jan - - 20-Jan

Ellcot Spng Mills # 14-Jan 20-Jan - - 20-Jan

Prosperity Weaving Mills # 14-Jan 20-Jan - - 20-Jan

Mehran Sugar Mills 14-Jan 21-Jan - - 21-Jan

Dawood Lawrencepur # 15-Jan 21-Jan - - 21-Jan

Habib Sugar Mills 15-Jan 29-Jan 25.25(B) 07-Jan 29-Jan

Lakson Tobacco # 18-Jan 25-Jan - - 25-Jan

Nagina Cotton Mills # 19-Jan 25-Jan - - 25-Jan

Sindh Abadgar's Sugar Mills 19-Jan 28-Jan 10 - 28-Jan

Shahtaj Sugar Mills 20-Jan 01-Feb - - 27-Jan

Fecto Sugar Mills 22-Jan 29-Jan - - 29-Jan

Al-Noor Sugar Mills 22-Jan 02-Feb 50 - 28-Jan

Pangrio Sugar Mills 22-Jan 31-Jan 10 14-Jan 31-Jan

Thal Ind Corp 22-Jan 28-Jan 15 - 28-Jan

Mirza Sugar Mills 22-Jan 31-Jan 10 14-Jan 31-Jan

INDICATIONS

# Extraordinary General Meeting

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

Monday, January 3, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 164.29 points at 12,022.46. Volume was 49 per

cent above average and Bollinger Bands were 3 per cent wider than nor-

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

resistance level at 12,077.15 and 2nd resistance level at 12,131.85, while

Index will continue to find its 1st support level at 11,973.80 and 2nd sup-

port level at 11,925.20.

KSE 100 INDEX is currently 16.5 per cent above its 200-day moving average

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

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

reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting

oscillators are currently bullish on INDEX. Momentum oscillator is currently

indicating that INDEX is currently in an overbought condition.

RSI (14-day) 77.91 Support 1 11,973.80

MA (5-day) 11,939.54 Support 2 11,925.20

MA (10-day) 11,886.61 Resistance 1 12,077.15

MA (100-day) 10,562.09 Resistance 2 12,131.85

MA (200-day) 10,319.90 Pivot 12,028.50

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed up 4.77 at 76.82. Volume was 174 per cent above average

(trending) and Bollinger Bands were 25 per cent wider than normal.

NBP is currently 13.5 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 NBP (bullish). Trend forecasting

oscillators are currently bullish on NBP. Momentum oscillator is currently

indicating that NBP is currently in an overbought condition.

*Arif Habib Ltd 82.1 Buy

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 78.92 Free Float Shares (mn) 318.44

MA (10-day) 73.11 Free Float Rs (mn) 24,462.89

MA (100-day) 66.48 CFS Shares (mn) N/A

MA (200-day) 68.33 CFS Rs (mn) N/A

Mean 74.33 CFS Rate N/A

Median 74.94 ** NOI Rs (mn) 187.01

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed down -0.72 at 35.73. Volume was 67 per cent above average

and Bollinger Bands were 23 per cent narrower than normal.

FFBL is currently 18.9 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 mod-

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

tors are currently bullish on FFBL.

*Arif Habib Ltd 34.7 Sell

AKD Securities Ltd 32.06 Accumulate

TFD Research 29.1 Negative

RSI (14-day) 54.03 Free Float Shares (mn) 326.94

MA (10-day) 36.24 Free Float Rs (mn) 11,681.51

MA (100-day) 30.86 CFS Shares (mn) N/A

MA (200-day) 30.06 CFS Rs (mn) N/A

Mean 36.59 CFS Rate N/A

Median 36.87 ** NOI Rs (mn) 90.27

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

Technical Analysis Leverage Position

Bank Al-Falah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed up 0.47 at 11.21. Volume was 47 per cent below average and

Bollinger Bands were 18 per cent wider than normal.

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

displaying an upward trend. Volatility is high as compared to the average

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

strong flows of volume into BAFL (bullish). Trend forecasting oscillators are

currently bullish on BAFL.

*Arif Habib Ltd 13 Buy

AKD Securities Ltd 10.25 Accumulate

TFD Research 14.01 Positive

RSI (14-day) 65.19 Free Float Shares (mn) 674.58

MA (10-day) 10.90 Free Float Rs (mn) 7,562.02

MA (100-day) 9.21 CFS Shares (mn) N/A

MA (200-day) 9.80 CFS Rs (mn) N/A

Mean 11.06 CFS Rate N/A

Median 11.01 ** NOI Rs (mn) N/A

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

Technical Analysis Leverage Position

United Bank Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

UBL closed up 2.95 at 68.23. Volume was 266 per cent above average

(trending) and Bollinger Bands were 26 per cent wider than normal.

UBL is currently 19.7 per cent above its 200-day moving average and is

displaying an upward trend. Volatility is extremely high when compared to

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

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

ing oscillators are currently bullish on UBL. Momentum oscillator is current-

ly indicating that UBL is currently in an overbought condition.

*Arif Habib Ltd 72.5 Buy

AKD Securities Ltd 56.82 Accumulate

TFD Research 78.44 Positive

RSI (14-day) 70.85 Free Float Shares (mn) 306.04

MA (10-day) 65.99 Free Float Rs (mn) 20,881.45

MA (100-day) 57.05 CFS Shares (mn) N/A

MA (200-day) 56.98 CFS Rs (mn) N/A

Mean 67.07 CFS Rate N/A

Median 67.71 ** NOI Rs (mn) 16.30

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed up 0.23 at 30.17. Volume was 33 per cent above average

and Bollinger Bands were 46 per cent narrower than normal.

DGKC is currently 12.0 per cent above its 200-day moving average and is

displaying a downward trend. Volatility is extremely low when compared to

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

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

casting oscillators are currently bearish on DGKC.

*Arif Habib Ltd 42 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 53.00 Free Float Shares (mn) 182.55

MA (10-day) 30.27 Free Float Rs (mn) 5,507.52

MA (100-day) 26.99 CFS Shares (mn) N/A

MA (200-day) 26.95 CFS Rs (mn) N/A

Mean 30.03 CFS Rate N/A

Median 30.11 ** NOI Rs (mn) 42.52

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed up 2.47 at 64.17. Volume was 51 per cent above average and

Bollinger Bands were 25 per cent narrower than normal.

NML is currently 25.1 per cent above its 200-day moving average and is

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

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

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

ing oscillators are currently bullish on NML.

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Positive

RSI (14-day) 66.18 Free Float Shares (mn) 175.80

MA (10-day) 62.84 Free Float Rs (mn) 11,281.08

MA (100-day) 51.67 CFS Shares (mn) N/A

MA (200-day) 51.31 CFS Rs (mn) N/A

Mean 63.30 CFS Rate N/A

Median 63.83 ** NOI Rs (mn) 98.61

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Fair Value Rs Recommendations

Technical Outlook

ENGRO closed down -3.32 at 193.81. Volume was 150 per cent above aver-

age (trending) and Bollinger Bands were 28 per cent wider than normal.

ENGRO is currently 4.7 per cent above its 200-day moving average and is

displaying an upward trend. Volatility is extremely high when compared to

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

reflect volume flowing into and out of ENGRO at a relatively equal pace.

Trend forecasting oscillators are currently bullish on ENGRO.

*Arif Habib Ltd 176 Sell

AKD Securities Ltd 238.8 Buy

TFD Research 208.75 Neutral

RSI (14-day) 57.14 Free Float Shares (mn) 147.48

MA (10-day) 194.57 Free Float Rs (mn) 28,583.40

MA (100-day) 179.98 CFS Shares (mn) N/A

MA (200-day) 185.11 CFS Rs (mn) N/A

Mean 193.48 CFS Rate N/A

Median 195.07 ** NOI Rs (mn) 152.66

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,304.15 1,378.17 1,291.49 1,350.17 46.01 3.53

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

28,272,034 - - 29,771.58 mn 18,215.23 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

19.79 0.44 2.21 104.74 8.22 -

1st Fid Leasing 264 10.88 1.41 1.84 1.35 1.74 0.33 8349 2.00 1.05 - - - -

AL-Meezan Mutual F. 1375 6.93 8.04 8.49 7.81 8.31 0.27 549997 8.59 5.85 18.5 - - -

AL-Noor Modaraba 210 4.83 3.25 3.25 2.76 2.90 -0.35 5099 3.80 2.10 5 - - -

Atlas Fund of Funds 525 1.85 4.30 4.74 3.84 4.58 0.28 39178 4.74 2.70 2.2 - - -

B R R Guardian Mod. 780 4.11 1.75 2.79 1.55 1.81 0.06 49700 2.79 0.90 0 - - -

Constellation Modaraba 65 2.84 1.09 1.99 1.12 1.25 0.16 10982 2.34 0.90 - - - -

Crescent St Modaraba 200 1.43 0.62 0.87 0.57 0.57 -0.05 42057 1.10 0.16 1.2 - - -

Elite Cap Modaraba 113 3.45 2.80 2.98 2.75 2.76 -0.04 7853 3.09 1.73 5 - - -

Equity Modaraba 524 9.38 1.68 1.75 1.49 1.50 -0.18 227887 2.37 0.86 - - - -

First Dawood Mutual F. 581 0.63 2.00 2.10 1.97 2.00 0.00 112288 2.28 1.30 - - - -

Golden Arrow 760 2.26 3.13 3.25 3.01 3.16 0.03 477593 3.88 2.56 17 - - -

H B L Modaraba 397 2.75 8.09 8.49 7.50 8.24 0.15 19253 8.49 5.11 11 - - -

Habib Modaraba 1008 5.78 6.64 7.00 6.70 6.70 0.06 4113153 7.00 5.80 21 - - -

JS Growth Fund 3180 69.38 5.21 5.60 4.61 5.55 0.34 12248287 5.60 2.65 5 - - -

JS Value Fund 1186 17.04 4.62 4.90 4.50 4.77 0.15 3680031 4.90 2.31 10 - - -

KASB Modaraba 283 1.21 1.85 1.88 1.26 1.65 -0.20 127402 2.23 1.26 2.8 - - -

Meezan Balanced Fund 1200 7.21 7.28 7.68 7.25 7.50 0.22 720219 8.25 5.15 15.5 - - -

Mod Al-Mali 184 15.10 1.29 1.55 1.33 1.51 0.22 42508 2.18 0.56 - - - -

NAMCO Balanced Fund 1000 6.45 3.70 4.24 3.04 4.13 0.43 55718 4.24 2.26 15 - - -

Nat Bank Modaraba 250 6.09 6.70 7.19 6.00 6.58 -0.12 260758 7.75 4.50 10 - - -

Pak Modaraba 125 4.80 1.23 1.99 0.46 0.96 -0.27 13128 2.00 0.30 3 - - -

Paramount Modaraba 59 6.88 9.23 9.30 8.60 8.80 -0.43 6860 9.45 7.57 18 - - -

PICIC Energy Fund 1000 1.91 6.60 6.98 6.40 6.56 -0.04 117223 7.18 4.52 10 - - -

PICIC Growth Fund 2835 8.49 12.55 13.40 12.52 13.25 0.70 1379135 13.40 7.90 20 - - -

PICIC Inv Fund 2841 7.28 6.09 6.74 6.00 6.41 0.32 3753693 6.74 3.50 10 - - -

Prud Modaraba 1st 872 2.50 1.00 1.14 0.91 1.10 0.10 140555 1.19 0.81 3 - - -

Stand Chart Modaraba 454 4.56 9.20 9.55 9.07 9.31 0.11 12259 10.00 7.81 17 - - -

Trust Modaraba 298 3.37 1.65 2.00 1.75 1.75 0.10 14017 3.45 1.15 5 - - -

U D L Modaraba 264 1.75 5.90 6.20 6.00 6.15 0.25 26782 6.99 4.71 12.5 - - -

Paid up Last 60 days 2010 2011

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

410.74 421.73 403.15 406.57 -4.16 -1.01

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

19,695,029 - - 30,336.44 mn 19,069.80 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

11.11 0.27 0.91 99.56 3.31 -

AMZ Ventures 225 1.48 0.70 0.80 0.53 0.65 -0.05 135604 0.95 0.45 - - - -

Arif Habib Limited 450 13.27 26.37 27.58 25.51 26.01 -0.36 444806 28.95 24.40 - 20B - -

Dawood Equities 250 - 1.95 2.07 1.78 1.80 -0.15 50155 2.69 1.51 - - - -

Grays Leasing 215 - 1.12 2.40 0.43 2.11 0.99 23658 2.90 0.18 - - - -

IGI Investment Bank 2121 18.31 2.89 3.00 2.80 2.93 0.04 310987 3.00 1.35 - - - -

Invest and Fin Sec 600 719.00 6.80 7.98 6.66 7.19 0.39 34328 8.88 6.16 11.5 - - -

Invest Bank 2849 - 0.83 0.95 0.61 0.78 -0.05 86286 0.97 0.44 - - - -

Ist Cap Securities 3166 - 3.50 3.84 3.41 3.56 0.06 131482 4.80 3.16 - 10B - -

Ist Dawood Bank 626 0.68 1.80 1.94 1.66 1.89 0.09 131370 2.40 1.05 - - - -

Jah Siddiq Co 7633 - 11.22 11.59 10.81 10.90 -0.32 15433970 14.05 8.80 10 - - -

JOV and CO 508 - 3.93 4.48 3.91 4.00 0.07 1481397 5.38 1.96 - - - -

JS Global Cap 500 7.58 28.19 29.25 28.00 28.21 0.02 8479 34.90 24.25 - - - -

JS Investment 1000 27.83 6.60 6.85 6.41 6.68 0.08 442984 7.59 5.10 - - - -

Orix Leasing 821 5.05 6.67 7.09 6.51 6.87 0.20 6518 7.29 4.70 - - - -

Pervez Ahmed Sec 775 - 2.25 2.28 2.06 2.14 -0.11 660565 2.70 1.41 - - - -

Saudi Pak Leasing 452 - 0.81 0.70 0.50 0.55 -0.26 24492 0.90 0.46 - - - -

Sec Inv Bank 514 16.72 4.58 4.99 3.41 4.18 -0.40 58276 4.99 1.65 - - - -

Stand Chart Leasing 978 5.92 2.85 3.00 2.45 2.84 -0.01 12878 3.00 2.05 - - - -

Trust Inv Bank 586 2.75 1.90 1.80 1.75 1.76 -0.14 17749 2.98 1.24 - - - -

Paid up Last 60 days 2010 2011

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

907.65 948.00 865.83 909.37 1.72 0.19

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

122,968 - - 2,290.72 mn 10,334.73 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

10.50 3.75 3.85 355.53 3.65 -

EFU Life Assurance 850 42.86 75.00 77.26 72.00 75.44 0.44 53163 86.95 57.15 - - - -

New Jub Life Insurance 627 30.93 46.00 49.30 43.55 46.09 0.09 66051 49.31 39.95 - - - -

Paid up Last 60 days 2010 2011

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,150.65 1,211.04 1,143.97 1,191.64 40.99 3.56

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

141,979,436 - - 257,548.02 mn 724,816.54 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

8.51 1.19 13.94 40.49 4.76 -

Allied Bank Limited 7821 6.82 64.25 71.24 64.00 70.15 5.90 2783210 71.24 50.00 20 - - -Askari Bank 6427 8.42 17.40 17.89 17.02 17.69 0.29 4320272 18.10 14.23 - - - -Atlas Bank 5001 - 1.73 1.84 1.60 1.63 -0.10 628575 2.55 1.50 - - - -Bank Alfalah 13492 14.37 10.74 11.50 10.51 11.21 0.47 25756401 11.50 8.20 - - - -Bank AL-Habib 7322 7.81 35.12 37.63 35.00 36.26 1.14 2471549 37.63 30.75 - - - -Bank Of Khyber 5004 5.73 4.08 4.50 4.00 4.30 0.22 420860 4.70 2.57 - - - -Bank Of Punjab 5288 - 9.75 10.11 9.56 9.81 0.06 6703920 10.59 8.00 - - - -BankIslami Pak 5280 907.50 3.28 3.75 3.13 3.63 0.35 2477845 3.88 2.77 - - - -Faysal Bank 7309 5.03 14.54 16.47 14.50 15.59 1.05 5419052 17.10 13.01 - 20B - -Habib Bank Ltd 10019 7.62 116.41 125.29 116.30 121.94 5.53 3359854 125.29 93.00 - - - -Habib Metropolitan Bank 8732 8.87 27.80 29.28 27.30 28.99 1.19 381329 29.28 18.02 - - - -JS Bank Ltd 8150 - 2.57 2.60 2.42 2.58 0.01 516160 3.00 2.25 - 66R - -KASB Bank Ltd 9509 - 2.42 2.62 2.44 2.51 0.09 212956 2.90 2.16 - - - -MCB Bank Ltd 7602 10.13 224.32 230.15 223.52 228.54 4.22 3135067 230.15 187.26 55 - - -Meezan Bank 6983 8.94 16.19 17.00 15.30 16.90 0.71 1978214 17.00 14.05 - - - -Mybank Ltd 5304 - 2.48 3.10 2.40 2.81 0.33 3214405 3.10 1.90 - - - -National Bank 13455 6.71 72.05 77.97 71.90 76.82 4.77 37715175 77.97 62.58 - - - -Network Mic Bank 300 - 1.60 1.80 1.60 1.60 0.00 20000 2.40 0.62 - - - -NIB Bank 40437 - 2.91 3.14 2.70 2.95 0.04 11676987 3.18 2.50 - - - -Royal Bank Ltd 17180 - 4.84 4.98 4.10 4.28 -0.56 702809 8.10 3.91 - - - -Samba Bank 14335 - 1.99 2.09 1.93 1.96 -0.03 333837 2.65 1.51 -63.46R - -Silkbank Ltd 26716 - 2.67 2.79 2.55 2.62 -0.05 7315630 3.08 2.50 - - - -Soneri Bank 6023 - 7.80 8.48 7.55 8.31 0.51 1705097 8.48 5.05 - - - -Stand Chart Bank 38716 13.23 8.30 8.85 8.25 8.60 0.30 173775 9.04 6.15 - - - -United Bank Ltd 12242 8.02 65.28 70.65 64.76 68.23 2.95 18556457 70.65 51.50 10 - - -

Paid up Last 60 days 2010 2011

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

772.42 796.30 767.60 782.95 10.53 1.36

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

6,771,429 - - 11,111.34 mn 48,508.92 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

13.03 0.68 5.20 79.54 6.10 -

Adamjee Insurance 1237 25.36 86.32 89.50 85.60 87.50 1.18 3214674 91.75 63.05 10 - - -

Paid up Last 60 days 2010 2011

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,532.78 1,558.81 1,456.18 1,526.89 -5.90 -0.38

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

2,582,177 - - 12,202.80 mn 32,653.77 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

9.45 1.08 11.41 66.79 7.07 -

Sui North Gas 5491 7.96 27.27 27.79 26.25 26.74 -0.53 475896 34.75 26.25 20 - - -

Sui South Gas 8390 3.23 21.27 21.60 20.02 21.42 0.15 2106281 30.23 19.95 15 25B - -

Paid up Last 60 days 2010 2011

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,267.85 1,311.37 1,258.79 1,291.97 24.12 1.90

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

35,616,813 - - 95,369.29 mn 105,413.59 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

13.91 1.30 9.35 104.13 7.48 -

Altern Energy 3426 22.82 9.00 10.04 9.01 10.04 1.04 41000 11.25 9.00 - - - -Genertech 198 - 0.87 1.10 0.80 0.81 -0.06 139507 1.45 0.60 - - - -Hub Power 11572 6.85 36.90 37.72 36.55 37.41 0.51 6691331 38.10 32.75 50 - - -Japan Power 1560 - 1.77 2.00 1.56 1.69 -0.08 7293269 2.25 1.20 - - - -KESC 7932 - 2.71 2.87 2.65 2.81 0.10 7453310 3.29 1.98 - 7.8R - -Kohinoor Energy 1695 12.10 20.49 22.31 20.00 21.78 1.29 143595 25.25 17.95 15 - - -Kohinoor Power 126 2.82 4.83 5.00 4.02 4.62 -0.21 52001 5.69 4.01 - - - -Kot Addu Power 8803 4.94 40.48 42.00 40.41 40.68 0.20 913394 42.00 38.35 50 - - -Nishat Chunian Power Ltd 3673 3.53 15.41 16.50 15.06 16.09 0.68 4322003 16.50 10.75 - - - -Nishat Power Ltd 3541 26.18 15.44 16.49 15.26 16.23 0.79 7680351 16.70 11.56 - - - -Sitara Energy Ltd 191 3.45 18.75 18.99 18.50 18.50 -0.25 16773 23.49 17.98 20 - - -Southern Electric 1367 - 2.30 2.35 2.11 2.23 -0.07 851607 2.80 2.05 - - - -Tri-star Power XD 150 - 1.11 1.08 0.87 1.05 -0.06 17697 1.75 0.65 - - - -

Paid up Last 60 days 2010 2011

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

1,143.89 1,177.29 1,127.89 1,148.83 4.94 0.43

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

16,240,657 - - 50,077.79 mn 79,323.04 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

6.22 0.80 12.84 62.56 10.07 -

Pakistan Telecomm Co A 37740 12.95 19.27 19.89 19.07 19.42 0.15 12092771 20.12 18.21 17.5 - - -

Telecard 3000 0.66 2.25 2.33 2.20 2.21 -0.04 1224724 2.69 1.95 1 - - -

WorldCall Tele 8606 - 2.96 3.04 2.75 2.90 -0.06 2919885 3.45 2.32 - - - -

Paid up Last 60 days 2010 2011

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

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

Ask Gen Insurance 204 6.67 10.93 12.00 10.66 11.00 0.07 47798 12.75 10.00 - 25R - -

Atlas Insurance 369 6.13 38.48 39.90 37.44 38.53 0.05 31854 39.90 28.52 - - - -

Central Insurance XB 279 7.61 62.04 70.75 61.51 67.00 4.96 22160 70.75 47.50 10 10B - -

Century Insurance 457 7.04 11.14 11.38 10.82 11.27 0.13 65607 12.00 9.42 - - - -

EFU General Insurance 1250 - 43.47 45.40 43.50 44.04 0.57 274918 48.63 34.76 - - - -

Habib Insurance 400 3.35 14.09 14.40 13.36 14.05 -0.04 34572 14.45 10.04 - - - -

IGI Insurance 718 17.98 97.14 99.88 94.25 96.89 -0.25 23694 99.88 70.30 10 20B - -

New Jub Insurance 791 15.99 58.00 59.59 57.11 59.33 1.33 26894 60.90 52.25 - - - -

Pak Reinsurance 3000 41.67 16.02 16.65 15.96 16.25 0.23 2677535 17.20 12.86 - - - -

Pak Gen Insurance 250 1.69 7.10 8.50 6.63 7.16 0.06 16597 8.50 5.50 - - - -

PICIC Ins Ltd 350 - 6.70 8.14 6.31 8.01 1.31 196947 8.30 1.85 - - - -

Premier Insurance 303 6.17 11.49 12.00 11.20 11.41 -0.08 56592 12.00 8.00 - - - -

Reliance Insurance XB 252 4.05 7.10 7.10 6.50 6.60 -0.50 6895 7.70 6.15 - - - -

Shaheen Insurance 200 - 12.10 13.49 11.65 13.40 1.30 6131 14.53 11.65 - - - -

Silver Star Insurance 253 4.38 7.05 7.10 6.95 7.05 0.00 34989 8.17 6.01 - - - -

United Insurance XB 400 2.23 6.95 7.20 6.01 6.80 -0.15 21455 7.35 4.55 - - - -

Universal Insurance 210 - 3.30 3.75 2.81 3.38 0.08 11340 3.75 2.21 - - - -

UPTO 5000 VOLUME

SHDT 13.25 13.50 12.99 13.40 0.15 5000KCL 10.50 11.50 7.80 7.80 -2.70 4880PCAL 53.95 55.50 53.30 54.82 0.87 4785MEHT 59.00 60.95 58.24 58.25 -0.75 4602TRPOL 1.15 1.10 0.63 0.63 -0.52 4208KML 2.29 2.97 2.01 2.94 0.65 4036OTSU 34.03 34.00 32.81 32.81 -1.22 3922ATEL 17.01 18.00 16.99 17.20 0.19 3900SFWF 6.28 7.00 5.31 5.31 -0.97 3523TSML 34.00 34.00 34.00 34.00 0.00 3474PAKD 81.49 81.00 79.05 79.80 -1.69 3277FASM 33.50 32.80 32.00 32.55 -0.95 3269SNAI 47.88 48.95 44.61 46.04 -1.84 3179JDMT 16.01 17.00 15.01 16.00 -0.01 3136PGCL 18.40 22.05 18.99 22.05 3.65 3096DNCC 2.87 2.85 2.13 2.45 -0.42 3004SASML 7.10 9.75 7.89 9.75 2.65 2947PTEC 2.20 2.49 2.00 2.35 0.15 2853YOUW 1.74 1.99 1.26 1.50 -0.24 2653TSMF 1.88 1.79 1.05 1.56 -0.32 2533SAPL 139.56 145.40 140.05 142.00 2.44 2506BATA 687.14 696.50 660.00 689.15 2.01 2496JVDC 59.25 60.00 56.30 59.97 0.72 2452GLPL 61.08 62.50 62.49 62.50 1.42 2398CLOV 69.00 78.22 66.95 73.43 4.43 2385DKTM 2.50 3.20 1.60 3.20 0.70 2359QUET 36.21 38.02 34.35 37.98 1.77 2343GATI 44.94 45.20 41.66 42.83 -2.11 2281SKRS 2.90 3.00 2.80 3.00 0.10 2000MSOT 20.25 20.25 20.00 20.00 -0.25 2000DCM 1.71 1.99 1.32 1.94 0.23 1820LIBM 58.59 62.96 58.59 62.96 4.37 1810GAMON 1.50 2.49 1.05 1.53 0.03 1690DIIL 10.55 13.99 9.62 12.98 2.43 1689JOPP 8.02 9.43 7.51 9.43 1.41 1674COLG 944.50 960.00 880.02 923.00 -21.50 1653MQTM 8.25 9.25 8.30 8.60 0.35 1556AASM 27.72 33.58 27.50 33.58 5.86 1538LEUL 2.00 2.00 1.51 1.60 -0.40 1533ANSS 5.00 5.00 5.00 5.00 0.00 1500KHSM 1.99 1.60 1.60 1.60 -0.39 1500GRAYS 51.97 52.00 48.60 49.99 -1.98 1487HINO 131.41 137.98 130.00 131.90 0.49 1442FTSM 1.65 1.39 1.05 1.39 -0.26 1366NESTLE 2450.00 2493.00 2312.94 2374.86 -75.14 1177HUSS 12.40 11.40 10.99 11.00 -1.40 1097BCL 43.00 44.80 43.10 44.10 1.10 1055ESBL 2.74 2.79 2.26 2.79 0.05 1054MTIL 0.56 0.69 0.38 0.60 0.04 1050MIRKS 51.25 54.85 51.01 51.60 0.35 1047KSTM 0.89 0.80 0.55 0.79 -0.10 1005ALICO 18.95 19.65 18.00 18.00 -0.95 1002HMIM 0.90 0.98 0.72 0.72 -0.18 1001CLIM 5.50 5.50 5.50 5.50 0.00 1000IDEN 12.00 11.00 9.00 10.00 -2.00 975MFFL 66.13 74.54 68.00 74.26 8.13 903CSIL 4.00 4.86 3.91 4.68 0.68 777FPJM 1.95 2.00 1.24 1.74 -0.21 713BIFO 54.81 58.17 55.10 56.99 2.18 643TSBL 1.75 2.20 1.70 1.75 0.00 585BWHL 30.45 33.82 30.11 33.82 3.37 582FIBLM 2.35 3.30 1.79 1.79 -0.56 506FECTC 7.01 7.49 7.00 7.25 0.24 501MUBD 3.00 4.00 3.00 4.00 1.00 500HAFT 18.00 19.00 19.00 19.00 1.00 500SUTM 38.01 38.01 36.11 36.11 -1.90 500TAJT 0.49 0.49 0.37 0.37 -0.12 500ARM 14.65 15.00 14.65 15.00 0.35 500ARPAK 14.90 14.90 13.90 13.90 -1.00 497LPGL 15.50 16.00 13.61 14.88 -0.62 490BWCL 21.15 22.20 21.10 21.10 -0.05 489ISIL 80.60 77.77 72.42 76.00 -4.60 454MFTM 1.01 1.79 0.80 1.38 0.37 429SCL 87.73 92.11 87.73 92.11 4.38 426JUBS 3.50 3.50 2.56 2.57 -0.93 400POAF 10.45 10.40 9.10 10.35 -0.10 400TOWL 8.10 8.00 6.00 6.26 -1.84 396BFMOD 3.50 3.50 3.27 3.30 -0.20 335TICL 90.00 98.70 81.26 81.26 -8.74 305EMCO 2.95 3.62 2.31 2.90 -0.05 280MERIT 23.60 25.20 23.90 24.49 0.89 264PSEL 177.00 168.25 168.16 168.25 -8.75 223AABS 94.90 94.90 90.20 94.90 0.00 202SAPT 100.00 104.35 101.00 101.01 1.01 201PECO 249.75 260.80 236.78 249.99 0.24 195ASFL 3.73 5.72 3.73 5.72 1.99 188TATM 36.00 36.00 33.00 33.03 -2.97 173WYETH 1100.00 1155.00 1050.00 1051.70 -48.30 162GSPM 7.06 7.58 7.00 7.00 -0.06 156MOON 6.49 5.60 5.50 5.50 -0.99 144GUSM 6.74 6.99 6.10 6.89 0.15 102

HAJT 0.66 0.94 0.40 0.94 0.28 102

SALT 61.50 61.90 59.00 61.90 0.40 101

SHJS 93.71 95.00 80.15 80.15 -13.56 84

GUTM 23.99 24.00 18.63 18.63 -5.36 72

UPFL 1118.04 1123.00 1048.01 1105.00 -13.04 50

DINT 26.38 26.90 25.29 26.90 0.52 47

FZTM 401.90 420.00 375.00 400.00 -1.90 45

FNEL 8.50 8.80 8.75 8.80 0.30 40

SJTM 1.48 1.49 0.49 1.48 0.00 36

BAFS 57.95 60.79 57.90 60.79 2.84 35

KOHS 4.50 6.14 5.00 5.08 0.58 13

TREI 1.99 2.20 1.99 2.00 0.01 11

AKGL 5.50 6.45 5.50 6.45 0.95 10

PHDL 37.00 38.14 33.02 35.73 -1.27 8

DADX 21.01 21.22 18.51 18.51 -2.50 6

FECS 55.00 52.25 47.16 49.51 -5.49 6

DATM 0.48 0.66 0.40 0.50 0.02 6

RCML 35.00 36.45 35.90 36.45 1.45 6

CPMFI 3.55 4.19 2.55 4.00 0.45 6

NPSM 23.00 22.70 22.30 22.30 -0.70 5

ICL 34.34 36.00 34.40 34.50 0.16 3

STML 22.08 25.00 22.95 25.00 2.92 3

WAZIR 8.75 8.79 8.00 8.79 0.04 2

PAKL 2.60 3.30 2.00 3.30 0.70 2

SLCL 2.00 2.02 1.03 2.02 0.02 2

BHAT 269.99 268.00 260.00 260.00 -9.99 1

DFSM 4.20 4.50 4.20 4.50 0.30 1

DWTM 0.00 8.77 8.77 0.00 0.00 1

ILTM 180.57 180.57 180.00 180.00 -0.57 1

MUBT 1.00 1.00 0.75 0.75 -0.25 1

SFL 123.85 129.25 129.10 129.10 5.25 1

SSOM 3.52 3.52 3.50 3.50 -0.02 0

ACCM 0.78 0.78 0.70 0.70 -0.08 0

FZCM 72.71 72.71 70.00 70.00 -2.71 0

ISTM 7.10 7.10 6.88 6.88 -0.22 0

LMSM 1.25 1.50 1.25 1.50 0.25 0

KHTC 21.15 26.97 22.20 26.97 5.82 0

DREL 669.00 635.55 610.00 610.00 -59.00 0

SGPL 1.50 1.28 1.25 1.25 -0.25 0

PGLC 11.00 11.00 10.00 10.00 -1.00 0

Symbols Open High Low Close Change Vol

Al-Abbas Cement 56.87 3.20 2.90 3.75 4.00 3.45

Allied Bank Limited 77.99 69.60 69.10 70.95 71.75 70.45

Attock Cement 51.11 61.80 60.45 64.00 64.85 62.65

Arif Habib Corp 51.68 24.55 24.20 25.50 26.05 25.15

Arif Habib Limited 46.21 25.75 25.50 26.50 27.00 26.25

Adamjee Insurance 60.49 86.65 85.85 88.90 90.35 88.10

Askari Bank 67.03 17.40 17.10 17.95 18.20 17.65

Azgard Nine 37.63 9.40 9.15 10.00 10.35 9.75

Attock Petroleum 62.84 331.40 328.25 337.80 341.05 334.65

Attock Refinery 59.42 123.40 122.10 126.60 128.50 125.30

Bank Al-Falah 65.19 11.10 10.95 11.45 11.65 11.30

BankIslami Pak 67.99 3.45 3.25 3.80 3.95 3.60

Bank.Of.Punjab 52.23 9.70 9.60 10.00 10.20 9.90

Dewan Cement 53.75 2.10 2.00 2.40 2.60 2.30

D.G.K.Cement 53.00 29.90 29.65 30.50 30.85 30.25

Dewan Salman 55.81 2.85 2.70 3.15 3.25 3.00

Dost Steels Ltd 40.75 2.60 2.45 2.80 2.85 2.65

EFU General Insurance 49.20 43.45 42.90 44.65 45.30 44.10

EFU Life Assurance 46.56 72.60 69.75 77.75 80.10 74.95

Engro Chemical 57.14 191.65 189.45 196.00 198.15 193.80

Faysal Bank 62.84 15.15 14.75 16.25 16.90 15.80

Fauji Cement 47.26 4.95 4.85 5.15 5.30 5.10

Fauji Fert Bin 54.03 35.40 35.05 36.40 37.05 36.05

Fauji Fertilizer 73.76 124.65 123.45 127.65 129.45 126.45

Habib Bank Ltd 66.00 120.55 119.10 124.30 126.70 122.90

Hub Power 64.66 37.10 36.80 37.70 38.00 37.40

ICI Pakistan 66.48 143.45 142.65 145.60 146.95 144.80

Indus Motors 48.23 250.30 248.15 254.30 256.15 252.15

J.O.V.and CO 50.54 3.90 3.85 4.15 4.25 4.05

Japan Power 47.81 1.50 1.35 1.90 2.15 1.75

JS Bank Ltd 48.41 2.50 2.40 2.65 2.70 2.55

Jah Siddiq Co 44.21 10.70 10.55 11.15 11.45 11.00

Kot Addu Power 57.75 40.10 39.55 41.60 42.55 41.05

K.E.S.C 62.55 2.70 2.55 2.90 3.00 2.80

Lotte Pakistan 65.95 13.50 13.30 14.00 14.30 13.80

Lucky Cement 51.53 75.15 74.50 76.30 76.85 75.65

MCB Bank Ltd 72.58 227.15 225.75 230.05 231.55 228.65

Maple Leaf Cement 44.23 2.85 2.80 2.95 3.00 2.90

National Bank 78.92 76.05 75.30 77.75 78.75 77.00

Nishat (Chunian) 53.60 22.40 22.10 23.10 23.50 22.80

Netsol Technologies 58.53 18.55 17.95 19.55 19.95 18.95

NIB Bank 52.04 2.85 2.80 3.05 3.20 3.00

Nimir Ind.Chemical 55.80 1.95 1.90 2.05 2.15 2.00

Nishat Mills 66.18 63.40 62.60 65.35 66.60 64.60

Oil & Gas Dev. XD 68.14 170.15 169.45 171.65 172.45 170.95

PACE (Pakistan) Ltd. 38.04 2.70 2.65 2.80 2.85 2.75

Pervez Ahmed Sec 45.17 2.05 1.95 2.25 2.35 2.15

P.I.A.C.(A) 46.05 2.20 2.15 2.30 2.35 2.25

Pioneer Cement 39.60 6.55 6.40 6.90 7.05 6.70

Pak Oilfields 66.16 293.25 290.50 299.75 303.50 297.00

Pak Petroleum 66.17 215.65 214.20 219.25 221.40 217.80

Pak Suzuki 43.54 69.25 68.70 70.85 71.85 70.30

P.S.O. XD 64.73 293.10 290.95 297.85 300.50 295.75

P.T.C.L.A 53.01 19.15 18.95 19.75 20.15 19.55

Shell Pakistan 64.32 207.65 207.05 208.80 209.35 208.20

Sui North Gas 36.76 26.55 26.40 26.85 27.00 26.70

Sitara Peroxide 46.01 13.00 12.80 13.65 14.05 13.40

Sui South Gas 48.70 20.50 19.55 21.95 22.50 21.05

Telecard 43.19 2.20 2.15 2.30 2.35 2.25

TRG Pakistan 33.53 3.50 3.40 3.70 3.80 3.60

United Bank Ltd 70.85 67.70 67.10 68.85 69.50 68.30

WorldCall Tele 53.09 2.75 2.65 3.00 3.10 2.90

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

JDW Sugar Mills Ltd 03-Jan 11.00

Sanghar Sugar Mills Ltd 03-Jan 11.30

Al-Abbas Sugar Mills Ltd 03-Jan 5.30

Haseeb Waqas 03-Jan 9.00

Quetta Textile Mills Ltd 04-Jan 11.00

Baba Farid Sugar Mills Ltd 04-Jan 11.30

Husein Sugar Mills Ltd 04-Jan 11.30

Dewan Sugar Mills Ltd 05-Jan 3.30

Alfalah GHP Principal Protected Fund 06-Jan 4.00

Alfalah GHP Principal Protected Fund II 06-Jan 4.00

Noon Sugar Mills Ltd 06-Jan 12.30

Mitchell's Fruit Farms Limited 06-Jan 11.00

Shakarganj Mills Limited 06-Jan 12.30

BOARD MEETINGS

Company Date Time

Monday, January 3, 2011 8

CVS to buy Universal'sMedicare unit for $1.25bn

JPMorgan,Barclays offMBIA splitopposition

WILMINGTON: JPMorganChase & Co and Barclays Plcdropped their opposition toMBIA Inc's plan to restructureits businesses.

Shares of MBIA, the largestUS bond insurer before it suf-fered major losses from insur-ing subprime and other riskysecurities, closed up 8.8 percent.

JPMorgan Chase andBarclays disclosed their deci-sion not to oppose MBIA'splan to split its municipal bondinsurance business from itsstructured finance operationsin a filing with the New YorkState Supreme Court inManhattan.

The banks did not give a rea-son, and they did not immedi-ately return calls for comment.

MBIA announced the plannedsplit in 2009, in a restructuringoverseen by the state's insur-ance commissioner.

The company has said thesplit would allow it to continueto guarantee municipal bonds,allowing local governments toborrow more cheaply.

But opponents said it wouldfraudulently transfer billionsfrom its MBIA Insurance unit,leaving it without sufficientfunds to cover claims stemmingfrom guarantees on complexfinancial instruments.

MBIA declined to comment.More than one dozen major

banks remain as plaintiffsopposing the MBIA plan,including Citigroup Inc ,Morgan Stanley and HSBCHoldings Plc. -Reuters

SLIC announces50pc adhocallowance

for staffLAHORE: State LifeInsurance Corporation ofPakistan (SLIC) announcedadhoc allowance rate of 50 percent of the basic pay for offi-cers and staff with effect July01, 2010.

SLIC sources told APP hereSunday that the staff other thanofficers will be paid adhocallowance subject to submis-sion of undertaking for pre-payment developed by lawdivision which will be filled byindividuals as well as CBA rep-resentatives.

Chairman InqalabGroup,Tariq Altaf Tipu thankedthe corporation ChairmanShahid Aziz Siddique andmembers of the board of direc-tors for announcement of adhocallowance which he added waslong awaited for subordinatestaff.

He said that SLIC staff willcontinue to work hard to meetthe future challenges and con-tribute towards the promotionof life insurance activities in thecountry. -APP

PNB seekspartners for

insurance businessNEW DELHI: State-runPunjab National Bank (PNB)said it has invited expression ofinterest (EoI) from Indian andforeign companies for strategicpartnerships ininsurance busi-ness.

PNB is looking at both lifeand non-life business and isevaluating options, India's sec-ond-largest public sector lendersaid in a statement late onWednesday.

In June, PNB bought out thestakes of its insurance jointventure partners PrincipalFinancial Group of Mauritiusand 25 per cent of BergerPaints. -Reuters

MULTAN: Chairman Benazir

Income Support Programme

(BISP) Farzana Raja has said

that one million poor families

would get life insurance facil-

ity under the BISP and termed

it a new year gift from the

government to the masses.

Addressing a press confer-

ence at the local circuit house,

she said poverty survey would

begin in South Punjab from

Sunday and added that health

insurance cards would also be

given to the poor BISP recepi-

ents before June 2011.

To a question on statements

from some political parties,

she said that all parties should

work together to solve the

problems of the poor seg-

ments of the society.

She said that 150,000

mobile phones have been dis-

tributed among the poor fami-

lies in the first phase in the

four districts including Musa

Khel, Layyah, Batgram, and

Larkana to enable them avail

modern mobile phone bank-

ing system and get monthly

financial assistance in trans-

parent manner.

She said that government

did not spend money for pro-

viding mobile phones to the

poor women and heaped

praise on banks that con-

tributed resources for this pur-

pose.

More BISP beneficiaries

will be able to avail the facili-

ty, she added.

She said that the BISP regis-

tered families would get Rs

100,000 within 15 days after

the death of their family head

under the life insurance

scheme.

BISPchief said that 140

poor families received first

instalment of the financial

assistance meant to initiate

businesses in Lahore last

Friday and added that another

120 poor families would get

Rs 100,000 for the purpose in

Dera Ghazi Khan on Sunday

(Jan 2).

She said that three million

families were availing the

financial assistance under

BISP and a poverty survey to

identify poor persons who

were not included in the earli-

er surveys would begin short-

ly. She added that 350,000

families of Balochistan were

included in the list of the

BISP beneficiaries.

Farzana Raja said that well

over 50 per cent work of the

poverty survey had been com-

pleted. She said that BISP

bill has been approved by the

National Assembly and the

Senate and no dictator would

be able to terminate this pro-

gramme.

She said that South Punjab

uplift was the priority of the

government.

BISP chief said that

Countrywide Poverty Survey

under Benazir Income

Support will be completed

before June, 2011 and the

number of total beneficiary

families would rise up to 5

millions. She said that this

nationwide survey would

enable these families to get

benefitted from monthly cash

grant, vocational training,

returnable loans under

Waseela-e-Haq and life

Insurance. Moreover, Health

Insurance facilities to regis-

tered beneficiaries would be

offered soon.

She said that President Asif

Ali Zardari and PPP govern-

ment have adopted policy of

reconciliation for the sake of

the people. To a query she

said that I would urge to lead-

ers of all political parties to

work together for resolving

the issues faced by Pakistan

and its people and not get

engaged in political vendetta.

She appealed to the people

to support the survey teams

for successful completion of

Poverty Survey so that people

in need can be reached out

and given their right at their

doorstep, thus, it would be a

help in achieving BISP's

objective of making Pakistan

a welfare state.

She said that transparency

and facilitation of the benefi-

ciaries is the priority and for

that purpose the whole system

is established on modern tech-

nology.

International aid agencies

are quite appreciative of this

programme as it is proving to

be a comprehensive welfare

mechanism for the people of

Pakistan. In response to a

question, she said that gov-

ernment will complete its

tenure because it is striving

hard for the wellbeing of the

people of Pakistan. -Agencies

Millionfamiliesset to be

life-insured

WASHINGTON: AIG CEO Edward Liddy interacts with protesters as he arrives to testify before the House Financial Services

Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises on Capitol Hill. -Reuters

Staff Reporter

KARACHI: Positive activi-ties were observed in the insur-ance stocks last week at theKarachi stock exchange withnear 7 million shares tradedtogether in life and non-lifeinsurance stocks. AdamjeeInsurance was the most tradedstock with 3.21 million sharesfollowed by Pak Reinsurance

with 2.67 million shares. Topgainers of the week includeCentral Insurance --up byRs4.96 to close at 67-- andNew Jubilee Insurance --up byRs1.33 to close at Rs59.33.Moreover American LifeInsurance fell by Rs0.95 toclose at Rs18 and RelianceInsurance by Rs0.5 to close atRs6.6 to be the major losers ofthe week.

A premium weekfor KSE insurers

Allstate sues

BofA and

Mozilo over

Countrywide

lossesNEW YORK: Allstate Corphas sued Bank of AmericaCorp, its Countrywide lendingunit and 17 other defendants forallegedly misrepresenting therisks on more than $700 millionof mortgage securities it boughtfrom Countrywide.

Allstate, the largest publiclytraded US home and auto insur-er, alleged it suffered "signifi-cant losses" after Countrywidemisled it into believing thesecurities were safe, and thequality of home loans backingthem was high.

The lawsuit also names sever-al former Countrywide officialsas defendants, including long-time Chief Executive AngeloMozilo. Countrywide was thelargest US mortgage lenderbefore Bank of America boughtit in July 2008.

Allstate said that starting in2003, Countrywide quietlydecided to boost market shareand ignore its own underwritingstandards by approving anymortgage product that a com-petitor was willing to offer, in a"proverbial race to the bottom."

Countrywide then passed onthe added risks to investors whobought debt backed by themortgages, Allstate said.

"Defendants knew the loansoffloaded onto Allstate were atoxic mix of loans given to bor-rowers that could not afford theproperties, and thus were highlylikely to default," said the 150-page complaint filed onMonday in Manhattan federalcourt.

Allstate seeks to undo itssecurities purchases, whichtook place between 2005 and2007, plus unspecified dam-ages.

The Northbrook, Illinois-based company joined CharlesSchwabCorp, the Federal HomeLoan Banks and others in suinglenders for allegedly misleadingthem about mortgage securities.

Bank of America, the largestUS bank by assets, last monthsaid it faced lawsuits over $54billion of such debt.

A spokesman, Bill Halldin, inan email said the Charlotte,North Carolina-based bank isreviewing the complaint. "Thisunfortunately appears to be asituation where a sophisticatedinvestor is looking for someoneto blame for a downturn in theeconomy and losses on aninvestment it made," he said. -Reuters

CHARLOTTE: Bailed-outinsurer American InternationalGroup took another steptoward winding down its USgovernment support onMonday by securing $4.3 bil-lion of bank credit lines, andcompany shares surged.

AIG's shares closed up 9.3per cent, or $5.05, to $59.38 onthe New York Stock Exchange.The price was a two-year highfor the stock, which was post-ing its largest one-day gainsince rising 12 per cent onDecember 9.

AIG and its property insur-ance unit Chartis Inc agreed tothree separate credit facilitieswith banks, partially replacingcredit lines from the FederalReserve Bank of New York,AIG said in regulatory filings.

"We believe we are closeenough to completing ourrecapitalization plan that wecan see the finish line," saidRobert Benmosche, AIG'schiefexecutive, in a prepared state-ment.

JPMorgan Chase & Co, Bankof America Corp, andCitigroup Inc were joint leadarrangers for the three facili-

ties. AIG said in a preparedrelease that 36 banks agreed toparticipate in the credit facili-ties.

AIG signed two credit agree-ments worth $1.5 billion each,one for three years and anotherfor 364 days, it said in a regu-latory filing.

Separately, Chartis signed a$1.3 billion letter of credit andreimbursement agreement withits lenders.

The new credit facilities willbe used once the previouslyannounced recapitalizationplan with the US TreasuryDepartment and the New YorkFed is closed, effectively end-ing a portion of the govern-ment's support of the insurancegiant issued at the height of the

financial crisis in the fall of2008.

The new private sector creditline is not a dollar-for-dollarreplacement of the Fed's creditline, which currently totals $21billion.

But the Fed's credit line isexpected to be paid off in thefirst quarter 2011, according tothe insurer's previouslyannounced recapitalizationplan.

In total, the US governmentholds a $91 billion stake inAIG.

The facilities come less thana month after the insurerreturned to the debt marketafter a two-year absence, rais-ing $2 billion in unsecurednotes. -Reuters

AIG, Chartis unit sign$4.3bn credit pact

TOKYO: Dai-ichi LifeInsurance Co will take fullcontrol of Tower AustraliaGroup Ltd for $1.2 billion incash, the latest in overseasacquisitions by Japaneseinsurers keen to move awayfrom a stagnant home market.

It is the first major purchaseby Japan's No.2 life insurersince its $11 billion stock mar-ket debut in April, and isanother deal for Australia's$1.2 trillion wealth manage-ment sector, which is growingthanks to compulsory privatepension schemes.

While Dai-ichi did not raiseany money through its IPO, itsaid it would use it as a spring-board to push into overseasmarkets to address concernsabout its growth prospects inJapan, where the population isshrinking.

It will pay A$4.00 per sharefor all the shares it does notown in Tower Australia, a 47per cent premium overTower's latest closing price.Dai-ichi is currently thebiggest shareholder in the

midsized life insurer, with a29 per cent stake.

"This is a positive move,"said Ryosuke Okazaki, chiefinvestment officer at ITCInvestment Partners in Tokyo.

"Top management is beingdecisive and if it did not takesteps like this there wouldn'thave been any point to itbecoming a listed company."

The buyout ranks as theJapan's third biggest insuranceacquisition after Tokio MarineHoldings, Japan's No. 2 non-life insurer, spent $4.7 billionto buy US insurer PhiladelphiaConsolidated and 442 millionpounds to buy Lloyd's ofLondon insurer Kiln Plc.

Overseas acquisitions madeby Japanese insurers hit a peakin 2008 with 547 billion yenworth of deals struck. Thisyear there has been 109 billionyen worth of transactionsmade.

Dai-ichi said the deal willincrease the amount of netprofit derived from overseasto 9 per cent from 3 per cent.It had 55.6 billion yen net

profit for the year endedMarch 2010. Dai-ichi also hasminority stakes in Ocean LifeInsurance Co in Thailand andStar Union Dai-ichi LifeInsurance Co in India.

Australia's wealth manage-ment sector is the world'sfourth-largest and has recentlyseen much M&A activity,with Australian wealth manag-er AMP and French insurerAXA SA launching a new$13.1 billion-plus bid forAXA Asia Pacific last month.

Private equity firmKohlberg Kravis Roberts& Co offered $1.7 bil-lion for wealth managerPerpetual, although the dealfell through this month.Tower Australia's principalactivities include life insur-ance, funds management,superannuation, financialplanning, and investmentmanagement. Dai-ichi'sshares rose 2.1 per cent to133,600 yen in Tokyo afterthe Nikkei business daily firstreported the deal earlier onTuesday. -Reuters

Dai-ichi to take overAustralia's Tower for $1.2bn

9Monday, January 3, 2011

Aussie Schlierenzauer soars up in 3rd event offour-hills ski jumping tourney in Innsbruck

Kaka may

join Man

United

this mthMonitoring Desk

LONDON: Brazilian super-star Kaka is likely to joinManchester United in a shockloan deal this month whichcould lead to a permanent 50million pounds move.

The Brazilian superstarmidfielder has been heavilylinked to a move to InterMilan with Real Madridwanting 50 million pounds.

Chelsea, too, is seriouslyinterested in grabbing theplaymaker who has now fullyrecovered from an ankleinjury after surgery, the DailyStar reports.

The link has already beenestablished with Kaka, win-ning a Champions Leaguetrophy with Chelsea bossCarlo Ancelotti when theyworked together at AC Milan.

According to reports inSpain, Manchester Unitedhave now emerged as clearfavourites with Real Madridboss Jose Mourinho happy todo business with his old spar-ring partner Sir AlexFerguson.

Mourinho would prefersending Kaka to Unitedrather than his previous clubInter.

Ferguson has insisted hewill not be buying in thetransfer window but a loandeal for Kaka would be theperfect solution.

DHAKA: People queuedovernight outside of banks inthe Bangladeshi capital ofDhaka in a desperate bid to buyhighly-prized cricket WorldCup tickets, which went onsale on Sunday.

Two leading Bangladeshibanks are selling tickets foreight matches at the Feb. 19-April 2 tournament, to be joint-ly hosted along withIndia andSri Lanka, from their 80branches across the country.

People started gathering infront of the banks on Saturdaymorning, braving cool weatherbut there were expected to be anumber of disappointed fans.

The Bangladesh CricketBoard (BCB) said the Sher-e-

Bangla National Stadium,which will host six matchesincluding the opener betweenIndia and Bangladesh, has aseating capacity of 25,167 butonly 15,167 tickets are avail-able for local spectators.

The remainder of the ticketsare to be reserved for theInternational Cricket Council,foreign visitors and otherstakeholders.

There is a similar situation atthe Zohur Ahmed ChowdhuryStadium in Chittagong, whichwill host Bangladesh's groupmatches against England andNetherlands, with 12,521 tick-ets made available for locals atthe 17,800 capacity venue.-Reuters

Crowds swarm

BD banks for

WC tickets

SYDNEY: Michael Beer hasplayed just seven first-classgames and has never appearedat the Sydney Cricket Groundbut Australian skipperMichael Clarke on Sundaybacked him to have a majorimpact on his Test debut.

Left-arm spinner Beer willplay alongside fellow debu-tant Usman Khawaja intomorrow`s fifth and finalAshes Test against England asAustralia attempt to level theseries after seeing theirchance of winning back theAshes slip away.

Beer, 26, will become

Australia`s 10th Test spinnersince the 2007 retirement ofShane Warne when he plays atthe SCG for the first time.

But Clarke, who made 151on his Test debut against Indiain 2004, does not believe alack of experience with theSydney conditions will affectBeer`s performance.

"We all made our debut(somewhere)," Clarke toldreporters.

"I made my debut inBangalore and I`d never beento Bangalore before, neverseen that change room, neverplayed a game on that wicket.

It`s no different."Clarke, who is standing in

as skipper for the injuredRicky Ponting, said theatmosphere of a 46,000-capacity SCG and the backingof home support should beenough to lift Beer.

Beer is in his first full sea-son with Western Australiaafter moving from Victoria,where he played club cricket.

But after being 12th man forAustralia in the Perth andMelbourne Tests, Clarkebelieves Beer has earned theopportunity to play at thehighest level.-Reuters

Untested Beer to make

Test impact: Clarke

LONDON: Spain midfielderXavi is set to make his 549thofficial appearance forBarcelona at home to Levantematching the club record setby former player Migueli.

Xavi, who turns 31 on Jan.25, debuted for Barca in 1998and has been shortlisted alongwith team mates Lionel Messiand Andres Iniesta for theFIFA Ballon d'Or, which is tobe announced on Jan 10.

"What Xavi has achieved isincredible and demonstratesthat he has a great mentalstrength," coach PepGuardiola told reporters.

Valencia receive Espanyol

on Sunday (2100), for a fourthagainst fifth clash, withoutinjured first-choice goalkeep-er Cesar and suspended duo,defender David Navarro andstriker Roberto Soldado.

Atletico Madrid host RacingSantander on Monday (1900)with a doubt over Uruguaystriker Diego Forlan who hasan ankle injury.

The sixth-placed club havehad to issue an apology onbehalf of new signing Elias,who could make his debut,after the Brazil midfielderwas photographed holding upa scarf with an anti-RealMadrid slogan at his presenta-

tion. Hercules have criticised

Dutch midfielder RoystonDrenthe, on loan from Real,who has refused to turn up totraining after the winter breaksaying he has not been paid.

"He is showing a lack ofrespect towards Real,Hercules and his team mates,"club president ValentinBotella told reporters.

Hercules, who face RealMallorca away on Monday(1900), have promised play-ing and coaching staff theywill paid November wages bythe middle of January.-Reuters

Xavi to equal Barcaappearances record

ISLAMABAD: Pakistan teammanager Intikhab Alam hassaid that the way things aregoing - the team will not onlytaste success but also the imageof Pakistan cricket would alsoimprove in 2011.

The former Test captain saidthe reason for his optimism wasnot only the improving spiritand discipline among the play-ers but also recent steps takenby the cricket board to putthings right."There is no doubt2010 was a very bad year forPakistan cricket and the contro-versies and scandal indirectlyalso had an impact on the play-ers' performances," he wasquoted as saying.

"It is hard for any team to justfocus on cricket and keep onperforming consistently whenso many things are happeningoutside the field,"cricket365.com quoted him assaying.

"The last year was like a

nightmare for Pakistan cricket,but it is now part of history andwe have to look ahead. I havetold the players just focus oncricket and the results willcome naturally because wehave lot of talent in our crick-et," he added.

Pakistan cricket was rockedby incidents of indiscipline,infighting and spot-fixing alle-gations in 2010 which also putthe cricket board under pressurewhich at one stage in Marcheven resorted to banning or fin-ing seven players after theAustralian tour.

He said he was happy at theway the players were respond-ing to the challenges and to thenew enforcement of discipli-nary measures in the team.

"There are not issues withinthe team it is just a matter oftime before the confidencestarts flowing again and there isself belief we can beat anyone,"he said.-APP

Alamupbeat

about 2011

Rooney tunes

Manchester

United’s winMonitoring Desk

LONDON: Wayne Rooneyscored his first goal in openplay since March asManchester United won awayin the Premier League for onlythe second time this seasonwith a 2-1 victory against WestBrom.

United, unbeaten in theleague this season and with twogames in hand, remained top ongoal difference alone afterManchester City’s 1-0 victoryat home to Blackpool.

Rooney opened the scoring atThe Hawthorns but substituteJavier Hernandez, sealed victo-ry 15 minutes from time afterthe Baggies’ Peter Odemwingiehad missed a penalty.

“Over the years we’ve had tobattle out games and we had todo that today,” said Unitedmanger Sir Alex Ferguson.

Rooney scored United’sopener, provided the corner fortheir second and playedthrough the pain of an ankleinjury late on when Fergusonhad used up all three of his sub-stitutes. He put United 1-0 up inthe third minute when hestooped to head in a PatriceEvra cross.

But West Brom were level 11minutes later when JamesMorrison lashed the ball infrom 25 yards out.

The hosts, who had a spot-kick appeal turned down in thefirst half, did have a penalty justafter the hour when United’sRio Ferdinand brought downJerome Thomas in the box.

Nadal beats

Federer in

Abu Dhabi

tennis finalABU DHABI: Top-rankedRafael Nadal started 2011with a win over his main rival,beating Roger Federer 7-6 (4),7-6 (3) Saturday to defend histitle at the invitational WorldTennis Championships.

Both players held servethroughout the match, andFederer had the early momen-tum in the first tiebreaker, hit-ting a couple of blisteringforehand winners to go up 3-0.But Nadal won the next fivepoints and clinched the setwhen the Swiss hit a forehandlong.

In the second tiebreaker,Nadal went up 3-1 with a dropvolley and Federer sent hisreturn long on the next point.The Spaniard then set upmatch point with a crosscourtforehand winner and convert-ed it when Federer hit a fore-hand long.

"For both of us, these are thefirst matches of the season. Soit is special for us," Nadal said."This is the perfect place tostart the season here in AbuDhabi."

Both Federer and Nadalwere given byes into the semi-finals of the six-player exhibi-tion tournament. Federer beatfifth-ranked Robin Soderlingon Friday while Nadal oustedTomas Berdych.

"I never lost my serve but Istill lost the tournament, it'skind of tough," Federer said."Rafael and myself must haveplayed so many times and somany times it has come downto a few shots here and there.He is an amazing shot-maker.Me as well but today he gotthe better of me."

Last month, the two splitcharity matches with Nadalwinning a match in Spain andFederer one in Switzerland.

In tournament play, Nadalhas a 14-8 record againstFederer. The Swiss won theirmost recent meeting, a three-set victory in the final the ATPWorld Tour Finals in London.-Agencies

SYDNEY: England will carryan air of unfinished businessinto the final Test of the Ashesseries starting Monday, despitehaving already ensured itretains the famous urn.

England cannot lose theseries after its emphatic win inthe fourth Test at Melbourne,but the Sydney Test offers theenticing prospect of its firstAshes series win since 1987.That achievement, laudable initself, would take it closer toits longer-term goal of attain-ing the world`s No 1 rankingin Test cricket.

Australia enters the finalTest of an unsuccessful seriesunder an unpopular stand-incaptain, but will be eager tosquare the series, save some

face and begin a much-neededrebuilding process.

Michael Clarke will start asAustralia Test captain for thefirst time, replacing RickyPonting who has a broken fin-ger.

While teammates have ral-lied around Clarke andpledged their support, newspa-per polls have shown onlyeight percent of Australianssupport his promotion to thecaptaincy.

Ponting is not a universallypopular captain, but is admiredfor his past successes andembodying the qualities ofdoggedness, grit and fortitudeassociated with the captaincysince the days of Allan Borderand Steve Waugh.

Clarke, 29, is more of aflamboyant character with hisbleached hair and very publicbreakup with his former modelfiance.

Teammates have worked thisweek to alter that image, topaint Clarke as a more matureand driven individual.

"He`s got a very good crick-et brain, he thinks about thegame very well, he`ll be anaggressive captain," MikeHussey said.

"He`ll always be looking totake wickets out there, he`ll belooking to make changes to thefield, changes to the bowlers,searching for a wicket all thetime and he`ll always want thegame going forward."

Hussey said Clarke had been

an energetic captain whenleading the national side inlimited-overs games.

"I guess the challenge forhim is to be able to maintainthat over the five days of aTest match. It`s going to behard graft but we have 100 percent confidence in him."

Wicketkeeper Brad Haddin,who will be Clarke`s vice-cap-tain, said the public perceptionof Clarke could quicklychange.

"The reaction with the publicwith all our players changesfrom week to week," he said."You`re one good inningsaway, or sometimes one goodcover drive away, from thesupport being with you."

"Michael`s a very strong

character so things will beokay. He`s got a very goodcricket brain. He`ll doAustralia proud."

England has been able toenjoy a relatively untroubledpreparation for the final Test,its players showing every signof delight at Australia`s dis-comfort.

Off-spinner Graeme Swanntwisted the knife a little today,saying he was at a loss tounderstand Australia`s deci-sion to omit its most experi-enced spinner, Nathan Hauritz,from its Ashes squad. Swannsuggested Hauritz`s absencehad helped England.

"I honestly don`t understandhow Australian selectionworks," Swann said. "It`s

obviously different to how itworks in England.

"I don`t know why he(Hauritz) was dropped in thefirst place and why he`s notbeen brought back in."

"I genuinely feel sorry forhim because I don`t think hedeserved to miss out on thiswhole series. He bowled wellagainst England two years agoand he was a guy who causeda few of our players someproblems."

The uncapped Michael Beeris the only specialist spinner inAustralia`s squad, and with theSydney Cricket Ground usual-ly helpful to spinners, he is acandidate to replace one of thepacemen in the startingeleven.-Online

Eng Aim for Ashes Win

DHAKA: People stand in queue to buy ticketsfor the cricket World Cup in Dhaka.-Reuters

CAPE TOWN: SAfrica's Jacques Kallis watches India's Sreesanth field the ball during the third test cricket match.-Reuters

10 Monday, January 3, 2011Analysis & Feature

India and South Africajoin the UN SecurityCouncil on Saturday,

bolstering a bloc of coun-tries on the powerful panelthat may be reluctant to sup-port new sanctions againstIran over its nuclear pro-gram.

However, barring anyshocking revelations aboutTehran's nuclear program,some analysts suggest thatWashington might forgopursuing new UN stepsagainst Iran in 2011. That

may be good news for oilmarkets, since Westerndiplomats say Iran's energysector would be the nextlogical area to sanction.

Germany, Portugal andColombia join the 15-nationSecurity Council on Jan. 1,also for two-year stints asrotating members.

Apart from Iran's nuclearambitions, council diplo-mats point to other keyissues on the council agendain 2011 -- the threat of newcivil wars in Ivory Coastand Sudan, tensions on the

Korean peninsula, SecurityCouncil expansion and theexpected re-election ofSecretary-General Ban Ki-moon for another five-yearterm starting in 2012.

The five newcomers to theSecurity Council are notexpected to impact itsapproach to North Korea,where the veto-wieldingpermanent memberChinaplays a decisive role, orIvory Coast, where theentire council voiced sup-port for the UN-certified

results of last month's presi-dential election.

Newcomer South Africahas vowed to raise the possi-bility of suspending a geno-cide indictment againstSudanese President OmarHassan al-Bashirif a Jan. 9referendum on southSudan's independence goesahead peacefully.Southerners are widelyexpected to choose seces-sion over remaining underKhartoum.

If the vote goes well,diplomats say the United

States, Britain and Francemight consider suspendingthe indictment.

But the new compositionof the council could compli-cate matters for USPresident Barack Obama'sadministration should itchoose to pursue a fifthround of UN sanctionsagainst Tehran for refusingto freeze its nuclear enrich-ment program.

Four rounds of increasing-ly restrictive UN sanctionson Iran have targeted itsnuclear, missile, financialand shipping industries.These have been supple-mented by even more dra-conian US and EuropeanUnion steps that includedenergy sanctions.

Tehran insists its atomicprogram is peaceful and notintended for producingweapons, as Western powerssuspect.

TROUBLES WITHCHINA

The addition of the fiverotating members is not theonly change for the council.An increasingly self-confi-dent China has been usingits diplomatic weight to pro-tect countries that Beijingconsiders to be its allies.

Beijing fought hard toremove all but one Iranianbank from a list of firms inthe fourth round of UNsanctions in June.

It later blocked USattempts to have the councilrebuke Myanmar's militaryrulers and North Korea overits nuclear program.

When South Africa waslast on the council in 2007-2008, it voted twice in favorof sanctioning Iran butjoined China and Russia inlobbying to dilute the pro-posed punitive measures.

Brazil, on the councilthrough the end of 2011, hasalso been reluctant to punish

Iran. It joined Turkey inJune to cast the first evervotes against Iransanctionson the Security Council.Previously there had onlybeen one abstention.

India, which was last onthe Security Council in1991-1992, has close com-mercial ties to Iran, and hasalso indicated that sanc-tions were not the rightstrategy.

But George Perkovich ofthe Carnegie Endowmentfor International Peace saidthat the latest developments

in India-Iran relations sug-gested India's support couldbe won.

Tehran has threatened toblock oil sales to India afterit implemented prohibitivenew rules on trade with Iranthat earned New Delhipraise fromWashington.

Joseph Cirincione, presi-dent of the PloughsharesFund, a global securityfoundation, said that if thereare any new revelationsabout hidden nuclear sitesin Iran in 2011, or similardevelopments, the Indians

and South Africans wouldprobably be amenable tonew punitive steps againstTehran.

"If Iran does somethingoutrageous, it's going to behard for countries like Indiaand South Africa to resistfurther sanctions,"Cirincione said.

Obama's open door toengagement with Iran willhelp to ensure that India,South Africa, China andRussia keep "an open mind"regarding further UN sanc-tions in 2011, he added.

But absent any "outra-geous" moves by Iran,Cirincione and MarkFitzpatrick of theInternational Institute forStrategic Studies in Londonsaid thatWashington and itsEU allies would probablyforgo a push for new UNsanctions in 2011.

"In the meantime, the USwill tighten the financialand other unofficial sanc-tions that have proven to bethe most burdensome forTehran," Fitzpatrick said. -Reuters

MORE IRAN STEPS SEEN TOUGHER

SELL TO NEW UN COUNCIL* US, EU MAY NOT PURSUE FURTHER UN IRAN SANCTIONS IN 2011 * NEW MEMBERS SAFRICA, INDIA

SEEN RELUCTANT ON SANCTIONS * ICOAST, SUDAN, NKOREA OTHER TOP ISSUES FOR UN COUNCIL

Oil has burstabove topexporter Saudi

Arabia's preferred $70-$80 range and yetOPEC is unlikely tostop the rally, helping toprepare the way for themarket to bound above$100 a barrel.

At meetings thismonth -- a full confer-ence of theOrganisation of thePetroleum ExportingCountries in Quito andtalks among Arab oilministers inCairo -- oilproducers stood byOPEC's two-year-oldset of output curbs.

Even prices of $100 --not far above a 26-month high of $91.88hit this week -- need notdamage the economyand would not meanOPEC should pumpmore if they resultedfrom speculation ratherthan any shortage, min-isters and officials havesaid.

"If it goes to $100 dueto speculation, OPECwill not move," OPECSecretary GeneralAbdullah al-Badri saidthis month. He also saidthe organisation did notwant oil to rise that far.

Analysts are split intothose who see funda-mental strength as theworld economy recov-ers, driving up fuel con-sumption, and those

who focus on differ-ences between today'srelatively well-suppliedmarket and that of 2008,when oil sped to its all-time high of nearly$150 a barrel.

"It remains to be seenwhether prices areresponding to short-term weather conditionsor longer term demand

and monetary issues,"said Sadad al-Husseini,an oil analyst and for-mer top official atSaudi state oil giantSaudi Aramco.

"Given the still abun-dant oil inventories, itwouldn't make sense forOPEC to over-react onwhat may be a verytransient condition."

By the time any extraoil reached consumers,demand could be lowerafter the peak demandof the northern hemi-sphere winter.

That would add tooversupply in a market,which for all the nomi-nal strength is still incontango for US crude -- a structure in which arelatively cheap front-month contract encour-ages stock-building.

DEJA VU?

More bullish analystssay OPEC caution

recalls its action aheadof the record bull run of2008, when it was slowto add oil.

"The signal from thelatest meeting in Quitowas one in which theproducers are still con-cerned about the down-side," Barclays Capitalsaid in a note.

"In our view, thatmeans that the upside ismore likely to be con-trolled reactively with adelay rather than pre-emptively."

It set its price forecast

for US crude to 2011 to$91 a barrel, adding thatthis average figureimplied "a sustainedperiod of trading above$100 at points duringthe year".

Husseini and manyinside OPEC have saiddollar-denominated oilis cheaper than it seemsbecause the dollar has

fallen."Prices have not yet

risen to $100/barrel andthere is nothing myste-rious about $100/bar-rel," he said.

"It equates to no morethan $80/barrel in 2005dollars, once currentprices are corrected forinflation." In nominalterms, oil has risen 35percent from a low hitin May and this week'speak was around 15percent above the priceat the end of 2009.

The current rally set

in around Septemberafter the US FederalReserve embarked onits latest quantitativeeasing, which has trig-gered a wave of buyingacross financial mar-kets.

Barclays noted totalcommodity assetsunder management hadreached an all-timehigh after investorspiled in.

Data from US regula-tor the CommodityFutures TradingCommission releasedthis week showedmoney managersextended their net longcrude oilpositions to arecord.

"The Fed has in a

sense been pushing thespeculators. OPEC canvery well argue it's notits role to add more oil,"said Olivier Jakob ofPetromatrix.

Still oil's strength hasbeen modest by com-parison with commodi-ties that face loomingshortfalls, such as cop-per, which has toucheda series of records.

As oil began to rise inSeptember, traders werecontemplating recordfuel inventories in theUnited States, theworld's biggest oil user.

Stocks have since fall-en, although a deepdraw in crude stock-piles could have been inpart because of year-

end tax positioning.The latest US data willemerge late onWednesday and onThursday.

In addition to stocks,OPEC has significantspare capacity, which ithas pegged at around 6million barrels per day(bpd).

Iraq, which is exemptfrom the OPEC systemof supply curbs as itrecovers from war andsanctions, has hugescope to grow.

Analysts have disput-ed it can meet a capaci-ty target of 12 millionbpd in around sevenyears, but even a slowerincrease would providemuch of the extra oil

needed to meet any risein demand.

Its new oil ministersaid it aimed to increaseoutput to 3 million bpdby the end of 2011, upfrom around 2.6 millionbpd.

A Reuters poll sawthe call on OPEC, asopposed to non-OPECoil, increasing by600,000 bpd in 2011.Overall oil use wouldrise by 1.5 million bpd.

Absolute demandwould hit a new high,but the rate of demandgrowth is slower thanthe record of 3 millionbpd in 2004, accordingto figures fromtheInternational EnergyAgency. -Agencies

OPEC caution on output may help bring back $100 oil

"If Iran does

something

outrageous, it's going

to be hard for

countries like India

and South Africa to

resist further

sanctions,"

Cirincione said.

l OPEC wary of adding

unnecessary oil

l OPEC still has spare capaci-

ty, inventories in surplus

l Speculative long positions at

record in United States

11Monday, January 3, 2011

International & Continuation

CONTINUATION

China to

explore Mars

with Russia

this yearBEIJING: China's first Marsprobe is expected to belaunched in October this year ina joint operation with Russiaafter a two-year delay, statemedia reported Sunday.

The probe, Yinghuo-1, wasdue to blast off in October 2009with Russia's "PhobosExplorer" from the BaikonurCosmodrome in Kazakhstan butthe launch was postponed, theofficial Xinhua news agencysaid.

Quoting an unnamed expert atthe China Academy of SpaceTechnology, the report said theblast-off had been pushed backto October this year. It addedthat China planned to launch aMars probe on its own in 2013.

According to previous reports,the orbiter is due to probe theMartian space environment witha special focus on what hap-pened to the water that appearsto have once been abundant onthe planet's surface.

China has already begunprobing the moon and this willbe the next step in its ambitiousspace exploration programme,which it aims to be on a par withthose of the United States andRussia.

It currently has a probe -- theChang'e 2 -- orbiting the moonand carrying out various tests inpreparation for the expected2013 launch of the Chang'e-3,which it hopes will be its firstunmanned lunar landing.-Reuters

Israeli fighter

jets strike

Gaza StripGAZA: Israeli warplanes havepounded positions in the centraland northern Gaza Strip, leav-ing at least two people injured,a Press TV correspondentreports.Israeli fighters bom-barded the northern city ofJebaliya as well as areas in thecentral Gaza on Saturday night.

The overnight attacks left twopeople wounded and causedpanic among the Palestinians inthe targeted areas. Earlier onTuesday, Israeli forces killed aPalestinian man and woundedfive others in tank shelling andgunfire attack on the southernGaza Strip city of Khan Yunis.

The Israeli military hasrepeatedly waged attacks onGaza since its massive war onthe territory at the turn of 2009.The 22-day offensive left morethan 1,400 Palestinians in thedensely populated coastal sliverdead.-Online

Moscow: A Russian passengerjet carrying 124 people caughtfire as it taxied down a snowyrunway in Siberia and thenexploded on Saturday, killingfour people and injuring 43,including six who were badlyburned, officials said.

Most of the passengers andcrew were evacuated before theexplosion, though people onboard described a chaotic sceneas the burning plane filled withthick, black smoke and pan-icked passengers climbed overone another to rush throughflames to escape.Emergencyservices spokesman VadimGrebennikov said the fire,which began in one of theengines as the plane taxied fortakeoff, caused a powerful blastthat destroyed the Tu-154 air-craft and spread flames across1,000 square meters (11,000square feet).Russian televisionshowed video taken with amobile telephone of the burningplane, its center a giant fireball.

All that remained afterwardwas the tail section and part of awing.Grebennikov said 10 peo-ple were seriously injured,including six who were badlyburned and four who sufferedbroken bones or other trauma.Most of the other injured pas-sengers sought treatment forpoisoning after inhaling toxicfumes.

The plane, which belonged tothe regional Kogalymavia air-line, was to fly from the westernSiberian town of Surgut to

Moscow.Among the passengerswere members of the Russianpop group Na-Na, whodescribed the panic on board theplane."First we heard a clap andthen there were flames in theback of the plane and peopleimmediately panicked," groupmember Yury Rymarev said onNTV television. He said flightattendants tried to calm the pas-sengers, but the flames began tospread, especially after one ofthe passengers opened an emer-gency exit and air rushed in.

The plane quickly filled upwith smoke that was black andacrid from burning plastic,Rymarev said.Another groupmember, Sergei Grigoryev, whowas sitting in the back of plane,described how passengers clam-bered over the heads of those infront of them as they rushed toget out.

"My whole life flashed beforemy eyes and I'm still upset," hewrote on the website of Na-Na,a group that was popular inRussia in the 1990s.A thirdmember of the group, VladimirPolitov, said some people wereso desperate to get out that theyran right through the flames, theRIA Novosti news agencyreported.

He and other passengersdescribed difficulties with open-ing the emergency exits, sayingall or most of the people got outthrough one exit over awing."Only one exit was work-ing. We didn't see the middleexit. It seems it couldn't be

opened -- something was wrongwith it," passenger Olga Sytniktold a local television station."People got out of the plane andfound themselves on the wing.Some kind of stairs were putthere for them and people start-ed to go down. But before thatthere were a lot of people on thewing.

Some people just jumpeddown from the wing to theground and ran away limp-ing."All three engines on the Tu-154 are located in the back ofthe aircraft. Saturday's fireappeared to have started in theengine mounted over the rear ofthe plane.The Tu-154 has beenthe workhorse of the Soviet andpost-Soviet civilian aviationindustry, first entering service inthe 1970s.But after a series ofcrashes involving the aging fleetraised safety concerns, flagshipcarrier Aeroflot withdrew all ofits Tu-154s from service, withthe last flight a year ago.

However, the midrange jetremains the mainstay of smallerairlines across Russia and theformer Soviet Union. It isbanned from parts of Europedue to excessive enginenoise.Just last month, two peo-ple were killed and 83 injured inan accident involving enginefailure on a Tu-154. Two of theengines failed shortly after take-off from a Moscow airport andthe third cut out as the planemade an emergency landing. Itskidded off the snowy runwayand broke apart.-Online

Passenger jet

explodes in Russia

HARARE: Zimbabwe is likelyto postpone a parliamentary elec-tion that President RobertMugabe's party wanted by mid-year in order to allow completionof constitutional reforms, astate-owned newspaper reported onSunday.

Mugabe's ZANU-PF partyendorsed plans to call early pollstwo weeks ago, despite strongopposition from rivals that thepolitical climate was not right fora free and fair vote.

The Sunday Mail newspaper,which is tightly controlled byZANU-PF officials, quotedunidentified sources saying it wasnot feasible to hold elections inthe first half of 2011 and that

Zimbabwe had said so to fellowmembers of the Southern AfricanDevelopment Community(SADC) weeks ago.

"Sources yesterday said it washighly unlikely that the polls willbe held before June as the craft-ing of the new supreme lawlooks certain to spill into the sec-ond half of the year," the weeklysaid, citing also what it called"intervening complications" inthe implementation ofZimbabwe's power-sharingagreement.

ZANU-PF officials wereunavailable on Sunday to com-ment.

Mugabe, 86, and arch rivalPrime Minister Morgan

Tsvangirai of the Movement forDemocratic Change (MDC) wereforced into a coalition govern-ment two years ago after a disput-ed 2008 election which had exac-erbated a severe economic crisis.

The unity government, whichalso includes a small MDC fac-tion led by Deputy PrimeMinister Arthur Mutambara, iscredited with stabilising an econ-omy crushed by hyperinflationand reducing political tension.

But the coalition has been hob-bled by quarrels over the pace ofpolitical reforms, policies andstate positions, and Mugabe hassaid he sees no need to extend thecoalition beyond the middle ofthis year.-Reuters

Zimbabwe 2011 election

may be postponed

LAGOS: Nigeria's main mili-tant group, which claimedresponsibility for October carbombings in Abuja, said it wasnot behind the New Year's Eveblast in the capital.

A bomb on Friday in a busymarket area, where people gath-er to socialise beside an armybarracks, killed at least fourpeople and wounded dozens.

There has been no claim of

responsibility for the attackandPresident GoodluckJonathan has said the perpetra-tors have not yet been identified.

"The Movement for theEmancipation of the NigerDelta (MEND) denies anyinvolvement in any of thebombings that took placeinAbuja, Nigeria on Friday,December 31, 2010," an e-mailed statement from the

group's spokesman said onSunday.

Though MEND said it plant-ed car bombs in Abuja onOctober 1 that killed at least 10people, its previous attackshave tended to avoid civiliancasualties.

The militant group operatesfrom the Niger Delta where ithas attacked oil and gas facili-ties for years.-Reuters

Nigerian militant group says

not behind Abuja bomb

UNITED NATIONS: UNpeacekeepers in Ivory Coasthave been instructed to visitareas where human rightsabuses are alleged to havetaken place and record anyviolations, the UnitedNations said.

The country was plungedinto crisis after incumbentpresident Laurent Gbagborefused to step down after adisputed election inNovember, leading to anoutbreak of violence in anation still divided since acivil war in 2002 and 2003.

The electoral commission,world leaders and the UNGeneral Assembly haverecognised Gbagbo's rivalAlassane Ouattara as thewinner of the election.

"The Secretary-Generaltold President Ouattara thathe was alarmed by thereports of egregious humanrights violations,"UNspokesman MartinNesirky said in a statement,referring to atelephone con-versation between UN chiefBan Ki-moon and Ouattaraon Saturday.

The UN peacekeeping mis-sion in Ivory Coast, knownas UNOCI, said last monthpro-Gbagbo forces wereblocking access to whatcould be a mass grave nearAbidjan. UN diplomats toldReuters UNOCI was stillbarred from the site.

"He (Ban) said UNOCIhad been instructed to doeverything possible to gain

access to the affected areasboth for prevention and toinvestigate and record theviolations so that thoseresponsible will be heldaccountable," Nesirky said.

Defiant in the face ofgrowing international pres-sure, Gbagbo reiterated acall for the peacekeepingmission to leave Ivory Coaston state television onSaturday, accusing it ofopening fire on civilians.

The mission rejected asimilar accusation on itswebsite three days ago as"lies" and said the state-owned broadcaster wasspreading misinformation toincite hatred against it.

CRIMINAL COURT

Residents of an areaalleged to be the site of amass grave said last monththe Ivorian military hadclosed off the site andchased away anyone whotried to gain access.

Gbagbo's Interior MinisterEmile Guirieoulou said lastmonth there was no massgrave.

Ouattara has asked for theInternational Criminal Courtin The Hagueto send a mis-sion to Ivory Coast to inves-tigate reports of post-elec-tion violence committed bypro-Gbagbo forces.

He reiterated the request inhis call with Ban onSaturday.

The UN has put the deathtoll from the violence atmore than 170, the United

States at over 200.Three presidents from the

West African regional blocECOWAS are planning asecond round of talks on Jan.3 with Gbagbo to try to per-suade him to cede power toOuattara or face an opera-tion to remove him by force.

A statement issued by theAfrican Union on Sundaysaid they would be joined byKenyan Prime MinisterRaila Odinga, who hascalled for the use of force tooust Gbagbo and whose ownelectoral dispute withPresident Mwai Kibaki,accused of rigging theKenyan election in 2007, letto ethnic bloodshed in which1,300 people were killed.

The United Nations hasexpressed concern that thehomes of political opponentsof Gbagbo in the main cityof Abidjan have beenmarked to identify theiroccupants' ethnicity, indicat-ing that the country could beheading for ethnic violence.

Nesirky said Ban "reaf-firmed to President Ouattaratoday the UN's principledand unwavering position onupholding the election out-come based on the will ofthe people of Cote d'Ivoire(Ivory Coast)."

Ban added that "the inter-national communityremained committed to worktogether for a peaceful anddurable end to the stale-mate", Nesirky said.-Reuters

UN Ivory Coast

mission to probe

reported abuses

And soybeans closed out the year at their highest level sincebefore the global financial crisis but below their record highabove $16 a bushel, amid concerns about the size of this year'sSouth American crop. The average CBOT front-month corn pricewas $4.99-1/4 a bushel in 2010, the highest since at least 1973.The 2010 average soybean price of $11.82-7/8 a bushel also wasthe highest on record. CBOT wheat futures prices averaged $6.50-3/4 a bushel in 2010, the highest since $8.23-1/8 in 2008.

Chicago Board of Trade March corn futures settled up 13 centsat $6.29 a bushel. CBOT January soybeans were up 27-3/4 centsat $13.93-3/4 a bushel and CBOT January wheat was up 9-1/2cents at $7.94-1/4 a bushel. -Reuters

Continued from page 3No #1

Tin outperformed other LME peers this year, with prices up bynearly 60 per cent. Constrained supply from top exporterIndonesia is expected to drive prices to new records, havingreached $27,500 a tonne in November. Nickel rose 35 per cent forthe year in anticipation of a pickup in stainless steel demand,despite stockpiles that remain relatively ample. Stocks hit a recordof 166,476 in February, and have since declined some 20 per cent.

LME zinc rose slightly on the day to finish the year down 5 percent at $2,440 per tonne. LME aluminium rose toward two-yearhighs near $2,500 a tonne on Friday and ended bid at $2,467rings, up 11 per cent for the year. -Reuters

Continued from page 3No #2

and giving them authority to take decisions, but on other hand, ithas given rise to number of problems which still needed to beresolved. The recommendations proposed by the Commission inthis regard had not yet succeeded to remove the concerns of theprovinces in this connection, sources said. -Agencies

Continued from page 12No #5

to use mobile phones and computers, the report said.The LibDems promised to scrap control orders in last year's

election campaign and a reversal of that position could fatallyundermine the credibility of Lib Dem leader Nick Clegg, thedeputy prime minister, with his party. Support for the LibDemshas slumped since the party performed a U-turn over raising stu-dent tuition fees to help cut a record peacetime budget deficit.

Security agency MI5 and the interior ministry have pushed forcontrol orders, introduced by the former Labour government, tobe kept, the report said. Nine suspects, all British, are now subjectto control orders, the Sunday Times said. They are electronicallytagged and confined to their homes for 16 hours a day.

International civil liberties groups have united to call on thegovernment to abandon control orders, accusing it of presidingover one of the most serious violations of natural justice in anydeveloped democracy, the Observer reported. -Reuters

Continued from page 12No #3

MQM so as to take the country out of prevailing devastating situa-tion. He vowed to spare no efforts to eradicate the social injusticesand outdated system and putting on track to the country on the avenueof development and prosperity through peaceful revolution. -NNI

Continued from page 12No #4

Ahsan Rasheed, Director Research AMJ Growth. Foreign investors remained on the buying side as according to

NCCPL they did a net-buying of $12.2 million during the week.This brought the net buying of the offshore investors to $526 mil-lion in CY10 from $24 million in CY09.

Investor participation too witnessed some improvement lastweek as 579 million shares traded in the overall market which is78 million more as compared to a turnover of 501 million sharesa week earlier. Average daily turnover stood at 115.8 shares --15.6million shares more from an average volume of 100.2 millionshares last week. Out of total 427 active issues 234 advanced and177 declined while 16 issues remained unchanged.

Continued from page 5No #6

QUEENSLAND: An aerial view of partially submerged houses in flooded Rockhampton inAustralia's state of Queensland.-Reuters

landlords rather than the poor," he said, added MQM has madethe decision with an honest intent. According to the mediasources, MQM chief Altaf Hussain made contact with PML-Qleader Chaudhry Shujaat Ahmed, JUI-F leader Maulana GhafoorHaidry and AMPL chief Pir Pagara and deliberated with them thecurrent situation arises out of MQM latest stance. Political punditsnow say that the ball is in PML-N court to decide the fate ofGilani-Government, and today will prove their stance in theNational Assembly Hall. PML-N holds 91 seats in the lowerhouse, though in the position to shake the government on its ownbut only after alliance with other opposition factions in the House.

Continued from page 1No #7

that they welcome MQM decision, added that it was the naturaloutcome of the PPP government politics.

Regarding the vote of confidence move, Iqbal said that they willcross the bridge when they come to it, it would be too early tocomment on it.

Continued from page 1No #8

He did not say when the hostile aircraft had been shot down, butdescribed them as "western drone reconnaissance" aircraft.

Iran is at odds with major powers over its nuclear activities,which the United States and its allies suspect are intended toenable Iran to produce nuclear bombs. Iran denies the allegationsand says it wants only to generate electricity.

The United States and Israel, Iran's main foes, do not rule outmilitary action if diplomacy fails to end the nuclear row. -Reuters

Continued from page 1No #9

elements politicised it for their personal gains and they misguided the people. He said the GeneralSales Tax Reforms (GSTR) is not a matter of the PPP only but the whole nation, adding that if taxnet is not widened then self-dependence cannot be achieved.

In this context, he said that if the nation would not sacrifice then the next generations of the coun-try would be under a huge burden of debt of international monetary agencies.

To a question, he said the reconciliation process would continue."We would try our best to removethe reservations of our allies to keep them in the coalition". However, Kaira said," All our allies havethe right to have difference of opinion and this is the beauty of democracy".-NNI

Continued from page 1No #10

SANGIN: Members from the Taliban stand, after voluntarily handing over their weaponsand joining the government, in Sangin district.-Reuters

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ISLAMABAD: Foreign OfficeSpokesman Abdul Basit saidSunday that Kashmir issuemust be resolved in accordancewith the aspirations of theKashmiris and the UnitedNation (UN) resolutions.

In a brief telephonic talk witha private TV channel, he said,"Without resolving the issue, itis too much difficult to main-tain peace and stability in theentire region."

He said: "Pakistan is readyfor meaningful and comprehen-sive dialogues with India oncore issues such as Kashmir,Siachin and others."

Pakistan had already heldcomposite dialogue with Indiaon various issues includingKashmir, Siachin, economic,

cultural issues etc, but India didnot show seriousness over theissues, he added.

Abdul Basit said that Indiashould show maturity aboutthe issues to bring peace inthe region. However, he said,that it was not possible toresolve all the issues in accor-dance with the aspirations ofIndia.

He said "Only dialogues arenot enough for resolving thestrategic issues, but Indiashould take serious steps toremove all the irritants anddiscriminations. Pakistanalways tried its best to main-tain good ties with India," headded.

He appreciated India's state-ment that it wanted to maintain

peace in the region. He said thatPakistan had also taken severalmeasures for sustaining peaceand stability in the entireregion.

He termed the Indian allega-tions of terrorism againstPakistan as baseless becausethe latter was itself a victim ofterrorist activities.

"We are combating a success-ful war against terror and alsotaking several measures toeradicate terrorist activitiesfrom the region," he main-tained.

He said that Pakistan was sin-cerely co-operating with Indiaabout Mumbai attacks, but thelatter had not provided anyinformation about the'Samjhota Express'. -APP

Pak says peacesans Kashmira pipe-dream

Isb is ready for meaningful talk with India: FO

MULTAN: Muttahida QaumiMovement (MQM) Quaid, AltafHussain has said that revolution hasbecome fate of the country, people oflower and middle classes, comprising 98per cent of the total population of thecountry are only guarantee for survivaland stability of country.

Altaf Hussain said this in his telephon-ic address to MQM Zonal OrganizationCommittee, party's women wing, LegalAid Committee, social forum and officebearer of APMSO here at party's MultanZonal Office.

He said that country's politics wasconfined to few families who were rul-ing the nation generation after genera-tion and do not let legible and sincerepeople to come forward and play rolefor development and stability of thecountry.

The MQM Quaid said steering thecountry out of the prevailing gloomylaw and order and economic scenario weneeded to end the culture of hereditarypolitics and provide opportunity to edu-

cated and sincere youth who feel heart-felt grief over sufferings of country andits people.

He said that Pakistan came into beingas a result of untiring efforts of leader-ship of freedom movement and sacri-fices of millions of Muslims but it wasmatter of grave concern that despite pas-sage of six decades we have not suc-ceeded to achieve the desired goals forwhich Pakistan was established.

Altaf Hussain said that political lead-ership was concentrating over develop-ment of their constituencies only and ithas ignored the Southern Punjab urgingthe people of these areas to wake upagainst the injustice being done to them.

He urged the people of SouthernPunjab to continue peaceful efforts forachievement of their basic rights.

The MQM chief said that his party hasa revolutionary plan for development ofcountry and uplifting of the living stan-dard of its people therefore countrymenshould join and cooperate with the

See # 4 Page 11

Wheels of changeset in motion:AltafSays ending heredity politics is MQM's agenda

LAHORE: Chief MinisterPunjab Mian Shahbaz Sharifsaid that a university and apower plant of having capaci-ty of generating 150megawatts would be setup inPunjab with the cooperationof Turkey.

He was talking to mediapersons at Allama IqbalInternational Airport, Lahoreafter his arrival back fromTurkey, here on Sunday.

Shahbaz Sharif termed hisvisit to Turkey as successful

and said that number ofMoUs for mutual coopera-tion in various sectors havebeen signed with Turkishgovernment and private sec-tor during the visit.

He said that Turkish govern-ment would extend financialassistance to Punjab govern-ment to setup a university anda power plant with 150megawatts power generationcapacity.

The CM Punjab said thatduring his visit he apprised

the Turkish government andinvestors about the broadopportunities of investment invarious sectors includingindustries and power fields.

He said that an agreementregarding mutual cooperationin boosting livestock anddairy sectors has also beensigned which would help indevelopment of the two sec-tors.

Shahbaz pinned hope thatagreement signed with Turkeyregarding solid waste man-

agement would not only helpin dumping the solid wastebut would also help the twocountries to take benefit ofeach others expertise.

He vowed that Lahorewould be made as beautiful asTurkish capital of Istanbul.

To a question, he said theongoing problem of gasload-shedding would besolved soon adding hewould talk to Prime MinisterYousuf Raza Gilani to fixthe gas problem. -APP

Shahbaz says will talkgas-shortage with PM

CM Punjab returns from Turkey with big hopes

Says Turkey vows to set up 150MW plant, a varsity

NEW DELHI: IndianMinister for External Affairs SM Krishna said on Sunday thatPakistan's posture of "compul-sive hostility" will not help aserious and sustained dialoguebetween the two countries.

In an interview, Krishna saidNew Delhi would "walked theextra mile in reaching out" toits neighbours "We earnestly

hope that our neighbour wouldsee the merit in constructiveengagement and discard theposture of compulsive hostili-ty", he said.

The External AffairsMinister said, "Our onlyexpectation from Pakistan isto dismantle the terror infra-structure that operates fromthe territories under its con-

trol. A serious and sustaineddialogue can thrive only in apeaceful and terror free cli-mate."

Krishna said that terrorism,whether state-sponsored ornot, has no place in today'sworld and needs to be rootedout through concerted effortsof each and everyone. -Agencies

It's time to end hostility,Krishna tells Pakistan

LONDON: Prime Minister DavidCameron could face a parliamentarydefeat over Europe but is set to avoid adamaging split in the ruling coalitionover a controversial counter-terrorismmeasure, reports said on Sunday.

The Sunday Telegraph said 'euroscep-tics' among Cameron's centre-rightConservatives could combine withopposition Labour legislators to inflictan embarrassing first parliamentarydefeat on Cameron over his flagshipEuropean Union bill.

The proposed law, designed to preventthe transfer of further powers fromLondon to Brussels without a referen-dum, will be debated in parliament onJanuary 11.

Cameron proposed the so-called "ref-erendum lock" in an attempt to appeaseeurosceptics in his party angered by hisdecision to give up his campaign for areferendum on the EU's Lisbon treaty.But the Sunday Telegraph said his strat-egy appeared to have backfired.

Some eurosceptic Conservatives feelthe measure offers no real safeguards,because ministers would have discretionin many cases over when a referendum

was required and their decision could bechallenged in the courts.

The report said euroscepticConservatives would propose radicalamendments to the legislation and, ifthese were rejected by the government,some could vote against the entire bill.

It quoted sources in the main opposi-tion Labour Party as signalling thatLabour leader Ed Miliband would orderhis members of parliament to oppose thelegislation.

The Sunday Times said "controlorders" -- a contentious form of housearrest imposed on some terrorism sus-pects who have not been charged --would be scrapped in a victory for thecentre-left Liberal Democrats, the juniorpartner in Cameron's coalition.

The cabinet was poised to approve acompromise deal next week, endingmonths of arguments that Cameronfeared could destroy the eight-month-old coalition, the newspaper said.

Suspects will be allowed to stop wear-ing electronic tags and be released fromhome curfews. They will be able to trav-el freely in Britain, but not overseas, and

See # 3 Page 11

Cameron may facedefeat on EU bill

LAHORE: Chief Minister Punjab Mian Shahbaz Sharif talking to the media men at Allama Iqbal International Airport on his

arrival after the visit of London and Turkey.-Online

18th Amend

Commission

meets todayI S L A M A B A D :Implementation Commissionon 18th Amendment wouldmeet here at Parliament Houseon Monday with ChairmanCommission, Senator MianRaza Rabbani in chair.

Issues relating to implemen-tation of 18th Amendment andtransfer of five ministries toprovinces would be discussedin the meeting.

The Commission would alsodiscuss the difficulties and hur-dles in way of transfer of fivefederal ministries to provinces.

It should be mentioned thatthough provinces seem to be sat-isfied with awarding provincialanatomy under 18th Amendment

See # 5 Page 11

20 killed in

Nangarhar

onsetKABUL: At least 20 insur-gents were killed and 21 otherswere arrested in an operationcarried out by Afghan and for-eign forces in easternNangarhar province, local offi-cials said on Sunday.

The operation was launchedone week ago in Shirzad dis-trict of Nangarhar province towipe out insurgents from thearea. The operation will soonbe expanded to two other dis-tricts in the province, officialsadded.

The militants have sufferedheavy casualties in the opera-tion so far, Alishah Paktiawalthe police chief of Nangarharsaid.

"A Taliban commander wasalso killed in clashes withAfghan and foreign troops inthe operation," Paktiawaladded.

There were no civilian andmilitary casualties in the opera-tion, local officials said.

Shirzad district, borderingPakistan, is one of the volatileareas where Taliban militantshave been active.

Afghan and Nato forces havealso launched military opera-tions in the northernAfghanistan in which insur-gents have suffered a lot ofcasualties so far. -NNI