International

Obama lands in Kabul on surprise visit

SC forms bench to dig into Hajj scam See on Page 12

Pakistan protests India’s LoC firing See on Page 12

*Crude Oil (brent)$/bbl 90.62

*Crude Oil (WTI)$/bbl 87.91

*Cotton $/lb 132.34

*Gold $/ozs 1,407.20

*Silver $/ozs 29.22

Malaysian Palm $ 1,141

GOLD (NCEL) PKR 38,360

KHI Cotton 40Kg PKR 9,860

*Last Updated 20:00 PST

Yearly(Jul, 2010 up to 2-Dec-2010)

Monthly(Nov, 2010 up to 2-Dec-2010)

Daily (2-Dec-2010)

Total Portfolio Invest (19 Nov-2010)

163.65

0.92

1.07

3796

10.45

-4.53

-2.42

-1.25

-0.73

-1.79

0.27

SCRA(U.S $ in million)

Portfolio Investment

FIPI (3-Dec-2010)

Local Companies (3-Dec-2010)

Banks / DFI (3-Dec-2010)

Mutual Funds (3-Dec-2010)

NBFC (3-Dec-2010)

Local Investors (3-Dec-2010)

Other Organization (3-Dec-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (27-Nov-10)

Inflation CPI% (Jul 10-Oct 10)

Exports (Jul 10-Oct 10)

Imports (Jul 10-Oct 10)

Trade Balance (Jul 10-Oct 10)

Current A/C (Jul 10- Oct 10)

Remittances (Jul 10-Oct 10)

Foreign Invest (Jul 10-Oct 10)

Revenue (Jul 10-Oct 10)

Foreign Debt (Sep 10)

Domestic Debt (Aug 10)

Repatriated Profit (Jul- Oct 10)

LSM Growth (Sep 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.74bn

14.17%

$7.17bn

$12.25bn

$(5.08)bn

$(533)mn

$3.50bn

$569mn

Rs 411bn

$58.41bn

Rs 4863bn

$203.80mn

-2.58%

4.10%

$1,051

171.21mn

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

19.00

2.00

1.70

10.64

PKR/Shares

111.42

162.85

42.86

36.43

36.48

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (1Yr)

P.I.B ( 3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

01-Dec-2010

01-Dec-2010

01-Dec-2010

29-Nov-2010

03-Dec-2010

03-Dec-2010

03-Dec-2010

03-Dec-2010

03-Dec-2010

03-Dec-2010

03-Dec-2010

03-Dec-2010

03-Dec-2010

03-Dec-2010

03-Dec-2010

13.16%

13.39%

13.67%

14.00%

13.17%

13.34%

13.57%

13.93%

14.08%

13.75%

13.80%

14.10%

14.38%

14.51%

14.73%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 82.50 82.60

Canadian $ 83.95 84.05

Danish Krone 14.50 15.00

Euro 112.00 113.00

Hong Kong $ 11.00 11.10

Japanese Yen 1.012 1.037

Saudi Riyal 22.70 22.80

Singapore $ 64.70 64.80

Swedish Korona 12.55 12.65

Swiss Franc 86.85 86.95

U.A.E Dirham 23.05 23.15

UK Pound 131.00 132.00

US $ 85.60 85.80

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 83.62 83.82

Canadian $ 85.42 85.62

Danish Krone 15.20 15.23

Euro 113.23 113.50

Hong Kong $ 11.04 11.06

Japanese Yen 1.024 1.027

Saudi Riyal 22.86 22.92

Singapore $ 65.49 65.64

Swedish Korona 12.41 12.44

Swiss Franc 86.23 86.43

U.A.E Dirham 23.35 23.40

UK Pound 133.74 134.06

US $ 85.71 85.90

Inter-Bank Currency Rates

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Global Indices

Iran sees N-physicist’sblood on British hands

Karachi, Saturday, December 4, 2010, Zil Hajj 27, Price Rs12 Pages 12

WASHINGTON: According toa latest leaked cable powerfulUnited States Senator JohnKerry had asked Pakistan PrimeMinister Yousuf Raza Gilani toshare with India Pakistan's planof action for fighting terrorism ifit was "really serious" in resum-ing Indo-Pak dialogue, but thePM wasn’t sure of public sup-port for the idea.

Details of the meetingbetween Kerry, chairman of theUS senate foreign relationscommittee, and Gilani onFebruary 16 have been commu-nicated in a confidential cablefrom the US embassy inIslamabad, which was leaked byWikiLeaks. During the meeting,Kerry said that in light of the

February 13 bombings in Pune,politicians in India were focusedon counter-terrorism. "And assuch he suggested that Pakistanpresent the Indian governmentwith its plan to tackle terror-ism," the cable said.

Kerry told Gilani that thiswould be a clear "confidencebuilder" that would make Indiamore willing to move forward intalks about Kashmir and waterdisputes. He emphasised that thefuture of India, Pakistan and theUS depended on their govern-

ments' willingness to "challengeold suspicions" and worktogether and suggested thatPakistan and India sign a non-aggression pact. Kerry said thatthe US and other countries ofgoodwill would be prepared tohelp in any way possible.

Meanwhile Foreign OfficeSpokesman Abdul Basit has saidthat revelations made by theWikileaks would hamper the USdiplomacy as the US itself isworried about the leakage of

See # 7 Page 11

US told Pakistan to shareanti-terror plan with India

One cable says Sen Kerry advised non-aggression pact with Delhi

l Pakistan foreign missions' documents safe: FO lWikiLeaksswitches to Swiss domain l LHC rejects plea to ban

WikiLeaks l Spilled beans to hurt US diplomacyl Karzai seen as weak by US, own cabinet

WikiLeaks

l German minister’s aide sacked over WikiLeaks

l US feared Sharif will launch a drive on return

l Diplomats saw no ISI link in Mumbai attack

l US was pressing for Saudi Arabia help in Pak

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani chairing themeeting of Defence Committee of Cabinet (DCC) at PM House.-APP

ISLAMABAD: DefenceCommittee of the CabinetFriday rejected the WikiLeaksdisclosures terming them as aconspiracy against Pakistan.

The Defence Committee ofthe Cabinet met here at PrimeMinister's House.

According to sources thecommittee rejected WikiLeaksdisclosures regarding Pakistanand termed it false and unau-thentic and an attempt tomalign the political and mili-tary leadership of the countryas well as damage the cordialrelations amongst Muslimcountries and Pakistan allies.

According to PM Housespokesman, in his openingremarks while presiding overthe Defence Committee of theCabinet meeting, PrimeMinister Syed Yousuf RazaGilani welcomed the newChairman of the Joint Chief ofStaff Committee GeneralWynne and also wishedGeneral Kayani success in hisnew term.

Safeguarding of Pakistan's

sovereignty, independence andterritorial integrity, the PrimeMinister said, is a sacred duty.Pakistan is a peace-lovingcountry, he added, and hasconsistently endeavoured topromote regional peace andstability.

The Prime Minister said thatdespite our best efforts, ourquest for a just and durablepeace in South Asia has so farproved elusive. IndianOccupied Kashmir is again onthe boil with indigenous resist-ance of Kashmiri people toIndian occupation. Pakistan, hestated, will continue to extendfull moral, diplomatic andpolitical support to theKashmiri brothers and sisters.

He referred to his meetingsin Dushanbe with the heads ofdelegations including thePresident and the PrimeMinister of Tajikistan, PrimeMinisters of Russia, China andKazakhstan as very useful andencouraging. He further gavedetails of his discussions withthese leaders.

He also sought views of theparticipants of DCC on hisupcoming visit to Afghanistan.

The DCC underscored theimportance of Prime Minister'sforthcoming visit toAfghanistan, which will con-tribute to further broadeningand deepening of comprehen-sive cooperation between thetwo brotherly Islamic coun-tries.

The Prime Minister directedthat the Committee will meetonce in each quarters of theyear to deliberate on all facetsof the national security as theseare unabatedly under a con-stant flux. The Prime Ministerreiterated that we have theresolve and the potential tosafeguard our sovereignty andintegrity.

The meeting was attended byDefence Minister, InteriorMinister, Finance Minister,Minister for Information andBroadcasting, Chairman JointChief of Staff Committee andthe three services Chiefs.-Online

Cable-leaks,called a cabal

Defence Committee of Cabinet rejects stolen cables as spurious

ISLAMABAD: InternationalMonetary Fund (IMF) hassaid that it has not receivedany formal request fromPakistan for extension inStandby Arrangement (SBA)schedule.

External Affairs Director ofIMF Caroline Atkinson saidthis while responding to aquestion during a press brief-ing here in Islamabad.

She delineated that IMF hasnot received any such formalrequest regarding extension inSBA, which is expiring onDecember 31, 2010. She said,however, there are chances ofapproval if Pakistan makes aformal request to IMF'sExecutive Board.

It has been learnt thatPakistan has already decided

to linger the SBA for threemore months as ReformedGeneral Sales Tax (RGST)bill needs to be endorsed bythe National Assembly.

Recalling from the past,Pakistan had approachedInternational Monetary Fund(IMF) in November 2008 forfinancial assistance to avoid abalance of payments crisis. Itwas decided then, betweenstakeholders, that IMF willprovide Pakistan with $11.3billion in two year. As perdesigned programme,Pakistan is yet to receive twomore tranches from IMF, ofwhich the next one worth $70million is tied with the pas-sage of Reformed GeneralSales Tax (RGST) bill byNational Assembly.-Online

‘SBA extension’yet unpled: IMF

Board may give nod if Pak requests formally: Fund

Staff Reporter

KARACHI: The State Bankof Pakistan (SBP) Fridayissued licence to Governmentof Sindh to set up Sindh Bank.

"The central bank hasawarded the licence so thatSindh Bank could belaunched at the earliest," saidSBP spokesman SyedWasimuddin.

He said that the licence hasbeen awarded after completion

of formalities by Securitiesand Exchange Commission ofPakistan (SECP).

The Sindh Bank will haveMohammed Bilal Shaikh as itsChief Executive while othermembers of the Board includeChief Secretary Sindh,Additional Chief Secretary,Secretary Finance Sindh,JavedMehmood, Wazir Ali Khojaand Abdul Wahab as the pri-vate members of the Board, headded.

SBP licenses Sindh Bank

ISLAMABAD: Majority ofthe members of NationalAssembly Standing Committeeon Finance has said that themultinational companies(MNCs) will not be allowed toloot and plunder at will.

The committee met here tocontinue with its public hear-ings on Reformed GST.

Committee members saidsuch companies’ profits smustbe taxed fully without any con-cession.

The debaters elaborated that

there are companies engaged inselling packed milk which theypurchase at lower rates from thevillages and sell it out at higherprices earning huge profits.

The representatives ofPakistan Flour MillsAssociation (PFMA), PakistanPoultry Association (PPA) andPakistan Dairy Association(PDA) presented their respec-tive stances on RGST bill inthe meeting as well.

Representative of PFMASee # 8 Page 11

Aim taken at taxingMNCs profit in full

NA committee on finance holds public hearing on RGST

Zero rating only for exports: FBR

China filesplea against

WTO’s ruling GENEVA: China has appealedagainst a ruling by a WorldTrade Organization panelupholding the right of theUnited States to impose extraduties on Chinese goods thatWashington said were unfairlypriced and subsidised, an offi-cial at China's WTO missionsaid on Friday.

The appeal, launched on Dec.1 in the complex case involvingtreatment of goods from a

See # 9 Page 11

Cottonarrivals

fall 19.86pcKARACHI: Cotton produc-tion in the country has recordeda significant decline of 19.86per cent to more than 8.357million bales till December 1,2010 over last year's 10.427million bales.

According to a consolidatedstatement of Pakistan Cotton

See # 10 Page 11

Lawmakerswant FauziaWahab outof NA body

ISLAMABAD: Oppositionand government allied partiesFriday demanded removal ofFauzia Wahab as ChairpersonNational Assembly StandingCommittee on Finance for herinappropriate and rude behav-ior and have submitted anapplication in this regard to theNational Assembly SpeakerFehmida Mirza.

Members of the committeefrom PML-N, PML-Q, JUI-Fand MQM talking to mediaafter the panel meeting said thatFauzia Wahab has become adictator and she doesn't allowanyone to debate RGST billduring the meeting.

Nine out of 17 members ofthe committee have sent a writ-ten application to the Speakerin this regard. The memberswho have moved the applica-tion include Shahid Khaqan

See # 11 Page 11

2 Saturday, December 4, 2010

TV PROGRAMMES

SATURDAY

Time Programmes7:00 News8:00 News9:05 Best of Subah

Savere 11:10 Mohaaz (F)12:00 News13:10 Newsbeat (Rpt)14:10 Awam Ki Awaz15:00 News16:00 News17:30 Samaa Metro18:00 News18:30 Samaa Sports19:30 Taxi News20:05 The Anchor21:00 News22:03 Faisla Aap Ka23:05 Naram Garam

Staff Reporter

KARACHI: Federation ofPakistan Chamber ofCommerce and Industry(FPCCI) called for removalof NTBs by India and facil-itation of movement of peo-ple across borders said ahandout issued here.

To start with there was aneed for increasing the traf-fic frequency by road, railand air, increase in customscheck posts, allowing bankbranches to be opened inboth countries and tradefacilitation. While agreeingas fair the grant of MFN sta-tus to India by Pakistan,Sultan Chawla, PresidentFederation of PakistanChamber of Commerce andIndustry (FPCCI), President

Indo Pakistan Chamber OfCommerce (IPCC) S MMuneer, Vice PresidentSAARC Iftikhar Ali Malik,Tariq Sayeed, ZikaryaUsman and Zubair Tufailhas strongly demand fromthe Federal Minister ofCommerce India AnandSharma as Pakistani busi-nessmen delegation visitedNew Delhi.

Sultan Chawla calledupon India to lower the tar-iffs on goods of interest toPakistan. In the longer term,he said there would be needto cooperate on regularcross-border investmentflows and encouragement toFDI in each other's country.

Tariq Sayeed, VicePresident, CACCI statedthat huge responsibility lies

on the respectiveGovernments to transformthe region into one of thedynamic hub of economicactivities of the Worldthrough warmth of friendlyrelations. He said that boththe countries are earnestlyrequired to resolve all suchissues, which have been theobstacles in growth ofsocio-economic coopera-tion, however, a strongpolitical commitment basedon sincerity will be requiredto transform South Asia intoa prosperous region. Heurged upon the goverts bothcountries to sign BilateralInvestment Treaty to pro-mote greater economiccooperation at bilateral leveland also to widen the sphereon economic activities.

FPCCI urges Indiato improve cross

border trade

Staff Reporter

KARACHI: The taxpay-ers have raised seriousconcerns before the FBRthat its web portal was notworking properly and theaim of automating theentire taxation systemwould collapse, it hasbeen learnt.

The fact that poor web-portal system developed byPakistan RevenueAutomation Limited(PRAL) has made it diffi-

cult for individuals to filetheir income tax returnselectronically. The tax pay-ment and collection proce-dures are being automatedby FBR to facilitate a largenumber of taxpayers butpoor technological back-ground of software devel-opment company has col-lapsed the entire system.

On the other hand, TheWorld Bank mission led byCarlos Silvani visitingFBR till December 7 toreview its Information

Technology (IT) systemand automated procedures.

The implementation ofinformation technology isone of the major compo-nents of Tax AdministrationReform Project (TARP) inPakistan. FBR's most ofthe IT work is done by thePRAL. Tax experts saidthat the software devel-oped by PRAL waslaunched without propertesting, which resulted inproblems for both tax offi-cials and taxpayers.

FBR’s web-portallikely to collapse

Staff Reporter

KARACHI: Union ofSmall and MediumEnterprises (UNISAME)has complained to theSmall and MediumEnterprises DevelopmentAuthority (SMEDA) thatmost of the feasibility ofdifferent projects postedby SMEDA have becomeoutdated due to the everincreasing cost of produc-tion, the devaluation of therupee, the cost of financein terms of the increase indiscount rate and the feasi-bility needs to be revised.

President UNISAMEZulfikar Thaver said theSMEs would be misguidedby the feasibility studies ofseveral industries postedby SMEDA on their web-site and has urgedSMEDA to revisit themand make appropriatechanges wherever neces-sary due to the revisedscale of wages, utilities,inputs, logistics, cost offinance and marketing.

He said due to these fac-tors of production and dis-tribution most of theindustries are not viableand need to be reexamined

on priority basis in order toenable the new comers toselect the industries whichare competitive.

He urged SMEDA topublish a list of viableindustries for the benefit ofthe new comers and out-line the scope.

The Union invited theattention of the SMEDAChief Anwar Ahmad Khanto the urgent need to pro-mote and develop the agrobased industries in view ofthe increasing cost of fooditems which can be bestencountered by increase inproductivity of food items.

SMEDA feasibilitiestermed outdated

by Unisame

KARACHI: SindhMinister for Power, ShaziaMarri has said that differ-ently-abled persons are avaluable asset for Pakistanand the Government iscommitted toensuring thatthey are notdeprived oftheir rights.This she said inher chief guestspeech andspeaking tojournalists atthe sports dayorganised bythe MilestoneSchool forS p e c i a lEducation, ont h e"Internationalday for disabled persons",here today.

Emphasising the need tointegrate all differently-abled persons into main-stream society, Marriregretted that we inPakistan, unfortunately did

not make use of their abili-ties the way they should,and choose instead to con-centrate more on their dis-abilities. "It is time weunderstood that every indi-

vidual has inherent value,and endeavored to utilisethat value to the country'sbenefit," she said, addingthat sidelining people onthe basis of their disabili-ties was both offensive andunacceptable. She urged

people to look towards thedifferently-abled as equalpartners in Pakistan'sprogress, adding thatrespect and recognition oftheir abilities was more

important and constructivethan sympathy.

Stressing that thePakistan Peoples Party hadalways supported individu-als with limited of differentabilities, Marri said that inkeeping with the vision of

Shaheed MohtarmaBenazir Bhutto, who was agreat benefactor of the dis-abled, the presentGovernment was workingon strict adherence to the

disabled quotain eachdepartment,and aimed toincrease thesame. In keep-ing withS h a h e e dMohtarma 'svision shesaid, PresidentZardari hadlaunched theS p e c i a lPersons -Special Cards's c h e m e ,which was

designed to help the dis-abled avail the two percentseats reserved for them atjobs and colleges, a 50 percent concession in fares ofair, road and rail travel,insurance coverage andmicro-credit facilities.

Govt serious fordisabled’s uplift: Marri

Staff Correspondent

LAHORE: The ChiefMinister of Gilgit-Baltistan, Syed MehdiShah, has announced a ten-year tax holiday for allinvestments in the area thathas the potential to becomean investment heaven forboth the local and foreigninvestors.

The Chief Minister wasspeaking at the LahoreChamber of Commerceand Industry on Friday.LCCI President Shahzad

Ali Malik, Senior VicePresident SheikhMohammad Arshad, VicePresident Sohail Azhar,Advisor to GovernorGilgit-Baltistan onInvestment Mian ShafqatAli, Advisor to GovernorGilgit-Baltistan on TourismSohail Lashari, LCCIimmediate past PresidentZafar Iqbal Chaudhry, for-mer Senior Vice PresidentTahir Javaid Malik and for-mer Vice President IrfanIqbal Sheikh also spoke onthe occasion.

GB, a tax freestate for 10 years

KARACHI: After suc-cessful IT awareness carni-vals organised in themonths of summer, IntelPakistan is yet again host-ing a 3-day IT awarenesscarnival titled, "Intel's ITWinter Fun Fiesta" at ParkTowers. The carnivalbegan on Friday here..

This activity has beenorganised for families andyouth with lots of attrac-tive offers, games and funwith the latest and afford-able Intel Core ProcessorFamily offerings on dis-

play."The purpose of this car-

nival is to create awarenessamongst masses on howthey can use technology toequip themselves and becompetitive in today'sknowledge based econo-my. Intel Channel Partnerswill also be present at theevent with specializedoffering for customers"said Naveed Siraj, CountryManager, Intel Pakistan.The carnival will come to aclose on Sunday,December 5.-PR

Intel holds ITWinter Fiesta

Special Correspondent

KARACHI: There is needfor more people to peoplecontact to reflect the veryfriendly relations betweenSouth Korea and Pakistan.This was said by KoreanAmbassador Choong JooChoi at a reception hostedby Korean Consul Generalin In Kee lee.

The Korean Ambassadorwelcoming the business-men of Karachi said he hadfound the city to be full ofdynamics. He urged thebusiness tycoons toexplore each and everyavenue to increase tradeand business contacts.

The Korean envoy saidhe was fully aware thatSindh was a richly

endowed province with avery rich Culture that wasblessed with countless nat-ural and human resources.

He said he was hopefulthat Korea and Pakistanwould continue their co-operation successfully indifferent sectors.

He further suggestedboth countries should joinhands to achieve theircommon goals and shouldproceed to go beyond thetalking stage and imple-ment the potential that theypossess.

Korean ambassadorwhile referring to theNorth Korean aggressionon a South Korean villagesaid it had created unnec-essary tensions in theregion.

Korean envoyasks for moreco-operation

SATURDAY

Time Programmes8:00 Chai Time (Rpt)9:05 Smithsonian

Documentry10:05 Dilkash Pakistan10:30 Sara jahan(Rpt)11:15 Karobari

Duniya(Rpt)12:00 News12:05 Siyasat Mana Hai

(Rpt)13:00 AM News13:05 Islamabad Say

(Rpt)14:00 News15:00 News15:05 Doosra Pehlu

(Rpt)16:00 News16:05 Filmi Samaa(rpt)16:30 Red Carpet (Rpt)17:00 News17:05 Aap Ka Paisa

(Rpt)17:30 Pakistan This

Week18:00 News18:05 Sara jahan(Rpt)18:30 Dilkash Pakistan19:00 News19:30 Tijarti Dunia20:00 News20:05 Kamyab21:00 News21:05 Teesri nazar22:00 News22:05 Agenda 36023:05 Music Scene23:30 Uff Tv0:00 News

KARACHI: Anand Sharma Federal Minister ofCommerce India, Sultan Chawla, S M Muneer,

Iftikhar Ali Malik, Tariq Sayeed, Zikarya Usman,Zubair Tufail, Nasiruddin Shaikh, Khuram Sayeed,

Minister Trade Naim Anwar and Shahid MalikHigh Commissioner India also seen in the

Picture.-Staff Photo

ISLAMABAD: Chief Airmarshal Shahdat Kaleemgives Certificate Gen Asad Kiyni during the

ceremony .-Staff Photo

KARACHI: Group Photo at the occasion of intro-ducing Signature UBL Priority Banking & Service,seen in the picture are Chairman KATI Syed Johar

Ali Qandhari, Vice Chairmen Saleem-uz-Zamanand Shahid Javeed Qureshi with Ali Hasnain GM

South UBL, Aamir Murtaza Regional BussinessHead South.-Staff Photo

KARACHI: Dubai Picture Shows InternationPresident Sid L Scruggs Malik Khuda Baksh S MMunner & Other delegates are seen at Inaugrationceremony of Isaame Forum Pakistan held at local

hotel.-Staff Photo

KARACHI: Consul General of republic of Koreaand In Ki Lee, hosted a dinner in honour of the

Ambassador Choong Joo Choi, at their residence.Picture shows host and hostess along with ChiefGuest Korean diplomats, Pak and Korean promi-

nent businessmen.-Staff Photo

ISAAMEforum

starts inDubai

KARACHI: A presentationon devastation of floods inPakistan was made at theinauguration of 38th India,South Asia, Africa, andMiddle East (ISAAME)Forum Pakistan in DubaiThursday evening.According to informationreaching here Friday, theForum has been organisedby International Lions Club.

The presentation high-lighted the issues and prob-lems faced in this regardfollowed by the role ofLions Club Pakistan in therelief activities and rehabil-itation process.

More than 2000 dele-gates from 52 countriesattended the inaugurationceremony which was per-formed by president of TheInternational Associationof Lions Club, Lion Sid L.Scruggs III.

Speaking on the occasion,he said that by the end ofNovember Lions Club has6,575 associations.-NNI

MUMBAI: The Indian rupeestrengthened to a three-weekhigh on Friday boosted bybroad losses in the dollar ver-sus major currencies, whilehopes for sustained foreignfund buying of domestic sharesalso aided.

The partially convertible rupeeended at 45.10/11 per dollar,after hitting 45.0550, its highestsince Nov. 15, and 0.4 per centabove Thursday's closing of45.275/285. On the week, therupee rose 1.6 per cent, its bestweekly gain in 2 months.

"There was good importerdemand below 45.10 levels butotherwise capital inflows andrisk appetite continued to drivethe rupee higher," said RohanNaik, head of foreign exchangetrading at Standard CharteredBank. "I expect a range of44.75 to 45.75 next week."

Foreign funds have bought$517.76 million worth ofshares in the last four tradingsessions until Thursday, latestdata shows, taking net invest-ments to a record of around

$29.2 billion in 2010, on top ofthe $17.5 billion purchased lastyear.

Capital inflows towards aseries of public issues shouldalso keep the Indian unit sup-ported, dealers said.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange closed at 45.2875,while both on the MCX-SXand United Stock Exchangethey ended at 45.29. Total trad-ed volume on the threeexchanges was below averageat $4.8 billion. -Reuters

Indian rupee hits 3-wkhigh on broad dlr drop

3Saturday, December 4, 2010

Currencies Rate

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

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 03/12/2010

A USD GBP CAD EUR JPY

O/N 0.24063 0.55563 0.98167 0.38375 SN 0.08938

1WK 0.25500 0.56188 1.02500 0.63125 0.10063

2WK 0.25750 0.56625 1.05750 0.66375 0.10563

1MO 0.26500 0.57813 1.10000 0.76375 0.11875

2MO 0.28250 0.63313 1.15333 0.85625 0.14563

3MO 0.30344 0.74375 1.23000 0.97125 0.18250

4MO 0.35000 0.82625 1.30750 1.03500 0.24500

5MO 0.40844 0.93375 1.36500 1.11375 0.30313

6MO 0.46219 1.03938 1.44167 1.20625 0.35188

7MO 0.51688 1.11563 1.51000 1.25000 0.40375

8MO 0.57000 1.20063 1.58000 1.30000 0.45125

9MO 0.62076 1.28313 1.65000 1.34875 0.49625

10MO 0.67147 1.35813 1.71667 1.39750 0.52125

11MO 0.72702 1.42688 1.80167 1.44500 0.55000

12MO 0.78794 1.49500 1.88667 1.48750 0.57875

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

U.S.A. 85.95 85.75 85.56

U.K. 134.06 133.74 133.44

EURO 113.50 113.23 112.97

CANADA 85.62 85.42 85.19

SWITZERLAND 86.43 86.23 86.01

AUSTRALIA 83.82 83.62 83.40

SWEDEN 12.44 12.41 12.38

JAPAN 1.03 1.02 1.02

NORWAY 14.12 14.09 14.05

SINGAPORE 65.64 65.49 65.32

DENMARK 15.23 15.20 15.16

SAUDI ARABIA 22.92 22.86 22.80

HONG KONG 11.06 11.04 11.01

CHINA 12.91 12.87 12.84

KUWAIT 304.47 303.77 302.97

MALAYSIA 27.30 27.24 27.16

NEW ZEALAND 64.90 64.75 64.58

QATAR 23.60 23.55 23.49

U.A.E. 23.40 23.35 23.28

KR WON 0.08 0.07 0.07

THAILAND 2.86 2.85 2.85

1WEEK 2 WEEK 1 MONTH 3 MONTH 6 MONTH 9 MONTH 1YEAR 2YEARS

BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK

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

ABLN 12.20 12.70 12.45 12.95 13.00 13.50 13.15 13.40 13.40 13.65 13.45 13.95 13.60 14.10 13.70 14.20

JSBL 12.30 12.80 12.60 13.10 12.75 13.25 13.25 13.50 13.40 13.65 13.45 13.95 13.70 14.20 14.00 14.50

ASPK 12.10 12.60 12.40 12.90 12.70 13.20 13.05 13.30 13.20 13.45 13.40 13.90 13.50 14.00 13.60 14.10

CIPK 12.25 12.75 12.30 12.80 12.60 13.10 13.10 13.35 13.25 13.50 13.35 13.85 13.50 14.00 13.60 14.10

DBPK 12.10 12.60 12.15 12.65 12.20 12.70 12.75 13.00 12.90 13.15 13.15 13.65 13.25 13.75 13.35 13.85

FBPK 12.20 12.70 12.35 12.85 12.70 13.20 13.15 13.40 13.40 13.65 13.60 14.10 13.70 14.20 13.90 14.40

FLAH 12.25 12.75 12.40 12.90 12.60 13.10 13.15 13.40 13.40 13.65 13.45 13.95 13.60 14.10 13.70 14.20

HBPK 12.00 12.50 12.35 12.85 12.70 13.20 13.10 13.35 13.35 13.60 13.45 13.95 13.60 14.10 13.65 14.15

HKBP 12.10 12.60 12.20 12.70 12.60 13.10 13.05 13.30 13.35 13.60 13.40 13.90 13.60 14.10 13.65 14.15

NIPK 12.25 12.75 12.50 13.00 12.75 13.25 12.95 13.20 13.05 13.30 13.15 13.65 13.20 13.70 13.25 13.75

HMBP 12.25 12.75 12.40 12.90 12.70 13.20 13.25 13.50 13.40 13.65 13.50 14.00 13.75 14.25 13.85 14.35

SAMB 12.20 12.70 12.40 12.90 12.75 13.25 13.10 13.35 13.35 13.60 13.50 14.00 13.70 14.20 13.80 14.30

MCBK 12.15 12.65 12.35 12.85 12.60 13.10 13.00 13.25 13.30 13.55 13.40 13.90 13.50 14.00 13.75 14.25

NBPK 12.10 12.60 12.30 12.80 12.70 13.20 13.10 13.35 13.25 13.50 13.40 13.90 13.60 14.10 13.70 14.20

SCPK 12.00 12.50 12.30 12.80 12.60 13.10 12.95 13.20 13.20 13.45 13.45 13.95 13.50 14.00 13.70 14.20

UBPL 12.20 12.70 12.35 12.85 12.60 13.10 13.10 13.35 13.35 13.60 13.45 13.95 13.60 14.10 13.70 14.20

AVE 12.18 12.68 12.36 12.86 12.67 13.17 13.09 13.34 13.32 13.57 13.43 13.93 13.58 14.08 13.70 14.20

London Inter Bank Offered Rates (LIBOR)

Karachi Inter Bank Offered Rates (KIBOR)

Name Bid Ask High Low

;EUR-USD 1.3128 1.3131 1.3178 1.2972

USD-CHF 1.0017 1.0021 1.0064 0.9988

GBP-USD 1.5615 1.5618 1.5646 1.5548

USD-CAD 1.0163 1.0167 1.0268 1.0153

AUD-USD 0.9672 0.9675 0.9694 0.9544

EUR-JPY 110.4100 110.4600 110.6600 108.4500

EUR-GBP 0.8405 0.8408 0.8436 0.8337

EUR-CHF 1.3154 1.3158 1.3184 1.3015

GBP-JPY 131.3300 131.3800 131.5200 129.9500

CHF-JPY 83.8800 83.9500 84.1000 83.1400

CAD-CHF 0.9856 0.9863 0.9877 0.9765

Gold 1391.6500 1392.5000 1396.5800 1382.2100

Silver 28.5700 28.6400 28.7900 27.9900

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)03/12/2010

As per 22.00 PST

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.40 12.25 12.30 12.30 12.60 12.30 12.36

8-15dys 12.60 12.60 12.50 12.60 12.70 12.50 12.58

16-30dys 12.70 12.70 12.70 12.75 12.80 12.65 12.72

31-60dys 12.80 12.80 12.85 12.85 12.90 12.80 12.83

61-90dys 13.02 13.00 13.02 13.04 13.00 12.95 13.02

91-120dys 13.28 13.10 13.18 13.18 13.10 13.10 13.17

121-180dys 13.28 13.30 13.30 13.33 13.20 13.30 13.30

181-270dys 13.50 13.40 13.45 13.50 13.40 13.45 13.46

271-365dys 13.60 13.60 13.60 13.65 13.50 13.55 13.60

2-- years 13.70 13.55 13.68 13.70 13.60 13.70 13.66

3-- years 13.80 13.75 13.75 13.75 13.70 13.75 13.75

4-- years 13.82 13.75 13.77 13.78 13.75 13.79 13.78

5-- years 13.85 13.80 13.78 13.80 13.75 13.81 13.80

6-- years 13.85 13.80 13.79 13.88 13.80 13.83 13.83

7-- years 13.87 13.85 13.84 13.95 13.80 13.84 13.86

8-- years 13.92 13.97 13.88 14.00 13.80 13.86 13.91

9-- years 13.94 13.97 13.93 14.10 13.90 13.87 13.95

10--years 14.05 14.10 14.08 14.20 14.10 14.06 14.10

15--years 14.50 14.35 14.40 14.40 14.30 14.30 14.38

20--years 14.60 14.50 14.50 14.65 14.40 14.40 14.51

30--years 14.75 14.75 14.70 14.90 14.65 14.60 14.73

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for December 03, 2010

Source Events Actual Forecast Previous

AUD AIG Services Index 46.2 50.7

CHF CPI m/m 0.2% 0.1% 0.5%

EUR Final Services PMI 55.4 55.2 55.2

GBP Services PMI 53.0 53.2 53.2

EUR Retail Sales m/m 0.5% 0.4% -0.1%

CAD Employment Change 15.2K 20.2K 3.0K

CAD Unemployment Rate 7.6% 7.9% 7.9%

Previous Day

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada Dec 07 2010 Sep 08 2010 1%

Bank of England Dec 09 2010 Mar 05 2009 0.50%

Bank of Japan Dec 21 2010 Dec 19 2008 0.10%

European Central Bank Jan 13 2011 May 07 2009 1%

Federal Reserve Dec 14 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

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

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, December 03,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

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

1 week 0.80 0.97 0.81 0.96 0.76 0.91 -0.74 -0.23

1 month 0.94 0.82 0.91 0.85 0.93 0.92 -0.78 -0.88

3 months 0.91 0.88 0.93 0.85 0.85 0.71 -0.75 -0.91

6 months 0.94 -0.02 0.88 0.66 0.91 0.90 -0.74 -0.91

1 year 0.52 0.56 0.79 0.75 0.83 0.45 -0.07 -0.59

2 years 0.30 0.50 0.47 0.74 0.78 0.34 -0.19 -0.56

Currencies CorrelationEUR/USD

NEW YORK: The dollardropped across the board onFriday after data showed theUS economy created far fewerjobs than expected, althoughpersistent euro-zone debtproblems may limit losses,particularly against the euro.

Many analysts viewed theweak employment report asan outlier amid a slew of gen-erally positive US datareleased the last few weeksthat suggested the economywas slowly gaining traction.

Labor Department datashowed US nonfarm payrollsrose 39,000 last month, muchweaker than expectations for140,000 new jobs. Also, theunemployment rate increasedto 9.8 per cent.

While the numbers furthersupport the Federal Reserve'squantitative easing program,which is a dollar-negative fac-tor, analysts said the Fedwould need a series of anemicdata to exhaustall of the $600billion allocatedfor boosting theeconomy.

"US nonfarmpayrolls aree x t r e m e l yvolatile, so onedata point is notprobably enough to tell muchabout future trends," said UgoLancioni, currency strategistand portfolio manager atNeuberger Berman inLondon.

The firm has $180 billion inassets under management andLancioni helps oversee thecompany's fixed-incomeassets totaling $about $80 bil-lion.

"I don't think the big picturehas changed much. Clearly,the US is dealing with veryhigh unemployment. Butthere are indications that theUS economy is gradually

starting to pick up again,"Lancioni said.

By contrast, the euro-zone'speripheral countries remainmired in a deep pit of debt,which should keep the euro's

d o w n t r e n dintact for now.E u r o p e a na u t h o r i t i e shave bailedout Ireland butinvestors arestill worriedabout whichmay be the

next euro-area country torequire assistance.

The euro, however, recov-ered on Friday, posting itsbest three-day gain since May,mainly due to the European

Central Bank's purchases ofperipheral euro-zone bonds.On the week, the euro-zonesingle currency was on trackfor a 0.7 per cent rise.

In midday New York tradethe euro was up 1.1 per cent at$1.3369, blowing past the key100-day moving average at$1.3325 and well above a 2-1/2-month low of $1.2969 hiton Tuesday.

The next key level to watchis $1.3467, the 38.2 per centretracement of the euro'smove from its peak at $1.4283in early November to the$1.2969 trough.

Against the yen, the dollarfell to 2-1/2-week lows at82.53. It was last at 82.70,down 1.4 per cent. -Reuters

Dollar falters on US jobsbut losses seen capped

SHANGHAI: China's yuanended flat against the dollar onFriday after the People's Bankof China set a higher mid-pointto reflect the dollar index's 0.5per cent fell the previous day asthe European Central Bankbought euro-zone debt.

Dealers said the PBOC maylet the dollar's performanceguide the Chinese currency'smovements in the near term, butin the long term, appreciationappears likely to continue asChina needs to fight againstimported inflation.

Spot yuan closed at 6.6633versus the dollar, little changedfrom Thursday's close of 6.6613and was up 2.44 per cent sincethe PBOC announced a depeg-ging in mid-June.

It moved in a range of 6.6567 to6.6643, trading around the day'smid-point of 6.6605, which wasstronger than Thursday's 6.6691.The mid-point is a level fromwhich the yuan may rise or fall0.5 per cent against the dollar ona given day.

"In general, spot yuan trade isquiet around year-end, and thecentral bank intends to keep itstable so range trade is expect-

ed," said a dealer at an Asianbank in Shanghai.

Dealers reported that most ofthem had reached whole yeartargets for volume and profit inyuan trade for the year, whichmeans Chinese currency tradecould be muted around year-end.

But the PBOC was expected tolet it rise slightly before the US-China Joint Commission onCommerce and Trade meeting onDec. 14-15, which is set to addpolitical pressure on the yuan.

Several dealers expected thatthe yuan may rise more than 3 percent next year as the authoritiesrespond to domestic economicproblems, such as high inflation.

Meanwhile, the market is wide-ly divided over November's con-sumer prices due out on Dec. 13.Some expect it to jump to 5.0 percent from October's 25-monthhigh while others believe Octoberwas a peak.

Offshore, one-year NDFsstrengthened slightly to 6.5040bid late on Friday fromThursday's close of 6.5360,with implied yuan appreciationin a year's time rising to 2.41per cent from 2.04 per centshown on Thursday. -Reuters

Yuan flats after PBOCsets higher mid-point

WELLINGTON/SYDNEY: The Australian andNew Zealand currencies took a bit of a breatheron Friday after a rebound in risk sentiment helpedrescue them from multi-week lows, though alooming US jobs report could still spoil the party.

The antipodean currencies made solid gainsovernight, tracking the euro which rallied on talkthe European Central Bank had stepped up itspurchases of peripheral euro-zone bonds. Thathelped eased worries about Europe's debt crisisand took the sting out of Standard & Poor's warn-ing that it may cut Greece's credit ratings again.

But with the influential US non-farm payrollsdata looming, investors were reluctant to takenew positions. Any upside surprises could fur-ther help bolster appetite for risk, which is usu-ally a positive for the Aussie and kiwi dollars.

But Joseph Capurso, strategist atCommonwealth Bank, said it would also lift USbond yields, a move likely to underpin thegreenback against other currencies. "The risksare that the payrolls come out stronger than whatmarkets are currently expecting. I think you'dlikely get something closer to 200,000," he said.

On the day, the Aussie dollar traded in a veryslim range between $0.9739 and $0.9775, hav-ing risen as high as $0.9779 overnight. It waslast at $0.9758, to be up 0.7 per cent for the

week and well above a $0.9535 trough. Resistance was seen at the overnight high and

then $0.9820, while Fibonacci support was ataround $0.9650, a level representing the 38.2per cent retracement of the August to Novemberrally. Likewise, the kiwi was hemmed in a thin$0.7546-$0.7565 range, staying just below aone-week high of $0.7564 set overnight. It lasttraded at $0.7554.

Immediate support for the kiwi was seen at$0.7451, with resistance at $0.7566.

The Aussie retreated to NZ$1.2902, findingthe going tough after hitting a three-week high atNZ$1.2950.

Central banks in both Australia and NewZealand are due to hold their respective policymeetings next week, although no one seriouslyexpects any rate hikes.

"We continue to expect that rates will be liftedthrough next year, but now expect the next moveto be in Q2 2011," said HSBC economist PaulBloxham of the RBA.

"This slight ease back in our expectation is dueto recent weakness in some of the indicators,plus the fact that rates increased by more than25bps in early November (mortgages went up byaround 40bps) and we are yet to see the effect ofthese rate increases on the economy." -Reuters

Australian, NZ dollars clingto gains after tough week

SINGAPORE: ThePhilippine peso fell on Fridayas the dollar was buoyed bytight dollar liquidity and cen-tral bank purchases of the USCurrency.

China's yuan was flat againstthe dollar after the People'sBank of China set a highermid-point to reflect the dollarindex's 0.5 per cent fall theprevious day.

Dealers said the PBOCmight let the dollar's perform-

ance guide the Chinese curren-cy's movements in the nearterm, but in the long term,appreciation appears likely tocontinue as China needs tofight imported inflation.

Spot yuan was trading at6.6600 versus the dollar, littlechanged from Thursday's closeof 6.6613.

The dollar jumped at theopen against the Philippinepeso and tight onshore dollarliquidity and the central bank's

dollar buying intervention sentthe US Currency to an intradayhigh near 43.95.

Dollar/baht opened near30.00 and the dollar foundsupport. Weak bond marketsentiment and market expecta-tions for further Bank ofThailand dollar buying inter-vention at 30.00 underpinnedsentiment. Traders were alsounwilling to add to short dollarpositions ahead of US jobsdata later on Friday. -Reuters

Asian currencies

Peso dips on tight dollarliquidity; baht eases

LONDON: Sterling roseagainst a weaker dollar onFriday after weak US jobs dataput the US currency underbroad selling pressure, but thepound continued to weakenagainst the euro.

Although the debt crisis con-

tinues to weigh on euro senti-ment, talk that the EuropeanCentral Bank has been buyingPortuguese and Irish bonds haseased investors' concerns andhelped the euro recover.

With the market focus firmlyon events in the United Statesand the euro-zone, sterling wasleft in between -- gainingagainst the dollar but underper-forming the euro. "A lot of peo-ple had been starting to takesome profit on dollar longs inthe last 48 hours and that hasaccelerated after the non-farmpayrolls and ahead of theweekend," said Michael Derks,currency strategist at FXPro.

"The focus is very much onthe dollar and the euro and ster-

ling are just humming along."He added that there were

concerns among investorsabout the UK banking sector'sexposure to the debt problemsin the euro-zone -- especially inIreland and Spain -- but that fornow this was just a risk and

probably more a story for 2011.Sterling was up 0.5 per cent

against the dollar to $1.5691,keeping well above a two-month low of $1.5485 hit onTuesday.

The euro rose 0.5 per cent to85.10 pence, close to a high hiton Monday of 85.40 pence.This took it back above its 100-day moving average, with the200-day moving average thenext target at 85.46 pence.

The pound showed little reac-tion to data showing UK servicessector activity eased last monthin line with forecasts. Some hadspeculated that the data couldbeat expectations after thisweek's surprisingly strong manu-facturing activity data. -Reuters

Stg rises againstUSD, falls versuseuro after US jobs

Swiss francweakensvs euro

ZURICH: The Swiss francpulled back further from a 10-week high against the euro onFriday as worries about thehealth of the euro-zone's econ-omy abated somewhat, andahead of Swiss inflation data.

"The Swiss franc has weak-ened a little bit against the euro.This is mainly because fears inthe euro-zone have calmeddown. We have also seen froma political side that they will doall they can to tackle the crisis.Spain is also taking measures tocut its budget deficit," Sarasinanalyst Ursina Kubli said.

"But in the coming weeks,GDP growth in the euro-zone islikely to weaken so the fearsabout the area's economic sta-bility will probably return,"Kubli said.

At 0800 GMT, the franc wasnear flat against the euro com-pared to the New York close,trading at 1.3118 per euro.Against the dollar, the francwas 0.1 per cent weaker at0.9933 per dollar.

Markets will also focus onSwiss core inflation data duelater in the session for furtherclues about whether the SwissNational Bank will opt tokeep interest rates at ultra-lowlevels when it meets on Dec.16. Analysts expect the SNBto keep rates on hold again. -Reuters

US payrolls weaker than expected, weighing on dollar

An Indian proposal could break adeadlock between rich and poorcountries over how to share the

burdens of tackling global warming,India's environment minister said onThursday before heading to UN climatetalks in Mexico.

India's environment minister JairamRamesh said a proposal that wouldrequire countries to report what actionsthey are taking to fight global warmingcould win critical support from theUnited States and increase chances thatrepresentatives at the UN climate talkscould reach a broader agreement.

"It is basically meant to break the log-jam and it is basically meant to bring theUS in because without some progress in(transparency) the US is not going tocome on board," Ramesh said beforetraveling to the summit.

Ramesh's hopeful assessment came ona day that the UN released more pes-simistic climate news. It said 2010would be one of the top three hottestyears on record.

India recently released a plan thatcountries rich or rapidly developingthat contribute more than 1 per cent ofglobal greenhouse gases should reporttheir actions and their emissions to theUnited Nations every three years.

Jonathan Pershing, the deputy US cli-mate negotiator, was not immediatelyavailable to comment on Ramesh's

assessment.But on Wednesday he told reporters

there was hope the United States andIndia could move forward on the issueof measuring, reporting and verifyingemissions.

"Coming in, it was quite clear that wewere converging," Pershing said. "Butwe've not yet reached agreement."

The Indian proposal would not penal-

ize poor countries if they did not meetpledges on emissions reductions.

HOT SEATAnalysts said the Indian proposal pro-

vided a good foundation. "India is clear-ly trying to be constructive," MichaelLevi, a fellow on climate at the Councilon Foreign Relations.

For the United States, an agreementwith India could put pressure on Chinato come on board or risk looking like itis not doing enough to fight global

warming.India's Ramesh said an agreement on

so-called transparency could lead to big-ger agreements on climate, like protect-ing forests and financing.

But there was also risk for the UnitedStates. If it agrees on one of the keyaspects of the talks in Cancun, it couldput pressure on Washington to work outanother one: long-term financing for

poor countries to help them mitigate cli-mate change and adapt to more storms,floods and heatwaves.

"It also puts the US on the hot seat forthe money," Levi said. The UnitedStates, Norway and other rich countriesagreed at last year's climate talks inCopenhagen to financing of $100 bil-lion per year by 2020.

Since then the U.S. climate bill failed.It was expected to set up a carbon mar-ket that would help raise money for the

financing.2010 COULD BE HOTTEST

Pressure on climate negotiators wasalso growing as evidence mounted that2010 would be one of three hottestrecorded and that human actions likeburning fossil fuels and cutting downforests was to blame.

Michael Jarraud, the head of the UN'sWorld Meteorological Organization,said at a news conference that 2010could be the warmest year since 1850,the first year such records were kept. Italso caps a record-warm decade.

"The trend is of very significantwarming," Jarraud said. "If nothing isdone ... (temperatures) will go up andup," he said.

And emissions of carbon dioxide, themain greenhouse gas, threaten fish sup-plies. Acidification of the seas causedby carbon dioxide could threaten fish-eries production and is causing thefastest shift in ocean chemistry in 65million years, a UN study showed.

Production of shellfish, like mussels,shrimp or lobster, could be most at risksince the acidic water eats into their pro-tective shells, according to the report.

"Ocean acidification is yet another redflag being raised, carrying planetaryhealth warnings about the uncontrolledgrowth in greenhouse gas emissions,"said Achim Steiner, head of the UNEnvironment Program.-Reuters

Disclaimer:All reports and recommendations have been prepared for your information

only. Summary and Analysis are not recommendation to buy or sell. This

information should only be used by investors who are aware of the risk inher-

ent in securities trading. The facts, information, data, indicators and charts

presented have been obtained from sources believed to be reliable, but their

accuracy and completeness cannot be guaranteed. The Financial Daily

International and its employees are not responsible for any loss arising from

use of these reports and recommendations.

Keeping POLunchanged

Contrary to general expectations, this timeOgra decided not to increase prices of POLproducts. However, the axe fell on govern-ment and oil marketing companies. The gov-ernment is likely to witness a decline in petro-leum development levy to the tune of Rs1.5billion. Margin of OMC have been fixed basedon crude oil price at US$65 per barrel, con-trary to prevailing hovering around US$85barrel.

For considerably long time experts havebeen warning the government and suggestingapplying restraints. However, the policy plan-ners didn't pay any attention. The outcome hasbeen high inflation and persistent increase inelectricity tariff. Despite increase in tariff,inter corporate debt kept on mounting. Despiteissue of two tranches of term finance certifi-cates the situation got from bad to worse.

The decision deserves appreciation mainlybecause of closure of CNG stations duringwinter. It may be true that gasoline demandseems inelastic, but has been hurting the poormen, using motorcycles. It would also result insome savings for the domestic consumers ofelectricity, who are forced to rely on smallergenerators mostly running on motor gasoline.

However, the real point to ponder is con-taining inter corporate debt. Many sectorexperts fear that by the end of current finan-cial year inter corporate debt would swell toover Rs500 billion. In such a scenario itwould be highly recommended that part ofthe petroleum development surcharge shouldbe used to offset the debt.

There is also a suggestion that governmentshould reduce the incidence of petroleumdevelopment levy. Ideally speaking the sug-gestion looks promising but keeping in viewthe harsh reality, unless transmission and dis-tribution losses are contained financial condi-tion of distribution companies can't beimproved.

There is also a suggestion that governmentshould lessen dependence on fossil oil and gasby utilizing alternate sources of energy. Thethree most promising alternatives are coal,wind and hydel. Since bulk of the electricity isgenerated by thermal power plants exploitingcoal potential is most lucrative.

However, the ultimate solution for the north-ern areas is hydel and for the coastal areas isinstallation of wind mills. One of the seriousconstraints faced by Pakistan is mobilizingcapital for hydel and wind power plants, bothare capital intensive by have little runningcost.

It is also necessary to remind the governmentthat we have not been able to attract interna-tional exploration and production companies.Pakistan enjoys the most enviable successrecord but exploration companies haveremained a little shy due to law and order sit-uation of the country and at times resistanceby the locals.

Pakistan has to come up with a comprehen-sive energy policy addressing each segmenti.e. hydel, thermal and wind power generation,gas distribution companies and construction ofLNG terminal, if we could not go ahead withany gas pipeline project.

4Saturday, December 4, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

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Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 117

Breaking climate-talks logjam

Formidable in war, Israel wasdefenseless on Friday in the faceof a wildfire, casting around des-

perately for help from neighbors withfire-fighting planes.

Israel was caught flat-footed by theforest blaze now raging for a second daythrough the tinder-dry Carmel hillsabove the Mediterranean port of Haifa,because ithas now a t e r -bombers.

The deathof 41 peoplein theflames onT h u r s d a yshocked thec o u n t r y .S o m e1 5 , 0 0 0Israelis hadto be evacu-ated from their homes as the flamesswept down on them unchecked. Theinadequacy of the response has beenopenly admitted.

"Israel has never prepared itself in anyform for such a need," Prime MinisterBenjamin Netanyahu said. "It was nevertaken into account."

He told reporters: "We have to stop thefire. It can only be done with the aircraft,we don't have any other means...Weneed to bring in more planes."

Israel's call for help had beenanswered by Greece, Cyprus, Britain,Turkey, Bulgaria, Russia, Egypt,Azerbaijan, Spain, Croatia, France andJordan, Netanyahu said.

Israel could buy three state-of-the-artBombardier Superscooper firefightingplanes for the price of just one of the F-35 stealth fighters it has on order.

The highly specialized amphibiousaircraft, costing $28.5 million each, canscoop and drop six tones of water up to10 times per hour on a fire that is near abig body of water. The Israeli blaze isonly a few km (miles) from the sea.

IMPROVISATIONBut Israel does not have any. Instead it

has to rely on Mediterranean neighborswho also face a constant wildfire risk and

were prudent enough to buy the water-bomber aircraft. Greece has 21 of them,Croatia 6.

Israel instead has chosen to "impro-vise," critics said. On Thursday night, airforce mobile water cannon designed tooperate on flat tarmac could be seentrundling warily into position on steepearthen slopes, their range still quite

inadequate.By con-

trast, Israelhas 360 F-16 fighters,far morethan mostc o u n t r i e soutside theU n i t e dStates thathave boughtthe world'sbest-sellinga t t a c k

plane, not to mention many F-15s andthe whole panoply of costly, advancedmilitary aviation.

Commentators said the national Fireand Rescue Service, with some 1,400firefighters, was simply not prepared forthe fire.

"Firefighters know that their organiza-tion has been systematically neglectedby the government for decades," wroteYaakov Lappin in the Jerusalem Post.

Highlighting the need for adequate firedefenses, Israeli army planners say thedensely populated Tel Aviv metropolitanarea could be the target of a missile blitzin a future war, while northern townscould be set ablaze in a rain of short-range rockets from Hezbollah inLebanon.

A drill held in May to simulate someworst case scenarios was described byfire officials as "largely meaningless,because the organization was underfund-ed, understaffed and lacking the equip-ment needed...," the newspaper said.

Shocked by the devastation,Netanyahu said on Friday: "During thenext week we will announce a plan tobuy planes that will be presented to thecabinet for approval and execution."-Reuters

Mighty Israelhas no aerialfirefighting

Shazia Marri

Imagine a land that can trace its her-itage back over 5 millennia - 5000years of history; 5000 years of

belonging; 5000 years that have resultedin a deep rooted, all encompassing loveand devotion, to the land of our forefa-thers, and the land to our children - theland we call Sindh.

'Oh God! May ever You on Sindhbestow abundance rare;

Beloved! All the world let share

Thy grace, and fruitful be.'This prayer of that great son of Sindh

Shah Abdul Latif Bhittai was heard andanswered by the Almighty, as indeed Hebestowed on Sindh rare and invaluabletreasures. From the shrines of Sufi saintsto the ancient ruins of Moenjodaro;From the vast expanse of the Thar desertto the mountains of Khirthar; from thelargest fort in the world at Ranikot to thebirthplace of Emperor JalaluddinMohammad Akbar; from the ruins ofBhanbhore and Mansura to the tombs ofMakli; from the placid waters ofKeenjhar and Kelaanhkaar to the 250kilometres of turbulent coastline - wehave been extraordinarily blessed. Andall these come together to give us Sindh.Every brick of the Makkli tombs, everymarble carving of Sadhu Bela, everypebble at Gorrakh is a part of the greaterfabric that makes up our land and ourself identity.

The culture of Sindh is an embodi-ment of the ancient civilizations, the

rulers, the invaders, and the manydiverse inhabitants of the land. Sindh'scultural life has been shaped, to a largeextent, by its comparative isolation fromthe rest of the subcontinent. A longstretch of desert to its east and a moun-tainous terrain to the west served as bar-riers, while the Arabian Sea in the southand the Indus in the north preventedeasy access. As a result, the people ofSindh developed their own exclusiveartistic tradition. Our arts and craft,music and literature, games and sportshave retained their original flavor. Sindhis rich in exquisite pottery, variegatedglazed tiles, lacquer-work, leather andstraw products, needlework, quilts,embroidery, hand print making and tex-tile design.

Perhaps the most recognized emblemof our heritage today is the Ajrak. Arjakis a sheet used as a covering in allweathers. But to merely relegate it tothat is a gross underestimation of itsinherent worth. An ajrak holds within its

folds the ancient culture of Sindh. Ourhistory which encompasses over 5000years is held in trust by this sheet.Indeed the Ajrak is part of every house-hold in Sindh - at every event, at alloccasions, and in our daily lives, thepeople of Sindh, and the Ajrak aredeeply entwined. This one piece of clothtakes on so many shades - when a mandons the Ajrak, it symbolizes his hon-our, his dignity, his strength - and whena woman wears, it speaks of her virtue,her respect. Today, no event, be it happyor sad, private or public, is completewithout the Ajrak. It is a remnant of ourpast, and an usher of our future.

The land of poets, of scholars, ofthinkers, of artists - the final abode ofHazrat Lal Shehbaz Qalandar and ShahAbdul Latif Bhittai, Sindh embodies thespirit of saints. And it is our responsibil-ity to preserve, to protect, and to pro-mote this spirit, through our preserva-tion and celebration of our unique andrich heritage.

The Land We Call Sindh

Israel has 360 F-16 fighters,far more than most countries

outside the United Statesthat have bought the world'sbest-selling attack plane, notto mention many F-15s and

the whole panoply of costly,advanced military aviation

Hillary Clinton, US Secretary ofState said on Friday the worldhoped Iran would use next week's

talks to fully discuss its nuclear pro-gramme, which she said was as much ofa threat to global peace as North Korea.

Speaking in Bahrain where she isattending a security conference, Clintonsaid the entire region was concernedabout Iran's nuclear aspirations and hopedTehran would come to the talks inGeneva next week ready to negotiate.

"Perhaps the Iranians, with their returnto the talksin Genevas t a r t i n gM o n d a y ,will engages e r i o u s l ywith theinternationalcommunityon what is ac o n c e r nshared bynations onevery conti-nent butmost partic-ularly righthere in theregion," Clinton said.

Talks between Iran and six big powersthe United States, France, Russia, Britain,China and Germany are due to resumenext week in Geneva, the first such meet-ing in more than a year.

Clinton, who will meet the foreign min-isters of Japan and South Korea inWashington on Monday to discussmounting tension with North Korea, saidthe twin threats posed by Pyongyang andTehran showed the need for internationalsolidarity against nuclear proliferation.

"We're all concerned about these twocountries... (but) its not directed at thepeople of either country. It is a concernabout decisions being made by the lead-ers of these countries that puts at risk thepeace and stability of two regions in theworld," Clinton said.

The United States has no quarrel withIran's desire to use nuclear energy forpeaceful purposes, she added.

"What we object to is the pursuit ofnuclear weapons that can be used tothreaten and intimidate their neighbors. Itwill spark arms races in both regions,"Clinton said.

Clinton said on Thursday that NorthKorea posed an "immediate threat" fol-lowing its revelations of new nuclearfacilities and an artillery attack on a SouthKorean island which sent tensions on thedivided peninsula soaring.

REGIONAL FEARSClinton's trip to Bahrain, where she will

deliver a speech later on Friday on the USrole in regional security, follows revela-tions contained in leaked US embassycables which showed many regional lead-ers privately urged Washington to take a

t o u g h e rstance onTehran.

T h eWikileaks,showed thatfears overI r a n ' snuclear pro-gram arewidespreadand thatsome in ther e g i o nbelieve itshould bestopped atany cost.

Foreign Minister Sheikh Khaled binAhmed al-Khalifa of Bahrain said to bepushing hard for action against Tehran,declined to discuss details contained indocuments that he said were US govern-ment property.

But he said that any move towards anuclear weapons programme in theregion was unacceptable.

"We do believe that every country inthe Middle East has the right to nuclearpower for peaceful use when it comes totaking that power to developing into acycle for weapons grade (nuclear materi-al), that is something that we can neveraccept and we can never live with in thisregion," he said. US officials say there isstill time for a diplomatic solution withIran but the increasingly defiant statemust take "tangible steps" to address con-cerns about its nuclear program.

US officials also say economic sanc-tions imposed on Iran over its nuclearprogram -- which Tehran insists is forpeaceful purposes -- are biting increasing-ly deeply, and may be cutting investmentin its crucial energy sector by as much as$60 billion.-Reuters

Rising fears of anew arms race

Clinton, who will meet theforeign ministers of Japan andSouth Korea in Washington onMonday to discuss mounting

tension with North Korea, saidthe twin threats posed by

Pyongyang and Tehran showedthe need for internationalsolidarity against nuclear

proliferation

India recently released a plan thatcountries rich or rapidly developing

that contribute more than 1 per cent ofglobal greenhouse gases should reporttheir actions and their emissions to the

United Nations every three years.

“

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

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

Sales (July 10 to Oct 10) 25,279

Production (Octy 10) 7,311

Sales (Oct 10) 7,459

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

Sales (July 10 to Oct 10) 16,622

Production (Octy 10) 4,827

Sales (Oct 10) 4,830

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

Sales (July 10 to Oct 10) 5,172

Production (Octy 10) 1,514

Sales (Oct 10) 1,340

DEWAN FAROOQ MOTORSProduction (July 10 to Oct 10) 186

Sales (July 10 to Oct 10) 70

Production (Octy 10) 0

Sales (Oct 10) 18

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

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

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

Spread (Sep 10) 7.57%

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

MS (Oct 10) 198

Kerosene (Jul 10 to Oct 10) 53

Kerosene (Oct 10) 15

JP (Jul 10 to Oct 10) 452

JP (Oct 10) 122

HSD (Jul 10 to Oct 10) 2,182

HSD (Oct 10) 664

LDO (Jul 10 to Oct 10)) 22

LDO (Oct 10) 6

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

Fuel Oil (Oct 10) 854

Others (Jul 10 to Oct 10) 3

Others (Oct 10) 1

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

MS (1 Oct 10) 40.71

MS % Chg 9.38%

Kerosene (1 Nov 10) 51.25

Kerosene (1 Oct 10) 47.31

Kerosene % Chg 8.33%

JP-1 (1 Nov 10) 51.48

JP-1 (1 Oct 10) 47.54

JP-1 % Chg 8.29%

HSD (1 Nov 10) 54.24

HSD (1 Oct 10) 50.38

HSD % Chg 7.66%

LDO (1 Nov 10) 49.51

LDO (1 Oct 10) 46.13

LDO % Chg 7.33%

Fuel Oil (1 Nov 10) 42,046

Fuel Oil (1 Oct 10) 39,276

Sector Updates

Symbol Close Vol (mn)LOTPTA 12.83 32.85 NML 62.38 16.39 DGKC 31.05 14.34 BAFL 10.02 11.32 JSCL 13.18 11.05

Symbol Close ChangeRMPL 1,972.00 92.67 WYETH 1,006.25 47.79 UPFL 1,104.33 39.33 FZTM 408.99 18.70 BATA 643.71 18.37

Symbol Close ChangeCOLG 852.00 -41.96SIEM 1,300.00 -21.63LAKST 316.33 -14.88NESTLE 2,187.26 -9.52ATRL 123.50 -6.11

Plus 220Minus 125Unchanged 17

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Saturday, December 4, 2010 5

Opening 11,343.55

Closing 11,406.66

Change 63.11

% Change 0.56

Turnover (mn) 202.08

Opening 3,541.89

Closing 3,568.84

Change 26.95

% Change 0.76

Turnover (mn) 9.08

Opening 2,893.18

Closing 2,901.04

Change 7.86

% Change 0.27

Turnover (mn) 0.43

Mostly mixed; Thai turnover fallsahead of long weekend

South East Asian stocks

Europe shares end slightlylower; US data mixed

Nawaz Ali

KARACHI: Heavy buying bythe foreign investors allowedthe bulls to extend their stay atthe Karachi Stock Exchangeon Friday which ended higherabove 11,400 levels with sig-nificant improvement ininvestors' participation.

The benchmark KSE-100index increased by 63 points toclose at 11,406 points whileKSE-30 index gained 74 pointsto close at 10,993 points and

KSE all-share index ended 47points up at 7,935 points.

"Bullish activity continuedwith record volumes witnessedin scrips across the board ledby banking and oil sectorscrips on strong foreign inter-est record earnings outlook",said Ahsan Mehanti, DirectorArif Habib Investments.

According to NCCPL data,offshore investors did a netbuying of $10.45 million onFriday which totaled to a netbuying of $20.78 million dur-

ing the first three days ofDecember.

Ahsan added that rise ininternational oil prices over$88 also invited institutionalinterest throughout the sessiondespite concerns over releaseof next IMF tranche forPakistan economic support.

Market opened on appositivemove and remained vibrantthroughout the day. Bullsremained in control in bothsessions due to buying mainlyin banking, oil, cement and

textile stocks. The index at apoint touched an intra-day highof 11,436 points (+ve 92points). However pressure wit-nessed in the refinery stocks asthe government decision ofslashing margins reduced theirearnings. Though index gainssaw some decline due to profittaking at higher levels but mar-ket managed to sustain 10,400levels till end of the day.

Volumes witnessed a signifi-cant improvement as 202 mil-lion shares were traded during

the day which was 67.3 millionshares more as compared to aturnover of 134.7 millionshares recorded a day earlier.

Lotte Pakistan remained thetop most traded scrip with32.85 million shares exchang-ing hands followed by NishatMills with 16.39 million sharesand D. G. Khan Cement with14.34 million shares.

Out of total 362 activeissues; 220 advanced and 125declined while 17 issuesremained unchanged.

KSE benchmark indexsustains 11,400pts level

US stocks early-trade

Wall St flatas investors

shrug offjobs report

NEW YORK: Wall Streetmostly shrugged off a weaker-than-expected payrolls reporton Friday, leaving stocks littlechanged as the data didn't alterinvestors' view the economicrecovery is on track. USemployment barely grew inNovember and the jobless rateunexpectedly jumped to aseven-month high of 9.8 percent, the government said.

But recent data, includingretail sales and other laborreports, have raised optimismthe recovery is acceleratingafter hitting a soft patch in thesummer. Separately Friday, areport showed the US servicessector grew for an 11th straightmonth in November, but thegovernment said new US facto-ries orders dropped.

"The marketplace under-stands we never have a recov-ery that is uneventful, withoutbumps," said Art Hogan, chiefmarket analyst at Jefferies &Co in Boston.

"The pattern of jobs creationhas improved. It's moving inthe right direction."

He said the technology sectormay be in focus because if theeconomy is creating fewer jobs"corporations are buying moretechnology to remain produc-tive."

The Dow Jones industrialaverage dipped 7.15 points, or0.06 per cent, to 11,355.26. TheStandard & Poor's 500 dropped2.53 points, or 0.21 per cent, to1,219.00. The NasdaqComposite shed 0.61 points, or0.02 per cent, to 2,578.74.

The S&P 500 faced strongtechnical resistance at about1,228, near a recent high ofmore than two years and alsothe 61.8 per cent Fibonacciretracement of the index's slidefrom October 2007 to March2009, a key technical indicator.

Support for the benchmarkkicks in at 1,200, which wasrecently a stubborn resistancepoint, and near 1,195, its 14-day moving average.

Further limiting the declinein stocks, the euro rose 1 per-cent against the US dollar. Astronger euro has

See # 13 Page 11

HONG KONG/SHANGHAI:

Hong Kong shares retreated onFriday, as lingering worriesthat China may take more stepsto cool inflation promptedinvestors to dump banks andcoal firms, while Shanghaistocks ended flat.

Dealers said investors werecautious because China oftenannounces major policy meas-ures at the end of the workweek. Many investors expectanother increase in banks'required reserve ratios and arate rise by the end of the year.

"This is a typical Friday sen-timent. The market has beenworrying about an interest ratehike in China, particularly onFridays. People are not willingto chase shares higher," saidSteven Leung, sales director atUOB Kay Hian.

The Hang Seng Index fin-ished the session down 0.6 percent at 23,320.52. The bench-mark index rose 1.9 per centthis week, its first weekly gainin four weeks.

The Shanghai CompositeIndex closed little changed at2,842.4 points, remainingbelow the 250-day movingaverage, now at 2,873 points.For the week, the index was up1 percent.

Next week, the market maypost small gains as debt wor-ries in Europe fade, while theU.S. economy continues toshow signs of strength withfalling jobless claims, improv-ing home sales and rising con-sumer spending.

But lingering concerns aboutChina's efforts to cool inflation

will cap the market's rise."Both negative and positive

factors are dominating the mar-ket. These two forces willstruggle for the rest of theyear," said Danny Yan, whohelps manage more than $400million at Taifook AssetManagement. "So the marketwill move in a range."

China will shift to a prudentmonetary policy from a moder-ately loose stance, theCommunist Party's top leaderssaid on Friday, signalling moreinterest rate rises and lendingcontrols, state media reportedon Friday.

Digital firm TontechTechnology Investmentjumped 7.4 per cent.

But banks slipped after atechnical rebound in the pastsession. Industrial andCommercial Bank of China,the biggest drag on the index,fell 0.7 per cent. Market heavy-weight Agricultural Bank ofChina dropped 0.8 per cent.

Volume continued to sag onFriday with turnover ofShanghai A shares slipping to106 billion yuan ($15.92 bil-lion) from 132 billion yuan onThursday.

SOLAR-RELATED

COUNTERS SHINE

IN HONG KONG

Solar-related counters suchas Solargiga Energy HoldingsLtd, one of China's top solarwafer and ingot producers,soared 8.5 per cent. GCL PolyEnergy Holdings, China'sbiggest polysilicon maker,gained 2.4 per cent.

See # 12 Page 11

HK, Shanghaishares declineon policy woes

TOKYO: Japan's Nikkei share average heldonto recent gains on Friday as US retail andhousing data raised hopes for a swifter recoveryin the world's biggest economy while concernsabout Europe's debt crisis eased.

Stronger-than-expected November same-storesales from US retailers, a sharp jump in pendinghome sales, and a better labour market becamethe latest signs that the US economic recovery ison track and a double-dip recession less likely.

Traders also said the European Central Bankwas buying Portuguese and Irish debt onThursday, calming investor panic over euro zonedebt for now and offsetting initial disappoint-ment after ECB President Jean-Claude Trichetdid not explicitly commit the bank to rampingup bond buying.

The Nikkei climbed 1.4 per cent on the weekand at one stage on Friday hit a six-month intra-day high before succumbing to profit-takingafter its divergence above its 25-day movingaverage a gauge used widely among Japanesetraders - climbed into overbought territory.

The Nikkei ended flat holding on to itsThursday's gains of almost 2 per cent, adding 0.1percent or 9.8 points to 10,178.32 in light trade.At one stage it rose as high as 10,254.00. Thebroader Topix index was 0.2 percent higher at879.22. Market players said caution set in ahead

of US nonfarm payroll data later in the day andnext week's special quotation.

But popular stock Fast Retailing lost around 3per cent after domestic sales at its Uniqlo casu-al-clothing chain tumbled 14.5 per cent year-on-year in November. It was one of the most active-ly traded stocks by turnover and the worst per-forming Nikkei component in percentage terms.

FOREIGN FUNDSMarket players said foreign funds, the driving

force behind the Nikkei's 8 per cent rally inNovember, are continuing to purchase Japaneseequities."Momentum players are increasing theirholdings in Japanese stocks, especially globalcyclical shares like major exporters thanks to theweaker yen," said Mitsushige Akino, general man-ager at Ichiyoshi Investment Management.

"Buying in November was mostly due toshort-covering, but new buying is being seenthis month," said Akino adding that funds maylook beyond exporters and may start aggressive-ly adding financial stocks if the Nikkei rises tonear 11,000.

The US government's monthly employmentreport on Friday is forecast to show anothermonth of job gains in both the private and pub-lic sectors. In a Reuters poll, nonfarm payrollsare seen up 140,000 in November, while privatepayrolls are seen up 153,000. Reuters

Nikkei hangsonto recent gains

LONDON: Data showingsluggish employment growthin the United States crimpedthe return of risk appetite, dent-ing banks and energy stocksand ending a sharp two-dayrally in Britain's top shares.

The FTSE-100 ended Fridaydown 0.4 per cent at 5,745.32after it gained more than 4 percent across Wednesday andThursday as investors grewmore confident a debt crisis inthe euro zone could be averted.

US employment barely grewin November and the joblessrate unexpectedly hit a seven-month high, disappointingmany who had expected to seesigns of strengthening recov-ery.

Risk-sensitive banks gaveback some of the strong gainsof the previous two sessions,with Standard Chartered off 2per cent. However, overall sen-timent remained relativelyupbeat. "Ultimately the marketis pro-equity at the moment,"said Tim Rees, fund manager atInsight Investments. "Theequity market in most of thedeveloped world is not ondemanding valuations, and thatis providing support."

The European Central Bankmaintained its buying of eurozone government bonds inmodest amounts to reverse adebilitating rise in peripheralcountries' borrowing costs,

helping soothe markets.Domestic data also pointed to

economic weakness as the rateof growth in the British servicesector dipped in November, asexpected, though remainingnear October's four-monthhigh.

PRECIOUS SUPPORTPrecious metals miners were

among the top gainers on theFTSE, as gold rose back above$1,390 an ounce, close to itsstrongest in three weeks. Goldproducer Fresnillo added 4 percent while Johnson Mattheyadded 3.2 per cent, the plat-inum processor helped by anincrease in target price andestimates from LiberumCapital, which kept a "buy"rating on the stock.

Man Group fell 3.3 per cent,the heaviest faller, after NumisSecurities cut its rating for thehedge fund firm to "reduce"from "hold" in an otherwisefairly neutral review of Britishasset managers.

Energy giant BP was a signif-icant drag on the index, down1.5 per cent despite strength inthe oil price as investorsbooked profits after two daysof strong gains. Stocks seenresistant to harsh economicconditions also provided sup-port to the FTSE, with utilityScottish & Southern Energyand Imperial Tobacco adding 1per cent. Reuters

FTSE slips as USjobless rate hits7-month high

BANGALORE: Indian sharesnotched up their first weeklygain in four days, despite clos-ing a choppy Friday session 0.1per cent lower as investorsbooked profits following a four-day rally, supported by anupbeat domestic economic out-look.

The benchmark index rose 4.3per cent this week after beingbattered by a series of scandals,including issuance of telecomlicenses at low prices and abribes-for-loans scam that hurtthe banking, real estate and tele-com sectors the most.

Earlier, a local court orderedall eight executives arrested inthe bribes-for-loans investiga-tion into judicial custody untilDec. 16, before it began hearingapplications for bail.

"The international marketsand extension of the bail isweighing on the minds of theinvestors," said AmbareeshBaliga, vice president of KarvyStock Broking.

Real estate stocks led thedecline on the day with top-list-ed realtor DLF dropping 4.5 percent and Jaiprakash Associatesslipping 4.3 per cent, draggingthe sector index 4.3 per centlower.

Banking stocks, which hadbounced back on expectationsof higher loan demand in the

fast expanding economy, alsocame off. Leading lenders StateBank of India and ICICI Bankended down 0.9 percent and 0.7per cent respectively, while thebanking index shed 0.9 per cent.

The 30-share BSE indexclosed down 25.77 points at19,966.93, with 17 of its com-ponents losing ground. Theindex had risen as much as 0.4per cent earlier. "Sustainingthese levels is going to be diffi-cult considering the holidayseason is approaching and theforeign institutional investorscould take a break, go intohibernation."

The benchmark index is up14.3 per cent so far this year,bolstered by overseas portfolioinvestments worth $29.1 bil-lion. A series of positive eco-nomic data in the past few dayshave lifted investor sentimentabout the country's growthprospects.

A survey showed on Fridaybusiness activity in India's serv-ices sector surged to a four-month high in November, driv-en by robust growth in neworders.

India's manufacturing sectorexpanded at its fastest pace insix months in November, on asurge in new business and asharp rise in export orders,another survey released this

week showed.Official data on Tuesday

showed India's $1.3-trillioneconomy expanded at a faster-than-expected 8.9 per centannual pace in the Septemberquarter. The services sector,which accounts for more than50 per cent of GDP, grew 9.8per cent.

Outsourcers bucked the trendas economic data from theUnited States, their biggest mar-ket, pointed to an improvingeconomy with better labourmarket data, a sharp jump inpending home sales and as t r o n g e r - t h a n - e x p e c t e dNovember same-store sales.

Top-ranked Tata ConsultancyServices rose 0.3 per cent, whilerivals Infosys Technologiesadded 0.9 percent and Wiproclimbed 0.7 per cent.

State-run Oil and Natural GasCorp ended 0.5 per cent higherat 1,320.10 rupees after a gov-ernment source said the explor-er will soon sign a deal for a 25-per cent stake in Kazakhstan'sSatpayev exploration block.

Religare Enterprises rose asmuch as 4.3 per cent early afterit struck a deal to buy a majori-ty stake in US-based LandmarkPartners for up to $171.5 mil-lion. The shares gave up gainsto close 2.7 per cent lower at489.05 rupees. Reuters

Indian shares snap3-week losing run

AskariGeneral

will issueright shares

Staff Reporter

KARACHI: Askari GeneralInsurance Company, one of thenon-life insurance companieshas decided to issue 25 per centright shares to enhance capitalbase and further strengthenfinancial position. According toa communiqué sent to KarachiStock Exchange on Friday, thecompany has sought permis-sion from the bourse to issueright shares.

GSK-Stiefel

merger plan

submittedTFD Report

K A R A C H I :GlaxoSmithKline Pakistan(GSK) has submitted thescheme of arrangement toamalgamate StiefelLaboratories Pakistan, a pri-vate limited company.According to details madeavailable to the Karachi StockExchange, directors of boththe companies believe that theamalgamation will consoli-date, expand the business andhelp in achieving synergy.

This will also strengthenmanagement, reduce financialand administrative and opti-mize overhead expenses aswell as enlarge equity andasset base. The board of direc-tors of both the companies hadalready accorded approval tothe merger of Stiefel Pakistaninto GSK.

Saturday, December 4, 20106

Volume 202,076,038

Value 8,045,345,677

Trades 81,506

Advanced 220

Declined 125

Unchanged 17

Total 362

Current 7,935.97

High 7,951.66

Low 7,888.07

Change h47.90

Current 11,406.66

High 11,436.40

Low 11,343.55

Change h63.11

Current 10,993.62

High 11,027.88

Low 10,919.44

Change h74.18

Market KSE 100 Index All Share Index KSE 30 Index

Current 18,142.48

High 18,223.37

Low 18,108.00

Change h6.12

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Saif Textile Mills Limited

SAIF closed up 0.05 at 4.50. Volume was 2,606 per cent above

average (trending) and Bollinger Bands were 10 per cent narrower

than normal. The company's profit after taxation stood at Rs82.072

million which translates into an Earning Per Share of Rs3.11 for the

1st quarter of current fiscal year (1QFY11).

SAIF is currently 9.3 per cent above its 200-day moving average and

is displaying a downward trend. Volatility is relatively normal as com-

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

Volume indicators reflect moderate flows of volume out of SAIF (mild-

ly bearish). Trend forecasting oscillators are currently bearish on SAIF.

RSI (14-day) 46.73 Total Assets (Rs in mn) 4,722.15

MA (10-day) 5.03 Total Equity (Rs in mn) 406.03

MA (100-day) 3.83 Revenue (Rs in mn) 4,642.45

MA (200-day) 4.00 Interest Expense 259.31

1st Support 4.00 Profit after Taxation 77.49

2nd Support 3.55 EPS 10 (Rs) 2.934

1st Resistance 4.80 Book value / share (Rs) 15.37

2nd Resistance 5.15 PE 11 E (x) 0.36

Pivot 4.35 PBV (x) 0.29

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

RAVT closed down -0.16 at 1.34. Volume was 24 per cent above

average and Bollinger Bands were 68 per cent narrower than normal.

The company's loss after taxation stood at Rs36.139 million which

translates into a Loss Per Share of Rs1.45 for the year ended FY10.

RAVT is currently 79.4 per cent below its 200-day moving average

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

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

Volume indicators reflect moderate flows of volume out of RAVT

(mildly bearish). Trend forecasting oscillators are currently bearish on

RAVT. Momentum oscillator is currently indicating that RAVT is cur-

rently in an oversold condition.

RSI (14-day) 27.47 Total Assets (Rs in mn) 437.02

MA (10-day) 1.51 Total Equity (Rs in mn) 75.13

MA (100-day) 2.31 Revenue (Rs in mn) 316.78

MA (200-day) 6.48 Interest Expense 12.51

1st Support 1.21 Profit after Taxation 0.24

2nd Support 1.15 EPS 09 (Rs) 0.01

1st Resistance 1.41 Book value / share (Rs) 3.01

2nd Resistance 1.55 PE 10 E (x) -

Pivot 1.35 PBV (x) 0.45

Ravi Textile Mills Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

ATBL closed down -0.01 at 1.64. Volume was 29 per cent below

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

The company's loss after taxation stood at Rs1.316 billion which

translates into a Loss Per Share of Rs2.63 for the nine months of cur-

rent calendar year (9MCY10).

ATBL is currently 28.6 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 very strong flows of volume out of ATBL

(bearish). Trend forecasting oscillators are currently bearish on ATBL.

RSI (14-day) 47.19 Total Assets (Rs in mn) 30,869.51

MA (10-day) 1.61 Total Equity (Rs in mn) 2,482.06

MA (100-day) 1.92 Revenue (Rs in mn) 3,387.93

MA (200-day) 2.29 Interest Expense 3,189.33

1st Support 1.51 Loss after Taxation (1,703.11)

2nd Support 1.43 EPS 09 (Rs) (3.405)

1st Resistance 1.68 Book value / share (Rs) 4.96

2nd Resistance 1.77 PE 10 E (x) -

Pivot 1.60 PBV (x) 0.33

Atlas Bank Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

HIRAT closed up 0.10 at 4.00. Volume was 181 per cent above aver-

age (trending) and Bollinger Bands were 73 per cent narrower than

normal. The company's profit after taxation stood at Rs94.915 million

which translates into an Earning Per Share of Rs1.33 for the 1st

quarter of current fiscal year (1QFY11).

HIRAT is currently 1.5 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 very strong flows of volume into HIRAT (bull-

ish). Trend forecasting oscillators are currently bearish on HIRAT.

RSI (14-day) 49.57 Total Assets (Rs in mn) 3,356.84

MA (10-day) 3.94 Total Equity (Rs in mn) 1,312.24

MA (100-day) 3.96 Revenue (Rs in mn) 3,116.91

MA (200-day) 3.94 Interest Expense 263.53

1st Support 4.00 Profit after Taxation 248.83

2nd Support 3.95 EPS 10 (Rs) 3.478

1st Resistance 4.05 Book value / share (Rs) 18.34

2nd Resistance 4.05 PE 11 E (x) 0.75

Pivot 4.00 PBV (x) 0.22

Hira Textile Mills Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,475.73 1,493.05 1,471.67 1,476.90 1.17 0.08

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

10,003,538 - - 65,194.15 mn 1,155,605.75 mn 1,476.90

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

10.94 3.56 32.54 55.94 5.11 1,457.31

Attock Petroleum 691 5.61 322.04 327.00 322.02 323.69 1.65 627629 374.20 287.99 250 - 300 20

Attock Refinery 853 6.92 129.61 130.35 123.13 123.50 -6.11 3342830 137.20 78.51 - - - -

BYCO Petroleum 3921 - 11.80 11.99 11.68 11.92 0.12 2388957 12.49 10.00 - - - -

Mari Gas Company 735 16.16 119.66 120.75 118.71 119.25 -0.41 36428 128.90 106.00 32.17 100B 31 -

National Refinery 800 3.94 270.86 275.00 264.06 266.00 -4.86 353206 275.40 189.08 125 - 200 -

Oil & Gas Development 43009 11.24 165.66 167.35 165.60 166.08 0.42 688898 167.35 141.60 82.5 - 55 -

Pak Petroleum 11950 8.23 202.84 205.25 202.02 202.37 -0.47 1047669 214.10 168.70 130 20B 90 20B

Pak Oilfields 2365 6.50 273.17 277.90 273.51 275.19 2.02 2404681 277.90 219.05 180 - 255 -

Pak Refinery Limited 350 - 90.83 95.00 89.36 92.47 1.64 117477 95.00 48.26 - - - -

P.S.O 1715 4.85 285.95 288.50 285.52 286.59 0.64 1355159 292.15 243.55 50 - 80 -

Shell Gas LPG 226 - 36.71 38.30 36.70 36.78 0.07 9234 40.28 28.05 - - - -

Shell Pakistan 685 10.14 196.84 198.87 197.00 197.74 0.90 20327 204.40 182.05 330 - 40 -

Paid up Last 60 days 2009 2010

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

979.10 992.52 971.61 980.94 1.84 0.19

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

27,665,929 - - 47,070.70 mn 128,820.11 mn 980.94

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

6.65 0.58 8.64 16.68 2.51 964.36

AL-Qadir Textile XD 76 - 4.65 5.65 4.05 4.05 -0.60 203 7.75 2.50 - - 10 -

Amtex Limited XD 2415 10.50 4.70 4.73 4.55 4.62 -0.08 412251 18.67 4.40 - - 30 -

Artistic Denim 840 5.72 21.03 21.00 20.60 20.60 -0.43 2200 24.05 18.00 20 - 20 -

Azam Textile 133 0.37 2.30 2.85 2.15 2.65 0.35 5004 3.45 1.35 - - 7.5 -

Azgard Nine 4493 - 11.27 11.59 11.28 11.38 0.11 5154339 12.32 9.02 - - - -

Babri Cotton 33 0.44 11.73 10.73 10.73 10.73 -1.00 1100 18.75 9.50 - - - 15B

Bannu Woolen XD 76 0.45 13.18 13.60 12.76 12.78 -0.40 3971 14.50 7.50 - - 20 -

Bata (Pak) 76 5.34 625.34 649.00 623.00 643.71 18.37 2462 747.48 436.00 120 - - -

Chakwal Spinning 400 0.50 1.29 1.99 1.10 1.15 -0.14 4160 2.59 0.56 - - 5 -

Chenab Limited 1150 - 3.30 3.36 3.02 3.14 -0.16 40183 3.95 3.00 - - - -

Chenab Ltd Pref 800 - 1.72 2.15 2.10 2.10 0.38 501 2.61 1.21 - - - -

Colony Mills Ltd 2442 3.83 2.39 2.70 2.26 2.45 0.06 102684 3.33 2.26 - - - -

Crescent Fibres Ltd 124 0.60 12.01 13.00 11.17 12.99 0.98 3904 18.35 8.41 - - 10 -

Crescent Textile 492 3.76 20.40 20.10 19.55 19.55 -0.85 1001 23.90 17.89 - - 15 -

D S Ind Ltd 600 - 1.90 2.04 1.91 1.93 0.03 111103 2.37 1.44 - - - -

Dar-es-Salaam 80 - 3.40 4.38 2.63 2.63 -0.77 1023 4.50 1.75 - - - -

Dawood Lawrencepur 514 45.32 39.51 41.00 38.00 38.52 -0.99 13763 44.50 36.10 - - 5 -

Ellcot Spinning 110 0.62 20.09 20.90 20.45 20.50 0.41 21751 25.45 17.21 7.5 - 35 -

Fazal Cloth 188 0.92 46.70 49.03 48.00 48.98 2.28 4883 56.90 41.00 - -100SD -

Ghazi Fabrics 326 0.78 4.10 4.75 4.75 4.75 0.65 200 5.00 1.13 - - 10 -

Gul Ahmed Textile 635 3.57 24.00 24.88 24.50 24.88 0.88 20645 25.96 19.99 5 - 12.5 -

Gulistan Textile 190 1.70 26.93 28.27 26.50 28.26 1.33 336375 28.27 17.57 - 10B 10 -

Gulshan Spinning 222 0.92 7.38 7.55 7.55 7.55 0.17 101 10.30 5.51 - 10B 10 20B

Hajra Textile 138 - 0.50 0.50 0.50 0.50 0.00 1545 0.99 0.13 - - - -

Hira Textile Mills Ltd. 716 0.75 3.90 4.00 3.95 4.00 0.10 436330 4.88 3.35 - - 10 -

Ibrahim Fibres 3105 2.99 38.52 38.00 38.00 38.00 -0.52 900 40.41 34.05 - - 20 -

ICC Textile 100 - 0.89 1.19 1.00 1.01 0.12 6501 1.85 0.30 - - - -

Ideal Spinning 99 0.35 3.85 4.65 3.70 4.15 0.30 60600 4.79 2.02 - - - -

J K Spinning 184 0.89 4.95 5.95 4.16 5.85 0.90 2806 9.90 4.05 - - 20 5B

Janana D Mal 43 0.24 13.40 14.40 14.39 14.40 1.00 1999 20.50 9.95 - - - -

Khalid Siraj 107 - 0.60 0.80 0.75 0.75 0.15 5001 1.20 0.25 - - - -

Kohinoor Ind 303 - 1.53 1.69 1.47 1.61 0.08 1479 1.94 1.01 - - - -

Kohinoor Mills 509 - 2.49 3.17 2.15 3.17 0.68 145 3.79 1.52 - - - -

Kohinoor Spinning 1300 0.35 0.96 1.41 0.56 0.97 0.01 8428 2.00 0.16 - - 5 -

Kohinoor Textile 1455 3.95 5.74 5.85 5.53 5.53 -0.21 10317 6.30 4.51 - - - -

Mehmood Textile 150 0.70 57.00 57.00 57.00 57.00 0.00 5587 68.80 51.46 4050.2257B 60 -

Mohd Farooq 189 - 1.09 1.19 1.00 1.00 -0.09 1100 1.64 0.35 - - - -

Mukhtar Textile 145 - 0.40 0.44 0.37 0.39 -0.01 5094 0.95 0.16 - - - -

Nishat (Chunian) 1596 1.90 22.87 23.49 22.81 22.93 0.06 3126566 25.14 15.66 - 50R 15 -

Nishat Mills 3516 5.35 61.98 63.18 61.80 62.38 0.40 16385642 63.18 42.55 20 - 25 45R

Pak Synthetic 560 2.41 6.75 7.20 6.99 7.12 0.37 9263 7.48 5.16 12.5 - - -

Paramount Spinning 174 0.76 9.65 10.60 9.10 10.43 0.78 71045 11.25 6.00 - 10B 10 10B

Ravi Textile 250 - 1.50 1.49 1.29 1.34 -0.16 532415 2.38 1.29 - - - -

Reliance Weaving 308 0.60 9.00 9.10 8.52 8.61 -0.39 103 12.00 8.01 - - 25SD -

Rupali Poly 341 4.44 36.40 36.30 35.25 35.37 -1.03 805 37.25 31.25 40 - 40 -

Saif Textile 264 0.36 4.45 4.70 3.90 4.50 0.05 401240 6.85 2.01 - - - -

Salfi Textile 33 0.25 52.76 55.39 52.00 55.04 2.28 1350 55.39 20.50 - - 25 -

Salman Noman 42 0.98 2.97 2.32 2.31 2.32 -0.65 525 3.11 1.30 - - - 5B

Sana Ind 55 2.89 37.52 38.69 38.00 38.00 0.48 20011 39.39 27.50 35 - 60 -

Sargoda Spinning 312 0.42 2.18 2.20 2.00 2.15 -0.03 19501 2.50 0.50 - - 5 -

Saritow Spinning 133 0.44 2.64 2.69 2.68 2.68 0.04 1101 2.99 1.10 - - - -

Service Ind 120 9.34 259.74 272.72 263.15 272.72 12.98 32097 272.72 169.00 200 - - -

Shadab Textile 30 0.40 14.60 14.84 13.60 14.09 -0.51 2100 14.84 7.56 - - 10 -

Suraj Cotton 180 0.79 35.99 35.10 35.05 35.05 -0.94 31301 37.50 29.00 15 - 50 -

Tata Textile 173 0.33 33.00 34.65 33.00 33.90 0.90 812 35.50 15.00 - - 25 -

Thal Limited 307 4.40 103.76 105.52 102.75 102.97 -0.79 30402 112.80 86.50 20 20B 80 20B

Treet Corp 418 9.41 57.94 60.50 57.80 59.10 1.16 205575 60.50 37.20 - - - -

Zephyr Textile Ltd 594 4.87 3.81 4.25 3.70 3.70 -0.11 1089 4.90 1.50 - - - -

Zil Limited 53 3.51 53.00 52.50 51.50 52.50 -0.50 1054 55.00 33.00 40 10B 35 -

Paid up Last 60 days 2009 2010

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

1,082.58 1,087.07 1,079.34 1,084.12 1.55 0.14

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

33,555 - - 3,763.71 mn 5,076.58 mn 1,100.42

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

2.42 0.26 10.64 6.27 2.59 1,082.58

Pak Elektron 1174 3.44 13.78 13.98 13.51 13.66 -0.12 289979 15.43 12.82 - 10B - 10B

Tariq Glass Ind 231 1.93 16.15 16.30 16.00 16.12 -0.03 33550 18.80 14.50 - - 17.5 -

Paid up Last 60 days 2009 2010

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

1,587.52 1,611.79 1,560.41 1,593.94 6.41 0.40

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

368,936 - - 11,335.33 mn 210,857.77 mn 1,593.94

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

35.38 10.72 30.30 30.57 0.86 1,571.52

AL-Noor Sugar 186 5.08 50.10 51.50 50.00 50.01 -0.09 403 52.00 39.25 40 - - -

Ansari Sugar 244 0.30 6.39 6.25 6.25 6.25 -0.14 500 6.50 4.03 - - - -

Chashma Sugar 287 1.05 12.85 13.85 12.10 13.00 0.15 1405 15.47 8.50 - - - -

Clover Pakistan 94 11.01 64.18 67.38 67.38 67.38 3.20 245 67.38 33.33 - - 15 -

Dewan Sugar 365 - 2.50 2.74 2.50 2.69 0.19 46000 3.15 1.11 - - - -

Habib Sugar 600 7.00 34.26 34.75 33.70 33.93 -0.33 194386 36.00 26.05 35 25B - -

Ismail Ind 505 32.57 70.94 73.80 72.50 72.96 2.02 650 77.70 66.25 15 - 17.5 110R

J D W Sugar 490 2.90 86.05 88.00 83.25 86.65 0.60 1352 88.00 63.00 40 - 0 12.5R

Mehran Sugar 143 3.77 64.53 67.40 65.40 67.31 2.78 30997 67.40 48.50 35 30B 25 10B

Mirpurkhas Sugar 70 5.28 64.05 64.20 62.11 63.35 -0.70 3098 67.00 53.64 25 10B 15 20B

Mirza Sugar 141 0.38 6.00 6.40 6.01 6.10 0.10 9208 6.48 4.20 - - - -

National Foods 414 16.14 43.14 43.27 43.00 43.26 0.12 109 57.00 39.01 - 25B 12 -

Noon Pakistan 48 3.36 24.70 25.53 23.50 23.50 -1.20 2216 27.30 17.51 - 10B 12 -

Noon Sugar 165 - 14.43 14.45 14.00 14.25 -0.18 1591 14.84 10.20 50 10B - -

Pangrio Sugar 109 0.49 5.85 6.24 5.50 6.06 0.21 23507 6.50 4.00 - - - -

Premier Sugar 38 9.35 48.73 51.16 47.55 50.97 2.24 11041 53.81 32.50 30 - - -

Punjab Oil XD 38 3.10 39.33 41.29 41.29 41.29 1.96 500 41.29 34.00 15 25B 15 28R

Quice Food 107 - 2.06 2.07 2.07 2.07 0.01 500 3.40 1.60 - - - -

Sakrand Sugar 223 - 2.83 3.39 2.39 2.90 0.07 4500 3.50 2.11 - - - -

Sanghar Sugar 119 0.95 13.70 13.99 13.20 13.29 -0.41 16101 14.90 13.00 10 - - -

Shahmurad Sugar 211 19.06 12.80 13.50 12.80 13.15 0.35 12066 13.50 8.31 15 - - -

Shak(RCPf)8.5 Perc 346 - 4.50 3.55 3.55 3.55 -0.95 101 8.00 2.36 - - - -

Shakarganj Mills 695 - 6.20 6.49 6.06 6.32 0.12 6270 7.50 3.21 - - - -

Thal Industries 150 10.28 69.48 72.95 70.00 70.03 0.55 1117 81.02 61.00 20 - - -

Paid up Last 60 days 2009 2010

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

1,177.03 1,191.26 1,162.25 1,179.26 2.24 0.19

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

245,175 - - 6,768.53 mn 42,698.18 mn 1,179.26

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

4.13 1.05 25.35 20.42 4.94 1,169.19

Agriautos Ind 144 5.32 71.19 73.00 70.02 70.24 -0.95 4530 73.00 63.01 40 - 90 -

Atlas Battery 101 4.80 162.50 162.50 160.00 160.68 -1.82 2980 187.90 131.00 100 20B 100 20B

Atlas Honda 626 7.75 106.93 107.00 106.05 107.00 0.07 255 122.51 92.50 80 30B - -

Dewan Motors 890 - 1.50 1.60 1.46 1.52 0.02 178986 1.80 1.16 - - - -

Exide (PAK) 56 4.52 194.87 196.00 186.00 191.20 -3.67 807 198.07 121.10 50 - 60 -

Ghandhara Nissan 450 3.19 4.70 4.99 4.50 4.59 -0.11 28204 6.09 4.03 - - - -

Honda Atlas Cars 1428 - 11.71 11.90 11.75 11.80 0.09 2195 13.40 9.65 - - - -

Indus Motors 786 5.99 260.15 263.90 257.00 262.42 2.27 4985 282.45 215.99 100 - 150 -

Pak Suzuki 823 11.74 74.05 74.00 73.00 73.70 -0.35 17336 79.50 69.25 5 - - -

Sazgar Engineering 150 3.77 19.80 20.25 19.15 20.20 0.40 4892 27.58 17.92 - 20B 10 20B

Paid up Last 60 days 2009 2010

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

1,548.75 1,576.80 1,541.06 1,555.48 6.74 0.44

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

174,535 - - 1,336.62 mn 32,593.42 mn 1,555.48

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

8.26 3.14 38.02 131.49 15.92 1,539.82

AL-Ghazi Tractor 215 5.18 216.57 219.00 214.90 216.43 -0.14 5859 227.45 200.00 400 - 150 -

Bolan Casting 104 - 44.55 44.50 44.00 44.00 -0.55 2402 51.99 40.50 - 20B 25 10B

Ghandhara Ind 213 10.10 11.00 11.29 10.90 10.91 -0.09 2025 18.80 10.55 - - - -

KSB Pumps 132 8.38 70.00 70.50 69.00 70.00 0.00 3323 88.00 68.81 35 - - -

Millat Tractors XB 366 6.48 494.91 502.68 493.53 495.39 0.48 160773 597.90 390.00 450 25B 650 25B

Pak Engineering 57 809.83 279.95 293.70 275.00 291.54 11.59 126 324.80 254.64 125 - 100 -

Paid up Last 60 days 2009 2010

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

967.66 973.25 954.22 958.01 -9.65 -1.00

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

341,614 - - 3,043.31 mn 35,789.91 mn 967.66

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

2.73 1.20 43.91 15.55 5.70 949.56

Cherat Papersack 115 2.67 74.70 76.80 74.10 75.06 0.36 148586 76.80 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.45 2.62 2.40 2.44 -0.01 154012 3.13 1.70 - - - -

Ghani Glass 1067 4.44 49.89 50.00 48.00 48.34 -1.55 14269 61.99 45.75 30 10B 25 10B

Merit Pack 47 45.63 17.25 18.25 17.95 18.25 1.00 1516 19.00 11.81 - - - -

Packages Ltd 844 54.87 106.50 107.90 106.99 107.00 0.50 650 112.00 98.00 32.5 - - -

Siemens Engineering 82 10.73 1321.63 1320.00 1296.00 1300.00-21.63 542 1381.00 1068.75 900 - 900 -

Tri-Pack Films 300 8.25 114.05 114.00 112.10 113.16 -0.89 22039 115.00 94.00 100 - - -

Paid up Last 60 days 2009 2010

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

1,012.57 1,031.85 1,005.19 1,020.45 7.88 0.78

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

22,132,381 - - 54,792.74 mn 73,681.70 mn 1,020.45

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

6.79 0.48 7.10 19.04 2.80 992.46

Al-Abbas Cement 1828 - 3.21 3.35 3.15 3.35 0.14 1201 4.20 2.80 - - - 100R

Attock Cement 866 6.60 62.96 63.20 62.51 62.70 -0.26 29800 69.86 57.60 50 20B 50 -

Berger Paints 182 - 19.45 19.80 19.21 19.39 -0.06 14295 20.45 14.01 - - - 122R

Cherat Cement 956 26.07 11.85 12.00 11.21 11.47 -0.38 37500 12.75 9.51 - - - -

Dadabhoy Cement 982 12.31 1.69 1.60 1.52 1.60 -0.09 11000 2.20 1.30 - - - -

Dewan Cement 3574 - 1.85 2.15 1.86 1.91 0.06 854953 2.15 1.30 - - - -

DG Khan Cement Ltd 3651 129.38 30.42 31.50 30.11 31.05 0.63 14338744 31.50 23.40 - 20R - 20R

EMCO Ind 350 4.02 3.00 3.90 3.00 3.38 0.38 655 4.70 2.11 - - - -

Fauji Cement 6933 14.97 4.97 5.03 4.92 4.94 -0.03 649344 5.50 4.52 - - - -

Fecto Cement 502 3.83 7.40 7.35 7.20 7.35 -0.05 1151 8.20 4.25 - 10B - -

Flying Cement Ltd 1760 - 1.75 1.85 1.73 1.80 0.05 193016 2.20 1.70 - - - -

Gharibwal Cement 2319 - 7.94 8.70 8.01 8.61 0.67 2388 8.70 2.11 - - - -

Haydery Const 32 - 0.70 0.70 0.62 0.70 0.00 41460 1.48 0.25 - - - -

Kohat Cement 1288 - 7.15 7.44 7.18 7.23 0.08 21481 8.70 5.50 - - - -

Lafarge Pakistan Cmt. 13126 - 3.01 3.11 3.01 3.03 0.02 695431 3.65 2.71 - - - -

Lucky Cement 3234 6.87 75.67 76.73 75.50 76.46 0.79 4763647 79.98 67.70 40 - 40 -

Maple Leaf Cement 5261 1.33 2.85 2.99 2.71 2.86 0.01 219286 3.40 2.51 - - - -

Maple Leaf(Pref) 541 3.15 4.72 5.10 3.72 4.28 -0.44 2239 8.89 3.51 9.75 - - -

Pioneer Cement 2228 - 7.03 7.15 6.95 7.11 0.08 254723 8.58 6.56 - - - -

Paid up Last 60 days 2009 2010

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

967.95 985.55 959.14 972.71 4.76 0.49

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

161,803 - - 3,596.11 mn 9,448.26 mn 979.00

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

2.64 0.87 33.10 30.91 11.72 967.95

Crescent Steel 565 3.90 24.71 25.46 24.55 24.98 0.27 11483 25.98 23.75 - - 30 -

Dost Steels Ltd 675 - 2.87 2.98 2.73 2.92 0.05 70310 3.39 1.65 - - - -

Huffaz Pipe 555 9.10 14.50 14.78 14.45 14.56 0.06 43683 16.75 12.25 - 30B - -

International Ind 1199 10.55 50.61 51.25 50.01 50.66 0.05 36327 54.00 44.00 - - 40 20B

Paid up Last 60 days 2009 2010

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

1,094.37 1,120.54 1,082.58 1,103.63 9.27 0.85

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

35,626 - - 1,186.83 mn 3,058.49 mn 1,103.63

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

5.59 0.42 7.47 25.28 4.52 1,073.66

Century Paper 707 - 16.39 16.79 16.15 16.49 0.10 11155 21.80 15.28 - 425R - -

Pak Paper Product 50 8.00 42.02 42.45 40.54 41.58 -0.44 536 62.85 38.61 20 - 25 33.33B

Security Paper 411 6.29 40.26 41.28 40.05 40.76 0.50 23935 41.50 38.00 50 - 50 -

Paid up Last 60 days 2009 2010

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

1,291.30 1,304.36 1,282.08 1,293.61 2.31 0.18

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

49,404,126 - - 52,251.88 mn 287,876.68 mn 1,293.61

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

8.06 2.82 35.00 48.81 6.05 1,255.59

Agritech Limited 3924 8.47 22.29 23.40 21.51 23.37 1.08 24200 25.38 20.26 - - - -

BOC (Pak) 250 11.70 84.50 85.50 84.05 85.14 0.64 3303 87.99 66.90 90 - 15 -

Clariant Pak 273 6.06 156.90 159.89 157.00 158.60 1.70 3487 164.89 149.72 125 - - -

Dawood Hercules XD 1203 7.15 174.45 175.05 165.73 172.46 -1.99 38913 185.00 162.00 40 10B 40 -

Descon Chemical 1996 - 2.57 2.60 2.50 2.54 -0.03 71251 2.90 1.78 - - - -

Descon Oxychem Ltd. 1020 - 7.23 7.34 7.00 7.24 0.01 226900 8.27 3.20 - - - -

Dewan Salman 3663 - 1.97 2.36 1.96 2.23 0.26 7452251 2.36 1.28 - - - -

Engro Corp. LtdSPOT 3277 10.33 188.09 189.47 186.40 187.96 -0.13 1142246 189.47 168.65 6010B 40R 40 -

Engro Polymer 6635 - 13.64 14.44 13.58 14.11 0.47 2131834 15.20 11.61 - 27.5R - -

Fatima Fertilizer 22000 - 10.00 10.25 9.85 10.18 0.18 830704 11.74 9.11 - - - -

Fauji Fertilizer XD 6785 8.26 114.00 114.69 113.80 113.94 -0.06 1212535 114.69 102.96 131.5 10B 95 -

Fauji Fert. Bin Qasim 9341 6.65 35.00 35.46 34.95 35.27 0.27 3359425 35.46 26.59 40 - 17.5 -

Gatron Ind 384 2.22 43.00 44.50 40.85 41.30 -1.70 2418 46.59 37.00 - - 20 -

Ghani Gases Ltd 725 8.77 11.60 11.70 11.50 11.58 -0.02 17250 13.85 7.41 - - - -

ICI Pakistan 1388 7.78 138.15 139.70 137.50 138.09 -0.06 451172 139.99 116.00 80 - 55 -

Lotte Pakistan 15142 4.58 12.59 12.98 12.52 12.83 0.24 32852889 12.98 7.85 5 - - -

Mandviwala 74 - 1.58 1.78 1.32 1.70 0.12 7875 2.75 0.80 - - - -

Nimir Ind Chemical 1106 - 1.55 1.61 1.52 1.55 0.00 192831 1.72 1.16 - - - -

Shaffi Chemical 120 - 2.43 2.74 2.05 2.44 0.01 25024 3.40 1.80 - - - -

Sitara Chem Ind 214 10.66 130.17 130.00 130.00 130.00 -0.17 500 139.40 101.00 75 - 25 5B

Sitara Peroxide 551 14.43 13.05 13.59 13.15 13.28 0.23 258570 14.69 7.67 - - - -

Wah-Noble 90 6.38 33.15 33.20 33.20 33.20 0.05 500 46.25 32.00 50 - 50 -

Paid up Last 60 days 2009 2010

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

905.79 914.84 898.06 906.07 0.27 0.03

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

55,083 - - 3,904.20 mn 30,216.36 mn 906.07

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

7.11 1.59 22.31 44.54 6.27 886.35

Abbott (Lab) 979 8.77 100.96 101.50 99.99 100.04 -0.92 23644 104.00 78.50 120 - 20 -

Ferozsons (Lab) 250 6.35 85.30 85.00 83.60 84.01 -1.29 5560 124.00 82.20 10 20B - 20B

GlaxoSmithKline 1707 13.49 74.81 75.50 74.50 75.02 0.21 7025 76.00 65.00 50 - - -

Highnoon (Lab) 165 7.30 26.40 26.40 25.52 26.37 -0.03 2100 26.98 22.60 25 - - -

Otsuka Pak 100 7.59 34.30 34.10 34.00 34.00 -0.30 600 35.00 27.50 15 - - -

Sanofi-Aventis 96 10.42 132.85 138.95 128.20 130.97 -1.88 2001 139.50 115.90 70 - - -

Searle Pak 306 5.51 61.20 61.50 61.00 61.25 0.05 14090 64.50 57.05 15 15B 30 -a

Paid up Last 60 days 2009 2010

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

728.57 734.03 723.90 732.06 3.49 0.48

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

2,213 - - 3,242.17 mn 12,680.19 mn 736.32

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

5.47 1.40 25.53 11.08 2.02 728.57

Pak Int Cont. Terminal 1092 7.15 71.31 71.75 71.50 71.51 0.20 1601 77.77 60.05 - 20B 40 -

PNSC 1321 38.03 34.54 35.00 33.06 34.99 0.45 612 41.00 33.06 30 - 15 -

Paid up Last 60 days 2009 2010

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

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

BOOK CLOSURES

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

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

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

Fauji Fertilizer Bin Qasim 14-Dec 20-Dec 12.50(iii) 06Dec -

Oil and Gas Development Co 14-Dec 21-Dec 15(i) 06Dec -

Mirpurkhas Sugar Mills 16-Dec 30-Dec 15.20(B) - 30Dec

Siemens Pakistan 20-Dec 29-Dec 600 8-Dec 29Dec

JS Investment # 21-Dec 27-Dec - - 27Dec

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Johnson & Philips 8.02 8.1 7.32 8.05 0.03 1002

Pakistan Cables 54.98 57.72 52.24 52.39 -2.59 542

TRG Pakistan Ltd. 4.19 4.35 4.16 4.21 0.02 2390363

Murree Brewery Co. 79.99 81 78.01 79.64 -0.35 6004

Shakarganj Food 1 1.06 1.05 1.05 0.05 2500

Shezan International 94.78 99.51 91 92.95 -1.83 2159

Lakson Tobacco 331.21 339.9 316 316.33 -14.88 629

Shifa Int.Hospitals 28.26 29.5 27.1 28.5 0.24 508

P.I.A.C.(A) 2.21 2.25 2.18 2.2 -0.01 129841

AKD Capital XD 52.03 53.94 50.3 51.07 -0.96 395

Pace (Pak) Ltd. 2.83 2.96 2.81 2.89 0.06 603983

Netsol Technologies 19.27 19.5 19.15 19.21 -0.06 181757

Symbols Open High Low Close Change Vol

Saturday, December 4, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 63.11 points at 11,406.66. Volume was 153 per

cent above average (trending) and Bollinger Bands were 12 per cent wider

than normal. As far as resistance level is concern, the market will see

major 1st resistance level at 11,447.55 and 2nd resistance level at

11,488.40, while Index will continue to find its 1st support level at 11,354.70

and 2nd support level at 11,302.70.

KSE 100 INDEX is currently 12.5 per cent above its 200-day moving aver-

age and is displaying an upward trend. Volatility is low as compared to the

average volatility over the last 10 trading sessions. Volume indicators

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

oscillators are currently bullish on INDEX. Momentum oscillator is current-

ly indicating that INDEX is currently in an overbought condition.

RSI (14-day) 79.00 Support 1 11,354.70

MA (5-day) 11,274.04 Support 2 11,302.70

MA (10-day) 11,218.23 Resistance 1 11,447.55

MA (100-day) 10,298.95 Resistance 2 11,488.40

MA (200-day) 10,139.28 Pivot 11,395.55

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed up 0.40 at 62.38. Volume was 354 per cent above average

(trending) and Bollinger Bands were 51 per cent wider than normal.

NML is currently 22.7 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 NML (bullish). Trend forecasting oscillators are

currently bullish on NML. Momentum oscillator is currently indicating that

NML is currently in an overbought condition.

*Arif Habib Ltd 65 Buy

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Positive

RSI (14-day) 75.72 Free Float Shares (mn) 175.80

MA (10-day) 58.75 Free Float Rs (mn) 10,966.40

MA (100-day) 49.52 ** NOI Rs (mn) 217.46

MA (200-day) 50.84 Mean 62.34

* Target price for Dec-10 & **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 0.63 at 31.05. Volume was 266 per cent above average

(trending) and Bollinger Bands were 1 per cent narrower than normal.

DGKC is currently 15.7 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 DGKC (mildly bullish). Trend forecasting oscilla-

tors are currently bullish on DGKC.

*Arif Habib Ltd 42 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 69.11 Free Float Shares (mn) 182.55

MA (10-day) 29.03 Free Float Rs (mn) 5,668.17

MA (100-day) 26.44 ** NOI Rs (mn) 37.09

MA (200-day) 26.84 Mean 30.77

* Target price for Dec-10 & **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 0.45 at 10.02. Volume was 454 per cent above average

(trending) and Bollinger Bands were 56 per cent narrower than normal.

BAFL is currently 0.6 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 BAFL (mildly bullish). Trend forecast-

ing oscillators are currently bearish on BAFL.

*Arif Habib Ltd 13 Buy

AKD Securities Ltd 10.25 Accumulate

TFD Research 14.01 Positive

RSI (14-day) 64.29 Free Float Shares (mn) 674.58

MA (10-day) 9.68 Free Float Rs (mn) 6,759.27

MA (100-day) 8.99 ** NOI Rs (mn) N/A

MA (200-day) 9.96 Mean 9.82

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed up 1.30 at 68.49. Volume was 292 per cent above average

(trending) and Bollinger Bands were 45 per cent narrower than normal.

NBP is currently 1.9 per cent above its 200-day moving average and is dis-

playing an upward 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 NBP (mildly bullish). Trend forecast-

ing oscillators are currently bullish on NBP.

*Arif Habib Ltd 84 Buy

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 61.97 Free Float Shares (mn) 318.37

MA (10-day) 66.74 Free Float Rs (mn) 21,804.95

MA (100-day) 66.09 ** NOI Rs (mn) 71.29

MA (200-day) 70.04 Mean 67.88

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

Technical Analysis Leverage Position

United Bank Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

UBL closed up 1.48 at 61.96. Volume was 441 per cent above average

(trending) and Bollinger Bands were 9 per cent wider than normal.

UBL is currently 8.7 per cent above its 200-day moving average and is dis-

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

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

erate flows of volume into UBL (mildly bullish). Trend forecasting oscillators

are currently bullish on UBL. Momentum oscillator is currently indicating

that UBL is currently in an overbought condition.

*Arif Habib Ltd 79 Buy

AKD Securities Ltd 56.82 Accumulate

TFD Research 78.44 Positive

RSI (14-day) 75.24 Free Float Shares (mn) 306.04

MA (10-day) 59.49 Free Float Rs (mn) 18,962.54

MA (100-day) 55.58 ** NOI Rs (mn) 2.20

MA (200-day) 56.98 Mean 61.29

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

Technical Analysis Leverage Position

Lucky Cement Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

LUCK closed up 0.79 at 76.46. Volume was 234 per cent above average

(trending) and Bollinger Bands were 0.01 per cent wider than normal.

LUCK is currently 8.0 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 LUCK (mildly bullish). Trend forecasting oscilla-

tors are currently bullish on LUCK.

*Arif Habib Ltd 97 Buy

AKD Securities Ltd 105.2 Buy

TFD Research 72.75 Neutral

RSI (14-day) 58.62 Free Float Shares (mn) 129.35

MA (10-day) 75.32 Free Float Rs (mn) 9,890.10

MA (100-day) 70.32 ** NOI Rs (mn) 24.26

MA (200-day) 70.81 Mean 76.09

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

Technical Analysis Leverage Position

Askari Bank Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

AKBL closed up 0.75 at 16.85. Volume was 822 per cent above average

(trending) and Bollinger Bands were 18 per cent narrower than normal.

AKBL is currently 2.9 per cent below its 200-day moving average and is

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

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

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

oscillators are currently bullish on AKBL.

*Arif Habib Ltd 22 Buy

AKD Securities Ltd 14.75 Neutral

TFD Research 23.67 Positive

RSI (14-day) 68.98 Free Float Shares (mn) 321.37

MA (10-day) 16.20 Free Float Rs (mn) 5,415.12

MA (100-day) 15.38 ** NOI Rs (mn) N/A

MA (200-day) 17.36 Mean 16.50

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,195.13 1,212.98 1,176.08 1,192.96 -2.17 -0.18

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

1,982,338 - - 29,771.58 mn 17,450.83 mn 1,195.13

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

19.11 0.42 2.21 104.74 8.51 1,148.51

1st Fid Leasing 264 8.50 1.53 1.69 1.35 1.36 -0.17 25452 2.24 1.01 - - - -

Allied Rental 600 3.22 15.50 15.50 15.10 15.20 -0.30 2600 17.00 13.50 15 - 22.5 -

AL-Meezan Mutual F. 1375 5.75 6.95 6.99 6.80 6.90 -0.05 24566 7.20 5.85 - - 18.5 -

B R R Guardian Mod. 780 3.89 1.79 1.87 1.70 1.71 -0.08 84531 2.37 0.90 - - 0 -

Constellation Modaraba 65 3.32 1.64 1.89 1.12 1.46 -0.18 5378 2.99 0.90 - - - -

Crescent St Modaraba 200 1.75 0.59 0.70 0.49 0.70 0.11 61063 1.10 0.25 - - 1.2 -

Elite Cap Modaraba 113 3.59 2.79 2.90 2.79 2.87 0.08 361000 3.09 1.65 4.5 - 5 -

Equity Modaraba 524 9.94 1.58 1.99 1.55 1.59 0.01 269458 2.37 0.76 - - - -

First Dawood Mutual F. 581 0.64 2.02 2.20 2.01 2.03 0.01 35020 2.24 1.30 - - - -

Golden Arrow 760 2.16 3.03 3.13 2.90 3.02 -0.01 61230 3.88 2.32 - - 17 -

Habib Modaraba 1008 5.70 6.65 6.64 6.60 6.61 -0.04 7001 6.74 5.66 20 - 21 -

JS Growth Fund 3180 54.88 4.53 4.50 4.25 4.39 -0.14 150768 4.55 2.65 - - 5 -

JS Value Fund 1186 16.00 4.48 4.70 4.41 4.48 0.00 246777 4.73 2.31 10 - 10 -

Meezan Balanced Fund 1200 6.06 6.15 6.30 6.00 6.30 0.15 37901 6.69 5.15 - - 15.5 -

Mod Al-Mali 184 10.30 1.09 1.18 1.00 1.03 -0.06 13781 2.18 0.56 - - - -

NAMCO Balanced Fund 1000 5.08 3.00 3.29 3.23 3.25 0.25 38119 3.70 2.25 5 - 15 -

Pak Prem Fund 1698 12.21 8.76 8.84 8.75 8.79 0.03 48152 9.39 7.00 - - 18.6 -

PICIC Energy Fund XD 1000 1.83 6.02 6.38 6.05 6.29 0.27 121916 6.38 4.20 - - 10 -

PICIC Growth Fund 2835 7.04 10.98 11.13 10.90 10.99 0.01 80870 11.20 7.90 - - 20 -

PICIC Inv Fund 2841 5.94 5.41 5.48 5.20 5.23 -0.18 64469 5.48 3.50 - - 10 -

Prud Modaraba 1st 872 2.05 0.96 0.98 0.90 0.90 -0.06 96553 1.20 0.76 - - 3 -

Punjab Modaraba XD 340 - 1.50 1.95 1.70 1.70 0.20 5002 2.54 0.50 - - 1 -

U D L Modaraba XD 264 1.64 5.65 5.79 5.75 5.79 0.14 140673 6.99 4.71 10 - 12.5 -

Paid up Last 60 days 2009 2010

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

428.77 448.55 429.42 441.03 12.26 2.86

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

12,489,071 - - 30,336.44 mn 30,510.95 mn 441.03

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

10.19 0.29 0.91 99.56 3.09 428.77

AMZ Ventures 225 1.32 0.55 0.63 0.53 0.58 0.03 32044 1.10 0.42 - - - -

Arif Habib Investments 360 3.45 18.00 18.39 17.40 17.54 -0.46 9098 19.98 13.00 - - - 20B

Arif Habib Limited 450 13.51 26.04 26.60 26.15 26.48 0.44 38169 34.00 24.40 15 25B - 20B

Arif Habib Corp 3750 4.73 25.36 25.92 25.45 25.72 0.36 2411093 27.02 20.90 - - 30 -

Dawood Equities 250 - 2.00 2.23 2.00 2.00 0.00 10001 2.70 1.51 - - - -

Grays Leasing 215 - 1.39 1.90 0.60 1.61 0.22 508 2.90 0.18 - - - -

IGI Investment Bank 2121 16.56 2.63 2.90 2.60 2.65 0.02 344811 2.90 1.17 - - - -

Invest Bank 2849 - 0.60 0.81 0.60 0.65 0.05 59110 1.00 0.44 - - - -

Ist Cap Securities 3166 - 3.50 3.59 3.46 3.50 0.00 32586 4.80 2.54 - 10B - 10B

Ist Dawood Bank 626 0.68 1.92 2.14 1.82 1.90 -0.02 10262 2.84 1.31 - - - -

Jah Siddiq Co 7633 - 12.50 13.35 12.58 13.18 0.68 11052726 14.05 8.80 -243.778B 10 -

JOV and CO 508 - 4.21 4.40 4.10 4.18 -0.03 112809 5.38 1.96 - - - -

JS Global Cap 500 8.11 30.00 30.50 30.00 30.17 0.17 4351 40.00 24.25 150 - - -

JS Investment 1000 29.29 6.88 7.15 6.90 7.03 0.15 384078 7.59 5.10 - - - -

KASB Securities 1000 - 4.54 4.59 4.10 4.41 -0.13 12705 4.70 3.20 - - - -

Orix Leasing 821 4.78 6.66 7.10 6.50 6.50 -0.16 11248 7.29 4.50 - - - -

Pervez Ahmed Sec 775 - 2.23 2.50 2.23 2.32 0.09 374143 2.70 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.52 0.65 0.53 0.57 0.05 137 0.86 0.42 - - - -

Paid up Last 60 days 2009 2010

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

963.51 968.17 960.89 962.53 -0.98 -0.10

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

5,125 - - 2,290.72 mn 11,082.21 mn 963.51

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

98.51 3.79 3.85 355.53 3.61 935.87

East West Life 455 - 3.62 4.62 3.00 3.00 -0.62 501 4.62 2.05 - 10R - 20R

EFU Life Assurance 850 47.38 83.36 83.75 83.00 83.39 0.03 2114 86.95 51.25 5513.33B - -

New Jub Life Insurance 627 32.13 47.83 47.87 47.87 47.87 0.04 2510 49.14 39.68 10 - - -

Paid up Last 60 days 2009 2010

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

1,068.52 1,101.24 1,062.77 1,089.29 20.76 1.94

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

41,632,255 - - 257,548.02 mn 664,447.18 mn 1,089.29

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

7.74 1.08 13.94 40.49 5.23 1,051.80

Allied Bank Limited 7821 6.07 61.94 63.00 61.31 62.42 0.48 421300 63.00 48.51 40 10B 20 -Askari Bank 6427 8.02 16.10 17.10 15.96 16.85 0.75 4393752 17.10 14.05 - 20B - -Atlas Bank 5001 - 1.65 1.69 1.52 1.64 -0.01 190943 2.55 1.50 - - - -Bank Alfalah 13492 12.85 9.57 10.15 9.55 10.02 0.45 11316740 10.19 7.65 8 - - -Bank AL-Habib 7322 7.33 34.00 34.48 34.00 34.01 0.01 496419 34.49 29.10 20 20B - -Bank Of Khyber 5004 5.69 4.15 4.33 3.85 4.27 0.12 29005 4.70 2.50 - - - -Bank Of Punjab 5288 - 9.55 9.93 9.52 9.72 0.17 2540591 10.59 7.56 - - - -BankIslami Pak 5280 850.00 3.27 3.45 3.31 3.40 0.13 166246 3.88 2.70 - - - -Faysal Bank XB 7309 4.73 14.19 14.75 14.06 14.66 0.47 788822 17.10 12.85 - - - 20BHabib Bank Ltd 10019 7.08 108.03 113.43 108.07 113.42 5.39 949966 113.43 92.55 60 10B - -Habib Metropolitan Bank 8732 7.65 24.24 25.35 24.80 25.01 0.77 87841 26.74 18.02 10 16B - -JS Bank Ltd 6128 - 2.70 2.75 2.60 2.61 -0.09 165505 3.00 2.00 - - - 66RKASB Bank Ltd 9509 - 2.66 2.75 2.54 2.74 0.08 15089 2.90 2.03 - 26B - -MCB Bank Ltd XD 7602 9.22 205.44 210.49 203.50 208.07 2.63 2484041 210.49 182.61 110 10B 55 -Meezan Bank 6983 8.34 15.50 15.80 15.10 15.76 0.26 54730 16.32 14.05 - 5B - -Mybank Ltd 5304 - 2.29 2.60 2.30 2.40 0.11 212648 2.75 1.66 - - - -National Bank 13455 5.98 67.19 68.85 66.99 68.49 1.30 10745853 70.75 61.50 75 25B - -NIB Bank 40437 - 2.85 2.97 2.86 2.95 0.10 710587 3.18 2.46 - - - -Royal Bank Ltd 17180 - 4.91 4.98 4.85 4.98 0.07 15123 8.18 3.91 - - - -Samba Bank 14335 - 1.79 1.86 1.72 1.80 0.01 209053 2.65 1.51 - - -63.46RSilkbank Ltd 26716 - 2.70 2.79 2.68 2.71 0.01 447038 3.08 2.50 - - - -Soneri Bank 6023 - 7.19 7.38 7.08 7.24 0.05 28695 8.00 5.01 - - - -Stand Chart Bank 38716 12.31 7.92 8.80 7.80 8.00 0.08 10670 8.80 6.00 - - - -Summit Bank Ltd 5000 - 3.23 3.68 3.13 3.48 0.25 223575 3.80 2.30 - - - -United Bank Ltd 12242 7.28 60.48 62.23 60.50 61.96 1.48 5151597 62.23 49.90 25 10B 10 -

Paid up Last 60 days 2009 2010

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

755.96 766.82 751.68 760.08 4.12 0.55

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

1,439,903 - - 11,111.34 mn 47,183.37 mn 760.08

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

12.44 0.65 5.20 79.54 6.39 746.44

Adamjee Insurance 1237 23.82 81.95 83.30 81.90 82.18 0.23 849589 84.45 63.05 30 10B 10 -

Paid up Last 60 days 2009 2010

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

1,625.54 1,628.59 1,544.77 1,560.23 -65.31 -4.02

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

4,058,175 - - 12,202.80 mn 33,366.57 mn 1,637.30

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

9.91 1.13 11.41 66.79 6.74 1,560.23

Sui North Gas XD 5491 8.13 28.53 28.24 27.11 27.32 -1.21 3095112 34.75 25.55 - - 20 -Sui South Gas 8390 3.30 22.77 23.00 21.64 21.89 -0.88 963063 30.70 19.60 - - 15 25B

Paid up Last 60 days 2009 2010

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

1,239.12 1,254.18 1,237.54 1,241.80 2.68 0.22

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

16,256,040 - - 95,369.29 mn 101,262.46 mn 1,241.80

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

13.54 1.27 9.35 104.13 7.69 1,235.80

Genertech 198 - 0.83 1.04 0.81 0.81 -0.02 25805 1.45 0.51 - - - -

Hub Power 11572 6.67 36.49 36.71 36.35 36.41 -0.08 2172083 37.05 32.75 33.5 - 50 -

Japan Power 1560 - 1.85 1.98 1.71 1.84 -0.01 89860 2.25 1.20 - - - -

KESC XR 7932 - 2.33 2.40 2.30 2.34 0.01 377787 2.50 1.94 - 31R - 7.8R

Kohinoor Energy 1695 10.48 18.90 19.25 18.85 18.87 -0.03 10326 26.50 17.95 45 - 15 -

Kohinoor Power 126 2.92 4.79 4.79 4.26 4.79 0.00 1231 6.10 4.09 - - - -

Kot Addu Power 8803 4.82 39.65 39.85 39.60 39.69 0.04 202085 42.95 38.35 64.5 - 50 -

Nishat Chunian Power Ltd 3673 3.29 14.79 15.38 14.90 14.99 0.20 4674484 15.38 9.80 - - - -

Nishat Power Ltd 3541 25.44 15.60 16.08 15.57 15.77 0.17 8279000 16.10 9.75 - - - -

Southern Electric 1367 - 2.17 2.24 2.15 2.18 0.01 381975 2.90 2.05 - - - -

Tri-star Power XD 150 - 1.07 1.16 1.00 1.07 0.00 41401 1.75 0.33 3 - - -

Paid up Last 60 days 2009 2010

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

1,151.95 1,170.59 1,145.75 1,158.93 6.99 0.61

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

3,547,682 - - 50,077.79 mn 80,232.23 mn 1,158.93

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

6.28 0.81 12.84 62.56 9.97 1,128.56

Pak Datacom 78 4.94 79.71 80.00 79.99 80.00 0.29 1400 117.99 78.00 70 - 80 -Pakistan Telecomm Co A 37740 13.16 19.61 19.85 19.51 19.74 0.13 2770799 20.12 17.55 15 - 17.5 -Telecard XD 3000 0.67 2.28 2.35 2.25 2.26 -0.02 70688 2.69 1.80 - - 1 -WorldCall Tele 8606 - 2.60 2.78 2.58 2.62 0.02 704795 2.98 2.31 - - - -Wateen Telecom Ltd 6175 - 3.50 3.60 3.50 3.52 0.02 505682 4.50 3.35 - - - -

Paid up Last 60 days 2009 2010

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

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

Atlas Insurance 369 5.96 37.00 37.50 37.20 37.50 0.50 4400 37.89 27.10 40 10B - -

Central Insurance XB 279 6.83 62.50 62.50 60.10 60.10 -2.40 542 64.80 47.37 20 25B 10 10B

Century Insurance 457 7.08 11.38 11.47 11.33 11.33 -0.05 1100 12.00 9.42 - - - -

EFU General Insurance 1250 - 45.84 46.65 45.30 46.17 0.33 11774 48.63 34.76 40 8.7B - -

Habib Insurance 400 3.07 12.50 12.90 12.50 12.90 0.40 2644 12.90 10.04 35 - - -

IGI Insurance 718 16.88 90.41 91.00 91.00 91.00 0.59 200 92.89 68.01 35 - 10 20B

New Jub Insurance 791 15.77 57.90 58.50 56.00 58.50 0.60 3700 60.50 52.21 30 20B - -

Pak Reinsurance 3000 42.13 16.39 16.58 16.25 16.43 0.04 548203 17.20 12.50 30 - - -

PICIC Ins Ltd 350 - 6.82 6.99 6.52 6.97 0.15 201 8.30 1.66 - - - -

Premier Insurance 303 5.68 10.01 10.50 10.10 10.50 0.49 17030 10.50 8.00 20 15B - -

Silver Star Insurance 253 4.35 7.00 7.66 7.00 7.00 0.00 502 8.17 6.00 - 20B - -

UPTO 100 VOLUME

SLCL 2.49 2.90 2.90 2.90 0.41 100

TRIBL 1.61 1.70 1.70 1.70 0.09 100

SHCM 10.90 9.90 9.90 9.90 -1.00 100

SHJS 91.12 95.60 95.25 95.60 4.48 88

CJPL 0.78 0.80 0.63 0.80 0.02 78

FRCL 2.25 2.23 1.51 2.18 -0.07 63

WYETH 958.46 1006.37 951.00 1006.25 47.79 62

NESTLE 2196.78 2259.00 2150.00 2187.26 -9.52 61

HUSS 10.00 11.00 9.00 11.00 1.00 53

ULEVER 4109.60 4124.99 4005.00 4105.00 -4.60 48

MQTM 6.80 7.80 7.00 7.78 0.98 47

FNEL 8.13 9.00 8.15 8.98 0.85 39

DCM 1.50 1.59 1.15 1.55 0.05 39

PAKMI 1.00 1.15 1.15 1.15 0.15 30

HINO 139.00 141.95 139.01 139.01 0.01 26

ISTM 5.98 6.49 6.49 6.49 0.51 20

FIBLM 2.70 3.69 2.01 3.53 0.83 16

PKGI 7.08 7.00 6.11 6.90 -0.18 13

RMPL 1879.33 1972.00 1860.00 1972.00 92.67 11

DINT 25.92 26.49 26.49 26.49 0.57 10

TSML 34.00 34.00 34.00 34.00 0.00 8

BROT 0.35 0.98 0.56 0.58 0.23 7

HWQS 19.75 20.75 18.90 20.75 1.00 7

SCM 8.78 8.85 8.85 8.85 0.07 5

SCLL 2.31 2.99 2.60 2.60 0.29 5

AGIC 11.01 11.45 11.45 11.45 0.44 5

DMTM 5.00 5.98 4.25 4.25 -0.75 5

PAKT 117.62 119.90 119.90 119.90 2.28 5

NATM 8.10 7.10 7.10 7.10 -1.00 4

GAIL 4.56 4.79 4.29 4.29 -0.27 4

FHBM 6.89 6.98 6.67 6.83 -0.06 3

GUSM 6.16 7.10 6.51 6.51 0.35 3

COLG 893.96 852.00 852.00 852.00 -41.96 3

UPFL 1065.00 1113.00 1100.00 1104.33 39.33 3

DIIL 10.85 11.83 9.91 11.19 0.34 3

PHDL 34.01 33.00 32.50 33.00 -1.01 3

CPMFI 4.44 5.44 4.75 5.10 0.66 2

IFSL 6.99 7.90 7.89 7.90 0.91 2

FZTM 390.29 408.99 404.99 408.99 18.70 2

NAGC 16.49 17.00 17.00 17.00 0.51 2

PRET 28.50 29.00 29.00 29.00 0.50 2

ALTN 9.10 10.10 10.10 10.10 1.00 2

STCL 8.85 8.60 8.25 8.43 -0.42 2

FIMM 51.50 54.00 54.00 54.00 2.50 1

TRSM 1.57 1.50 1.50 1.50 -0.07 1

NMBL 1.45 1.50 1.50 1.50 0.05 1

GADT 47.99 47.99 47.99 47.99 0.00 1

IDYM 266.00 274.95 274.95 274.95 8.95 1

SLYT 3.99 3.82 3.82 3.82 -0.17 1

PRWM 13.97 14.95 14.50 14.50 0.53 1

SMTM 6.30 5.75 5.75 5.75 -0.55 1

YOUW 1.50 1.50 1.50 1.50 0.00 1

BHAT 249.79 262.25 262.25 262.25 12.46 1

HUSI 9.70 10.69 10.64 10.64 0.94 1

ZAHT 3.30 3.98 3.98 3.98 0.68 1

AASM 25.50 24.61 24.50 24.61 -0.89 1

LIBM 56.50 58.60 58.60 58.60 2.10 1

TRPOL 1.00 0.60 0.60 0.60 -0.40 1

BAFS 58.90 61.84 61.84 61.84 2.94 1

FRSM 20.10 20.50 20.50 20.50 0.40 1

SMCPL 5.81 5.99 5.99 5.99 0.18 1

THCCL 18.50 19.40 19.40 19.40 0.90 1

SEL 18.51 18.51 18.51 18.51 0.00 1

DWAE 0.78 0.78 0.78 0.78 0.00 1

TREI 1.97 2.20 2.20 2.20 0.23 1

ETNL 21.50 22.00 22.00 22.00 0.50 1

BAPL 8.83 8.80 8.80 8.80 -0.03 1

BUXL 9.60 9.25 9.25 9.25 -0.35 1

ICL 28.60 28.75 28.75 28.75 0.15 1

PGCL 20.36 20.70 20.70 20.70 0.34 1

IBLHL 8.19 8.65 8.65 8.65 0.46 1

GRAYS 51.54 54.11 54.11 54.11 2.57 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

NML-DEC 62.06 63.74 62.30 62.72 0.66 3070000

DGKC-DEC 30.52 31.50 30.20 31.09 0.57 834000

POL-DEC 275.22 278.50 275.00 276.96 1.74 628000

NBP-DEC 67.83 69.49 67.60 69.06 1.23 625500

MCB-DEC 206.12 210.50 205.51 208.20 2.08 219500

ANL-DEC 11.39 11.68 11.41 11.45 0.06 204000

ENGRO-DEC 187.93 188.80 186.16 187.47 -0.46 203000

PSO-DEC 288.02 290.20 287.25 288.99 0.97 132000

FFBL-DEC 34.16 34.68 34.20 34.34 0.18 104000

LUCK-DEC 76.43 77.40 76.00 77.05 0.62 57500

AICL-DEC 82.62 84.00 82.75 82.86 0.24 52000

PPL-DEC 203.61 205.25 202.72 203.01 -0.60 45000

PTC-DEC 19.75 19.90 18.75 19.88 0.13 43000

NCL-DEC 22.95 23.90 23.35 23.60 0.65 13000

BOP-DEC 9.68 10.30 9.80 10.00 0.32 13000

UBL-DEC 60.65 62.15 61.00 61.51 0.86 11000

OGDC-DEC 164.20 164.98 164.11 164.36 0.16 2500

AICL-CFEB 85.22 0.00 0.00 85.41 0.19 0.00

AKBL-CFEB 16.74 0.00 0.00 17.51 0.77 0.00

ANL-CFEB 11.72 0.00 0.00 11.83 0.11 0.00

ATRL-CFEB 134.78 0.00 0.00 128.35 -6.43 0.00

BAFL-CFEB 9.95 0.00 0.00 10.41 0.46 0.00

Symbols Open High Low Close Change Vol

ZERO VOLUME

BAWS 2.50 2.55 2.55 2.55 0.05 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 58.38 3.20 3.10 3.40 3.50 3.30

Allied Bank Limited 79.33 61.50 60.55 63.15 63.95 62.25

Attock Cement 50.03 62.40 62.10 63.10 63.50 62.80

Arif Habib Corp 56.42 25.50 25.25 25.95 26.15 25.70

Arif Habib Limited 48.54 26.20 25.95 26.65 26.85 26.40

Adamjee Insurance 63.50 81.60 81.05 83.00 83.85 82.45

Askari Bank 68.98 16.20 15.50 17.30 17.80 16.65

Azgard Nine 55.67 11.25 11.10 11.55 11.75 11.40

Attock Petroleum 55.92 321.50 319.25 326.45 329.20 324.25

Attock Refinery 57.49 120.95 118.45 128.20 132.90 125.65

Bank Al-Falah 64.29 9.65 9.30 10.25 10.50 9.90

BankIslami Pak 55.24 3.35 3.25 3.45 3.55 3.40

Bank.Of.Punjab 56.95 9.50 9.30 9.90 10.15 9.70

Dewan Cement 65.00 1.80 1.70 2.10 2.25 1.95

D.G.K.Cement 69.11 30.30 29.50 31.65 32.30 30.90

Dewan Salman 70.61 2.00 1.80 2.40 2.60 2.20

Dost Steels Ltd 56.65 2.80 2.65 3.05 3.15 2.90

EFU General Insurance 58.33 45.45 44.70 46.80 47.40 46.05

EFU Life Assurance 66.13 83.00 82.65 83.75 84.15 83.40

Engro Chemical 67.44 186.40 184.85 189.50 191.00 187.95

Faysal Bank 48.20 14.25 13.80 14.90 15.20 14.50

Fauji Cement 47.71 4.90 4.85 5.00 5.05 4.95

Fauji Fert Bin 77.49 35.00 34.70 35.50 35.75 35.25

Fauji Fertilizer 68.66 113.60 113.25 114.50 115.05 114.15

Habib Bank Ltd 76.98 109.85 106.30 115.20 117.00 111.65

Hub Power 66.04 36.25 36.15 36.65 36.85 36.50

ICI Pakistan 69.49 137.15 136.25 139.35 140.65 138.45

Indus Motors 63.02 258.30 254.20 265.20 268.00 261.10

J.O.V.and CO 56.54 4.05 3.95 4.35 4.55 4.25

Japan Power 65.15 1.70 1.55 1.95 2.10 1.85

JS Bank Ltd 45.89 2.55 2.50 2.70 2.80 2.65

Jah Siddiq Co 44.21 12.75 12.25 13.50 13.80 13.05

Kot Addu Power 47.61 39.55 39.45 39.80 39.95 39.70

K.E.S.C 62.73 2.30 2.25 2.40 2.45 2.35

Lotte Pakistan 77.62 12.60 12.30 13.05 13.25 12.80

Lucky Cement 58.62 75.75 75.00 76.95 77.45 76.25

MCB Bank Ltd 60.47 204.20 200.35 211.20 214.35 207.35

Maple Leaf Cement 46.07 2.70 2.55 3.00 3.15 2.85

National Bank 61.97 67.35 66.25 69.25 69.95 68.10

Nishat (Chunian) 54.30 22.65 22.40 23.35 23.75 23.10

Netsol Technologies 53.07 19.10 18.95 19.45 19.65 19.30

NIB Bank 58.76 2.90 2.80 3.00 3.05 2.95

Nimir Ind.Chemical 55.02 1.50 1.45 1.60 1.65 1.55

Nishat Mills 75.72 61.70 61.05 63.10 63.85 62.45

Oil & Gas Dev. XD 72.95 165.35 164.60 167.10 168.10 166.35

PACE (Pakistan) Ltd. 51.31 2.80 2.75 2.95 3.05 2.90

Pervez Ahmed Sec 57.33 2.20 2.10 2.45 2.60 2.35

P.I.A.C.(A) 45.54 2.15 2.10 2.25 2.30 2.20

Pioneer Cement 41.63 7.00 6.85 7.20 7.25 7.05

Pak Oilfields 69.23 273.15 271.15 277.55 279.90 275.55

Pak Petroleum 63.42 201.15 200.00 204.40 206.45 203.20

Pak Suzuki 47.01 73.15 72.55 74.15 74.55 73.55

P.S.O. XD 59.67 285.25 283.90 288.20 289.85 286.85

P.T.C.L.A 59.20 19.55 19.35 19.90 20.05 19.70

Shell Pakistan 52.64 196.85 196.00 198.75 199.75 197.85

Sui North Gas 31.14 26.90 26.45 28.00 28.70 27.55

Sitara Peroxide 56.52 13.10 12.90 13.55 13.80 13.35

Sui South Gas 36.38 21.35 20.80 22.70 23.55 22.20

Telecard 46.85 2.25 2.20 2.35 2.40 2.30

TRG Pakistan 51.53 4.15 4.05 4.30 4.45 4.25

United Bank Ltd 75.24 60.90 59.85 62.60 63.30 61.55

WorldCall Tele 51.28 2.55 2.45 2.75 2.85 2.65

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

ICC Textiles Ltd 4-Dec 11:00

JS Investment Ltd 6-Dec 10:30

Mehran Sugar Mills 7-Dec 11:00

Byco Petroleum Limited 7-Dec 1:00

Hala Enterprises Ltd 8-Dec 10:30

Sigma Leasing Corporation Ltd 8-Dec 11:00

Fauji Fertiliser Bin Qasim Ltd 23-Dec 10:30

BOARD MEETINGS

Company Date Time

Saturday, December 4, 2010 8

Karan Joharto launch

Mahesh Bhattdaughter

Alia Bhatt, youngestdaughter of the promi-nent director-producer

Mahesh Bhatt and SoniRazdaan is all set to mark herdream debut in Bollywoodwith a Karan Johar film.

Also, the movie will star twoother newcomers, DavidDhawan's son, Varun andSidharth Malhotra and will beco-produced by ShahrukhKhan.

Initially, Karan was to onlyproduce the film, but he hasnow decided to direct the filmas well. In fact, this will be thefirst time that Karan himselfwill be directing a film with allnewcomers.

Rumor has it that the talent-ed 17-year-old starkid willsoon enter Bollywood withKaran Johar's yet untitledlove-triangle, opposite VarunDhawan.

Karan to launch Alia Bhatt?While Mahesh Bhatt's elder

daughter with Razdaan,Shaheen chose writing as hercareer, Alia had been wantingto act since two years and herfather's production company,Vishesh Films had been wait-ing for a suitable project tolaunch her.

A source close to the unitrevealed, “But Bhatt’s produc-tion house ,Vishesh Films,kept her under wraps and shewas hardly seen at Bollywoodfunctions.

“After signing Varun andSidharth, Karan was lookingfor a third promising newcom-er, until he found talent in Aliaand called her for auditions.”

“The couple’s chemistry wasunbeatable. Alia was alsoauditioned with Siddharthbecause Karan is making thisfilm with a love triangle.”

Interestingly, Varun andSidharth have earlier assistedKaran in 'My Name Is Khan'.Although no formalannouncements have beenmade till now, sources revealthat SRK too might do acameo in the film.

Given it's a Karan Joharmovie, and King Khan hislucky mascot, lets see if themovie recreates the magic of'Kuch Kuch Hota Hai'.

When contacted, daddyMahesh Bhatt said, “This issomething that only the pro-duction houses concernedcan answer. I cannot trespassinto their domain. As far as Iam concerned, Alia is stillstudying.”

The shock under whichthe industry was reelingdue to the failure of

GUZAARISH, got compound-ed this week when BREAK KEBAAD took a dull initial.

On the whole, Break KeBaad is entertaining break(interval) ke pehle but not halfas entertaining, break ke baad.Given its reasonable cost (lessthan Rs. 30 crore) on the onehand and its impressive recov-eries from non-theatrical rev-enue streams on the other, itshould prove to be just aboutan earning proposition in spiteof a weak start.

Break Ke Baad, starringImran Khan and DeepikaPadukone and directed bydebut-making directoe DanishAslam, released on 26-11-’10.Publicity: good. Opening wasweak at most places.

Among Friday’s other releas-es, Allah Ke Banday hasproved to be a non-starter andwill go largely unnoticed main-ly because it has nothing newto offer. The Sharman Joshi,Nasseruddin Shah and FarukKabir starrer received a lukewarm response on Friday.Publicity: average. Openingwas poor in Bombay and dulleverywhere.

Except for a bit of titillation

value, Barbara Mori’s SpanishBeauty (‘The Beautiful Wife’in English) doesn’t have muchto hold the audience interest.Publicity: alright. Openingdull.

K.C. Bokadia’s KhudaKasam, starring Sunny Deoland Tabu, which also saw arelease on November 26th, is aweak fare and will do well onlyin a few small centres. The filmlooks dated and stale becauseof the script. Also, it is a factthat the film had been in themaking for many years.Publicity: poor. Opening wasweak at most places but fair inmass centres.

Tony Scott’s Unstoppable –Tabahi Express (Unstoppablein English), starring DenzelWashigton and Chris Pine, is afair entertainer, but the climax,which does not live up to therest of the drama, is a dampen-er. Publicity: good. Openingwas below the mark at mostplaces.

Break Ke Baadopens badly

Renowned folk and ghaz-al singer Abida Parveenhas undergone angiog-

raphy and angioplasty aftersuffering from a mild cardiacarrest in Lahore, media reportssaid on Sunday.

The 56-year-old, who lives inKarachi, was visiting Lahorefor a performance when shecomplained of chest pain andwas immediately rushed to ahospital. After performingsome initial tests, the doctorsimmediately recommendedangiography and angioplastythat was done Sunday.

"Abida is still under observa-tion in the intensive-care unit(ICU) of Lahore's premierDoctors' Hospital".

Her close family friendNajeeb Sultan, talking tomedia, said that "her conditionis now out of danger andrequested the fans to pray forher early recovery."

Sarwar, who is treating AbidaParveen, told IANS: "She isrecovering well and is likely tobe discharged from hospital infour-five days. There isabsolutely no danger of her notbeing able to sing after thisoperation. She can performvery much like before afterrecovering completely." AbidaParveen is known for singingSufi songs and is equally popu-lar in Pakistan and India for herspell-binding renditions andperformances. She has per-formed all over the world dur-ing her career spanning morethan three decades has alsobeen decorated with president'spride of performance award inPakistan. Some of her popularsongs are "Duma dum mastqalandar", "Tere Ishq nachaya"and "Ho jamalo", the singercroons in various languages -Urdu, Sindhi, Seraiki, Punjabiand Persian.

Abida recoveringafter cardiac arrest

Oscar-winnerReese getsHollywood

star

Oscar-winner ReeseWitherspoon has beensaluted with a star on

Hollywood Boulevard.The "Walk the Line" actress

unveiled her Hollywood Walkof Fame honor on Wednesdayoutside the W HollywoodHotel. It's the 2,425th star dedi-cated on the celebrated avenue.

The ceremony was designedto coincide with the Dec. 17release of Witherspoon's latestmovie, "How Do You Know,"co-starring Paul Rudd andOwen Wilson, and written anddirected by James L. Brooks.

In 2006, Witherspoon wonthe best-actress AcademyAward for her portrayal of JuneCarter Cash in "Walk the Line."

Her credits also include"Pleasantville," "CruelIntentions," "Sweet HomeAlabama" and "LegallyBlonde."

PM inquiresShamim

Ara’s health,gives Rs0.5mn

Prime Minister Syed YusufRaza Gilani inquired afterShamim Ara, a renowned

film artiste and producer, at theNational Hospital here onSunday.

The prime minister declaredShamim Ara an asset to thenation, appreciated her contri-bution to art and presented her a

cheque of Rs 500,000. Hedirected doctors to take specialcare of the artiste.

On the occasion, husband ofShamim Ara informed theprime minister that she had noplace to live in after leaving thehospital as her residence hadbeen illegally occupied andoccupants were demanding Rs50 million to return possession.

Gilani assured her husbandthat he would personally takeinterest to ensure justice to herin this regard.

MUMBAI: Bollywood actress and Sony Ericsson brand ambassador Kareena Kapoorattends the Sony Ericsson Contest winner event at India's 'Shopper Stop' store.-Reuters

Bollywood Hot andBeauty now act in sameframe Deepika and

Katrina to act in Housefull 2 -the latest gossips in the town.

This news is popular due toRanbir Kapoor talk in the airthat Bollywood actressDeepika Padukone and KatrinaKaif who were not on talkingterms as Ranbir Kapoorshowed a soft corner forKatrina has now patched up.

Sources have stated thatDeepika and Katrina will beseen together in “Housefull 2”.

For the sequel of“Housefull”, Sajid Khan hastry to roped in actors such asKatrina Kaif, Paresh Rawal,John Abraham and NanaPatekar to join the original castAkshay Kumar, RiteishDeshmukh, Arjun Rampal andDeepika Padukone.

Director Sajid Khan statedthat the film is still in the

scripting stage and that it is justJohn Abraham, Akshay Kumarand Riteish Deshmukh whohave been finalized for thefilm.

So wait and watch anothergreat films with Akshay Kumar, Now these days the market ofAkshay Kumar is not goinggood so he need a super films.

Meanwhile, There wererecent reports that SanjayLeela Bhansali has signedKareena Kapoor for his nextfilm, Bajirao Mastani.However, the reports are far

from being true.A close hand to Sanjay Leela

Bhansali reveals, "SanjayLeela Bhansali hasn't signedKareena. He is still on thescripting stage. He has still notthought about the cast."

It can be recalled that SanjayLeela Bhansali wanted to castSalman Khan and AishwaryaRai Bachchan for BajiraoMastani but had to shelve theproject in 2003 after theirbreak-up. Let's wait and watchwho does Bhansali cast thistime around.

Katrina, Deepikain Housefull ‘2’

Kareena not finalised by Sanjay Leela Bhansali yet

The “Old World” Style ofDecorating is one thatbrings all of the ele-

ments of nature into play.Metals, clay, stone, wood, andcountless other elements com-bine to create an atmospherethat is as charming as it is age-less. This is what old-worldmeans in a modern kitchen.Despite the idea that this wouldbe an inexpensive method ofdecorating the truth is that thisstyle of decorating for akitchen, probably more so thanany other room in the home,can add up fairly quickly. Thegood news is that the resultsare typically breath takingwhen all is said and done.

The kitchen of a home isoften the family center. This isthe room in which meals areprepared and sometimes eaten.It is also the room where fami-lies congregate and discussplans for the evening and theevents of the day. It is often thelocation in which homework iscompleted and heartaches arecommiserated with pints of icecream. Your kitchen is the oneroom in the home that willprobably experience moreemotional moments than anyother room in your home. For

this reason it makes perfectsense that it would be the mostexpensively and extensivelydecorated room within yourhome.

When beginning with thewalls for an old-world kitchenyou may want to consider plas-ter or some soft of faux finishthat looks like plaster in orderto give the walls of yourkitchen a truly ancient appear-ance. Aged yellows and shadesof gold are an excellent choicefor these walls as it will blendnicely with the terra cotta andstone accents that should gracethe remainder of the kitchen aswell as the darkly stainedwoods. Of course the walls arejust the beginning.

You will want to insure that

the lighting doesn’t go againstthe old world home decoratingthat you are incorporating bybeing too modern and bright inappearance. Wrought iron lightfixtures and chandeliers aswell as low light wall sconceswork wonderfully in an old-world style kitchen. Keep inmind that many of the old stylehome decorating ideas canspill over into the rest of yourhome from your kitchen or canbe used in order to set yourkitchen apart as the warm cen-ter of your home. Either way akitchen such as this will makea stunning impression.

Candles may also be used inorder to enhance the old worldappearance of your kitchen. Ofcourse candles are a great

touch in every room of thehouse as far as I am concerned.They can be used to create anatmosphere, set a mood, orsimply as a method of adding asubtle hint of fragrance to theair. In addition to candles,grapes are another great addi-tion to an old-world stylekitchen. From wine to the sim-ple pleasure of grapes straightoff the vine these tasty fruitsare almost a must in a kitchenof this nature.

Wrought iron wine rackslarge and small are a commonaddition to most kitchens ofthis nature. These racks may beused to hold wine as intendedor can be used for other cre-ative purposes such as to holdkitchen towels or some othercreative means for those whodo not drink wine.

Pottery and terra cotta arealso welcome additions in thistype of kitchen. They, muchlike the plaster, the colors, thewood, and the stone add anoth-er degree of warmth to a roomthat simply exudes warmth andcharm to all who enter. Usepottery to hold commonly usedutensils, straws, toothpicks,fruits, and vegetables that donot require refrigeration.

Old World Style

MUMBAI: Indian Bollywood actress Neha Dhupia poses at a press conference for theforthcoming Hindi film Phanse Gaye re Obama' in Mumbai.-Reuters

KUALA LUMPUR: Malaysiapalm oil futures rose 0.4 percent on Friday, extending gainsfor a fifth day, as traders tookpositions on worries over possi-ble supply shortages and onfirmer grain markets.

Industry analyst DorabMistry, head of Indian-basedGodrej International, saidMalaysian palm oil futures willhit 3,600 ringgit ($1,141) inDecember and January on tightglobal vegetable oil supplies,driven by underperformingpalm oil output in top suppliersIndonesia and Malaysia.

"The period of greatest tight-ness will be between Februaryand May 2011 and we needprices to rise now in order torein in demand and to stimulateplantings," Mistry told an

industry conference on theIndonesian island of Bali.

Oil World's Thomas Mielkeand LMC Chairman James Fryalso said Malaysian palm oilfutures are set to rise sharply inthe first quarter of 2011 in thethree-day conference.

The Malaysian crude palm oilcontract was up 16 ringgit to3,516 ringgit ($1,115) a tonne.Overall traded volume rose to12,897 lots of 25 tonnes each,compared to the usual 10,000lots. Other vegetable oils were

mixed. US soyoil for Decemberdelivery fell 0.1 in Asian trad-ing hours, while the most activeSept. 2011 soyoil contract onChina's Dalian CommodityExchange inched up.

China will release a further100,000 tonnes of rapeseed oilfrom state reserves on Dec.7, aspart of efforts to cool foodprices ahead of traditional holi-days, according to an officialannouncement posted on a gov-ernment grain trading website. -Reuters

Palm oil gains for 5thday on supply concerns

9Saturday, December 4, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1320 1260

January (3rd Wednesday) 1320 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for December 02 2010

LME Official Prices, US$ per tonne for December 02 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2210 2325.5 8711 2291.5 23670 25400 2198 2210

Cash seller 2220 2326 8711.5 2292 23675 25450 2198.5 2220

3-months buyer 2180 2350 8670 2313 23700 25400 2207 2240

3-months seller 2190 2352 8670.5 2318 23750 25450 2207.5 2250

15-months buyer 2135 2412 8405 2268 23285 25000 2245 2260

15-months seller 2145 2417 8415 2273 23385 25050 2250 2270

27-months buyer 2135 2457 8005 2230 22670 2225 2310

27-months seller 2145 2462 8015 2235 22770 2230 2320

LONDON METAL EXCHANGE (METALS)

LONDON: Gold jumpedabove $1,400 an ounce onFriday and was headed for itsbiggest weekly gain sinceApril after US jobs data castdoubt on the strength of the USeconomic recovery, sendingthe dollar tumbling 1 per cent.

Spot gold rose to a high of$1,408.35 an ounce and wasbid at $1,406.95an ounce at 1612GMT against$1,384.75 late inNew York onThursday, ontrack for itsbiggest one-dayrise since Nov. 4.

US gold futures forDecember delivery climbed$18.90 an ounce to $1,407.4.

"(The data) indicates we arenot out of the woods yet interms of what direction the USeconomy is going to be head-ing," said Saxo Bank analystOle Hansen.

"We saw a lift in gold andthat probably stems from thecontinued recovery of the euroagainst the dollar. The dollar'sseen some weakness here after

the number, and that's justgiven gold the opportunity totest back through the $1,400level, which has been a bit of aresistance point all week."

Meanwhile, a bold plan toslash the US budget deficit fellshort of winning support need-ed from a presidential commis-sion to trigger congressional

action but was expected to helpshape future budget debates.

Gold is also supported by lin-gering concerns that the euro-zone debt crisis could spread toSpain and Portugal.

Spain's Economy MinisterElena Salgado said on FridaySpain would not be the next inline for a rescue package fromEurope.

On the investment side of themarket, the world's largestgold-backed exchange-traded

fund, the SPDR Gold Trust,said its holdings rose to1,298.447 tonnes by Dec. 2.

The world's largest silverETF, the Shares Silver Trust,said its holdings slipped to10,778.68 tonnes by Dec 2from 10,782.69 tonnes on Dec1.

Metals consultancy GFMSforecast silverwould averagearound $30 anounce in 2011,peaking at$35, whilegold wouldpeak at some$1,600-1,650

an ounce, and average $1,400.It expected global platinum

market to see a surplus ofabout 25 tonnes in 2010, whichwill continue to pressureprices.

Silver tracked gold higher,trading up 2.63 per cent at$29.26 an ounce, while plat-inum rose 1 per cent to$1,724.99. Palladium gained1.8 per cent to trade at $773.2,just off a fresh 9-year high of$776.22. -Reuters

Gold jumps above$1,400 after US data

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Friday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmillFeb11/Apr11 972.00+4.00,May11/Jul11 975.00+4.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Feb11/Apr11985.00+5.00, May11/Jul11985.00+3.00, Aug11/Oct11943.00-2.00, Nov11/Jan12945.00.

SUNOIL: EU dlrs tonneextank six ports optionFeb11/Mar11 1415.00+0.00,Apr11/Jun11 1380.00+10.00,Jul11/Sep11 1400.00+10.00.

LINOIL: Any origin dlrstonne extank RotterdamDec11/Jan12 1290.00+15.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Dec101182.50+10.00, Jan111180.00+7.50, Feb11/Mar111175.00+10.00, Apr11/Jun111155.00+10.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Jan11 1207.50,Feb11/Mar11 1200.00.

PALMOIL: RBD dlrs tonnefob Malaysia Jan111162.50+22.50, Feb11/Mar111155.00+25.00.

PALM OLEIN: RBD dlrstonne fob Malaysia Jan111172.50, Feb11/Mar111165.00, Apr11/Jun111145.00+12.50, Jul11/Sep111125.00.

PALM STEARIN: Dlrs tonnefob Malaysia Dec101120.00+5.00, Jan11 1120.00.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Dec10 1010.00+5.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamDec10/Jan11 1590.00+0.00,Jan11/Feb11 1590.00+0.00,Feb11/Mar11 1590.00+0.00.

CASTOROIL: Any origindlrs tonne extank RotterdamFeb11/Mar11 1925.00+0.00. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

3-Dec-2010 CRUDE100 JA11 US$ Per Barrel 86.74 88.30 86.50 88.15 145 87.87 88.15 119

3-Dec-2010 CRUDE100 FE11 US$ Per Barrel 87.00 88.58 86.96 88.58 39 88.28 88.58 27

3-Dec-2010 CRUDE100 MA11 US$ Per Barrel 87.60 88.92 87.60 88.92 - 88.59 88.92 -

3-Dec-2010 SILVER - SL500 JA11 US$ Per Troy Ounce 28.43 28.99 28.35 28.71 114 28.92 28.71 49

3-Dec-2010 SILVER - SL500 FE11 US$ Per Troy Ounce 28.38 28.72 28.38 28.72 - 28.93 28.72 -

3-Dec-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1390.00 1398.50 1384.00 1388.20 1,348 1392.10 1388.20 963

3-Dec-2010 GOLD 01oz FE11 US$ Per Troy Ounce 1389.00 1399.10 1384.30 1388.70 1,782 1392.70 1388.70 1,139

3-Dec-2010 GOLD 01oz MA11 US$ Per Troy Ounce 1390.30 1400.50 1386.00 1389.80 786 1393.70 1389.80 235

3-Dec-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1388.30 1388.30 1388.20 1388.20 - 1392.10 1388.20 -

3-Dec-2010 GOLD 100oz FE11 US$ Per Troy Ounce 1390.30 1399.30 1384.10 1388.70 75 1392.70 1388.70 5

3-Dec-2010 GOLD 100oz MA11 US$ Per Troy Ounce 1389.90 1389.90 1388.70 1388.70 - 1393.70 1389.80 -

3-Dec-2010 GOLD DE10 Per 10 grms 38471.00 38471.00 38225.00 38275.00 14 38360.00 38275.00 5

3-Dec-2010 GOLD JA11 Per 10 grms 38237.00 38400.00 38100.00 38287.00 8 38371.00 38287.00 26

3-Dec-2010 GOLD FE11 Per 10 grms 38315.00 38315.00 38302.00 38302.00 - 38386.00 38302.00 -

3-Dec-2010 KILOGOLD DE10 Per 10 grms 38261.00 38261.00 38248.00 38248.00 - 38333.00 38248.00 -

3-Dec-2010 KILOGOLD JA11 Per 10 grms 38272.00 38272.00 38248.00 38248.00 - 38344.00 38259.00 -

3-Dec-2010 TOLAGOLD50 DE10 Per Tola 44640.00 44640.00 44624.00 44624.00 - 44724.00 44624.00 -

3-Dec-2010 TOLAGOLD100 DE10 Per Tola 44640.00 44640.00 44624.00 44624.00 - 44724.00 44624.00 -

3-Dec-2010 MINIGOLD MON Per 10 grms 39338.00 39338.00 39311.00 39311.00 - 39396.00 39311.00 -

3-Dec-2010 MINIGOLD TUE Per 10 grms 39379.00 39379.00 39352.00 39352.00 - 39438.00 39352.00 -

3-Dec-2010 MINIGOLD WED Per 10 grms 39393.00 39393.00 39366.00 39366.00 - 39451.00 39366.00 -

3-Dec-2010 MINIGOLD THU Per 10 grms 39406.00 39406.00 39380.00 39380.00 - 39465.00 39380.00 -

3-Dec-2010 MINIGOLD FRI Per 10 grms 39324.00 39393.00 39324.00 39393.00 - 39479.00 39393.00 -

3-Dec-2010 TOLAGOLD MON Per Tola 45000.00 45218.00 45000.00 45187.00 1 45287.00 45187.00 40

3-Dec-2010 TOLAGOLD TUE Per Tola 45266.00 45266.00 45234.00 45234.00 - 45334.00 45234.00 1

3-Dec-2010 TOLAGOLD WED Per Tola 45258.00 45281.00 45250.00 45250.00 1 45350.00 45250.00 -

3-Dec-2010 TOLAGOLD THU Per Tola 45040.00 45297.00 44940.00 45265.00 17 45366.00 45265.00 11

3-Dec-2010 TOLAGOLD FRI Per Tola 45202.00 45281.00 45202.00 45281.00 - 45382.00 45281.00 -

3-Dec-2010 IRRI6W 09DE10 Per 100 kg 2402.00 2402.00 3287.00 3287.00 - 3300.00 3287.00 -

3-Dec-2010 RICEIRRI - 6 DE10 Per 100 kg 3315.00 3315.00 3294.00 3294.00 - 3315.00 3294.00 -

3-Dec-2010 RBD PALMOLEIN DE10 Per Maund 4822.00 4830.00 4822.00 4830.00 - 4822.00 4830.00 -

3-Dec-2010 KIBOR3M 10-Dec Per Rs. 100 86.53 86.54 86.53 86.54 - 86.53 86.54 -

3-Dec-2010 KIBOR3M 11-Mar Per Rs. 100 85.46 85.93 85.46 85.93 - 85.91 85.93 -

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

Tokyo rubber

slips on

profit-takingBANGKOK: Tokyo rubberfutures edged lower on Fridayas investors took profits toavoid risk ahead of the week-end, especially after pricesfailed to break resistance at 375yen, dealers said.

The benchmark rubber con-tract on the Tokyo CommodityExchange for May delivery fell1.3 yen to settle at 370.4 yen($4.43) per kg.

But the most active Shanghairubber contract for May deliv-ery rose 665 yuan to settle at32,365 yuan ($4,860) pertonne. Tokyo rubber futureshad risen more than 2 per centon Thursday, tracking gains instock markets, with positiveglobal economic data providingadditional support.

The euro was firm on Fridayafter talk of bigger bond buyingby the European Central Bank,while a surprise jump in USpending home sales boostedrisk appetite in general andweighed on the dollar. TOCOMrubber was expected to rise fur-ther next week as tight supplyon the physical market and firmoil prices should lend furthersupport, dealers said. -Reuters

MUMBAI - INDIA: Farmers jump from a heap of sugarcanes loaded on a tractor outside of a

sugar mill at Morinda in the northern Indian state of Punjab. -Reuters

LONDON: Copper steadiedon Friday after weaker-than-expected US jobs data dentedconfidence in the demand out-look, but the metal held nearrecord highs, with the dollar'slosses after the figures provid-ing some support.

Hitting investor confidence,US employment increased farless than expected inNovember and the jobless ratejumped to a seven-month highof 9.8 per cent, dampeninghopes for a self-sustaining eco-nomic recovery.

Benchmark copper on theLondon Metal Exchange wasuntraded at the close but waslast quoted at $8,725/8,730 atonne versus $8,720 atThursday's close. It hit a ses-sion low of $8,646 after thedata. The metal, used in powerand construction, nonethelessstands close to record highs of$8,966 a tonne hit on Nov 11.

Up some 6 per cent on theweek at the time LME tradingclosed, the metal was on track toclose out its best weekly gainsince July on the exchange'selectronic trading system.Upbeat economic reports out ofthe euro-zone had stoked someconfidence in the outlook forbase metals demand.

Also bolstering prices was astrike at a top copper mine,Chile's Collahuasi, whileinventories in general declinecould also underpin prices nextweek -- if the strike continues,said investment bank Fairfax.

"Falling inventories and thecontinued strike at theCollahuasi mine in Chile, maypush prices up further next

week," it said.Inventories of four of the six

LME metals rose, the mostrecent exchange data showed,as traders tidy books and deliv-er metal into LME sheds toreduce cost of holding invento-ry over the year end.

Copper stocks rose by 1,200tonnes, data showed on Friday,however, stockpiles in LME-bonded warehouses have fallenby over one third sinceFebruary to at 353,625 tonnesand remain close to the lowestlevels in over one year.

The premium for cash copperover the three-month bench-mark has eased to $55 fromalmost $63.50 on Thursday.

LME aluminium was lastquoted at $2,319/2,320 versus$2,355, while nickel -- usedmostly by the stainless steelsector -- was at $23,500 against$23,700 a tonne.

Lead, which rallied over sixper cent on Thursday, was lastquoted at $2,338/2,340 from$2,374, while zinc traded at$2,219.5 a tonne, down fromthe $2,260 close.

Tin, used in electrical solder,was at $25,550 versus $25,500from Thursday. -Reuters

Copper steady, weak $supports after US data

LONDON: Oil fell from two-year highs on Friday after close-ly watched US jobs data missedexpectations, while North SeaBrent crude futures held above$90 due to the extreme coldweather covering much ofEurope.

US crude futures for Januaryfell 17 cents to $87.83 a barrel by1427 GMT, slipping back fromthe highest settlement price of$88.00 at Thursday's close.

ICE Brent crude futures weretrading at $90.61 a barrel, after

briefly touching a fresh two-yearhigh of $91.13 earlier on Friday.

US employment barely grewin November and the jobless rateunexpectedly jumped to a seven-month high.

"That was a very bad number,"Thorbjørn Bak Jensen withGlobal Risk Management inDenmark said.

Further pressure on oil pricesmay come from China. Therehave been signs that China maytighten its monetary policy fur-ther.

China will switch to a prudentmonetary policy from a moder-ately loose stance, theCommunist Party's top leadersdecided on Friday, a change that

could pave the way for moreinterest rate increases and lend-ing controls, the state Xinhuanews agency reported.

China and the United Statesare the world's top two energyconsumers.

Any slowdown to its economymay dent its immediate energydemand and cap any gains in oilprices.

Still, oil is likely to mark aweekly gain this week as a slewof US and Chinese economicdata earlier in the week showed

upbeat readings.North Sea benchmark ICE

Brent crude has risen moresharply, gaining about 5.8 percent so far this week, due partlyto the Arctic weather freezingmost parts of Europe and boost-ing energy demand in the shortterm. The price structure of Brentfutures has flipped into backwar-dation, or premiums on theprompt contract to longer-dated,which reflects the tightening ofthe immediate fundamentals.

The recent gains to the peakshave prompted major banks, JPMorgan Chase and GoldmanSachs, to place their long-termoil price forecasts above $100this week. -Reuters

Oil slips from 2-yearhigh on weak US data

Cocoa rises

on disputed

Ivorian electionLONDON: Cocoa prices roseon Friday on political tensionsin top grower Ivory Coast whilesugar and coffee advancedagainst a backdrop of support-ive fundamentals.

Banks were shut and portactivity slow in Ivory Coast'seconomic capital Abidjan onFriday after a bitter disputeover the outcome of the presi-dential election promptedauthorities to shut all interna-tional borders.

Dealers said cocoa prices hadrisen sharply as investors whohad gone short on the back offavourable crop prospects inWest Africa took cover as con-cerns grew that shipments outof the Ivory Coast were likelyto face delays.

They noted, however, theadvance may have been over-done.

March cocoa on Liffe stood30 pounds higher at 1,953pounds a tonne at 1543 GMT,building on a 60 pound advanceon Thursday as the political sit-uation in Ivory Coast becameincreasingly tense. Marchcocoa on ICE rose $49 to$2,917 a tonne.

Sugar futures were higher,boosted by tightening supplieswith the outlook for crops inseveral countries diminishing.

New York sugar may riseexplosively to 30.42 cents as ithas come to a critical pointindicated by a contractingwedge, and a tiny rise or fallwould trigger a big gain or loss,Reuters market analyst WangTao said. March raws rose 0.28cent or 1.0 per cent to 28.73cents a lb after briefly edgingabove the key 29.00 level witha session high of 29.05 cents.

March whites on Liffe stood$7.80 higher at $735.70 atonne.

Coffee futures also advancedas the market remained under-pinnned by tight supplies ofquality arabicas.

ICE second-month arabicacoffee futures were up 2.25cents or 1.1 per cent at $2.0595per lb while Liffe second-month robustas were up $15 at$1,863 per tonne. -Reuters

Indian sugar

extends lossesMUMBAI: India's spot sugarprice extended its losing streakinto a fourth straight day onFriday, hit by excessive sup-plies and as demand remainedweak, dealers said.

The country has made avail-able 1.5 million tonnes of non-levy sugar for December, high-er than 1.4 million tonnes it hadreleased for November, thegovernment said in a statementon Tuesday.

Non-levy, or free-sale, sugaris sold by millers in the openmarket, but the quantity eachmill can sell is fixed by the fed-eral government on a monthlybasis.

"Millers have lowered pricesin tenders to sell allocatedquota for the month," saidShrikant Karwa, a sugar dealerbased in Phaltan, Maharashtra.

In Kolhapur, a key market intop-producing Maharashtrastate, the most traded S-varietyfell by 0.36 per cent to 2,786rupees ($61.77) per 100 kg. -Reuters

NEW YORK: US cottonfutures shot limit-up Thursdayfor the second straight sessionon speculative buying and tightsupplies as the market's rallyreignited, analysts said.

Key March cotton rose its 5-cent limit to $1.2634 per lb,with the session low at $1.2234.The market had lost nearly afifth in value since scaling arecord peak of $1.5723 on Nov.10. Lou Barbera, cotton special-ist at brokerage VIPCommodities, said speculativeaccounts which liquidated whenthe market corrected lower afterhitting record highs last month

were coming back into the mar-ket.

Investors were particularlyencouraged by the fact that sup-plies will be tight in the firstquarter of 2011 because alarge part of the cotton inthe US, the world's leadingexporter, has already beensold, he said.

Key May futures on theZhengzhou CommodityExchange was last done at26,200 yuan per tonne onThursday, up 900 yuan on theday.

The pace of US cotton exportsremained robust as well. US

Agriculture Department's week-ly export sales report showedtotal US cotton sales at 636,900running bales (RBs, 500-lbseach), more than double last

week's sales. Volume traded so far though

was on the light side, with deal-ings standing around 13,000lots, around two-thirds belowthe 30-day average at 36,000lots, preliminary ThomsonReuters data showed. -Reuters

US cotton limit up onspeculative buying

Shanghai copper

ends higherShanghai copper inventories

fell 5 per cent from a weekearlier to 116,797 tonnes thisweek, the Shanghai FuturesExchange said. Shanghai'sthird-month copper gained280 yuan to close at 65,480yuan per tonne, after falling aslow as 64,600 yuan earlier.

US cotton early-tradeThe benchmark March cotton contract on

ICE Futures US rose its 6-cent limit to tradeat $1.3234 per lb, and was trading 5.62cents up at $1.32 at 1426 GMT.

US non-farm payrolls for November miss expectations

10Saturday, December 4, 2010

A view of the Paris Boat show at Paris’Porte de Versailles exhibition centre

2010 hasbeen great,says Nadal

MADRID: Spain's RafaelNadal, who won three succes-sive Grand Slam titles this year,that 2010 has been "fantastic".

"I think it has been a fantasticyear in my life, to have ended atthe level that I did is a great sat-isfaction," he said during aninterview with Spanish newsradio Cadena Ser.

The 24-year-old finished theyear firmly atop the world rank-ings despite losing to RogerFederer in the ATP TourChampionship final in Londonon Sunday.

"I can only congratulateRoger because he was betterthan everyone, better than meand for that reason he has thetrophy at home," he said.

Nadal has 12,450 points,3,305 ahead of Federer, whomhe replaced at the top after win-ning the French Open andWimbledon during the summer.

He went on to win the USOpen, while Federer took theyear's first Grand Slam title inAustralia making him only theseventh man in history to com-plete a coveted career GrandSlam, winning the world's fourmain tennis tournaments -- theUS, French and AustralianOpens and Wimbledon.-Online

ISLAMABAD: Former WorldSquash Champion QamarZaman has said his services willalways be there for promotion ofsquash and training of childrenwho want to play the game.

"After seeing huge talent inyoung players, I have offered myservices as a coach without anycharges to train junior playersplaying at Benazir Bhutto SquashComplex," Qamar told APP.

Recalling his win at BritishOpen in 1975, he said, "The hap-piest moment of my life was theone when I defeated Geoff Huntof Australia in a battle which last-ed for 2 hours and 17 minutes.The then prime minister ShaheedZulfikar Ali Bhutto promptly

congratulated me on phone fromAmerica. I was full of joy andproud when Pakistani flag washoisted in Wimble CentreLondon."

He said he won 100International matches andremained World Champion in1975, 1978 and 1980. "I wasWorld No. 2 for 11 times, whichis still a record," he added.

Answering a question, Qamaradded that he was interested inthe game of squash since child-hood but, being poor, his fathercould not afford rackets and ballswith which his son could play butthis never dampened his spiritand zeal and he practiced with ataped broken ball.-APP

Qamar Zamanrenders services

for squash

KARACHI: The Sardars ofBalochistan clinched the NBPTwenty20 Disabled PentangularCricket Tournament with aneasy 52 runs victory overFederal Area Mahraja's in thefinal at National Stadium hereon Friday which also markedthe World Disabled Day.

Leg-spinner Omaiz-ur-Rehman, who had problem inthe leg, took three wickets for26 runs and opener MajidHussain (68) and JahanzaibTiwana (52 not out) played thekey role in their team's triumph.

Inserted to bat first, Sardars ofBalochistan piled up 196 for the

loss of three wickets in their 20overs.

Majid Hussain, who hadtwisted leg, smashed fiveboundaries in his 68 off just 48deliveries. Jahzanzaib, whoseboth foots are twisted, blasted aquickfire unbeaten 56 in 22balls hoisting three sixes andhitting as many boundaries.

Federal Areas Mahraja's inreply were restricted to 144-8 in20 overs. Captain Major.Hasnain, whose foot was serious-ly damaged in a mine blast, top-scored for his team scoring 38 in25 balls, striking three bound-aries and lifting one six.-APP

B’stan winsPDCA disabled

T20 tourney

Staff Reporter

KARACHI: The PakistanCricket Board (PCB) is consid-ering using China as a neutralvenue for its internationalcricket events, Chinese statemedia said Friday, amid securi-ty concerns in Pakistan.

The official Xinhua newsagency cited sources as sayingthat the board's director JavedMiandad had submitted areport to the PCB suggestingits management "take special

steps to finalise China as a neu-tral venue."

"We should take immediateand solid steps to decide thisissue soon before the timepasses away," Miandad wasquoted as saying.

Pakistan became a no-go areafor cricket's leading nations afteran armed attack on the Sri Lankateam bus in Lahore in March lastyear killed eight people, andinjured seven Sri Lankan playersand their assistant coach.

Pakistan was due to host

matches in next year's WorldCup. But the attack on the SriLanka bus saw the tournamentrestricted to the three remain-ing Asian Test nations of India,Bangladesh and Sri Lanka.

Even before the Lahore inci-dent, countries such asAustralia had refused to tourPakistan, where thousands havedied in a decade of conflict.

The security situation ledPakistan to play its "home"series against Australia inEngland this year.

China likely to be nextneutral venue for PCB

ZURICH: There is no point incountries like England,Australia or the United Statesbidding to host World Cupfinals in the future until FIFAchanges its voting system,England's bid chief AndyAnson said on Friday.

He also said that he believedEngland's bid was fatally dam-aged when FIFA presidentSepp Blatter warned executivecommittee members of the"evils of the media" just beforethey voted.

Russia won the right to stagethe 2018 finals on Thursdaywhile England, who expectedat least "seven or eight votes"were knocked out in the first

round with just two includingone from their own representa-tive.

Anson told a news briefingon Friday that some FIFAmembers told him they turnedoff England's bid by theBritish BroadcastingCorporation's Panorama docu-mentary and the SundayTimes' investigations into cor-ruption at FIFA.

Asked if he would adviseEngland to bid again Ansonsaid: "I would say right nowdon't bother until you knowthat the process is going tochange to allow bids like oursa chance to win.

"When you have the best

technical bid, fantastic inspec-tion visits and the best eco-nomic report, and from whatpeople told us the best presen-tation yesterday -- it's quitehard to stomach that seemed tocount for absolutely nothing.

"Having only 22 guys votinggives them too much powerand influence." Running twobids together for 2018 and2022 was clearly a huge mis-take.

"Everyone who had a voteand a bid clearly wanted totrade that vote for somethingthat helped them get over theline in that campaign.

"Australia had a very goodbid they got one vote, we had

a very good bid and we gottwo, the United States had anunbelievably strong technicalbid and got three.

"Six votes in the first roundbetween those three, there'ssomething not quite right.

"For me this is an issue andFIFA needs to look at theprocess, because it makes iteasy for formidable competi-tors like Russia and Qatar togain influence."

He suggested that FIFA con-sider reverting back to theirold method of choosing hostsby a much bigger vote takenby all of its 208-members.That was the method useduntil the early 1970s.

UNHELPFUL BLATTERRegarding Blatter's interven-

tion, Anson said: "I think thatwas unhelpful -- the last thingthose guys needed to hearbefore they go and tick the boxis the evil of the media is nothelpful and actually inaccurate.

"There was a final sum-upbefore they voted and I think itwas at the beginning of that.That's not helpful to our cause."

Anson admitted that thedefeat was hard to accept and hefelt totally let down.

"I still find it hard to under-stand what happened. I'm notgoing to beat around the bush --individual members promised tovote for us and didn't clearly.

"That's difficult to stomachwhen they have given youassurances. They are saying tous that our media killed us but Idon't believe that for oneminute, but that's what we arebeing told.

"Russia did a lot of last-minute lobbying and votesappeared to switch at the lastminute -- we know someswitched in the early hours ofthe morning. We are not naiveand we were up until 5am, weleft no stone unturned."

"But I would advise any futureEngland bid team not to bother,until the system changes. It isvery hard to look some people inthe eye this morning."-Reuters

Eng rejects FIFA bidding system

Samuel Eto’oloses appeal

against3-game ban

MILAN: Inter Milan strikerSamuel Eto'o has lost hisappeal against a three-matchSerie A ban for headbuttingbut a 30,000 euro ($39,570)fine has been dropped, theItalian soccer federation saidin the statement on Thursday.

The Cameroonian, topscorer for last season's treblewinners this term, head-butted Chievo defenderCesar in the chest duringInter's 2-1 defeat last monthin similar fashion toZinedine Zidane's assault onMarco Materazzi in the 2006World Cup final.

Eto'o has already servedthe first game of the ban, the5-2 win over Parma onSunday, and will missFriday's game at Lazio andthe home game with Napolion Jan 6.

Inter, fifth in Serie A, are atthe Club World Cup in theUnited Arab Emirates fromDec 10.-Reuters

Ronaldo fitto fire vsValencia

MADRID: Real Madrid'sPortuguese star CristianoRonaldo, who injured anankle earlier this week, is fitto join the squad that willface Valencia in a leaguematch on Saturday, coachJose Mourinho said onFriday.

"Cristiano Ronaldo isfine... He will play againstValencia," Mourhino told anews conference.

Real said on Wednesdaythat Ronaldo had an inflamedtendon in his right ankle. The25-year-old striker, theworld's most expensive play-er, took part in Real's humili-ating 5-0 pasting by arch-rivals Barcelona on Monday.

The 2008 FIFA WorldPlayer of the Year has startedall 13 league matches thisseason as well as all fiveChampions League matches,and scored a total of 18goals.

Real are in second place inthe league with 32 points,two fewer than Barcelona,following their loss to theCatalan side.-Agencies

Farhatthreatens tosue Majeed

Monitoring Desk

LAHORE: Imran Farhat, thePakistan opener, is consideringlegal action against MazharMajeed, the player agentallegedly at the centre of thespot-fixing scandal engulfingthe Pakistan team. Farhat wasnamed by Majeed on Tuesdayin fresh video footage as one ofseven players he has workingwith him.

"Instructions have been givento our lawyer in London to senda notice to Mazhar Majeed," asource close to Farhat told aninternational website. "We wantMajeed to clarify and prove whathe has said, or at least admit thatwhat he has said was uninten-tional and incorrect. Otherwisewe will take legal action fordefamation against him.

The possibility that Majeedtook Farhat's name mistakenly,the source said, is being consid-ered. "He might have been talk-ing about someone else andFarhat's name came up by acci-dent but this has to be clarifiedby him."

A Pakistani TV channel,broadcasted previously unseenvideo footage in which Majeedtakes the names of four morePakistani players who, heclaimed, work with him. Thefootage was shown as an exhib-it in the ICC's provisional sus-pension hearings of SalmanButt and Mohammad Amir,held in October in Dubai, andwas part of the evidence sub-mitted by ICC against the threesuspended players linked to thespot-fixing scandal.

Farhat was part of Pakistan'ssquad in the series againstSouth Africa but was droppedfor the tour of New Zealand.

KARACHI: Pakistan's one-day captain Shahid Afridi onFriday questioned nationalselectors' decision to drop sen-ior players Shoaib Malik andKamran Akmal from the squadfor New Zealand tour, sayingthat it would affect preparationsfor the 2011 World Cup.

"I am definitely not happywith the way we are preparingfor this mega event. I think weneed to have experienced play-ers like Kamran Akmal andShoaib Malik in the team (forthe New Zealand tour)," Afriditold reporters.

The outspoken all-roundersaid that the media should ask

the Pakistan Cricket Board andselectors why Kamran andMalik were not included in thesquad.

"I think the media should askthe board because we needexperience players for a majortournament like the World Cupand you can't expect to go intosuch a big event with a youngand inexperienced side," Afridisaid.

The national selectors ignoredsenior players Kamran, Malik,Rana Naved and DanishKaneria while announcing theTest and Twenty20 teams forthe New Zealand tour startingthis month.

Afridi also urged the selectorsto announce a pool of playersfor the World Cup as soon aspossible so that the playerscould gel together and startpreparing for the mega event.

"We need to work with a poolof players as soon as possible,"he said.

Afridi declined to make anypredictions about how Pakistanwould perform in the WorldCup next year being held inIndia, Sri Lanka andBangladesh.

"In modern day cricket, it isvery difficult to make any pre-dictions about who will win theWorld Cup.-Agencies

Afridi concerned overaxing of Kamran, Malik

ADELAIDE: Pace bowlerJames Anderson finally foundhis footing on Australian soilwith a spellbinding display ofpace and movement to putEngland in charge of the sec-ond Ashes test on Friday.

After being hit all over theplace on the last Ashes tourfour years ago, many ques-tioned whether a bowler whorelied on swing as much asAnderson does would ever betruly effective on Australiantracks.

The 28-year-old partlyanswered the question withsome fiery spells in the firsttest in Brisbane but on aremarkable first day of the sec-ond test in Adelaide, the wick-ets finally fell and the hostswere skittled out for 245 on abatsman-friendly strip.

"I'm a much different bowlerto the one who came out herefour years ago," the quietly-spoken Lancastrian toldreporters after taking 4-51.

"I think I'm much more expe-rienced and I've gradually got

better over the last few years,so it's nice to bowl well outhere but I didn't think I hadanything to prove."

Anderson's figures on theAdelaide wicket were impres-sive enough but the namesattached to the first three wick-ets -- Ricky Ponting, MichaelClarke and Shane Watson --added more lustre to his tally.

Ponting and Clarke's dis-missal formed part of the mag-ical opening that saw thetourists reduce the Australiansto two runs for three wickets inthe third over.

TONE SETAnderson said it was the run-

out of Simon Katich by a directhit from team mate JonathanTrott on the fourth ball of theday that had set the tone.

"I thought it was a fantasticbit of fielding, he kept his com-posure when he could've pan-icked and we just took it fromthere," he added.

Anderson said he had tried toput the first test behind himafter bowling superbly --

Australia's Brad Haddin saidhis spell with the new ball wasamong the toughest he hadfaced in test cricket -- but end-ing up with just two wickets.

"I did bowl well there, I felt Ibowled really well there,"Anderson said. "But the worstthing to do would be to feelsorry for yourself and not bowlwell here. So I just wanted tocontinue the form I felt I was inand I think I did that."

On Friday, Andersonreturned to take the new ball atthe end of a long, hot day andwas rewarded with his fourthwicket, helping bring to a closeAustralia's innings for a mod-est total.

"It was a hugely satisfyingday for everyone to come to aground which has a notorious-ly flat pitch (and) keep them tosuch a low score," he said.

"There'll probably be a trickyperiod in the morning when theball's new, so if we can getthrough that, get a big partner-ship then hopefully we cancatch them up."-Reuters

Anderson makesmark in Australia

ADELAIDE: Australia's Hussey is hit by the ball during the first day of the secondAshes cricket test against England.-Reuters

11Saturday, December 4, 2010

International & Continuation

CONTINUATION

Euro zonePMI boosted

by strongGerman

performanceLONDON: The euro zone'sservice sector economy pulledahead in November thanks tostrengthening German andFrench business, but debt-bur-dened Ireland and Spain contin-ued to lag behind, business sur-veys showed on Friday.

The Markit EurozoneServices Purchasing ManagersIndex (PMI), which surveysmore than 2,000 businessesranging from banks to hotels,rose in November to 55.4 from53.3 in October and beating anearlier flash estimate of 55.2.

This marks the 15th monththe index has kept above the 50mark that divides growth fromcontraction, largely thanks tostrong private sector recoveriesin the biggest of the 16 eurozone economies, Germany andFrance.

However, surveys releasedearlier on Friday showed theSpanish service sector indecline and Ireland's in stagna-tion -- a divergence from theprosperous euro zone corewhich survey compiler Markitwarned could worsen in com-ing months.

"Germany's recovery goesfrom strength to strength asservice providers and con-sumers feel the benefit fromexport-led growth," said ChrisWilliamson, chief economist atMarkit.

"But austerity measures andeconomic uncertainty are hit-ting consumer confidence inthe debt-laden countries."

Underlining the divergence,Williamson noted that businessexpectations in Germany hittheir second highest in almostseven years while Irish confi-dence in the future saw thebiggest monthly deteriorationsince the collapse of LehmanBrothers.-Reuters

we - that is involved in our relationship, and we would expectthat to continue," he added.

Responding to another question, Crowley said that USSecretary of State Hillary Clinton had telephoned PakistanPresident Asif Ali Zardari to "regret the fact that cables werereleased."-Online

Continued from page 12No #1

Cancun from November 29 to December 10.Temperatures have already risen by about 0.8 degree C since

pre-industrial times. The Cancun talks are trying to build on anonbinding deal at the Copenhagen summit last year to limit over-all temperature rises to 2 degrees C (3.6 degrees F). Curbs prom-ised by emitters led by China and the United States are too littleto reach the goal. Cancun will seek a modest package of measures,including a new "green fund" to help channel aid to developingnations, a new mechanism to share clean technologies and to pro-tect carbon-absorbing tropical forests.

The WMO said warming had been especially strong in Africa,parts of Asia and parts of the Arctic. Pakistan, hit by devastatingfloods, recorded a record temperature of 53.5 degrees C (128.30F), the warmest in Asia since 1942. Environmentalists said thedata should spur action in Cancun. "This is yet another warningfrom the planet that it is feeling the heat," said Wendel Trio, inter-national climate policy director for Greenpeace.Jarraud said thatthe decade-long trend was most relevant to negotiators in Cancunseeking to avert more floods, droughts, desertification and risingsea levels.-Reuters

Continued from page 12No #2

defence minister announced he would step down to take respon-sibility. Kim, a retired four-star general and former chairman ofthe Joint Chiefs of Staff, said the South would exercise its right toself-defence and "punish the attacker thoroughly until the sourceof hostility is eliminated".

Kim said the attack triggered "the most serious crisis" since the1950-53 war. But he dismissed the chance of full-scale war asslim, citing the military prowess of South Korean and allied USforces, which have 28,500 troops based in the country. The Southalso plans five days of artillery firing next week. But the defenceministry held off on scheduling a drill on Yeonpyeong -- whichwas hit in the November 23 attack and is close to North Korea'scoast -- saying it could come "by the end of this year at the latest".

Yonhap said the North had deployed 100 new multiple rocketlaunchers north of the border, boosting their number to 5,200.They have a range of 60 kilometres (37 miles), meaning theycould hit the capital, Seoul. The United States, meanwhile, joinedforces with officially pacifist Japan in a giant display of militaryfirepower dubbed "Keen Sword," with 60 warships, 500 aircraftand 44,000 troops in southern Japanese waters.-Reuters

Continued from page 12No #3

everywhere I went, I was assured by the local Indian diplomat-ic missions that the visa would be granted. They kept saying,"don't worry" in London, then in New York, Chicago, Toronto andeven here in Dubai. But the manner in which they dragged it to thelast day and then fell silent is absolutely shocking... This came asa shock even to the Indian High Commissioner here in Dubai."

Declaring that he would never come to India again, Musharrafsaid, "I believe in my honour and dignity. When Indian andPakistani forces were eyeball-to-eyeball in 2002, I went to attendthe Saarc Summit in Kathmandu, for which I was permitted to flyover the Indian airspace... I chose to route my plane via Beijinginstead." -Online

Continued from page 12No #4

quoted Hu as saying. "We must be more active in dealing withthe relationship between stable economic growth, adjusting theeconomic structure and managing forecasted inflation," he said ina separate meeting after the politburo gathering. A senior official

Continued from page 12No #5

Kazmi, Minister of Science and Technology Azam Sawati andNAB Chairman. Justice Javed Iqbal, Justice Raja Fayaz, JusticeGhulam Rabbani and Justice Ramday will be included in the fivemember bench of the Supreme Court. NNI

Continued from page 12No #6

at China's central bank last week warned that inflationary pres-sures were building because of flows of capital into the countryand expectations of a revaluation of the yuan. The nation's con-sumer price index rose 4.4 per cent year-on-year in October, wellabove the government's full-year target of three per cent, with theprices of 18 types of vegetable increasing more than 60 per cent.

Analysts said the government's announcement signalled a newphase in the country's efforts to curb spiralling prices.-Agencies

secret documents. Speaking in a state-run TV programme,Abdul Basit said only the officials of the US embassies can con-firm or rejects these leakages as most of these releases are con-cerned with the meetings held in the US embassies.

Replying another question, he said there is no need to confirmor reject the WikiLeaks releases, and added, "We should not worryabout these things, we should leave them as they are now, andmove forward while further strengthening internal mechanismand procedure". In another development The Lahore High Courthas dismissed a plea by a local lawyer Arif Gondal to ban theWikiLeaks in Pakistan, local media reported.

The petitioner was of the view that the leaks were defaming theleadership of the country and must be banned inside Pakistan. Theleakages by the website were undressing many in Pakistan, headded. Justice Azmat Saeed observed that this (act of divulging)would benefit the whole nation, adding it's 21st century and truthmust prevail. The court then dismissed the plea as not maintain-able. Earlier, Wikileaks was forced to switch over to a Swissdomain name, wikileaks.ch, after a new round of hacker attackson its system prompted its American domain name provider towithdraw service. WikiLeaks' US domain name system provider,EveryDNS, withdrew service to the wikileaks.org name lateThursday, saying it took the action because the new hacker attacksthreatened the rest of its network.

Meanwhile, Afghan President Hamid Karzai's own inner circleconsiders him weak and sometimes unscrupulous, leaked USdiplomatic cables show, a domestic vote of no confidence thatmay be more damaging than foreign criticisms. Karzai, known tobe sensitive about his team's loyalty, is likely to be infuriated bythe idea of his cabinet discussing his flaws, making deals behindhis back and sharing concerns with a US embassy consideredhighly critical of his rule.-Agencies

Continued from page 1No #7

demanded that zero rating be maintained on other products ofwheat and flour. Levying tax on sooji and maida will impact thecommon man directly as well as negatively. RGST will give riseto indirect tax for Atta, he added.

Chairman FBR Sohail Ahmad said RGST would not be slappedon flour and only maida and sooji would be affected by it.Chairman FBR said that zero rating could not be allowed to anydepartment except exports. Only products could be exemptedfrom tax, he said, adding the government or FBR could notexempt any company from the payment of tax following theimposition of RGST. A new bill would have to be brought in theParliament on this account, he said. The committee will againmeet on Tuesday.-Online

Continued from page 1No #8

country that is not a market economy and where the state influ-ences prices, demonstrates China's increasing assertiveness in theglobal trading system. China had challenged the way the UnitedStates calculated the duties and the fact that it suffered a doublepenalty of anti-dumping duties for unfairly priced goods andcountervailing duties for subsidised products. But the original rul-ing published on Oct. 22 had backed the right of an importer to set

Continued from page 1No #9

Ginners Association (PCGA) here Friday, the arrivals have recorded a drop of more than 2.070million bales in the fortnight. Punjab produced 5.262 million bales, down by 22.36 per cent oversame period last years while Sindh crop was lower by 15.20 per cent to 3.095 million bales overprevious year. Of the total textile mills purchased 6.887 million bales during the period underreview while exporters procured 389,070 bales, leaving an unsold stock of over 1.080 millionbales with the ginners. Chairman Karachi Cotton Brokers Forum Naseem Usman while comment-ing on the production said that devastating floods have badly damaged cotton crop and about 2.3million bales have been destroyed.-APP

Continued from page 1No #10

Abbasi, Kashmala Tariq, Faisal Saleh Hayat, Maulana Qasim, Rashid Godail, Bushra Gohar,Malik Jamil, Khalida Mansoor and Nighat Parveen.It started on Friday when during the course ofmeeting Fauzia Wahab and Kashmala Tariq re-exchanged hot words.-Online

Continued from page 1No #11

WASHINGTON: USemployment barely grew inNovember and the jobless rateunexpectedly hit a seven-month high, hardening viewsthe Federal Reserve wouldstick to its $600 billion plan toshore up the fragile recovery.

Nonfarm payrolls rose39,000, with private hiringgaining only 50,000, just athird of what economists hadexpected, a Labor Departmentreport showed on Friday.

The unemployment rate inNovember jumped to 9.8 percent, a troubling sign for aneconomy many thought wasstrengthening. Economistshad expected 140,000 newjobs last month with the job-less rate holding steady.

"The US economy has yet toachieve the escape velocityneeded to improve the worri-some jobs picture," saidMohamed El-Erian, co-chiefinvestment officer at PacificInvestment Management Co.in Newport Beach, California.

Some analysts warnedagainst reading too much intothe data, which was out of stepwith other recent signs sug-gesting the recovery was pick-ing up speed.

A separate report on Fridayshowed service sector activityrose in November, with agauge of hiring reaching itshighest level since October2007, before the nation tum-bled into recession.

US stocks were down justmarginally in morning trade.Government bond prices roseon the jobs data but paredgains after the service sectorreport was released, while thedollar was lower against theeuro and the yen.

Helping to temper the disap-pointment with the weakNovember payroll figures wasrevised data for Septemberand October that showed38,000 more jobs were gainedin those months than previous-ly estimated.

One surprise in the reportwas the loss of 28,100 retailjobs last month despite expec-tations of a busy holiday shop-ping season. Some retailerswaited until the last minute tohire and those jobs may nothave been caught in the LaborDepartment's survey ofemployers.

A raft of recent data, includ-ing solid retail sales, hadraised optimism the economywas accelerating after hitting asoft patch in the summer. Thatsoft patch helped Republicanswrest control of the House ofRepresentatives fromDemocrats in November elec-tions.

Unemployment is expectedto remain painfully high foryears, a problem for PresidentBarack Obama, who faces re-election in 2012.

In November, the joblessrate jumped partly because thesurvey of households onwhich it is based showed dis-couraged workers rejoined thelabor force. However, that sur-vey also showed a drop inemployment.

"It is very disappointing,"said Bernard Baumohl, man-aging director and chief globaleconomist at The EconomicOutlook Group, Princeton,New Jersey. "I would have toassume that these numberswill be revised substantiallyupward next month."

Concerns about joblessness

and low inflation led to theFed's decision last month tolaunch its now much-criti-cized plan to buy a further$600 billion in governmentbonds to push already lowinterest rates down further tolift demand.

The US central bank cutovernight interest rates to nearzero in December 2007 andhad already bought $1.7 tril-lion in mortgage-related andgovernment debt.

Traders in futures marketson Friday pushed expectationsof an eventual increase inovernight rates out until mid-2012.

Employment in Novemberwas weak across the board,with government payrolls con-tracting as local authoritiescontinue to struggle withbudget problems.

Payrolls in the goods-pro-ducing sector fell 15,000,weighed down by a drop of13,000 manufacturing jobsand the loss of 5,000 construc-tion jobs.

Employment in the privateservice-providing sector rose65,000 in November, with theweakness in the retail sectoroffset by strong hiring by pro-fessional and business servic-es, and another big gain intemporary employment.

Economists often look torising temporary employmentas a harbinger of more perma-nent jobs to come, but tempo-rary hiring has been strong formonths, while payroll growthelsewhere has yet to gain a lotof traction.

The workweek was steady at34.3 hours in November andaverage hourly earnings edgedup 1 cent.-Reuters

US payrollsbarely rise,

jobless rate jumps

OTTAWA: Canadian factory lay-offs in November nearly erasedjob gains in health care, trade andother services as an export slumphindered economic growth andled to a third straight month of dis-appointing employment data.

The economy gained 15,200jobs in November, StatisticsCanada said on Friday, belowexpectations of an 18,000-jobgain.

The unemployment rate fell to7.6 percent from 7.9 percent inOctober but that was largely dueto a large number of youth drop-ping out of the job market,Statscan said.

The modest gain followed two

months of softer-than-expectedemployment with just 3,000 newjobs in October and the loss of6,600 positions in September.

Unlike the United States,Canada has recovered the jobslost during the 2009 recession.However, the pace of employ-ment has slowed from earlier thisyear,

"Not only did the headlinecome in very soft after the priormonth's softness, but the hoursworked grew at an even weakerpace because all of the job gainswere part-time," said Derek Holt,economist at Scotia Capital. "Thatimplies less of a lift to consumerincomes than even the modest

gain in jobs."A disappointing U.S. nonfarm

payrolls report on Friday couldmean even more bad news forCanada in the form of a furtherweakening of demand forCanadian goods from the coun-try's top market.

U.S. employment barely grewin November and the jobless rateunexpectedly hit a seven-monthhigh of 9.8 percent.

"It's a bit discouraging to see theunemployment numbers in theUnited States ... there's a persist-ing concern with respect to theAmerican economy," FinanceMinister Jim Flaherty said onFriday.-Reuters

Canada joblessnessrate falls but

job gains tepid

BEIJING: China will switchto a prudent monetary policyfrom a moderately loosestance, the Communist Party'stop leaders decided on Friday,a change that could pave theway for more interest rateincreases and lending con-trols.

At the same time, thePolitburo elected to maintainChina's proactive fiscal policy,an indication that the govern-ment wants to continue toramp up investment spendingeven while taking tighteningsteps to control inflation.

That was underscored onThursday when sources toldReuters that China is consid-ering investments of up to$1.5 trillion over five years topromote the production ofhigh-value technologies.

Chinese and global marketswere little affected by the pol-icy announcement, withinvestors seeing the newwording as an affirmation ofthe gradual tightening thatBeijing has already started toimplement.

But while the change in pol-icy description had been dis-cussed for several weeks bycentral bank advisers, thePolitburo's endorsement,reported by the officialXinhua news agency, couldstill mark a decisive turningpoint.

"It means that all sorts ofmonetary policy tools to con-trol liquidity and to controlinflation can now be used,"said Ken Peng, an economistwith Citigroup in Beijing.

"In the past we've beenclearly focusing on adminis-trative measures. Going for-ward we could be using moreprice adjustments via interest

rates," he said, adding that heexpected five rate increases bythe end of next year.

China has raised interestrates just once this year as ithas guided its monetary policyback to normal from the ultra-loose settings it adopted tocounter the global financialcrisis. Instead, it has usedquantitative tools to do theheavy work, officially raisingbanks' reserve requirementsfive times.

"The prudent monetary poli-cy stance means comparedwith this year, policy nextyear will be biased towardtightening," Xia Bin, an aca-demic adviser to the centralbank, told Reuters.

Along with playing a role inthe fight against inflation,policy tightening also signalsconfidence that the world'ssecond-largest economy is onsolid ground, even as the USand European recoveriesremain fragile.

"China has no need now toworry about overall demand atall," said Dong Xian'an, chiefeconomist with IndustrialSecurities in Beijing. "Instead,the top priority is to curbinflation and avoid economicoverheating."

"The sooner China acts andthe more forceful measures ittakes, the better," he said.

Consumer inflation hit a 25-month high in October, asprice rose 4.4 per cent from ayear earlier, and is expected tohave edged higher inNovember. Although it hasbeen driven almost exclusive-ly by food prices, pressureshave been broadening on theback of higher global com-modity costs.

China's cabinet vowed last

month to take "forceful"measures, including price con-trols if necessary, to rein ininflation.

But in maintaining a proac-tive fiscal policy, the govern-ment sent a strong messagethat it wants to keep cashflowing through the economyto power its development.

The $1.5 trillion, five-yearinvestment plan will targetsectors that include alternativeenergy, biotechnology, new-generation information tech-nology, high-end equipmentmanufacturing, advancedmaterials, and environmental-ly friendly technologies.

The Central Economic WorkConference, they key annualmeeting at which top leaderschart out economic policiesfor next year, is expected todiscuss the plan when it con-venes later this month.

A major prong of the gov-ernment's stimulus pro-gramme was a flood of lend-ing by banks. China hasalready begun to rein in loanissuance this year and the shiftto a prudent monetary policycould signal more restrictionsnext year.

Banks are on track to issue7.5 trillion yuan in new loansthis year and that could fall to7 trillion yuan next year, Xia,the central bank adviser, said.This would imply about 15per cent lending growth, downfrom this year's nearly 20 percent clip, he added.

Money market rates havespiked in the last couple ofweeks, as a flurry of reserverequirement increases drainedcash from the financial systemand prompted banks to sit onfunds in anticipation of furthercredit curbs.-Reuters

China declaresshift to “prudent”

monetary policy

duties on goods from non-market economies to compensate for unfair pricing and for subsidies --something a US court had previously struck down. The two-year-old dispute involved dutiesimposed by the United States on imports of Chinese steel pipes, off-road tyres and woven sacks.

Under normal practice, the WTO's appellate body will issue a ruling on the appeal within 90 days.As the world's largest exporter, China is frequently the target of trade actions by other countries, butit has been building up expertise in handling the global trading system by launching its own casesand appealing adverse judgments. Reuters

Dealers said Friday's rise could be limited because most of these solar-related firms were smalland were newcomers in the industry. Some of them shifted their lines of business into environment-friendly sectors due to government support.

There were also concerns about over-capacity in some sectors in the alternative energy sector, par-ticularly in the polysilicon and wind-equipment manufacturing. Polysilicon is the raw material usedto produce solar cells and panels. Coal producers extended their declines. China Shenhua Energy CoLtd dropped 3.0 per cent, extending Thursday's 5.1 per cent slump on reports that Beijing hadordered a freeze in prices for 2011.Turnover remained thin at HK$85 billion ($11 billion), downfrom November's daily average of HK$98 billion. Reutersa

Continued from page 5No #12

recently translated into a boost for US and global equities. "The focus today is more on what is related to the weaker dollar, like basic materials," Jefferies'

Hogan said. The S&P materials index up 0.3 per cent was the only top S&P sector in the black. China will switch to a prudent monetary policy from a moderately loose stance, the Communist

Party's top leaders decided Friday, possibly paving the way for more interest rate increases and lend-ing controls In company news, US-based mining group Walter Energy Inc agreed to buy Canada'sWestern Coal Corp for about $3.25 billion to create the world's leading metallurgical coal producer.Walter fell 0.7 per cent to $104.82.-Reuters

Continued from page 5No #13

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ISLAMABAD: TheP a r l i a m e n t a r yCommittee onConstitutional Reforms(PCCR) Friday approvedall the recommendationsmade by the SupremeCourt regarding theappointment of judges.

The recommendationswill be tabled in the nextNational Assembly ses-sion in the form of the19th Amendment.

CRC Chairman RazaRabbani chaired themeeting, which unani-mously approved theapex court's recommen-

dations. The meeting wasattended by SardarMehtab Haider, AbdulRahim Mandokhel,Senator Haji Adeel, DrFarooq Sattar, AftabAhmed Khan Sherpao,SM Zafar and othermembers.

As per the recommen-dations, four senatorswill decide the appoint-ment of judges ifNational Assembly isdissolved. Out of four,the decision of three sen-ators will be consideredfinal. In case of dis-missal of any name by

the ParliamentaryCommission, PCCR hasproposed the PrimeMinister's name to for-ward the rejected nameto the JudicialCommission. TheFederal Cabinet willendorse the 19thAmendment before pre-senting it to the NationalAssembly. Sources saythere is no proposalabout creation of newprovinces in the 19thC o n s t i t u t i o n a lAmendment. The alsotook an in-depth view ofArticle 175 A of the con-

stitution under the 18thAmendment and afterlong deliberations themembers of the commit-tee agreed to accept allrecommendations of theSupreme Court so that allreservation of SC couldbe removed.

After the approval of18th amendment fromthe parliament the SChad expressed its reser-vations over article 175A, which relates to theprocedure of judgesappointment, has beenresent to PCCR forreview.-Online

Committee heeds all SCadvices on judge-naming

19th Amendment to move in next NA session

NEW DELHI: "I don'tplan to come to Indiaever again," says PervezMusharraf.

The former PakistanPresident and Armychief, who was denied avisa by the Indian gov-ernment, says he doesn'tbelieve it was becauseNew Delhi believed hewas the main personbehind Kargil. He alsoasked why he was reas-sured time and again thathe would get a visabefore the denial came."I have no words toexplain my disappoint-ment," Musharraf toldThe Indian Express overthe phone, from hishome in Dubai. "Meriummeedon pe paani pherdiya aapki governmentnay (Your governmenthas dashed my hopes)... Ithink it shows a lack ofconfidence on the part ofIndia to face me."

Pointing out that hehad met both formerprime minister AtalBihari Vajpayee andManmohan Singh afterKargil, the formerGeneral said he didn'tbelieve his role in thewar prompted the move.

"I mean, that's a verysilly reason... All thisrapprochement that I ini-tiated has been washeddown the drain. Whywas I allowed to comethree times betweenKargil and now if that isthe case?"

He says he is yet to becommunicated the offi-cial reason for the denialof the visa. "I think thedenial has come fromeither India's Ministry ofInterior (Home) orForeign Ministry. If it isInterior, they were waryof the law and order situ-ation or my commentson terrorism, Kashmirperhaps. Or could it bewhat I said on Muslimextremism being on therise in India? I franklydon't know."

He claims the denial ofvisa came as a total sur-prise. "I was relaxed allthis while. I have beentravelling the world thepast few months andeverywhere I went, I wasassured by the localIndian diplomatic mis-sions that the visa wouldbe granted. They keptsaying, "don't worry" inLondon, then in NewYork, Chicago, Torontoand even here in Dubai.But the manner in whichthey dragged it to the lastday and then fell silent isabsolutely shocking...This came as a shockeven to the Indian HighCommissioner here inDubai."

Declaring that hewould never come toIndia again, Musharrafsaid, "I believe in myhonour and dignity.When Indian andPakistani forces wereeyeball-to-eyeball in2002, I went to attend theSaarc Summit inKathmandu, for which Iwas permitted to fly overthe Indian airspace... Ichose to route my planevia Beijing instead." -Online

India out ofMusharraf’s

itinerary forever11th-hour visa denial shocked me, says former president

PARIS: The EuropeanCentral Bank's chief saysthe euro remains a "credi-ble" currency despite thedebt crisis that hasrequired the bailouts ofIreland and Greece andraised worries aboutPortugal and Spain.

Jean-Claude Trichet isalso urging European gov-ernments to make a "quan-tum leap" toward reform-ing and cleaning up theirbudgets. Speaking Friday in Paris, he said, "This is

no time for complacency."He would not single out

any country or commenton whether the ECB hasincreased its purchase ofIrish and Portuguesebonds amid worries abouttheir debts.

Trichet insisted "theeuro is a credible curren-cy. The euro is a currencythat is considered just ascredible for the next 10years as for the last 12years."-Agencies

ECB boss countseuro as ‘credible’

China totighten

monetarynoose in '11

BEIJING: China pledgedFriday to tighten monetarypolicy next year -- a signthat new interest rate hikesare imminent, analysts say,as the world's second-largest economy steps up itsbattle againstinflation.

The ruling Communistparty's politburo decided toshift its stance from "rela-tively loose" to "prudent" ata meeting chaired byPresident Hu Jintao, theXinhua news agencyreported.

The politburo said itshould "implement anactive fiscal policy and aprudent monetary policy, toincrease the focus, flexibili-ty and effectiveness ofmacro-economic adjust-ments," the report said.

"We must clearly see thatthe functioning of China'seconomy is facing someprominent contradictionsand problems, the environ-ment for development ismore complicated and ourtask is arduous," Xinhuaquoted Hu as saying.

"We must be more activein dealing with the relation-ship between stable eco-nomic growth, adjusting theeconomic structure andmanaging forecasted infla-tion," he said in a separatemeeting after the politburogathering.

A senior official atChina's central bank lastweek warned that inflation-ary pressures were buildingbecause of flows of capitalinto the country and expec-tations of a revaluation ofthe yuan.

The nation's consumerprice index rose 4.4 per centyear-on-year in October,well above the govern-ment's full-year target ofthree per cent, with theprices of 18 types of veg-etable increasing more than60 per cent.

Analysts said the govern-ment's announcement sig-nalled a new phase in thecountry's efforts to curb spi-ralling prices.-Agencies

CANCUN, Mexico: Thisyear is set to be among thethree warmest sincerecords began in 1850 andcaps a record-warmdecade that is a new indi-cation of man-made cli-mate change, the UnitedNations said on Thursday.

"The trend is of very sig-nificant warming," MichelJarraud, head of the WorldM e t e o r o l o g i c a lOrganisation, told a newsconference on the side-lines of a meeting ofalmost 200 nations in theCaribbean resort of

Cancun trying to curbglobal warming.

He said 2010 so far wasslightly warmer than both1998 and 2005, the previ-ous top two, but could slipif December is a coolmonth.

The WMO said that landand sea surface tempera-tures so far in 2010 were0.55 degree Celsius (1 F)above a 1961-1990 aver-age of 14 degrees C (57.2degrees F). The years2001-10 were the warmest10-year period, it said.

"There is a significant

possibility that 2010 couldbe the warmest year," hesaid. A final ranking for2010 is due to be pub-lished early in 2011.

Asked if the data werenew evidence that humanemissions of greenhousegases from burning fossilfuels were warming theclimate, he said, "Shortanswer: yes."

"If nothing is done ...(temperatures) will go upand up," he said, sayingthe findings would guidenegotiators meeting in

See # 2 Page 11

2010 to be one of 3warmest years: UN

SEOUL: South Koreawill hit back with airstrikes at the North and"punish the attacker thor-oughly" should the regimelaunch another assault, thedefence minister-desig-nate warned Friday.

The tough words cameas the largest ever US-Japan war games kickedoff in waters off the tenseKorean peninsula.

The manoeuvres in theEast China Sea dwarf US-

South Korean exercisesthis week in the YellowSea. These were designedas a show of force toPyongyang after itsregime launched a deadlyartillery strike againstSouth Korea.

In Seoul the nominateddefence minister KimKwan-Jin told a parlia-mentary confirmationhearing that if the commu-nist regime of Kim Jong-Ilattacked again, "we would

definitely use the air forceto strike back".

The South's militarycounter-attacked withartillery after the North onNovember 23 shelled aborder island, killing twocivilians and two marines.But Seoul refrained fromusing air power for fear ofescalating the clash.

The South's responsewas widely blasted as fee-ble and the previous

See # 3 Page 11

SKorea set to blitz NKin case of fresh onrush

Cable leakswon’t hitPakistanlinks: US

WASHINGTON: Despite thefallout from the deluge of diplo-matic cables having beenreleased by whistle-blowerwebsite WikiLeaks, the UnitedStates expects that cooperation,support and partnership in theUS-Pakistan relationship willcontinue.

During a press briefing, whenasked whether the "WikiLeaksdocuments can or will create

any sort of confusion orincreased tension betweenPakistan and the US Army," USState Department SpokesmanPhilip J Crowley said, "First…we'll put the documents aside.We are building a strategic part-nership with Pakistan, and that'smanifest in the strategic dia-logue that we've had on multi-ple occasions this year inWashington and in Islamabad."

"Our partnership has multipledimensions. One, on the mili-tary side, there is extensivecooperation between thePakistani military and theUnited States military, and wewould expect that to continue.And on the civilian side, we arebuilding up - helping to build upthe capacity of the PakistaniGovernment to deal with arange of challenges, not theleast of which is recoveringfrom the recent flooding,"Crowley said.

"This is in our national inter-est. It is in Pakistan's nationalinterest. President Zardari onceagain affirmed the importanceof our cooperation and the sup-port and partnership that

See # 1 Page 11

Pak-US strategicties seen unaffected

ISLAMABAD: Senator Saleem Saifullah Khan and Anwar Saifullah Khan called on

President Asif Ali Zardari at Aiwan-e-Sadr. APP