12
International Sarkozy vows pensions reform will pass despite strikes Pillion riding re-banned in Karachi See on Page 12 Militants torch 3 Nato tanker in Quetta, Kalat See on Page 12 See on Page 12 *Crude Oil (brent)$/bbl 83.19 *Crude Oil (WTI)$/bbl 81.92 *Cotton $/lb 109.89 *Gold $/ozs 1,367.30 *Silver $/ozs 24.13 Malaysian Palm $ 937.40 GOLD (NCEL) PKR 37,650 KHI Cotton 40Kg PKR 7,984 *Last Updated 20:00 PST Yearly(Jul, 2010 up to 15-Oct-2010) Monthly(Oct, 2010 up to 15-Oct-2010) Daily (15-Oct-2010) Total Portfolio Invest (8 Oct-2010) 50.29 1.07 1.94 2461 1.21 1.98 -2.68 -0.99 -0.48 0.67 0.27 SCRA(U.S $ in million) Portfolio Investment FIPI (18-Oct-2010) Local Companies (18-Oct-2010) Banks / DFI (18-Oct-2010) Mutual Funds (18-Oct-2010) NBFC (18-Oct-2010) Local Investors (18-Oct-2010) Other Organization (18-Oct-2010) (U.S $ in million) NCCPL GDR update Commodities Forex Reserves (8-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Aug10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Jul 10) GDP Growth FY10E Per Capita Income FY10 Population $16.97bn 13.77% $5.18bn $9.03bn $(3.85)bn $(944)mn $1.72bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $100.90mn 3.05% 4.10% $1,051 170.82mn 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 18.50 2.00 1.70 9.81 PKR/Shares 111.79 159.08 43.00 36.55 33.74 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) 06-Oct-2010 06-Oct-2010 06-Oct-2010 29-Sep-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 18-Oct-2010 12.83% 13.07% 13.22% 13.50% 12.72% 12.99% 13.21% 13.61% 13.71% 13.64% 13.75% 13.77% 14.24% 14.34% 14.52% Money Market Update Symbols Buy (Rs) Sell (Rs) Australian $ 84.10 85.10 Canadian $ 84.00 85.10 Danish Krone 15.80 16.40 Euro 119.00 120.50 Hong Kong $ 11.00 11.30 Japanese Yen 1.043 1.069 Saudi Riyal 22.85 23.00 Singapore $ 65.10 66.10 Swedish Korona 12.70 13.30 Swiss Franc 88.80 90.25 U.A.E Dirham 23.35 23.50 UK Pound 136.50 137.50 US $ 86.05 86.35 Open Mkt Currency Rates Symbols Buying Selling TT Clean TT & OD Australian $ 84.60 84.80 Canadian $ 84.40 84.60 Danish Krone 15.99 16.03 Euro 119.26 119.54 Hong Kong $ 11.07 11.10 Japanese Yen 1.056 1.059 Saudi Riyal 22.91 22.96 Singapore $ 65.84 66.00 Swedish Korona 12.87 12.90 Swiss Franc 89.30 89.51 U.A.E Dirham 23.39 23.44 UK Pound 136.82 137.14 US $ 85.99 86.18 Inter-Bank Currency Rates Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com www.thefinancialdaily.com CITIES MAX-TEMP MIN ISLAMABAD 32°C 17°C KARACHI 36°C 25°C LAHORE 34°C 23°C FAISALABAD 35°C 21°C QUETTA 31°C 6°C RAWALPINDI 34°C 19°C Weather Forecast KARACHI: Interior Minister Senator A Rehman Malik and Dr Farooq Sattar jointly addressing a press conference at MQM office Nine Zero.-APP AG told to submit govt stance on NAB (Amend) Ord Special Correspondent/ Agencies ISLAMABAD: Supreme Court of Pakistan Monday while hearing a suo moto regarding "alleged withdrawal of executive orders of judges' restoration", said that under Article 190 of the Constitution government is bound to follow Courts orders. Chief Justice of Pakistan, heading the 17-member bench, said in its short order that Court's October 15th restrain- ing order on judges' restoration issue was binding upon all the constitutional and administra- tive heads in term of Article 190 of the Constitution. "It is mandatory for all the state institutions under Article 190 to comply with the orders of the court. Article 190 of the Constitution is a mandatory provision under which there is no alternative for the executive but to act in aid of the Court orders," court remarked. CJP added "judiciary is dis- charging its obligations as per constitution". A 17-member bench headed by Chief Justice Iftikhar Muhammad Chaudhry put off hearing till the receipt of a report by the six-member inquiry committee set up by the government. The bench also directed the committee to correct the inap- propriate extraction made in one of the paragraph contained in its preliminary report men- tioning 'a standoff' between judiciary and executive. At the outset of proceedings, Attorney General for Pakistan Maulvi Anwar-ul Haq apprised the bench that an inquiry com- mittee had been formed by the government. Attorney General (AG) had told Supreme Court (SC) that no government functionary had shown willingness to file state- ment in the court on news item about withdrawal of judges' restoration notification, adding in the eyes of government when chief executive of the country had contradicted the report then it stood to no justification to file written reply. AG presented the interim report of the committee consti- tuted by the Prime Minister (PM) on this count and sought time till the final report reached. According to report news channels reporters had sought more time and this was their stance that name of the person who had provided news and source of news would not be disclosed. Committee had sum- moned the concerned reporters on October, 22. He further told copies of court's orders issued on Friday had been provided to president, See # 12 Page 11 Heads bound to heed orders: SC Supreme Court reminds govt of Article 190 Index Close Change KSE 100 10,484.39 52.55 Nikkei 225 9,498.49 1.76 Hang Seng 23,469.38 288.25 Sensex 30 20,168.89 43.84 ADX 2,778.15 15.44 SSE COMP. 2,955.23 15.93 FTSE 100 5,734.66 31.29 *Dow Jones 11,105.17 42.39 *Last Updated 20:00 PST Global Indices Raza Baqar KARACHI: Mutual Funds Industry's asset size has report- ed consecutive decline in September on MoM basis how- ever contra to previous month, September decline was due to redemption pressure especially in money market funds as banks and corporations need cash flow to close their quarterly earnings. Nevertheless the mutual fund industry close at Rs201.6 bil- lion at the end of September compare to Rs207.5 billion, a month earlier, showing a drop of 2.86 per cent MoM (Rs 5.94 billion in absolute term). Open-end funds -- which contribute almost 86 per cent of total mutual fund industry size -- stand at Rs173.5 billion in September compared with Rs177 billion in August, show- ing a decrease of 1.98 per cent MoM; while closed-end funds stand at Rs28.08 billion. During the month, JS Large Capital Fund converted their closed-end funds into open-end funds which resulted in decline of closed-end funds asset size by around Rs2 billion, howev- er as it added into open-end funds, the overall industry size remained the same. Moving towards categories, except for equity funds all remaining categories asset size declined month on month basis. Equity funds that constitute around 24 per cent of total open-end industry size has shown a growth of 7.90 per cent, thanks to conversion of JS Large Capital Fund and as well as benchmark KSE See # 16 Page 11 Mutual funds fall 2.86pc in Sept MoM Monitoring Desk ISLAMABAD: Election Commission of Pakistan (ECP) had suspended memberships of 148 parliamentarians for fail- ing to submit asset declara- tions, media reported Monday. The parliamentarians whose memberships have been sus- pended include Fazlur- Rehman, Amir Muqam, Sardar Asif Ahmed, Muhammad Jam Magrio, Khursheed Shah, Samsam Bukhari and Kishmala Tariq. The break up is as follows: 35 members of National Assembly, 4 members of Senate, 71 of Punjab Assembly, 16 of Sindh See # 17 Page 11 EC suspends 148 MPs membership ISLAMABAD: A spokesman of the Economic Affairs Division (EAD) Monday said there were no charges paid to Asian Development Bank for the slow-moving projects instead it was the unused amount which ADB had reclaimed as it was part of the loan agreement. Clarifying a news item appeared in a section of press titled "government has paid $35 million to ADB for slow start of projects," he said that there are no charges paid by the government for the slow-mov- ing projects. "No matter it is being delayed or finished on time as the government has adopted a strict policy of no extension in closing date of any of the proj- ect", he said. The charges are paid on amount the government of Pakistan has committed with the donor, which is part and parcel of any loan agreement, he added. "The government is bound to See # 21 Page 11 EAD denies paying fine over slow projects ISLAMABAD: Despite lapse of over a year, most of the employees of state-owned- entities (SOEs) are still looking forward to get their hands on 12 per cent government shares free-of-cost under Benazir Employees Stock Options Scheme (BESOS). Under the scheme the work- ers of 80 SOEs will receive the shares unit certificates and div- idend accordingly. In this respect government had directed the Privatization Commission to accelerate the instituting of BESOS Trusts in all public entities entitled under the scheme, so to See # 22 Page 11 BESOS scheme in wraps of redtape ADB reclaims unused $35mn PC directed to speed up process KSE off-mkt news-system from Nov 1 KARACHI: Karachi Stock Exchange (KSE) has decided to introduce a new negotiated deal reporting system (NDRS) for equity and debt market seg- ments, with effect from November 1, to make the report- ing of all off market transactions See # 15 Page 11 Defeated factions bleeding Khi: MQM KARACHI: Muttahida Qaumi Movement Chief Altaf Hussain has said that bloodshed in Karachi was planned by mis- creants from defeated factions. Muttahida's victory is a signal of revolution. Addressing a political gather- ing at nine-zero, Altaf Hussain said that turnout of PS-94 by- polls showed that they are undeterred by the ongoing vio- lence and bloodshed. He also said that middle-class people are joining MQM at a rapid pace. He pledged to resolve all the crisis and prob- lems prevalent in the country. Altaf Hussain blamed the elite strata for enjoying a luxurious life at the cost of lives of the poor; as the poor are commit- ting suicides due to high cost of living. -Agencies Malik vows to do away with Karachi desperadoes KARACHI: Expressing seri- ous concerns over the recur- rence of targeted killing every 4-5 months in Karachi, Federal Interior Minister Rehman Malik deplored that the crimi- nals arrested in this regard have never been taken to task for lack of evidence. During a media briefing along with Sindh Chief Minister Qaim Ali Shah here Monday, the minister said that "all the miscreants nabbed dur- ing the crackdown named one party or the other to show their affiliation, but when we contact the parties, they deny links with them outright." "The DG Rangers and IG Sindh have been directed to take strict action against all those copped disregarding their party affiliations. The minister vowed to eliminate the desper- adoes who wanted destabilise the country. Rehman warned See # 19 Page 11 IMF chief sees global recovery in peril ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Monday said that gov- ernment is reshaping the exist- ing tax structure with a view to widen tax net not only to increase tax-to-GDP ratio but also to mobilise local resources to help out millions of affected people in the country. Premier expressed these views while addressing repre- sentatives of NGOs during an interaction here. Prime Minister Gilani said that the country has entered a new phase of fundamental challenges following floods but our resolve stands solid to rebuild a better Pakistan. He was Prime Minister said Ministry of Finance is already reviewing the budget so that maximum resources can be made available to meet the needs of rehabilitation. Expenditure of the government has been frozen to last year's level besides cutting down nondevelopment expenditure and promoting the culture of austerity in government departments. Prime Minister said 40 bil- lion rupees have already been earmarked for distribution among affected people as com- pensation for damaged houses. Besides this, Benazir Income Support Programme, Pakistan Bait-ul Maal and other agen- cies are busy in providing relief and assistance. Prime Minister said the crisis triggered by floods was so comprehensive and damaging that it impacted about 20 mil- lion people and transformed fundamental aspects of the entire country's development and progress. Syed Yousuf Raza Gilani said according to an estimate of the ILO, about 5.3 million jobs have been lost. Damage to communication and energy sector has also been phenome- nal. He said we are facing serious challenges in economic, ener- gy, environment, education, food security, livelihood, phys- ical infrastructure and regener- ation of economic opportuni- ties. Prime Minister said it is national duty of all citizens of the country to rise above all differences and divisions and work together to face this unprecedented crisis. He again held out an assur- ance that the money received for reconstruction and rehabili- tation would be spent in a transparent manner. A National Oversight Management Council is in place and Chairman of the See # 18 Page 11 Tax structure makeover afoot: Gilani PM says Pakistan faces a new phase of challenges LONDON: The European Commission has come for- ward with a package covering 75 products worth up to 176 million pounds over two years to help Pakistan recover from the flood disaster and bolster political stability. This emerged from the briefing on Monday by David Martin, Scotland's most senior member of the European Parliament (MEP), to Glasgow Central MP Anas Sarwar about the latest moves in the European Union (EU) proposal to grant Pakistan privileged access to EU mar- kets. "The European Commission has come forward with a pack- age covering 75 products which could be worth up to 176 million pounds over two years," explained Martin who is a member of the European Parliaments International Trade Committee, this would mean zero rating tariff cover- ing 27 per cent of Pakistan exports to the EU and would boost Pakistan's exports by 88 million pounds per year. The EU is currently Pakistan's major trade partner See # 20 Page 11 EU aid package reaches next stage 75 Pakistan items declared as duty-free Karachi, Tuesday, October 19, 2010, Zul-Qa’dah 10, Price Rs12 Pages 12 Stay clear of politics Saudis ask Sharif to honor his agreement LONDON/ ISLAMABAD: Representative of Saudi King Abdullah met with PML-N chief Mian Nawaz Sharif in London for three-hour in which he once again relate the message to abide by the agreement made during the tenure of former President Pervez Musharraf. Sources told Online that three days before a representative of Saudi King met with Nawaz Sharif in UK, during which the message of the Saudi King was conveyed by asking Sharif to abide by his agreement for not participating in politics till 20th December, 2010 and also not to indulge in any talk against See # 13 Page 11 Pak-US Strategic Talks Third round starts tomorrow WASHINGTON/ ISLAM- ABAD: The eagerly awaiting third round of Pak-America Strategic Dialogue is going to start from 20 October (tomor- row) in Washington. According to diplomatic sources the third round of Pak- US strategic dialogues is going to be started from 20 October and continue till Oct 22 in which issues related to power, agricul- ture, education and security would be discussed. Foreign Minister Shah Mehmood Qureshi would lead See # 14 Page 11

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Page 1: The Financial Daily-Epaper-19-10-2010

International

Sarkozy vows pensions reform will pass despite strikes

Pillion riding re-banned in Karachi See on Page 12

Militants torch 3 Nato tanker in Quetta, Kalat See on Page 12

See on Page 12

*Crude Oil (brent)$/bbl 83.19

*Crude Oil (WTI)$/bbl 81.92

*Cotton $/lb 109.89

*Gold $/ozs 1,367.30

*Silver $/ozs 24.13

Malaysian Palm $ 937.40

GOLD (NCEL) PKR 37,650

KHI Cotton 40Kg PKR 7,984

*Last Updated 20:00 PST

Yearly(Jul, 2010 up to 15-Oct-2010)

Monthly(Oct, 2010 up to 15-Oct-2010)

Daily (15-Oct-2010)

Total Portfolio Invest (8 Oct-2010)

50.29

1.07

1.94

2461

1.21

1.98

-2.68

-0.99

-0.48

0.67

0.27

SCRA(U.S $ in million)

Portfolio Investment

FIPI (18-Oct-2010)

Local Companies (18-Oct-2010)

Banks / DFI (18-Oct-2010)

Mutual Funds (18-Oct-2010)

NBFC (18-Oct-2010)

Local Investors (18-Oct-2010)

Other Organization (18-Oct-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (8-Oct-10)

Inflation CPI% (Jul 10-Sep 10)

Exports (Jul 10-Sep 10)

Imports (Jul 10-Sep 10)

Trade Balance (Jul 10-Sep 10)

Current A/C (Jul 10- Aug10)

Remittances (Jul 10-Aug 10)

Foreign Invest (Jul 10-Sep10)

Revenue (Jul 10-Sep 10)

Foreign Debt (Jun 10)

Domestic Debt (Aug 10)

Repatriated Profit (Jul- Aug 10)

LSM Growth (Jul 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.97bn

13.77%

$5.18bn

$9.03bn

$(3.85)bn

$(944)mn

$1.72bn

$455.10mn

Rs 310bn

$55.63bn

Rs 4863bn

$100.90mn

3.05%

4.10%

$1,051

170.82mn

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

18.50

2.00

1.70

9.81

PKR/Shares

111.79

159.08

43.00

36.55

33.74

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)

06-Oct-2010

06-Oct-2010

06-Oct-2010

29-Sep-2010

18-Oct-2010

18-Oct-2010

18-Oct-2010

18-Oct-2010

18-Oct-2010

18-Oct-2010

18-Oct-2010

18-Oct-2010

18-Oct-2010

18-Oct-2010

18-Oct-2010

12.83%

13.07%

13.22%

13.50%

12.72%

12.99%

13.21%

13.61%

13.71%

13.64%

13.75%

13.77%

14.24%

14.34%

14.52%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 84.10 85.10

Canadian $ 84.00 85.10

Danish Krone 15.80 16.40

Euro 119.00 120.50

Hong Kong $ 11.00 11.30

Japanese Yen 1.043 1.069

Saudi Riyal 22.85 23.00

Singapore $ 65.10 66.10

Swedish Korona 12.70 13.30

Swiss Franc 88.80 90.25

U.A.E Dirham 23.35 23.50

UK Pound 136.50 137.50

US $ 86.05 86.35

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 84.60 84.80

Canadian $ 84.40 84.60

Danish Krone 15.99 16.03

Euro 119.26 119.54

Hong Kong $ 11.07 11.10

Japanese Yen 1.056 1.059

Saudi Riyal 22.91 22.96

Singapore $ 65.84 66.00

Swedish Korona 12.87 12.90

Swiss Franc 89.30 89.51

U.A.E Dirham 23.39 23.44

UK Pound 136.82 137.14

US $ 85.99 86.18

Inter-Bank Currency Rates

Subscribe now

Tel: 92-21-5311893-6Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com

www.thefinancialdaily.com

CITIES MAX-TEMP MIN

ISLAMABAD 32°C 17°C KARACHI 36°C 25°C LAHORE 34°C 23°C FAISALABAD 35°C 21°C QUETTA 31°C 6°C RAWALPINDI 34°C 19°C

Weather Forecast

KARACHI: Interior Minister Senator A Rehman Malik and Dr Farooq Sattar

jointly addressing a press conference at MQM office Nine Zero.-APP

AG told to submitgovt stance on NAB (Amend) Ord

Special Correspondent/Agencies

ISLAMABAD: SupremeCourt of Pakistan Mondaywhile hearing a suo motoregarding "alleged withdrawalof executive orders of judges'restoration", said that underArticle 190 of the Constitutiongovernment is bound to followCourts orders.

Chief Justice of Pakistan,heading the 17-member bench,said in its short order thatCourt's October 15th restrain-ing order on judges' restorationissue was binding upon all theconstitutional and administra-tive heads in term of Article190 of the Constitution.

"It is mandatory for all thestate institutions under Article190 to comply with the orders

of the court. Article 190 of theConstitution is a mandatoryprovision under which there isno alternative for the executivebut to act in aid of the Courtorders," court remarked.

CJP added "judiciary is dis-charging its obligations as perconstitution".

A 17-member bench headedby Chief Justice IftikharMuhammad Chaudhry put offhearing till the receipt of areport by the six-memberinquiry committee set up by thegovernment.

The bench also directed thecommittee to correct the inap-propriate extraction made inone of the paragraph containedin its preliminary report men-tioning 'a standoff' betweenjudiciary and executive.

At the outset of proceedings,Attorney General for PakistanMaulvi Anwar-ul Haq apprisedthe bench that an inquiry com-mittee had been formed by thegovernment.

Attorney General (AG) had

told Supreme Court (SC) thatno government functionary hadshown willingness to file state-ment in the court on news itemabout withdrawal of judges'restoration notification, addingin the eyes of government whenchief executive of the countryhad contradicted the report thenit stood to no justification tofile written reply.

AG presented the interimreport of the committee consti-tuted by the Prime Minister(PM) on this count and soughttime till the final reportreached.

According to report newschannels reporters had soughtmore time and this was theirstance that name of the personwho had provided news andsource of news would not bedisclosed. Committee had sum-moned the concerned reporterson October, 22.

He further told copies ofcourt's orders issued on Fridayhad been provided to president,

See # 12 Page 11

Heads bound toheed orders: SC

Supreme Court reminds govt of Article 190

Index Close Change

KSE 100 10,484.39 52.55

Nikkei 225 9,498.49 1.76

Hang Seng 23,469.38 288.25

Sensex 30 20,168.89 43.84

ADX 2,778.15 15.44

SSE COMP. 2,955.23 15.93

FTSE 100 5,734.66 31.29

*Dow Jones 11,105.17 42.39

*Last Updated 20:00 PST

Global Indices

Raza Baqar

KARACHI: Mutual FundsIndustry's asset size has report-ed consecutive decline inSeptember on MoM basis how-ever contra to previous month,September decline was due toredemption pressure especiallyin money market funds as banksand corporations need cash flowto close their quarterly earnings.

Nevertheless the mutual fundindustry close at Rs201.6 bil-lion at the end of Septembercompare to Rs207.5 billion, amonth earlier, showing a dropof 2.86 per cent MoM (Rs 5.94billion in absolute term).

Open-end funds -- whichcontribute almost 86 per centof total mutual fund industrysize -- stand at Rs173.5 billionin September compared withRs177 billion in August, show-

ing a decrease of 1.98 per centMoM; while closed-end fundsstand at Rs28.08 billion.

During the month, JS LargeCapital Fund converted theirclosed-end funds into open-endfunds which resulted in declineof closed-end funds asset sizeby around Rs2 billion, howev-er as it added into open-endfunds, the overall industry sizeremained the same.

Moving towards categories,except for equity funds allremaining categories asset sizedeclined month on monthbasis.

Equity funds that constitutearound 24 per cent of totalopen-end industry size hasshown a growth of 7.90 percent, thanks to conversion ofJS Large Capital Fund and aswell as benchmark KSE

See # 16 Page 11

Mutual funds fall

2.86pc in Sept MoM

Monitoring Desk

ISLAMABAD: ElectionCommission of Pakistan (ECP)had suspended memberships of148 parliamentarians for fail-ing to submit asset declara-tions, media reported Monday.

The parliamentarians whosememberships have been sus-pended include Fazlur-

Rehman, Amir Muqam, SardarAsif Ahmed, Muhammad JamMagrio, Khursheed Shah,Samsam Bukhari andKishmala Tariq.

The break up is as follows:35 members of NationalAssembly, 4 members ofSenate, 71 of PunjabAssembly, 16 of Sindh

See # 17 Page 11

EC suspends 148MPs membership

ISLAMABAD: A spokesmanof the Economic AffairsDivision (EAD) Monday saidthere were no charges paid toAsian Development Bank forthe slow-moving projectsinstead it was the unusedamount which ADB hadreclaimed as it was part of theloan agreement.

Clarifying a news itemappeared in a section of presstitled "government has paid$35 million to ADB for slowstart of projects," he said thatthere are no charges paid by the

government for the slow-mov-ing projects.

"No matter it is beingdelayed or finished on time asthe government has adopted astrict policy of no extension inclosing date of any of the proj-ect", he said.

The charges are paid onamount the government ofPakistan has committed withthe donor, which is part andparcel of any loan agreement,he added.

"The government is bound to See # 21 Page 11

EAD denies paying fine over slow projects

ISLAMABAD: Despite lapseof over a year, most of theemployees of state-owned-entities (SOEs) are still lookingforward to get their hands on12 per cent government sharesfree-of-cost under BenazirEmployees Stock OptionsScheme (BESOS).

Under the scheme the work-

ers of 80 SOEs will receive theshares unit certificates and div-idend accordingly.

In this respect governmenthad directed the PrivatizationCommission to accelerate theinstituting of BESOS Trusts inall public entities entitledunder the scheme, so to

See # 22 Page 11

BESOS scheme inwraps of redtape

ADB reclaimsunused $35mn

PC directed to speed up process

KSE off-mktnews-systemfrom Nov 1

KARACHI: Karachi StockExchange (KSE) has decided tointroduce a new negotiated dealreporting system (NDRS) forequity and debt market seg-ments, with effect fromNovember 1, to make the report-ing of all off market transactions

See # 15 Page 11

Defeatedfactionsbleeding

Khi: MQMKARACHI: Muttahida QaumiMovement Chief Altaf Hussainhas said that bloodshed inKarachi was planned by mis-creants from defeated factions.Muttahida's victory is a signalof revolution.

Addressing a political gather-ing at nine-zero, Altaf Hussainsaid that turnout of PS-94 by-polls showed that they areundeterred by the ongoing vio-lence and bloodshed.

He also said that middle-classpeople are joining MQM at arapid pace. He pledged toresolve all the crisis and prob-lems prevalent in the country.Altaf Hussain blamed the elitestrata for enjoying a luxuriouslife at the cost of lives of thepoor; as the poor are commit-ting suicides due to high cost ofliving. -Agencies

Malik vowsto do away

with Karachidesperadoes

KARACHI: Expressing seri-ous concerns over the recur-rence of targeted killing every4-5 months in Karachi, FederalInterior Minister RehmanMalik deplored that the crimi-nals arrested in this regard havenever been taken to task forlack of evidence.

During a media briefingalong with Sindh ChiefMinister Qaim Ali Shah hereMonday, the minister said that"all the miscreants nabbed dur-ing the crackdown named oneparty or the other to show theiraffiliation, but when we contactthe parties, they deny links withthem outright."

"The DG Rangers and IGSindh have been directed totake strict action against allthose copped disregarding theirparty affiliations. The ministervowed to eliminate the desper-adoes who wanted destabilisethe country. Rehman warned

See # 19 Page 11

IMF chief sees globalrecovery in peril

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani Monday said that gov-ernment is reshaping the exist-ing tax structure with a view towiden tax net not only toincrease tax-to-GDP ratio butalso to mobilise local resourcesto help out millions of affectedpeople in the country.

Premier expressed theseviews while addressing repre-sentatives of NGOs during aninteraction here.

Prime Minister Gilani saidthat the country has entered a

new phase of fundamentalchallenges following floodsbut our resolve stands solid torebuild a better Pakistan.

He was Prime Minister saidMinistry of Finance is alreadyreviewing the budget so thatmaximum resources can bemade available to meet theneeds of rehabilitation.Expenditure of the governmenthas been frozen to last year'slevel besides cutting downnondevelopment expenditureand promoting the culture ofausterity in government

departments.Prime Minister said 40 bil-

lion rupees have already beenearmarked for distributionamong affected people as com-pensation for damaged houses.Besides this, Benazir IncomeSupport Programme, PakistanBait-ul Maal and other agen-cies are busy in providingrelief and assistance.

Prime Minister said the crisistriggered by floods was socomprehensive and damagingthat it impacted about 20 mil-lion people and transformed

fundamental aspects of theentire country's developmentand progress.

Syed Yousuf Raza Gilanisaid according to an estimateof the ILO, about 5.3 millionjobs have been lost. Damage tocommunication and energysector has also been phenome-nal.

He said we are facing seriouschallenges in economic, ener-gy, environment, education,food security, livelihood, phys-ical infrastructure and regener-ation of economic opportuni-

ties.Prime Minister said it is

national duty of all citizens ofthe country to rise above alldifferences and divisions andwork together to face thisunprecedented crisis.

He again held out an assur-ance that the money receivedfor reconstruction and rehabili-tation would be spent in atransparent manner.

A National OversightManagement Council is inplace and Chairman of the

See # 18 Page 11

Tax structure makeover afoot: GilaniPM says Pakistan faces a new phase of challenges

LONDON: The EuropeanCommission has come for-ward with a package covering75 products worth up to 176million pounds over two yearsto help Pakistan recover fromthe flood disaster and bolsterpolitical stability.

This emerged from thebriefing on Monday by DavidMartin, Scotland's most seniormember of the EuropeanParliament (MEP), toGlasgow Central MP AnasSarwar about the latest movesin the European Union (EU)proposal to grant Pakistanprivileged access to EU mar-

kets."The European Commission

has come forward with a pack-age covering 75 productswhich could be worth up to176 million pounds over twoyears," explained Martin whois a member of the EuropeanParliaments InternationalTrade Committee, this wouldmean zero rating tariff cover-ing 27 per cent of Pakistanexports to the EU and wouldboost Pakistan's exports by 88million pounds per year.

The EU is currentlyPakistan's major trade partner

See # 20 Page 11

EU aid packagereaches next stage

75 Pakistan items declared as duty-free

Karachi, Tuesday, October 19, 2010, Zul-Qa’dah 10, Price Rs12 Pages 12

Stay clear of politics

Saudis askSharif tohonor his

agreementLONDON/ ISLAMABAD:Representative of Saudi KingAbdullah met with PML-N chiefMian Nawaz Sharif in Londonfor three-hour in which he onceagain relate the message to abideby the agreement made duringthe tenure of former PresidentPervez Musharraf.

Sources told Online that threedays before a representative ofSaudi King met with NawazSharif in UK, during which themessage of the Saudi King wasconveyed by asking Sharif toabide by his agreement for notparticipating in politics till 20thDecember, 2010 and also not toindulge in any talk against

See # 13 Page 11

Pak-US Strategic Talks

Third round startstomorrow

WASHINGTON/ ISLAM-ABAD: The eagerly awaitingthird round of Pak-AmericaStrategic Dialogue is going tostart from 20 October (tomor-row) in Washington.

According to diplomaticsources the third round of Pak-US strategic dialogues is goingto be started from 20 Octoberand continue till Oct 22 in whichissues related to power, agricul-ture, education and securitywould be discussed.

Foreign Minister ShahMehmood Qureshi would lead

See # 14 Page 11

Page 2: The Financial Daily-Epaper-19-10-2010

2 Tuesday, October 19, 2010

TV PROGRAMMES

TUESDAY

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

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

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

Jasmeen23:00 News23:30 24

ISLAMABAD: TheNational Database andRegistration Authority(NADRA) has issued700,000 Watan Cards toflood affected families fordisbursal of Rs. 14 billioncash assistance to floodaffectees.

Deputy ChairmanNADRA Tariq Malik onMonday said that theissuance of Watan Cardwould ensure transparentdisbursal of Rs.20,000 toeach flood affected family,as announced by theGovernment.

He said the Authorityhas set up 70 sites to dis-burse Rs20,000 underWatan Card Scheme,adding that NADRA staffis consistently serving thepeople in the affectedareas.

He said that NADRA isstriving on zero error poli-cy to ensure that onlydeserving families areissued Watan Cardsenabling them to drawbenefits announced by theGovernment.

Tariq Malik said that dueto strong checks in the

software prepared forWatan Cards the appli-cants who do not belong tonotified calamity hit areasare not being processed bythe system.

He said local DCOs andadministrations are sup-posed to guide the floodvictims to their concernedcenters which will not onlyavoid influx of irrelevantpeople at the centers butwould ensure security ofstaff at these sites enablingthem to perform their dutiesmore effectively withoutany hindrances.-APP

Watan cards issuedto 0.7mn affectees

KARACHI: DeputySpeaker Sindh Assembly,Shehla Raza has urged theexpatriate Pakistanis aswell as well-off inhabitantsin the country to assist gov-ernment in the rehabilita-tion of flood victims.

Addressing the founda-tion laying ceremony of theestablishment of "modelvillages," in the flood-hittaluka of Sujawal in Thattadistrict, she said the initia-tive of USA basedPakistani doctors, throughthe platform of Omair SanaFoundation needed to bereplicated.

"Rehabilitation and reset-

tlement of the flood suffer-ers is our collective respon-sibility," she said, accord-ing to a press release issuedhere on Monday.

The Deputy Speakerappreciated that make-shifthomes for the victimsbelonging to the two vil-lages, in Sujawal taluka,have already been ensuredby Omair Sana Foundationfor around 50 families keento return to their homes.

Shehla Raza assured thesupporters and volunteersof the foundation that gov-ernment would facilitateerection of pre-fabricatedhouses being arranged by

the NGO in the plannedmodel villages.

The Deputy Speaker alsoexpressed her satisfactionthat a local constructioncompany in coordinationwith Omair SanaFoundation has taken uponitself to construct a schooland community center inthe two villages.

Dr Kashif Ansari, aHouston (Texas) basedoncologist spearheading thecampaign of "Adopt FloodHit Villages," said SiddiqMalah Goth, Kehro MalahGoth and Mohammad IsmailGoth were mainly inhabitedwith fishermen.-APP

Expats urged to takepart in relief work

KARACHI: A high levellaw and order meeting washeld here on Mondayunder the Chairmanship ofChief Minister Sindh SyedQaim Ali Shah at ChiefMinister House.

Interior MinisterRehman Malik, alsoattended the meeting, saysan official statement.

It said that the meetingreviewed the progress forcombating the activities ofcriminals with iron handand that prompt measureswill be adopted to appre-hend the persons involvedin target killing withoutconsideration of their partyaffiliation.

The statement said that itwas observed that there are

criminals belonging to`land mafia'.

It was decided that nocriminal would be allowedto take law in their hands.

It has been decided thatall parties must produce alist to the respective DIGsof those workers, whohave been expelled fromtheir parties, because ofmisbehavior or any othercriminal activities.

It was decided to directthe NADRA to give directlink to CCPO officeKarachi while such datawould be compiled.

It was decided that allDIGs will keep strict vigi-lance on movement andactivities of anti-social ele-ments and illicit arms who

are found indulged and usein crime.

The statement said that themeeting was informed thatfederal government hasappreciated the performanceof Sindh Government underthe guidance and supervi-sion of Chief Minister SyedQaim Ali Shah. FederalGovernment has also appre-ciated the performance androle of Sindh HomeMinister Dr Zulfiquar Mirzaand other law enforcementagencies for handling the sit-uation in Karachi.

It was proposed thatKarachi needs extra10,000 police personnel tocurb the activities of crim-inals. As such, federal gov-ernment will provide funds

to provincial government.It was also decided that

federal government willapprove status like modelsafe Karachi like safeIslamabad project, forwhich funds will be utilizedfrom Chinese resourcesprovided to federal govern-ment on the request ofPresident Asif Ali Zardari.

Chief Minister SyedQaim Ali Shah and InteriorMinister reaffirmed theirpledge that all governmentagencies have to unitedlywork for preventive andprecautionary measurestogether for eradication ofmenace of crime from oursociety without considera-tion of ethnic or politicalaffiliation.-APP

Qaim reviews law,order in metropolis

KARACHI: The Speakerof Sindh Assembly, NisarAhmed Khuhro, onMonday performed theinauguration of a reliefcamp here in Cliftonalong with SharmilaFaruqui, Adviser to theSindh Chief Minister onInformation.

The camp has beenestablished by `Save theFlood and DisasterVictims' Organization'.

Speaking on the occa-sion, Nisar Khuhro saidthat Pakistan PeoplesParty (PPP) Governmentis committed to providerelief and for the rehabili-

tation of the flood victims.He stated that this relief

camp is also an effort inthis very direction.Sharmila Faruqui said thatthe rehabilitation of theflood victims is the col-lective responsibility ofall of us and that concert-ed efforts should be madein this very direction.

She further stated thatthe camp set up by thisorganisation will continuefor two months.

Sharmila also informedthat the fund raising hasbeen done by BakhtawarBhutto Zardari who hascollected Rs150 million.

The amount would beprovided to the UtilityStores where packets ofeatables would be pre-pared for distributionamong the flood victims.

Sharmila said that likeher father President AsifAli Zardari and motherShaheed MohtarmaBenazir Bhutto,Bakhtawar Bhutto Zardariis a very caring personand wanted to help thosein need.

During her vacation shecame to Pakistan and col-lected relief fund for theflood victims, Sharmilaadded.-APP

Khuhro inauguratesrelief camp in Khi

KARACHI: A SevenMember delegation ofChina Institute of Waterand Hydro PowerResearch led by ChengXiaotao Deputy ChiefEngineer called on SindhFinance Minister SyedMurad Ali Shah at his resi-dence here to chalk outfuture strategy of combat-ing Floods in SindhProvince.

Sindh Finance Ministerthanked the ChineseGovernment and its peoplefor its valuable support andassistance to people ofPakistan in hour of distressand hoped that the visit ofthe delegation memberswill be useful and produc-tive and will provide anopportunity to our officialsto Learn from their valu-able experience. He alsostated that recent Floodshave caused a colossaldamaged to our economybut with support and assis-tance from our goodfriends we shall overcomethe problem and difficul-

ties, and ensure that all dis-placed persons are wellsettled in their abodes asbefore.

Provincial Ministers forAgriculture Syed AliNawaz Shah, MinisterIrrigation Jam SaifullahDarejo, Works andServices Minister ManzoorWasan, Advisor to SindhChief Minister forPlanning and DevelopmentDr Qaiser Bangali, SpecialAssistant to PrimeMinister of Pakistan onWater Resources and onAgriculture KamalMajidullah, Acting ChiefSecretary Sindh GhulamAli Pasha, AdditionalChief Secretary Planningand Development IshaqLashari, Secretary FinanceDepartment MohammadSiddique Memon,Secretary Services andWorks Rasool BuxPhulphoto and spokes per-son of the FinanceDepartment Imdad NasirBana were also present onthis occasion.-APP

Chinese expertsmeet Sindh

finance minister

TUESDAY

Time Programmes

8:00 Chai Time (Rpt)

9:00 News

9:15 Pehla Sauda

10:00 News

10:15 Bazaar

11:00 News

11:05 Ghar Ka Kharch

12:00 News

12:05 Islamabad Say (Rpt)

13:00 News

15:15 Power Lunch

14:00 News

15:02 Akhri Sauda

15:30 Tax Time (Rpt)

16:15 Karobari Dunya

17:05 Ghar Ka Kharch

18:05 Chai Time

19:00 News

19:30 Mang Raha Hai

Pakistan

20:00 News

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:00 News

22:05 Doosra Pehlu

23:00 News

23:05 Kamyab (Rpt)

Quebecimmigration

haltedKARACHI: Governmentof Canada has stoppedaccepting files under thecurrent investors programfor Quebec due to theexcess amount of applica-tions being filed, immigra-tion Consultants Lalani &Associates reported here.

Sikander Lalani, CEOLalani & Associates furthersaid that, on October 13, theQuebec Governmentannounced that the limit of500 files have been reached.As of Wednesday October13, the Government is nolonger accepting files underthe current Regulation.

He further said that, Theintention of Government ofQuebec is to process filesunder the new Regulationconcurrently with thoseunder the currentRegulation.-PR

FBR plansnot to end

PaCCS:WB report

KARACHI: World Bank(WB) has handed over adetailed report on PaCCSto Federal Bureau ofRevenue (FBR) on theworking of the customsclearance systems inPakistan and mentionedthat FBR has no contin-gency plan to terminatePaCCS (Pakistan CustomsClearance System).

The use of these threedifferent systems by tradersand agents complicatestheir business as they needto know which system is tobe used for which GoodsDeclaration.

The three different cus-toms systems create severalproblems into the system:PaCCS at the Karachi con-tainer ports, 'One Customs'at all other customs freightlocations including theKarachi container ports,and WeBOC, which iscompleting its develop-ment and is to be piloted atthe Karachi Airport duringthis calendar year.

In particular, trade bod-ies, members of associa-tions and chambers haveexpressed their satisfactionto PaCCS.-PR

Visapartners

with BCDtravelers

KARACHI: Visa haspartnered with BCDTravel and GerryInternational's holidaypackages, as part of itsVisa Premium PrivilegesProgramme in Pakistanwhich rewards all VisaGold and Visa Platinumcardholders with rewardsstretching from discounts,meet and assist, free ticketdelivery and VISA pro-cessing, said a handoutissued here.

Commenting on the pro-motion, Amer Pasha Visa'Pakistan CountryManager: "Visa continu-ously strives to enhancecustomers' experiences byoffering added value pro-motions to our growingpremium cardholder base.Visa works with leadingtravel partners across theregion to ensure that wedeliver unique and memo-rable experiences for ourpremium cardholders."-PR

LG makescontentsharing

more easierKARACHI: LGElectronics (LG) recentlyannounced the globallaunch of its firstWindows Phone 7devices, LG Optimus 7and LG Optimus 7Q.Building on Mi-crosoft'snew operating system thatoffers people the abilityto do more in fewer steps,the LG Optimus 7 seriesintroduces a new era forsmartphones and offersconsumers a whole newexperience of mobile life.

Andy Lees, President ofthe MobileC o m m u n i c a t i o n sBusiness at Microsoft,added; "We are veryexcited to be workingwith LG, a mobile phoneindustry innovator.Windows Phone 7 isdesigned to bring togeth-er what you care aboutmost and LG is a keypartner in making thatexperience a reality forpeople around the world."

The LG Optimus 7series offers a break-through in entertainmentconvenience by puttingthe mobile device at thecenter of today's digitallifestyle. With Play To,the DLNA-based multi-media sharing technologyavailable only on LGOptimus 7 devices, userswill have the most user-friendly file-sharingexperience. LG is leadingthe innovation of DLNAtechnology by offeringeasy and intuitive settingsfor accessing this fea-ture.-PR

Power Load: 25 Kilowatts

Size of 2nd Mezzanine:23 fits X 30 fits

Size of 1st floor Hall:23 fits X 63 fits

Size of 1st Mezzanine:23 fits X 30 fits

Size of Ground floor Hall: 23 fits X 55.5 fits

Water Supply: Through Water Tankers.

No Gas connection.

Contact: Shahzad Ahmed

0300-8209928 & 0300-8249059

KARACHI: Ather GM Jotun Pakistan andTerje Langmoe Global Concrete ConceptManager gives breefing about their new

product “Lady Effect”.-Staff Photo

KARACHI: Pakistan-Japan Business Forum (PJBF) with collaboration of 5s

KAIZEN, held two-day training workshop at local hotel. Picture shows

Masaharu SATO, Consul General of Japan, Chairman PJBF, Abdul Kadar

Jaffar, vice Chairman Majyd Aziz, Country Director JETRO, Kaoru Shiraishi,

GM, AOTS Yasumi Suzuki, Dolohin Training and Consulting

Genji Tanaka, and Shaheena, along with participants.-Staff Photo

Space Available on Rent

At Korangi Industrial Area Karachi

Total covered Area: 3684 Square fits

KARACHI: Sindh Chief Minister Syed Qaim Ali Shah and Interior Minister Senator A Rehman Malik

hold joint meeting at CM house to discuss current law & order situation in Karachi.-APP

KARACHI: The numberof dengue induced deathshas risen to 12 in Karachi,Dr Shakeel Mallick, In-Charge, Dengue FeverSurveillance Cell told APPon Monday.

He said the suddenincrease in the number ofdeaths that till last weekendwas six was because one ofthe city's prestigious hospi-tal reported very late the six"dengue" deaths it hadexperienced between themonths of April toSeptember.

"They had the seventhdeath on Friday and thiswas communicated to the

health department's surveil-lance along with previoussix on Saturday only," hesaid.

Dr Mallick regretted thatmany of the private sectorhospitals, despite frequentreminders, do not cooperatewith the cell as probablythey preferred not to publi-cize deaths been registeredby them on daily basis.

He agreed that some ofthe hospitals also lacked theculture of audit under whichdata must be compiledabout patients admitted,their respective nature ofailments, recovery as wellas mortality rates.-APP

Dengue tollrises to twelve

KARACHI: Leader and supporters of Pakistan Peoples Party offer Dua infront of lightened candles during ceremony in the honour of victims of

Karsaz incident to mark thier third death anniversary at Shahrah-e-Faisal.-PPI

Page 3: The Financial Daily-Epaper-19-10-2010

Mumbai: The Indian rupee onMonday snapped a three-daywinning streak as the dollar'sgains versus major units over-seas weighed, but hopes forcapital inflows stayed firmwith the launch of the country'slargest-ever share sale.

The partially convertiblerupee closed at 44.36/37 per dol-lar, 0.6 per cent below 44.10/11at close on Friday, when therupee rose as high as 43.95, itshighest since Aug. 29, 2008. Therupee traded in a band of44.1800-44.4150 during the day.

"We think room for furtherappreciation of the INR is limit-ed, as short USD positions areshowing signs of being over-stretched and the RBI is likely tojoin other Asian central banks intrying to limit currency apprecia-tion," analysts at BarclaysCapital wrote in a daily note.

On Friday, the Reserve Bankof India governor DuvvuriSubbarao said the central Bankwill intervene in the forex mar-ket if inflows turn lumpy.

For the year to date, therupee is up 4.9 per cent onrecord $23.3 billion foreignfund inflows into shares.

One-month offshore non-deliverable forward contractswere quoted at 44.73, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange, MCX-SX andUnited Stock Exchange closedat 44.4675, 44.4625 and44.4625 respectively, with thetotal traded volume on thethree exchanges at about anaverage $7.4 billion. -Reuters

Indian rupee snaps3-day gains as euro slips

3Tuesday, October 19, 2010

Currency Rates

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

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 18/10/2010

A USD GBP CAD EUR JPY

O/N 0.22688 0.55125 1.05167 0.67750 SN 0.09500

1WK 0.25150 0.55500 1.07250 0.69500 0.10875

2WK 0.25169 0.56125 1.09750 0.71000 0.11500

1MO 0.25625 0.56875 1.13583 0.73000 0.12750

2MO 0.27172 0.62650 1.18083 0.78625 0.15438

3MO 0.28906 0.73850 1.24500 0.93688 0.19875

4MO 0.34219 0.82272 1.30833 0.99625 0.28438

5MO 0.40281 0.92563 1.36500 1.08250 0.34188

6MO 0.45250 1.02750 1.44000 1.18531 0.40188

7MO 0.50219 1.10225 1.50000 1.22938 0.46250

8MO 0.55038 1.18444 1.58667 1.27313 0.51063

9MO 0.60063 1.26500 1.64667 1.32563 0.56063

10MO 0.65400 1.33938 1.71833 1.37188 0.58938

11MO 0.70688 1.40688 1.80167 1.42219 0.61625

12MO 0.76550 1.47444 1.87833 1.46969 0.64563

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

U.S.A. 86.10 85.90 85.71U.K. 137.14 136.82 136.51EURO 119.54 119.26 118.98CANADA 84.60 84.40 84.18SWITZERLAND 89.51 89.30 89.07AUSTRALIA 84.80 84.60 84.38SWEDEN 12.90 12.87 12.83JAPAN 1.06 1.06 1.05NORWAY 14.76 14.73 14.69SINGAPORE 66.00 65.84 65.67DENMARK 16.03 15.99 15.95SAUDI ARABIA 22.96 22.91 22.85HONG KONG 11.10 11.07 11.04CHINA 12.95 12.92 12.89KUWAIT 305.09 304.38 303.58MALAYSIA 27.84 27.77 27.70NEW ZEALAND 64.75 64.60 64.43QATAR 23.65 23.59 23.53U.A.E. 23.44 23.39 23.33KR WON 0.08 0.08 0.08THAILAND 2.88 2.87 2.87

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3985 1.3987 1.3997 1.3833

EUR-GBP 0.8783 0.8788 0.8794 0.871

EUR-CHF 1.337 1.3375 1.34 1.3309

EUR-JPY 113.57 113.62 113.87 112.44

USD-CHF 0.9559 0.9564 0.9647 0.9544

USD-CAD 1.0153 1.0157 1.0225 1.0119

GBP-USD 1.5922 1.2927 1.6002 1.5893

GBP-JPY 129.28 129.35 130.21 128.73

AUD-USD 0.9913 0.9918 0.9472 0.9375

EUR-CAD 1.4198 1.4205 1.4209 1.4114

CHF-JPY 84.89 84.96 85.03 84.26

Gold 1370.63 1371.38 1372.20 435.00

Silver 24.44 24.47 24.49 23.78

As per 22.00 PST

Time Source Events Forecast Previous

13:00 EUR Current Account -1.9B -3.8B

14:00 EUR German ZEW Economic Sentiment -7.0 -4.3

14:00 EUR ZEW Economic Sentiment -2.0 4.4

15:00 GBP CBI Industrial Order Expectations -19 -17

17:30 USD Building Permits 0.58M 0.57M

17:30 USD Housing Starts 0.59M 0.60M

18:00 CAD Overnight Rate 1.00% 1.00%

Source Events Actual Forecast Previous

NZD CPI q/q 1.1% 1.0% 0.2%

GBP Rightmove HPI m/m 3.1% -1.1%

JPY Tertiary Industry Activity m/m -0.2% -0.5% 1.6%

AUD New Motor Vehicle Sales m/m 0.9% 0.2%

CAD Foreign Securities Purchases 11.09B 5.62B 5.51B

USD TIC Long-Term Purchases 128.7B 47.5B 61.2B

USD Capacity Utilization Rate 74.7% 74.8% 74.8%

USD Industrial Production m/m -0.2% 0.3% 0.2%

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada Oct 19 2010 Sep 08 2010 1%

European Central Bank Nov 04 2010 May 07 2009 1%

Federal Reserve Nov 03 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

Bank of England n/a Mar 05 2009 0.50%

The Reserve Bank of Australia n/a May 04 2010 4.50%

Bank of Japan n/a Oct 05 2010 0%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, October 18,2010 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

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

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

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

ABLN 11.60 12.10 11.75 12.25 12.15 12.65 12.75 13.00 12.90 13.15 13.10 13.60 13.25 13.75 13.35 13.85

JSBL 12.10 12.60 12.20 12.70 12.30 12.80 12.80 13.05 13.10 13.35 13.20 13.70 13.30 13.80 1350 14.00

ASPK 11.60 12.10 12.00 12.50 12.20 12.70 12.70 12.95 12.90 13.15 13.10 13.60 13.20 13.70 1330 13.80

CIPK 11.70 12.20 11.90 12.40 12.30 12.80 12.70 12.95 12.90 13.15 13.00 13.50 13.15 13.65 1320 13.70

DBPK 11.50 12.00 11.70 12.20 12.10 12.60 12.70 12.95 12.90 13.15 13.15 13.65 13.25 13.75 1335 13.85

FBPK 11.65 12.15 11.80 12.30 12.00 12.50 12.60 12.85 13.00 13.25 13.10 13.60 13.15 13.65 1340 13.90

F LAH 11.75 12.25 11.85 12.35 12.30 12.80 12.75 13.00 12.95 13.20 13.10 13.60 13.20 13.70 1330 13.80

HBPK 11.60 12.10 11.85 12.35 12.20 12.70 12.75 13.00 13.00 13.25 13.10 13.60 13.20 13.70 1335 13.85

HKBP 11.85 12.35 12.00 12.50 12.20 12.70 12.75 13.00 12.90 13.15 13.10 13.60 13.20 13.70 1330 13.80

N I P K 11.75 12.25 12.15 12.65 12.65 13.15 12.85 13.10 13.00 13.25 13.10 13.60 13.20 13.70 1330 13.80

HMBP 11.65 12.15 11.85 12.35 12.40 12.90 12.80 13.05 13.05 13.30 13.15 13.65 13.20 13.70 1330 13.80

SAMB 11.75 12.25 11.90 12.40 12.25 12.75 12.80 13.05 13.00 13.25 13.15 13.65 13.25 13.75 1335 13.85

MCBK 11.60 12.10 12.00 12.50 12.40 12.90 12.75 13.00 12.95 13.20 13.10 13.60 13.20 13.70 1340 13.90

NBPK 11.80 12.30 11.90 12.40 12.10 12.60 12.70 12.95 12.80 13.05 13.10 13.60 13.20 13.70 1330 13.80

S CP K 11.70 12.20 11.90 12.40 12.15 12.65 12.70 12.95 12.95 13.20 13.10 13.60 13.15 13.65 1335 13.85

UBPL 11.75 12.25 11.90 12.40 12.15 12.65 12.65 12.90 13.00 13.25 13.10 13.60 13.20 13.70 1330 13.80

AVE 11.69 12.19 11.91 12.41 12.22 12.72 12.74 12.99 12.96 13.21 13.11 13.61 13.21 13.71 1333 13.83

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)18/10/2010

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

1 week -0.89 -0.28 -0.28 -0.18 -0.83 -0.75 -0.58 0.611 month -0.99 -0.86 -0.96 -0.77 -0.98 -0.92 -0.97 0.903 months -0.80 0.38 -0.65 -0.08 -0.65 -0.46 -0.59 0.486 months -0.57 0.82 0.13 0.54 -0.53 -0.75 -0.57 -0.031 year -0.33 0.62 0.39 0.54 0.09 -0.19 -0.32 -0.072 years -0.60 0.66 0.06 0.60 -0.05 -0.10 -0.58 0.57

Currencies CorrelationUSD/JPY

CMKA BMA INVSR GSL ICSL JSCM AvgRate

0-7days 12.05 12.00 11.90 11.90 12.00 11.95 11.97

8-15dys 12.15 12.20 12.00 12.10 12.10 12.05 12.10

16-30dys 12.25 12.20 12.15 12.25 12.25 12.25 12.23

31-60dys 12.45 12.33 12.30 12.35 12.60 12.40 12.41

61-90dys 12.65 12.58 12.55 12.70 12.60 12.65 12.62

91-120dys 12.80 12.75 12.75 12.90 12.80 12.75 12.79

121-180dys 12.95 12.90 12.95 13.00 12.95 12.95 12.95

181-270dys 13.05 13.05 13.05 13.10 13.10 13.05 13.07

271-365dys 13.20 13.15 13.15 13.26 13.20 13.20 13.19

2-- years 13.40 13.40 13.38 13.40 13.35 13.35 13.38

3-- years 13.60 13.60 13.68 13.60 13.60 13.68 13.63

4-- years 13.70 13.70 13.70 13.65 13.73 13.70 13.70

5-- years 13.70 13.75 13.75 13.70 13.75 13.78 13.74

6-- years 13.75 13.75 13.78 13.75 13.75 13.80 13.76

7-- years 13.75 13.80 13.78 13.76 13.75 13.80 13.77

8-- years 13.70 13.62 13.75 13.77 13.75 13.75 13.72

9-- years 13.65 13.62 13.65 13.60 13.65 13.65 13.64

10--years 13.75 13.75 13.80 13.85 13.75 13.80 13.78

15--years 14.25 14.33 14.25 14.15 14.20 14.25 14.24

20--years 14.40 14.50 14.30 14.20 14.30 14.35 14.34

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for October 18, 2010

NEW YORK: The dollar roseagainst the euro on Monday forthe second straight session asinvestors scaled back expecta-tions of the size of a secondround of quantitative easing.

Investors are more certainthere will be more easing afterFederal Reserve Chairman BenBernanke on Friday offered hismost explicit signal yet that theUS central Bank was set toease monetary policy furtherthough the question remainsthe amount.

The dollar extended arebound that started late lastweek, with the euro retreatingfrom an 8-1/2-month high andthe Australian dollar downfrom Friday's peak above pari-ty, the currency's highest levelsince it was floated in 1983.

Traders said short-term spec-ulation and model accountsand Asian central banks were

active in the session as the eurofell as low as $1.3830. Nextdownside targets are technicalsupport at $1.3825 and then theOct. 12 low of $1.3775.

There was muted reaction toa US Treasury Departmentreport on foreign exchangeflows or a Federal Reservereport on industrial production.

"It is a continuation fromFriday," said Chuck Butler,president of EverBank WorldMarkets in St. Louis. "Noweveryone knows (QE) is goingto happen we are seeing some

profit taking in the euro dollarand commodities."

The euro was down 0.1 percent on the day at $1.3968,down from a more than eight-

month high of $1.4161, hit ontrading platform EBS onFriday. The session low onMonday was $1.3830 onEBS.

Data from the USCommodity Futures TradingCommission showed specula-tors trimmed bets against thedollar in the latest week butstill had hefty wagers against

it. The dollar index was littlechanged at 77.032, after risingto 77.645. The rally needs toextend above its Oct. 12 highof 77.93 to signal a short-termbottom is in place afterFriday's 10-month trough of76.144, analysts said.

But the dollar ceded groundagainst the yen, falling 0.3 percent to 81.17 yen and edgingback towards a 15-year low of80.88 hit on EBS last week.Traders reported sovereigndemand around the 81.15level.

The Australian dollar recov-ered from the day's declinesand was last up 0.1 per cent to$0.9915. The Aussie rose to$1.0004 on Friday, but hit alow of $0.9801 on Mondayafter some macro funds sold,with traders citing decent stop-loss orders at $0.9780. -Reuters

US dollar gains againsteuro for 2nd straight day

SHANGHAI: Spot yuan onMonday pulled back from itshighest versus the dollar sinceits landmark revaluation inJuly 2005 after the USTreasury Department delayeda report on trade partners' cur-rency practices.

The People's Bank of Chinafixed a weaker mid-point afterthe Obama administrationdecided to delay the decisionon Friday on whether itbelieves China manipulates itscurrency to create an unfairtrade advantage that couldsour ties between the world'stwo biggest economies.

State media reported thatChinese Vice Premier WangQishan spoke to US TreasurySecretary Timothy Geithnerby telephone after the delay, asign the US administrationmay be happy with the yuan's2-plus per cent jump sinceearly September, dealers said.That pace of appreciation isthe quickest since the 2005revaluation.

The yuan closed at 6.6441against the dollar, down fromFriday's close of 6.6412 and

its intraday post-revaluationhigh of 6.6404 hit on Friday.

Before trading started, thePBOC fixed the mid-point, orits reference rate from whichthe yuan can rise or fall 0.5per cent in a day, at 6.6541,weaker than Friday's recordhigh of 6.6497.

The yuan has appreciated2.74 per cent since the PBOCannounced its depegging tothe dollar on June 19,although its rise has stilllagged far behind a more than10 per cent plunge in the USdollar index during the sameperiod.

Dollar/yuan non-deliverableforwards (NDFs) rose fromlows to imply less yuan appre-ciation after the PBOC fixed aweaker mid-point. Dealers arewarning of increasing risks infurther pushing NDFs lower.

Three-month dollar/yuanNDFs were bid at 6.5500 inlate trade, up from a record lowof 6.5250 hit earlier in the day,with their implied yuan appre-ciation falling to 1.59 per centin the next three months from1.98 per cent. -Reuters

Yuan slips after USdelays currency report

Swiss francoff all-time

high vs USDZURICH: The Swiss franc onMonday traded off an all-timehigh hit against the dollar, as theUS currency clawed background lost at the end of lastweek after the US FederalReserve signalled possible fur-ther monetary easing.

Investors had increased theirbets against the dollar in recentweeks on heightened expecta-tions for the Federal Reserve tounveil a second round of quanti-tative easing as early asNovember.

The franc was 0.3 per centweaker against the dollar com-pared with Friday's New Yorkclose, trading at 0.9616 per dol-lar. The Swiss franc soared to afresh all-time high against thedollar at the end of last week.

The franc was up 0.3 per centagainst the euro at 1.3344 per euroat 0741 GMT. The Swiss franc,which investors regard as a safehaven, has rallied against the euroand the dollar most of this year asSwitzerland escaped from thedownturn less bruised than manyother big economies. -Reuters

LONDON: Sterling fellagainst the dollar on Monday,coming off an 8-1/2-monthhigh on a broad rebound in theUS currency due to uncertain-ty about how aggressive USFederal Reserve monetary eas-ing will be next month.

Fed Chairman BenBernanke laid out the case formore easing on Friday, initial-ly sending the dollar loweragainst a range of currencies.

It then corrected as the Fedchief gave few details andwarned of a need to proceedcautiously.

"The persistent and heavyselling of the dollar has par-tially reversed (on Bernanke'sspeech) that was a little morebalanced and reserved ... thanmaybe the market was expect-ing," said Derek Halpenny,European head of currencyresearch at Bank of Tokyo-Mitsubishi UFJ.

By 1501 GMT, sterling was

down 0.5 per cent at $1.5899after dipping to $1.5837. Thedownside target was seen atlast week's low of $1.5755,traders said. On Friday, it hadrisen to $1.6108, its highestsince late January.

Latest positioning datashowed currency speculatorstrimmed bets on sterling gain-ing in the last week as theyalso cut back short positionson the US dollar.

The dollar's rebound erasedearlier sterling gains after datafrom property websiteRightmove showed askingprices in England and Waleshave risen for the first time infour months in October.

The euro also gained againstthe pound, rising 0.4 per centto 87.82 pence. Traders saidstop-loss orders were seenabove 88.00 pence, whichwould pave the way for a re-test of a six-month high of88.39 hit last week. -Reuters

Sterling falls; UKspending cut plans eyed

SEOUL: The South Koreanwon led a decline in Asian cur-rencies on Monday withinvestors scrambling to covertheir bets against the bouncingUS dollar, though longer-termconfidence in emerging marketcurrencies remained high.

Asian currencies are seenstaying on a bullish trend onexpectations that the FederalReserve will ease monetarypolicy further and effectivelysend more cheaply borroweddollars to Asia, analysts anddealers said.

"I think this is a minor cor-rection. Unless the currencywar leads to a global trade war,Asian currencies will stay bid,"

said Woon Khien Chia, head oflocal markets strategy of

The Royal Bank of ScotlandPLC in SINGAPORE.

The South Korean won fell0.7 per cent as a broaderrebound in the dollar causedinvestors to cover short dollarpositions and domestic equitiesfell. South Korea's centralBank said it will take new stepsif foreign debt, including for-eign holdings of domesticbonds, grows too quickly,increasing caution over thecountry's measures to checkthe won's strength.

But the Bank of Korea gov-ernor later said the country atthis stage is not opting to con-

trol capital flows in and out,only to mitigate capital marketvolatility.

The Malaysian ringgit slid0.5 per cent on profit takingagainst a broadly stronger dol-lar after Bernanke's comments.

"There's been a USD squeezefrom a perception that its fallmay have been over extended,"said a Kuala Lumpur-baseddealer, who expects the ringgitto move 3.0850-3.1100 in thenext few days.

Bank Negara Malaysiaincreasingly stepped into cur-rency markets in the latter partof last week, likely to slow theringgit's climb, estimates fromIFR Markets showed. -Reuters

Asian currencies

SKorea won leads declineas US dollar rebounds

SYDNEY/WELLINGTON: The Australiandollar retreated further from parity against theUS dollar on Monday while the kiwi also fell,although many thought losses were driven byprofit-taking and could be short-lived.

In late trade, the Australian dollar had eased to$0.9853, well off a high of $1.004 hit offshoreon Friday. That was the first time the currencyhad raced above $1 since it was freely floated in1983. Charts showed resistance at $1 and strongsupport on a daily channel at $0.9785, followedby Oct 12 lows of $0.9767.

The NZ dollar was also down at $0.7520, from$0.7560 seen in early trade and off last week's two-year high of $0.7645. Traders said profit-takinghad gathered steam on a bout of short-covering inthe US dollar, which weighed on commodity pricesand encouraged more selling in the pair.

But many believed the pull-back was tempo-rary given the US dollar's sluggish outlook,which contrasts with the pair's buoyant funda-

mentals, especially in the case for the Aussie.Indeed, National Australia Bank told clients it

expects the Australian dollar to rise to $1.05,thanks in part to Australia's booming commodi-ty trade with China and India. The bank advisedinvestors to buy the currency if it pulls back to$0.9650. The kiwi was unmoved by inflationdata which was in line with market expectations,and seen unlikely to shake the view that theReserve Bank of New Zealand will remain onhold until early in 2011.

In a rare piece of positive news for the other-wise sluggish domestic economy, activity in theservices sector posted strong growth inSeptember. The main driver of the kiwi remainsthe attitude of investors to the US dollar and thewillingness to invest in riskier assets, especiallyas there is only migration data due for theremainder of this week.

The Aussie/kiwi was steady in familiar rangesabout NZ$1.3080. -Reuters

Australian dollar off onprofit-taking after parity stint

Taiwan dollar

weakensTAIPEI: The Taiwan dollarslipped on Monday, snappingrapid gains last week, ondoubts about the degree ofquantitative easing to resusci-tate the US economy and onoutflows of foreign funds fromthe local stock market.

The Taiwan dollar joinedother currencies in Asia thatdipped on a broad rise in theUS currency, which had fallenin recent weeks over wide-spread expectations that the USwould take quantitative easingsteps.

The local currency's close ofT$30.885 versus the US dollar,from a Friday final price ofT$30.793, also reflected for-eign fund outflows fromTaiwan stocks. Monday's netstock market outflows reachedan unusually high T$9.712 bil-lion ($310,000).

A suspected sale of Taiwandollars by Taiwan's centralbank to control last week'ssurge also pushed Monday'sprice lower.

Focus this week is turning toG20 leadership meetings inSouth Korea on Friday to discussworld currency tensions, withChina, Japan and the UnitedStates under a harsh spotlight.Any decisions are seen affectingthe direction of growth-linkedassets such as Taiwan's. -Reuters

Uncertainty whether QE2 has been fully priced in

Page 4: The Financial Daily-Epaper-19-10-2010

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.

Fiscaldeficitat large

It is more than evident that the political turmoilis not allowing the government to focus on thekey issues facing the country, the most con-tentious being fiscal and monetary indiscipline.Expenditures are on the rise post-floods abettedby ongoing operations in the northern areas.Subdued economy is also keeping tax collectionlow. Added to this is the delay in imposingRGST already committed with the InternationalMonetary Fund (IMF).

Imposing this tax is becoming increasingly dif-ficult for the government because of the opposi-tion by the trade and industry and failure to putin place the collection infrastructure. Some ofthe experts are also of the opinion that the gapcould be bridged not by imposing RGST but bysimply following austerity drive. However,elected representatives seem adamant on intro-ducing novel ways to squeeze more juice out ofthose who are already paying taxes but are notready to curtail their own extravaganzas.

The government's inability to improve revenuecollection has become a nightmare based onhabit of postponing tough decisions. While,some of the experts term it lack of political willthe others inability to comprehend gravity of thesituation and introducing measures that work.

This is evident from the budget deficit rising to1.6 per cent of GDP for 1QFY11. In absoluteterms, this translates into Rs274 billion. Thegovernment's economic team had communicatedto the IMF that its fiscal deficit for 1QFY11should remain around Rs241billion or 1.4 percent of GDP, with full-year target remaining at5.2 per cent of GDP. It appears as if the govern-ment has taken a special concession to slightlyexceed the 1QFY11 deficit target due to thefloods in August.

Failure to meet the agreed deficit target can beattributed to the inability of the government togenerate even the agreed amount of revenue. TheFBR managed to collect Rs290 billion during1QFY11 against a targeted amount of Rs336 bil-lion, which represents a deficit of Rs46 billion.

Pakistan's expenditures on war on terror arealso outstanding because of delay in getting pay-ment from the US. The government believes thattotal dues under coalition support fund havereached Rs215 billion, of which Rs121 billionhave been earmarked as a resource component ofthe FY11 federal budget. The US and Pakistanare expected to engage in a policy dialogue onOctober 21-22 in Washington, where the issue ofoutstanding dues is expected to be brought up.

The government's failure to get the RGST billpassed by the parliament and all the four provin-cial assemblies and delay in release of funds bythe US are likely to push the deficit beyond 6 percent of GDP. The government expects RGST tobe levied from December 01, 2010, a delay offive months from the initially agreed deadline ofJuly 01, 2010 deadline. Analysts expect thebudget deficit for FY11 to be around 6.5 per centof GDP, mainly due to inherent weakness in taxcollection regime.

4Tuesday, October 19, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

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

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The Financial Daily InternationalVol 4, Issue 75

The dollar this weektouched its lowest levelfor 2010. That little

Singapore's adoption of a high-er trading band helped triggerthe sell-off adds to the talk ofits demise. The expectation ofmore quantitative easing athome is certainly not helpingthe US currency. But the rela-tive rise of Asian currencies isa good thing. Global rebalanc-ing has been called for: this isit.

Asian currencies need torevalue. Many economies aregrowing fast, with exports akey driver. The countries runtrade surpluses and also attractlarge capital flows. Theirresponse has been to try to pre-vent currency appreciation.That means soaring foreign

exchange reserves, excessmoney growth - and the risk ofinflation and asset bubbles.

Take Singapore. The govern-ment expects GDP growth of

between 13 per cent and 15 percent this year. The MonetaryAuthority of Singapore is wor-ried that inflation will "rise toaround 4 per cent by the end of

2010 and stay high."Appreciation of the Singaporedollar would help by reducingthe cost of imported goods.And Singaporean consumers

won't say no to cheaperimports - they've earned them.

Other Asian economies seesimilar pressures but are not allreacting the same way. South

Korea's inflation rate has risento 3.6 per cent but the centralbank this week held back fromraising its 2.25 per cent policyrate for fear of pushing the won

still higher.The big outlier, however, is

China, whose fixed exchangerate has been allowed to rise byonly 2 per cent against the dol-

lar since June, after being fixedfor the previous two years. Forthe rest of Asia, this means thatallowing currencies to appreci-ate against the dollar meanslosing competitiveness toChina - a clear deterrent torevaluation. The likelihood isthat at the G20 meeting inSeoul in November manyAsian countries will pressChina hard to let the yuan risefaster.

The trend, however, is clear.Rapid growth tends to lead nat-urally to currency appreciation.Provided it is allowed to hap-pen, that will stoke importdemand in Asia, helpingdepressed western economiesrecover. For all the gloom, thedollar's fall isn't harmful.-Reuters

Dollar’s Asian fallGood for the world

Germany's inflamed public debateabout Islam and integration risksserious overheating as politicians

compete to make ever tougher statementscriticising Muslims immigrants theyaccuse of refusing to fit in there.

The escalating row, sparked off when aBundesbank board member slammedMuslims as dim-witted welfare spongers,has mixed some social problems andsome Muslim customs into a vision ofIslam as a looming menace to Germansociety.

When President Christian Wulff tried tobuild bridges by saying Islam was nowpart of German society, critics retorted thecountry was based on "Judeo-Christianvalues" and should not accept any moreimmigrants from foreign cultures.

Amid the uproar, many politicians andmedia have lumped together about fourmillion residents -- Turks, Arabs, Afghans,converts and others, many with Germancitizenship -- simply as Muslims andtarred them all with problems many do nothave.

The debate crackles with harsh termslike "Germanophobia" and "integrationrefusers" that signal growing frustrationwith the difficulty Germany has had with

people it allowed into the country but didnot welcome into the society.

"The discourse about Muslims inGermany is gradually taking on hystericalforms," wrote Andreas Petzold, editor-in-chief of the weekly magazine Stern. "It'svery off-putting to watch this cascade ofdebates that, in the end, all focus onIslam."

The criticism comes mainly from theruling Christian Democratic (CDU) andFree Democratic parties, whose ratingshave slumped so badly this year becauseof economic problems that their oppo-nents accuse them of using Islam as ascapegoat.

Concerns about Muslims have also risenafter police shut down a radical Hamburgmosque linked to the Sept 11, 2001 attacksin the United States and several countriesissued security warnings based partly onsuspected terror cells in Germany.

Officials in the CDU's conservativeBavarian sister party, the Christian SocialUnion (CSU), say they need to tacklethese issues head on so no extremist leaderemerges to their right like Geert Wildershas established himself in theNetherlands.

RISING RESENTMENT OF MUS-

LIMSA new study last week gave some statis-

tical shape to the tense debate by showingwhat it called "a rise in decidedly anti-democratic and racist views ... and a slightincrease in social Darwinist ideas ofinequality."

Polls by the Friedrich Ebert Foundation,which is close to the opposition SocialDemocratic Party (SPD), showed 58 percent of those surveyed said Muslims'rights to practice their religion in Germanyshould be considerably limited.

The group agreeing with the statement"I don't like Arabs" rose from 44 per centin a 2003 poll to 55 per cent this year.

The study said opinions once limited tothe neo-Nazi scene were now spreadingacross German society more widely. "Ahighly level of right-wing extremist viewscan be found throughout different groupsof the population," it said.

The current debate flared up in Augustwhen Bundesbank council member ThiloSarrazin published a book portrayingMuslims as a lumpenproletariat due tooutbreed native Germans.

He resigned under pressure from thebank, but polls showed many Germanssupported him. The bright red cover of his

polemic "Germany Abolishes Itself"stands out like a warning signal on best-seller tables at bookshops around thecountry.

Wulff acknowledged a demographicfact in his Oct 3 German Unity Dayaddress when he said Islam was now partof Germany because of all the Muslimsliving here, but several politicians havesince rushed to deny this.

Horst Seehofer, head of the ChristianSocial Union (CSU) in heavily CatholicBavaria, called for an end to immigrationfrom "foreign cultures" and insistedGerman society was based on "Judeo-Christian values" that Islam did not share.

Noting reports of some immigrantyouths bullying German pupils in school,Family Affairs Minister KristinaSchroeder warned about a rising"Germanophobia," a jarring new termmeant to describe a kind of Muslimreverse racism against Germans.

Chancellor Angela Merkel has reactedby ratcheting up her own comments,declaring that sharia could not replaceGerman law -- an issue almost nobodywas debating -- and that Germany'sattempt to create a multicultural societyhad "utterly failed."-Reuters

Germans debateIslam, migration

Freshman Busra Gungor won'thave to wear a wig to cover herIslamic headscarf, as many pious

relatives and friends did to avoid get-ting kicked off campus.

In a landmark decision, Turkey'sHigher Education Boardearlier this month orderedISTANBUL University,one of the country'sbiggest, to stop teachersfrom expelling from class-rooms female students whodo not comply with a banon the headscarf.

It was the latest twist in along political and legal tus-sle in Turkey betweenthose who see the garmentas a symbol of theirMuslim faith and thosewho view it as a challengeto the country's secularconstitution.

"I was ready to wear the wig, just likemy cousin did," said Gungor, a 18-year-old student wearing a pastel-colouredheadscarf. "This is about my freedom. Idon't see why my headscarf should beseen as a threat to anybody."

The debate is not unique to Turkey --France and Kosovo, for example, banheadscarves in public schools, and partsof Germany bar teachers from wearingthem.

But it goes to the heart of nationalidentity in this country of 75 millionMuslims whose modern state wasfounded as a radical secular republicafter World War One.

Disputes over the headscarf and otherpublic symbols of Islam are part of awider debate over how to reconcilemodernity and tradition as Turkey triesto achieve its decades-old ambition tojoin the European Union.

Together with the courts, Turkey'sarmy -- which has a long history ofintervening in politics and has oustedfour elected governments -- has longseen itself as a bulwark against any rollback towards Islamisation. EasingTurkey's secular laws would have been

unthinkable a few years ago.But reforms aimed at bringing Turkey

closer to the EU have clipped the gener-als' power. In a sign of how influenceand attitudes are shifting, the latestchange on headscarves happened with

more of a whimper than a bang."This is the same fight Turkey has

had for 80 years over the secular-piousissue," writer Mehmet Ali Birand com-mented in an article entitled "Let themdress the way they want".

"The world has changed. Turkey haschanged. Let's close those old booksand look into thefuture," Birand said.

NEW CLASSA bid by the ruling

AK party to lift theheadscarf ban threeyears ago sparked amajor political crisisand almost led to theparty being closed bythe ConstitutionalCourt for anti-secularactivities.

But the rise of a newclass of observantMuslims to form the backbone of theAKP, which has its roots in politicalIslam and has held power since 2002, ischallenging old notions.

Opponents of the headscarf ban -- inplace since a 1982 military coup -- say

it is a violation of individual freedomsand incompatible with a moderndemocracy. Supporters say the prohibi-tion is necessary precisely to defendTurkey's democratic values.

"Turkey needs to find a new relation-ship between state and reli-gion," Ergun Ozbudun, anconstitutional expert, said ata recent lunch with EUambassadors and journalists.

Prime Minister TayyipErdogan, who comfortablywon a referendum last monthon government-sponsoredconstitutional reforms, hasdeclared plans for a brandnew basic law.

Seen as clear favourite in2011 elections, the AKP iswidely expected to try againto remove the headscarf ban.Among reforms approved inlast month's referendum

were an overhaul of the ConstitutionalCourt, traditionally dominated by secu-larist judges.

TURNING TIDEUntil the decision by the Higher

Education Board, girls from religiouslyconservative families say they had towear hats or wigs to conceal their head-

scarves in order to attend classes.Others decided to stay at home.

As the tide turns, some secularistsfear growing social conservatism and"neighbourhood pressure" will forcethem to change their lifestyle and adopt

the headscarf."I don't think we will feel pressure to

cover here in ISTANBUL, but I believethere could be a risk in most universi-ties in Anatolian cities," said 18-year-old Begum Yildiz, a female studentsmoking a cigarette outside the univer-sity's entrance.

Another student who did not give hername was less sanguine: "I don't wantthe ban to be lifted. I know many girlswhose families force them to wear theheadscarf and they take it off at college.University has been a place for them tofeel free."

Pinar Gedik, a student of Arabic whowears a pink headscarf, said the banwas still being enforced in some facul-ties.

"I can attend classes with my head-scarf now, but it's still banned in manydepartments. The pressure is stillthere."

Although symbols of Islam are nowmore common in the public sphere, sen-sibilities are still raw. The talk of thetown these days is whether generals andsecularist politicians will attend a Oct.29 reception at the presidential palaceon National Day.

president Abdullah Gul, whose wifewears a headscarf as does Erdogan's,

t r a d i t i o n a l l yhosts two sepa-rate receptionsfor guests withcovered andu n c o v e r e dwives. This yearhe plans to holdone ball.

M u h a r r e mInce, a senior MPfrom the secular-ist RepublicanPeople's Party,has said his party

will boycott the ceremony."The president is changing the tradi-

tion of double receptions. This isbecause the AKP want to impose theheadscarf not only at universities butfrom top to bottom," he said.-Reuters

A Quiet Revolution in an Unquiet Turkey

Opponents of the headscarf ban -- inplace since a 1982 military coup -- say

it is a violation of individual freedomsand incompatible with a modern

democracy. Supporters say theprohibition is necessary precisely todefend Turkey's democratic values

Asian currencies need to revalue. Manyeconomies are growing fast, with exports a key

driver. The countries run trade surpluses and alsoattract large capital flows. Their response has been to

try to prevent currency appreciation. That meanssoaring foreign exchange reserves, excess money

growth - and the risk of inflation and asset bubbles

“

In a landmark decision,Turkey's Higher Education

Board earlier this month orderedISTANBUL University, one ofthe country's biggest, to stopteachers from expelling fromclassrooms female students

who do not comply witha ban on the headscarf.

“

Page 5: The Financial Daily-Epaper-19-10-2010

FERTILISER000 tonnesUrea Offtake (Jan to July 10) 3,565Urea Offtake (July 10) 580Urea Price (Rs/50 kg) 879DAP Offtake (Jan to July 09) 374DAP Offtake (July 10) 49DAP Price (Rs/50 kg) 2,626

AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 09 to June 10) 71,998

Sales (July 09 to June 10) 73,993

Production (July 10) 7,509

Sales (July 10) 4,503

INDUS MOTOR COProduction (July 09 to June 10) 50,557

Sales (July 09 to June 10) 50,823

Production (July 10) 5,162

Sales (July 10) 4,999

HONDA ATLAS CARProduction (July 09 to June 10) 13,500

Sales (July 09 to June 10) 14,120

Production (July 10) 1,560

Sales (July 10) 1,272

DEWAN FAROOQ MOTORSProduction (July 09 to June 10)1,218

Sales (July 09 to June 10) 1,371

Production (July 10) 41

Sales (July 10) 40

BANKING SECTORScheduled bank (Rs in mn)Deposit (August 20,10) 4,595,176

Advances (August 20,10) 3,304,533

Investments (August 20,10) 1,788,671

Spread (July 2010) 7.51%

OIL MARKETING CO(000 tons)MS (Jul 09 to June 10) 1,933

MS (July 10) 188

Kerosene (Jul 09 to June 10) 164

Kerosene (July 10) 15

JP (Jul 09 to June 10) 1,377

JP (July 10) 129

HSD (Jul 09 to June 10) 7,435

HSD (July 10) 664

LDO (Jul 09 to June 10) 75

LDO (July 10) 7

Fuel Oil (Jul 09 to June 10) 9,259

Fuel Oil (July 10) 869

Others (Jul 09 to June 10) 13

Others (July 10) 1

PRICES (Ex-Refinery) RsMS (1 Sep 10) 40.85

MS (1 Aug 10) 41.22

MS % Chg -0.90%

Kerosene (1 Sep 10) 47.14

Kerosene (1 Aug 10) 46.55

Kerosene % Chg 1.27%

JP-1 (1 Sep 10) 47.37

JP-1 (1 Aug 10) 46.78

JP-1 % Chg 1.26%

HSD (1 Sep 10) 50.61

HSD (1 Aug 10) 49.63

HSD % Chg 1.97%

LDO (1 Sep 10) 46.37

LDO (1 Aug 10) 45.29

LDO % Chg 2.38%

Fuel Oil (1 Sep 10) 39,932

Fuel Oil (1 Aug 10) 39,723

Sector Updates

Symbol Close Vol (mn)LOTPTA 9.69 16.90 JSCL 9.82 14.64 AHSL 23.24 6.07 DGKC 26.36 5.38 NBP 65.57 4.74

Symbol Close ChangeRMPL 1,428.00 58.00 COLG 768.00 28.00 FZTM 333.55 13.55 BHAT 198.00 9.00 EXIDE 148.98 6.08

Symbol Close ChangeSIEM 1,152.00 -37.99WYETH 800.33 -29.73MTL 457.40 -23.5NESTLE 1,924.11 -16.89LAKST 340.00 -13.68

Plus 209Minus 170Unchanged 26

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

EU shares close up asCiti results lift banks

Mostly lower, Thailand wary about rate outlook

Tuesday, October 19, 2010 5

Dhiyan

Market momentum would gain more torque with easing political tensions andincreasing foreign interest. Foreign investors are raising their stake in the local bours-es without a letup which, if continues would be an added boost to the current stand-ing of the stocks. Same goes for the tussle among institutions, the slackening of whichwould strengthen the market fundamentals even further. If things turn out as desiredthe outcome could be a rally that would catapult the market to a level of 11,000points. The overall outlook is positive. Foreign investors are seen diversifying theirportfolios turning heads towards stocks other than oils --most probably the banks ofthe best repute. The word to the wise is value-stocks in E&P sector are the picks ofthe day so go for what pays.

Kashif Mustufa, Namco

Munir Khanani, Muhammad Munir Ahmed Khanani Securities

Market looks bullishly good. Reconciliation among institutions and a harmonious politicalscene would act as a fuel to the fires of a rally that would endure. The volumes could multiplyto such a measure that market would be bursting at the seams given all these highly sought-after conditions come to pass and put stay. These days most of the trading is being done inreturn-based scrips, so investors better take aim at such stocks. As far as MTS is concerned it'snot going to be a great help to everyone as discount rate is too high to borrow at the moment.Investors are suggested to lay hands on strong payout-bearing stocks. Investment is advisablein PPL, Attock Petroleum, Attock Cement, Fauji Fertiliser, FFC Jordan etc.

BULLISHNESS IS FORECAST

Opening 10,431.84

Closing 10,484.39

Change 52.55

% Change 0.50

Turnover (mn) 103.15

Opening 3,244.41

Closing 3,269.83

Change 25.42

% Change 0.78

Turnover (mn) 4.86

Opening 2,668.49

Closing 2,677.09

Change 8.60

% Change 0.32

Turnover (mn) 0.17

ANNOUNCEMENTS

Company Period Div/Bon/Right PAT (Rs in mn) EPS(Rs)

Telecard Yearly 1%(D) 698.462 2.33

Punjab Modaraba Yearly 1%(D) 7.031 0.21

Latif Jute 1st Qtr - 0.599 0.17

Sanofi-Aventis 3rd Qtr - 121.191 12.57

Allied Bank Ltd 3rd Qtr - 5,848.724 7.48

Allied Bank Ltd(Consolidated)3rd Qtr - 5,888.135 7.53

HONG KONG: Hong Kongand China stocks fell onMonday in a pullback follow-ing recent gains, with Shanghaiparing gains after failing tohold above a key psychologicallevel in its highest volume in atleast 10 years.

China's key stock index, theShanghai Composite Index,finished down 0.5 per cent at2,955.2 after it briefly tradedabove 3,000 points, buoyedpartly by property and Steelstocks and on the prospect of

more liquidity globally and inthe domestic market.

Volume was at 299 billionyuan ($45.03 billion), its high-est in at least 10 years, com-pared with 271 billion yuan lastFriday.

The index reversed for thefirst time in six consecutivedays after posting an 8.4 percent rise last week, its biggestweekly gain since February2009.

Analysts said the index facespressure in the near term from

profit taking after rising so rap-idly without any significantcorrection. The index's 14-dayrelative strength index hasreached a reading of 78 percent, compared with an over-bought mark of 70.

But traders said large dropswere unlikely, with ample liq-uidity likely to support theindex to trade narrowly around3,000 points.

"This pullback is expected.The market required a

See # 11 Page 11

Shanghai plunges inhighest vols in 10yrs

Hong Kong falls

Ghulam Raza Rajani

KARACHI: PakistanPetroleum Limited (PPL) isscheduled to announce itsresults today for a period ofthree months ended September30, 2010.

According to the "TheFinancial daily" Research thecompany profit after taxation islikely to show a growth of 55per cent to Rs7.71 billion forthe 1st quarter of the fiscalyear 2010-11, translating into adiluted EPS (earning per share)of Rs6.45. In 1QFY10, thecompany had posted a profit ofRs4.97 billion with a dilutedEPS of Rs4.16.We do not predict any payoutwith the results.

Net sales revenue is likely toincrease by 50.3 per cent to

Rs18.3 billion as againstRs12.18 billion in 1QFY10.The upsurge in sales was pri-marily a result of increase inaverage wellhead gas price by3.7 per cent for 1HFY11, asurge in average price of crudeoil during 1QFY11 by 8.8 percent YoY to $74.04 a barrelagainst $68.07 a barrel (ArabLight) in 1QFY10, and 26 percent increase in other operatingincome.

Field expenditure is expectedto increase by 35.7 per cent atRs4.47 billion as compared to3.3 billion in 1QFY10.Moreover, other operatingincome is likely to add signifi-cantly towards profitability ofthe company as it surged by25.6 per cent to Rs716 million1QFY10 compared to Rs 570million previously.

PPL profit seen upat 55pc in 1QFY11

Result Preview

Nawaz Ali

KARACHI: Despite manyodds Karachi Stock Exchange(KSE) opened the new weekon a rather bullish note as thebenchmark 100 Index closedat a two and a half month highspurred by expectations ofstrong corporate results andforeign buying.

Investors seemed little con-cerned about by-electionrelated killings over theweekend in the country'sindustrial and financial hubbut discounted it.

The KSE-100 index closedat 10,484 points with a gainof 52.55 points or half a percent. This was the highestclosing since July 30 thisyear. However, day's turnoverwas lower at 103 millionshares as compared to 112million shares traded onFriday.

Reportedly, more than 30people were killed on week-end, mostly in target- killingleading to announcement ofresignation by governor

Sindh and enhanced fear ofMuttahida Qaumi Movement(MQM) pulling itself out ofthe coalition government, apoint which makes residentsof Sindh jittery. Exercisingprudence President Asif AliZardari declined to accept hisresignation and assured himto remove the apprehensions.In this regard interior ministerwas sent to Karachi to lookinto the complaints and findplausible solution.

On the other hand, KSE AllShare Index increased by 0.47per cent or 34.15 points toend at 7,301.46, KSE 30-Index inched down by 0.10per cent or 10.06 points toconclude at 10,084.74, andKMI 30-Index moved higherby 0.04 per cent or 6.09points to finish the day at16,471.78 levels.

Out of 405 active scrips,prices of 209 scrips went up,170 witnessed decline and 26remained unchanged.

"Market sentimentremained positive throughoutthe session ahead of major

earnings announcement thisweek," said Ahsan Mehanti,Director at Arif HabibInvestments.

Two of the quality scripswill announce their 1QFY11financial results during theweek. Pakistan Petroleum isscheduled to announce itsquarterly results today(Tuesday) to be followed byPakistan State Oil onThursday.

Monday's top volume lead-ers were Lotte Pakistan PTA,Jahangir Siddiqui &Company, Arif HabibSecurities, D. G.Khan Cementand National Bank ofPakistan.

Top five companies regis-tering highest increase inprice were Rafhan MaizeProduct, Colgate Palmolive,Fazal Textile, Bhanero Textileand Exide Pakistan.

Five companies witnessinghighest erosion in value wereSiemens Pakistan, WyethPakistan, Millat Tractors,Nestle Pakistan and LaksonTobacco.

Khi stockshit highest

since Jun 30

TOKYO: Nikkei averageended almost flat on Monday,pressured by the yen whichstayed near a 15-year highagainst the dollar and asinvestors turned cautious aheadof US bank results and theearnings reporting season athome.

The market also struggled tofind clear direction due to adearth of immediate market-moving incentives, withinvestors looking to take cuesfrom a Group of 20 nationsmeeting later in the week andthe Federal Reserve's monetarypolicy meeting early nextmonth.

"One of the reasons whyinvestors were reluctant tomove actively is that theywant to see third-quarter USearnings, with Citigroupreporting later in the day," saidKazutaka Oshima, presidentof Rakuten InvestmentManagement.

"What's behind this is a tug-of-war among views on theUnited States implementingadditional easing measures. Ifearnings results show that UScompanies are actually generat-ing strong profits, that wouldweaken the case for easingexpectations."

The US earnings reportingperiod picks up steam this

week, with 109 S&P 500companies and 11 Dow com-ponents due to report.Among them will beGoldman Sachs, Bank ofAmerica, Citigroup andMorgan Stanley.

On Monday, the benchmarkNikkei fell 1.76 points to9,498.49, while the broaderTopix inched up 0.5 per cent to830.52.

In Asia trade, the yen edgedup to 81.20 against the dollar,holding near a 15-year high of80.88 reached on the EBS plat-form last week.

Shares of Mazda Motor Corpslipped 0.9 per cent after asource with knowledge of thematter said Ford Motor Co wasplanning to sell almost all itsremaining stake in the Japaneseauto company.

Shares of other exporterswere mixed, with Sony Corp up1.8 per cent at 2,659 yen andTOKYO Electron Ltd down 1.1per cent at 4,715 yen.

The Nikkei drew supportfrom the Nasdaq, which rosemore than 1 per cent as Googlesurged after blowout third-quarter results on Friday, buttraders were expected to becareful about chasing Japaneseshares on rallies as the yenremained strong.

See # 9 Page 11

Nikkei flat; cautionover yen, earnings

MUMBAI: The BSE Sensexreversed early losses and ekedout a 0.2 per cent gain onMonday, as robust foreign fundinterest and strong Septemberquarter earnings overshadowedthe pressure from the launch ofthe country's biggest-ever ini-tial share offer. Outsourcers ledthe gains.

Coal India launched its $3.5billion initial public offering,with its lower-than-expectedpricing and exposure to India'sbooming electricity demandexpected to draw solid investorinterest.

Net foreign fund inflows intoIndian equities, including pri-mary market offers, havetotalled to $23.2 billion year todate, which has helped thebenchmark index gain 15.5 percent.

The 30-share BSE index

closed 0.22 per cent or 43.84points higher at 20,168.89, with13 of its components closing inthe green.

It fell as much as 1.3 per centearlier to 19,870.51 points, itslowest level this month.

"I think it is just going to be abit choppy. With a big IPO likeCoal India around, some liquid-ity is definitely going to beabsorbed by the issue. But, it isnot a big concern," said SandipRaichura, business head atPINC Money WealthManagement.

"We strongly recommend the(Coal India) issue. It is a sectorwhich people otherwise didn'thave access to. Its a differentasset class by itself."

Raichura also said domesticstocks are not insulated fromworld market jitters.

See # 7 Page 11

Indian sharesedge up; Coal

India IPO opens

US stocks mid-day

Wall Strises on

financials,Citi results

NEW YORK: US stocks rose,led by gains in financials asCitigroup reported stronger-than-expected profits and con-cerns eased about the sector'spotential exposure to foreclo-sure problems.

Citigroup Inc shares jumped3.8 per cent to $US4.10, helpedto support bank shares, whilethe S&P 500 financial indexadvanced 1.2 per cent. Theindex was down 2.4 per centlast week amid worries overthat bank profits could beaffected by a broad probe intoforeclosure practices.

Citigroup reported its thirdconsecutive quarterly profitand topped estimates. Lastweek, JPMorgan Chase and Coposted results that beat expec-tations. For details see and

"The financials last weekwere getting hammered overquestions over foreclosure pro-ceedings ... now it doesn't seemto be as all-encompassing,"Cantor Fitzgerald & Co USmarket strategist Marc Padosaid.

Corporate results so far sug-gest "the banks are slowly

See # 10 Page 11

FTSErallies

on oils,financials

LONDON: The FTSE 100index ended 39.15 points, or0.7 per cent, higher at 5,742.52after falling last Thursday andFriday. The index is up 6 percent so far this year.

Energy shares featuredamong the top gainers, trackinga jump of 1.5 per cent in crudeprices on strikes at Frenchrefineries. Royal Dutch Shell ,BG Group and Tullow Oiladded 0.7 to 2.3 per cent. Riskyassets such as equities werealso helped by economic num-bers. Data showed US industri-al production unexpectedly fellin September, while capacityutilisation eased slightly.

"US industrial productionreport may have reaffirmedhopes that we will receive someadditional measures by centralbanks going forward and that

See # 8 Page 11

ABL earningssurge 16.7pc

Aamir Abidi

KARACHI: Allied BankLimited (ABL) has announcedits financial result for the peri-od ended 9MCY10, said anotice issued to Karachi StockExchange (KSE).

According to details, theprofit for the period endedincreased by 16.7 per cent toRs5.85 billion (EPS: Rs7.48) ascompared to Rs5.01 billion(EPS: Rs6.41) in the same peri-od of last year. The QoQ profitsoared by 21.1 per cent toRs2.23 billion (EPS: Rs2.85)for 3QCY10 as compared to Rs1.84 billion (EPS: Rs2.36) in2QCY10.

Interest income of the bankrose by 9.32 per cent toRs33.25 billion for 9MCY10against Rs30.42 billion in thesame period last year. On theother side, interest expensesdipped by 0.52 per cent toRs16.7 billion compared toRs16.79 billion in 9MCY09.

The bank recorded Rs3.15billion as non-performing loanagainst advances for 9MCY10against Rs3.34 billion in9MFY09, while operatingexpenditure increased by 17per cent to Rs8.14 billion forthe period under review.

South East Asian stocks

Page 6: The Financial Daily-Epaper-19-10-2010

Tuesday, October 19, 20106

Volume 103,148,013

Value 3,209,286,351

Trades 58,344

Advanced 209

Declined 170

Unchanged 26

Total 405

Current 7,301.46

High 7,335.60

Low 7,267.31

Change h34.15

Current 10,484.39

High 10,537.35

Low 10,431.84

Change h52.55

Current 10,084.74

High 10,138.47

Low 10,047.08

Change i10.06

Market KSE 100 Index All Share Index KSE 30 Index

Current 16,471.78

High 16,597.42

Low 16,458.56

Change h6.09

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

Bank of Khyber Limited

BOK closed up 0.15 at 3.30. Volume was 2,526 per cent above aver-

age (trending) and Bollinger Bands were 11 per cent narrower than nor-

mal. The company's profit after taxation stood at Rs251.784 million

which translates into an Earning Per Share of Rs0.50 for the half year

of current calendar year (1HCY10).

BOK is currently 17.1 per cent below its 200-day moving average and

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

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

indicators reflect very strong flows of volume out of BOK (bearish).

Trend forecasting oscillators are currently bullish on BOK.

RSI (14-day) 55.60 Total Assets (Rs in mn) 38,810.57

MA (10-day) 3.13 Total Equity (Rs in mn) 5,962.30

MA (100-day) 3.47 Revenue (Rs in mn) 999.63

MA (200-day) 3.98 Interest Expense 2,390.39

1st Support 3.00 Loss after Taxation (637.18)

2nd Support 2.75 EPS 09 (Rs) (1.273)

1st Resistance 3.50 Book value / share (Rs) 11.92

2nd Resistance 3.75 PE 10 E (x) 3.30

Pivot 3.25 PBV (x) 0.28

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

DSFL closed up 0.21 at 1.67. Volume was 61 per cent above average

and Bollinger Bands were 33 per cent narrower than normal. The com-

pany's loss after taxation stood at Rs10.744 billion which translates into

a Loss Per Share of Rs2.93 for the nine months of fiscal year

(9MFY10).

DSFL is currently 10.3 per cent below its 200-day moving average and

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

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

indicators reflect volume flowing into and out of DSFL at a relatively

equal pace. Trend forecasting oscillators are currently bullish on DSFL.

RSI (14-day) 66.41 Total Assets (Rs in mn) 16,668.04

MA (10-day) 1.43 Total Equity (Rs in mn) (5,909.01)

MA (100-day) 1.62 Revenue (Rs in mn) 4,169.62

MA (200-day) 1.86 Interest Expense 2,050.22

1st Support 1.50 Loss after Taxation (6,233.79)

2nd Support 1.30 EPS 09 (Rs) (17.017)

1st Resistance 1.80 Book value / share (Rs) (16.13)

2nd Resistance 1.90 PE 10 E (x) -

Pivot 1.60 PBV (x) (0.10)

Dewan Salman Fibre Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

PIOC closed up 0.33 at 8.35. Volume was 339 per cent above average

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

The company's loss after taxation stood at Rs590.925 million which

translates into a Loss Per Share of Rs2.87 for the year ended FY10.

PIOC is currently 5.9 per cent below its 200-day moving average and is

displaying an upward trend. Volatility is relatively normal when com-

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

indicators reflect moderate flows of volume into PIOC (mildly bullish).

Trend forecasting oscillators are currently bullish on PIOC.

RSI (14-day) 59.31 Total Assets (Rs in mn) 10,347.73

MA (10-day) 8.03 Total Equity (Rs in mn) 2,400.54

MA (100-day) 7.32 Revenue (Rs in mn) 5,000.24

MA (200-day) 8.87 Interest Expense 451.47

1st Support 8.00 Profit after Taxation 36.11

2nd Support 7.65 EPS 09 (Rs) 0.181

1st Resistance 8.60 Book value / share (Rs) 12.03

2nd Resistance 8.85 PE 10 E (x) -

Pivot 8.25 PBV (x) 0.69

Pioneer Cement Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

RBS closed up 1.00 at 7.14. Volume was 571 per cent above average (trend-

ing) and Bollinger Bands were 50 per cent narrower than normal. The compa-

ny's loss after taxation stood at Rs2.073 billion which translates into a Loss

Per Share of Rs1.21 for the half year of current calendar year (1HCY10).

RBS is currently 45.7 per cent below its 200-day moving average and is

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

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

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

forecasting oscillators are currently bullish on RBS.

RSI (14-day) 59.68 Total Assets (Rs in mn) 93,437.66

MA (10-day) 5.99 Total Equity (Rs in mn) 6,936.51

MA (100-day) 9.70 Revenue (Rs in mn) 11,583.40

MA (200-day) 13.15 Interest Expense 6,385.85

1st Support 6.76 Loss after Taxation (1,338.05)

2nd Support 6.34 EPS 09 (Rs) (0.800)

1st Resistance 7.37 Book value / share (Rs) 4.04

2nd Resistance 7.56 PE 10 E (x) -

Pivot 6.95 PBV (x) 1.77

Royal Bank of Scotland Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,327.22 1,348.73 1,323.79 1,335.07 7.85 0.59

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

5,666,763 - - 65,194.15 mn 1,057,053.08 mn 1,335.07

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

11.25 4.16 37.01 68.56 6.09 1,303.91

Attock PetroleumSPOT 576 5.65 364.51 369.45 364.85 367.20 2.69 217995 374.20 295.10 250 - 300 20

Attock Refinery 853 16.57 90.88 92.40 90.50 91.15 0.27 1596822 92.65 73.47 - - - -

BYCO Petroleum 3921 - 10.57 10.84 10.52 10.68 0.11 803358 12.96 9.62 - - - -

Mari Gas Company 735 16.92 119.40 125.37 121.49 124.84 5.44 318265 138.45 106.00 32.17 100B 31 -

National Refinery XD 800 5.19 206.39 210.99 203.00 208.54 2.15 281231 230.84 183.25 125 - 200 -

Oil & Gas Development XD 43009 10.54 151.17 154.05 151.00 152.73 1.56 1193127 154.05 133.00 82.5 - 55 -

Pak Petroleum 11950 5.85 186.37 188.74 185.81 186.60 0.23 933410 214.10 168.70 130 20B 90 20B

Pak Oilfields XD 2365 5.88 231.38 234.95 231.20 231.81 0.43 614823 251.24 213.17 180 - 255 -

Pak Refinery Limited 350 - 77.02 80.87 77.00 80.87 3.85 39782 80.87 48.26 - - - -

PSO XD 1715 4.59 273.06 274.40 270.40 271.12 -1.94 412160 289.45 233.10 50 - 80 -

Shell Gas LPG 226 14.83 31.36 32.92 31.95 32.92 1.56 23855 39.80 27.32 - - - -

Shell Pakistan XD 685 9.97 194.25 196.98 193.60 194.38 0.13 35293 244.00 188.00 330 - 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

917.84 923.03 913.41 918.23 0.39 0.04

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

10,927,030 - - 47,070.70 mn 116,679.98 mn 918.23

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

6.05 0.52 8.64 16.68 2.76 911.83

(Colony) Thal 56 - 1.50 1.50 1.50 1.50 0.00 5000 2.00 0.80 - - - -Amtex Limited XD 2415 2.60 10.71 9.71 9.71 9.71 -1.00 28408 20.45 9.71 - - 30 -Artistic Denim XD 840 5.12 20.86 21.00 19.82 20.36 -0.50 11047 24.05 17.55 20 - 20 -Azam Textile 133 0.55 3.09 3.10 2.98 3.00 -0.09 30034 3.23 1.35 - - 7.5 -Azgard Nine 4493 260.50 10.19 10.65 10.00 10.42 0.23 2975081 13.30 8.55 - - - -Babri CottonSPOT 29 0.37 13.25 13.25 12.25 13.25 0.00 801 18.75 9.50 - - - 15BBannu WoolenSPOT 76 1.14 13.60 14.00 13.13 13.13 -0.47 9286 14.00 7.50 - - 20 -Blessed Tex MillsSPOT 64 0.74 51.25 51.90 48.75 48.75 -2.50 146 52.05 40.80 7.5 - 50 -Chenab Limited 1150 - 3.26 3.28 3.15 3.21 -0.05 70416 4.93 2.93 - - - -D S Ind Ltd 600 - 1.65 1.73 1.65 1.68 0.03 5053 2.49 1.44 - - - -Ellcot SpinningSPOT 110 1.83 21.10 21.50 21.50 21.50 0.40 500 25.45 20.15 7.5 - 35 -Fazal Cloth 188 2.10 49.20 51.66 51.00 51.66 2.46 2000 51.66 41.00 - - - -Fazal TextileSPOT 62 3.30 320.00 336.00 320.02 333.55 13.55 512 378.00 303.00 15 - 100 -Gadoon TextileSPOT 234 1.23 45.51 46.00 45.50 45.95 0.44 19900 48.30 33.80 - - 70 -Ghazi FabricsSPOT 326 1.29 4.40 4.80 4.45 4.45 0.05 1010 5.00 1.11 - - 10 -Gillette Pakistan 192 47.77 61.70 64.70 58.75 64.49 2.79 9101 73.00 57.50 - - - -Gul Ahmed TextileSPOT 635 3.14 22.52 23.59 23.59 23.59 1.07 301 23.59 19.99 5 - 12.5 -Gulistan Spinning 146 1.35 6.35 6.50 5.95 6.13 -0.22 4712 8.13 5.00 - 10B 10 -Gulistan Textile 190 1.97 24.40 23.18 23.18 23.18 -1.22 433 24.84 19.50 - 10B 10 -Gulshan Spinning 185 1.64 9.10 9.10 8.86 9.02 -0.08 17623 9.24 5.31 - 10B 10 20BHira Textile Mills Ltd. 716 1.26 4.25 4.60 4.31 4.39 0.14 300113 4.85 2.52 - - 10 -Ibrahim FibresSPOT 3105 3.46 38.16 37.98 36.50 37.49 -0.67 11312 39.99 34.05 - - 20 -ICC Textile 100 - 0.98 0.30 0.30 0.30 -0.68 500 1.58 0.30 - - - -Ideal Spinning 99 0.66 3.40 3.49 3.00 3.38 -0.02 500 4.79 2.02 - - - -Idrees Textile 180 2.32 4.25 4.30 4.05 4.06 -0.19 1801 5.35 2.56 - - 10 -Int KnitwearSPOT 32 5.29 10.20 10.00 10.00 10.00 -0.20 747 10.90 7.00 - - 6 -Ishaq TextileSPOT 97 1.05 4.94 5.00 4.97 4.99 0.05 100100 5.00 3.86 - - 8 -Kohinoor Ind 303 - 1.42 1.69 1.45 1.50 0.08 3521 2.00 1.01 - - - -Kohinoor SpinningSPOT 1300 1.18 1.35 1.60 1.25 1.30 -0.05 10100 1.84 0.56 - - 5 -Kohinoor Textile 1455 2.74 5.38 5.50 5.20 5.24 -0.14 1216 6.30 4.00 - - - -Leather Up 60 - 1.89 1.89 1.87 1.87 -0.02 105 2.50 1.35 - - - -Maqbool TextileSPOT 168 2.00 11.25 11.05 10.50 10.62 -0.63 6809 11.49 3.25 - - 22.5 -Masood Textile 600 1.01 19.50 20.40 18.51 19.70 0.20 1389 23.25 18.51 15 - 15 100RMian Textile 221 - 0.60 0.69 0.34 0.40 -0.20 1001 1.20 0.01 - - - -Mukhtar Textile 145 - 0.46 0.70 0.37 0.40 -0.06 112 0.99 0.25 - - - -N P SpinningSPOT 147 4.08 22.00 23.00 21.99 22.90 0.90 1002 24.66 15.99 - - 20 -Nagina CottonSPOT 187 1.30 17.45 17.25 17.25 17.25 -0.20 563 17.50 12.00 - - 20SD -Nishat (Chunian) 1586 2.46 19.11 19.87 19.18 19.41 0.30 3447430 19.87 14.64 - 50R 15 -Nishat MillsSPOT 3516 6.06 50.86 51.99 50.70 51.49 0.63 3228509 53.14 40.81 20 - 25 45RPak Leather 34 - 4.95 5.95 3.95 3.95 -1.00 2056 5.95 1.45 - - - -Pak Synthetic 560 6.25 5.25 5.75 5.45 5.75 0.50 37594 7.90 5.16 12.5 - - -Paramount Spinning 158 1.30 9.88 9.95 8.88 8.88 -1.00 1488 10.17 6.00 - 10B 10 10BPremium TextileSPOT 62 0.95 29.00 29.50 29.25 29.49 0.49 3056 30.90 26.00 7.5 - 50 -ProsperitySPOT 185 2.55 17.85 18.25 17.50 17.59 -0.26 1101 21.47 15.75 20 - 30 -Quetta Textile 130 0.91 27.15 25.80 25.80 25.80 -1.35 501 52.29 25.80 - 632R 20 -Ravi Textile 250 4.62 1.79 1.89 1.75 1.80 0.01 67644 4.69 1.38 - - - -Reliance WeavingSPOT 308 0.87 11.15 11.50 11.00 11.42 0.27 37448 12.00 6.91 - - 25SD -Rupali PolySPOT 341 5.86 34.90 35.75 35.50 35.75 0.85 910 36.75 31.35 40 - 40 -Saif Textile 264 1.36 4.00 4.29 3.10 3.99 -0.01 106 5.44 2.01 - - - -Sajjad Textile 213 0.25 0.43 0.97 0.21 0.97 0.54 503 4.19 0.16 - - - -Sally Textile 88 0.34 5.35 5.30 5.26 5.28 -0.07 2903 6.20 2.74 - - 10 -Salman Noman 40 4.80 2.26 2.55 2.33 2.45 0.19 6563 3.11 1.30 - - - 5BSamin Textile XR 134 - 7.99 7.35 6.99 7.00 -0.99 1314 8.69 5.02 - - - 100RSana Ind XD 55 4.50 29.75 30.75 28.40 30.16 0.41 2804 38.40 27.50 35 - 60 -Sargoda SpinningSPOT 312 0.59 1.96 2.45 2.10 2.29 0.33 16500 2.50 0.31 - - 5 -Saritow Spinning 133 0.58 2.10 2.50 1.10 2.10 0.00 453 2.99 1.01 - - - -Service Ind 120 4.91 185.33 192.00 184.00 190.53 5.20 5249 225.99 176.00 200 - - -Shahpur Textile 140 1.35 0.83 1.00 0.76 0.97 0.14 8979 2.26 0.25 - - - -Shahtaj TextileSPOT 97 - 20.77 21.40 20.26 21.18 0.41 15867 21.50 14.75 20 - 45 -Suraj CottonSPOT 180 1.27 35.00 35.69 34.75 35.65 0.65 9523 37.50 29.50 15 - 50 -Tata Textile XD 173 0.77 18.97 19.97 19.50 19.70 0.73 4640 19.97 12.75 - - 25 -Thal LimitedSPOT 256 4.08 110.51 111.00 108.56 109.02 -1.49 49708 114.99 97.00 20 20B 80 20BTreet Corp 418 8.04 38.27 40.18 38.25 38.97 0.70 315040 49.49 37.20 - - - -Tri-Star Poly 215 - 0.74 0.50 0.50 0.50 -0.24 2000 1.36 0.26 4 - - -Yousuf Weaving 400 6.47 1.10 1.13 1.10 1.10 0.00 536 1.90 0.73 - - - -Zephyr Textile Ltd 594 - 3.25 3.40 2.35 3.07 -0.18 20650 4.99 1.50 - - - -Zil Limited XD 53 6.91 38.42 40.34 39.00 40.34 1.92 3156 44.00 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

1,136.75 1,147.98 1,137.00 1,140.59 3.84 0.34

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

51,681 - - 3,763.71 mn 5,611.59 mn 1,140.59

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

3.48 0.37 10.64 6.27 1.80 1,108.77

AL-Abid SilkSPOT 96 3.30 35.00 35.00 33.98 34.00 -1.00 1268 35.00 26.60 7.5 - -20B 20R

Pak Elektron 1174 2.91 13.52 13.74 13.58 13.64 0.12 41740 15.95 12.17 - 10B - 10B

Tariq Glass Ind 231 2.77 17.03 17.50 16.50 16.99 -0.04 8615 19.12 14.45 - - 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

1,479.46 1,520.16 1,461.18 1,481.90 2.44 0.16

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

172,399 - - 11,335.33 mn 189,521.38 mn 1,488.12

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

31.91 9.67 30.30 30.57 0.96 1,473.41

Abdullah Shah Ghazi Sugar 793 12.02 6.74 7.74 6.25 6.25 -0.49 311 11.70 1.35 - - - -

Chashma Sugar 287 0.73 8.80 9.00 8.80 8.97 0.17 2200 11.40 8.00 - - - -

Faran Sugar 217 3.23 19.56 20.00 19.90 20.00 0.44 101870 23.50 15.90 17.5 - - -

Habib Sugar 600 6.19 30.74 30.70 29.92 30.00 -0.74 38733 32.25 24.73 35 25B - -

Habib-ADM Ltd XD 200 3.60 12.68 13.00 12.61 12.83 0.15 507 16.98 12.20 40 - 40 -

J D W Sugar 490 2.41 71.99 72.00 71.50 71.99 0.00 990 72.00 60.10 40 - 0 12.5R

Mehran Sugar 143 3.09 55.22 55.70 54.01 55.23 0.01 478 58.20 48.50 35 30B 25 10B

Mithchells Fruit 50 7.47 61.81 61.50 61.50 61.50 -0.31 490 76.00 55.25 20 - - -

National Foods XD 414 19.71 40.66 41.25 39.01 41.19 0.53 1850 65.29 39.01 - 25B 12 -

Noon PakistanSPOT 48 10.19 21.27 22.00 21.90 21.90 0.63 550 33.06 18.95 - 10B 12 -

Noon Sugar 165 - 12.22 12.85 12.75 12.82 0.60 2500 13.50 10.00 50 10B - -

Punjab OilSPOT 38 2.80 37.48 38.00 35.61 36.81 -0.67 1000 38.95 32.80 15 25B 15 28R

Quice Food 107 - 3.00 2.65 2.50 2.57 -0.43 5500 3.40 1.60 - - - -

Shahmurad Sugar 211 15.94 11.15 11.11 11.00 11.00 -0.15 4917 11.90 7.40 15 - - -

Tandlianwala 1177 290.91 31.90 32.47 31.00 32.00 0.10 10079 35.50 22.45 - - - -

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

1,081.24 1,100.05 1,079.29 1,089.05 7.81 0.72

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

223,761 - - 6,768.53 mn 39,457.00 mn 1,089.13

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

4.03 1.02 25.35 20.42 5.07 1,058.91

Agriautos IndSPOT 144 5.22 70.84 71.75 70.50 71.47 0.63 16533 78.39 63.01 40 - 90 -

Atlas Battery 101 5.79 151.36 157.00 153.01 153.42 2.06 15276 206.95 131.00 100 20B 100 20B

Atlas Honda 626 7.02 96.02 100.82 98.00 100.82 4.80 2437 127.99 92.00 80 30B - -

Dewan Motors 890 - 1.46 1.56 1.45 1.49 0.03 104304 2.09 1.16 - - - -

Ghandhara Nissan 450 - 4.30 4.50 4.25 4.34 0.04 1006 6.34 4.03 - - - -

Ghani Automobile Ind 200 4.12 4.20 5.00 4.22 4.90 0.70 2199 5.70 3.55 - - - -

Honda Atlas Cars 1428 - 10.62 11.00 10.85 10.85 0.23 3851 13.50 9.65 - - - -

Indus Motors 786 5.25 229.25 231.85 228.00 230.19 0.94 22921 287.00 212.29 100 - 150 -

Pak Suzuki 823 9.32 75.00 76.50 75.00 75.00 0.00 53075 89.99 69.25 5 - - -

Sazgar EngineeringXDXB 150 5.18 19.77 20.40 19.75 19.94 0.17 2153 27.85 19.50 - 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

1,529.04 1,540.08 1,463.25 1,472.37 -56.67 -3.71

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

181,565 - - 1,336.62 mn 31,087.16 mn 1,529.96

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

7.97 3.03 38.02 131.49 16.50 1,451.31

AL-Ghazi Tractor 215 5.08 210.71 212.00 210.50 212.00 1.29 5210 227.45 200.26 400 - 150 -

Bolan CastingXDXB 104 5.25 45.30 45.50 45.50 45.50 0.20 101 51.99 35.25 - 20B 25 10B

Ghandhara Ind 213 2.09 13.20 13.65 13.00 13.27 0.07 21694 19.75 11.29 - - - -

Millat TractorsXDXB 366 5.86 480.90 484.90 456.86 457.40 -23.50 154539 597.90 390.00 450 25B 650 25B

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

900.23 905.36 874.97 885.49 -14.74 -1.64

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

117,312 - - 3,043.31 mn 33,012.13 mn 900.23

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

2.54 1.11 43.91 15.55 6.13 881.25

Cherat PapersackXDXB 115 3.27 34.65 35.40 34.00 34.32 -0.33 14401 51.05 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.29 2.50 2.25 2.28 -0.01 16505 2.89 1.70 - - - -

Ghani GlassXDXB 1067 4.94 50.05 50.01 47.60 48.30 -1.75 44476 61.99 47.60 30 10B 25 10B

MACPAC Films 389 - 2.51 2.90 2.10 2.88 0.37 205 4.69 1.60 - - - -

Packages Ltd 844 16.21 106.31 108.49 104.50 107.00 0.69 35810 125.96 98.00 32.5 - - -

Tri-Pack Films 300 8.23 103.71 104.50 102.50 102.50 -1.21 5881 105.00 91.00 100 - - -

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

950.17 969.72 937.48 961.57 11.40 1.20

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

7,712,468 - - 54,792.74 mn 69,310.64 mn 961.57

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

6.76 0.48 7.10 19.04 2.82 938.24

Al-Abbas Cement 1828 - 3.10 3.19 3.00 3.09 -0.01 142574 4.20 2.80 - - - 100R

Attock CementSPOT 866 5.20 63.44 65.78 63.05 65.30 1.86 67047 71.90 62.00 50 20B 50 -

Berger Paints 182 - 15.01 15.50 15.05 15.50 0.49 10302 20.00 14.01 - - - 122R

Buxly Paints 14 6.07 10.00 10.87 10.00 10.87 0.87 1837 14.94 10.00 - - - -

Cherat Cement 956 - 10.70 10.65 10.60 10.65 -0.05 3510 12.50 8.90 - - - -

Dadabhoy Cement 982 12.69 1.56 1.69 1.52 1.65 0.09 15052 2.74 1.30 - - - -

Dandot Cement 948 - 1.88 1.70 1.11 1.70 -0.18 500 3.90 1.02 - - - -

Dewan Cement 3574 - 1.55 1.70 1.55 1.56 0.01 25401 2.20 1.30 - - - -

DG Khan Cement Ltd 3651 36.61 25.70 26.54 25.52 26.36 0.66 5383950 28.74 23.02 - 20R - 20R

EMCO Ind 350 - 3.50 3.12 2.90 3.12 -0.38 1005 5.15 2.11 - - - -

Fauji Cement 6933 12.48 4.99 5.03 4.96 4.99 0.00 236974 5.50 4.50 - - - -

Fecto Cement 502 - 5.78 5.50 5.20 5.20 -0.58 122 7.90 4.25 - 10B - -

Flying Cement Ltd 1760 - 1.93 2.00 1.90 2.00 0.07 58212 2.30 1.74 - - - -

Gammon Pak 283 - 2.14 2.48 1.42 1.51 -0.63 286 3.59 0.98 - - - -

Haydery Const 32 - 0.88 0.85 0.85 0.85 -0.03 1200 2.00 0.25 - - - -

Javedan Cement 581 - 60.00 61.00 57.00 60.70 0.70 1479 66.10 56.05 - 200R - -

Karam Ceramics 145 10.43 8.53 9.50 8.90 8.97 0.44 2010 9.50 4.01 - - - -

Kohat Cement 1288 - 5.90 6.00 5.94 5.95 0.05 13025 6.80 5.50 - - - -

Lafarge Pakistan Cmt. 13126 - 2.93 3.00 2.90 2.94 0.01 376056 3.27 2.60 - - - -

Lucky Cement XD 3234 6.31 69.29 70.39 69.20 70.20 0.91 1107174 74.00 62.60 40 - 40 -

Maple Leaf Cement 5261 - 2.84 2.92 2.81 2.90 0.06 67701 3.70 2.51 - - - -

Pioneer Cement 2228 - 8.02 8.50 7.90 8.35 0.33 196507 8.50 6.80 - - - -

Shabbir Tiles 361 - 8.95 9.10 8.05 8.10 -0.85 519 11.60 7.56 - - - -

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

918.71 941.63 913.28 934.67 15.96 1.74

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

375,809 - - 3,596.11 mn 8,980.74 mn 934.67

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

2.92 0.97 33.10 30.91 10.57 918.29

Crescent Steel 565 3.43 24.97 25.70 25.00 25.30 0.33 20901 31.73 23.75 - - 30 -

Dost Steels Ltd 675 - 2.27 2.74 2.35 2.63 0.36 309624 3.17 1.65 - - - -

Huffaz Pipe 555 5.38 12.59 12.70 12.51 12.54 -0.05 5000 16.75 12.25 - 30B - -

International Ind 1199 4.57 45.99 46.99 45.60 46.98 0.99 39344 70.71 45.60 - - 40 20B

Siddiqsons TinSPOT 785 19.37 9.50 9.49 9.25 9.49 -0.01 940 10.80 8.20 10 - 7.5 -

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

1,149.29 1,144.65 1,109.29 1,124.87 -24.42 -2.12

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

231,330 - - 1,186.83 mn 3,116.58 mn 1,159.89

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

5.78 0.43 7.47 25.28 4.37 1,124.87

Century Paper 707 - 18.88 18.50 17.90 17.98 -0.90 219516 22.70 17.31 - 425R - -

Pak Paper ProductXDXB 50 4.15 39.10 39.90 39.10 39.87 0.77 175 62.85 38.61 20 - 25 33.33B

Security Paper 411 4.71 40.00 40.25 39.00 39.82 -0.18 11639 50.40 38.10 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

1,179.27 1,189.88 1,175.08 1,180.05 0.78 0.07

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

21,426,671 - - 52,251.88 mn 266,164.73 mn 1,183.71

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

7.37 2.58 35.00 48.81 6.62 1,167.12

Agritech Limited 3924 9.82 22.26 22.34 21.35 22.20 -0.06 17556 26.70 21.15 - - - -

Bawany AirXDXR 68 1.29 10.64 10.50 10.05 10.10 -0.54 5098 16.78 9.72 - - 5 10R

BOC (Pak) 250 9.54 76.00 75.05 74.00 75.00 -1.00 2849 82.50 66.90 90 - 15 -

Clariant Pak 273 5.70 161.01 162.00 161.00 161.98 0.97 20910 174.00 154.27 125 - - -

Dawood Hercules 1203 7.75 169.01 169.00 167.25 168.10 -0.91 1076 185.88 155.38 40 10B 20 -

Descon Chemical 1996 - 2.23 2.34 2.25 2.26 0.03 313 2.98 1.78 - - - -

Descon Oxychem Ltd. 1020 - 4.06 4.25 4.02 4.15 0.09 109493 5.20 3.20 - - - -

Dewan Salman 3663 - 1.46 1.70 1.40 1.67 0.21 752204 2.21 1.28 - - - -

Dynea PakSPOT 94 4.33 11.84 11.60 11.10 11.60 -0.24 1002 13.60 10.85 15 - 15 -

Engro Corporation Ltd 3277 9.07 177.14 178.79 176.71 176.82 -0.32 715057 194.59 165.60 6010B 40R 20 -

Engro Polymer 6635 - 14.00 14.10 13.60 13.78 -0.22 525306 15.20 9.57 - 27.5R - -

Fatima Fertilizer 22000 - 10.61 10.64 10.35 10.55 -0.06 54231 12.46 9.02 - - - -

Fauji Fertilizer 6785 7.34 108.15 108.50 107.85 107.96 -0.19 188794 113.39 102.96 131.5 10B 75 -

Fauji Fert. Bin Qasim 9341 7.55 29.43 29.85 29.51 29.69 0.26 855811 30.65 26.59 40 - 5 -

Ghani Gases Ltd 725 9.37 12.62 12.70 12.30 12.37 -0.25 94859 13.85 7.41 - - - -

ICI Pakistan 1388 7.34 121.50 124.70 121.06 123.12 1.62 459085 128.30 109.50 80 - 55 -

Lotte Pakistan 15142 3.36 9.62 9.95 9.64 9.69 0.07 16899644 9.95 6.75 5 - - -

Mandviwala 74 - 1.45 1.97 1.50 1.78 0.33 32389 3.24 1.06 - - - -

Nimir Ind Chemical 1106 72.50 1.48 1.53 1.41 1.45 -0.03 71495 1.77 1.16 - - - -

Shaffi Chemical 120 2.03 2.43 2.70 2.50 2.70 0.27 2297 3.80 2.00 - - - -

Sitara Chem Ind SPOT 204 5.40 121.40 123.25 118.20 122.33 0.93 6464 128.01 110.03 75 - 25 5B

Sitara Peroxide 551 - 9.37 10.28 9.31 10.03 0.66 657077 11.09 7.67 - - - -

United Distributors 92 - 10.04 11.04 10.48 10.95 0.91 6001 17.88 9.22 10 10B - -

Wah-NobleSPOT 90 5.06 43.00 43.75 42.50 42.74 -0.26 2002 48.00 41.00 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

843.96 861.00 840.32 847.64 3.68 0.44

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

53,962 - - 3,904.20 mn 28,234.15 mn 851.60

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

6.60 1.47 22.31 44.54 6.75 843.96

Abbott (Lab) 979 8.06 90.90 92.50 91.00 92.00 1.10 17575 96.40 77.00 120 - 20 -

Ferozsons (Lab) XB 250 5.74 87.94 91.99 86.01 87.50 -0.44 3268 124.00 86.01 10 20B - 20B

GlaxoSmithKline 1707 12.64 69.49 70.98 69.39 70.00 0.51 22484 83.39 65.00 50 - - -

Highnoon (Lab) 165 6.52 23.71 24.03 24.00 24.01 0.30 601 25.79 22.10 25 - - -

IBL HealthCare Ltd 200 17.78 8.00 8.28 7.80 8.00 0.00 6371 8.66 6.10 - - - -

Sanofi-Aventis 96 9.61 120.00 121.90 120.00 120.78 0.78 2200 133.00 115.90 70 - - -

Searle PakSPOT 306 5.43 63.11 64.00 63.00 63.26 0.15 1322 64.19 53.36 15 15B 30 -

Wyeth Pak 142 92.10 830.06 830.00 800.00 800.33 -29.73 140 1098.40 800.00 - - - -

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

676.82 692.27 652.77 667.24 -9.58 -1.42

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

37,838 - - 3,242.17 mn 12,045.61 mn 676.82

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

5.35 1.37 25.53 11.08 2.07 666.65

Pak Int Cont. Terminal XD 1092 7.53 63.05 64.00 60.05 61.39 -1.66 23458 87.86 60.05 - 20B 40 -

PNSC XD 1321 5.31 38.00 39.87 38.00 38.89 0.89 14380 41.00 34.50 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

Ali Asghar Textile Mills 19-Oct 27-Oct - - 27-OctArpak International 19-Oct 29-Oct - - 29-OctArtistic Dewan Mills 19-Oct 27-Oct 20 11-Oct 27-OctBiafo Industries 19-Oct 26-Oct 25 11-Oct 26-OctCentral Forest Products 19-Oct 26-Oct - - 26-OctFauji Cement Co 19-Oct 25-Oct - - 25-OctFecto Cement 19-Oct 26-Oct - - 26-OctHuffaz Seamless Pipe Industries 19-Oct 29-Oct - - 29-OctLucky Cement 19-Oct 26-Oct 40(F) 11-Oct 26-OctNational Refinery 19-Oct 27-Oct 200 - 27-OctOrix Leasing Pakistan 19-Oct 25-Oct - - 25-OctPakistan Oilfields 19-Oct 29-Oct 175 - 29-OctTowellers Ltd 19-Oct 26-Oct - - 26-OctTransmission Engineering 19-Oct 25-Oct - - 25-Oct1st Dawood Investment Bank 20-Oct 26-Oct - - 28-OctAttock Cement Pakistan 20-Oct 27-Oct 32.50(F) 12-Oct 27-OctAttock Petroleum 20-Oct 28-Oct 200,20(B) - 28-OctDawood Capital Management 20-Oct 26-Oct - - 26-OctDost Steels 20-Oct 27-Oct - - 27-OctEllcot Spinning Mills 20-Oct 26-Oct 35 12-Oct 26-OctEscort Investment Bank 20-Oct 27-Oct - - 27-OctFirst Al-Noor Modaraba 20-Oct 04-Nov 5 12-Oct 25-OctFirst Imrooz Modaraba 20-Oct 27-Oct 76 12-Oct 27-Oct

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

TRG Pakistan Ltd. 4.02 4.14 3.92 3.96 -0.06 1687793Murree BrewerySPOT 94.98 95.35 94.5 94.5 -0.48 1872Shakarganj Food 1.1 1.1 1.1 1.1 0 3000Grays of Cambr.SPOT 48 50.4 47.8 48.21 0.21 874Lakson Tobacco 353.68 351.95 338.06 340 -13.68 2730Shifa Int.Hosp.XD 28.16 29.56 28.5 29.56 1.4 1634Eye Television 21.5 22.57 22 22.45 0.95 33467PIAC(A) 2.2 2.25 2.05 2.2 0 52099AKD Capital 63.51 66.68 64.5 66.44 2.93 47119Pace (Pak) Ltd 2.99 3.05 2.93 2.97 -0.02 564132Netsol Technol SPOT 18.52 18.99 18.31 18.73 0.21 282523

Symbols Open High Low Close Change Vol

Page 7: The Financial Daily-Epaper-19-10-2010

Tuesday, October 19, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 52.55 points at 10,484.39. Volume was 60 per cent

above average and Bollinger Bands were 3 per cent wider than normal. As far

as resistance level is concern, the market will see major 1st resistance level at

10,537.20 and 2nd resistance level at 10,590.05, while Index will continue to

find its 1st support level at 10,431.70 and 2nd support level at 10,379.00.

KSE 100 INDEX is currently 5.2 per cent above its 200-day moving aver-

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

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

Volume indicators reflect moderate flows of volume into INDEX (mildly bull-

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

Momentum oscillator is currently indicating that INDEX is currently in an

overbought condition.

RSI (14-day) 75.28 Support 1 10,431.70

MA (5-day) 10,401.51 Support 2 10,379.00

MA (10-day) 10,283.65 Resistance 1 10,537.20

MA (100-day) 9,914.88 Resistance 2 10,590.05

MA (200-day) 9,969.91 Pivot 10,484.55

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed up 0.66 at 26.36. Volume was 90 per cent above average

and Bollinger Bands were 21 per cent narrower than normal.

DGKC is currently 3.3 per cent below its 200-day moving average and is

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

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

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

tors are currently bullish on DGKC.

*Arif Habib Ltd 44 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 63.54 Free Float Shares (mn) 182.55

MA (10-day) 25.09 Free Float Rs (mn) 4,812.01

MA (100-day) 25.08 ** NOI Rs (mn) 37.98

MA (200-day) 27.26 Mean 26.03

* 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 1.36 at 65.57. Volume was 163 per cent above average

(trending) and Bollinger Bands were 58 per cent narrower than normal.

NBP is currently 1.0 per cent below its 200-day moving average and is dis-

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

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

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

oscillators are currently bullish on NBP.

*Arif Habib Ltd 78 Buy

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 58.55 Free Float Shares (mn) 318.37

MA (10-day) 64.24 Free Float Rs (mn) 20,875.32

MA (100-day) 65.37 ** NOI Rs (mn) 62.31

MA (200-day) 72.25 Mean 65.09

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed up 0.63 at 51.49. Volume was 38 per cent above average and

Bollinger Bands were 22 per cent narrower than normal.

NML is currently 1.6 per cent below 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 NML (mildly bullish). Trend forecast-

ing oscillators are currently bullish on NML. Momentum oscillator is cur-

rently 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) 70.65 Free Float Shares (mn) 175.80

MA (10-day) 49.25 Free Float Rs (mn) 9,051.94

MA (100-day) 46.55 ** NOI Rs (mn) 31.49

MA (200-day) 52.32 Mean 51.26

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

Technical Analysis Leverage Position

Pakistan Telecommunication Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

PTC closed down -0.24 at 19.05. Volume was 2 per cent above average

and Bollinger Bands were 48 per cent narrower than normal.

PTC is currently 3.0 per cent below 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 volume flowing into and out of PTC at a relatively equal pace. Trend

forecasting oscillators are currently bullish on PTC.

AKD Securities Ltd 24.04 Buy

TFD Research 30.5 Positive

RSI (14-day) 51.33 Free Float Shares (mn) 584.63

MA (10-day) 19.23 Free Float Rs (mn) 11,137.29

MA (100-day) 18.72 ** NOI Rs (mn) 7.88

MA (200-day) 19.64 Mean 19.17

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

Technical Analysis Leverage Position

Bank Alfalah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed up 0.15 at 9.00. Volume was 6 per cent below average and

Bollinger Bands were 67 per cent wider than normal.

BAFL is currently 14.7 per cent below its 200-day moving average and is

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

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

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

oscillators are currently bullish on BAFL.

*Arif Habib Ltd 14 Buy

AKD Securities Ltd 10.25 Accumulate

TFD Research 14.01 Positive

RSI (14-day) 60.99 Free Float Shares (mn) 674.58

MA (10-day) 8.95 Free Float Rs (mn) 6,071.20

MA (100-day) 8.85 ** NOI Rs (mn) N/A

MA (200-day) 10.56 Mean 8.91

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

Technical Analysis Leverage Position

Oil & Gas Development Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

OGDC closed up 1.56 at 152.73. Volume was 14 per cent above average

and Bollinger Bands were 33 per cent narrower than normal.

OGDC is currently 14.2 per cent above its 200-day moving average and is

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

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

erate flows of volume into OGDC (mildly bullish). Trend forecasting oscil-

lators are currently bullish on OGDC. Momentum oscillator is currently indi-

cating that OGDC is currently in an overbought condition.

*Arif Habib Ltd 120 Sell

AKD Securities Ltd 133 Reduce

TFD Research 126.33 Negative

RSI (14-day) 72.96 Free Float Shares (mn) 630.05

MA (10-day) 148.52 Free Float Rs (mn) 96,227.67

MA (100-day) 142.48 ** NOI Rs (mn) 135.97

MA (200-day) 133.77 Mean 152.24

* 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 0.91 at 70.20. Volume was 2 per cent above average and

Bollinger Bands were 18 per cent narrower than normal.

LUCK is currently 0.1 per cent above its 200-day moving average and is

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

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

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

Trend forecasting oscillators are currently bullish on LUCK.

*Arif Habib Ltd 83 Buy

AKD Securities Ltd 105.2 Buy

TFD Research 72.75 Neutral

RSI (14-day) 46.86 Free Float Shares (mn) 129.35

MA (10-day) 72.22 Free Float Rs (mn) 9,080.37

MA (100-day) 67.12 ** NOI Rs (mn) 9.94

MA (200-day) 70.13 Mean 69.77

* 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

1,033.70 1,058.99 1,023.02 1,035.75 2.05 0.20

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

3,147,360 - - 29,771.58 mn 17,453.80 mn 1,038.27

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

7.36 0.30 4.09 104.19 24.88 1,029.91

1st Fid Leasing 264 - 1.35 1.29 1.20 1.29 -0.06 1056 2.24 1.01 - - - -

AL-Meezan Mutual F. XD 1375 2.36 6.25 6.25 6.10 6.11 -0.14 13700 7.25 5.85 - - 18.5 -

Atlas Fund of Funds 525 2.61 2.70 3.48 3.39 3.39 0.69 1000 4.20 2.53 - - 2.2 -

B F ModarabaSPOT 68 8.40 4.30 4.20 4.15 4.20 -0.10 152 4.90 3.65 - - - 10B

B R R Guardian Mod. 780 - 1.19 1.10 0.92 1.10 -0.09 20001 2.43 0.90 - - 0 -

Constellation Mod. 65 3.21 1.87 1.92 1.05 1.06 -0.81 4904 2.99 0.90 - - - -

Crescent St Mod. SPOT 200 3.32 0.65 0.94 0.60 0.83 0.18 489361 0.94 0.16 - - 1.2 -

Elite Cap Mod. SPOT 113 3.85 2.63 2.80 2.17 2.50 -0.13 58002 3.44 1.65 4.5 - 5 -

Equity Modaraba 524 - 1.19 1.10 1.10 1.10 -0.09 5000 1.50 0.76 - - - -

First Capital Mutual F. 300 3.77 4.04 4.00 3.16 3.51 -0.53 212 4.04 0.99 - - - -

Golden ArrowSPOT 760 4.02 3.65 3.80 3.65 3.70 0.05 117528 3.88 2.32 - - 17 -

H B L Modaraba XD 397 4.78 5.45 5.49 5.40 5.40 -0.05 221 6.80 4.80 5 - 11 -

Habib Modaraba 1008 4.44 5.90 5.91 5.85 5.90 0.00 86508 7.49 5.56 20 - 21 -

JS Growth Fund 3180 36.38 2.94 3.20 2.90 2.91 -0.03 133511 4.39 2.70 - - 5 -

JS Value Fund 1186 - 2.80 2.90 2.61 2.79 -0.01 376104 3.98 2.31 10 - 10 -

Meezan Bal. Fund XD 1200 2.66 5.50 5.50 5.50 5.50 0.00 2994 7.49 5.30 - - 15.5 -

NAMCO Bal. Fund 1000 2.87 2.55 2.87 2.52 2.87 0.32 2075 3.70 2.25 5 - 15 -

Pak ModarabaSPOT 125 1.82 1.00 1.16 1.00 1.00 0.00 7404 1.40 0.25 - - 3 -

Pak Prem Fund 1698 3.81 8.02 8.05 8.00 8.01 -0.01 175721 9.86 7.00 - - 18.6 -

Pak Strat Fund 3000 5.62 7.05 7.25 7.00 7.19 0.14 410000 8.10 6.01 - - 11.53 -

Paramount Mod. SPOT 59 7.95 8.95 8.90 8.70 8.90 -0.05 600 9.45 6.55 15 - 18 -

PICIC Energy Fund 1000 2.93 5.50 5.68 5.50 5.50 0.00 39306 6.49 4.00 - - 5 -

PICIC Growth Fund 2835 2.26 8.42 8.40 8.20 8.23 -0.19 464639 10.55 7.60 - - 20 -

PICIC Inv Fund XD 2841 1.87 3.79 3.95 3.62 3.71 -0.08 12020 5.00 3.50 - - 10 -

Prud Modaraba 1st XD 872 2.63 0.94 1.00 0.90 1.00 0.06 527600 1.20 0.70 - - 3 -

Punjab Modaraba 340 6.14 1.29 1.35 1.20 1.29 0.00 194928 2.00 0.57 - - 1 -

Stand Chart Mod. XD 454 4.98 8.85 8.80 8.74 8.76 -0.09 2753 10.99 7.75 16.5 - 17 -

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

356.16 378.18 350.08 369.20 13.04 3.66

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

22,574,705 - - 30,336.44 mn 26,352.05 mn 369.20

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

0.43 0.16 37.22 4.60 10.59 354.88

AMZ Ventures 225 - 0.52 0.65 0.56 0.57 0.05 245186 1.10 0.42 - - - -

Arif Habib Invest. XB 360 7.78 16.51 16.99 16.00 16.65 0.14 71462 20.99 13.00 - - - 20B

Arif Habib Limited XB 450 6.64 25.96 27.09 25.25 26.62 0.66 128711 47.70 24.62 15 25B - 20B

Arif Habib Securities 3750 2.29 22.22 23.33 22.30 23.24 1.02 6065464 34.99 20.90 - - 30 -

Dawood Cap Mangt. XB 150 - 1.20 1.25 1.15 1.25 0.05 772 2.69 0.50 - - - -

Dawood Equities 250 - 1.99 1.85 1.85 1.85 -0.14 1000 3.36 1.55 - - - -

First Credit & Invest Bank Ltd 650 28.25 3.75 3.60 3.00 3.39 -0.36 46000 4.50 2.00 - - - -

Grays Leasing 215 - 2.19 2.18 1.50 1.50 -0.69 307 4.00 0.32 - - - -

IGI Investment Bank 2121 - 2.01 2.06 2.00 2.04 0.03 43025 2.43 1.17 - - - -

Invest and Fin SecSPOT 600 2.81 8.14 8.79 8.00 8.06 -0.08 14914 9.00 6.90 - - 11.5 -

Invest Bank 2849 - 0.69 0.75 0.58 0.69 0.00 96295 1.16 0.44 - - - -

Ist Cap SecuritiesSPOT 2878 1.80 4.49 4.60 4.36 4.38 -0.11 40703 5.34 2.54 - 10B - 10B

Ist Dawood Bank 626 0.31 1.72 1.90 1.72 1.85 0.13 14406 2.84 1.17 - - - -

Jah Siddiq Co 7633 - 9.30 10.16 9.13 9.82 0.52 14639605 15.47 8.80 -243.778B 10 -

JOV and CO 508 - 2.27 2.43 2.20 2.35 0.08 319547 5.90 1.96 - - - -

JS Global Cap XD 500 - 25.31 26.25 24.76 25.45 0.14 37399 42.00 24.25 150 - - -

JS Investment 1000 13.47 5.80 6.29 5.63 6.06 0.26 745140 8.44 5.10 - - - -

KASB Securities 1000 - 3.78 3.95 3.61 3.66 -0.12 1005 5.49 3.20 - - - -

Pervez Ahmed Sec 775 - 1.69 1.80 1.65 1.73 0.04 107295 2.69 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.54 0.78 0.58 0.77 0.23 363 1.70 0.40 - - - -

Trust Inv Bank 586 - 1.26 1.30 1.30 1.30 0.04 2000 4.25 1.24 - - - -

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

851.23 875.08 870.93 875.08 23.85 2.80

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

12,626 - - 2,290.72 mn 10,017.17 mn 875.08

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

86.32 3.32 3.85 355.53 4.12 806.43

EFU Life Assurance XB 850 39.92 69.97 73.46 72.47 73.46 3.49 12621 84.99 51.25 5513.33B - -

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

996.01 1,016.69 987.03 1,001.80 5.78 0.58

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

14,884,338 - - 257,548.02 mn 609,098.44 mn 1,001.80

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

7.00 0.94 13.45 34.35 4.91 984.47

Allied Bank Limited 7821 5.25 53.51 54.70 53.40 54.07 0.56 369590 59.70 48.51 40 10B 20 -Askari Bank 6427 6.29 14.98 15.45 14.65 15.22 0.24 664809 17.15 13.99 - 20B - -Atlas Bank 5001 - 2.17 2.19 1.80 1.92 -0.25 478357 2.84 1.52 - - - -Bank Alfalah 13492 12.00 8.85 9.09 8.70 9.00 0.15 1554751 10.25 7.32 8 - - -Bank AL-Habib 7322 6.88 32.25 32.90 31.81 31.91 -0.34 416630 34.00 29.10 20 20B - -Bank Of Khyber 5004 3.30 3.15 3.50 3.00 3.30 0.15 1027057 4.75 2.50 - - - -Bank Of Punjab 5288 - 8.10 8.30 8.04 8.20 0.10 897433 10.97 7.35 - - - -BankIslami Pak 5280 - 3.24 3.24 3.07 3.20 -0.04 5300 3.87 2.31 - - - -Faysal Bank 6091 3.24 13.62 14.47 13.70 14.06 0.44 150687 15.58 12.75 - - - -Habib Bank Ltd 10019 6.49 100.01 101.62 98.51 100.83 0.82 651229 109.10 92.00 60 10B - -Habib Metropolitan Bank 8732 5.81 19.77 19.70 19.01 19.65 -0.12 7101 23.00 18.02 10 16B - -JS Bank Ltd 6128 - 2.38 2.40 2.25 2.40 0.02 336037 2.92 2.00 - - - 66RKASB Bank Ltd 9509 - 2.50 2.69 2.37 2.41 -0.09 107388 3.70 2.03 - 26B - -MCB Bank Ltd 7602 9.34 200.08 202.24 200.00 200.18 0.10 1045002 214.99 180.40 110 10B 55 -Meezan Bank 6983 7.41 15.25 15.69 15.20 15.26 0.01 1808 15.95 13.80 - 5B - -Mybank Ltd 5304 - 2.23 2.24 2.13 2.20 -0.03 11037 2.93 1.62 - - - -National Bank 13455 5.51 64.21 66.49 64.10 65.57 1.36 4743780 73.89 60.51 75 25B - -NIB Bank 40437 - 2.83 2.99 2.81 2.94 0.11 1044235 3.50 2.42 - - - -Royal Bank Ltd 17180 - 6.14 7.14 6.53 7.14 1.00 190459 12.50 5.20 - - - -Samba Bank 14335 - 1.96 2.00 1.90 1.94 -0.02 9641 2.90 1.55 - - -63.46RSilkbank Ltd 26716 12.95 2.83 2.88 2.80 2.85 0.02 582433 3.30 2.15 - - - -Soneri Bank 6023 - 6.25 6.99 5.80 6.39 0.14 138705 7.59 5.01 - - - -Stand Chart Bank 38716 9.24 6.51 6.50 6.25 6.47 -0.04 5000 8.50 6.00 - - - -Summit Bank Ltd 5000 - 3.01 3.10 2.92 2.95 -0.06 175843 3.90 2.30 - - - -United Bank Ltd 12242 6.24 53.03 53.70 52.15 53.08 0.05 445869 60.20 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

666.15 681.02 666.58 674.05 7.91 1.19

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

2,182,899 - - 11,111.34 mn 42,667.53 mn 674.05

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

11.14 0.58 5.20 79.54 7.14 630.71

Adamjee Insurance XD 1237 12.94 71.63 72.10 70.85 71.15 -0.48 552820 89.90 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

1,680.18 1,685.58 1,635.96 1,644.50 -35.68 -2.12

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

455,258 - - 12,202.80 mn 36,449.69 mn 1,703.66

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

12.21 1.39 11.41 66.79 5.47 1,644.50

Sui North Gas 5491 18.54 32.00 32.00 31.25 31.52 -0.48 287331 33.40 25.00 - - - -Sui South GasSPOT 6712 4.35 29.25 29.40 28.43 28.52 -0.73 167927 30.70 16.00 - - 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

1,173.39 1,186.79 1,159.03 1,176.40 3.01 0.26

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

3,958,635 - - 95,369.29 mn 96,575.44 mn 1,176.40

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

12.37 1.16 9.35 104.13 8.42 1,152.22

Genertech 198 - 0.75 0.75 0.62 0.72 -0.03 4681 1.53 0.51 - - - -Hub Power 11572 6.26 33.54 33.99 33.25 33.83 0.29 881888 37.24 32.75 33.5 - 50 -Japan Power 1560 - 1.60 1.59 1.58 1.58 -0.02 14500 2.28 0.70 - - - -KESC 7932 - 2.19 2.20 2.07 2.18 -0.01 628908 2.63 1.92 - 31R - 7.8RKohinoor Energy 1695 5.73 23.50 24.00 23.25 23.25 -0.25 1502 26.50 23.00 45 - 15 -Kohinoor Power 126 2.48 5.00 5.10 4.62 4.99 -0.01 5520 6.70 3.90 - - - -Kot Addu Power XD 8803 6.76 39.35 39.50 38.91 39.08 -0.27 150748 44.85 38.35 64.5 - 50 -Nishat Chunian Power Ltd 3673 - 12.49 12.90 12.35 12.35 -0.14 1409701 12.90 9.50 - - - -Nishat Power Ltd 3541 94.29 13.35 13.41 13.13 13.20 -0.15 577638 13.73 9.25 - - - -S G Power 178 - 0.37 0.73 0.44 0.48 0.11 4501 1.60 0.23 - - - -Sitara Energy LtdSPOT 191 3.74 21.60 21.40 20.60 20.99 -0.61 7300 23.49 20.00 20 - 20 -Southern Electric 1367 6.15 2.49 2.54 2.36 2.40 -0.09 257708 3.21 2.05 - - - -Tri-star Power XD 150 - 0.75 0.90 0.71 0.84 0.09 14040 1.60 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

1,148.39 1,160.01 1,127.01 1,137.53 -10.86 -0.95

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

4,931,128 - - 50,077.79 mn 78,316.48 mn 1,158.82

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

6.12 0.79 12.84 62.56 10.21 1,135.83

Pak DatacomSPOT 78 5.08 104.00 103.00 100.01 103.00 -1.00 102 120.61 91.00 70 - 80 -Pakistan Telecomm Co A 37740 9.07 19.29 19.40 18.95 19.05 -0.24 1759668 20.22 17.32 15 - 17.5 -Telecard 3000 1.09 2.47 2.69 2.37 2.54 0.07 2678658 3.08 1.80 - - 1 -WorldCall Tele 8606 - 2.82 2.90 2.79 2.84 0.02 492700 3.30 2.30 - - - -Wateen Telecom Ltd 6175 - 3.97 3.99 3.89 3.90 -0.07 64650 6.13 3.60 - - - -

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 4.62 30.75 31.70 31.00 31.30 0.55 8199 31.70 27.10 40 10B - -Central Insurance XB 279 5.20 50.00 50.25 50.25 50.25 0.25 1107 64.90 47.37 20 25B 10 10BCentury Insurance 457 5.84 10.94 11.40 10.40 10.40 -0.54 200 11.99 9.42 - - - -EFU General Ins. XB 1250 33.36 40.03 42.03 41.05 42.03 2.00 61774 54.50 34.76 40 8.7B - -Habib Insurance 400 7.63 10.89 11.19 10.99 10.99 0.10 15301 13.89 10.04 35 - - -IGI Insurance 718 14.13 77.60 80.00 78.00 80.00 2.40 4130 81.50 66.02 35 - 10 20BNew Jub Insurance 791 9.49 53.77 56.00 55.60 55.60 1.83 105 60.00 52.21 30 20B - -Pak Reinsurance 3000 - 14.47 14.85 14.31 14.51 0.04 868767 18.90 12.50 30 - - -Pak Gen Insurance 250 1.53 5.79 6.49 6.49 6.49 0.70 2000 8.20 5.06 5 25B - -PICIC Ins Ltd 350 60.00 2.38 2.45 2.35 2.40 0.02 1000 4.16 1.66 - - - -Premier Insurance 303 4.82 8.95 8.95 8.33 8.91 -0.04 1191 10.60 8.00 20 15B - -Shaheen Insurance 200 - 12.35 13.35 13.25 13.29 0.94 645852 16.49 11.51 -14.28B - -Silver Star Insurance 253 1.74 7.10 7.95 6.99 7.00 -0.10 19448 10.00 6.00 - 20B - -United Insurance XB 400 1.35 5.05 5.40 5.40 5.40 0.35 1000 7.15 4.02 - 16B - -

UPTO 100 VOLUME

ILTM 90.11 90.00 90.00 90.00 -0.11 100

FASM 34.95 34.00 34.00 34.00 -0.95 100

PNGRS 5.80 5.90 5.80 5.80 0.00 100

ICL 22.57 23.69 23.69 23.69 1.12 100

SASML 5.00 5.00 5.00 5.00 0.00 99

FTHM 113.00 113.00 113.00 113.00 0.00 95

BIFO 35.50 36.10 36.10 36.10 0.60 94

MEHT 64.98 66.40 62.01 62.01 -2.97 81

ADAMS 12.50 12.50 12.46 12.49 -0.01 75

SHEZ 95.00 94.00 93.99 94.00 -1.00 70

TSMF 1.99 1.80 1.80 1.80 -0.19 50

SHCM 11.00 12.00 10.00 12.00 1.00 50

SIBL 2.60 2.51 2.51 2.51 -0.09 49

NESTLE 1941.00 1960.00 1844.00 1924.11 -16.89 43

OLPL 5.25 5.69 4.70 5.64 0.39 33

SIEM 1189.99 1179.99 1152.00 1152.00 -37.99 33

SMCPL 6.20 6.99 6.35 6.40 0.20 32

SHJS 68.00 67.23 64.60 67.23 -0.77 31

BATA 454.05 450.10 450.00 450.02 -4.03 29

SING 17.80 18.00 18.00 18.00 0.20 25

FNEL 10.25 10.25 9.25 10.25 0.00 24

DIIL 14.69 15.60 15.59 15.59 0.90 21

SANSM 13.90 14.00 13.90 13.90 0.00 20

SCL 57.36 58.00 57.00 58.00 0.64 17

SGML 4.21 4.99 4.70 4.70 0.49 15

CRTM 23.50 23.80 22.34 22.58 -0.92 13

GWLC 3.49 4.39 3.01 3.46 -0.03 13

KSBP 77.70 78.90 74.98 78.90 1.20 12

SAPT 97.50 98.75 98.50 98.50 1.00 11

ISIL 74.00 77.70 74.00 74.00 0.00 11

CWSM 1.98 1.58 1.50 1.58 -0.40 10

LMSM 2.50 2.50 2.50 2.50 0.00 10

TOWL 20.00 20.00 20.00 20.00 0.00 10

RMPL 1370.00 1433.00 1428.00 1428.00 58.00 10

FRCL 3.90 4.25 3.00 3.00 -0.90 10

GATI 41.80 43.80 40.00 40.00 -1.80 7

PECO 307.98 305.00 300.00 304.00 -3.98 6

ULEVER 4007.50 4167.99 3975.00 4000.01 -7.49 6

MODAM 0.91 0.95 0.94 0.95 0.04 5

NJLIC 43.23 44.00 44.00 44.00 0.77 5

RICL 7.38 7.47 7.47 7.47 0.09 5

UPFL 1030.00 1020.00 1020.00 1020.00 -10.00 5

SFAT 3.17 4.10 4.10 4.10 0.93 4

SFL 112.00 116.00 116.00 116.00 4.00 4

STML 17.50 17.45 17.45 17.45 -0.05 4

TREI 2.00 2.20 1.72 1.72 -0.28 4

CJPL 0.99 0.90 0.62 0.90 -0.09 3

PAKT 115.26 120.00 114.97 114.97 -0.29 3

FDMF 1.70 1.65 1.65 1.65 -0.05 2

BILF 1.10 1.20 0.61 0.91 -0.19 2

JKSM 6.70 5.70 5.70 5.70 -1.00 2

HUSI 10.79 10.90 9.94 9.94 -0.85 2

CSUML 3.47 4.00 4.00 4.00 0.53 2

PMRS 36.53 38.35 37.00 37.00 0.47 2

DADX 24.77 25.90 25.89 25.89 1.12 2

HINO 119.99 124.99 115.00 124.99 5.00 2

MDTL 57.00 57.79 57.75 57.75 0.75 2

PHDL 47.95 45.61 45.61 45.61 -2.34 2

POAF 12.48 13.48 13.00 13.00 0.52 1

FTSM 2.70 2.89 2.80 2.80 0.10 1

FUDLM 6.68 6.64 6.64 6.64 -0.04 1

DINT 23.10 23.50 23.50 23.50 0.40 1

ELCM 11.00 12.00 12.00 12.00 1.00 1

NATM 13.60 13.60 12.60 13.60 0.00 1

RUBY 5.74 6.74 6.25 6.25 0.51 1

BHAT 189.00 198.00 198.00 198.00 9.00 1

CML 2.80 2.92 2.92 2.92 0.12 1

NSRM 17.19 17.19 17.19 17.19 0.00 1

BAFS 51.90 54.00 54.00 54.00 2.10 1

FECS 40.95 42.99 42.99 42.99 2.04 1

MIRKS 59.17 60.00 60.00 60.00 0.83 1

ADOS 15.50 15.78 15.78 15.78 0.28 1

EXIDE 142.90 148.98 148.98 148.98 6.08 1

GTYR 22.50 22.01 22.01 22.01 -0.49 1

OTSU 29.26 29.59 29.59 29.59 0.33 1

COLG 740.00 768.00 768.00 768.00 28.00 1

LPGL 14.45 15.45 15.25 15.25 0.80 1

MERIT 16.00 15.10 15.10 15.10 -0.90 1

WAZIR 5.21 5.90 5.90 5.90 0.69 1

CLOV 49.45 47.19 47.19 47.19 -2.26 1

GVGL 28.70 28.90 28.90 28.90 0.20 1

PSEL 154.58 155.00 155.00 155.00 0.42 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

DGKC-OCT 25.68 26.54 25.65 26.38 0.70 646000

NBP-OCT 64.45 66.80 64.40 65.79 1.34 361000

NML-OCT 48.68 49.64 48.51 49.29 0.61 241500

MCB-OCT 200.17 202.27 200.10 200.67 0.50 198000

PSO-OCT 273.68 274.90 271.26 271.78 -1.90 190000

ANL-OCT 10.25 10.65 10.05 10.43 0.18 159500

POL-OCTB 233.03 234.79 231.61 232.16 -0.87 136500

OGDC-OCT 150.21 153.00 151.48 152.15 1.94 124500

ENGRO-OCT 177.34 178.79 177.00 177.32 -0.02 115000

PPL-OCT 186.29 188.38 185.66 187.00 0.71 97500

AICL-OCT 71.86 72.00 71.00 71.37 -0.49 63000

LUCK-OCT 69.71 70.49 69.20 70.35 0.64 61500

NCL-OCT 19.23 19.30 18.80 18.80 -0.43 35000

PTC-OCT 19.30 19.35 19.00 19.05 -0.25 19000

UBL-OCT 53.25 53.60 53.60 53.60 0.35 1000

BOP-OCT 8.00 8.25 8.25 8.25 0.25 1000

POL-COCTW3231.27 231.27 231.27 232.34 1.07 0.00

Symbols Open High Low Close Change Vol

ZERO VOLUME

AABS 96.00 95.90 95.90 95.90 -0.10 0.00

ALNRS 42.00 41.95 41.95 41.95 -0.05 0.00

ALQT 3.26 3.70 3.70 3.70 0.44 0.00

ARPAK 12.00 13.00 13.00 13.00 1.00 0.00

BROT 0.89 0.85 0.85 0.85 -0.04 0.00

BWHL 30.40 30.00 30.00 30.00 -0.40 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 42.69 3.00 2.90 3.20 3.30 3.10

Allied Bank Limited 63.54 53.40 52.75 54.70 55.35 54.05

Attock Cement 50.34 63.65 62.00 66.35 67.45 64.70

Arif Habib Limited 41.83 25.55 24.50 27.40 28.15 26.30

Arif Habib Securities 49.58 22.60 21.95 23.60 24.00 22.95

Adamjee Insurance 59.01 70.65 70.10 71.90 72.60 71.35

Askari Bank 59.22 14.75 14.30 15.55 15.90 15.10

Azgard Nine 52.97 10.05 9.70 10.70 11.00 10.35

Attock Petroleum 72.10 364.90 362.55 369.50 371.75 367.15

Attock Refinery 67.49 90.30 89.45 92.20 93.25 91.35

Bank Al-Falah 60.99 8.75 8.55 9.15 9.30 8.95

BankIslami Pak 51.77 3.10 3.00 3.25 3.35 3.15

Bank.Of.Punjab 47.43 8.05 7.90 8.30 8.45 8.20

Dewan Cement 50.80 1.50 1.45 1.65 1.75 1.60

DGKCement 63.54 25.75 25.10 26.75 27.15 26.15

Dewan Salman 66.41 1.50 1.30 1.80 1.90 1.60

Dost Steels Ltd 70.47 2.40 2.20 2.80 2.95 2.55

EFU General Insurance 67.16 41.35 40.70 42.35 42.70 41.70

EFU Life Assurance 78.05 72.80 72.15 73.80 74.10 73.15

Engro Chemical 51.25 176.10 175.35 178.15 179.50 177.45

Faysal Bank 58.98 13.70 13.30 14.45 14.85 14.10

Fauji Cement 55.08 4.95 4.90 5.05 5.10 5.00

Fauji Fert Bin 65.08 29.50 29.35 29.85 30.00 29.70

Fauji Fertilizer 60.32 107.70 107.45 108.35 108.75 108.10

Habib Bank Ltd 61.67 99.00 97.20 102.15 103.45 100.30

Hub Power 51.81 33.40 32.95 34.15 34.45 33.70

ICI Pakistan 57.79 121.20 119.30 124.85 126.60 122.95

Indus Motors 55.64 228.15 226.15 232.00 233.85 230.00

JOV and CO 35.60 2.25 2.10 2.45 2.55 2.35

Japan Power 53.55 1.50 1.45 1.60 1.65 1.55

JS Bank Ltd 49.84 2.30 2.20 2.45 2.50 2.35

Jah Siddiq Co 44.21 9.25 8.65 10.25 10.75 9.70

Kot Addu Power 27.92 38.80 38.55 39.40 39.75 39.15

KESC 59.22 2.10 2.00 2.25 2.30 2.15

Lucky Cement 46.86 69.45 68.75 70.65 71.10 69.95

MCB Bank Ltd 64.58 199.40 198.55 201.60 203.05 200.80

Maple Leaf Cement 47.79 2.85 2.75 2.95 3.00 2.90

National Bank 58.55 64.30 63.00 66.70 67.80 65.40

Nishat (Chunian) 71.51 19.10 18.80 19.80 20.20 19.50

Netsol Technologies 50.78 18.35 18.00 19.05 19.35 18.70

NIB Bank 57.46 2.85 2.75 3.00 3.10 2.90

Nimir Ind.Chemical 52.93 1.40 1.35 1.50 1.60 1.45

Nishat Mills 70.65 50.80 50.10 52.10 52.70 51.40

Oil & Gas Dev. XD 72.96 151.15 149.55 154.20 155.65 152.60

PACE (Pakistan) Ltd. 57.68 2.90 2.85 3.05 3.10 3.00

Pervez Ahmed Sec 56.93 1.65 1.60 1.80 1.90 1.75

PIAC(A) 51.88 2.10 1.95 2.30 2.35 2.15

Pioneer Cement 59.31 8.00 7.65 8.60 8.85 8.25

Pak Oilfields 42.35 230.35 228.90 234.10 236.40 232.65

Pak Petroleum 53.29 185.35 184.10 188.30 190.00 187.05

Pak Suzuki 50.42 74.50 74.00 76.00 77.00 75.50

PSO XD 53.72 269.55 267.95 273.55 275.95 271.95

PTCLA 51.33 18.85 18.70 19.30 19.60 19.15

Shell Pakistan 45.37 193.00 191.60 196.40 198.35 195.00

Sui North Gas 58.36 31.20 30.85 31.95 32.35 31.60

Sitara Peroxide 73.39 9.45 8.90 10.45 10.85 9.85

Sui South Gas 61.44 28.15 27.80 29.15 29.75 28.80

Telecard 66.57 2.35 2.20 2.70 2.85 2.55

TRG Pakistan 49.48 3.90 3.80 4.10 4.25 4.00

United Bank Ltd 52.62 52.25 51.45 53.80 54.55 53.00

WorldCall Tele 66.49 2.80 2.75 2.90 2.95 2.85

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Askari General Insurance Co Ltd 19-Oct 11:00

B.R.R Guardian Modaraba 19-Oct 11:00

Biafo Industries Limited 19-Oct 11:30

Crescent Standard Modaraba 19-Oct 11:00

Meezan Balanced Fund 19-Oct 4:15

Meezan Capital Protected Fund 19-Oct 4:15

Meezan Islamic Fund 19-Oct 4:15

Meezan Islamic Income Fund 19-Oct 4:15

Pakistan Petroleum Ltd 19-Oct 10:30

PICIC Growth Fund 19-Oct 11:30

PICIC Investment Fund 19-Oct 11:30

Thal Limited 19-Oct 3:00

Tri-Pack Films Ltd 19-Oct 11:00

ZIL Limited 19-Oct 11:00

Al-Meezan Mutual Fund Ltd 20-Oct 3:30

Pakistan Refinery Limited 20-Oct 10:30

Rafhan Maize Product Co Ltd 20-Oct 9:00

Nestle Pakistan Limited 22-Oct 9:30

Packages Ltd 22-Oct 11:30

Shell Pakistan Limited 22-Oct 10:30

BOARD MEETINGS

Company Date Time

Page 8: The Financial Daily-Epaper-19-10-2010

Tuesday, October 19, 2010 8

LAHORE: Zong signed a MoU with City District Government Lahore. Picture shows Waseem Ajmal Ch, MD /DO (Lahore Solid

Waste Management) shaking hands with Ali Kamran, Director, Zong after the signing of agreement.-Staff Photo

DUBAI: Men walk past Blackberry booth at the Gulf Information and Technology Exhibition (GITEX).-Reuters

ISLAMABAD: President AsifAli Zardari has said that keep-ing in view the geographicalproximity of Pakistan andOman, there is a huge potentialof bilateral trade and that theOmani investment would bewelcome in many sectors espe-cially telecom .

The President was talking toForeign Secretary of OmanSheikh Ahmed Bin Yousuf Al-Harthy, who called on him hereat the Aiwan-e- Sadr.Ambassador of Oman

Mohammad Al-Lawati andother senior officials accompa-nied the Foreign Secretary.

From Pakistan side,Secretary General to thePresident, M Salman Faruqui,Foreign Secretary, SalmanBashir and Spokesperson to thePresident Farhatullah Babarwere present during the meet-ing. Pakistan-Oman bilateralrelations and matters concern-ing the economic cooperation,trade, commerce and invest-ment were discussed during the

meeting.The President thanked the

Omani government and thepeople for their generous assis-tance during the recent devas-tating floods. The Presidentalso congratulated Oman on40th anniversary of "BlessedRenaissance". Appreciatingvisionary leadership of SultanQaboos, the Presidentremarked that Oman has wit-nessed tremendous progressand development under hisable leadership. -APP

President woos Omanto invest in telecoms

KARACHI: Nokia hasannounced the launch of itsrecycling programme inPakistan.

The programme will haverecycle boxes at all 9 NokiaCare centers across the coun-try. The initiative is launchedto invite the mobile phoneusers to recycle their oldphones with Nokia.

According to Nokia's globalconsumer survey on recycling,only 3 per cent of people recy-cle their mobile phonesdespite the fact that on aver-age most have several olddevices lying around at homethey no longer want. 74 percent of people said they don'tthink about recycling their

mobile phones while 50 percent of the people wereunaware that it is possible torecycle mobile phone.

"If every Nokia user recy-cled just one unused phone atthe end of its life, together wewould save nearly 125,000tonnes of raw materials" saidAdeel Hashmi, CountryCommunications Manager,Nokia Pakistan andAfghanistan.

"Nokia's goal is to supportenvironment-friendly lifestyleby offering consumers theopportunity to deliver anybrand of the old and obsoletecell phones easily at the near-est Nokia Care center for recy-cling," he added.-PR

Nokia urges usersto recycle old cells

ISLAMABAD: Ufone has

recently set up tent villages in

Multan, Charsadda and Sukkur

to help those flood affected

people who are in dire need of

shelter, announced a statement

given here.

Keeping in view the

immense need of shelter,

Ufone has set up tent villages

using re-cycled panaflex

sheets taken off from hoard-

ings and billboards of bygone

commercial campaigns of

Ufone. So far villages have

been put up in Charsadda,

Sukkur, and Multan. Each vil-

lage can house up to 300 peo-

ple.

Akbar Khan Chief

Marketing Officer Ufone said

that Pakistan is in great need of

support from the people and

the corporate sector and Ufone

as a socially responsible

organisation is trying its best

to meet the requirements by

providing basic needs starting

from shelter. As the winter is

slowly setting in the need for

sturdy shelter is essential.

Other than the organisation a

number of our employees have

gone out of their way to help

the affectees on personal basis.

It is time we all came together

for the betterment of the

nation.-Agencies

Affectees tentingat Ufone's expense

Staff Reporter

ISLAMABAD: Pakistan's firstreal branchless banking solu-tion, easypaisa, has successful-ly completed a year of opera-tions. The service, which waslaunched jointly by TelenorPakistan and TameerMicrofinance Bank last year,has helped provide peopleacross Pakistan with access toconvenient and secure finan-cial services.

Roar Bjærum, Vice PresidentFinancial Services, TelenorPakistan said, "Easypaisa is auniquely convenient way foreveryone to carry out financialtransactions such as moneytransfer and bill payments.More than six million transac-tions worth Rs10 billion havebeen moved through the sys-tem in a year, with a million

transactions worth nearly Rs2billion in the last month alone,which reflects customers' trustin the services. Our aim is tocontinue to change the wayfinancial transactions are car-ried out in Pakistan, and todevelop a portfolio of easy-paisa services that meets dif-ferent customer needs."

Ali Abbas Sikander, GroupExecutive DirectorTechnology & Operations,Tameer Microfinance Bank,said, "In Pakistan, there arecurrently an estimated 30 mil-lion economically active peo-ple who have no access tobasic transactional services, letalone savings and other finan-cial safety net solutions. Now,with easypaisa, these peoplecan have a bank account with-out a physical bank branch andcan conduct financial transac-

tions from the comfort of thehome using just a basic cellphone. All transactions aretransparent, regulated by theState Bank of Pakistan."

The service, when it waslaunched a year ago, was avail-able at 2,200 outlets. Currently,easypaisa services are availableat more than 11,000 outlets in700 urban and rural areasacross Pakistan. The spread iseven greater than the number ofbank branches in Pakistan,which is 8,000 in total.

Easypaisa has been reviewedin the international media toosuch as on Al-Jazeera and bythe Financial Times. CNN hascalled easypaisa 'the model ofthe future'. Other easypaisaproducts and solutions in thepipeline include corporate pay-ment solutions and insurance,among others.

Telenor 'easypaisa'completes one year

LAHORE: Zong hasannounced an initiative forprotection of metropolitanenvironment in Lahore, as acorporate social responsibilityproject.

In this regard Zong signed aMoU with the Solid WasteManagement and LahoreWaste Management Company- a part of Solid WasteManagement - City DistrictGovernment Lahore, for cre-ating awareness amongst citi-zens for environmental pro-tection, with public sectorinvestment in cleanliness ofLahore city through SolidWaste Management and a pro-fessionally managed compa-ny.

According to a statementissued here, as part of theMoU, Zong will design andexecute a public awarenesscampaign focusing on cleanli-ness of surroundings withinthe Lahore city while encour-aging public to dispose oftheir litter in a proper way.During the signing ceremony,officials from the City DistrictGovernment Lahore, Zongand other dignitaries werealso present.

Zong will provide mobilephone connections to SolidWaste Management - CityDistrict Government Lahoreworkers & Lahore WasteManagement Company thatwill have dedicated numbersfor citizens to call in and reg-ister their complaints.Moreover this would be ageneration shift from simplewireless to cellular subscrip-tion, making the staff moreaccessible and hence effec-

tive."Urban centers like Lahore

generate thousands of tonnesof litter every day. It is impor-tant that citizens proactivelysupport collection and dispos-al of litter in a systematic yetenvironmental-friendly man-ner," stated Ali Kamran,Director Zong. "As a respon-sible corporate citizen thatbelieves in preservation of theenvironment, ZONG hasdecided to partner with SolidWaste Management - CityDistrict Government Lahoreand use its technologicaladvantage to reinforce posi-tive values in our society," headded.-Agencies

Zonghelps

managesolid waste

Apple asks

OK to sell

iPad in SKSEOUL: US technology giantApple is seeking approval tosell its iPad in South Korea, thetelecommunications regulatorsaid Tuesday, after the iPhone'slocal popularity fanned interestin the tablet computer.

The Korea CommunicationsCommission said in a statementit would make a decision with-in five days on the request byApple's Korean unit for techni-cal approval.

The touch-screen computerallows users to watch videos,listen to music, play games,surf the web or read electronicbooks.

A spokesman for KT Corp,local distributor of Apple'siPhone, told Yonhap newsagency it hopes to release theiPad in November once the cer-tification is completed.

He did not give a specificdate. Apple rolled out its iPadin the US on April 3 and soldmore than three million in 80days.

It has shifted more than onemillion iPhones in South Koreasince its debut in the countrylast November.

Its success prompted com-petitors such as SamsungElectronics and LG Electronicsto roll out their own new smart-phones including Samsung'sGalaxy series and LG'sOptimus.

Samsung is planning adomestic launch of its firsttablet computer, the GalaxyTab, before the end of this yearthrough KT's rival SKTelecom.-Agencies

Kuwaititelco Zainlargely out

of debtKUWAIT CITY: Kuwait'sZain telecom has repaid mostof its debt following the $10.7billion sale of its African units,but is still seeking to restruc-ture a "small" debt, a companyofficial has said.

"We have repaid most of ourdebt and what remains is asmall loan but with a highinterest rate that we are tryingto restructure," ChiefOperating Officer Barrak al-Sabeeh told reporters lateWednesday night.

He did not disclose the sizeof the debt.Sabeeh said thecompany is seeking to obtain arevolving facility of $1.5 bil-lion that it can use in part torepay the small debt.

In June, Kuwait's largestmobile operator sold its unitsin 15 African nations to India'stelecom giant Bharti Airtel for$10.7 billion. Zain said itmade a profit close to $3 bil-lion from the sale.

Zain has said that it used agood part of the sale price torepay debt.The company said onWednesday its net profit almostdoubled in the third quarter of2010 while its nine-month prof-it rose four-fold mainly fromreturns of its African sale.

Zain posted 80.7 milliondinars ($286.2 million) in netprofit in the three months toSeptember 30 compared to41.2 million dinars ($146.1million) a year ago, a jump of95.6 per cent, the companysaid in a statement posted onthe Kuwait bourse website.

In the first nine months of2010, Zain posted a net profitof 976 million dinars ($3.46billion), a 400-per cent risefrom the corresponding periodlast year, the statement said.

The amount includes a "cap-ital gain" of 770.3 milliondinars ($2.73 billion) fromreturns on the African sale.

Prominent Zain shareholdersagreed two weeks ago to a pre-liminary offer from UnitedArab Emirate's telecom giantEtisalat to purchase a 46 percent stake in a deal worth wellabove $10 billion.

The two parties are stillnegotiating details to close thedeal expected to be finalisedbefore the year end.

CEO Nabeel bin Salamahtold reporters late Wednesdaythe company management wasnot involved in the talks.

"Until this moment, we (theboard) have not received anything about the deal. This mat-ter only concerns the share-holders," bin Salamah said.

Zain is the largest of threemobile operators in Kuwait, theother two being the QatarTelecom-controlled NationalTelecommunications Co(Wataniya) and KuwaitTelecommunications Co (VIVA),run by Saudi Telecom. -APP

WateenFY10

revenueat Rs8.6bn

Staff ReporterKARACHI: Wateen TelecomLimited has posted Rs8,608 mil-lion as revenue in the year endedJune 30, 2010 (FY10) with thegross margin for second half ofFY10 increasing to 38 per centfrom 30 per cent compared tothe first half of FY10.

Although Wateen postedRs1,994 million as after tax lossfor FY10, this was an improve-ment over initially projectedloss of Rs2,071 million for thesame period. Company's finan-cial performance in FY10 hasshown a positive trend markedby a positive EBITDA of 6 percent for second half comparedto negative 3 per cent for firsthalf of FY10.

Wateen Telecom outper-formed management expecta-tions through various costrationalising and consolidationinitiatives aimed at loweringoperational overheads.

Zongoffers

Androidcellphone

Staff Reporter

KARACHI: ZONG haslaunched the first fair pricedAndroid handset in Pakistan.

Already available Android2.2 handsets in Pakistan havebeen priced for the high-endsegment of the consumers.

The applications availablein an Android Phone areunlimited, facilitating theconsumers to always stayconnected with social net-working groups, configuremultiple email accounts, getinformation about importantplaces in nearby vicinity anddownload unlimited freeapplication and games.

Page 9: The Financial Daily-Epaper-19-10-2010

PARIS: Western European wheatprices turned lower in afternoontrade on Monday under pressurefrom losses in Chicago, but move-ments were limited as marketslacked impetus in the absence ofmajor fundamental news.

Chicago grain and soybeanfutures shed around 1 per cent,pressured by a stronger dollar andharvest progress in the UnitedStates, helping reverse modestearlier gains for European wheatsupported by exchange rates,traders said.

In Paris, November millingwheat slipped 1.75 euros to213.00 euros a tonne by 1616GMT, having risen to 216.25euros earlier.

"The fall in the Chicago grainscomplex on the dollar and the USharvest has pushed us into nega-tive territory but it's nothing dras-tic," one futures dealer said.

The absence of fresh physical

demand also dampened Parisfutures, traders said.

Feed wheat futures in Londonwere lower as the market extend-ed its recent downward correc-tion in the absence of any freshsupportive news.

November feed wheat was off1.50 pounds at 161.00 pounds atonne. Dealers said the marketremained underpinned by a weakpound and concern about supplytightness later in the 2010/11 sea-son (July/June) following strongearly exports.

Germany's market lost early-day strength as Paris turned lowerand US wheat futures fell in earlyMonday trade.

Standard new crop bread-quali-ty wheat for October delivery inHamburg was offered for saledown two euros at 214 euros atonne with buyers at 211 euros.

Prompt feed wheat in topgrains port Tarragona, a bench-mark in the major importingcountry, was quoted for resale at210-211 euros a tonne, up from203 a week ago, although it wasoffered at 215-218 euros.

"Sellers are consequently put-ting more pressure on the promptmarket, while buyers are moreinterested in forwards, so neitherside is making deals," a reportfrom the Mercolleida agriculturalexchange said. -Reuters

EU wheat declines

9Tuesday, October 19, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1300 1175

October (3rd Wednesday) 1285 1150

November (3rd Wednesday) 1270 1155

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for October 15 2010

LME Official Prices, US$ per tonne for October 15 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2200 2367 8362 2375 24225 26850 2379.5 2275

Cash seller 2201 2368 8362.5 2377 24250 26855 2380 2276

3-months buyer 2200 2403 8370 2402 24290 26850 2400.5 2295

3-months seller 2210 2404 8371 2404 24295 26900 2401.5 2305

15-months buyer 2160 2408 8165 2398 23650 26150 2440 2305

15-months seller 2170 2413 8175 2403 23750 26200 2445 2315

27-months buyer 2160 2440 7765 2373 22650 2420 2355

27-months seller 2170 2445 7775 2378 22750 2425 2365

LONDON METAL EXCHANGE (METALS)

NEW YORK: Oil rose sharplyon Monday, pushing above $82a barrel as refined productsfutures were lifted by strikesaffecting French shipping andrefineries, which dragged crudeOil higher.

The dollar's early strengthhad pressured Oil, but thegreenback's pared gains againstthe euro and a bas-ket of currenciesadded spring tothe Oil pricebounce.

France began totap emergencyfuel reserves asstrikes by refineryand port workerscontinued and a growing num-ber of fuel stations began to rundry.

US crude for Novemberdelivery rose $1.43, or 1.8 percent, to $82.68 per barrel by1620 GMT, its biggest percent-age gain in two weeks. In LON-DON, ICE Brent Decembercrude rose $1.47, or 1.8 percent, to $83.92 a barrel.

"Crude is up on the back ofproducts strength due to the

French strike situation," saidAddison Armstrong, director ofmarket research at TraditionEnergy in Stamford,Connecticut.

Nationwide strikes over pen-sion reforms have spread to thecountry's 12 Oil refineries overthe past seven days, adding tothe impact of a three-week

strike at France's largest Oilport, Fos-Lavera.

"RBOB (gasoline) and heat-ing Oil (futures) are up on theFrench strike. There is anexpectation the US will beexporting more gasoline anddistillate and that cargoes fromEurope will not be cominghere," said Phil Flynn, analystat PFGBest Research inChicago.

US gasoline and heating Oil

futures, the distillate bench-mark, rose 2 per cent as theFrench strikes continued to hitfuel production in the region.

Crude Oil prices fell early onMonday to below $81 a barrelas the US dollar enjoyed itsown bounce, coming back froma 10-month low against a bas-ket of currencies as investors

trimmed bear-ish betsagainst thegreenback dueto uncertaintyover the extentand impact offurther mone-tary easing.

"It looks likewe are revising down the possi-ble impact of QE2 and I thinkprices will return to the $70-$80 range in the coming days orweeks," said Christophe Barret,Oil analyst at Credit Agricole.

Oil had moved back above$80 on optimism a boost to theUS economy would improveweak fuel demand but the rallylost steam at the end of lastweek and Oil finished lower ona weekly basis. -Reuters

Oil surges above $82on French strike

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Monday'sRotterdam vegetable oil price'sat 21:00 PST.

SOYOIL: EU degummedeuro tonne fob exmill Nov10835.00, Dec10/Jan11 833.00,Feb11/Apr11 838.00,May11/Jul11 841.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Nov10/Jan11850.00+0.00, Feb11/Apr11830.00-7.00, May11/Jul11835.00-5.00, Aug11/Oct11825.00+0.00.

SUNOIL: EU dlrs tonneextank six ports optionJan11/Mar11 1290.00-10.00,Apr11/Jun11 1280.00-10.00,Jul11/Sep11 1310.00+10.00.

LINOIL: Any origin dlrstonne extank RotterdamOct10/Nov10 1327.50-5.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Oct101000.00-5.00, Nov10 990.00-12.50, Dec10 980.00-17.50,Jan11/Mar11 977.50-15.00,Apr11/Jun11 980.00-15.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Dec10 1022.50,Jan11/Mar11 1017.50.

PALMOIL: RBD dlrs tonnefob Malaysia Dec10 975.00-17.50, Jan11/Mar11 970.00-17.50.

PALM OLEIN: RBD dlrstonne fob Malaysia Dec10985.00-15.00, Jan11/Mar11980.00-15.00, Apr11/Jun11982.50-15.00.

PALM STEARIN: Dlrs tonnefob Malaysia Nov10 970.00-15.00, Dec10 970.00.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Nov10 845.00+0.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamOct10/Nov10 1405.00-10.00,Nov10/Dec10 1400.00-10.00,Dec10/Jan11 1400.00-10.00,Jan11/Feb11 1400.00.

CASTOROIL: Any origindlrs tonne extank RotterdamOct10/Nov10 2000.00+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

18-Oct-2010 CRUDE100 NO10 US$ Per Barrel 82.35 82.83 80.40 81.77 131 80.78 81.77 27

18-Oct-2010 CRUDE100 DE10 US$ Per Barrel 83.09 83.40 81.08 82.43 127 81.40 82.43 36

18-Oct-2010 CRUDE100 JA11 US$ Per Barrel 83.78 83.78 83.08 83.08 - 82.06 83.08 -

18-Oct-2010 SILVER - SL500 NO10 US$ Per Troy Ounce 24.37 24.37 24.14 24.14 - 23.81 24.14 -

18-Oct-2010 SILVER - SL500 DE10 US$ Per Troy Ounce 24.41 24.80 23.82 24.16 67 23.82 24.16 72

18-Oct-2010 GOLD 01oz NO10 US$ Per Troy Ounce 1371.20 1376.00 1355.00 1365.70 500 1358.20 1365.70 703

18-Oct-2010 GOLD 01oz DE10 US$ Per Troy Ounce 1371.80 1376.50 1354.00 1366.20 2,243 1358.70 1366.20 610

18-Oct-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1372.60 1377.50 1354.90 1367.10 2,709 1359.60 1367.10 853

18-Oct-2010 GOLD 100oz NO10 US$ Per Troy Ounce 1371.20 1371.20 1365.70 1365.70 - 1358.20 1365.70 -

18-Oct-2010 GOLD 100oz DE10 US$ Per Troy Ounce 1370.00 1376.50 1358.00 1366.20 48 1358.70 1366.20 12

18-Oct-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1372.60 1372.60 1366.20 1366.20 - 1359.60 1367.10 -

18-Oct-2010 GOLD OC10 Per 10 grms 37911.00 37986.00 37568.00 37825.00 16 37650.00 37825.00 46

18-Oct-2010 GOLD NO10 Per 10 grms 37732.00 37995.00 37680.00 37833.00 2 37659.00 37833.00 3

18-Oct-2010 GOLD DE10 Per 10 grms 37774.00 38009.00 37774.00 37847.00 2 37672.00 37847.00 2

18-Oct-2010 Kilo GOLD OC10 Per 10 grms 37959.00 37959.00 37797.00 37797.00 - 37623.00 37797.00 3

18-Oct-2010 Tola Gold50 OC10 Per Tola 44274.00 44274.00 44086.00 44086.00 - 43882.00 44086.00 -

18-Oct-2010 Tola Gold100 OC10 Per Tola 44274.00 44274.00 44086.00 44086.00 - 43882.00 44086.00 -

18-Oct-2010 Mini Gold 1-Aug Per 10 grms 39024.00 39024.00 38913.00 38913.00 - 38737.00 38913.00 -

18-Oct-2010 Mini Gold 2-Aug Per 10 grms 39063.00 39063.00 38861.00 38861.00 - 38685.00 38861.00 -

18-Oct-2010 Mini Gold 3-Aug Per 10 grms 39077.00 39077.00 38874.00 38874.00 - 38698.00 38874.00 -

18-Oct-2010 Mini Gold 4-Aug Per 10 grms 39090.00 39090.00 38887.00 38887.00 - 38711.00 38887.00 -

18-Oct-2010 Mini Gold 5-Aug Per 10 grms 39103.00 39103.00 38900.00 38900.00 - 38724.00 38900.00 -

18-Oct-2010 TT Gold 1-Sep Per Tola 44849.00 44849.00 44719.00 44719.00 - 44513.00 44719.00 -

18-Oct-2010 TT Gold 2-Sep Per Tola 44894.00 44894.00 44659.00 44659.00 - 44453.00 44659.00 1

18-Oct-2010 TT Gold 3-Sep Per Tola 44390.00 44909.00 44390.00 44674.00 1 44468.00 44674.00 1

18-Oct-2010 IRRI6W 21OC10 Per 100 kg 2402.00 2402.00 3178.00 3178.00 - 3181.00 3178.00 -

18-Oct-2010 Rice IRRI - 6 NO10 Per 100 kg 3209.00 3209.00 3206.00 3206.00 - 3209.00 3206.00 -

18-Oct-2010 RBD Palm Olein NO10 Per Maund 4448.00 4448.00 4372.00 4372.00 - 4448.00 4372.00 -

18-Oct-2010 KIBOR3M 10-Dec Per Rs. 100 86.70 86.70 86.70 86.70 - 86.70 86.70 -

18-Oct-2010 KIBOR3M 11-Mar Per Rs. 100 86.18 86.18 85.71 85.71 - 85.67 85.71 -

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

Indian sugarcloses flat

MUMBAI: India's spot sugarended flat on Monday after ris-ing one per cent in the previoussession as a delay in canecrushing outweighed pressurefrom sluggish demand, dealerssaid.

Demand for sugar usuallygoes up ahead of Diwali, theHindu festival of lights, whichfalls in the first week ofNovember.

In Kolhapur, a key market intop-producing Maharashtrastate, the most traded S-varietyended unchanged at 2,600rupees ($58.6) per 100 kg.

Fresh showers in India's keysugar producing states ofMaharashtra are likely to delaycane crushing, industry andgovernment officials toldReuters.

India, the world's biggestconsumer of the sweetener, hasmade available 1. 75 milliontonnes of non-levy sugar forOctober, lower than 1.85 mil-lion tonnes it had released ayear ago, the government saidin a statement. -Reuters

WEST BANK - PALESTINE: A Palestinian woman, right, and a foreign activist pick olives in the

village of Burin near the West Bank city of Nablus. -Agencies

LONDON: Copper rose onMonday, flirting with 27-month highs as a rally in thedollar fizzled and underpinnedby tight supplies, but weak USdata indicated recovery indemand could remain slow.

Benchmark copper on theLondon Metal Exchangeclosed at $8,443 a tonne from aclose of $8,400 on Friday. Themetal used in power and con-struction reversed earlier lossesand hit a session high of $8,481a tonne. Last week it rose ashigh as $8,490, its loftiest sinceearly July 2008.

"It's dollar-related and equi-ties-related," Eugen Weinberg,an analyst at Commerzbank,said of copper's moves, asequities rose in Europe and theUnited States.

"The market is very positive,especially in the longer term,"he added. "Everyone's talkingabout structural tightness andalso the ETFs which are alsopossible for copper."

Denting the demand outlook,data showed US industrial pro-duction unexpectedly fell inSeptember, though copperreacted little to the figures. Thereport on Monday supportedexpectations of further mone-tary easing next month.

Given markets have alreadyfully priced in future easingmeasures by the Fed, the dearthof detail by Bernanke gave dol-lar bears little reason to betdown the US currency evenfurther.

Overall, however, analystssay tight copper supplies andan upbeat demand outlook dueto expected further easing bythe Fed should cap any lossesin the metal, which posted afifth straight week of gains lastweek.

The copper market deficit

could pass expectations givenETF Securities is planning tolaunch exchange-traded prod-ucts in base metals. There isspeculation the copper ETFcould hold between 300,000 to400,000 tonnes.

Aluminium, used in transportand packaging, was last quotedat $2,410/$2,411 a tonne from$2,377, with LME stocks down1,600 tonnes at 4.3 milliontonnes Tin closed at $26,650 atonne from $26,750. The topperformer in the metals com-plex remained underpinned bylong-term supply constraints intop exporter Indonesia.

Nickel was at $23,810 atonne from $24,035, havingearlier hit a day low of $23,350a tonne, the lowest point sinceearly October. Zinc closed at$2,425 a tonne from $2,424,while battery material lead waslast quoted at $2,435/2,440from $2,425. -Reuters

Copper up as $ paresgains, market tight

Sugar easeson uncertain

outlookLONDON: Cocoa futuresconsolidated on Monday afterFriday's slide following softgrindings data, while sugarand coffee fell under pressurefrom a stronger dollar.

North American cocoagrindings, a key measure ofdemand, rose 1.71 per centfrom 2009 in the third quarter,while European grindingswere down 4 per cent on theyear, data showed onThursday.

Dealers said the Europeandata was likely to dampenviews on a recovery in demandfor cocoa following a slump ingrindings in 2009 due to theglobal economic slowdown.

ICE March cocoa was down$1 at $2,833 per tonne at 1513GMT. Liffe second-monthMarch cocoa was 19 pounds or1 per cent higher at 1,896pounds a tonne in thin volumeof 3,265 lots.

Sugar futures fell under pres-sure from the stronger dollarand were below last week'seight-month highs, under-pinned by an uncertain outputoutlook in top producersBrazil and India.

ICE March raw sugar futureswere down 0.08 cent or 0.3 percent at 26.98 cents a lb.

London December whitesugar was down $7.30 or 1.05per cent at $688.90 per tonnein slim turnover of 2,146 lots.

Indian sugar policy would bewatched carefully as theBrazilian crush wound up, asIndia is seen in the market as apotential exporter during theperiod between Braziliancrops, said Nick Penney ofbroker Sucden FinancialSugar.

Arabica coffee futures weredown 0.10 cent or 0.05 percent at $1.8815 a lb. LiffeJanuary robusta coffee was up$1 or 0.06 per cent at $1,683per tonne in moderate volumeof 3,044 lots. -Reuters

LONDON: Gold recoveredlost ground on Monday to turnhigher as the dollar surren-dered earlier gains, liftinginterest in the precious metal asa haven from volatility in theforeign exchange market.

The metal slipped below$1,360 an ounce earlier as thedollar bounced back fromrecent hefty losses, withinvestors in the US currencyworried that expected US mon-etary easing had already beentoo heavily priced in.

Spot gold was bid at$1,371.25 an ounce at 1507GMT, against $1,370.50 late inNew York on Friday. US goldfutures for December deliverywere flat at $1,372.00.

Gold's rally to a series ofrecord highs in recent weeks,peaking at $1,387.10 an ounce,has been heavily predicated onweakness in the dollar, withwhich the metal has tradition-ally had a strong historicinverse correlation. It hasstruggled to maintain tractionas the dollar has recovered,however.

"At the moment, the monthlyinverse correlation is about 95per cent, (so) the dollar stillmatters," VTB Capital analystAndrey Kryuchenkov said."The failure to breach $1.40 for

the euro last week has certainlydented sentiment for dollarbears."

Investors had increased theirbets against the dollar in recentweeks amid expectations theFederal Reserve would unveila second round of quantitativeeasing as early as November.

From a technical perspective,the precious metal seems tohave become overstretchedafter rallying nearly 12 per centin the six weeks to its mid-October record high, analysts

said.Its relative strength indicator

was at or above 70 - a levelwidely seen to indicate over-bought conditions - in a nearlyunbroken run from Sept. 15 toFriday, Reuters data showed.

Among other precious met-als, silver was at $24.40 anounce against $24.26.Holdings of the world's largestsilver-backed exchange-tradedfund, New York's iSharesSilver Trust, rose to a record10,224.05 tonnes on Friday.

The fund has had inflows ofmore than 880 tonnes since mid-September, worth some $679.3million at today's prices.Platinum was at $1,691 an ounceagainst $1,687.60, while palladi-um was at $586.50 versus$584.80. -Reuters

Gold recovers asdollar surrenders gains

Tokyo rubber

down 1.4pc

on firm yenBANGKOK: Tokyo rubberfutures dropped 1.4 per cent onMonday, weighed down by thestrong Japanese yen and weak-ness in other commodities,dealers said.

The benchmark rubber contracton the Tokyo CommodityExchange for March delivery fell4.9 yen, or 1.4 per cent, to settleat 335.1 yen ($4.12) per kg. Thekey contract rose as high as343.0 yen on Friday, its strongestsince July 2008, on the back ofsupply concerns and risingShanghai rubber futures.

"Demand on the physicalmarket remained strong,encouraging some players totake speculative buying posi-tions on the futures market,"one dealer said.

Oil fell towards one-weeklows on Monday. The dollarhovered near a 15-year lowagainst the yen.

TOCOM rubber prices couldrecover on Tuesday as senti-ment remained strong afterprices finished above the psy-chological level of 330 yen,dealers said. -Reuters

KUALA LUMPUR:Malaysian palm oil fell to itslowest in a week and othervegetable oil prices stalled as astronger dollar and morefavourable weather outlooks inSouth America sapped senti-ment.

Palm oil -- which was withinstriking distance of the 3,000ringgit level last hit in August2008 -- came under pressurefrom some technical sellingand weaker-than expectedexports in October.

Malaysia's benchmarkJanuary 2011 palm oil contract

ended 1.6 per cent lower at2,889 ringgit ($937.4) aftergoing as a low as 2,877 ringgit--- a level last traded on Oct. 11.

Traded volume doubled to20,653 lots of 25 tonnes eachfrom the usual 10,000 lots.

"Above 3,000 ringgit($973.4) is still the target to hitalthough the market was duefor a correction after it rosemore than 200 ringgit," said atrader with foreign brokeragein Kuala Lumpur.

US soyoil for Decemberdelivery lost almost 1 per centin Asian hours, primarily on

the dollar edging higher, whichmakes commodities priced inthe greenback, more expen-sive.

Forecast for some rains inBrazil and widespread rains inArgentina will speed up soyand corn plantings after a slowstart, which partly weighed onUS and China soyoil markets.

The most active May 2011soyoil contract on China'sDalian Commodity Exchangefell 1.8 per cent. The contractrallied 6.7 per cent the previousweek -- its biggest weekly gainsince October 2009. -Reuters

Malaysain palm oilfalls to one-week low

Shanghai metals weakenShanghai's benchmark third

month copper dropped 870yuan to close at 63,020 yuanper tonne. Shanghai zincslipped 370 yuan to 19,255yuan per tonne.

Early strong dollar weighs, but pared gain supportive

Page 10: The Financial Daily-Epaper-19-10-2010

LONDON: Australia are notthe only enemy this winter; sotoo is meekness. It has pre-vailed too often in the past. Itwon't do this time. Not if Broadcan help it. Forget the angelicfeatures, he is an enforcer.

He talks of "dragging theteam with him" at certaintimes, and you need only thinkonly of the Ashes spell of fivefor 37 at the Oval in 2009 forevidence, or even the last one-day international of last sum-mer at Southampton wherePakistan had got a flier and abristling Broad snared twoquick wickets to turn thematch.

And when he talks with relishof on-field confrontation -

especially of his clash withMitchell Johnson at Edgbastonlast year - it is not with someforced pseudo-machismo. "Tobe brutally honest, I thrive onit" he says.

The bloke simply oozes com-petitiveness. Take the stuffabout him and his father, Chris,whose three centuries in con-secutive Tests precipitatedEngland's last Ashes victoryDown Under in 1986/87.

I expected him to expresssome boredom with it - all thatstuff about having to watch theOn Top Down Under videowhen he was younger - or atleast that it had been hammedup to make some decent copy.Not a bit of it. This is banter

with knobs on. And Broad jun-ior wants the final word.

"Even at the recent PCA[ProfessionalC r i c k e t e r sAssociat ion]awards,'' hesays, "Dad gotup on stageand NasserHussain said'So your sonhas got a high-er Test scorethan you andhas a hundredat Lord's withhis name onthe board.' And he replied: 'I'mon three boards in Australiathat he's not on!' So that's the

challenge then."And then there's Pakistan. "I

had a lot of aggression towards

the Pakistan cricketersthroughout that one-dayseries," Broad says with real

feeling."Because, whether they were

guilty or not, the allegations[of spot-fixing]had overshad-owed our fan-tastic summerof cricket.Anything thatgives negativepress is harm-ful to thegame. Even inthat one-dayseries you'dsee a misfieldand there'd besly comments,

whether they were fromfriends or players.

"And that's not what you

want for cricket. You want a100 per cent battle, country oncountry. I think every player isexcited about going toAustralia because you knowthat's what you're going toget."

As for Ijaz Butt, well ... "Iwas distraught by his com-ments," Broad says.

"This was the head of theircricket board accusing us ofcheating. We were so close tonot playing, but I was keen toplay because I wanted them togo home with nothing; to losethe Test series, lose the one-day series and have a com-pletely miserable time.

"I think we did the rightthing by playing on because

we couldn't let a joker likethat affect the dynamics ofcricket. If we were to pull outof a series because of whatone man said, it would haveset a dangerous precedent.There was a lot of passionwhen we had a meeting[before the fourth ODI atLord's], but the passion ofwanting to stuff them out ofsight was overriding."

Of course, though, there aretimes when Broad overstepsthe mark. Edgbaston last sum-mer for example, when he wasfined for hitting ZulqarnainHaider with a throw. He attract-ed plenty of criticism for that,not least from this column.-Agencies

10Tuesday, October 19, 2010

Real Madrid's coach Jose Mourinho reactsduring a news conference in Madrid

Sania Mirzaeyes Asian

gamesBANGALORE: SaniaMirza's WTA ranking hasbeen sea-sawing these lastfew weeks. The numbersagainst the Hyderabadi'sname has slipped to 136from the 120s of two weeksago and will in all likelihoodsink to the 170s when thenew ranking comes out.

The 23-year-old, however,is unperturbed by thefreefall. She will go toGuangzhou for the AsianGames in the second week ofNovember, even if with adepleted Indian tennis squad,to try and win some medalsfor her country. "Playing forIndia," she said, "is priority".

"There's no way you canbalance a season like thisone where you are playingfor your country in twomajor international competi-tions (CommonwealthGames and the Asian Games)in a matter of weeks," Saniaexplained. "You have tomake the tough choices. Yousacrifice those weeks youplay on the Tour to improveyour ranking to play for yourcountry. I love the feeling ofwinning a medal for India.That's what I'm looking for-ward to doing inGuangzhou."

In all it has been a seasonof trial for Sania, who wasout of the Tour for fourmonths at the start of theyear due to a wrist injury. Inthe subsequent months, herranking crashed from a top-60 position. The Indian gut-ted it out through the treach-erous grass court season andthe early part of the hardcourt season before shefound form and confidenceat the US Open in New York.In the CommonwealthGames, she was once againthe darling of the masses asshe gained a silver medal inthe singles.-Agencies

HEC toaward InamRs1 million

ISLAMABAD: HigherEducation Commission (HEC)on Monday announced cashprize of Rs1 million forMohammad Inam who won aGold medal in wrestling `84kg' category in the CommonWealth XIX games held inIndia.

The prize was announced byDirector General Sports, TalatKhurshid on Inam' return fromIndia to recognize his out-standing performance in thegames.

Muhammad Inam, a studentof MBA was warmly receivedby Talat Khurshid along withKhaliq Khan, SecretaryGeneral Pakistan OlympicAssociation.

Students of local universitieswere also present to receivetheir national hero.-APP

KARACHI: Wasim Akram theformer Pakistan captain hascriticised the PCB and its selec-tion committee for not consult-ing the coach and captain priorto selecting the squads for theupcoming tour of the UAE. Theboard announced a 15-mansquad to take on South Africalast week, but didn't initiallyname a captain. A day later,Misbah-ul-Haq was appointedTest captain and Afridi wasretained as leader of the side forthe shorter formats.

"It's a joke to select the teamwithout consulting the coachand the captain," Akram told a

local daily. "The duo has tomarshal the team in the seriesand tournaments and it is notthe selection committee whichwill have to bring the best outof the players on the field.

"If I was a chief selector, Iwould've definitely taken feed-back from the coach and thecaptain before naming anysquads. With the World Cup justa few months away, we're stillmulling over captains whileother teams have their forma-tions ready for the event. Thisshows poor leadership qualitiesin the current PCB setup."

Describing Ijaz Butt's two

years at the helm of PakistanCricket Board a complete fail-ure, former captain WasimAkram has ridiculed the PCBchief for seeking anothertenure.

"If Ijaz Butt has asked foranother term then hats off tohim (pun intended). Thewhole of Pakistan and worldcricket is after him. Pakistancricket is in a mess, there is noleadership and amidst all this,to ask for another term, wellwhat can I say. This showsthat his advisors are not givinghim the right directions,"Akram said.-Agencies

Akram slamsPCB selectors

KARACHI: The prospect ofexpelling the PCB chairmanIjaz Butt as an ICC directorwas raised at the ICC boardmeeting in Dubai last week,underlining just how thin theice is that the Pakistan boardis currently skating on. Well-placed observers vary on thedegree of the threat but somebelieve Butt was compelled toaccept a series of wide-rang-ing measures to reformPakistan cricket withoutprotest because the alternativewould have been to faceexpulsion.

The possibility is believed tohave been raised by an indi-vidual member and not theICC. It arose from membersconcerned about a specificpotential conflict of interest inthe spot-fixing scandal, inwhich three Pakistani playersare allegedly involved. ThePakistan board andMohammad Asif, one of the

three players implicated, areusing the same London-basedlawyer which, according tothe ICC code of ethics fordirectors, could be interpretedas a conflict of interest.

This particular spur, howev-er, is merely part of a muchbroader canvas of the cricketworld's discontent with Butt.ESPN cricinfo reported lastmonth that the possibility ofsuspending him had crossedthe minds of officials whowere unhappy with how Butthad reacted to the spot-fixingcrisis and then acted with theICC and other boards such asthe ECB.

The focus of the two-dayboard meeting was on anti-corruption and, in particular,concerns over the health of thegame in Pakistan; specificallythree broad areas were up fordiscussion, including anupdate on the spot-fixinginvestigations, how the game

tackles corruption globally andhow Pakistan is to be helped.At its conclusion, the ICC setan ultimatum to the PCB toimplement a series of effectiveanti-corruption measures in itsdomestic set-up within 30days.

The remit of the ICC's taskforce on Pakistan has alsobeen broadened to look atways of improving the struc-ture of governance in Pakistan,"to carry out any reforms,"according to the ICC, "whichmay be deemed necessary torestore confidence in theadministration of the game."

It is understood that theactions of the Pakistan boardthrough the year brought mat-ters to a head. The revoking ofpunishments handed out afterthe Australia tour inquiry, inwhich the PCB found playersguilty of deliberately under-performing, worried memberboards.-Online

Butt in distress

Broad plans tough time for Australia

SINGAPORE: FIFA vice-president Reynald Temarii wel-comes a "full and thoroughinvestigation" into newspaperclaims that he offered to sellhis vote in the contest to hostthe 2018 World Cup, his con-federation said on Monday.

The Sunday Times saidOceania Football Confederation(OFC) president Temarii andNigeria's Amos Adamu -- bothmembers of world football gov-erning body FIFA's executivecommittee -- had offered to selltheir votes when approached byreporters posing as lobbyists foran American consortium.

The newspaper report saidAdamu was filmed asking for500,000 pounds for a personalproject and that TahitianTemarii asked an undercoverreporter in Auckland for NZ$3million (1.4 million pounds) tofund a sports academy at theOFC's headquarters.

"Further to information made

public by The Sunday Times,the OFC President and FIFAVice President Reynald Temariiwill cooperate fully with theFIFA Ethics Committee and theFIFA Secretary General," astatement from the OFC said.

"Reynald Temarii welcomes afull and thorough investigationso that all the facts can beheard." The OFC said it wouldnot comment further until thefindings of the FIFA EthicsCommittee have been released.

FIFA will decide onDecember 2 in Zurich whichcountries will host the 2018 and2022 World Cups. The choiceswill be made by the 24-strongexecutive committee.

However a source close tothe executive, who asked not tobe named, said both Adamuand Temarii could find them-selves suspended or off thecommittee by then if the claimsagainst them were substantiat-ed.-Reuters

FIFA’s VP readyfor investigation

Monitoring Desk

KARACHI: Pakistan CricketBoard (PCB), after beingdirected by InternationalCricket Council(ICC) to get itshouse in order, has said that itwill make all the players sign anew code of conduct.

National team managerIntikhab Alam informed themedia on Monday of this newdevelopment after briefing theplayers on the PCB's new codeof conduct by the PCB thatgoes into effect for the upcom-ing series against South Africa.

Alam said that the updatedcode of conduct bars Pakistani

cricketers from giving inter-views while only the captainand coach will be allowed tohold press conferences.

He said that before everyseries every player bound for atour with the national team willhave to sign the code of conduct.

He added that on the domes-tic cricket front, no cell phoneswill be allowed in the players'pavilions.

The manager warned that anyviolation of the code of con-duct will not be tolerated.

This follows the spot fixingscandal that happened duringthe national side's tour ofEngland last month.

PCB to addressplayer’s conduct

JAMAICA: Darren Sammywas handed the task ofrebuilding the fortunes of theonce-mighty West Indiesteam when he was named asthe new captain on Sunday.

Jamaican Chris Gayle hadbeen in charge of the sidesince 2007 but after team slidto seventh in the test rankingsand eighth in the one-daystandings, the West IndiesCricket Board (WICB) decid-ed to change the leadership.

"Chris Gayle led the WestIndies during a challengingperiod and the board thankshim for stepping up then,"WICB chief executive ErnestHilaire said in a statement.

"But it is now time to passthe mantle on as the WestIndies rebuilds."

Selection committee chair-man Clyde Butts added: "Weare at the dawn of a new erain West Indies cricket and wehave entrusted the challeng-

ing job of captaincy toDarren Sammy because it isbelieved that he has demon-strated the attributes of aleader of this diverse groupof men."

The 26-year-old Sammyhas played eight tests, 43one-dayers and 19 Twenty20internationals and will hopeto help West Indies recapturethe form that brought them 11successive test wins duringthe 1980s.

The fast bowler's first taskwill be to lead the side duringa six-week tour of Sri Lankawhich begins on Nov 15.

"Being appointed WestIndies captain is an honourand distinction which I willtreat with the highest regardand dignity," Sammy, whohails from St Lucia, said.

"I have always given my allwhen I prepare and play forthe West Indies and nothingwill change now.-Reuters

Sammy crownedas WIndies skipper

Brett Leesigns upfor NZ

T20 stintW E L L I N G T O N :Australian fast bowler BrettLee has signed to playdomestic Twenty20 cricketin New Zealand later thisyear with the WellingtonFirebirds, the club saidMonday.

Lee, looking for as muchmatch-time as possible as heseeks a career swansong atnext year's World Cup, willdebut for Wellington againstAuckland on December 14,Cricket Wellington chiefexecutive Gavin Larsensaid.

"It's tremendous to havesecured the services of Brettand his record speaks foritself," Larsen said.

"He's a gifted all-roundathlete who has proven him-self a true match winner forAustralia in over a decade atthe highest level."

The 33-year-old will missthe first half of the NewZealand domestic competi-tion because of prior com-mitments to his home stateNew South Wales but willplay five matches and beavailable for the final onJanuary 2.

Lee retired from Testcricket earlier this year aftera string of injuries but isdesperate to cap his interna-tional career by appearingfor Australia at the WorldCup in February.

Lee has a large followingin India, which is co-hostingthe World Cup withSri Lanka and Bangladesh,and has said previouslythat an appearance at thetournament would be afitting end to his internation-al career.-APP

ROTTERDAM: Tommasone of France performs on the pommel horse during the men'squalifying round of the Artistic Gymnastics World Championships at Ahoy Arena.-Reuters

n Sammy replaces Gaylen Nash named vice-captain

PCB trying toconvince ICCon security

ISLAMABAD: The PakistanCricket Board (PCB) hasdecided to send video footageto International CricketCouncil (ICC) of the recentlyheld National Twenty20 Cupin Lahore as part of its effortsto convince the game's apexbody about the security situa-tion at home.

According to a top PCBofficial the video footage willshow the ICC how securityarrangements were made forthe popular tournament thatfeatured almost all the topplayers of the country andattracted huge crowds.

The step is aimed at con-vincing the ICC and its mem-ber nations to help resumeinternational cricket inPakistan, he added.

Pakistan has not hosted anyinternational cricket since theMarch 2008 terrorist attackon Sri Lankan team inLahore.-APP

Says Butt don’t deserves a second chance

Page 11: The Financial Daily-Epaper-19-10-2010

11Tuesday, October 19, 2010

International & Continuation

CONTINUATION

LUXEMBOURG: EuropeanUnion finance ministers agreedon Monday that sanctions forbreaching EU deficit and debtlimits should be almost automat-ic, but were still discussing howfast they should kick in, EUsources said.

EU finance ministers are intalks in Luxembourg to com-plete an overhaul of EU budgetrules, the Stability and GrowthPact, and agree on a report forEU leaders on how to make therules tougher, to prevent a newsovereign debt crisis.

"There is an agreement on ... asignificantly strengthened pre-ventive action and a significant-ly strengthened system of

imposing sanctions," PolishFinance Minister JacekRostowski told reporters onleaving the meeting.

"We are going in the rightdirection. There is also a highdegree of agreement on the per-manent system of crisis resolu-tion. We can be satisfied withprogress made."

The changes to the Stabilityand Growth Pact are the biggestoverhaul of the fiscal rulesunderpinning the euro since itscreation in 1999.

One of the thorny issues washow much ministerial discretionwould apply in deciding sanc-tions, which would take the formof interest-bearing and non-

interest bearing deposits andfines.

Sources close to the talks saidthat despite the opposition of agroup of countries led byFrance, the ministers backed aproposal of the EU executivearm, the European Commission,that only a qualified majority ofministers could stop such sanc-tions -- or what the Commissioncalls reverse majority voting.

The name comes from the factthat until now, only a qualifiedmajority could impose sanc-tions.

"There is agreement on thereverse majority voting," oneEU source with insight into thetalks said.-Reuters

EU finmins near dealon tougher budget rules

WASHINGTON: U.S. indus-trial production contracted inSeptember for the first time inmore than a year, pointing tocontinued slowdown ingrowth and cementing expec-tations of further monetarypolicy easing next month.

Separately, home-buildersentiment rose this month butremained at depressed levels,fortifying views that theFederal Reserve would pumpmore money into the econo-my at its meeting Nov. 2-3 tostimulate the stutteringrecovery.

"The industrial productionreport illustrates, if anything,economic growth is still slow-ing rather than beginning topick up again, which is yetanother reason for the Fed tounleash QE2 (quantitativeeasing)," said Paul Ashworth,a senior U.S. economist atCapital Economics in Toronto.

Industrial production fell 0.2per cent, the first decline sinceJune 2009, after increasing 0.2per cent in August, the Fedsaid. Economists had expectedSeptember's industrial produc-tion to rise 0.2 per cent.

The National Association ofHome Builders/Wells FargoHousing Market Index rosethree points to 16 in October,

beating economists' expecta-tions for a 1-point rise to 14. Areading above 50 indicatesthat more builders view salesconditions as good than poor.

The index has not beenabove 50 since April 2006.

Prices for safe-haven gov-ernment debt trimmed gains,while the U.S. dollar held neara 10-month low against a bas-ket of currencies.

While financial marketshave priced in further mone-tary stimulus from the Fed, itremains unclear how muchmoney the U.S. central bankwill inject through purchasesof government securities.

On Friday, Fed ChairmanBen Bernanke gave hisstrongest signal yet that moremonetary policy easing wasimminent but provided nodetails on how aggressivelythe Fed might act.

The recovery has slowedmarkedly from the worstrecession in 70 years, leavingunemployment uncomfortablyhigh and inflation too low forFed's liking.

September's industrial pro-duction was pulled down by a0.2 per cent decline in manu-facturing, which analysts saidconfirmed recent signs of aslowdown in factory activity

as the boost from the rebuild-ing of inventories fades.

"We do not believe this her-alds the beginning of a col-lapse in activity, but manufac-turing growth is clearly slow-ing to a more subdued pace ofgrowth, despite being well shyof its pre-crisis levels," saidEoin O'Callaghan, an econo-mist at BNP Paribas in NewYork.

Excluding excluding motorvehicles and parts, manufac-turing also fell 0.2 per cent lastmonth. Mining output rose 0.7per cent last month, while util-ities dropped 1.9 per cent.

Capacity utilization, a meas-ure of slack in the economy,edged down to 74.7 per cent,4.2 per centage points abovethe year-ago level but still 5.9points below the 1972-to-2009average.

Although home-builder sen-timent rose this month, thehousing market remains weak.An investigation into improp-er processing of foreclosureshas hit the housing market,prompting some banks to holdback foreclosures.

There are fears that the self-imposed moratorium on fore-closures could further delaythe recovery of the housingmarket.-Reuters

US industrial outputfalls, monetary

easing seen

China vowsto unleash

growth fromgrassroots

BEIJING: China must lift theincomes and spending power ofhundreds of millions of farmersand workers to keep the world'ssecond-biggest economy fromfaltering on its ascent, thenation's leaders said on Monday.

China's broad blueprint forreleasing domestic wellspringsof growth by giving citizens bet-ter incomes, welfare and hous-ing was issued by the rulingCommunist Party's CentralCommittee, after a four-daymeeting that settled on thenation's next five-year develop-ment plan starting in 2011.

Over that time, the Chineseeconomy could grow by about50 per cent to $7.5 trillion, pow-ering past Japan and movingcloser to the biggest economy byfar, the United States, govern-ment economists have forecast.

But domestic rifts andinequalities could drag downChina by fettering householddemand and stirring unrest, offi-cials fear. The Party meetingurged them to maintain a "senseof peril".

"Stick to making welfare andimproving livelihoods the fun-damental starting and end pointfor faster transformation of eco-nomic development," said thecommunique from the meeting,which was issued by state-runmedia.

While the United States haspressed China to rebalance itseconomy by raising the value ofthe yuan, the meeting showedhow focused Beijing is ondomestic policies to coaxgrowth away from exports. Itdid not mention the currency.

The Party leaders vowed morebalanced income distribution,improved healthcare, and astronger social welfare net soordinary citizens feel more con-fident about spending savings.

"We must persist in the strate-gy of expanding domesticdemand and maintaining steadyand relatively fast develop-ment," said the official state-ment from the meeting.

"Accelerate the formation of anew pattern of economic growthdriven by coordination of con-sumption, investment andexports."

The national parliament willformally approve the plan earlynext year, and the Partyannouncement did not givespecifics about growth targetsand policies. -Reuters

The talks were focused on macro-prudential policies — the bigsystemic picture of reducing the risk of too-big-to-fail institutions,Chinese central bank policy adviser Xia Bin told reporters outsidethe meeting room. Xia also issued a thinly veiled warning to theUnited States not to print more money to stimulate growth.

In the run-up to the G20 finance ministers’ meeting, whichbegins Friday in preparation for next month’s Seoul summit,South Korea has warned that frictions over the currency upheavalare growing and could lead to trade protectionism.

The United States, facing mid-term elections next month, hasratcheted up the pressure on China to allow the yuan to rise morerapidly, but Beijing insists its currency must not be used as a“scapegoat” for US economic woes. When asked whether Chinafeared a currency war, He Fan, an economist for the ChineseAcademy of Social Science, a top government think tank, said hethought such a situation would be averted.

“Yes, we are concerned. But given historic lessons, a large-scalecurrency war is unlikely,” He said between attending meetings.

“But we are going to see continuing conflicts particularly in theEast Asian region. Countries like Japan and South Korea havesimilar economic structures and both have limited room for mon-etary policy adjustment.” Beijing should now tighten capital con-trols even further to prevent a flood of hot money speculativefunds from coming into China on expectations that the yuan willappreciate, which would fan inflation, he said.

With Beijing keeping a tight grip on the yuan, many other Asianeconomies are suffering as their currencies soar against the dollar.Despite Europe’s debt woes, the euro has also surged. -APP

Continued from page 12No #1

bank officials in Shanghai on Monday to discuss ways tostrengthen the global economic recovery, amid mounting fears ofa damaging all-out currency war.

The People’s Bank of China is hosting the conference, bringingtogether central bank chiefs and other officials from Asia, Africa,Europe, and North and South America, the IMF said.

China is under mounting pressure to allow a strengthening of theyuan, which critics say is undervalued by as much as 40 per cent andgives Chinese exports an unfair trade advantage. Beijing pledged inJune to allow limited currency reform, since when the yuan has risenless than three per cent against the dollar. Currency tensions boiledover at the recent annual meetings of the IMF in Washington, withChina rejecting calls for a quick revaluation. -Reuters

Continued from page 12No #2

been reduced to Rs20 million from Rs80 million adding, due tothe reason, PBM is not providing financial assistance to needypersons but only medical assistance and education funds are avail-able. -APP

Continued from page 12No #3

done nothing that could possibly qualify him for the Nobel PeacePrize. "The politicisation of the Nobel Peace Prize for the purpos-es of interference in the domestic of affairs is not only contrary tothe recognised principles of interstate conduct but also a negation

Continued from page 12No #4

October 20 to 22.The minister is leading the water and power working group

from Pakistan side while Otero will represent US on water work-ing group and David Lipton on energy working group.

Ashraf will also address the plenary session of the strategic dia-logue on the current energy situation, future planning and invest-ment requirement for water and power sector.

Adviser to Prime Minister Kamal Majeedullah, secretary waterand power, Javed Iqbal and Chairman Wapda Shakeel Durraniwill assist him in the strategic dialogue at Washington. -Agencies

Continued from page 12No #5

the Chinese border, to the Kurram Valley which neighborsAfghanistan's Tora Bora, one of the Taliban strongholds duringthe US invasion in 2001. Tora Bora is also the region from whichbin Laden is believed to have escaped during a US bombing raidin late 2001. US officials have long said there have been no con-firmed sightings of bin Laden or Zawahiri for several years.

The official also confirmed the US assessment that MullahOmar, the leader of the Taliban, has moved between the cities ofQuetta and Karachi in Pakistan over the last several months.

The official would not discuss how the coalition has come toknow any of this information, but he has access to some of themost sensitive information in the Nato alliance. -Agencies

Continued from page 12No #6

of the underlying spirit conceived by the founder of the Prize.""Pakistan deeply values the implementation of the commitments

that the Peoples Republic of China has made to up-holding theprinciples and norms of international law, humanity and civilisedconduct. "The spirit of humanity that imbues the Chinese civilisa-tion is a shining example to the rest of the world," the press releasemaintained.-NNI

India does not need to limit capital inflows for now but is watch-ing the situation closely in order to avoid volatility, the country'sfinance minister said in an interview to Reuters late on Friday.

Top engineering and construction firm Larsen & Toubro erasedearly losses to close 1.2 per cent higher after beating market esti-mates with a 32-per cent rise in quarterly profit, on a pickup inorder execution. Software companies gained, rebounding fromsharp losses on Friday, with the sector index rising 1.3 per centafter a 3.3 per cent fall in the previous session.

Leading outsourcers Infosys Technologies and TataConsultancy Services climbed nearly 3 per cent and 1 per centrespectively. Financials closed mixed on concerns the centralbank may tighten its monetary stance, as it braces to tame risinginflation in Asia's third-largest economy. Top private lender ICICIBank shed 0.9 per cent while leading lender State Bank of Indiainched 0.1 per cent up. Mortgage lender Housing DevelopmentFinance Corp closed 0.3 per cent lower despite posting a 21.5 percent rise in its September quarter net profit. The Bombay StockExchange and National Stock Exchange on Monday began their15-minute pre-opening session, in the cash and derivatives mar-kets. India's Commercial Engineers & Body Builders Co Ltd list-

Continued from page 5No #7

might have pushed the market further," said Keith Bowman, equity analyst at HargreavesLansdown. "We saw above-expectation results from Citigroup, which also added to sentiment. Butgoing forward, we are likely to see the same level of volatility that we have seen, with a significantlevel of uncertainty still likely in the coming months."

BP was up 1.6 per cent. It has agreed to sell a package of oil and gas fields in Vietnam andVenezuela to its Russian joint venture TNK-BP for $1.8 billion as the London-based oil major rais-es cash to pay for its Gulf of Mexico oil spill.-Reuters

Continued from page 5No #8

A Reuters poll also showed that Japanese manufacturer confidence, while holding steady inOctober from the previous month, was seen deteriorating by a record margin over the next threemonths as companies grapple with the yen's surge. "US earnings reports have been solid, but youneed to keep in mind that the weak dollar isn't a catalyst for earnings at Japan's global companies,"said Fumiyuki Nakanishi, a manager at SMBC Friend Securities. "Basically, foreign funds are flow-ing into Japan given the current ample liquidity situation in global markets," said Ryosuke Okazaki,chief investment officer at ITC Investment Partners Corp. "Japanese shares have lagged behind oth-ers, but they are now starting to catch up despite the yen's strength against the dollar."-Reuters

Continued from page 5No #9

getting better, getting repaired. And I think that's been the game plan all along," he said. "There's a little bit of nervousness the good news is (already) in" the market regarding tech earn-

ings," Mr Pado said. Still. Apple Inc gained 0.6 per cent to $US316.48, and International BusinessMachines Corp rose 0.6 per cent to $US141.93 ahead of their earnings reports later Monday. Stockinvestors had little reaction to data showing US industrial production fell for the first time in morethan a year, and a report indicating home builder sentiment rose this month but remained atdepressed levels.-Reuters

Continued from page 5No #10

correction but any further drops are unlikely to be very big," said Chen Shaodan, analyst at ChinaDevelopment Bank Securities in Beijing. Government property cooling steps, in particular therestrictions on how many houses a family can buy, is also helping drive money into the stock mar-ket from the real estate sector. In Hong Kong, the market continued a correction that began lastFriday as the blue chip Hang Seng Index slipped 1.21 per cent in its biggest single-day loss in per-centage terms in about six weeks to close at 23,469.38, its lowest close in last three trading sessions.

Shares of Zijin Mining fell 4.7 per cent after the Chinese gold and copper miner said it was beingfined 19.5 million yuan ($2.94 million) for the collapse of a mine.-Reuters

Continued from page 5No #11

ed at 119 rupees on the NSE, a discount of 6.3 per cent to the issue price of 127 rupees a share. The stock extended losses and closed at 112.90 rupees. * Sasken Communication Technologies gained 8.4 per cent to 218.10 rupees after the telecoms

software firm said late Friday its board would meet on Oct. 21 to consider a share buyback. * State Bank of Mysore shed 2.1 per cent to 895 rupees, as the state-run lender said its July-

September net dropped 5.35 per cent. * Mundra Port & Special Economic Zone closed 1.5 per centlower at 159.45 rupees after JP Morgan downgraded the port business firm to "neutral" from "over-weight" citing that the stock has already priced in domestic growth opportunities.

* Real estate developer Godrej Properties shed 3.8 per cent to 703.65 rupees as its July-Septembernet profit fell 28 per cent. * Dr Reddy's Laboratories gained 0.8 per cent to 1,595 rupees after thedrugmaker said on Saturday it had received an approval from the US Food and Drug Administrationfor lansoprazole delayed-release capsules.-Reuters

prime minister, chief minister, secretaries and all other constitutional and executive functionaries.Furthermore, Supreme Court directed Attorney-General Pakistan Maulvi Anwar-ul Haq to present

the government's written point-of-view regarding the National Accountability (Amendment)Ordinance, 2010. The amended ordinance was challenged in the apex court by Senator Syed ZafarAli Shah of the Pakistan Muslim League - Nawaz (PML-N).

Shah had prayed before the apex court to suspend the operation of the ordinance by declaring it asunconstitutional and illegal. The ordinance was promulgated by President Asif Ali Zardari onSeptember 16 and was consequently tabled in the Senate by Minister for Law and ParliamentaryAffairs Babar Awan on October 1, the last day of the upper house's 12-day session.

Senator Shah, at the time of the ordinance's tabling in the upper house, had criticised the govern-ment for keeping it secret till the last working day of the house and led the opposition's walkout fromthe house. He had made the federation of Pakistan, through the Ministry of Law and ParliamentaryAffairs, a party in his petition.

Continued from page 1No #12

former president Musharraf. Due to this agreement, Nawaz Sharif has not made any new statementagainst former president in or outside the country.PML sources told that Sharif does not want to be inthe bad books of Saudi King Abdullah hence want to spend the remaining two months of his agree-ment peacefully. Sources added that Nawaz Sharif had expressed his sheer desire to meet Saudi KingAbdullah after coming back from London but the latter in a message refused saying that he will callhim when he wants. It must be worthwhile mentioning that Saudi Arabia is fuming and annoyed withSharif brothers over participation of Shahbaz Sharif in elections thus Nawaz Sharif refrained from by-elections in view to avoid putting fuel on fire.On the other hand, when media coordinator of the PML-N Asim Khan was contacted he was of a clear-cut stance that he is not aware of the representative ofSaudi King Abdullah meeting with PML-N Chief Mian Nawaz Sharif in London. -Online

Continued from page 1No #13

the Pakistani delegation while US Secretary of State Hillary Clinton would lead US delegation.Diplomatic sources further told that Chief of the Army Staff General Kayani would leave for US

today to attend the strategic dialogue.-Agencies

Continued from page 1No #14

on real-time and more transparent. According to KSE notice issued here Monday, presently, all offmarket transactions are reported via the special interface provided to members on their NCHS ter-minal. The members are obliged to report to the exchange all off-market transactions before 5:00PMor in case the deal takes place after market hours they are reported next day before 5:00 pm.

The same gets disseminated on the following day to the market, via daily quotations, with quanti-ty, price and members code. All charges and taxes payable pertaining to off market transactionspresently applicable shall remain in place, like wise.To implement the new system smoothly, theexisting reporting interface on members' NCHS terminals shall remain operative in parallel withnew NDRS for further 15 days from November 01, 2010. Thereafter, all off market transaction shallmandatorily be reported to the Exchange via NDRS of the Exchange. -APP

Continued from page 1No #15

100-Index which surged by 2 per cent MoM.The open-end equity funds after a considerably increase of 7.90 per cent stand at Rs41.85 billion

in September against Rs38.79 billion in August -- increase of Rs3.1 billion in absolute term.Out of Rs3.1 billion, around Rs2 billion has added by JS Large Capital Fund followed by NIT,

adding Rs1.1 billion to Rs30.91 billion at the end of September. On the flip side, Money Market,Income & Aggressive Income Funds categories have reported a decline of 5.80 per cent, 4.15 percent & 6.40 per cent to stand at Rs48.26, 45.92 & 11.99 billion till September 2010.

Continued from page 1No #16

Assembly, 10 of Khyber-Pakhtunkhwa Assembly, and 12 members of Balochistan.

Continued from page 1No #17

Public Accounts Committee as well as Auditor General of Pakistan has been asked to monitor theentire process. He lauded the role of the hundreds of NGO during relief and rescue phase and hopedthat they would continue to do so during rehabilitation phase. He said the Government is fully com-mitted to complete transparency and accountability in the receipt, management and use of funds andresources and hoped that the NGO sector too would ensure transparency and accountability. -Agencies

Continued from page 1No #18

that all the illegal arms holders would be sentenced to 10-year term. Earlier, a high-level meeting,chaired by Sindh Chief Minister Qaim Ali Shah, was held in Karachi to review the law and ordersituation. The meeting was being attended by Federal Interior Minister Rehman Malik, DG Rangers,IG Sindh and other significant officials. The meeting mulled over ways to curb the ongoing target-ed killing and firing incidents besides overall security situation of the province. -NNI

Continued from page 1No #19

(worth 7.6 billion euro) and the main export items are textiles and clothing products whichamount to more than 60 per cent of Pakistan's trade with the EU.

"If successful in getting approval from the World Trade Organisation (WTO), this economicassistance will come on top of the EU's significant humanitarian and development aid. -APP

Continued from page 1No #20

pay that on the unutilised balance of the loan amount as obligatory payment to the lender/ donoron the amount committed by them but unutilised", he remarked.

He said that keeping in view the commitment charges paid by the government in the last threeyears amounting $7.9 million in 2007, $7.2 million in 2008, $8.9 million 2009.

He further said that $4.3 million for the first two quarters of the year 2010 which totals approxi-mately $30 million for having $4 billion portfolio of projects and programs loans undertakenthroughout the Pakistan in these years. -APP

Continued from page 1No #21

empower the employees of the said entity, but so far the process is striding forward with snail pace.Under the scheme, employees would not only get 12 per cent free-of-cost shares but can also des-

ignate one person in the Board of Directors to become part of decision-making process; the employ-ees are also eligible to get regular dividend against their unit certificates. According to PC sources,the establishment of BESOS Trust in Pakistan Steel Mills Corporation (PSMC) and Pakistan SteelFabrication (PSF) are in the final stages while Trusts in the remaining organisations are underprocess. It is relevant to note here that more than 41,000 workers of 9 SoEs have received BESOSunit certificates.

Continued from page 1No #22

Page 12: The Financial Daily-Epaper-19-10-2010

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KARACHI: Advisor to CM, Sharmila Farooqi lightens earthen-lamp in front of the picture of Peoples Party

(PPP) Chairperson, Benazir Bhutto during ceremony in memory of the victims of Karsaz incident. -APP

SHANGHAI: International Monetary Fund ChiefDominique Strauss-Kahn on Monday warned that theglobal recovery would be “in peril” if the world’s majoreconomies did not continue to work together.

IMF meets central bank chiefs in ShanghaiInternational Monetary Fund and central bank officialsfrom around the world met in China Monday to discussways to boost the global economic recovery, amidmounting fears of a damaging currency war.

The People’s Bank of China hosted the conference inthe country’s financial hub Shanghai, bringing togethercentral bank chiefs and other officials from Asia, Africa,Europe, and North and South America, the IMF said.

The Shanghai conference follows IMF and World Bankannual meetings earlier this month, where finance officialsdiscussed how to strengthen the recovery from the worstrecession since World War II and the global financial system.

It also comes ahead of this week’s key Group of 20

meeting in South Korea, where currency reform isexpected to dominate talks, amid fears that nations couldadopt trade barriers to counter the rising prices of Asianexports. “The conference is part of the ongoing interna-tional examination of the policy challenges posed by theglobal financial crisis,” the Washington-based IMF saidin a statement.

PBOC chief Zhou Xiaochuan and IMF managingdirector Dominique Strauss-Kahn were co-chairing themeeting, the institution said.

The US Federal Reserve was represented by KevinWarsh, a member of the central bank’s policy-settingFederal Open Market Committee.

Monday’s meetings had been planned for severalmonths and Il-Houng Lee, the IMF’s resident represen-tative in China, said all discussions would be carried outbehind closed doors.

See # 1 Page 11

IMF warns globalrecovery ‘in peril’

KABUL: Osama bin Laden and hisdeputy Ayman al-Zawahiri arebelieved to be hiding close to eachother in houses in northwestPakistan, but are not together, a sen-ior Nato official said.

"Nobody in al Qaeda is living in acave," said the official, whodeclined to be named because of thesensitivity of the intelligence mat-ters involved, reported CNN.

Rather, al Qaeda's top leadershipis believed to be living in relative

comfort, protected by locals andsome members of the Pakistaniintelligence services, the officialsaid.

Pakistan has repeatedly deniedprotecting members of the al Qaedaleadership.

The official said the generalregion where bin Laden is likely tohave moved around in recent yearsranges from the mountainousChitral area in the far northwest near

See # 6 Page 11

ISI sheltering Osama: NatoTop al Qaeda leadership living in comfort in NW

ISLAMABAD: National Assemblystanding committee on social wel-fare and special education asked foramendment in Beggary Ordinance1958 and urged severe punishmentfor the mafia involved in the heinouscrime of child beggary.

NA body, which met here underthe chair of Member NationalAssembly Rubina Qaim KhaniMonday, showed serious reserva-tions over not establishing 36 pro-posed child protection centres in dif-ferent parts of the country for reha-bilitation of children involved inbeggary.

An official of ministry informedthe committee that 899 children

were repatriated from United ArabEmirates (UAE) to the countrythrough United Nations ChildrenFund (UNICEF), FederalInvestigation Agency (FIA) andOverseas Pakistanis Division.

Managing Director Pakistan Bait-ul Maal Zammarrud Khan briefedthe committee members that Bait ulMaal has received a donation of40,000 wheel chairs from China andthese would be distributed amongdeserving soon.

Replying to a query he said thatPakistan Bait ul Maal has utilised allits resources for flood victims,besides the fact that its budget has

See # 3 Page 11

Beggary Ord begschange: NA body

Energy talks

Ashraf departsfor WashingtonISLAMABAD: Federal Minister forWater and Power Raja PervaizAshraf has left for US to participatein the Third Ministerial LevelPakistan-US Strategic Dialogue to beheld in Washington DC from

See # 5 Page 11

FO concernedover conferringpeace Nobel to

Chinese in prisonISLAMABAD: Pakistan onMonday expressed serious concernsover the decision of the Nobel PeacePrize Committee (NPPC) to awardthe Nobel Peace Prize 2010 to LiuXiaobo.

According to a press release issuedby the Ministry of Foreign Affairs,Pakistan was surprised and deeplyperturbed to learn about the decision.

The press release says that the"decision runs contrary to the estab-lished principles for the award of thePrize and therefore cannot but beseen to be detracting from the pres-tige associated with this award."

"Liu Xiaobo was sentenced by theChinese judicial system and has

See # 4 Page 11

3rd anniversaryof Karsaztragedy

observedISLAMABAD: The third anniver-sary of the Karsaz tragedy wasobserved throughout the country onMonday.

On the occasion in his message,the PPP co-chairman and PresidentAsif Ali Zardari has paid glowingtributes to the martyrs and said thetragedy was a reminder that the cen-tral battle in Pakistan was the battlebetween the forces of moderationand democracy on the one side andthat of extremism and religious big-otry on the other.

He said Shaheed MohtarmaBenazir Bhutto was the symbol ofresistance against militancy and big-otry and the attack on her on this daywas indeed an attack on all forces ofmoderation. -Agencies

BEIJING: China’s state mediaMonday criticised the United Statesof ‘double standards’ and blamedthe loose monetary policies of theworld’s biggest economy for trig-gering global currency tensions.

The criticism of US monetary pol-icy and its weakening dollar comesas Washington maintains pressureon Beijing over its yuan exchangerate, which US lawmakers claim isgrossly undervalued and causingglobal trade imbalances.

US policies of “printing money”and holding interest rates near zerowere the main cause of the currencydispute, said a commentary by theXinhua news agency.

“In the eyes of some American

politicians it is entirely reasonableto print money and keep the dollarexchange rate low, but it is illegalfor other countries to protect theireconomic and financial security bypushing down exchange rates,” itsaid.

“This is clearly a double stan-dard.”

On Friday, the United Statesdelayed a controversial report onChina’s currency until after a keygroup of 20-summit in Seoul in mid-November, averting for now ashowdown between the two super-powers.

It also comes as the InternationalMonetary Fund (IMF) meets central

See # 2 Page 11

China criticisesUS dual stance

Currency Dispute

ISLAMABAD: President Asif Ali

Zardari Monday assured the Chief

Minister Balochistan Raisani that

government was not oblivious to the

sufferings of Baloch people and it

would actualise all the pledges made

to the masses.

He expressed this during a meeting

with CM Balochistan Nawab Aslam

Raisani, who called on him at Aiwan-

e-Sadr here Monday.

President said the importance of

Balochistan and rights of Baloch

people cannot be ignored by a demo-

cratic government.

Chief Minister Balochistan con-

veyed his concerns over target killing

incidents in Quetta and non-imple-

mentation of Aghaz-e-Huqooq-e-

Balochistan Package.

Matters relating to developmental

projects, law and order and political

situation in the province and meas-

ures taken for rehabilitation and

reconstruction of the flood affectees

were also discussed during the meet-

ing.

Balochistan's Finance Minister,

Mir Mohammad Asim Kurd was also

present during the meeting.

According to sources, during the

meeting President said the impor-

tance of Balochistan and rights of

Baloch people cannot be ignored by

a democratic government. He said

that all pledges made to the Baloch

people would be ensured at all cost.

Regarding implementation of

Aghaz-e-Huqooq Package, he said he

would talk to Prime Minister and

Senator Raza Rabbani in this regard,

added Balochistan would be brought

at par with other provinces so their

sense of deprivation could be ended.

President said government is elect-

ed by the people and their mandate

would be respected.

He said that any conspiracy to

destabilise democracy would be

foiled. He said we have made the

smaller provinces administratively,

financially and politically independ-

ent to remove their sense of depriva-

tion.

He said that there would be no

reduction in development funds of

Balochistan as this province is

already facing financial difficulties.

He urged upon the Baloch youth to

play their role for the prosperity of

the province and the govt would pro-

vide them with all available

resources. -APP

Vows to be turnedinto works: Zardari‘Govt not oblivious to Baloch people’s sufferings’

FBL rejigs RBSPakistan BoD

KARACHI: Faysal Bank Ltd (FBL)said it has completed the process toacquire 99.37 per cent shareholdingin Royal Bank of Scotland Ltd (RBSPakistan) from its principal share-holder RBS NV for 41 million eurosor Pak Rs 4.298 billion.

In a communiqué sent to KSE hereMonday, FBL said that board ofdirectors of RBS Pakistan has beenreconstituted with Syed NaseemAhmed has been appointed as newchairman and Naveed A Khan as newCEO replacing MuhammadAurangzeb and Salman Sarwar Buttrespectively. -APP

QUETTA: Unknown assailants

torched three tankers carrying fuel

for Nato-forces on Monday in district

Kalat and Quetta of Balochistan.

According to police, unknown

assailants fired at a Nato tanker at

western bypass in Akhtarabad, gut-

ting the vehicle in an inferno.

However the driver and cleaner sur-

vived miraculously.

According to the witnesses, the

assailants were on motorbikes and

fled the scene after the attack. In

another incident unknown assailants

first disembarked the driver and

cleaner and than torched two Nato oil

tankers and fled in district Kalat.

No loss of life was reported in the

two incidents.

More than 20 tankers were previ-

ously set on fire in the same area. -

Online

Arson hits 3 Natotankers in Quetta

CM Balochistan Raisani calls on President


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