12
International 105 dead in Combodian stampede KSE crosses 11,200 level after 28-month See on page 5 Salvation lies in democracy: CJP See on page 12 ISLAMABAD: President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani jointly chairing a meeting on privatisation proposals at Aiwan-e-Sadr. -APP See on Page 2 Country to emerge victorious against all odds : Sharmila *Crude Oil (brent)$/bbl 84.12 *Crude Oil (WTI)$/bbl 81.67 *Cotton $/lb 118.74 *Gold $/ozs 1,355.10 *Silver $/ozs 27.45 Malaysian Palm $ 1,021.00 GOLD (NCEL) PKR 37,362 KHI Cotton 40Kg PKR 9,109 Yearly(Jul, 2010 up to 16-Nov-2010) Monthly(Nov, 2010 up to 16-Nov-2010) Daily (16-Nov-2010) Total Portfolio Invest (5 Nov-2010) 146.71 41.98 1.10 2589 7.10 -0.84 -1.97 -1.63 -1.38 -0.69 -0.59 SCRA(U.S $ in million) Portfolio Investment FIPI (22-Nov-2010) Local Companies (22-Nov-2010) Banks / DFI (22-Nov-2010) Mutual Funds (22-Nov-2010) NBFC (22-Nov-2010) Local Investors (22-Nov-2010) Other Organization (22-Nov-2010) (U.S $ in million) NCCPL GDR update Commodities Forex Reserves (12-Nov-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Oct 10) Foreign Debt (Sep 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Sep 10) LSM Growth (Aug 10) GDP Growth FY10E Per Capita Income FY10 Population $16.91bn 14.17% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $569mn Rs 411bn $58.41bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 171.12mn Economic Indicators Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares) $.Price 2.60 19.30 2.00 1.70 10.52 PKR/Shares 111.14 165.00 42.75 36.33 35.97 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) 03-Nov-2010 03-Nov-2010 03-Nov-2010 29-Sep-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 12.75% 13.11% 13.24% 13.50% 12.72% 13.02% 13.29% 13.66% 13.74% 13.64% 13.73% 13.82% 14.22% 14.33% 14.50% Money Market Update Symbols Buy (Rs) Sell (Rs) Australian $ 84.50 84.60 Canadian $ 84.70 84.80 Danish Krone 16.10 16.60 Euro 116.00 117.00 Hong Kong $ 10.95 11.15 Japanese Yen 1.012 1.038 Saudi Riyal 22.50 22.90 Singapore $ 65.50 65.60 Swedish Korona 12.95 13.10 Swiss Franc 87.40 88.40 U.A.E Dirham 22.90 23.10 UK Pound 136.20 137.00 US $ 85.70 85.90 Open Mkt Currency Rates Symbols Buying Selling TT Clean TT & OD Australian $ 84.94 85.14 Canadian $ 84.27 84.47 Danish Krone 15.79 15.82 Euro 117.69 117.96 Hong Kong $ 11.02 11.05 Japanese Yen 1.025 1.027 Saudi Riyal 22.80 22.85 Singapore $ 66.11 66.26 Swedish Korona 12.55 12.58 Swiss Franc 86.26 86.47 U.A.E Dirham 23.28 23.33 UK Pound 136.94 137.26 US $ 85.49 85.68 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 25°C 7°C KARACHI 27°C 16°C LAHORE 23°C 9°C FAISALABAD 24°C 9°C QUETTA 19°C -3°C RAWALPINDI 25°C 8°C Weather Forecast Index Close Change KSE 100 11,205.84 239.84 Nikkei 225 10,115.19 92.80 Hang Seng 23,524.02 81.69 Sensex 30 19,957.59 372.15 ADX 2,753.94 11.42 SSE COMP. 2,884.37 4.20 FTSE 100 5,693.53 39.30 *Dow Jones 11,175.10 28.45 Global Indices Hiraj to head Erra ISLAMABAD: Member National Assembly of Pakistan Muslim League (PML-Q) Hamid Yar Hiraj has been appointed as new Chairman of Earthquake Reconstruction & Rehabilitation Authority (ERRA) after the resignation of Chairman Mian Altaf Saleem. Confirming the resignation of Altaf Saleem the spokesper- son of Erra has said that Altaf Saleem had presented his resig- nation in March 2008 to the Prime Minister due to some personal reasons, however his resignation was not accepted at that time. But now after elapsing more than two years, Prime Minister See # 8 Page 11 ISLAMABAD: President Zardari and Prime Minister Gilani Monday discussed modes and means to revive state-owned entities in order to raise bulk of equities through stock exchanges, while vowed to adopt public- private partnership mode for the privatisation of SOEs. The purpose of adopting public-private partnership (PPP) mode was to blend national assets with private capital and entrepreneurship in such a manner that optimised the use of national assets on the one hand and protected the interests of consumers, worker and investors on the other. This, he said, during a meet- ing on privatisation proposals at Aiwan-e-Sadr, jointly chaired by President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani. The meeting deliberated upon various proposals to rejuvenate the state-owned entities and to take forward government's economic reforms agenda through pri- vatisation. Various proposals for turn- around of the loss-making state entities through restruc- turing and financial and opera- tional reforms were also dis- cussed during the meeting. The President said that the government envisaged private sector as the engine for the economic growth and for the generation of much needed employment in the country. This, he said, was only possi- ble when the private sector plays a dominant role in the economic sphere. The policies of privatisation, deregulation and liberalisation were aimed at economic recovery by enabling the private sector to take a leading role for the reju- venation of the ailing economy. The meeting asked the State Bank Governor to prepare a plan for restructuring and turn-around of the Pakistan See # 5 Page 11 Ways to revive SOEs discussed NEW YORK: The Federal Bureau of Investigation's attempt to pressure an inde- pendent analyst to record his calls with a client offers a win- dow into how the government is trying to build what could become one of the most far- reaching insider-trading cases ever. John Kinnucan says he was sipping wine on his front porch in Portland, Ore, on Oct 25 when a gray sedan pulled up and two men in business suits jumped out, identifying them- selves as FBI agents. The two men accused Kinnucan, 53 years old, of passing inside information to his hedge-fund and mutual- fund clients, he says, added they threatened to arrest him and asked him to cooperate with their investigation by tape-recording his calls with a client. Kinnucan declined the offer, and later that night he sent out a blast email to his clients detailing the visit. The investigations, first reported by The Wall Street Journal, could lead to some charges by year's end, accord- ing to federal authorities. Representatives of the Manhattan US Attorney's office, the FBI and the Securities and Exchange Commission declined to com- ment. Authorities say the criminal and civil investigations could eclipse the impact on the finan- cial industry of any previous such probes. Investigators are examining, among other things, the role of consultants and analysts who provide hedge funds and mutual funds with detailed information about the businesses and industries in which they specialise. Kinnucan's firm, Broadband Research LLC, provides clients with information about tech companies. The client that the FBI agents wanted Kinnucan to tape his calls with is hedge-fund giant SAC Capital Advisors, headed by Steve Cohen, according to one person close to the situa- tion. Their request suggests that the government is height- ening an ongoing examination of activities at SAC. Last year, a cooperating witness in a sep- arate insider-trading case against Raj Rajaratnam, founder of hedge fund Galleon Group, and 22 others agreed to provide information about SAC. SAC declined to com- ment. Fourteen defendants have pleaded guilty in the Galleon case. Rajaratnam, who has denied wrongdoing, has plead- ed not guilty and is expected to go to trial in early 2011. Kinnucan provided research to several SAC traders, although Cohen wasn't among them, says one person familiar with the matter. It isn't known which trader the FBI agents were interested in. Kinnucan says the service he provides clients "has nothing to do with 'inside information' and everything to do with a lot of hard work and insight." If he's trafficking in inside See # 9 Page 11 FBI digs deeper into insider-trading ISLAMABAD: Ministry for Water and Power as part of the ongoing power sector reforms has decided to reconstitute all the Boards of Directors of Power Distribution & Generation/ Transmission Companies (Discos, Gencos) along the professional lines in accordance with the guidelines of the Cabinet Committee on Reforms (CCOR). The new boards are being finalised and will be notified as soon as possible. The CCOR guidelines state that the size of the proposed BoDs may range between 8 to 10 members. The proposed names of BoD Members of Power Distribution & Generation Companies must contain a right mix of government and private sector professionals with a greater leaning towards the private sector. Regional balance will be observed in the nominations to the Boards. Gender balance will be main- tained while making nomina- tions to the Boards. The nominees may also reflect a balance in the age of the nominees to the BoDs, with a view to grooming a second generation of private sector See # 6 Page 11 Govt set to rejig Discos, Gencos KARACHI: After getting no surety from government of Pakistan for the release of loans under bailout package, com- mercial banks have declared Pakistan Steel Mills (PSM) defaulter, and refused to issue Letter of Credit (LC) for import of raw material. According to the media sources, PSM failed to pay any installment against its loan since June, so its rating has been downgraded to 'defaulter' in Electronic Credit Information Bureau. It is relevant to note here that PSM has got Rs48 billion loans from banks, and out of Rs18 billion loans PSM had failed to pay back single installment. Analysts further added that Pakistan Steel Mills already running into losses and after this episode it would become very hard to lure foreign investors as earlier in the past, State Minister Ayatullah Durrani had informed the House that Russian had not made any investment in the expansion of PSM. PSM suffered losses of Rs.26 billion in 2009 followed by a loss of Rs13 billion in the year ended June 2010. -Agencies Banks declare PSM defaulter ISLAMABAD: The first meet- ing of the parliamentary com- mission established for appointing judges in the superi- or courts was held here Monday but it failed to reach concord on selection of chair- man of the commission. The meeting was temporarily headed by Syed Nayyar Hussain Bukhari, the leader of the House in the Senate while Sardar Mehtab Khan Abbasi, Asma Arbab Alamgir, Aftab Shaban Mirani, Gosh Baksh Mehar, Chaudhry Shujaat Hussain and Secretary Senate Raja Amin attended the meet- ing. The commission formally approved the rules and regula- tions of the commission follow- ing detailed discussion with all the members. Sources told Online that the Opposition proposed in the meeting that the chairman of the commission should be appointed step-wise among all See # 7 Page 11 Judges Appointing Commission Steel Mills also refused of LC for import ISLAMABAD: The Federal Board of Revenue (FBR) Monday proposed the estab- lishment of an anti-corruption agency by merging the anti- corruption wings of the National Accountability Bureau (NAB) and Federal Investigation Agency (FIA). The proposal is being pre- pared by the Director Training and Research (Inlands Revenue) at the FBR. It says that the new agency should be tasked with investi- gating financial crimes, money laundering and forensic audit- ing. The proposal also states that political interference must be eliminated in the appointment of top officials at FBR to improve the tax collection sys- tem in the country. A study commissioned by the Federal Board of Revenue (FBR) on accountability of the public sector suggested the merger of anti-corruption See # 3 Page 11 FBR seeks NAB, FIA wings merger Senate panel fails to pick chairman Anti-corruption Units MD PIA briefs Senate body on Defence PIA aims 16 new jets despite loss ISLAMABAD: PIA authorities declared a loss of Rs41 billion in the last two years and PIA is under a debt of Rs1.11 trillion whereas the total net worth of the organisation is not more than Rs 16 billion, but despite all these financial turmoil, national carrier set to purchase 16 new airplanes. As per details, Senator Tariq Azeem See # 4 Page 11 BB murder probe Musharraf receives 32 questions to answer ISLAMABAD: The probe of the assassination of former prime minister Benazir Bhutto has been extended to former president Pervez Musharraf and a questionnaire with 32 questions has been sent to him abroad. The decision has been made under the court orders after FIA submitted the case challan in court. The court had ordered to include former president Pervez Musharraf in the probe. -Agencies FX kitty shrinks to $16.91 billion Staff Reporter KARACHI: Pakistan's foreign exchange reserves fell to $16.91 billion in the week ending Nov 12, down from $16.95 billion the previous week, the central bank said on Monday. Reserves held by the State Bank of Pakistan (SBP) fell to $13.13 billion from $13.18 bil- lion in the week ending Nov 5, while those held by commercial banks rose to $3.78 billion from $3.77 billion, the SBP said in a statement. Pakistan's reserves hit a record high of $17.10 billion in the week ending Oct 15 because of an increase in remittances from overseas Pakistanis and a nar- rowing trade deficit. They were further boosted in September after the IMF sent Pakistan $450 million and said that the money would go toward the budget to help with addition- al spending for flood relief and immediate foreign exchange needs. Compressors installed at Qadirpur gas field Ahmed Siddique KARACHI: In order to address the natural decline in Qadirpur field gas production, OGDC finally installed 12 of the 14 com- pressors and Company is online with work to commission 13th compressor in its final stage. These compressors were to be commissioned in June 2010. The field is producing now 570 mmcfd of raw gas. As per InvestCap analyst, 14th compressor would become oper- ational by mid-Dec 15, taking the total production to 650 mmcfd. The development has eliminated ambiguities regard- ing the See # 2 Page 11 President, PM review privatisation process Karachi, Tuesday, November 23, 2010, Zil Hajj 16, Price Rs12 Pages 12 RGST Legislation JUI-F says yes, MQM says 'no' ISLAMABAD: Jamiat Ulema-e-Islam (F) assured government of its support over Reformed GST while MQM refused to budge on its stance regarding favouring the legislation. According to the news, Chief of the JUI-F Maulana Fazl-ur Rehman Monday met President Asif Ali Zardari at the Presidency and assured of his party conditional support on Reformed General Sales Tax. The meeting was also attended by Prime Minister Yousuf Raza Gilani. According to sources meeting See # 1 Page 11

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International

105 dead in Combodian stampede

KSE crosses 11,200 level after 28-month See on page 5

Salvation lies in democracy: CJP See on page 12

ISLAMABAD: President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilanijointly chairing a meeting on privatisation proposals at Aiwan-e-Sadr. -APP

See on Page 2

Country to emerge victoriousagainst all odds : Sharmila

*Crude Oil (brent)$/bbl 84.12

*Crude Oil (WTI)$/bbl 81.67

*Cotton $/lb 118.74

*Gold $/ozs 1,355.10

*Silver $/ozs 27.45

Malaysian Palm $ 1,021.00

GOLD (NCEL) PKR 37,362

KHI Cotton 40Kg PKR 9,109

Yearly(Jul, 2010 up to 16-Nov-2010)

Monthly(Nov, 2010 up to 16-Nov-2010)

Daily (16-Nov-2010)

Total Portfolio Invest (5 Nov-2010)

146.71

41.98

1.10

2589

7.10

-0.84

-1.97

-1.63

-1.38

-0.69

-0.59

SCRA(U.S $ in million)

Portfolio Investment

FIPI (22-Nov-2010)

Local Companies (22-Nov-2010)

Banks / DFI (22-Nov-2010)

Mutual Funds (22-Nov-2010)

NBFC (22-Nov-2010)

Local Investors (22-Nov-2010)

Other Organization (22-Nov-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (12-Nov-10)

Inflation CPI% (Jul 10-Nov 10)

Exports (Jul 10-Nov 10)

Imports (Jul 10-Nov 10)

Trade Balance (Jul 10-Nov 10)

Current A/C (Jul 10- Oct 10)

Remittances (Jul 10-Nov 10)

Foreign Invest (Jul 10-Oct 10)

Revenue (Jul 10-Oct 10)

Foreign Debt (Sep 10)

Domestic Debt (Aug 10)

Repatriated Profit (Jul- Sep 10)

LSM Growth (Aug 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.91bn

14.17%

$7.17bn

$12.25bn

$(5.08)bn

$(533)mn

$3.50bn

$569mn

Rs 411bn

$58.41bn

Rs 4863bn

$124.90mn

-3.85%

4.10%

$1,051

171.12mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

19.30

2.00

1.70

10.52

PKR/Shares

111.14

165.00

42.75

36.33

35.97

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)

03-Nov-2010

03-Nov-2010

03-Nov-2010

29-Sep-2010

22-Nov-2010

22-Nov-2010

22-Nov-2010

22-Nov-2010

22-Nov-2010

22-Nov-2010

22-Nov-2010

22-Nov-2010

22-Nov-2010

22-Nov-2010

22-Nov-2010

12.75%

13.11%

13.24%

13.50%

12.72%

13.02%

13.29%

13.66%

13.74%

13.64%

13.73%

13.82%

14.22%

14.33%

14.50%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 84.50 84.60

Canadian $ 84.70 84.80

Danish Krone 16.10 16.60

Euro 116.00 117.00

Hong Kong $ 10.95 11.15

Japanese Yen 1.012 1.038

Saudi Riyal 22.50 22.90

Singapore $ 65.50 65.60

Swedish Korona 12.95 13.10

Swiss Franc 87.40 88.40

U.A.E Dirham 22.90 23.10

UK Pound 136.20 137.00

US $ 85.70 85.90

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 84.94 85.14

Canadian $ 84.27 84.47

Danish Krone 15.79 15.82

Euro 117.69 117.96

Hong Kong $ 11.02 11.05

Japanese Yen 1.025 1.027

Saudi Riyal 22.80 22.85

Singapore $ 66.11 66.26

Swedish Korona 12.55 12.58

Swiss Franc 86.26 86.47

U.A.E Dirham 23.28 23.33

UK Pound 136.94 137.26

US $ 85.49 85.68

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 25°C 7°C KARACHI 27°C 16°C LAHORE 23°C 9°C FAISALABAD 24°C 9°C QUETTA 19°C -3°C RAWALPINDI 25°C 8°C

Weather Forecast

Index Close Change

KSE 100 11,205.84 239.84

Nikkei 225 10,115.19 92.80

Hang Seng 23,524.02 81.69

Sensex 30 19,957.59 372.15

ADX 2,753.94 11.42

SSE COMP. 2,884.37 4.20

FTSE 100 5,693.53 39.30

*Dow Jones 11,175.10 28.45

Global Indices

Hiraj tohead Erra

ISLAMABAD: MemberNational Assembly of PakistanMuslim League (PML-Q)Hamid Yar Hiraj has beenappointed as new Chairman ofEarthquake Reconstruction &Rehabilitation Authority(ERRA) after the resignation ofChairman Mian Altaf Saleem.

Confirming the resignationof Altaf Saleem the spokesper-son of Erra has said that AltafSaleem had presented his resig-nation in March 2008 to thePrime Minister due to somepersonal reasons, however hisresignation was not accepted atthat time.

But now after elapsing morethan two years, Prime Minister

See # 8 Page 11

ISLAMABAD: PresidentZardari and Prime MinisterGilani Monday discussedmodes and means to revivestate-owned entities in orderto raise bulk of equitiesthrough stock exchanges,while vowed to adopt public-private partnership mode forthe privatisation of SOEs.

The purpose of adoptingpublic-private partnership(PPP) mode was to blendnational assets with privatecapital and entrepreneurship insuch a manner that optimisedthe use of national assets onthe one hand and protected theinterests of consumers, workerand investors on the other.

This, he said, during a meet-ing on privatisation proposalsat Aiwan-e-Sadr, jointlychaired by President Asif AliZardari and Prime MinisterSyed Yousuf Raza Gilani.

The meeting deliberatedupon various proposals torejuvenate the state-ownedentities and to take forward

government's economicreforms agenda through pri-vatisation.

Various proposals for turn-around of the loss-makingstate entities through restruc-turing and financial and opera-tional reforms were also dis-cussed during the meeting.

The President said that thegovernment envisaged privatesector as the engine for theeconomic growth and for thegeneration of much neededemployment in the country.

This, he said, was only possi-ble when the private sectorplays a dominant role in theeconomic sphere. The policiesof privatisation, deregulationand liberalisation were aimedat economic recovery byenabling the private sector totake a leading role for the reju-venation of the ailing economy.

The meeting asked the StateBank Governor to prepare aplan for restructuring andturn-around of the Pakistan

See # 5 Page 11

Ways to reviveSOEs discussed

NEW YORK: The FederalBureau of Investigation'sattempt to pressure an inde-pendent analyst to record hiscalls with a client offers a win-dow into how the governmentis trying to build what couldbecome one of the most far-reaching insider-trading casesever.

John Kinnucan says he wassipping wine on his front porchin Portland, Ore, on Oct 25when a gray sedan pulled upand two men in business suitsjumped out, identifying them-

selves as FBI agents.The two men accused

Kinnucan, 53 years old, ofpassing inside information tohis hedge-fund and mutual-fund clients, he says, addedthey threatened to arrest himand asked him to cooperatewith their investigation bytape-recording his calls with aclient.

Kinnucan declined the offer,and later that night he sent outa blast email to his clientsdetailing the visit.

The investigations, first

reported by The Wall StreetJournal, could lead to somecharges by year's end, accord-ing to federal authorities.Representatives of theManhattan US Attorney'soffice, the FBI and theSecurities and ExchangeCommission declined to com-ment.

Authorities say the criminaland civil investigations couldeclipse the impact on the finan-cial industry of any previoussuch probes. Investigators areexamining, among other

things, the role of consultantsand analysts who providehedge funds and mutual fundswith detailed information aboutthe businesses and industries inwhich they specialise.

Kinnucan's firm, BroadbandResearch LLC, provides clientswith information about techcompanies.

The client that the FBI agentswanted Kinnucan to tape hiscalls with is hedge-fund giantSAC Capital Advisors, headedby Steve Cohen, according toone person close to the situa-

tion. Their request suggeststhat the government is height-ening an ongoing examinationof activities at SAC. Last year,a cooperating witness in a sep-arate insider-trading caseagainst Raj Rajaratnam,founder of hedge fund GalleonGroup, and 22 others agreed toprovide information aboutSAC. SAC declined to com-ment.

Fourteen defendants havepleaded guilty in the Galleoncase. Rajaratnam, who hasdenied wrongdoing, has plead-

ed not guilty and is expected togo to trial in early 2011.

Kinnucan provided researchto several SAC traders,although Cohen wasn't amongthem, says one person familiarwith the matter. It isn't knownwhich trader the FBI agentswere interested in.

Kinnucan says the service heprovides clients "has nothing todo with 'inside information' andeverything to do with a lot ofhard work and insight." If he'strafficking in inside

See # 9 Page 11

FBI digs deeper into insider-trading

ISLAMABAD: Ministry forWater and Power as part of theongoing power sector reformshas decided to reconstitute allthe Boards of Directors ofPower Distribution &Generation/ TransmissionCompanies (Discos, Gencos)along the professional lines inaccordance with the guidelinesof the Cabinet Committee onReforms (CCOR).

The new boards are beingfinalised and will be notified assoon as possible.

The CCOR guidelines statethat the size of the proposedBoDs may range between 8 to10 members.

The proposed names of BoDMembers of PowerDistribution & GenerationCompanies must contain aright mix of government andprivate sector professionalswith a greater leaning towardsthe private sector. Regionalbalance will be observed in thenominations to the Boards.

Gender balance will be main-tained while making nomina-tions to the Boards.

The nominees may alsoreflect a balance in the age ofthe nominees to the BoDs, witha view to grooming a secondgeneration of private sector

See # 6 Page 11

Govt set to rejigDiscos, Gencos

KARACHI: After getting nosurety from government ofPakistan for the release of loansunder bailout package, com-mercial banks have declaredPakistan Steel Mills (PSM)defaulter, and refused to issueLetter of Credit (LC) for importof raw material.

According to the mediasources, PSM failed to pay anyinstallment against its loansince June, so its rating hasbeen downgraded to 'defaulter'in Electronic CreditInformation Bureau.

It is relevant to note here thatPSM has got Rs48 billion loans

from banks, and out of Rs18billion loans PSM had failed topay back single installment.

Analysts further added thatPakistan Steel Mills alreadyrunning into losses and afterthis episode it would becomevery hard to lure foreigninvestors as earlier in the past,State Minister AyatullahDurrani had informed theHouse that Russian had notmade any investment in theexpansion of PSM.

PSM suffered losses of Rs.26billion in 2009 followed by aloss of Rs13 billion in the yearended June 2010. -Agencies

Banks declarePSM defaulter

ISLAMABAD: The first meet-ing of the parliamentary com-mission established forappointing judges in the superi-or courts was held hereMonday but it failed to reachconcord on selection of chair-man of the commission.

The meeting was temporarilyheaded by Syed NayyarHussain Bukhari, the leader ofthe House in the Senate whileSardar Mehtab Khan Abbasi,Asma Arbab Alamgir, AftabShaban Mirani, Gosh Baksh

Mehar, Chaudhry ShujaatHussain and Secretary SenateRaja Amin attended the meet-ing.

The commission formallyapproved the rules and regula-tions of the commission follow-ing detailed discussion with allthe members.

Sources told Online that theOpposition proposed in themeeting that the chairman ofthe commission should beappointed step-wise among all

See # 7 Page 11

Judges Appointing Commission

Steel Mills also refused of LC for import

ISLAMABAD: The FederalBoard of Revenue (FBR)Monday proposed the estab-lishment of an anti-corruptionagency by merging the anti-corruption wings of theNational AccountabilityBureau (NAB) and FederalInvestigation Agency (FIA).

The proposal is being pre-pared by the Director Trainingand Research (InlandsRevenue) at the FBR.

It says that the new agencyshould be tasked with investi-

gating financial crimes, moneylaundering and forensic audit-ing.

The proposal also states thatpolitical interference must beeliminated in the appointmentof top officials at FBR toimprove the tax collection sys-tem in the country.

A study commissioned by theFederal Board of Revenue(FBR) on accountability of thepublic sector suggested themerger of anti-corruption

See # 3 Page 11

FBR seeks NAB,FIA wings merger

Senate panel failsto pick chairman

Anti-corruption Units

MD PIA briefs Senate body on Defence

PIA aims 16 newjets despite loss

ISLAMABAD: PIA authorities declared a loss of Rs41 billionin the last two years and PIA is under a debt of Rs1.11 trillionwhereas the total net worth of the organisation is not more thanRs 16 billion, but despite all these financial turmoil, nationalcarrier set to purchase 16 new airplanes.

As per details, Senator Tariq Azeem See # 4 Page 11

BB murder probe

Musharrafreceives 32questions to answer

ISLAMABAD: The probe ofthe assassination of formerprime minister Benazir Bhuttohas been extended to formerpresident Pervez Musharrafand a questionnaire with 32questions has been sent to himabroad. The decision has beenmade under the court ordersafter FIA submitted the casechallan in court.

The court had ordered toinclude former presidentPervez Musharraf in the probe.-Agencies

FX kittyshrinks to

$16.91 billionStaff Reporter

KARACHI: Pakistan's foreignexchange reserves fell to $16.91billion in the week ending Nov12, down from $16.95 billion theprevious week, the central banksaid on Monday.

Reserves held by the StateBank of Pakistan (SBP) fell to$13.13 billion from $13.18 bil-lion in the week ending Nov 5,while those held by commercialbanks rose to $3.78 billion from$3.77 billion, the SBP said in astatement.

Pakistan's reserves hit a recordhigh of $17.10 billion in theweek ending Oct 15 because ofan increase in remittances fromoverseas Pakistanis and a nar-rowing trade deficit.

They were further boosted inSeptember after the IMF sentPakistan $450 million and saidthat the money would go towardthe budget to help with addition-al spending for flood relief andimmediate foreign exchangeneeds.

Compressorsinstalled atQadirpur

gas fieldAhmed Siddique

KARACHI: In order to addressthe natural decline in Qadirpurfield gas production, OGDCfinally installed 12 of the 14 com-pressors and Company is onlinewith work to commission 13thcompressor in its final stage.

These compressors were to becommissioned in June 2010. Thefield is producing now 570mmcfd of raw gas.

As per InvestCap analyst, 14thcompressor would become oper-ational by mid-Dec 15, takingthe total production to 650mmcfd. The development haseliminated ambiguities regard-ing the See # 2 Page 11

President, PM review privatisation process

Karachi, Tuesday, November 23, 2010, Zil Hajj 16, Price Rs12 Pages 12

RGST Legislation

JUI-F says yes, MQM says 'no'ISLAMABAD: Jamiat Ulema-e-Islam (F) assured governmentof its support over Reformed GST while MQM refused tobudge on its stance regarding favouring the legislation.

According to the news, Chief of the JUI-F Maulana Fazl-urRehman Monday met President Asif Ali Zardari at thePresidency and assured of his party conditional support onReformed General Sales Tax.

The meeting was also attended by Prime Minister YousufRaza Gilani.

According to sources meeting See # 1 Page 11

Page 2: The Financial Daily-Epaper-23-11-2010

2 Tuesday, November 23, 2010

TV PROGRAMMES

TUESDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere Maya

ke Sath

11:00 News

12:00 News

13:10 Newsbeat (Rpt)

14:10 Tonight With

Jasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Tonight With

Jasmeen

23:00 News

23:30 24

LAHORE: All PakistanTextile Processing MillsAssociation, FerozepurRoad IndustrialAssociation, ShahdraIndustrial Association,Lahore TownshipIndustrial Association,Sheikhupura Chamber ofCommerce & Industry,Pakistan Industrial andTraders AssociationsFront (PIAF) and otherindustrial Associationshave decided to launch aseries of protests fromtoday against the 4-daygas load shedding.

In the first phase, astrong protest would bestaged on November 23rdat Shahdra. The protestrally would be startedfrom Zeno Textile Mills,

Bara Dari, Farrukhabad,Shahdra and reach Mainroad where thousandsindustrialists and indus-trial workers would jointhe protest rally. TheLCCI former PresidentMian Anjum Nisar,Central Chairman ofProcessing AssociationMaqsood Ahmad Buttand leaders of PIAFwould lead the protest.

While addressing theOrganising Committee ofprotest rally, MianAnjum Nisar lamentedthat wrong governmentpolicies and mismanagedaffairs, the industry hadalmost collapsed. He saidhad right steps beentaken well in time, thesituation would have

been far better.He said that sword of

unemployment washanging on the heads ofindustrial workers in thewake of non-availabilityof gas but the govern-ment was playing therole of silent spectator.He said that the industri-al area which was hub ofproduction was present-ing a deserted look as alarge number of industri-al units had stopped pro-duction.

While condemning thediscrimination in gas dis-trubition, he said thatPunjab was facing mas-sive gas load shedding.He demanded of the gov-ernment to stopfavoritism.-PPI

Traders to protestagainst 4-day gas cut

Staff Correspondent

LAHORE: The IndianHigh Commissioner,Sharat Sabharwal, hassaid that as the fastestgrowing economy of theregion, India has thepotential to become agrowth opportunity for allits neighbours includingPakistan.

The Indian HighCommissioner was speak-ing at the Lahore

Chamber of Commerceand Industry on Monday.LCCI President ShahzadAli Malik, Senior VicePresident SheikhMohammad Arshad, VicePresident Sohail Azhar,former LCCI PresidentsMian Tajammal Hussain,Shahzada Alam Monnoo,former Senior VicePresident Sohail Lashariand former Vice PresidentAftab Ahmad Vohra alsospoke on the occasion.

Indian CommercialConsular R K Sharma wasalso present in the meet-ing which continued forwell over an hour.

The High Commissionersaid that in recent years,the Indian economy hasemerged as one of thefastest growingeconomies of the worldand is likely to attain anannual growth rate of 9per cent during the com-ing years.

Indian HC talkstrade at LCCI

KARACHI: DeutschePost DHL continued thesound performance of thefirst half of 2010 during thethird quarter, generating13.9 per cent increase inrevenue, said a statementissued here.

Despite a slight decline inthe mail division, alsoresulting from a regulatorychange in value-added taxthat took effect in July, con-solidated revenue rose 13.9

per cent to EUR 12.8 billiondriven by strong growthgenerated by all three DHLdivisions. In particular, thisperformance reflectsincreased transport vol-umes, higher freight ratesand the continuing successin attracting new customers.During the past quarter, theGroup also profited frompositive currency effects.

Additional margin gains inthe DHL divisions also

resulted in the significantincrease in profitability.Underlying EBIT totaledEUR 543 million, 43.7 percent above the previousyear's level. Efficiencyimprovements also con-tributed significantly to theGroup's ability to generate aconsolidated net profit ofEUR 226 million in the thirdquarter, following the loss ofEUR 83 million in the sameperiod last year.-NNI

DHL posts 13.9pcrise in gross profit

KARACHI: SeniorMinister for CommerceMakhdoom Amin Fahimon Monday distributedshares of PakistanReinsurance Company Ltd(PRCL) under BenazirEmployees Stock OptionScheme (BESOS) amongits employees.

About 228 employees ofPRCL received, on anaverage, 20 units and eachunit has 4000 shares.Similarly, every employeeof PRCL has received, onan average, a dividend ofRs111,000.

The minister said that18.4 million shares have

been distributed trans-ferred to PRCL employeesand they have alsoreceived the dividendworth Rs 55 million.

Amin Fahim said thatnow PRCL employeeshave also become theowner of this companythey must use all theirefforts to maximise itsprofitability and strivehard for its growth.

He said that the founderof Pakistan Peoples Party(PPP) Zulifkar Ali Bhuttoand her illuminated daugh-ter Mohtarma ShaheedBenazir Bhutto had alwaysstruggled for the rights of

workers and people.It is because of this phi-

losophy that PPP govern-ment is giving the rights ofthe workers under BESOSand making them ownersof their own organisations.

Responding to theirdemands, he said that hewill discuss them with theministry and the manage-ment of PRCL for approval."You have my full support.The first thing I will do nextweek in Islamabad is topresent your demands at ameeting in the Ministry andget the maximum possiblerelief for you as soon aspossible", he added-APP

Amin gives PRCLshares under BESOS

HYDERABAD: Advisorto Sindh Chief Minister onInformation SharmilaFarooqui said thatPakistan is not a terroristcountry but the land ofbrave nation of the worldwhich is engaged in meet-ing the great challengeslike war against terrorismand rehabilitation aftersuper flood disaster.

Despite natural andhandmade disasters likesuicidal attacks, the coun-trymen never lose thehopes and are continuous-ly struggling to make thecountry progress and pros-per, she said whileaddressing a news confer-ence here at circuit houseon Monday afternoonadding that the present

government adopted vari-ous measures to counterthe terrorism and rehabili-tate the displaced floodvictims.

She said that the peopleof the country extendedfull confidence into theleadership of PakistanPeoples Party (PPP) andits government followingthe effective strategyadopted for their welfareand uplift of the areas.

The PPP governmentdeveloped consensusamong allied parties onwar against terrorism andlaunched a massive opera-tion against terrorists inSwat and onwards and as aresult of this operation thePakistani flag is now hoist-ing in Swat, she said and

added that hoisting ofPakistan flag again in Swatwas the commitment ofShaheed MohtarmaBenazir Bhutto, which wasfulfilled by the govern-ment under the leadershipof the President Asif AliZardari.

The efforts of the gov-ernment against terrorismnow reduced the terroristactivities in the country,she said and added thatthough terrorism is still notrooted out, but the situa-tion is being improvedwith the passage of timeand soon the people wouldwitness a terror freeatmosphere in the country.

About efforts beingmade by the governmentfor relief and rehabilitation

of flood affected people,Sharmila Farooqui saidthat it was the vision of thePresident Asif Ali Zardarithat Watan Cards are beingissued to flood affectedfamily heads. It was theefforts of the governmentthat flood affected peoplehave started getting earlyrelief, she said.

She highly praised theservices of Sindh ChiefMinister Syed Qaim AliShah for prompt rescueand relief measures dur-ing the passage ofunprecedented flood inRiver Indus from Sindhadding that he took nosigh of relief till droppingof floodwater into searight from Sukkur toThatta.-APP

Nation will bravethe storm: Sharmila

Staff Reporter

KARACHI: Associationof Chartered CertifiedAccountants of Pakistan(ACCA) is organising anexciting event;Accountancy FuturesSymposium - Criticalissues for tomorrow's pro-fession on the 24- 25November in Karachi, itwas announced here onMonday.

In the wake of globaleconomic crises, it hasbecome eminent for busi-ness leaders and policygurus to question the cor-porate shortcomings andpublic practices of todayand deliberate on thefuture best practices, foremergence of a sustainableand sound business era.

ACCA foresees account-ants and finance profes-

sionals in all sectors as thetrue value creators acrossorganisations; the promot-ers of sound business prac-tices that drive great per-formance. More and morebusinesses demand fromtheir finance function theability to think about thefuture of the business, scanthe horizon for businessopportunities, design newbusiness models and con-tribute to the innovation ofproducts, services andprocesses.

Through theAccountancy FuturesSymposium, ACCA aimsis to bring together highcaliber delegates andindustry experts to lead adialogue on topics that wesee as the most importantto the future of accounting,auditing, finance and man-agement.

ACCAaccountancy

moot from 24th

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

12:15 Power Lunch

13:00 News

13:05 Islamabad Say (Rpt)

14:00 News

15:02 Akhri Sauda

15:30 Tax Time (Rpt)

16:15 Karobari Dunya

17:05 Ghar Ka Kharch

(Rpt)

18:05 Chai Time

19:00 News

19:05 Aap Ka Paisa

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)

0:00 News

Intelrunning

world mostpowerful

mainframeKARACHI: IntelCorporation hasannounced that its IntelXeon 5600 series proces-sors, announced earlier thisyear, are at the heart of theworld's most powerfulsupercomputer, theTianhe-1A.

Located at the NationalSupercomputing Center inTianjin, China, Tianhe-1Acontains 14,396 Intelprocessors accompaniedby accelerator cards, andhas demonstrated ground-breaking performance of2.57 petaflops(quadrillions of calcula-tions per second). In part-nership with Inspur, a com-puter manufacturer inChina, Intel worked close-ly with the NationalSupercomputing Centerand its technology partnersto achieve this ground-breaking performance.

"Our Xeon processorroadmap continues todeliver hugely powerfulsupercomputers that arehelping solve mankind'sgreatest challenges," saidNaveed Siraj, CountryManager, Pakistan."Securing the top positionon the Top500 is also asource of great pride forus, and demonstrates thetremendous leaps in per-formance and versatilitythat our processors aredelivering across a rangeof compelling work-loads."-PR

RGSTseminar

at ICMAPtodayStaff Reporter

KARACHI: The KarachiBranch Council (KBC)under the aegis of theInstitute of Cost andManagement Accountantsof Pakistan (ICMAP) areorganising a seminar on"Reformed General SalesTax (RGST)" today atICMAP head office.

Abrar Ahmed, MemberReformed GST -FederalBoard of Revenue will bethe Chief Guest at theoccasion, other notablespeakers are Ali Rahim,President, Income Tax BarAssociation, Asif Kasbati,Director Tax, A F Ferguson& Co - CharteredAccountants.

Samsunghonoured

by 37th CESawards

KARACHI: SamsungElectronics announced itsrecognition with 37th pres-tigious InternationalConsumer ElectronicsShow (CES) 2010Innovation Awards, anannouncement to thisregard was made here.

"We are honoured to berecognised by theInternational ConsumerElectronics Association andtheir industry experts forour technology and designinnovation. Samsung'semployees, all over theworld, work diligently tocreate products that make adifference in people's livesand receiving theseInnovation Awards is a trib-ute to their efforts," saidSteve Haan, GeneralManager SamsungPakistan.

All of Samsung's award-winning products will beon display during the 2011International CES, whichruns January 6-9, 2011, inLas Vegas.-PR

PQFTLinks MoU

with NAFAfunds

KARACHI: Pak-QatarFamily Takaful Limited(PQFTL) and NBPFullerton AssetManagement Ltd (formerlyNational Fullerton AssetManagement Ltd) signedan agreement for Family(Life) Takaful coverage tothe investors of NAFARiba-free Savings Plans.

MoU was signed by PAhmed , Director & CEOPQFTL and Dr AmjadWaheed, CEO, NAFAFunds.

According to the agree-ment and subject to theterms of the Group FamilyTakaful Scheme issued byPQFTL, NAFA Riba-freeSavings Plan's investors willbe provided free Family(life) Takaful coverage equalto the amount of investmentand subject to a maximum ofPKR 2,000,000 per coveredperson.

Takaful is a Halal risk mit-igation tool which serves asan alternative to convention-al insurance."-PR

KARACHI: Shahid Jawed Qureshi President, (PMFA) and Vice Chairman KATI,presenting a shielding to Dato’ Norhuddin Norddin, Chief Executive Officer,

Malausian External Trade Development Corporation (Mat rade) atdinner reception hosted by Matrade in Kaula Lumpur.-Staff Photo

KARACHI: P Ahmed, Director & CEO PQFTL and Dr Amjad Waheed, CEO,NAFA Funds exchanging the singed agreement for Family Takaful coverage

to the investors of NAFA Riba-free Saving Plans.-Staff Photo

KARACHI: Federal Minister for Commerce Makhdoom Amin Fahimaddressing suring during distributing ceremony of certificates among

the employees among the employess of PRCL.-APP

HYDERABAD: Advisor to CM on Information and Archives Sindh SharmilaFarooqi addresses a press confrence at Circuit House.-Online

Malaysiancultural

showfrom 26th

KARACHI: MarcoPolorestaurant at the Pearl-Continental, will host theMalaysian Food Festival(Buffet Dinner) andCultural Show startingfrom November 26 till 28.Different Malaysiancuisines, especially to cele-brate this occasion, will beprepared for the guests byexpert Chefs flying in fromMelaka, said a pressrelease issued here.

Malaysian Food Festivalwill offer a broad range ofMelaka flavors. The adven-turous gourmet will bespoilt for choice with awide selection includingMalay, Western, Chinese,Indian and a rich melangeof cuisines.-PR

Page 3: The Financial Daily-Epaper-23-11-2010

MUMBAI: The Indian rupeeended weaker on Monday asmonth-end dollar demand fromoil importers dragged the localunit from early highs propelledby domestic share gains.

The partially convertiblerupee ended at 45.405/415 perdollar, off an early high of45.2050, and weaker than its45.29/30 close on Friday.

"There was some dollardemand from importers andalso a lack of inflows," saidRohan Naik, head of forextrading at Standard CharteredBank, adding the rupee couldbe at 45.50 by December.

Foreign funds have boughtshares worth around a record$28.7 billion so far in 2010,compared with last year's$17.5 billion.

Indian shares more thanreversed their previous ses-sion's losses to close 1.9 percent higher on Monday, sup-ported by world equities on theback of Ireland's rescue deal,

but investors eyed furtherdevelopments on the local cor-ruption scandals.

One-month offshore non-deliverable forward contractswere quoted at 45.56, weakerthan the onshore spot rate, sug-gesting a bearish near-termoutlook.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange, MCX-SX andUnited Stock Exchange closedat 45.4550, 45.4525 and 45.46,respectively. -Reuters

Indian rupee slips onimporter $ demand

3Tuesday, November 23, 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 22/11/2010

A USD GBP CAD EUR JPY

O/N 0.23063 0.55313 0.97333 0.45250 SN 0.09188

1WK 0.24953 0.55625 1.01333 0.60625 0.10438

2WK 0.25125 0.56125 1.05333 0.67125 0.10750

1MO 0.25344 0.57375 1.08667 0.77000 0.12250

2MO 0.26828 0.62813 1.13833 0.86063 0.15250

3MO 0.28438 0.74000 1.20333 0.97625 0.19500

4MO 0.33250 0.82250 1.26500 1.03750 0.25688

5MO 0.39219 0.92875 1.33833 1.11938 0.31250

6MO 0.44219 1.03125 1.40333 1.21688 0.37188

7MO 0.49094 1.11000 1.46333 1.26250 0.43563

8MO 0.54469 1.19250 1.55000 1.31000 0.48375

9MO 0.59625 1.27500 1.60833 1.36125 0.52875

10MO 0.64938 1.35125 1.69000 1.40688 0.55500

11MO 0.70406 1.42000 1.76833 1.45188 0.58313

12MO 0.76313 1.48688 1.85000 1.49813 0.61188

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

U.S.A. 85.70 85.50 85.32U.K. 137.26 136.94 136.62EURO 117.96 117.69 117.41CANADA 84.47 84.27 84.05SWITZERLAND 86.47 86.26 86.04AUSTRALIA 85.14 84.94 84.72SWEDEN 12.58 12.55 12.52JAPAN 1.03 1.03 1.02NORWAY 14.41 14.38 14.34SINGAPORE 66.26 66.11 65.94DENMARK 15.82 15.79 15.74SAUDI ARABIA 22.85 22.80 22.74HONG KONG 11.05 11.02 10.99CHINA 12.91 12.88 12.84KUWAIT 305.31 304.60 303.79MALAYSIA 27.59 27.53 27.45NEW ZEALAND 66.38 66.23 66.05QATAR 23.54 23.48 23.42U.A.E. 23.33 23.28 23.22KR WON 0.08 0.08 0.08THAILAND 2.86 2.86 2.85

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3611 1.3613 1.3783 1.3594

ESD-CHF 0.9912 0.9916 0.9937 0.9878

GBP-USD 1.5929 1.5934 1.6084 1.5929

USD-CAD 1.0184 1.0188 1.0202 1.0123

AUD-USD 0.9863 0.9867 0.9948 0.9853

EUR-JPY 113.29 113.64 114.93 113.53

EUR-GBP 0.8542 0.8549 0.8594 0.8527

EUR-CHF 1.3495 1.3498 1.3657 1.348

GBP-JPY 132.8900 132.9500 134.1800 132.9400

CHF-JPY 84.1300 84.1900 84.4800 84.0000

CAD-CHF 0.97 0.97 0.98 0.97

Gold 1355.20 1355.74 1364.74 1348.80

Silver 27.52 27.59 27.87 27.12

As per 22.00 PST

Time Source Events Forecast Previous

NZD Visitor Arrivals m/m -2.0% 0.6%

EUR Consumer Confidence -10 -10 -11

Source Events Actual Forecast Previous

All Day JPY Bank Holiday

12:00 EUR GfK German Consumer Climate 5.1 4.9

12:00 EUR German Final GDP q/q 0.7% 0.7%

13:00 EUR French Flash Manufacturing PMI 55.2 55.2

13:00 EUR French Flash Services PMI 55.0 54.8

13:30 EUR German Flash Manufacturing PMI 57.0 56.6

13:30 EUR German Flash Services PMI 55.9 56.0

14:00 EUR Flash Manufacturing PMI 54.4 54.6

14:00 EUR Flash Services PMI 53.2 53.3

14:30 GBP BBA Mortgage Approvals 31.3K 31.1K

17:00 CAD Core CPI m/m 0.1% 0.2%

18:30 CAD Core Retail Sales m/m 0.4% 0.4%

18:30 CAD Retail Sales m/m 0.8% 0.5%

18:30 USD Prelim GDP q/q 2.3% 2.0%

18:30 USD Prelim GDP Price Index q/q 2.3% 2.3%

20:00 USD Existing Home Sales 4.51M 4.53M

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada Dec 07 2010 Sep 08 2010 1%

Bank of England Dec 09 2010 Mar 05 2009 0.50%

Bank of Japan Dec 21 2010 Dec 19 2008 0.10%

European Central Bank Dec 02 2010 May 07 2009 1%

Federal Reserve Dec 14 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

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

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, November 22,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

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

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

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

ABLN 11.90 12.40 11.90 12.40 12.25 12.75 12.65 12.90 12.90 13.15 12.95 13.45 13.20 13.70 13.30 13.80

JSBL 12.20 12.70 12.25 12.75 12.25 12.75 12.80 13.05 13.20 13.45 13.35 13.85 13.35 13.85 1350 14.00

ASPK 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

CIPK 11.80 12.30 12.00 12.50 12.20 12.70 12.70 12.95 13.10 13.35 13.20 13.70 13.30 13.80 13.35 13.85

DBPK 11.85 12.35 12.00 12.50 12.10 12.60 12.70 12.95 12.90 13.15 13.15 13.65 13.25 13.75 13.35 13.85

FBPK 11.80 12.30 11.90 12.40 12.00 12.50 12.80 13.05 13.20 13.45 13.25 13.75 13.30 13.80 13.40 13.90

FLAH 11.90 12.40 12.00 12.50 12.15 12.65 12.75 13.00 13.00 13.25 13.10 13.60 13.20 13.70 13.30 13.80

HBPK 12.00 12.50 12.15 12.65 12.20 12.70 12.75 13.00 13.00 13.25 13.15 13.65 13.20 13.70 13.35 13.85

HKBP 12.00 12.50 12.15 12.65 12.25 12.75 12.70 12.95 12.95 13.20 13.10 13.60 13.20 13.70 13.30 13.80

N I PK 11.80 12.30 12.15 12.65 12.60 13.10 12.90 13.15 13.00 13.25 13.10 13.60 13.20 13.70 13.30 13.80

HMBP 12.00 12.50 12.25 12.75 12.45 12.95 12.90 13.15 13.20 13.45 13.25 13.75 13.30 13.80 13.35 13.85

SAMB 11.60 12.10 11.80 12.30 12.30 12.80 12.80 13.05 13.10 13.35 13.15 13.65 13.25 13.75 13.35 13.85

MCBK 11.90 12.40 12.10 12.60 12.20 12.70 12.85 13.10 13.15 13.40 13.25 13.75 13.30 13.80 13.50 14.00

NBPK 11.90 12.40 12.00 12.50 12.20 12.70 12.80 13.05 12.90 13.15 13.10 13.60 13.25 13.75 13.35 13.85

SCPK 11.80 12.30 11.90 12.40 12.20 12.70 12.70 12.95 12.95 13.20 13.10 13.60 13.15 13.65 13.30 13.80

UBPL 11.80 12.30 12.00 12.50 12.25 12.75 12.80 13.05 13.15 13.40 13.20 13.70 13.25 13.75 13.35 13.85

AVE 11.87 12.37 12.03 12.53 12.22 12.72 12.77 13.02 13.04 13.29 13.16 13.66 13.24 13.74 13.34 13.84

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)22/11/2010

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

1 week -0.10 0.65 0.69 0.52 -0.35 -0.80 0.28 0.771 month -0.27 -0.62 -0.72 0.19 -0.87 0.02 0.15 0.053 months -0.79 -0.78 -0.82 -0.51 -0.84 -0.70 -0.74 0.686 months -0.91 0.48 -0.64 -0.25 -0.91 -0.91 -0.85 0.581 year -0.59 0.64 0.27 0.57 -0.08 -0.38 -0.63 0.112 years -0.62 0.71 0.24 0.65 -0.03 -0.20 -0.62 0.57

Currencies CorrelationUSD/JPY

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.05 12.15 12.10 12.20 12.10 12.00 12.10

8-15dys 12.10 12.10 12.25 12.30 12.15 12.15 12.18

16-30dys 12.30 12.25 12.30 12.40 12.30 12.35 12.32

31-60dys 12.45 12.45 12.50 12.50 12.50 12.35 12.46

61-90dys 12.70 12.74 12.70 12.79 12.70 12.72 12.73

91-120dys 12.95 12.95 12.90 12.98 12.85 12.94 12.93

121-180dys 13.05 13.15 13.16 13.18 12.95 13.15 13.11

181-270dys 13.18 13.25 13.20 13.26 13.10 13.20 13.20

271-365dys 13.25 13.25 13.26 13.30 13.20 13.27 13.26

2-- years 13.35 13.40 13.45 13.40 13.40 13.50 13.42

3-- years 13.65 13.64 13.65 13.65 13.60 13.63 13.64

4-- years 13.72 13.66 13.70 13.68 13.73 13.69 13.70

5-- years 13.75 13.70 13.75 13.74 13.75 13.70 13.73

6-- years 13.75 13.70 13.75 13.75 13.75 13.71 13.74

7-- years 13.78 13.70 13.77 13.76 13.75 13.72 13.75

8-- years 13.80 13.70 13.78 13.77 13.75 13.73 13.76

9-- years 13.85 13.70 13.75 13.65 13.75 13.74 13.74

10--years 13.88 13.76 13.80 13.90 13.80 13.79 13.82

15--years 14.25 14.20 14.20 14.20 14.20 14.25 14.22

20--years 14.35 14.35 14.30 14.35 14.30 14.35 14.33

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for November 22, 2010

NEW YORK: The euroslumped against the dollar onMonday as worries about howa bailout of Ireland will beimplemented and fears of con-tagion to other highly indebtedeuro-zone states overtook ear-lier optimism on the deal.

The euro's fall acceleratedafter an Irish independent gov-ernment lawmaker said he wasunlikely to support the coun-try's 2011 budget.

As support from within thegovernment's own ranks crum-bled. the leader of Ireland'smain opposition party, FineGael, called for an immediateelection.

Many simply worried theEU/IMF rescue package mightnot be effective in the longterm and would not stop mar-kets from targeting fellowstraggler Portugal.

"News of a package for

Ireland has ultimately beenshrugged off by the marketstoday after initial gains in theeuro and peripheral bondprices," said Win Thin, globalhead of emerging markets

strategy at Brown BrothersHarriman in New York.

"It seems that the honey-moon for the periphery mayend up even shorter than it wasafter the Greece package backin May, as markets are alreadyturning their focus elsewhere,especially Portugal and Spain."

Rating agency Moody's saida "multi-notch downgrade" on

Ireland was now likely.The euro was down 0.6 per

cent against the dollar at$1.3608, far off an earlier one-week high of $1.3786, when itpierced the 38.2 per cent

Fibonacci retracement of itsNov. 4-18 fall at $1.3765.

At the session low onMonday of 1.3593, accordingto Reuters data, the euro/dollarwas back below the 23.6 percent Fibonacci retracementsupport level.

"The market is skeptical asthere are still fiscal issues withPortugal and Spain. Investors

have been undecided on theeuro for a while now and I cansee that uncertainty lasting intoyear-end," said Jane Foley,senior currency strategist atRabobank in London.

Data from the USCommodity Futures TradingCommission on Friday high-lighted uncertainty as specula-tors more than halved neteuro/dollar long positions to8,606 contracts last week from23,283 the week before.

The euro also cut gainsagainst the yen to trade down0.5 per cent at 113.55 yen,while the US dollar index rose0.4 per cent to 78.788.

The greenback was littlechanged against the yen at83.47 yen, with its surpriserebound this month from a 15-year low of 80.21 keepingmany traders positive in thenear term. -Reuters

Euro declines vs dollar,Irish uncertainty mounts

SHANGHAI: China's yuanclosed down slightly againstthe dollar on Monday in cau-tious trade, taking cues from aslightly higher mid-point thatindicated the central bankhopes the yuan remains stableafter it raised banks' reserverequirements.

For the second time in twoweeks, the People's Bank ofChina on Friday ordered banksto increase their requiredreserve ratio by half a percent-age point to reduce the amountof cash in the financial systemas part of its fight against infla-tion.

The central bank typicallyholds the currency stable for awhile after a policy move todiscourage speculators.Trading typically returns tonormal in a couple of days ifthere is no major reaction.

Also on Monday, the yuanstarted trading against theRussian rouble in the Chineseonshore forex market, the latestcurrency pair to be introducedas part of Beijing's efforts topromote the use of its currency.

The rouble closed at 4.6711versus the yuan, traders said,the same level as 4.6711 themid-point set by the PBOC,

reflecting a cautious approachat the launch of the new curren-cy pair.

Spot yuan closed at 6.6416versus the dollar, edging downfrom Friday's close of 6.6395,but it was still up 2.78 per centsince the PBOC announced adepegging of the yuan in mid-June.

It moved in a small range of6.6361 to 6.6497, trading tight-ly around the day's mid-pointof 6.6389, which was margin-ally stronger than Friday's6.6408.

Dealers said that in the longterm, the yuan's appreciationwas an inevitable trend asChina needs to fight againstimported inflation and cushioncapital inflows, including thosefrom trade and foreign directinvestment.

Offshore dollar/yuan for-wards were basically flat, evenas the US Dollar Indexdropped 0.45 per cent in earlyEuropean trade, continuing aweek-long downtrend.

One-year non-deliverableforwards were little changed at6.4600 bid from 6.4570 atFriday's close, implying 12-month yuan appreciation of2.77 per cent. -Reuters

Yuan edges downafter tightening

Swiss franclowers as

Irish bailoutlifts euro

ZURICH: The Swiss francwas sharply lower against theeuro on Monday afterEuropean finance ministersagreed to put together a rescuepackage to bail out troubledIreland, buoying risk appetiteand lifting the single currency.

The franc was little changedagainst the dollar. The two safehaven currencies tracked loweras the expected Irish rescue dealheaded off fears that the coun-try's debt crisis could destabiliseother Euro-zone nations.

"Risk appetite was held incheck by the Ireland crisis, butthe higher risk aversion itcaused has now reversed," saidCommerzbank foreignexchange analyst You-Na Park.

"There could be a short-termrelief reaction, but it will be acautious one, as there are stillsome weak countries in the euro-zone which could come intofocus," she said. The franc wasaround 0.5 per cent lower againstthe euro compared to the NewYork close, trading at 1.363francs per euro at 0752 GMT.

The franc ticked a touch loweragainst the dollar at 0.9922francs per dollar. -Reuters

LONDON: The euro slippedagainst sterling on Monday,relinquishing early gains afterthe single currency's initialrally after Ireland secured adebt bailout was overtaken bypolitical uncertainty as Dublinlooked headed for an earlyelection.

Both the Irish government'scoalition partner and the mainopposition party have called

for a vote in the near future asthe government has beenplunged into political turmoilfollowing its request for fund-ing from the EU and the IMF.

The backlash to what looksto be a prolonged period ofdrastic austerity also escalatedafter two independent IrishMPs said they would not sup-port the government's 2011budget, placing doubt onwhether Ireland will be able toswiftly hold up its end of therescue plan.

Analysts said the euro would

continue to suffer against ster-ling due to Ireland's woes, as itdid earlier this year beforeGreece secured a bailout.

Market participants saidmacro funds sold the euro as aninitial relief rally ran its courseand uncertainty over Dublin'sbailout package returned todog investors.

By 1602 GMT, the euro hadfallen around 0.3 per cent on

the day to hit a session low of85.29 pence, retreating from anearly climb to 85.96 pence.

Sterling slipped 0.2 per cent to$1.5950, retreating from theday's high of $1.6085 after anearly climb ran into selling byAsian central banks and modelfunds. Market participants saidinvestors were keen to pick upsterling and UK assets given thatsurprisingly resilient UK datashows the British economy iscontinuing to recover while thegovernment implements strictausterity measures.-Reuters

Euro slides vs sterling,Irish woes get political

SEOUL: The Taiwan dollarand the South Korean won ledoverall gains in Asian curren-cies on Monday after Europeand the IMF agreed to helpIreland with its debt problems,which supported a return toriskier assets such as Asianstocks.

Still, investors remainedworried about possible conta-gion in Europe, and uncertain-ty over size and condition ofthe aid to Ireland capped gainsin Asian currencies, dealerssaid. "Asian currencies areexpected to stay in a range. Allare watching the Europe wherelots of statements are comingout on Irish bail-out," said adealer in Kuala Lumpur.

Currency market players inAsia also stayed wary of inter-vention by foreign exchangeauthorities and more steps toreduce strong fund flowswhich have been supportingcurrencies in the region.

The won hit a one-week highagainst the dollar as foreigninvestors kept buying localshares and on exporters'demand for settlements.

Local currency investorsignored further bank reserveincreases from China tighten-ing late on Friday. Instead, theyremained wary of possible dol-lar-buying intervention by for-eign exchange authorities andmore measures to curb hotmoney inflows, dealers and

analysts said. The local curren-cy strengthened to 1,124.2, thestrongest since Nov. 15 as ship-builders and other exporterschased it for settlements.

The Malaysian ringgit rose0.19 per cent to 3.1070 per dol-lar in thin trade as investorslargely viewed the Irish requestfor aid as positive for the euro.

"Those that went long USDlast week closing out thosepositions," said another KualaLumpur-based trader. Sometraders believe China inflationfears have been factored intothe market. Traders generallyexpected slow, thin trade forthe rest of this week ahead ofthe US Thanksgiving holidayon Thursday. -Reuters

Asian currencies

Won at 1-wk high, ignoresChina move, North Korea

SYDNEY: The New Zealand dollar slid morethan a full cent on Monday after ratings agencyStandard & Poor's surprised markets by warningthe country's foreign currency credit ratingscould be downgraded.

S&P cut New Zealand's outlook to negativefrom stable, citing a widening current accountdeficit and credit risks in its banking system.This means there is a one-in-three chance of therating actually being downgraded over the nexttwo to three years. While there is no immediatethreat of a ratings downgrade, the announcementcame out of the blue and also turned the spot-light on the country's fiscal health.

That saw the kiwi dollar drop to a session lowof $0.7719 from as high as $0.7837 just beforethe announcement. A similar announcement inJanuary last year resulted in a 3-cent selloff in thekiwi on the day, said Sue Trinh, senior currencystrategist at RBC Capital Markets in Hong Kong.

"So there is a risk that this move has legs andcan continue through the overnight session.

Certainly anyone with a very bullish kiwi viewmay need to reassess," she said.

Next support for the kiwi is seen at around$0.7690, a level representing the 50 per centretracement of the October to November rally,before $0.7624, the 61.8 per cent retracement.

The kiwi also fell against the Australian dollar,which jumped to one-week highs at NZ$1.2851from a session low of NZ$1.2646. It was last atNZ$1.2833. The steep decline in the kiwi unset-tled the Aussie's performance against the green-back, knocking it off the session high near$0.9950 to $0.9928.

Earlier, both currencies had benefited fromnews that Ireland had sought international aid tohelp tackle its banking and budget crisis, in amove that helped eased risk aversion.

That initially helped lift the Aussie, which thengained momentum after stop-loss buying wastriggered in the $0.9915/35 area. Against the yen,the Aussie also retreated to 82.79, having earlierreached a six-month high at 83.00. -Reuters

NZ dollar hit by S&Paction, Aussie outperforms

Taiwandollar gains;intervention

spottedTAIPEI: The Taiwan dollarrose on Monday after Europeand the IMF agreed to helpIreland with its debt prob-lems, which supported areturn to riskier assets such asAsian stocks.

Currency market players inAsia also stayed wary of inter-vention by foreign exchangeauthorities and more steps toreduce strong fund flowswhich have been supportingcurrencies in the region.

The Taiwan dollar rose asmuch as 1.5 per cent againstthe US dollar on modest vol-ume, but gave up some of itsearlier gains as the centralbank's was again spottedintervening to curb its rise.

The central bank was seendefending the level of 30.25per dollar, IFR Marketsreported. -Reuters

Moody’s says multi-notch Ireland downgrade likely

Page 4: The Financial Daily-Epaper-23-11-2010

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.

Thank YouTurk Bros

The Karachiites thank Turk Brothers fromthe core of their hearts for sending a ship-mounted 232MW power plant. Though, itwould fill only a small cranny in gapingdemand-supply chasm, but something is bet-ter than nothing. At the same time KarachiElectric Supply Company (KESC) will haveto seriously mull about addition of morecapacity sooner than later.

President Karadeniz Energy, OrhamRamzey said that the ship with 19 brand-newpower generating engines has been complete-ly built in Turkey and will provide uninter-rupted power supply. Power generation willstart after the ship anchors at Ibrahim Hyderimooring basin near Port Qasim.

The key concern expressed regarding hightariff to be paid to Turkish company hasbeen removed by Federal Minister for Waterand Power Raja Pervaiz Ashraf. He con-firmed that Turkish company will provideelectricity to Karachi at the prevailing tariff.

Since fuel cost is always passed on to theconsumers, running the power plants on nat-ural gas can help contain cost for end users.Though, there has been an opposition to run-ning thermal power plants on gas, this projectcould be an exception. While rest of the coun-try enjoys the benefit of low cost hydelpower, consumers located in KESC's domainhave been denied this benefit because itsentire power generation facility is thermalbased.

It has been repeatedly highlighted that thepeak load of KESC's franchised area nowexceeds 5,000MW. The peak load of2,500MW as reported by KESC excludeshundreds of those industrial and commercialconsumers who/which have established in-house power generation facilities.

It is also necessary to remind everyone thatpower pilferage is high in Karachi because ofdenial of new connections and high tariff. Ifall the connections are regularised and unin-terrupted supply at affordable rate is guaran-teed, consumers will have no incentive forpilfering electricity. The KESC should alsobe given subsidy keeping in view the fact thatthe government has been supplying free ofcost electricity to certain areas for decades.

Enjoying a market of 20 million people,proximity with two ports and having nearlya dozen organised industrial estates Karachiis the preferred choice of both the local andforeign investors. Experts are of the viewthat uninterrupted supply of electricity atcompetitive price can usher another roundof investment.

One of the remedies is to encourage coal-based power generation in Sindh. Theprovince has some of the largest coalreserves. It is encouraging that a mega powerplant is being established under private-pub-lic partnership. There is a dire need to start afew more projects to help minimise depend-ence on fossil fuels.

4Tuesday, November 23, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

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

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

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24- Peshawar Block, Fortress Stadium, Lahore

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

Email Address: [email protected]

The Financial Daily InternationalVol 4, Issue 106

Zahid Bukhari

The root of brutalities and naturalclematis, are in lack of "popula-tion control", and all over spread

of illiteracy / ignorance, and Pakistanhas been the victim of both of thesedestroyers. We must wake up and wakeup under urgency to acknowledge therealities, as not much time is left toreach at our honorable survival as anation. We must turn over sleeves toexert strict control through stiff andstrong laws over our rising populationand simultaneously we must controlilliteracy too, by commencing educa-tion order, means makingattainment of educationcompulsory for all, underall circumstances what soever, through out Pakistanon war footings.

We are increasing likeweeds and multiplyinglike rabbits, while on theother hand, our resourcesto maintain and mangesuch a rising population has alwaysbeen shy due to variety of reasons, illit-eracy, corruption and animal likeextreme selfishness among all of us aresome of them. A child at birth requiresmedical attention, clothing, food, prop-er shelter, extreme care, and there afterbooks, teachers and all other avenuesto raise him / her as a competent citizenof the country, while majority ofPakistani children go without theirbasic requirements and needs.

Perhaps, we have been maintainingsince the beginning the highest per-centage in increase of our population inthe entire world. In the opinion ofmany learned Pakistanis, we never hada correct demographic data, as our cen-sus personnel always failed to reach theentire Pakistan. It is estimated thatmore then 30 per cent area of the coun-try never came under counting. For abetter understanding I go back to 1901,when British Government carried outcensus in India, under that, the areawhich is called now Pakistan, its totalpopulation was around 10 million.And at the time of partition that isAugust 1947, the population of thearea, according to an estimate wasaround 27 million. Now in 2010 weare speeding to be more then 180 mil-lion. Almost 50 per cent of us livebelow the poverty line, void of anyeducation and basic necessities of life.Another 30 to 35 per cent are poormaking both ends meets with difficulty.Surprisingly in Pakistan there is nomentionable educated middle class.The large majority of the population inour country lives under slavery, eitherof feudal lords, other moneyed personsand that of illiterate and ignorantMullahs. While the feminine gender,

with some exceptions here and thereare totally slave of men. Women inPakistan are sold and purchased andare even bartered, having almost no saythrough out their lives. Either womenare not allowed to vote, and if other-wise i.e. with the choice of her master,husband, father or brother.

Persons of high intelligence mostlyin developed and civilized countriesare beginning to realize that the underdeveloped countries of 3rd world facean inevitable population - food crises,while crises of medicines, health care,education, shelter, shortage of cleanwater, sanitation, clothing etc go sideby side. And it has started with usalready to its logical conclusions, massstarvation or people living below thepoverty line.

Pakistan seems to be the leadingcountry in the 3rd world having moun-tain like imbalance in between the highrate of increase of population and somewhat least or crippled rate of increasein resources to maintain such an overflow of human beings. The Populationexplosion in Pakistan stays permanent-

ly as huger, no proper health care, highilliteracy, little water, high securityrisk, defective justice, no proper sani-tary system, all kinds and types of cor-ruptions from top to bottom and spreadall over, beast like brutalities everynow and then, and almost jungle likelaw and order situation, all this resultsin abnormal or very high rate of deathsthrough all stated deficiencies and star-vation.

Population control is the consciousregulation of the number of humanbeings to meet the needs, not just ofindividual families, but of society orcountry as a whole. It must be taken asgranted that no changes in behavior ortechnologies can save us, unless wecan achieve control over the size orpercentage in increase of humanPopulation. The birth rate must bebrought into balance with death rate orwe will breed into oblivion. Over pop-ulation is now our dom-inant problem in allover personal andnational Planning.

We can not under-take any planning,unless we first takeinto account"Population Bomb".We are severely facedwith. Our writers,thinkers politicians,and mass media (printand electronic onlytoughing tip of the iceberg. While itis necessary to describe the originalof basic problems which are raisingpopulation, extremely selfish ani-mals like national mental attitude isgiving rise to all sorts of corruption,dishonesty and all over spread of

illiteracy.Further it must be realized, under-

stood and noted, that since the verybeginning, we Pakistanis are living onforeign helps, loans and doles, to meetour defense requirements and to meetnecessities of life to a reasonableextent. As I remember when I wasstudying in School in 1948 here atKarachi, the large Yellow colour tins ofedible oil (Ghee) and of milk powder,along with sugar and flour bags withmarks "under USAID" were distributedamong the students at least once duringa month. It remained as such for somemonths later on I saw such stuff beingsold in wholesale (Jodia Bazaar) mar-ket and retail shops with partialremoval of marking "under USAID".Although ours is an agriculture coun-try, but there is hardly any year that wedo not import food grains and cookingoils, from foreign countries mostlycountries in west either on loan or doleor under UN charity to feed our risingpopulation.

Pakistan never enjoyed full fruits ofits being an agricultural country,

a l t h o u g hhaving bestcanal irriga-tion systemin the world(made by ourmasters theB r i t i s h ) ,because ofthe feudalsystem pre-

vailing all over the country. This feudalsystem vanished centuries ago frommost of the countries in the world,while in India very effective landreforms were introduced within firstfive years of the Partition. It is surpris-ingly to note that more then 30per centof our budgetary growth is of agricul-ture produce and almost 65 per cent ofour population depends directly orindirectly on agriculture. But thislargest segment of economy could notbe brought under tax net, because offears of great might of feudal lords.The majority of our rural population isstill under slavery of the feudal lords,in one way or the other. The high andever increasing birth rate and illiteracyhelp the feudal lords and religiousextremists to strengthen their iron gripover the illiterates.

It is a fact as sun rises from the Eastthat our honorable survival entirely

depends on our effective and powerfulcheck on population growth and simul-taneously a check on rapid increase ofilliteracy. Although, it is too late buteven then we have a chance to makePopulation Planning Division effectivein containing population growth rate.

India is an interesting example ofchanges in government measures tocontrol the country's population. TheIndian government concerned that therapidly growing population wouldadversely effect economic growth andliving standards, implemented an offi-cial family program in late 1950s and itwas perhaps the first country the worldover, which established family plan-ning department. Another importantexample of mandated population con-trol is People's Republic of China;more then one child is made extremelyunattractive. The Governments ofPeople's Republic of China and Indiahaving strong control and checks popu-lation growth rate leading to enormouseconomic development raising stan-dard of living, improving security, sat-isfying the present generation and gen-erations to come. China and India thetwo most populous countries in theworld have created wonders in the fieldof attainment of education and eco-nomic development, only because ofcontaining population growth rate andalso being secular.

Our entire nation with the exceptionsof certain quarters stands surroundedwith acute and deep rooted illiteracy /ignorance, enjoying no rights, positiveand intelligent mental order, cannot door perform acts for the betterment andwell being of this God gifted countrysolely created by Quaid-e-AzamMuhammad Ali Jinnah.

The nation hardly enjoys literacy anddevoid of positive thinking often leadto strange behavior. The small intelli-gence left with us (majority of able andqualified honest persons havingmigrated to Western European coun-tries, USA, Canada and Australia) donot have any say in the affairs ofPakistan. But they are of the view thatfollowing steps must be taken to checkand control population growth rate,without losing further time and beforewe face dooms day.1. More then one wife must be taken asa criminal offence against the state2. Minimum marriage age for men andwomen should be 21 and 18 years.3. In cities more then one child and inrural areas more then two childrenmust be treated as punishable crimewith heavy fines and imprisonment.

As regards education, that should becompulsory for all adults, children,men and women. Adult educationshould be during late evening while all

children mustattend theirschools in themorning. Fornot sending thechildren toschools, par-ents should beheld responsi-ble and pun-ished accord-ingly.

Law andorder and cor-

ruptions should be taken seriously bythe Government, and all of its concerndepartments. The responsible shouldbe taken to task, by immediate punish-ment and fines. God bless Pakistan.

Author is retired Senior VicePresident, Habib Bank Ltd

Population Bomb

Children are probablysafer growing up inAfghanistan's major

cities, including the Talibanstronghold of Kandahar, than inLondon, New York, orGlasgow, NATO's top civilianenvoy to Afghanistan has said.

Mark Sedwill's commentswere made during an inter-view to be aired on Mondayon Children's BBCNewsround, a popular Britishdaily current affairs programaimed at children.

Children living in the Afghancapital Kabul had told theshow's presenter they feltunsafe on the streets because ofthe risk of bombs. But Sedwilldismissed their fears.

"Here and in Kabul and theother big cities, actually, thereare very few of those bombs,"he said.

"The children are probablysafer here than they would bein London, New York orGlasgow or many other cities,"he said, according to commentsreleased by CBBC before theshow was aired.

"It's a very family-orientatedsociety, so it is a little bit like acity of villages," he said.

His remarks, which will fea-ture in a two-part series explor-ing the lives of children inAfghanistan, were rejected as

misleading by an official fromthe aid group Save theChildren.

"One in five children diebefore they get to the age offive. So to say it's safer to live in

London, New York or Glasgowis daft," said the representativefrom Save the Children, whorequested anonymity so hecould speak freely.

"Sedwill's overall messagethat life is village-likegives a sense of comfortor of a safe environment.It is not like that inAfghanistan, it is dan-gerous for children, it'san insecure place," hesaid.

Sedwill said he hadbeen trying to explainthat violence was not at thesame level in every part ofAfghanistan and that in citieslike Kabul, where security hadimproved, violence was com-parable to what many Westernchildren might experience.

"Any comment you have toclarify obviously wasn't verywell put and the comparison Imade with Western cities dis-tracted attention from theimportant point I was seeking

to make," Sedwill said in astatement later on Monday.

UN figures show Afghanchildren are often the victimsof a worsening conflict, with1,795 children killed or injured

as a result of the war fromSeptember 2008 throughAugust 2010.

Violence across Afghanistanis at its worst since the Talibanwere overthrown by US-backed Afghan forces in late

2001, with civilian and militarycasualties at record levels.

DANGEROUS FORCHILDREN

A report from the UnitedNations Children's Fund

(UNICEF) inNovember 2009 saidAfghanistan was themost dangerous coun-try to be born in. It hasthe highest infant mor-tality rate in the worldand two-thirds of thepopulation lacksaccess to clean water.

Forty three per cent of thecountry was virtually off-limitsto aid agencies due to poor secu-rity, the UNICEF report said,making it difficult to carry outhealth campaigns for children.

Another UN report onAfghanistan in September saidcasualties among womenincreased 6 per cent, whilethose among children jumpedby 55 per cent. A total of 74children were killed in the first

half of the year by homemadebombs or in suicide attacks, anincrease of 155 per cent for thesame period in 2009.

While insurgents normallytarget foreign and Afghanforces, civilians are oftencaught up in the attacks asbystanders. Last month, at leastnine people, including eightchildren, were killed when aschool bus carrying female stu-dents was hit by a roadsidebomb in Nimroz province insouthwestern Afghanistan.

Kabul has been relativelyquiet over the past threemonths but two bombings tar-geting the Indian embassy in2008 and 2009 killed around 75people, including children.

Girls have had acid thrown intheir faces while walking toschool by hardliner Islamistswho object to female educa-tion, which was bannedunder Taliban rule. Severalgirls' schools, includingsome in Kabul, have alsobeen hit by mysterious gaspoisonings blamed onIslamists.

Some children, especiallythose from wealthier families,are also kidnapped for ransom.Such kidnappings often gounreported and children havebeen killed if ransoms were notpaid. -Reuters

Are kids really safer inAfghan cities than US’s?

UN figures show Afghan children areoften the victims of a worsening conflict,with 1,795 children killed or injured as a

result of the war from September 2008through August 2010

The majority of our rural populationis still under slavery of the feudal

lords, in one way or the other. The highand ever increasing birth rate andilliteracy help the feudal lords and

religious extremists to strengthen theiriron grip over the illiterates.

Almost 50 per cent of us livebelow the poverty line, void of any

education and basic necessities of life.Another 30 to 35 per cent are poor

making both ends meets with difficulty.

“

His remarks, which will feature in atwo-part series exploring the lives of

children in Afghanistan, were rejectedas misleading by an official from the

aid group Save the Children

Page 5: The Financial Daily-Epaper-23-11-2010

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)JSCL 12.95 10.08 LOTPTA 11.88 9.33 POL 268.36 5.61 NML 55.58 5.29 NBP 67.40 4.79

Symbol Close ChangeRMPL 1,997.95 80.73 SIEM 1,349.01 38.33 NESTLE 1,964.33 32.74 POL 268.36 12.77 SRVI 221.64 10.55

Symbol Close ChangeDREL 615.60 -32.4ULEVER 4,050.01 -26.32SALT 46.02 -2.1NJICL 55.56 -1.94SGLL 35.80 -1.7

Plus 249Minus 104Unchanged 25

Top 5 Volume Leaders

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Active Issues

Tuesday, November 23, 2010 5

Dhiyan

The current bull-run is led by foreign buying whose con-tinuation is subject to the sustainability of global stockmarkets. Market is seen moving between 11,000 and11,500 points by December. Investors should book profitsif index crosses 11,500 level while gradual buying can bedone in energy and consumer sector stocks. Market mightsee some profit taking today.

Mohammad Sohail, CEO Topline Securities

Khurram Schehzad, Head of Research Invest CapMarket would need some positive triggers in order to maintain thecurrent buying spree. The triggers include no change in interest rates,rise in international oil prices, inflow of foreign funds, launch of mar-gin trading system (MTS), and foreign buying. Otherwise it would bedifficult for the index to sustain 11,000 level. Investors are thereforeadvised to hold their current positions while new investments can bedone in oil, power, and cement stocks at lower levels. Market wouldremain positive today.

Profiting seen; “hold it” advised

Opening 10,966.00

Closing 11,205.84

Change 239.84

% Change 2.19

Turnover (mn) 113.32

Opening 3,433.71

Closing 3,537.34

Change 103.63

% Change 3.02

Turnover (mn) 6.40

Opening 2,794.97

Closing 2,894.95

Change 99.98

% Change 3.58

Turnover (mn) 0.15

HONG KONG: Shares inHong Kong and Shanghaislipped on Monday, extendinglast week's losses, after HongKong imposed fresh measuresto cool the property sector andChina raised banks' reserveratios again to curb inflationarypressures.

Hong Kong developersslumped after the governmentunveiled new steps to slowsurging property prices, includ-ing a new stamp duty on resi-dential transactions.

But a weak US dollar andhigher commodity pricesbuoyed resources counters,limiting losses in the broadermarket.

"We have two opposingforces in the market," said BenKwong, chief operating officerat KGI Asia Ltd.

"On one hand, you have mon-etary tightening in China andanti-speculative measures inHong Kong that are pullingdown banks and properties. Butit seems the weakness in thedollar is limiting the downside

because it is favourable forcommodities."

The benchmark Hang SengIndex fell 0.35 per cent to23,524.02 points, but wasexpected to trade in a rela-tively narrow range this weekas investors wait for China'snext moves to tackle acceler-ating inflation. More interestrate rises are widely expect-ed.

Hong Kong's property sub-index slid 2.6 per cent to a two-month low, with propertyagency Midland Holdings CoLtd slumping 17.4 per cent onexpectations revenue will fallafter the latest cooling meas-ures.

Consumer plays bucked thetrend. Chinese noodle makerTingyi Holdings was up 1.4 percent, while beer manufacturerTsingtao Brewery rose 1.9 percent.

Fidelity International, whichhas more than $20 billioninvested in Chinese shares,likes consumer plays such asretailers and food makers, said

Anthony Bolton.He expects consumer coun-

ters to benefit from China'smove to promote an economyled by domestic consumptioneconomy and lessen its depend-ence on exports.

"China's growth is going tocome down to 7-8 per cent nextyear," Bolton, Fidelity's presi-dent of investments, said in aluncheon speech at the ForeignCorrespondents Club. "But itstill looks attractive in a low-growth world."

Oil firm Sinopec was up 1.4per cent, while gold miner ZijinMining gained 1.9 per cent.

BANKS PULL CHINADOWN

The Shanghai CompositeIndex ended down 0.15 per centat 2,884.4, after falling 3.2 percent last week on fears Beijingmay be contemplating moreaggressive policy tightening toquell inflation.

Large gains in sectors such asinformation technology failedto offset weakness in heavy-weight banking shares.-Reuters

HK, China shares fallon banks, realty steps

Nawaz Ali

KARACHI: After a long week-end, Karachi Stock Exchange(KSE) Monday saw an explo-sive rally which was mainlymotored by foreign buyers.

The market gained more than200 points to close above11,000 levels after a period ofabout 28 months due to heavybuying by the offshoreinvestors chiefly in oil stocks.

The benchmark KSE 100-Index increased by 239 points -2.19 per cent to close at 11,205points while KSE 30-index

jumped by 240 points -2.27 percent to close at 10,837 pointsand KSE All Share Index roseby 161 points -2.11 per cent toclose at 7,789 points.

It should be noted that thebenchmark index last timeclosed above 11,000 levels inJuly 2008.

"Bullish activity with risingvolumes was due to strong for-eign interest & institutionalbuying in oil & gas sector", saidAhsan Mehanti, Director ArifHabib Investments.

Market started the day with again of 14 points and remained

in the green territory through-out the day gradually gainingpoints due to continuous for-eign buying in oil stocks there-fore the index at one momenttouched a day-high of 11,211points (+ve 245 points) andclosed thereabouts.

According to NCCPL data,day's net foreign buying stoodat $7.1 million translating into atotal net-buying of $31.59 mil-lion by the offshore investors inthe month of November so far.

Investor participation alsoshowed improvement as

See # 16 Page 11

E&P-crazy foreigners lend KSE a mighty lift

TOKYO: The Nikkei averagerose almost 1 per cent to a freshfive-month closing high onMonday, as receding worriesabout the yen's strength encour-aged a shift back to Japaneseshares led by foreign investors.

Active short-covering of banksand other financials by overseasfund operators helped lift Tokyoshares last week, and there wasmore talk of overseas buying ofJapanese blue-chip equities onMonday, traders said.

"The market has started torecognise just how resilient(Japanese) exporters havebecome toward yen strength.Their profitability has beenimproving more than the markethad expected," said FumiyukiTakahashi, equity strategist forBarclays Capital Japan.

"Money has been flowing in,especially from overseas,"Takahashi said, adding that theNikkei may rise to 10,500 byyear-end and rise further by theend of next March.

The Nikkei gained 3 per centlast week and has climbed morethan 10 per cent so far inNovember, helped in part by theyen's slip from a 15-year highagainst the dollar struck earlierin November.

The broader Topix rose 0.7 percent to 875.48.

Technicals have brightenedafter the Nikkei rose above resist-ance at the 200-day moving aver-age last week for the first timesince May. The next upside targetis its June high of 10,251.90.

After that a 61.8 per cent retrace-ment of its April to Septembersell-off lies at 10,410.49.

The Nikkei continued toattract buying from foreigninvestors as concerns over theyen's rise wane.

The yen was trading at 83.45against the dollar, moving awayfrom its all-time high of 79.75recorded in 1995.

"It was symbolic to see sharessuch as Komatsu rising convinc-ingly today. I believe foreignerinvestor appetite is very strong intaking more positions in Japanesestocks," said Takashi Ohba, seniorstrategist at Okasan Securities."Originally I expected China'stightening measure to raise banks'reserve requirements would hurtKomatsu, which has a close link tothe country, but today's strong riseproves that overall demand forJapanese stocks is very strong."

Komatsu, the world's second-biggest construction machinerymaker, at one stage hit its high-est in more than two years at2,323 yen, before ending up 2.9per cent at 2,311 yen.

Among losers, MS&ADInsurance Group Holdings Inc,Japan's largest property-casualtyinsurer, plummeted 8.2 per centto 1,949 yen after the companyrevised its full-year net profitforecast to 40 billion yen ($479million) from 51 billion yen pre-viously.

It booked worse-than-expect-ed earnings on Friday for theApril-September first half of thecurrent financial year.-Reuters

Nikkei extendsrally to a new

5-mth closing high MUMBAI: Indian shares recov-ered from the previous session'slosses and firmed 1.9 per cent onMonday, supported by worldequities on the back of Irish res-cue deal, but investors eyed fur-ther developments on the localcorruption scandals.

Financials led the gains onoptimistic loan demand outlookin the world's second-fastestgrowing major economy afterChina. An agreement from theEuropean Union and theInternational Monetary Fund tolend Ireland cash to tackle itsbanking and budget crisis gaveinvestors a reason to buy backsome risky assets sold off thismonth. The 30-share BSE indexgained 372.15 points to19,957.59, with 27 of its compo-nents closing in the green.

"The market is just recoveringfrom a sharp fall on Friday.Strong global stocks and Ireland'sbailout decision are helping,"said Neeraj Dewan, director ofQuantum Securities. The bench-mark index had dropped 1.7 percent on Friday to its lowest closein nearly two months.

"There were fears about polit-ical upheaval over the weekend,which have subsided to anextent, providing some relief tothe (stock) market today," saidAmbareesh Baliga, vice-presi-dent of Karvy Stock Broking. Sofar in 2010, foreign funds havepumped in $28.4 billion into

Indian equities, helping thebenchmark index gain 14.3 percent. But, data from market reg-ulator suggests a slowdown inforeign funds' investmentsrecently as they turned net sell-ers in three of four sessions end-ing Thursday.

The government and opposi-tion parties failed to break adeadlock in parliament over aninvestigation into a wideningcorruption scandal that has pre-vented economic reforms beingapproved. Top lender State Bankof India rose 1.6 per cent whileleading private lenders ICICIBank and HDFC Bank firmed2.7 per cent and 3 per centrespectively.

Energy major RelianceIndustries rose 1.5 per cent afterit said late Friday it has safelyrestarted its crude distillationunit at its Jamnagar refinery.Tata Motors gained 3.2 per centafter the vehicles maker said lateFriday it would start selling itssmall car Nano in six more statesfrom Nov 22.

Gainers outnumbered losers ina ratio of 1.9:1 in the broadermarket, in a low trading volumeof 339 million shares. The 50-share NSE index gained 2 percent to 6,010 points. Elsewhere,MSCI's all-country world stockindex rose 0.5 per cent by 1027GMT while its more volatileemerging market index firmed0.7 per cent.-Reuters

Indian sharesbounce back

FTSEat 3-wk

closing low LONDON: Britain's top shareindex closed lower on Monday,hurt by banks and commoditystocks as initial upbeat senti-ment over Ireland's bailout sub-sided, giving way to fears overpotential problems in othereuro zone countries.

The FTSE 100 closed down52 points, or 0.9 per cent, at5,680.83, its lowest since Oct.29, retreating from 5,783.14earlier in the session afterIreland agreed to a bailout byEuropean partners and theInternational Monetary Fund.

Banks , also up earlier in thesession, went into reverse.Royal Bank of Scotland, whichtraders said is the most exposedto Ireland through its UlsterBank business, topped the blue-chip fallers' list, off 4.6 percent, while Lloyds BankingGroup shed 4.2 per cent.

The European Union and theIMF agreed on Sunday to helpbail out Ireland with loansexpected to total 80-90 billioneuros to resolve its banking andbudget crisis. Market partici-pants said investors were rat-tled by concerns that Ireland'sdebt crisis might spread toother euro zone countries, suchas Portugal and Spain.

"Of course if Spain does getcaught in the crosshairs, it'sgoing to be an absolute night-mare for Europe because it justcan't bail it out. It hasn't got thefacilities to bail it out," DavidMorrison, market strategist atGFT Global, said.

See # 18 Page 11

US stocks late-morning

Wall St sagson euro-zone

debt worriesNEW YORK: US stocks fellon Monday as political turmoilclouded Ireland's bailout dealand investors worried that fur-ther steps would be needed tocombat euro-zone sovereigndebt problems.

US financial stocks led theway lower as the EuropeanUnion and InternationalMonetary Fund began to hashout details of a loan package toIreland to resolve its bankingand budget crisis.

The three major US stockindexes fell to session lowsafter the leader of Ireland'smain opposition party calledfor an immediate election as thecountry's government nearedthe breaking point.

"That just adds to the uncer-tainty, creating political turmoilat the time you have financialturmoil," said ScottMarcouiller, chief technicalmarket strategist at Wells FargoAdvisors in St. Louis.

US-listed shares of Bank ofIreland tumbled 17.2 per centto $2.21, and Allied Irish BanksPlc lost 4.9 per cent to $1.17.US banks' shares also sagged,with the KBW bank indexdown 1.7 per cent.

Marcouiller noted the devel-opments come against the back-drop of a consolidation phasefor US stocks after a strong runthrough September and October,and that ultimately he expectsstocks to make little progressbetween now and year-end.

The Dow Jones industrialaverage dropped 77.95 points,or 0.70 per cent, to 11,124.60.The Standard & Poor's 500Index shed 6.84 points, or 0.57per cent, to 1,192.89. TheNasdaq Composite Indexdipped 0.40 of a point, or 0.02per cent, to 2,517.72.

The euro extended its slide to$1.3614, while US oil futuresdropped 1 per cent to $81.14 abarrel. Exxon Mobil andChevron Corp were the heavi-est weights on the Dow, withExxon Mobil down 1.5 per centat $69.47 and Chevron down1.1 per cent at $83.02.

The Nasdaq fared better thanthe other two indexes withstrength in the semiconductorsector after Robert W. Bairdupgraded SanDisk Corp sharesto "outperform" from "neutral."

See # 17 Page 11

Ease slightly; Thailand, Indonesia buck trend

South East Asian stocks

Banks lead Europe sharesdown on contagion worries

KSE EOGM adjournedtill January 24 next year

Staff ReporterKARACHI: The Extraordinary General Meeting (EOGM) ofKarachi Stock Exchange --aimed at amending the Articles ofExchange-- has been adjourned till Jan 24, 2011 as participantsdecided to wait for the outcome of talks being held with Securities& Exchange Commission of Pakistan (SECP) regarding the bro-ker-chairman issue.

"We are negotiating the matter of elected chairman with theapex regulator therefore it was decided to adjourn the meeting for60 days", said Abid Ali Habib, Director Karachi Stock Exchange.

According to details, more than 60 members attended the meeting See # 15 Page 11

Page 6: The Financial Daily-Epaper-23-11-2010

Tuesday, November 23, 20106

Volume 113,317,904

Value 6,539,441,622

Trades 69,586

Advanced 249

Declined 104

Unchanged 25

Total 378

Current 7,789.39

High 7,793.49

Low 7,628.24

Change h161.15

Current 11,205.84

High 11,211.61

Low 10,966.00

Change h239.84

Current 10,837.18

High 10,840.78

Low 10,596.46

Change h240.72

Market KSE 100 Index All Share Index KSE 30 Index

Current 17,939.17

High 17,953.19

Low 17,542.26

Change h396.91

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

Bank of Khyber Limited

BOK closed up 0.51 at 4.50. Volume was 1,249 per cent above aver-

age (trending) and Bollinger Bands were 158 per cent wider than nor-

mal. The company's profit after taxation stood at Rs278.645 million

which translates into an Earning Per Share of Rs0.56 for the nine

months of current calendar year (9MCY10).

BOK is currently 15.6 per cent above its 200-day moving average

and is displaying an upward trend. Volatility is extremely high when

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

Volume indicators reflect very strong flows of volume into BOK (bull-

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

Momentum oscillator is currently indicating that BOK is currently in

an overbought condition.

RSI (14-day) 72.59 Total Assets (Rs in mn) 38,810.57

MA (10-day) 4.02 Total Equity (Rs in mn) 5,962.30

MA (100-day) 3.48 Revenue (Rs in mn) 999.63

MA (200-day) 3.89 Interest Expense 2,390.39

1st Support 4.10 Loss after Taxation (637.18)

2nd Support 3.75 EPS 09 (Rs) (1.273)

1st Resistance 4.70 Book value / share (Rs) 11.92

2nd Resistance 4.95 PE 10 E (x) 6.03

Pivot 4.35 PBV (x) 0.38

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

KOHC closed up 1.00 at 8.02. Volume was 1,338 per cent above

average (trending) and Bollinger Bands were 158 per cent wider

than normal. The company's loss after taxation stood at Rs82.948

million which translates into a Loss Per Share of Rs0.64 for the 1st

quarter of current fiscal year (1QFY11).

KOHC is currently 27.0 per cent above its 200-day moving average

and is displaying an upward trend. Volatility is extremely high when

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

Volume indicators reflect very strong flows of volume into KOHC

(bullish). Trend forecasting oscillators are currently bullish on

KOHC. Momentum oscillator is currently indicating that KOHC is

currently in an overbought condition.

RSI (14-day) 86.65 Total Assets (Rs in mn) 8,673.38

MA (10-day) 6.46 Total Equity (Rs in mn) 1,960.97

MA (100-day) 6.29 Revenue (Rs in mn) 3,692.04

MA (200-day) 6.32 Interest Expense 658.59

1st Support 7.28 Loss after Taxation (327.78)

2nd Support 6.52 EPS 10 (Rs) (2.546)

1st Resistance 8.41 Book value / share (Rs) 15.23

2nd Resistance 8.78 PE 11 E (x) -

Pivot 7.65 PBV (x) 0.53

Kohat Cement Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

SEL closed down -0.69 at 18.29. Volume was 1,257 per cent above

average (trending) and Bollinger Bands were 4 per cent narrower than

normal. The company's profit after taxation stood at Rs25.571 million

which translates into an Earning Per Share of Rs1.34 for the 1st quar-

ter of current fiscal year (1QFY11).

SEL is currently 14.8 per cent below its 200-day moving average and is

displaying a downward trend. Volatility is high as compared to the aver-

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

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

forecasting oscillators are currently bearish on SEL.

RSI (14-day) 38.25 Total Assets (Rs in mn) 3,440.97

MA (10-day) 18.71 Total Equity (Rs in mn) 1,114.41

MA (100-day) 21.19 Revenue (Rs in mn) 3,009.93

MA (200-day) 21.43 Interest Expense 324.18

1st Support 17.81 Profit after Taxation 81.04

2nd Support 17.39 EPS 09 (Rs) 4.244

1st Resistance 18.82 Book value / share (Rs) 58.37

2nd Resistance 19.41 PE 10 E (x) 3.41

Pivot 18.40 PBV (x) 0.31

Sitara Energy Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

KESC closed up 0.01 at 2.29. Volume was 241 per cent above average

(trending) and Bollinger Bands were 12 per cent narrower than normal.

The company's loss after taxation stood at Rs1.782 billion which trans-

lates into a Loss Per Share of Rs0.09 for the 1st quarter of current fis-

cal year (1QFY11).

KESC is currently 9.1 per cent below its 200-day moving average and

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

to the average volatility over the last 10 trading sessions. Volume indi-

cators reflect moderate flows of volume into KESC (mildly bullish).

Trend forecasting oscillators are currently bullish on KESC.

RSI (14-day) 62.27 Total Assets (Rs in mn) 207,629.50

MA (10-day) 2.19 Total Equity (Rs in mn) (525.11)

MA (100-day) 2.18 Revenue (Rs in mn) 70,508.12

MA (200-day) 2.52 Interest Expense 6,823.64

1st Support 2.21 Loss after Taxation (14,641.22)

2nd Support 2.14 EPS 10 (Rs) (0.74)

1st Resistance 2.37 Book value / share (Rs) (0.02)

2nd Resistance 2.46 PE 11 E (x) -

Pivot 2.30 PBV (x) (93.41)

Karachi Electric Supply Corp Ltd

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,419.29 1,481.39 1,416.83 1,474.08 54.78 3.86

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

15,886,742 - - 65,194.15 mn 1,154,481.20 mn 1,474.08

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

10.56 3.43 32.54 55.94 5.30 1,401.64

Attock Petroleum 691 5.45 307.51 315.00 308.00 314.42 6.91 1043697 374.20 287.99 250 - 300 20

Attock Refinery 853 7.16 127.23 129.40 126.25 127.75 0.52 3240890 129.70 76.20 - - - -

BYCO Petroleum 3921 - 11.47 11.72 11.46 11.60 0.13 2930860 12.10 9.84 - - - -

Mari Gas Company 735 16.74 119.62 125.39 119.95 123.57 3.95 234591 128.90 106.00 32.17 100B 31 -

National Refinery XD 800 3.97 265.35 273.00 266.00 267.81 2.46 287540 273.00 183.25 125 - 200 -

Oil & Gas Development 43009 11.25 159.49 167.00 159.11 166.23 6.74 1200060 167.00 136.30 82.5 - 55 -

Pak Petroleum 11950 8.21 193.72 203.00 193.18 201.81 8.09 2302614 214.10 168.70 130 20B 90 20B

Pak Oilfields XD 2365 6.34 255.59 268.36 255.50 268.36 12.77 5614680 268.36 213.17 180 - 255 -

Pak Refinery Limited 350 - 82.81 83.58 82.06 82.97 0.16 19030 87.39 48.26 - - - -

PSO 1715 4.91 283.22 291.50 283.55 290.09 6.87 1900422 291.50 233.10 50 - 80 -

Shell Gas LPG 226 - 37.50 38.00 35.63 35.80 -1.70 12999 40.28 27.32 - - - -

Shell Pakistan 685 10.30 197.81 201.35 197.51 200.82 3.01 30219 215.20 182.05 330 - 40 -

Paid up Last 60 days 2009 2010

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

959.06 978.54 957.92 965.48 6.42 0.67

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

11,998,394 - - 47,070.70 mn 126,222.85 mn 965.48

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

6.60 0.57 8.64 16.68 2.53 947.55

AL-Qadir Textile XD 76 - 6.86 6.99 5.86 5.86 -1.00 1503 6.99 2.50 - - 10 -

Al-Qaim Textile 75 - 1.16 1.50 1.50 1.50 0.34 500 1.50 0.50 - - - -

Amtex Limited XD 2415 11.07 4.60 5.09 4.66 4.87 0.27 1568114 19.70 4.40 - - 30 -

Artistic Denim XD 840 5.60 20.16 20.90 19.85 20.16 0.00 2458 24.05 17.55 20 - 20 -

Azgard Nine 4493 - 11.05 11.33 11.01 11.10 0.05 2745405 12.32 8.80 - - - -

Bannu Woolen XD 76 0.46 13.10 13.70 13.00 13.20 0.10 3602 14.50 7.50 - - 20 -

Bata (Pak) 76 5.17 623.42 649.00 621.00 623.90 0.48 2520 747.48 436.00 120 - - -

Chenab Limited 1150 - 3.32 3.54 3.32 3.47 0.15 6020 3.95 3.00 - - - -

Colony Mills Ltd 2442 4.13 2.65 2.84 2.50 2.64 -0.01 35828 3.45 2.23 - - - -

D S Ind Ltd 600 - 1.94 2.05 1.90 1.92 -0.02 23001 2.37 1.44 - - - -

Dawood Lawrencepur 514 45.08 38.99 40.90 37.50 38.32 -0.67 6785 44.50 36.10 - - 5 -

Dewan Khalid Textile 57 0.15 2.34 2.00 2.00 2.00 -0.34 1000 2.85 0.26 - - - -

Dewan Mushtaq Textile 34 0.14 4.50 5.50 4.11 4.71 0.21 116 5.50 1.52 - - - -

Din TextileXDXB 204 0.52 25.11 25.49 24.02 24.18 -0.93 742 30.90 20.80 - - 20 10B

Ellcot Spinning 110 0.60 18.65 19.65 19.00 19.65 1.00 16712 25.45 17.21 7.5 - 35 -

Gadoon Textile XD 234 0.55 50.45 50.50 50.00 50.00 -0.45 1489 52.20 33.80 - - 70 -

Gillette Pakistan 192 - 60.00 62.00 62.00 62.00 2.00 125 73.00 57.50 - - - -

Hira Txt. Mills Ltd. XD 716 0.77 4.09 4.19 4.00 4.08 -0.01 25201 4.88 3.21 - - 10 -

Ibrahim Fibres 3105 2.97 36.95 37.80 36.26 37.73 0.78 2600 40.30 34.05 - - 20 -

ICC Textile 100 - 0.80 1.00 0.80 0.80 0.00 3493 1.85 0.30 - - - -

Idrees Textile XD 180 3.48 3.20 3.20 3.20 3.20 0.00 2000 5.35 2.56 - - 10 -

J K Spinning 179 0.87 6.04 5.80 5.06 5.68 -0.36 656 9.90 4.62 - - 20 5B

Janana D Mal 43 0.26 15.20 15.99 14.20 15.78 0.58 3862 20.50 9.95 - - - -

Kohinoor Ind 303 - 1.42 1.73 1.52 1.56 0.14 43276 1.93 1.01 - - - -

Kohinoor Textile 1455 4.00 5.59 5.88 5.50 5.60 0.01 92988 6.30 4.30 - - - -

Masood Textile XD 600 2.06 18.54 19.54 19.50 19.52 0.98 3150 22.88 18.01 15 - 15 100R

Mehmood Textile XD 150 0.70 55.00 57.00 56.50 57.00 2.00 101 71.99 51.46 4050.2257B 60 -

Mukhtar Textile 145 - 0.30 0.64 0.31 0.57 0.27 103 0.98 0.16 - - - -

N P Spinning XD 147 7.98 21.82 22.80 22.50 22.66 0.84 450 24.66 19.19 - - 20 -

Nagina Cotton 187 0.77 15.39 15.49 14.75 15.00 -0.39 4502 17.50 12.00 - - 20SD -

Nishat (Chunian) XD 1586 1.99 23.84 24.25 23.43 23.98 0.14 1684038 25.10 15.25 - 50R 15 -

Nishat Mills XD 3516 4.77 54.31 55.90 54.45 55.58 1.27 5288671 57.65 40.81 20 - 25 45R

Pak Synthetic 560 2.20 6.51 6.74 6.50 6.51 0.00 6007 7.48 5.16 12.5 - - -

Prosperity 185 1.14 14.49 14.90 14.80 14.85 0.36 501 21.47 12.51 20 - 30 -

Quality Textile XD 160 0.67 10.49 11.10 11.09 11.10 0.61 1500 11.10 7.51 - - 15 -

Quetta Textile XD 130 0.69 40.28 42.29 42.29 42.29 2.01 3000 52.29 25.80 - 632R 20 -

Ravi Textile 250 - 1.51 1.57 1.50 1.55 0.04 48934 2.38 1.38 - - - -

Reliance Weaving 308 0.63 9.50 10.34 9.00 9.00 -0.50 10002 12.00 8.01 - - 25SD -

Ruby Textile 392 41.58 4.99 4.99 4.99 4.99 0.00 484 0.00 0.00 - - - -

Saif Textile 264 0.39 5.25 6.25 4.50 4.83 -0.42 10670 6.49 2.01 - - - -

Salfi Textile 33 0.21 48.12 50.52 46.02 46.02 -2.10 704 50.52 20.50 - - 25 -

Sally Textile XD 88 0.22 3.72 4.50 4.40 4.40 0.68 1106 6.20 2.92 - - 10 -

Samin Textile 134 5.00 6.39 6.00 6.00 6.00 -0.39 2500 8.69 5.02 - - - 100R

Sapphire Fibre XD 197 1.16 121.50 125.00 121.50 125.00 3.50 502 125.00 91.50 - - 15 -

Sapphire Textile XD 201 0.90 103.00 107.50 105.65 105.70 2.70 397 124.80 89.80 - - 50 -

Sargoda Spinning XD 312 0.39 1.76 2.09 1.90 2.00 0.24 1901 2.50 0.50 - - 5 -

Service Ind 120 7.59 211.09 221.64 216.00 221.64 10.55 14636 255.29 169.00 200 - - -

Shadab Textile XD 30 0.29 9.49 10.49 9.40 10.18 0.69 2856 11.50 7.56 - - 10 -

Shahpur Textile 140 0.82 0.60 0.69 0.59 0.59 -0.01 600 1.90 0.18 - - - -

Shahtaj Textile XD 97 - 17.69 17.50 17.15 17.45 -0.24 2500 21.90 15.61 20 - 45 -

Shield Corp XD 39 8.87 71.91 75.42 70.25 72.01 0.10 553 75.42 43.29 - 30B 10 -

Suraj Cotton XD 180 0.76 33.48 34.00 33.00 34.00 0.52 1049 37.50 29.00 15 - 50 -

Tata Textile 173 0.33 32.80 34.44 34.00 34.43 1.63 405 34.44 14.02 - - 25 -

Thal Limited 307 4.26 97.37 101.00 97.26 99.70 2.33 194717 112.80 86.50 20 20B 80 20B

Treet Corp 418 8.46 51.86 53.50 52.02 53.16 1.30 120100 55.25 37.20 - - - -

Zephyr Textile Ltd 594 5.25 3.55 3.99 3.40 3.99 0.44 1001 4.90 1.50 - - - -

Zil Limited XD 53 3.01 44.56 45.00 45.00 45.00 0.44 500 48.75 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

1,079.37 1,093.96 1,077.68 1,086.04 6.66 0.62

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

151,294 - - 3,763.71 mn 5,119.33 mn 1,113.95

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

3.00 0.32 10.64 6.27 2.09 1,079.37

AL-Abid Silk XB 115 2.72 25.89 26.30 25.27 25.28 -0.61 434 35.00 25.00 7.5 - -20B 20R

Pak Elektron 1174 3.51 13.76 14.05 13.76 13.94 0.18 147870 15.43 12.25 - 10B - 10B

Tariq Glass Ind 231 2.02 16.90 16.90 16.80 16.85 -0.05 2900 18.80 14.50 - - 17.5 -

Paid up Last 60 days 2009 2010

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,521.86 1,566.52 1,502.89 1,528.51 6.65 0.44

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

159,994 - - 11,335.33 mn 199,003.77 mn 1,528.51

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

32.22 9.76 30.30 30.57 0.95 1,509.66

Abdullah Shah Ghazi Sugar 793 12.42 5.50 6.50 6.00 6.46 0.96 3148 11.70 3.26 - - - -

Adam Sugar 58 0.89 16.90 16.90 16.71 16.71 -0.19 400 16.90 10.50 10 - - -

AL-Noor Sugar 186 5.20 50.00 52.00 48.05 51.21 1.21 3005 52.00 39.25 40 - - -

Ansari Sugar 244 0.26 5.00 5.50 5.50 5.50 0.50 500 6.00 4.03 - - - -

Chashma Sugar 287 1.17 13.87 14.86 14.25 14.47 0.60 16494 14.86 8.50 - - - -

Colony Sugar Mills 990 - 3.20 3.40 3.40 3.40 0.20 5750 4.00 2.54 - - - -

Dewan Sugar 365 - 1.75 1.72 1.70 1.70 -0.05 1700 1.94 1.11 - - - -

Habib Sugar 600 7.02 34.60 35.24 34.00 34.04 -0.56 58327 36.00 25.20 35 25B - -

Habib-ADM Ltd 200 11.57 12.50 12.52 12.33 12.50 0.00 3795 16.98 11.90 40 - 40 -

J D W Sugar 490 2.63 78.90 80.00 78.01 78.45 -0.45 387 81.95 60.10 40 - 0 12.5R

Mehran Sugar 143 3.36 59.50 59.90 57.25 59.90 0.40 3156 60.99 48.50 35 30B 25 10B

National Foods 414 16.94 43.25 45.41 42.75 45.40 2.15 11355 57.00 39.01 - 25B 12 -

Noon Pakistan XD 48 3.50 23.33 24.49 24.49 24.49 1.16 4472 27.19 17.51 - 10B 12 -

Noon Sugar 165 - 14.69 14.84 14.00 14.00 -0.69 10800 14.84 10.20 50 10B - -

Pangrio Sugar 109 0.49 5.91 6.50 5.21 6.04 0.13 304 6.50 4.00 - - - -

Premier Sugar 38 8.08 42.99 45.13 42.00 44.01 1.02 6737 45.13 32.50 30 - - -

Quice Food 107 - 2.06 2.06 2.06 2.06 0.00 2500 3.40 1.60 - - - -

S S Oil 57 0.30 3.50 3.50 3.50 3.50 0.00 3000 3.89 2.51 - - - -

Sakrand Sugar 223 - 3.00 3.30 3.20 3.20 0.20 500 3.50 2.12 - - - -

Sanghar Sugar 119 0.99 13.92 13.99 13.50 13.80 -0.12 15100 14.90 12.00 10 - - -

Shahmurad Sugar 211 18.33 12.60 12.70 12.41 12.65 0.05 6410 13.10 8.25 15 - - -

Shakarganj Mills 695 - 5.48 5.56 4.75 5.56 0.08 502 6.40 3.02 - - - -

Wazir Ali 80 - 5.50 5.90 5.90 5.90 0.40 1000 7.96 4.75 - - - -

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

1,187.25 1,218.64 1,191.55 1,196.64 9.39 0.79

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

207,102 - - 6,768.53 mn 42,957.54 mn 1,196.64

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

4.53 1.15 25.35 20.42 4.50 1,147.81

Agriautos Ind XD 144 5.15 68.00 68.00 67.99 68.00 0.00 1000 72.99 63.01 40 - 90 -

Atlas Battery 101 4.68 156.07 158.00 155.80 156.72 0.65 10249 194.25 131.00 100 20B 100 20B

Atlas Honda 626 6.87 99.21 101.15 96.90 98.70 -0.51 4219 122.51 92.00 80 30B - -

Dewan Motors 890 - 1.49 1.49 1.42 1.49 0.00 38754 1.80 1.16 - - - -

Exide (PAK) 56 4.44 153.59 155.48 152.00 154.89 1.30 111 155.99 121.10 50 - 60 -

General Tyre 598 19.07 21.08 22.13 21.10 22.12 1.04 6706 26.70 21.00 - - 20 -

Ghandhara Nissan 450 3.38 4.90 5.15 4.86 4.87 -0.03 12704 6.09 4.03 - - - -

Honda Atlas Cars 1428 - 12.60 13.00 12.70 12.73 0.13 39132 13.40 9.65 - - - -

Indus Motors 786 6.22 270.62 279.00 272.00 272.52 1.90 98846 279.00 212.29 100 - 150 -

Pak Suzuki 823 11.90 74.06 76.00 74.50 74.71 0.65 29957 79.99 69.25 5 - - -

Sazgar Engineering 150 3.63 19.13 19.89 19.14 19.47 0.34 4076 27.58 17.92 - 20B 10 20B

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,518.71 1,532.72 1,516.82 1,521.02 2.31 0.15

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

64,571 - - 1,336.62 mn 31,711.49 mn 1,521.02

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

8.08 3.07 38.02 131.49 16.26 1,515.27

Ados Pak 66 1.00 15.70 15.50 15.50 15.50 -0.20 200 21.96 14.62 20 - - -

AL-Ghazi Tractor 215 4.98 207.97 210.99 208.00 208.05 0.08 2475 227.45 200.00 400 - 150 -

Bolan CastingXDXB 104 - 44.95 44.86 44.85 44.86 -0.09 1300 51.99 40.25 - 20B 25 10B

Ghandhara Ind 213 10.23 10.99 11.71 10.90 11.05 0.06 2089 18.80 10.55 - - - -

Hinopak Motor 124 - 131.99 136.97 128.25 131.99 0.00 1089 143.41 108.11 17.15 - - -

KSB Pumps 132 8.38 68.83 70.00 69.50 70.00 1.17 1500 88.15 68.81 35 - - -

Millat Tractors XB 366 6.35 484.42 489.00 484.00 485.21 0.79 55918 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

938.95 968.71 941.25 961.29 22.34 2.38

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

337,413 - - 3,043.31 mn 35,798.37 mn 961.29

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

2.72 1.20 43.91 15.55 5.71 926.02

Cherat Papersack 115 2.11 56.47 59.29 57.25 59.29 2.82 43302 59.29 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.09 2.10 1.85 2.10 0.01 1011 2.64 1.70 - - - -

Ghani Glass 1067 4.46 48.78 49.40 48.25 48.50 -0.28 3925 61.99 45.75 30 10B 25 10B

Packages Ltd 844 55.36 104.96 108.10 104.70 107.95 2.99 193738 120.99 98.00 32.5 - - -

Siemens Engineering 82 11.13 1310.68 1360.00 1329.98 1349.01 38.33 137 1364.00 1068.75 900 - 900 -

Tri-Pack Films 300 8.02 106.25 111.25 106.00 109.92 3.67 95224 111.25 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

999.83 1,026.54 990.94 1,015.51 15.68 1.57

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

11,428,191 - - 54,792.74 mn 72,824.42 mn 1,015.51

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

7.09 0.50 7.10 19.04 2.69 986.94

Al-Abbas Cement 1828 - 3.25 3.39 3.25 3.31 0.06 10013 4.20 2.80 - - - 100R

Attock Cement 866 6.75 62.92 65.99 61.80 64.11 1.19 175538 69.86 57.60 50 20B 50 -

Balochistan Glass Ltd 858 - 1.72 1.84 1.51 1.78 0.06 10107 2.05 1.01 - - - -

Berger Paints 182 - 17.61 17.72 17.66 17.68 0.07 230 19.20 14.01 - - - 122R

Cherat Cement 956 27.70 12.08 12.58 11.77 12.19 0.11 103255 12.75 9.51 - - - -

Dadabhoy Cement 982 13.08 1.60 1.75 1.50 1.70 0.10 20557 2.20 1.30 - - - -

Dewan Cement 3574 - 1.67 1.90 1.62 1.71 0.04 1158451 1.99 1.30 - - - -

DG Khan Cement Ltd 3651 121.25 28.99 29.30 28.80 29.10 0.11 4023525 31.05 23.02 - 20R - 20R

Fauji Cement 6933 15.33 5.04 5.11 4.95 5.06 0.02 669754 5.50 4.52 - - - -

Fecto Cement 502 3.90 7.35 8.00 7.15 7.48 0.13 1510 8.20 4.25 - 10B - -

Flying Cement Ltd 1760 - 1.83 1.93 1.80 1.91 0.08 40726 2.20 1.72 - - - -

Frontier Ceramics 77 - 2.49 2.50 2.00 2.50 0.01 5513 5.00 1.18 - - - -

Gharibwal Cement 2319 - 3.09 4.09 3.22 3.96 0.87 186416 6.25 2.11 - - - -

Javedan Cement 581 - 59.98 60.00 59.00 60.00 0.02 120 66.10 56.05 - 200R - -

Kohat Cement 1288 - 7.02 8.02 6.89 8.02 1.00 964784 8.02 5.50 - - - -

Lafarge Pakistan Cmt. 13126 - 3.03 3.11 3.00 3.02 -0.01 335457 3.65 2.71 - - - -

Lucky Cement 3234 6.83 73.72 76.45 73.76 75.99 2.27 3334687 79.98 64.30 40 - 40 -

Maple Leaf Cement 5261 1.37 2.90 2.95 2.87 2.95 0.05 321636 3.40 2.51 - - - -

Pioneer Cement 2228 - 7.79 8.05 7.70 7.73 -0.06 64848 8.58 6.90 - - - -

Safe Mix Concrete 200 - 5.52 5.90 5.50 5.90 0.38 5004 9.47 5.25 - - - -

Thatta Cement 798 500.00 20.37 20.00 19.45 20.00 -0.37 1001 22.24 17.74 - - - 50R

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

929.07 946.47 922.68 937.25 8.18 0.88

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

165,531 - - 3,596.11 mn 8,970.02 mn 937.25

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

2.93 0.97 33.10 30.91 10.54 914.19

Crescent Steel 565 3.92 25.00 25.24 24.60 25.11 0.11 5860 27.51 23.75 - - 30 -

Dost Steels Ltd 675 - 2.94 3.05 2.92 2.95 0.01 41675 3.39 1.65 - - - -

Huffaz Pipe 555 9.21 14.93 15.35 14.70 14.73 -0.20 76969 16.75 12.25 - 30B - -

International Ind 1199 9.72 46.20 47.20 46.26 46.65 0.45 39770 64.25 44.00 - - 40 20B

Siddiqsons Tin XD 785 10.23 8.73 9.00 8.68 9.00 0.27 1257 10.80 8.00 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

1,084.90 1,096.04 1,068.37 1,084.01 -0.90 -0.08

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

5,562 - - 1,186.83 mn 3,003.70 mn 1,084.90

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

5.54 0.41 7.47 25.28 4.56 1,063.77

Century Paper 707 - 16.75 17.15 16.56 16.71 -0.04 2080 21.80 15.28 - 425R - -

Security Paper 411 6.06 39.18 39.34 38.50 39.29 0.11 3383 42.00 38.00 50 - 50 -

Paid up Last 60 days 2009 2010

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,240.34 1,256.10 1,237.30 1,250.25 9.91 0.80

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

17,361,303 - - 52,251.88 mn 278,636.08 mn 1,250.25

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

7.84 2.74 35.00 48.81 6.23 1,224.97

BOC (Pak) 250 10.98 78.75 81.39 77.55 79.92 1.17 4935 87.99 66.90 90 - 15 -

Clariant Pak 273 5.92 152.92 156.00 154.00 154.83 1.91 10409 164.89 149.72 125 - - -

Dawood Hercules 1203 7.03 169.04 171.00 166.51 169.56 0.52 34649 182.00 155.38 40 10B 40 -

Descon Chemical 1996 - 2.67 2.80 2.65 2.70 0.03 20013 2.98 1.78 - - - -

Descon Oxychem Ltd. 1020 - 7.80 8.27 7.75 7.99 0.19 1374181 8.27 3.20 - - - -

Dewan Salman 3663 - 1.62 1.74 1.65 1.67 0.05 259795 1.82 1.28 - - - -

Dynea Pak XD 94 - 10.20 10.88 9.50 10.80 0.60 103 13.79 9.21 15 - 15 -

Engro Corporation Ltd 3277 10.12 181.76 184.84 181.61 184.23 2.47 1736527 185.59 165.60 6010B 40R 40 -

Engro Polymer 6635 - 13.44 13.70 13.29 13.43 -0.01 226753 15.20 11.15 - 27.5R - -

Fatima Fertilizer 22000 - 9.74 10.00 9.62 9.91 0.17 581180 11.74 9.02 - - - -

Fauji Fertilizer XD 6785 7.93 109.08 109.60 109.00 109.47 0.39 237434 111.65 102.96 131.5 10B 95 -

Fauji Fert. Bin Qasim 9341 6.45 33.72 34.35 33.80 34.18 0.46 2621396 34.35 26.59 40 - 17.5 -

Gatron Ind 384 2.29 43.75 42.77 42.40 42.77 -0.98 176 46.59 36.95 - - 20 -

Ghani Gases Ltd 725 9.18 12.02 12.20 11.92 12.12 0.10 47054 13.85 7.41 - - - -

ICI Pakistan 1388 7.71 133.77 137.50 134.05 136.92 3.15 365785 138.00 113.00 80 - 55 -

Lotte Pakistan 15142 4.24 11.94 12.10 11.77 11.88 -0.06 9330207 12.18 7.44 5 - - -

Mandviwala 74 - 1.67 1.82 1.41 1.53 -0.14 581720 3.00 0.80 - - - -

Nimir Ind Chemical 1106 - 1.49 1.54 1.46 1.53 0.04 39500 1.65 1.16 - - - -

Shaffi Chemical 120 - 2.50 2.50 2.49 2.49 -0.01 411 3.40 1.80 - - - -

Sitara Chem Ind XDXB 214 9.86 118.04 123.25 115.05 120.27 2.23 9003 127.20 101.00 75 - 25 5B

Sitara Peroxide 551 15.70 14.29 14.69 14.10 14.44 0.15 481035 14.69 7.67 - - - -

Wah-Noble XD 90 6.48 32.99 33.72 33.70 33.70 0.71 201 46.25 32.00 50 - 50 -

Paid up Last 60 days 2009 2010

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

876.89 889.52 872.88 878.52 1.63 0.19

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

50,479 - - 3,904.20 mn 29,254.09 mn 878.52

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

6.22 1.39 22.31 44.54 7.16 871.52

Abbott (Lab) 979 8.68 98.20 100.50 98.60 99.02 0.82 4760 104.00 77.00 120 - 20 -

Ferozsons (Lab) 250 6.42 86.00 86.20 82.50 85.06 -0.94 2139 124.00 82.20 10 20B - 20B

GlaxoSmithKline 1707 12.81 71.10 72.00 71.00 71.25 0.15 3138 78.15 65.00 50 - - -

Highnoon (Lab) 165 6.93 24.40 25.00 24.15 25.00 0.60 11800 25.50 22.60 25 - - -

IBL HealthCare Ltd 200 6.45 8.02 8.00 7.70 8.00 -0.02 5003 9.00 6.10 - - - -

Otsuka Pak 100 7.35 33.30 33.00 32.94 32.94 -0.36 200 34.70 27.50 15 - - -

Searle Pak XD 306 5.62 62.83 64.00 62.50 62.50 -0.33 23439 64.50 54.01 15 15B 30 -

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

746.59 756.36 741.40 743.02 -3.56 -0.48

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

74,028 - - 3,242.17 mn 12,905.26 mn 758.62

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

5.71 1.46 25.53 11.08 1.94 743.02

Pak Int Cont. Terminal 1092 7.24 72.22 73.00 72.20 72.35 0.13 17828 80.00 60.05 - 20B 40 -

PNSC 1321 39.13 37.10 37.94 35.90 36.00 -1.10 56200 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

Dawan Salman Fibre 23-Nov 29-Nov - - 29-NovAKD Capital 23-Nov 30-Nov - - 30-NovPakistan General Insurance 23-Nov 29-Nov - - 29-NovPICIC Energy Fund 23-Nov 30-Nov 5 10-Nov 30-NovThal Limited 23-Nov 30-Nov - - 30-NovGlaxo SmithKline Pakistan 23-Nov 30-Nov - - 30-NovRavi Textile Mills 23-Nov 30-Nov - - 30-NovDewan Automotive Engineering 23-Nov 30-Nov - - 30-NovDewan Cement 23-Nov 30-Nov - - 30-NovSui Northern Gas Pipelines 24-Nov 30-Nov 20 11-Nov -Sui Southern Gas Pipelines 24-Nov 30-Nov - - 30-NovNadeem Textile Mills 24-Nov 30-Nov 20 - 30-NovFazal Cloth Mills 26-Nov 03-Dec 100SD 15-Nov 29-NovSana Industries 27-Nov 03-Dec - - 03-DecEast West Insurance Co 01-Dec 07-Dec 10(B) 23-Nov -MCB Bank 03-Dec 10-Dec 30(iii) 25-Nov -Dawood Hercules Chemicals 07-Dec 13-Dec 20(ii) 29-Nov -Pakistan Premier Fund 07-Dec 14-Dec - - 14-Dec

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

TRG Pakistan Ltd 4.29 4.4 4.24 4.25 -0.04 510549Murree BreweryXDXB 76.21 77.9 75 75.5 -0.71 79696Shifa Int Hospitals 28.02 29.4 26.62 28.64 0.62 789Eye Television 21 21.5 20.5 20.5 -0.5 2002PIAC(A) 2.28 2.37 2.2 2.33 0.05 124221AKD Capital XD 56.38 58.8 56 56.01 -0.37 613Pace (Pak) Ltd 2.86 3 2.85 2.89 0.03 379029Netsol Technol XD 19.67 20.29 19.51 19.95 0.28 1283096

Symbols Open High Low Close Change Vol

Page 7: The Financial Daily-Epaper-23-11-2010

Tuesday, November 23, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 239.84 points at 11,205.84. Volume was 48 per

cent above average and Bollinger Bands were 3 per cent narrower than

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

resistance level at 11,289.65 and 2nd resistance level at 11,373.45, while

Index will continue to find its 1st support level at 11,044.05 and 2nd sup-

port level at 10,882.20.

KSE 100 INDEX is currently 11.3 per cent above its 200-day moving average

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

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

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

oscillators are currently bullish on INDEX. Momentum oscillator is currently

indicating that INDEX is currently in an overbought condition.

RSI (14-day) 76.84 Support 1 11,044.05

MA (5-day) 10,972.15 Support 2 10,882.20

MA (10-day) 10,899.68 Resistance 1 11,289.65

MA (100-day) 10,163.06 Resistance 2 11,373.45

MA (200-day) 10,074.64 Pivot 11,127.80

Technical Analysis Leverage Position

Pakistan Oilfields Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

POL closed up 12.77 at 268.36. Volume was 356 per cent above average

(trending) and Bollinger Bands were 43 per cent wider than normal.

POL is currently 15.4 per cent above its 200-day moving average 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 POL (mildly bullish). Trend forecast-

ing oscillators are currently bullish on POL.

*Arif Habib Ltd 301 Buy

AKD Securities Ltd 296.6 Buy

TFD Research 281.35 Neutral

RSI (14-day) 69.61 Free Float Shares (mn) 107.94

MA (10-day) 253.93 Free Float Rs (mn) 28,965.90

MA (100-day) 232.55 ** NOI Rs (mn) 187.03

MA (200-day) 232.47 Mean 261.95

* 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 1.27 at 55.58. Volume was 78 per cent above average and

Bollinger Bands were 27 per cent narrower than normal.

NML is currently 9.1 per cent above its 200-day moving average and is dis-

playing an upward trend. Volatility is extremely high when compared to the

average volatility over the last 10 trading sessions. Volume indicators

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

ing oscillators are currently bullish on NML.

*Arif Habib Ltd 65 Buy

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Positive

RSI (14-day) 64.67 Free Float Shares (mn) 175.80

MA (10-day) 53.97 Free Float Rs (mn) 9,770.96

MA (100-day) 48.10 ** NOI Rs (mn) 70.87

MA (200-day) 50.94 Mean 55.06

* 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 1.37 at 67.40. Volume was 84 per cent above average and

Bollinger Bands were 30 per cent narrower than normal.

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

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

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

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

oscillators are currently bullish on NBP.

*Arif Habib Ltd 84 Buy

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 58.35 Free Float Shares (mn) 318.37

MA (10-day) 66.09 Free Float Rs (mn) 21,457.93

MA (100-day) 65.86 ** NOI Rs (mn) 83.32

MA (200-day) 70.68 Mean 66.85

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed up 0.11 at 29.10. Volume was 14 per cent above average

and Bollinger Bands were 5 per cent narrower than normal.

DGKC is currently 8.2 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on DGKC.

*Arif Habib Ltd 42 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 60.98 Free Float Shares (mn) 182.55

MA (10-day) 28.68 Free Float Rs (mn) 5,312.19

MA (100-day) 26.00 ** NOI Rs (mn) 32.43

MA (200-day) 26.88 Mean 29.05

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

Technical Analysis Leverage Position

Hub Power Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

HUBC closed up 0.62 at 36.16. Volume was 115 per cent above average

and Bollinger Bands were 1 per cent wider than normal.

HUBC is currently 6.5 per cent above its 200-day moving average and is

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

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

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

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

ly indicating that HUBC is currently in an overbought condition.

*Arif Habib Ltd 47 Buy

AKD Securities Ltd 44 Buy

TFD Research 44.9 Positive

RSI (14-day) 71.63 Free Float Shares (mn) 810.01

MA (10-day) 34.36 Free Float Rs (mn) 29,289.89

MA (100-day) 34.35 ** NOI Rs (mn) N/A

MA (200-day) 33.96 Mean 35.90

* 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 2.27 at 75.99. Volume was 140 per cent above average

and Bollinger Bands were 6 per cent wider than normal.

LUCK is currently 7.6 per cent above its 200-day moving average and is

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

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

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

ing oscillators are currently bullish on LUCK.

*Arif Habib Ltd 97 Buy

AKD Securities Ltd 105.2 Buy

TFD Research 72.75 Neutral

RSI (14-day) 58.10 Free Float Shares (mn) 129.35

MA (10-day) 74.36 Free Float Rs (mn) 9,829.31

MA (100-day) 69.21 ** NOI Rs (mn) 29.20

MA (200-day) 70.61 Mean 74.98

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed up 0.46 at 34.18. Volume was 37 per cent above average and

Bollinger Bands were 45 per cent wider than normal.

FFBL is currently 16.6 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on FFBL. Momentum oscillator is currently

indicating that FFBL is currently in an overbought condition.

*Arif Habib Ltd 35 Buy

AKD Securities Ltd 32.06 Accumulate

TFD Research 29.1 Negative

RSI (14-day) 76.36 Free Float Shares (mn) 326.94

MA (10-day) 32.83 Free Float Rs (mn) 11,174.76

MA (100-day) 28.92 ** NOI Rs (mn) 24.17

MA (200-day) 29.59 Mean 34.01

* 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

1,081.57 1,106.13 1,080.11 1,095.52 13.94 1.29

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

3,711,898 - - 29,771.58 mn 15,734.42 mn 1,095.52

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

15.49 0.34 2.21 104.74 10.51 1,069.03

AL-Meezan Mutual F. 1375 5.33 6.35 6.40 6.35 6.40 0.05 30598 7.20 5.85 - - 18.5 -

B F Modaraba XB 75 2.02 3.79 3.07 3.00 3.07 -0.72 2000 4.90 3.00 - - - 10B

Constellation Modaraba 65 3.45 1.75 1.88 1.01 1.52 -0.23 721 2.99 0.90 - - - -

Crescent St Modaraba XD 200 1.50 0.59 0.65 0.50 0.60 0.01 61001 1.10 0.16 - - 1.2 -

Equity Modaraba 524 9.56 1.35 1.60 1.35 1.53 0.18 182551 1.60 0.76 - - - -

First Dawood Mutual F. 581 0.63 2.00 2.10 1.98 2.00 0.00 19031 2.10 1.30 - - - -

Golden Arrow XD 760 1.96 2.76 2.80 2.73 2.75 -0.01 35016 3.88 2.32 - - 17 -

Habib Modaraba 1008 5.67 6.50 6.60 6.40 6.58 0.08 65005 7.25 5.56 20 - 21 -

JS Growth Fund 3180 44.38 3.48 3.61 3.40 3.55 0.07 2477049 3.61 2.65 - - 5 -

JS Value Fund 1186 12.14 3.26 3.43 3.25 3.40 0.14 215805 3.50 2.31 10 - 10 -

KASB Modaraba XD 283 1.18 1.41 1.60 1.53 1.60 0.19 1250 2.23 0.52 - - 2.8 -

Meezan Balanced Fund 1200 5.11 5.20 5.49 5.25 5.31 0.11 11700 7.00 5.15 - - 15.5 -

Mod Al-Mali 184 10.00 1.06 1.17 1.00 1.00 -0.06 2719 2.18 0.56 - - - -

Pak Prem Fund 1698 12.01 8.60 8.84 8.58 8.65 0.05 52148 9.39 7.00 - - 18.6 -

PICIC Energy Fund XD 1000 1.63 5.29 5.69 5.31 5.61 0.32 137388 5.95 4.00 - - 10 -

PICIC Growth Fund 2835 5.89 8.90 9.25 8.95 9.19 0.29 179149 9.25 7.60 - - 20 -

PICIC Inv Fund 2841 5.05 4.35 4.50 4.40 4.44 0.09 135560 4.67 3.50 - - 10 -

Prud Modaraba 1st 872 2.16 0.90 0.95 0.91 0.95 0.05 6514 1.20 0.70 - - 3 -

Stand Chart Modaraba 454 4.39 8.70 9.00 8.95 8.95 0.25 10000 10.99 7.75 16.5 - 17 -

Tri-Star 1st Modaraba 212 - 1.07 1.60 1.20 1.20 0.13 3505 7.12 0.50 - - - -

U D L Modaraba XD 264 1.60 5.85 6.25 5.61 5.64 -0.21 83013 6.99 4.71 10 - 12.5 -

Paid up Last 60 days 2009 2010

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

432.41 448.92 431.54 440.12 7.70 1.78

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

13,998,737 - - 30,336.44 mn 30,623.78 mn 440.12

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

10.60 0.46 0.91 99.56 1.98 415.92

AMZ Ventures 225 1.39 0.55 0.77 0.53 0.61 0.06 3007 1.10 0.42 - - - -

Arif Habib Investments 360 3.69 18.85 18.97 18.40 18.76 -0.09 30240 19.98 13.00 - - - 20B

Arif Habib Limited XB 450 13.72 26.85 27.49 26.71 26.90 0.05 53281 34.00 24.40 15 25B - 20B

Arif Habib Securities 3750 4.78 25.95 26.45 25.89 26.00 0.05 2491536 26.45 20.90 - - 30 -

Dawood Cap Mngt. XB 150 1.31 1.47 1.47 1.47 1.47 0.00 5000 2.05 0.86 - - - -

Dawood Equities 250 - 1.99 2.23 1.79 1.92 -0.07 41609 2.70 1.51 - - - -

First National Equity 575 - 9.89 10.50 9.89 10.20 0.31 1000 11.75 6.84 - - - -

IGI Investment Bank 2121 16.75 2.75 2.88 2.65 2.68 -0.07 14496 2.88 1.17 - - - -

Invest Bank 2849 - 0.62 0.76 0.57 0.63 0.01 2334 1.00 0.44 - - - -

Ist Cap Securities XB 3166 - 3.70 3.90 3.70 3.80 0.10 6154 5.00 2.54 - 10B - 10B

Ist Dawood Bank 626 0.67 1.87 1.88 1.84 1.87 0.00 6500 2.84 1.17 - - - -

Jah Siddiq Co 7633 - 12.55 13.10 12.59 12.95 0.40 10076390 13.10 8.80 -243.778B 10 -

JOV and CO 508 - 4.34 4.60 4.36 4.48 0.14 790817 5.38 1.96 - - - -

JS Global Cap 500 8.31 30.40 30.98 30.50 30.91 0.51 6786 40.30 24.25 150 - - -

JS Investment 1000 29.92 7.07 7.32 6.89 7.18 0.11 267269 7.44 5.10 - - - -

KASB Securities 1000 - 4.31 4.50 4.20 4.30 -0.01 54406 4.70 3.20 - - - -

Orix Leasing 821 4.63 6.10 6.30 6.10 6.30 0.20 5623 6.45 3.66 - - - -

Pervez Ahmed Sec 775 - 2.40 2.49 2.35 2.38 -0.02 132281 2.70 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.60 0.74 0.57 0.70 0.10 2426 0.86 0.42 - - - -

Sec Inv Bank 514 9.12 2.90 3.45 2.28 2.28 -0.62 7502 3.90 1.65 - - - -

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

881.27 883.73 879.53 883.31 2.04 0.23

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

12,162 - - 2,290.72 mn 10,439.24 mn 886.18

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

90.49 3.48 3.85 355.53 3.93 857.66

EFU Life Assurance 850 45.40 78.02 80.00 79.00 79.90 1.88 11562 82.99 51.25 5513.33B - -

New Jub Life Insurance 627 28.52 42.99 42.50 42.50 42.50 -0.49 600 45.20 35.00 10 - - -

Paid up Last 60 days 2009 2010

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,043.45 1,067.76 1,044.73 1,058.60 15.15 1.45

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

17,479,125 - - 257,548.02 mn 642,958.97 mn 1,058.60

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

7.59 1.06 13.94 40.49 5.34 1,031.64

Allied Bank Limited 7821 5.78 58.50 59.79 58.70 59.49 0.99 413345 59.79 48.51 40 10B 20 -Askari Bank 6427 7.68 15.85 16.20 15.85 16.13 0.28 548914 16.65 14.00 - 20B - -Atlas Bank 5001 - 1.56 1.64 1.53 1.56 0.00 10313 2.84 1.50 - - - -Bank Alfalah 13492 12.59 9.70 10.03 9.79 9.82 0.12 969314 10.19 7.32 8 - - -Bank AL-Habib 7322 7.22 33.30 33.97 33.40 33.50 0.20 89573 33.97 29.10 20 20B - -Bank Of Khyber 5004 6.00 3.99 4.60 4.00 4.50 0.51 1143146 4.70 2.50 - - - -Bank Of Punjab 5288 - 9.43 10.34 9.53 9.99 0.56 4042861 10.50 7.35 - - - -BankIslami Pak 5280 837.50 3.34 3.40 3.27 3.35 0.01 33521 3.65 2.31 - - - -Faysal Bank XB 7309 4.65 14.40 14.55 14.25 14.40 0.00 74281 17.10 12.85 - - - 20BHabib Bank Ltd 10019 6.68 105.60 107.44 105.75 107.02 1.42 775525 107.44 92.00 60 10B - -Habib Metropolitan Bank 8732 6.73 21.17 22.00 21.30 22.00 0.83 148674 23.30 18.02 10 16B - -JS Bank Ltd 6128 - 2.75 2.95 2.80 2.90 0.15 123676 3.00 2.00 - - - 66RKASB Bank Ltd 9509 - 2.35 2.59 2.32 2.49 0.14 13007 3.22 2.03 - 26B - -MCB Bank Ltd 7602 9.15 204.47 207.72 204.51 206.34 1.87 1317375 209.75 180.60 110 10B 55 -Meezan Bank 6983 8.01 14.81 15.47 14.85 15.14 0.33 32925 15.95 14.05 - 5B - -Mybank Ltd 5304 - 1.98 2.25 2.01 2.22 0.24 70819 2.75 1.62 - - - -National Bank 13455 5.89 66.03 67.65 66.30 67.40 1.37 4794510 70.75 60.51 75 25B - -NIB Bank 40437 - 2.78 2.87 2.76 2.81 0.03 696627 3.25 2.42 - - - -Royal Bank Ltd 17180 - 5.29 5.73 5.15 5.25 -0.04 248911 8.98 5.15 - - - -Samba Bank 14335 - 1.85 1.90 1.85 1.90 0.05 46225 2.65 1.51 - - -63.46RSilkbank Ltd 26716 - 2.65 2.76 2.70 2.72 0.07 787635 3.30 2.50 - - - -Soneri Bank 6023 - 7.29 7.46 7.20 7.24 -0.05 13904 8.00 5.01 - - - -Stand Chart Bank 38716 11.20 7.20 7.49 7.20 7.28 0.08 3761 8.00 6.00 - - - -Summit Bank Ltd 5000 - 2.89 3.00 2.74 2.91 0.02 87166 3.15 2.30 - - - -United Bank Ltd 12242 7.02 58.76 60.00 58.75 59.76 1.00 1080283 60.00 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

741.97 753.21 738.53 742.26 0.28 0.04

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

1,092,008 - - 11,111.34 mn 45,868.86 mn 742.92

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

12.22 0.64 5.20 79.54 6.51 725.26

Adamjee Insurance 1237 23.74 81.91 83.34 81.51 81.92 0.01 622259 84.15 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

1,668.14 1,682.90 1,602.80 1,614.20 -53.94 -3.23

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

1,668,201 - - 12,202.80 mn 34,708.51 mn 1,814.35

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

10.39 1.19 11.41 66.79 6.43 1,614.20

Sui North GasSPOT 5491 8.96 30.93 31.00 29.90 30.10 -0.83 1146351 34.75 25.55 - - 20 -Sui South GasXDXB 8390 3.26 22.49 22.80 21.51 21.67 -0.82 521850 30.70 16.50 - - 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

1,210.34 1,235.38 1,207.65 1,225.01 14.67 1.21

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

9,587,269 - - 95,369.29 mn 99,608.55 mn 1,225.01

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

12.87 1.20 9.35 104.13 8.09 1,160.61

Genertech 198 - 0.80 0.90 0.78 0.80 0.00 5000 1.45 0.51 - - - -Hub Power 11572 6.62 35.54 36.25 35.65 36.16 0.62 3982499 37.24 32.75 33.5 - 50 -Japan Power 1560 - 1.55 1.60 1.52 1.55 0.00 19894 2.25 0.70 - - - -KESC XR 7932 - 2.28 2.39 2.23 2.29 0.01 1292711 2.50 1.94 - 31R - 7.8RKohinoor Energy 1695 10.54 19.48 20.44 18.90 18.97 -0.51 17755 26.50 18.90 45 - 15 -Kohinoor Power 126 2.95 4.76 4.85 4.84 4.84 0.08 800 6.27 3.90 - - - -Kot Addu Power XD 8803 4.80 39.26 39.79 39.10 39.52 0.26 246925 42.95 38.35 64.5 - 50 -Nishat Chunian Power Ltd 3673 3.06 13.75 14.00 13.50 13.95 0.20 916303 14.85 9.50 - - - -Nishat Power Ltd 3541 23.85 14.80 14.98 14.55 14.79 -0.01 2961040 16.10 9.50 - - - -Sitara Energy Ltd XD 191 3.41 18.98 18.99 17.98 18.29 -0.69 106537 23.49 17.98 20 - 20 -Southern Electric 1367 - 2.18 2.25 2.16 2.18 0.00 10104 2.90 2.05 - - - -Tri-star Power XD 150 - 0.81 1.34 1.05 1.15 0.34 27701 1.75 0.33 3 - - -

Paid up Last 60 days 2009 2010

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

1,154.45 1,167.95 1,143.09 1,160.21 5.76 0.50

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

1,792,061 - - 50,077.79 mn 80,320.96 mn 1,160.21

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

6.25 0.80 12.84 62.56 10.01 1,125.76

Pak Datacom XD 78 4.88 79.10 79.99 79.00 79.04 -0.06 1327 120.61 78.00 70 - 80 -Pakistan Telecomm Co A 37740 13.13 19.55 19.74 19.40 19.70 0.15 500643 19.76 17.32 15 - 17.5 -Telecard XD 3000 0.70 2.39 2.50 2.30 2.34 -0.05 765086 2.69 1.80 - - 1 -WorldCall Tele 8606 - 2.74 2.79 2.67 2.70 -0.04 525005 2.98 2.30 - - - -Wateen Telecom Ltd 6175 - 3.78 3.89 3.65 3.77 -0.01 42474 4.50 3.35 - - - -

Paid up Last 60 days 2009 2010

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

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

Ask Gen Insurance 204 7.12 11.15 11.90 11.15 11.75 0.60 101 12.25 8.45 - - - 25R

Atlas Insurance 369 5.44 35.34 34.21 34.10 34.21 -1.13 200 35.34 27.10 40 10B - -

Century Insurance 457 6.56 10.73 11.00 10.50 10.50 -0.23 18761 12.00 9.42 - - - -

EFU General Insurance 1250 - 45.11 46.00 45.21 45.33 0.22 19672 48.63 34.76 40 8.7B - -

Habib Insurance 400 2.85 11.99 12.40 11.95 11.99 0.00 9704 12.40 10.04 35 - - -

IGI Insurance 718 15.58 83.95 84.40 83.99 84.00 0.05 991 86.69 66.02 35 - 10 20B

New Jub Insurance 791 14.98 57.50 56.99 55.10 55.56 -1.94 900 60.50 52.21 30 20B - -

Pak Reinsurance 3000 41.10 15.94 16.25 15.92 16.03 0.09 355589 17.05 12.50 30 - - -

Pak Gen Insurance 250 1.54 6.20 6.84 6.50 6.50 0.30 121 7.04 5.06 5 25B - -

PICIC Ins Ltd 350 - 6.59 7.34 7.00 7.30 0.71 52001 7.34 1.66 - - - -

Premier Insurance 303 5.34 9.83 9.90 9.70 9.88 0.05 10104 9.91 8.00 20 15B - -

Silver Star Insurance 253 4.16 6.61 7.25 6.70 6.70 0.09 1501 8.17 6.00 - 20B - -

United Insurance XB 400 1.97 5.20 6.00 6.00 6.00 0.80 103 7.18 4.02 - 16B - -

UPTO 100 VOLUME

FANM 2.90 2.90 2.90 2.90 0.00 100

IDYM 262.80 273.87 269.99 273.10 10.30 100

SNAI 32.61 32.75 32.74 32.74 0.13 100

FRSM 20.05 20.08 20.08 20.08 0.03 100

BWHL 33.60 35.10 35.10 35.10 1.50 100

NOPKNV 12.41 13.00 13.00 13.00 0.59 100

PPP 40.50 39.62 39.60 39.61 -0.89 99

HUSS 10.90 10.10 9.90 10.10 -0.80 91

RMPL 1917.22 2009.99 1870.01 1997.95 80.73 89

MERIT 18.13 17.28 17.25 17.26 -0.87 75

MZSM 5.93 6.09 5.60 6.06 0.13 73

ULEVER 4076.33 4189.89 4010.01 4050.01 -26.32 73

ARPAK 13.52 12.52 12.52 12.52 -1.00 70

BRR 1.44 1.65 1.40 1.54 0.10 63

NESTLE 1931.59 2023.75 1905.02 1964.33 32.74 56

TOWL 14.90 13.90 13.90 13.90 -1.00 50

DADX 23.90 24.76 24.71 24.74 0.84 50

ISIL 71.39 71.39 71.39 71.39 0.00 45

SING 18.26 19.26 18.01 18.55 0.29 36

SHEZ 93.15 96.75 90.51 96.75 3.60 26

SHJS 72.40 75.99 73.00 73.00 0.60 17

DATM 0.18 0.25 0.25 0.25 0.07 16

MLCFPS 6.95 7.89 6.00 6.99 0.04 11

PAKT 112.50 112.51 112.50 112.51 0.01 11

BIFO 45.30 46.10 46.10 46.10 0.80 10

ICL 25.64 26.92 26.90 26.90 1.26 10

CWSM 1.37 1.48 1.00 1.35 -0.02 9

PTEC 1.85 1.85 1.85 1.85 0.00 9

COLG 870.00 880.00 878.00 878.00 8.00 9

PHDL 42.19 42.19 40.10 41.62 -0.57 9

FPJM 1.60 1.65 1.62 1.62 0.02 6

PCAL 51.76 51.80 51.80 51.80 0.04 6

FFLM 1.50 1.70 1.70 1.70 0.20 5

SCLL 2.30 2.89 2.88 2.88 0.58 5

GUSM 5.40 6.40 5.70 5.90 0.50 5

TSML 32.90 32.90 32.90 32.90 0.00 5

BAPL 8.49 9.39 8.85 8.85 0.36 5

DREL 648.00 615.60 615.60 615.60 -32.40 5

GSPM 7.79 7.89 7.57 7.57 -0.22 4

DIIL 9.10 10.00 9.50 9.83 0.73 4

FZTM 425.00 438.00 430.00 432.67 7.67 3

GRYL 1.30 2.30 0.66 0.66 -0.64 2

IFSL 6.89 7.88 6.98 6.98 0.09 2

BCML 15.25 14.85 14.85 14.85 -0.40 2

AGL 22.00 22.75 20.91 21.83 -0.17 2

LPGL 19.99 20.95 18.99 20.95 0.96 2

EMCO 3.14 3.95 3.45 3.45 0.31 2

GRAYS 51.83 52.75 52.74 52.74 0.91 2

TSMF 1.45 1.49 1.49 1.49 0.04 1

ESBL 2.79 2.95 2.84 2.84 0.05 1

CICL 57.70 59.85 58.50 58.50 0.80 1

AZAMT 2.49 2.45 2.39 2.39 -0.10 1

BILF 1.26 1.97 1.97 1.97 0.71 1

BROT 0.22 0.20 0.16 0.20 -0.02 1

KSTM 0.62 0.89 0.88 0.88 0.26 1

PRET 28.59 29.45 29.45 29.45 0.86 1

SMTMR 0.08 0.01 0.01 0.01 -0.07 1

YOUW 1.11 1.39 1.35 1.35 0.24 1

COTT 1.10 0.75 0.75 0.75 -0.35 1

GFIL 3.25 3.25 3.25 3.25 0.00 1

STML 20.50 21.51 21.51 21.51 1.01 1

PASM 8.25 9.25 9.25 9.25 1.00 1

AABS 94.43 95.00 95.00 95.00 0.57 1

BAFS 56.00 58.80 58.80 58.80 2.80 1

LAKST 318.20 323.99 323.99 323.99 5.79 1

GAIL 4.25 4.80 4.80 4.80 0.55 1

TREI 1.94 2.23 2.05 2.05 0.11 1

JOPP 8.85 9.80 9.80 9.80 0.95 1

MDTL 51.78 53.00 53.00 53.00 1.22 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

POL-NOV 256.06 268.86 256.60 267.94 11.88 878000

NBP-NOV 66.21 67.66 66.50 67.55 1.34 426500

DGKC-NOV 28.99 29.30 28.85 29.16 0.17 388500

NML-NOV 54.42 55.88 54.54 55.50 1.08 360500

FFBL-NOV 33.77 34.25 34.05 34.15 0.38 347500

ENGRO-NOV 182.02 185.50 182.25 184.45 2.43 337000

LUCK-NOV 73.94 76.49 74.00 75.90 1.96 331500

POL-DEC 256.06 268.86 258.00 267.92 11.86 295500

PSO-NOV 283.97 291.50 283.65 290.17 6.20 262000

ANL-NOV 11.04 11.30 11.10 11.18 0.14 226500

PPL-NOV 194.34 203.00 194.00 201.46 7.12 204500

NBP-DEC 66.21 68.30 67.21 68.01 1.80 157500

OGDC-NOV 158.01 165.55 159.45 165.22 7.21 135000

AICL-NOV 82.14 83.30 81.81 82.31 0.17 109000

NML-DEC 54.42 56.90 54.85 56.57 2.15 98000

FFBL-DEC 32.52 33.30 33.10 33.25 0.73 82000

PPL-DEC 194.34 202.50 195.75 201.97 7.63 80000

MCB-NOV 204.44 207.50 204.80 206.54 2.10 71500

LUCK-DEC 73.94 76.50 75.00 76.50 2.56 63500

OGDC-DEC 156.51 163.50 158.51 163.50 6.99 50000

ENGRO-DEC 180.02 184.90 182.10 184.09 4.07 49000

PSO-DEC 283.97 292.00 284.20 290.58 6.61 45500

DGKC-DEC 28.99 29.40 29.00 29.38 0.39 30000

BOP-NOV 9.51 10.29 9.90 9.94 0.43 30000

UBL-DEC 59.31 60.50 60.50 60.50 1.19 5000

UBL-NOV 59.31 60.00 60.00 60.00 0.69 5000

NCL-NOV 23.92 23.80 23.80 23.80 -0.12 5000

MCB-DEC 201.44 205.75 203.00 205.13 3.69 4000

BOP-DEC 9.51 10.00 10.00 10.00 0.49 2000

AICL-DEC 82.14 85.30 82.25 84.28 2.14 1500

Symbols Open High Low Close Change Vol

ZERO VOLUME

BAWS 1.40 1.50 1.50 1.50 0.10 0.00

BHAT 230.00 229.99 229.99 229.99 -0.01 0.00

CPMFI 4.45 4.40 4.40 4.40 -0.05 0.00

CSIL 3.90 4.00 4.00 4.00 0.10 0.00

CSMD 6.48 6.45 6.45 6.45 -0.03 0.00

DFSM 7.00 6.90 6.90 6.90 -0.10 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 58.46 3.25 3.20 3.40 3.45 3.30

Allied Bank Limited 77.87 58.85 58.25 59.95 60.40 59.35

Attock Cement 55.36 61.95 59.80 66.15 68.15 63.95

Arif Habib Limited 52.18 26.55 26.25 27.35 27.80 27.05

Arif Habib Securities 63.46 25.75 25.55 26.35 26.65 26.10

Adamjee Insurance 67.93 81.20 80.45 83.00 84.10 82.25

Askari Bank 61.52 15.90 15.70 16.25 16.40 16.05

Azgard Nine 54.40 10.95 10.85 11.30 11.45 11.15

Attock Petroleum 51.27 309.95 305.45 316.95 319.45 312.45

Attock Refinery 81.30 126.20 124.65 129.35 130.95 127.80

Bank Alfalah 61.14 9.75 9.65 9.95 10.10 9.90

Bank Islami Pak 54.54 3.30 3.20 3.40 3.45 3.35

Bank Of Punjab 65.70 9.55 9.15 10.35 10.75 9.95

Dewan Cement 59.30 1.60 1.45 1.85 2.00 1.75

DGK Cement 60.98 28.85 28.55 29.35 29.55 29.05

Dewan Salman 56.97 1.65 1.60 1.75 1.80 1.70

Dost Steels Ltd 59.61 2.90 2.85 3.00 3.10 2.95

EFU General Insurance 58.45 45.00 44.70 45.80 46.30 45.50

EFU Life Assurance 64.32 79.25 78.65 80.25 80.65 79.65

Engro Chemical 64.66 182.30 180.35 185.50 186.80 183.55

Faysal Bank 41.21 14.25 14.10 14.55 14.70 14.40

Fauji Cement 56.48 4.95 4.90 5.15 5.20 5.05

Fauji Fert Bin 76.36 33.85 33.55 34.40 34.65 34.10

Fauji Fertilizer 54.29 109.10 108.75 109.70 109.95 109.35

Habib Bank Ltd 69.34 106.05 105.05 107.75 108.45 106.75

Hub Power 71.63 35.80 35.40 36.40 36.60 36.00

ICI Pakistan 69.91 134.80 132.70 138.25 139.60 136.15

Indus Motors 84.51 270.00 267.50 277.00 281.50 274.50

JOV and CO 65.38 4.35 4.25 4.60 4.70 4.50

Japan Power 48.87 1.50 1.45 1.60 1.65 1.55

JS Bank Ltd 64.96 2.80 2.75 2.95 3.05 2.90

Jah Siddiq Co 44.21 12.65 12.35 13.15 13.40 12.90

Kot Addu Power 44.02 39.15 38.80 39.85 40.15 39.45

KESC 62.27 2.20 2.15 2.35 2.45 2.30

Lotte Pakistan 74.40 11.75 11.60 12.05 12.25 11.90

Lucky Cement 58.10 74.35 72.70 77.05 78.10 75.40

MCB Bank Ltd 60.21 204.65 203.00 207.85 209.40 206.20

Maple Leaf Cement 52.87 2.85 2.80 2.95 3.00 2.90

National Bank 58.35 66.60 65.75 67.95 68.45 67.10

Nishat (Chunian) 67.92 23.55 23.05 24.35 24.70 23.90

Netsol Technologies 63.70 19.55 19.15 20.35 20.70 19.90

NIB Bank 52.83 2.75 2.70 2.85 2.90 2.80

Nimir Ind.Chemical 56.58 1.45 1.40 1.55 1.60 1.50

Nishat Mills 64.67 54.70 53.85 56.15 56.75 55.30

Oil & Gas Dev XD 86.27 161.20 156.20 169.10 172.00 164.10

PACE (Pakistan) Ltd 49.17 2.80 2.75 2.95 3.05 2.90

Pervez Ahmed Sec 61.73 2.35 2.25 2.45 2.55 2.40

PIAC(A) 56.07 2.25 2.15 2.40 2.45 2.30

Pioneer Cement 48.33 7.60 7.50 7.95 8.20 7.85

Pak Oilfields 69.61 259.80 251.20 272.65 276.95 264.05

Pak Petroleum 69.35 195.65 189.50 205.50 209.15 199.35

Pak Suzuki 53.61 74.15 73.55 75.65 76.55 75.05

PSO XD 67.20 285.25 280.45 293.20 296.35 288.40

PTCLA 61.76 19.50 19.25 19.80 19.95 19.60

Shell Pakistan 64.94 198.45 196.05 202.25 203.75 199.90

Sui North Gas 38.02 29.65 29.25 30.75 31.45 30.35

Sitara Peroxide 76.35 14.15 13.80 14.70 15.00 14.40

Sui South Gas 32.18 21.20 20.70 22.45 23.30 22.00

Telecard 49.82 2.25 2.20 2.45 2.60 2.40

TRG Pakistan 53.39 4.20 4.15 4.35 4.45 4.30

United Bank Ltd 74.88 59.00 58.25 60.25 60.75 59.50

WorldCall Tele 57.30 2.65 2.60 2.75 2.85 2.70

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Kohinoor Mills Limited 23-Nov 10:00

Shell Gas LPG (Pakistan) 23-Nov 1:00

Atlas Honda Limited 24-Nov 11:30

Exide Pakistan Limited 27-Nov 3:00

BOARD MEETINGS

Company Date Time

Page 8: The Financial Daily-Epaper-23-11-2010

Tuesday, November 23, 2010 8

BANGKOK: A pedestrian walks past a giant advertisement for an I-Phone 4

displayed at shopping mall.-Reuters

KARACHI : Mobilink,Pakistan's market leader incellular services and partof Orascom TelecomHolding (OTH), has postedstrong revenues, higherEBITDA and increasingsubscriber base in the thirdquarter of 2010, as com-pared to the same periodlast year. Mobilink postedrevenue of Rs23 billion forthird quarter of 2010, ascompared to Rs21.5 billionfor the same period lastyear, translating into a yearon year increase of 6.27per cent.

EBITDA increased fromRs7.7 billion in Q3 2009to Rs9 billion in Q3 2010,registering an increase of17.8 per cent. Mobilinksubscriber base showed

4.7 per cent growth, ascompared to closing baseof Q3 2009 closing at31.44 million at the end ofQ3 2010.

The company has main-tained its leadership posi-tion even in the currenteconomic environment.According to the resultspublished, for the first 9months of 2010, the rev-enue grew by 9.6 per centin local currency as com-pared to same period in2009. Moreover, the EBIT-DA grew by 22.3 per centin local currency and by16.9 per cent in USD termsfrom January to September2010, as compared to sameperiod in 2009.

Khaled Bichara, GroupCEO, OTH shared that

OTH subscribers have nowsurpassed the 100 millionmark and net incomebefore minority interesthas reached $922 millionfor the period. Bicharahighlighted the challengesfaced by Pakistan due tothe floods and Orascom'scontribution for the benefitof the flood victims inPakistan.

Rashid Khan, Presidentand CEO, Mobilink said,"Mobilink has further con-solidated its position in themarket and continues tomarket aggressively in Q32010: This is a greatachievement for us at atime when the industry,economy and the nation, asa whole is going through atough time.-PR

Mobilink revenues,users towering high

ISLAMABAD: PakistanT e l e c o m m u n i c a t i o nCompany Limited (PTCL)has launched various call-ing packages to facilitate itscustomers, a statement said.

The new regional andlocal calling packages arethe continuation of pack-ages previously launchedby the company that gaveits customers the freedomof unlimited calling withinan area group for a fixedmonthly charge withoutworrying about additionalcharges, it said.

The newly-launchedpackages now provide cus-tomers with more options tochoose from depending

upon their communicationneeds.

P a k i s t a nT e l e c o m m u n i c a t i o nCompany Limited cus-tomers can now choosefrom four proposed pack-ages with three packagesmainly targeting at the resi-dential and one packagedesigned, especially forcorporate customers, itsaid.

The residential packagestarget users from low-endto high-end, providing themfree minutes, ranging from200 to 750 to choose fromdepending upon theirrequirement, while the cor-porate package gives the

facility of 3,000 free on-netminutes.

PTCL Commercial SeniorExecutive Vice PresidentNaveed Saeed said that thelaunch of the new packagesoption will have a very pos-itive impact on segmentingthe customers based upontheir communication habits.

Aasif Inam EVPConsumer Services said,"This launch would notonly have a positive impacton PTCL revenue stabilisa-tion but would also facili-tate our budget consciouscustomers by giving themthe liberty to choose fromvarious option according totheir needs.-APP

PTCL casts few newpearls before users

KARACHI: OmanT e l e c o m m u n i c a t i o nCompany, the parent ofWorldcall Telecom Ltd(WTL) will arrange funds toimprove financial health of itssubsidiary under a five yearplan.

WTL has informed KarachiStock Exchange (KSE) thatOmantel board has decided tohold extraordinary generalmeeting (EGM) for solicitingapproval of shareholders toissue a guarantee to a 3rd partyto arrange funding of $35 mil-lion for its subsidiary.

Omantel has initiated steps toobtain regulatory permissionfrom Muscat Security andExchange Commission for

holding EGM for this purpose. It may be noted Omantel

board in March 2010, hadalready granted approval fordeveloping a strategy for res-cuing its subsidiary andappointed a consultant firm toassess the operations and sug-gest steps to improve its per-formance.

Omantel had acquired amajor stake of 56.8 per cent inWTL --for 72 million Omanriyal-- in May 2008.

Meanwhile, WTL hadrequested Omantel to provide afunding of $70 million to fulfillits capital expenditure require-ments of $27 million and torefinance its existing liabilitiesof $43 million.-APP

Omantel signalsWorldcall boost

ISLAMABAD: TelenorPakistan, gave away 12 motor-bikes and around 2,200 cashprizes worth Rs4.8 million toits easyload retail partnersfrom different regions underits 'Telenor Maala-maal Offer.'Retail Partners whose Julyeasyload sales exceeded overprevious month by five percent were eligible to enter thelucky draw. A 10 per centincrease allowed them a dou-ble entry in the draw.

Appreciating the support ofretail partners, TelenorPakistan's Director Sales &Distribution Malik FaisalQayyum said, "Our retail part-

ners have been the backboneof our distribution network.We would like to thank themfor their enthusiastic participa-tion in the 'Telenor Maala-maal Offer' and extend ourheartiest congratulations to allthe winners.'

The Maala-maal offergave away 12 Motorcycles,30 prizes of Rs10,000 each,60 prizes of Rs5,000 eachand 2,100 prizes of Rs2,000each to easyload retailersacross regions in the coun-try. The scheme is a contin-uation of the previously run'Easyload Millionaire PrizeSchemes.'-PR

Telenor motivateseasyload retailers

ISLAMABAD: ChairmanP a k i s t a nT e l e c o m m u n i c a t i o nAuthority (PTA) DrMohammed Yaseen, hassaid that it is a positive signfor the telecom industry thatcompanies are diverginginto new grounds for thedevelopment of LocalContents and Applicationsand it signifies a shift intelecom industry.

He was addressing prizedistribution ceremony ofcalling All InnovatorsPakistan 2010 developer'scompetition organised byNokia which was held herein Karachi. He said, "Thisevent symbolises theprogress of Pakistan's tele-com industry. It is an honorfor us to have players in theindustry who are playingcritical role in furtheringnot only their business butare also fuelling the growthof the industry on thewhole. He further said thatby providing a breedingground for Pakistani devel-opers, Nokia is taking a leadin bringing to Pakistani con-sumers the most relevantmobility experience.

During the occasion ImranMahmood, GeneralManager, Nokia Pakistansaid, "We are overwhelmedwith the number of develop-ers who submitted theirapplications for the compe-tition. It only reaffirmed our

belief that Pakistan hassome of the finest develop-ers to offer. It is truly amilestone for us to reach thefinal stage of first CallingAll Innovators competitionin Pakistan.

On this occasion TeemuKiijarvi, Forum NokiaDevelopers RelationsManager said, "It is a greatachievement and a proudmoment for the Nokia teamas well as the Pakistanidevelopers to come togetheron a single platform. Thisevent only marks the begin-ning of a fruitful and win-ning partnership betweenForum Nokia and Pakistanidevelopers.

The Award Competitionwas arranged to recognisethe talent who has locallydeveloped mobile applica-tions and contents. Awardswere given to three mostinnovative and creative con-tent developers.

These prizes were decidedby the panel of judges com-prising of Amir Malik, ZiaImran, Jehan Ara, andFarhan Chawla. The compe-tition winner received thegrand prize of Rs1,000,000along with paid travel andaccommodation to demo thewinning application at aNokia specified event. Thetwo runners-up receivedRs500,000 in cash andRs300,000 in cash respec-tively.-Agencies

PTA chiefbravoescell appsby locals

We’re awareof ChinaInternet

rerouting: USWASHINGTON: The USDefence Department is awarethat Internet traffic was rerout-ed briefly through China earlierthis year, a Pentagonspokesman has said, referringto what a congressionallyappointed panel has describedas a hijack.

The US-China Economic andSecurity Review Commissioncharged in its annual report thatstate-owned ChinaTelecomadvertised erroneous networkroutes that instructed "massivevolumes" of US and other for-eign Internet traffic to gothrough Chinese servers duringan 18-minute stretch on April 8.

Marine Colonel DavidLapan, a Defence Departmentspokesman, told reporters,"We're aware that on the 8th ofApril ... Internet traffic wasrerouted through China."

He added at one point that hedid not know if "we've deter-mined whether that particularincident ... was done with somemalicious intent or not."

Moments later, he said therewas no evidence that anythingmalicious had occurred, a posi-tion he repeated when pressedabout the discrepancy in hisremarks.

The US-China Commissionin its 2010 report said the inci-dent affected traffic to and fromUS government and militarysites, including those forSecretary of Defence RobertGates' office, the armed forcesand some commercial websites.

In Beijing, China's ForeignMinistry earlier condemned thecommission's report on China'smilitary capabilities and eco-nomic policies, saying it distort-ed reality and was symptomaticof Cold War thinking.-Reuters

Singh sayshe isn’t shyof probingteleco scam

NEW DELHI: India's primeminister has denied accusa-tions of "inaction" in a $40billion telecom scandal andpromised that anyone foundguilty of wrongdoing in thecase would be punished.

Manmohan Singh isaccused of failing to probeallegations that his telecomsminister sold second-genera-tion (2G) mobile phonelicences for a fraction of theirvalue in 2008.

The scandal is seen byIndian commentators as themost serious crisis to be facedby the Congress-led govern-ment in the six years since itfirst took office and couldpotentially be the country'sbiggest corruption scandal.

"There should be no doubtin anyone's mind, wrongdoerswill be brought to book,"Singh said in his first publicstatement on the accusations.

"We need to deal effectivelywith the threats of corrup-tion," he told a leadershipforum in New Delhi.

While there is no sugges-tion Singh profited from the2G spectrum allocation, hisreputation as the "Mr Clean"of politics has been put intoquestion, analysts say.

The firestorm was ignitedearlier in the week whenIndia's chief auditing bodydeclared the sale of 2G tele-com licences at far belowtheir market value lost thecountry up to 40 billion dol-lars.

In an unusual step, theSupreme Court upped thepressure on Singh by askinghim to present a sworn state-ment explaining his "allegedinaction and silence for 16months" on a request by aprominent opposition law-maker to prosecute formertelecoms minister A Raja.

Raja stepped down lastweekend, denying anywrongdoing.

Under Indian law, the pre-mier must approve criminalproceedings against any cabi-net member.

Responding to the allega-tions, Singh's office submit-ted an affidavit to the courtdenying inaction and sayinghe had acted "in the interestsof probity."-APP

MobilinkIndigogolfing

event held ISLAMABAD: Mobilinkorganised the 4th indigoInvitational GolfTournament-2010 at theIslamabad Golf Club.

For the past three years,this 18-hole tournament hasconsistently attracted golf-ing enthusiasts from withinthe Mobilink-indigo cus-tomers. Deriving excite-ment and fun throughfriendly competition is thebasic aim of this tourney,said a press release issuedhere.

The President & CEOMobilink Rashid Khan said,"Keen participation fromgolfing enthusiasts in theindigo Golf Tournament hastransformed this brief recre-ational event into a popularsporting activity conductedin three major cities.

Mobilink supports numer-ous exciting events thatimprove social harmonyand nurture a participativespirit in the community.Golf is a refreshing sportwhich takes us closer to theserenity of nature, whilerevitalizing the minds."-APP

Thai Truesees higher2011 growth

BANGKOK: True Corp Pcl,Thailand's only fully integratedtelecoms firm, forecast onMonday a 5-6 per cent rise inrevenue next year after growthof just 1-2 per cent this year,causing its stock price to surge.

True Corp, which has majoritystake in True Move, Thailand'sthird-largest mobile operator,plans to spend 7 billion baht($234 million) next year on itsmobile and broadband business-es, Chief Executive SuphachaiChearavanont told reporters.

"Next year, we will focus ongrowth and boost the bottom lineand control costs," Suphachaisaid, adding half of the budgetwould be spent on expandingInternet broadband and anotherhalf on its mobile phone busi-ness.

His forecasts exceeded marketexpectations. Analysts surveyedby Thomson Reuters I/B/E/Shad expected on average a 0.8per cent rise in next year's rev-enue to 62.8 billion baht. Nine-month revenue was 40.8 billionbaht, up 0.1 per cent on the year.

True Corp shares closed up 8per cent at 6.10 baht, outper-forming a 1 per cent rise in thebroader index.

True has focused on bundlingmarketing packages for mobile,fixed lines, Internet and cabletelevision. The market value ofthe mobile business, which con-tributed 48 per cent to nine-month revenues, is expected togrow 6-8 per cent in 2011, hesaid.

Suphachai said broadband rev-enue was expected to rise 15 percent in 2011, the highest amongTrue group's businesses, whilenon-voice services should postdouble digit growth next yeardue to growing use of smartphones and mobile Internet.

Its 2011 investment mayincrease to 12 billion baht ifTrue employs3G services on itsexisting network, he said, notingthat small revenue growth thisyear reflected flat growth in itsfixed-line business and pricecompetition in its mobile busi-ness.-Reuters

Page 9: The Financial Daily-Epaper-23-11-2010

LONDON: Copper fell onMonday after imports in topmetals consumer Chinadeclined and as the dollar roseagainst the euro due to worriesthat other euro-zone countriesmay follow Ireland in needingto be bailed out.

Copper for three-monthsdelivery on the London MetalExchange finished at $8,290 atonne, down from a close of$8,404 a tonne on Friday.

"The Ireland situation isaffecting risk appetite but thereare other things impacting cop-per - worries about a slowdownin China, with the China cop-per imports being relativelylow in the most recent data,"Standard Chartered analystDan Smith said.

Copper turned negative andthe euro fell versus the dollaras initial optimism about therescue faded, with metalsinvestors turning their atten-tion to concerns about possiblecontagion to other highlyindebted euro-zone states andto Chinese demand worries.

Fanning concerns about con-sumption, China's demand forrefined copper fell 19.7 percent in October as daily netimports tumbled 31.8 per cent.However, demand for copperwas almost unchanged fromOctober 2009.

Investors worried about theoutlook for Chinese demandafter the country on Fridayraised cash reserve requirementsfor banks, the second such move

in a fortnight, as it aims to tameinflation by locking up cash.

Signs have emerged thatprospective exchange tradedproducts (ETPs) or funds (ETFs)for LME metals, like aluminium,are already being priced in tometals markets, even thoughthey have not yet been approved,Standard Bank said.

The premium on LME alu-minium for delivery in 27months has narrowed against

the benchmark three-monthscontract to $90 from around$120 last week, LME datashows. Elsewhere, LME ware-house copper stocks kepttrending lower, down 825tonnes to 359,000 tonnes, thelowest in over one year.

Concern about supplies inthe near term have pushed cop-per into a $23.5 a tonne back-wardation -- a premium forcash material over the three-month contract -- comparedwith a discount of $20 a tonneat the end of October.

LME data showed a domi-nant position controllingbetween 50 per cent and 80 percent of copper cash warrants.

Among other metals, alu-minium ended at $2,288 atonne from $2,264 a tonne onFriday. Zinc closed at $2,138 atonne from $2,160 a tonne andbattery material lead saw a$2,250 a tonne finish from$2,277 a tonne. Tin changedhands at $24,300 a tonne froma close of $25,000 and nickelended at $21,600 a tonne from$21,850 a tonne. -Reuters

Copper slips on dollar,China demand worries

9Tuesday, November 23, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

October (3rd Wednesday) 1320 1260

November (3rd Wednesday) 1320 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for November 19 2010

LME Official Prices, US$ per tonne for November 19 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2191 2259 8408 2245 21680 25245 2131 2235

Cash seller 2192 2260 8409 2247 21685 25250 2132 2240

3-months buyer 2160 2284.5 8391 2270 21740 25150 2153 2250

3-months seller 2170 2285.5 8391.5 2272 21750 25200 2154 2260

15-months buyer 2105 2345 8165 2238 21450 24725 2195 2265

15-months seller 2115 2350 8175 2243 21550 24775 2200 2275

27-months buyer 2105 2398 7800 2200 20850 2163 2320

27-months seller 2115 2403 7810 2205 20950 2168 2330

LONDON METAL EXCHANGE (METALS)

LONDON: Oil slipped backbelow $82 on Monday, erasingearlier gains as a brief bout ofgeneral market optimism on adebt bailout for Ireland gaveway to concern about possibleproblems in other highlyindebted euro-zone states.

US crude oil futures forJanuary delivery fell 38 centsto $81.60 barrelby 1453 GMT,having risen 89cents earlier. ICEBrent crudefutures were 19cents to $84.15,after earlier hav-ing risen morethan $1.

Many market participantswere worried that the Irelandrescue package might not beeffective in the long term andwould not stop markets fromtargeting fellow stragglerPortugal.

"For this week, it will beimportant to see if the rescueplan can stop a chain of riskthat may spread into othereuro-zone countries facing

financial deterioration,"Mizuho Corporate Bank saidin its daily commoditiesresearch note.

Mizuho Corporate Bank alsocautioned that a further tight-ening by China might followlast week's increases in bankreserve requirements.

"There are also views that the

bank reserve hikes, whichChina has introduced recently,are not enough to curb infla-tion," the bank said.

China is the world's top ener-gy consumer and any slow-down in its economy may curboil demand.

Some analysts still pointedout some factors supportive tooil prices.

Fredreic Lasserre, globalresearch head for commodities

at Societe Generale, said oilinventories in the United Stateshave fallen to the levels belowthose of a year ago and the sup-ply overhang was becomingthinner than before.

Fuel inventories in Chinaalso fell in October, droppingfor eight months in a row.

Lasserre said that he expect-ed inventoriesto fall to 55days and themarket to bein backwarda-tion by thethird quarterof next yearand that com-

modities remain a good hedgeagainst long-term inflation.

Elderly King Abdullah ofSaudi Arabia, the world's topoil exporter, flew to the UnitedStates on Monday for medicalchecks for a back ailment, andCrown Prince Sultan returnedfrom holiday abroad.

The market reaction to con-cerns about the Saudi ruler'shealth has so far been limited. -Reuters

Oil slips below $82 asIreland optimism fades

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Monday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmill Nov10880.00, Dec10 880.00, Jan11883.00, Feb11/Apr11 889.00,May11/Jul11 893.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Feb11/Apr11900.00-5.00, May11/Jul11910.00-5.00, Aug11/Oct11890.00-10.00.

SUNOIL: EU dlrs tonneextank six ports optionJan11/Mar11 1450.00+0.00,Apr11/Jun11 1380.00-10.00,Jul11/Sep11 1415.00-5.00.

LINOIL: Any origin dlrstonne extank RotterdamNov11/Dec11 1280.00-2.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Afloat1120.00, Dec10 1105.00-25.00,Jan11/Mar11 1095.00-17.50,Apr11/Jun11 1075.00-27.50.

PALMOIL: RBD dlrs tonnecif Rotterdam Jan11/Mar111110.00.

PALMOIL: RBD dlrs tonnefob Malaysia Jan11/Mar111065.00-40.00.

PALM OLEIN: RBD dlrstonne fob MalaysiaJan11/Mar11 1075.00-37.50,Apr11/Jun11 1055.00-27.50,Jul11/Sep11 1050.00-25.00.

PALM STEARIN: Dlrs tonnefob Malaysia Dec10 1075.00-5.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamNov10/Dec10 1490.00-25.00,Dec10/Jan11 1490.00-20.00,Jan11/Feb11 1490.00-20.00.

CASTOROIL: Any origindlrs tonne extank RotterdamNov10/Dec10 1925.00+0.00. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

22-Nov-2010 CRUDE100 JA11 US$ Per Barrel 82.60 82.80 81.20 82.18 197 82.48 82.18 73

22-Nov-2010 CRUDE100 FE11 US$ Per Barrel 83.19 83.38 81.94 82.78 27 83.02 82.78 9

22-Nov-2010 CRUDE100 MA11 US$ Per Barrel 83.46 83.57 83.46 83.57 - 83.46 83.57 -

22-Nov-2010 SILVER - SL500 DE10 US$ Per Troy Ounce 27.07 27.86 26.40 27.39 765 27.71 27.39 125

22-Nov-2010 SILVER - SL500 JA11 US$ Per Troy Ounce 28.00 28.00 27.13 27.41 2 27.73 27.41 2

22-Nov-2010 GOLD 01oz DE10 US$ Per Troy Ounce 1356.40 1364.50 1343.00 1355.40 297 1360.50 1355.40 222

22-Nov-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1357.00 1365.00 1342.20 1356.40 2,882 1361.40 1356.40 1,976

22-Nov-2010 GOLD 01oz FE11 US$ Per Troy Ounce 1359.50 1365.80 1343.30 1357.50 1,354 1362.60 1357.50 1,246

22-Nov-2010 GOLD 100oz DE10 US$ Per Troy Ounce 1351.80 1361.10 1341.00 1355.40 29 1360.50 1355.40 1

22-Nov-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1359.20 1359.20 1356.40 1356.40 - 1361.40 1356.40 -

22-Nov-2010 GOLD 100oz FE11 US$ Per Troy Ounce 1360.20 1360.20 1356.40 1356.40 - 1362.60 1357.50 -

22-Nov-2010 GOLD DE10 Per 10 grms 37001.00 37308.00 37000.00 37263.00 10 37362.00 37263.00 9

22-Nov-2010 GOLD JA11 Per 10 grms 36937.00 37393.00 36910.00 37274.00 38 37373.00 37274.00 29

22-Nov-2010 GOLD FE11 Per 10 grms 37335.00 37335.00 37289.00 37289.00 - 37388.00 37289.00 -

22-Nov-2010 Kilo GOLD DE10 Per 10 grms 37256.00 37280.00 37256.00 37235.00 1 37334.00 37235.00 2

22-Nov-2010 Kilo GOLD JA11 Per 10 grms 37291.00 37291.00 37235.00 37235.00 - 37345.00 37246.00 -

22-Nov-2010 Tola Gold50 DE10 Per Tola 43496.00 43496.00 43443.00 43443.00 - 43559.00 43443.00 -

22-Nov-2010 Tola Gold100 DE10 Per Tola 43496.00 43496.00 43443.00 43443.00 - 43559.00 43443.00 -

22-Nov-2010 Mini Gold 1-Aug Per 10 grms 38326.00 38333.00 38326.00 38333.00 - 38431.00 38333.00 -

22-Nov-2010 Mini Gold 2-Aug Per 10 grms 38363.00 38363.00 38282.00 38282.00 - 38381.00 38282.00 -

22-Nov-2010 Mini Gold 3-Aug Per 10 grms 38375.00 38375.00 38295.00 38295.00 - 38394.00 38295.00 -

22-Nov-2010 Mini Gold 4-Aug Per 10 grms 38388.00 38388.00 38307.00 38307.00 - 38406.00 38307.00 -

22-Nov-2010 Mini Gold 5-Aug Per 10 grms 38400.00 38400.00 38320.00 38320.00 - 38418.00 38320.00 -

22-Nov-2010 TT Gold 1-Sep Per Tola 44041.00 44048.00 44041.00 44048.00 - 44162.00 44048.00 -

22-Nov-2010 TT Gold 2-Sep Per Tola 43980.00 44083.00 43980.00 43989.00 1 44105.00 43989.00 1

22-Nov-2010 TT Gold 3-Sep Per Tola 44098.00 44098.00 44004.00 44004.00 - 44120.00 44004.00 -

22-Nov-2010 IRRI6W 25NO10 Per 100 kg 2402.00 2402.00 3303.00 3303.00 - 3316.00 3303.00 -

22-Nov-2010 Rice IRRI - 6 DE10 Per 100 kg 3340.00 3340.00 3326.00 3326.00 - 3340.00 3326.00 -

22-Nov-2010 RBD Palm Olein DE10 Per Maund 4793.00 4793.00 4596.00 4596.00 - 4793.00 4596.00 -

22-Nov-2010 KIBOR3M 10-Dec Per Rs. 100 86.75 86.75 86.74 86.74 - 86.75 86.74 -

22-Nov-2010 KIBOR3M 11-Mar Per Rs. 100 86.19 86.19 86.03 86.03 - 85.99 86.03 -

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

BOGOTA - COLOMBIA: Farmers rescue a horse trapped in mud at a flooded farm in Mosquera,

near Bogota. Heavy rains around Colombia have killed 136 people and left 1,200,000 people

homeless so far this year, according to officials. -Reuters

LONDON: Gold fell onMonday, as optimism overIreland's request for financialaid was overtaken by concernabout possible contagion toother euro-zone nations toweigh on the euro.

The pick-up in the dollarundermined demand frominvestors for perceived safe-haven assets such as gold,which tends to struggle if theUS currency strengthens.

EU officials said Ireland mayreceive the first tranche of anemergency bailout in January

and its debt problems areunlikely to spread to othereuro-zone nations, althoughIreland's Green Party pulledthe plug on the unpopularcoalition government by call-ing for a national election.

"(Gold has) come down a biton the Irish news, the euro hascome down. It's not really hugemoves, it's because traders areuncertain whether the bailoutwill be a success," saidMatthew Turner, an analystwith Mitsubishi.

"There are two things -- willthe bailout be a success and

how will gold prices react if itis ... It could go either way."

Spot gold traded at $1,352.50an ounce by 1554 GMT, hav-ing earlier risen by as much as0.77 per cent to a session highof $1,364.55. US gold futuresfor December delivery weredown 40 cents at $1,351.9.

Total open interest in goldfutures held by non-commer-cial players, which many in themarket use as a gauge of spec-ulative activity, staged itslargest weekly fall since lateJuly and has fallen in five out

of the past six weeks.Silver rose by 0.3 per cent, ral-

lying for a fourth successive day,after holdings of metal in theworld's largest silver-backedETF hit another record high.Spot silver was last up at $27.29an ounce, from $27.21 in latetrade in New York on Friday,having risen by nearly 9 per centin the last five trading days.

Platinum was last down 0.65per cent on the day at$1,652.49 an ounce, while sis-ter metal palladium was down0.5 per cent at $694.72 anounce. -Reuters

Gold dips, euro-zonecontagion worries weigh

KUALA LUMPUR:Malaysian palm oil futures slid4.4 per cent on Monday afterChina's central bank steppedup controls on money supplyand credit last week, a movethat may limit the country'sdemand for vegetable oils.

That move triggered a sell-offin US soyoil, which spilled overto Malaysian palm oil and Chinasoyoil markets on Monday astraders were concerned an inter-est rate hike may be round thecorner to further cool inflation.The benchmark Feb. 2011Malaysia palm oil contract fellas much as 147 ringgit to 3,179ringgit ($1,021) per tonne beforesettling at 3,184 ringgit.

Traded volume more thandoubled to 20,887 lots of 25tonnes each.

"Although palm oil exportswere quite good, traders stillworried about China's move tostep up monetary controls,"said a trader in Kuala Lumpur.

"Technically palm oil hasbeen hovering on the high side,so it also fell on retracementand correction. Palm pricescould revisit 3,114 ringgit thathit the previous week."

Exports of Malaysian palmoil products for Nov. 1-20 rose18.3 per cent to 1,099,451tonnes from the same period amonth ago, driven by higherorders from China, Europe and

India, data from cargo survey-or Societe Generale deSurveillance showed.

The most active Sept. 2011soyoil contract on China's DalianCommodity Exchange dropped2.1 per cent, weighed further byChina's recent action to sell veg-etable oil state reserves. China'sState Administration of Grain onFriday said they will sell soy andvegetable oils from state reservesat weekly auctions to help boostsupplies and stabilise prices.

US soyoil for Decemberdelivery edged up 0.3 per centon Monday, but gains werecapped as some investors stillfactored in China's plans tostem food price rises. -Reuters

Palm oil tumbles 4.4pc onconcerns over China controls

Raw sugarrises; Cofferturns lower

LONDON: Raw sugar futureson ICE were higher on Mondayalthough gains were severelytrimmed as the initial boost givento riskier assets such as com-modities from a plan to bailoutdebt-saddled Ireland faded.

Arabica coffee futures turnedlower although cocoa remainedin positive territory as the marketeyed possible disruptions to theflow of cocoa from top growerIvory Coast as tensions growahead of next week's presidentialrun-off. March raw sugar futureson ICE stood 0.25 cent or 1.0 percent higher at 26.40 cents a lb at1517 GMT, well below an earlypeak of 27.50 cents. The frontmonth contract tumbled about 7per cent on Friday followingChina's decision to raise banks'reserve requirements.

White sugar futures on Liffeerased early gains and turnedlower with March off $3.80 or0.5 per cent at $675.30 a tonne.

Coffee futures also turnedlower, tracking a broad-basedsetback in commodities mar-kets with March arabica futureson ICE off 1.15 cent or 0.5 percent at $2.1010 per lb, wellbelow an early high of $2.1325.

January robusta futuresslipped $22 or 1.15 per cent to$1,888 a tonne. March cocoafutures on ICE rose $15 or 0.5per cent to $2,883 a tonnewhile March cocoa on Liffestood 16 pounds higher at1,895 pounds a tonne. -Reuters

PARIS: European wheat pricesremained in negative territory onMonday afternoon, driven lowerby a lack of export impetus, anddespite a rise in Chicago.

The overall market sentimentpointed to a lack of exportdemand as the first half of theEuropean wheat export seasonwas drawing to an end and buy-ers from the Mediterraneanregion had not returned to themarket after the Eid holiday.

French farmers have soldaround 80 per cent of their crop,a sharply higher level than inprevious seasons, traders said.

Benchmark January millingwheat in Paris was down 0.75euros at 211.25 euros a tonne1718 GMT in light volumes,with operators pointing to alacklustre market.

Chicago futures opened higheras traders expected USDA datato show a 1 to 2 percentagepoints decline in the good toexcellent conditions rating forthe US winter wheat crop.

Germany's market was flat,with Paris only marginally downin Monday trade with sellersunwilling to deal.

Standard bread-quality wheatfor November delivery inHamburg was offered for saleunchanged at 218 euros a tonnewith buyers at 215 euros.

Feed wheat futures on Liffewere slightly lower althoughprices remained underpinned byexpected supply tightness inearly 2011, dealers said.

January feed wheat stood 0.50pounds lower at 168.15 poundsa tonne. Benchmark wheat inSpain eased slightly to catch upwith recent falls on internationalmarkets.

Prompt feed wheat in keygrains port Tarragona quoted at212-215 euros a tonne, com-pared with 213-215 euros onThursday. Wheat prices in Italy,a major grain buyer in Europe,were firm at around 230-250euros a tonne for prompt deliv-ery. -Reuters

EU wheat drifts,ignores firmer Chicago

Indian sugar

declines on

higher supplyMUMBAI: India's spot sugarprice eased on Monday on high-er supplies after a few mills low-ered prices in tenders to finishnon-levy sugar quota allocatedfor the month, dealers said.

"A few mills in Maharashtralowered prices in tenders. Theywanted to finish Novemberquota....they were seeking cashto make farmers' cane payment,"said a member of the BombaySugar Merchants Association.

Indian mills usually payfarmers a large chunk of thecane price immediately after orwithin a fortnight of harvesting.

Non-levy, or free-sale sugar, issold by millers in the open mar-ket, but the quantity each millcan sell is fixed by the federalgovernment on a monthly basis.

In Kolhapur, a key market intop-producing Maharashtrastate, the most traded S-varietyeased by 0.53 per cent to 2,800rupees ($61.67) per 100 kg. -Reuters

Shanghai copper

weakensShanghai copper fell one

per cent on Monday afterBeijing's latest tighteningmove, but a weaker dollarfollowing Ireland's rescuedeal helped London pricesstay firm. Shanghai's mostactive third-month copperfell one per cent to 63,310yuan a tonne.

Investors await possible China interest rate increase

Tokyorubber gains,China eyed

TOKYO: Key Tokyo rubberfutures rose on Monday onimproved technicals and supplyconcerns, but gains were limit-ed due to uncertainty over pos-sible future steps by China tocurb inflation and ahead of aJapanese holiday.

The key Tokyo CommodityExchange rubber contract forApril delivery rose 2.1 yen or0.6 per cent to settle at 369.8yen per kg.

The contract climbed as highas 375.9 yen on Friday, thehighest since Nov 12.

Traders said in the near termthe market lacked fresh incen-tives to push prices up to arecord high of 389.0 yen,although support was firm dueto supply tightness and also abreak in the yen's surge againstthe dollar.

The most active rubber con-tract for May delivery on theShanghai futures market closedat 33,215 yuan ($5,002) pertonne, down 1,200 yuan fromFriday's close of 34,415 yuan.Volume stood at about 1.4 mil-lion lots.

Japan's crude rubber invento-ries totalled 7,552 tonnes as ofNov. 10, down 2.8 per centfrom 10 days earlier, RubberTrade Association of Japan datashowed on Monday. -Reuters

Page 10: The Financial Daily-Epaper-23-11-2010

10Tuesday, November 23, 2010

China’s Lao Yi celebrates winning the men’s 100mfinal at 16th Asian Games in Guangzhou

Anotherfeather in

Aisam’s capLAHORE: Pakistan's mostdistinguished tennis players,Aisam-ul-Haq earned anotherfeather in his cap as the ATPTour, the world governingbody of Men's Tennis has cho-sen him for the second time toaward the Arthur AsheHumanitarian of the YearAward.

In 2002, Aisam won thisaward based on his stance,when partnering with an Israelitennis player, that politics andreligion should not be mixedwith sport. Since last year,Aisam has been pairing regu-larly with India's RohanBopanna.

They went on to reaching USOpen Mens Doubles Final andhave finished the year as no. 8team in the world. Together,the two of them have beenspreading the message ofpeace through the medium oftennis. In view of their efforts,the Monaco based "Peace andSport organization awardedthem the title "Champion forPeace". Their campaign "Stopwar, Start tennis" has garneredtremendous media attention,and the Indo-Pak express, asthey are known, have nowearned the accolade of theArthur As he Humanitarian ofthe Year Award for 2010.

Aisam is the only person inthe 27 year history of theaward to be honoured twice,which itself speaks volumesfor the esteem this bestows onboth him and Pakistan.-APP

LONDON: Manchester Cityturned on the style in front ofDiego Maradona to humbleFulham 4-1 on Sunday andreclaim fourth place in theEnglish Premier League.

Maradona, a guest of Fulhamat Craven Cottage, watched hisArgentine compatriot CarlosTevez score twice as City easedthe pressure on managerRoberto Mancini.

In Sunday's earlier game,Blackburn Rovers gave theirnew Indian owners an immedi-ate return with a 2-0 victoryover Aston Villa at EwoodPark.

Tevez struck first for City inthe sixth minute and set upYaya Toure for City's thirdafter just 35 minutes. Inbetween, another Argentine,Pablo Zabaleta, made it two,

before Tevez provided the finalflourish after halftime.

"It was a fantastic perform-ance," Mancini told SkySports. "It is difficult to win(away from home. If we playlike that, we can win every-where."

City are on 25 points, threebehind joint leaders Chelseaand Manchester United.

Chelsea lost 1-0 toBirmingham City on Saturdayand United beat Wigan Athletic2-0 at Old Trafford. Arsenal, inthird on 26 points, lost 3-2 athome to Tottenham Hotspur.

Mancini's multi-million-pound squad had scored onlythree goals and taken fivepoints from their last fivematches to leave their fansfrustrated with the Italian andhis cautious style.-Reuters

Tevez leads Cityto Fulham rout

NAGPUR: Rahul Dravid andMahendra Singh Dhoni battedwith supreme authority to steerIndia into a huge lead afterNew Zealand bowlers hadpicked up three early wicketson the third day of the decidingtest match on Monday.

India declared their firstinnings at 566 for eight with alead of 373 runs, leaving NewZealand to face a tricky 12overs before the end of theday's play.

Dravid stood tall with his31st test hundred while captainDhoni fell two short of his fifthhundred in tests as they stitchedtogether a 193-run partnershipfor the sixth wicket.

The duo's efforts ensuredNew Zealand would have atough task to save the test andthe series, with more than two

days left in the match.The right-handed Dravid

(191) got to the coveted centu-ry mark with a flicked two, 10minutes before lunch at theVidarbha Cricket AssociationStadium.

The 37-year old missed hisdouble hundred by nine runswhen he holed out to MartinGuptill at long-off trying to hitpart-time offspinner KaneWilliamson out of the ground.

Dhoni (98), who had beenshort of runs heading into thematch, joined Dravid at thecrease after the hosts had lostSachin Tendulkar,Vangipurappu Laxman andSuresh Raina cheaply.

The pin-up boy of Indiancricket then stepped on thepedal with some lusty hits todemoralise the New Zealand

bowlers. He hit 12 boundariesand a six in his knock, beforeoffering a tame return catch toDaniel Vettori.

The tourists had a couple ofhalf chances in the day but thefielders failed to cling on, mak-ing it more difficult for theunder-assault bowlers.

Tendulkar (61) could add justfour runs to his overnight scorebefore he edged debutant AndyMcKay to wicketkeeper GarethHopkins to become the left-armseamer's first test wicket.

Laxman followed soon afteras Chris Martin bowled a biginswinger to breach his defencewhile New Zealand captainVettori dismissed Rainathrough a bat-pad catch at sillymid-on.

The three-test series is tied at0-0 after two draws.-Reuters

Dravid, Dhonihammer Kiwis hard

DUBAI: The InternationalCricket Council (ICC) hasdirected all member countriesto introduce an anti-corruptioncode in their domestic leaguesby April in the wake of spot-fixing allegations against thePakistan cricketers.

Pakistan batsman SalmanButt and pacemen MohammadAmir and Mohammad Asifwere suspended under the ICCanti-corruption code inSeptember, after allegations ofspot-fixing.

Spot-fixing is the practicewhereby a specific part of agame is fixed in order thatgamblers may profit. This canbe something as minor as thetiming of a no ball or a widedelivery in cricket.

The ICC has written to allmembers to review their exist-ing processes and proceduresagainst corruption threats andwhere necessary introduce newmeasures to stamp out corrup-tion, chief executive HaroonLorgat said in a statement.

The governing body of thesport also commended theefforts of the Pakistan CricketBoard (PCB) in implementingthe ICC's directives.

"In helping the PCB, the ICChas prepared a template domes-tic anti-corruption code, whichincorporates in a consistentmanner the same principles,offences procedures and sanc-tions as those set out in the ICCanti-corruption code," Lorgatsaid.-Reuters

Anti-corruption codemust for all: ICC

MONACO: Kenyan 800metres runner David Rudisha,who set 2010's only majorworld record, and world indoorhigh jump champion BlankaVlasic of Croatia were namedIAAF athletes of the year onSunday.

Rudisha, 21, became theyoungest winner of the honour,eclipsing 22-year-oldsKenenisa Bekele of Ethiopiaand Usain Bolt of Jamaica.

The Kenyan twice set the 800metres record, eventually run-ning one minute 41.01 seconds,in a sparkling season of 12 con-secutive victories.

"I knew when I broke thetwo world records that therewas the possibility of mebeing becoming the athlete ofthe year and now it has cometrue," said Rudisha, who suc-ceeded Bolt as the male ath-

lete of the year.Vlasic, 27, won 18 of 20

competitions in what she calledone of her most challengingseasons.

"To have such a great seasonunder such circumstancesmeans even more maybe thanto achieve a personal bestonce," Vlasic said.

She and Rudisha were beinghonoured at the annual WorldAthletics Gala in Monaco onSunday.

Rudisha's run of 1:41.09 inBerlin in August ended WilsonKipketer's 13-year reign as theworld-record holder.

Seven days later the Kenyancame close to eclipsing the1:41 barrier in Rieti. His focusnow will be to win a firstOlympic or world title. "Thatis my next dream," the Africanchampion said.-Reuters

IAAF namesathletes of year

LONDON: For all the specialeffects which greeted the startof the ATP World Tour finals inthe spectacular O2 Arena itwas the play of Roger Federerand Andy Murray that reallydazzled the capacity crowd.

World number two Federernever requires gimmicks toleave his audience spellboundand that proved the case againas he began his bid for arecord-equalling fifth title atthe season-ender with a 6-1 6-4 defeat of Spaniard DavidFerrer.

Earlier in front of a 17,500-capacity crowd, Murraydropped only one more game,crushing Sweden's world num-ber four Robin Soderling 6-26-4 with a virtuoso display thataugurs well for the homefavourite as he aims to end amixed year on a high.

Murray entered the cav-ernous arena to strobe lightingand The Clash classic "London

Calling" bellowing out fromthe sound system and he clear-ly enjoyed an atmosphere far-removed from the broodinghush of Wimbledon's CentreCourt.

"The atmosphere here isobviously different," the23-year-old Murray, whosenext Group B match will beagainst Federer onTuesday, told reporters.

"It's sort of like a concertwith music at the change ofends, the big screen show-ing replays of the points. Itwas so loud. I didn't knowwhat was going on at first."

Murray was dressed in ajet black shirt with an eye-catching diamond patternnot unlike the designfavoured by Ivan Lendl,who won the season enderfive times.

The Scot, who woulddearly love to win a tourna-ment regarded by the play-

ers as not far short of a grandslam, produced some glitteringtennis in his 80-minute victory-- pocketing the $120,000available for each round robin

win in the process."It's a huge tournament,"

Murray, beaten by Federer inthe Australian Open final at thestart of the year, said. "I think

all of the players want to playtheir best tennis here.

"It's a big win, to beat some-one ranked higher than me.The guy's number four in the

world and he's a very goodplayer."

Four more performancesof similar quality wouldgive Murray a reasonableshot at the $1.6 millionjackpot for any player towin the tournament with amaximum five victories,although Federer will pro-vide a formidable obstacle.

MISFIRINGSODERLING

Murray faced just onebreak point against themisfiring Soderling andeven that threat wassnuffed out with an acemidway through the sec-ond set.

Soderling, who will faceFerrer next, will have to

improve dramatically if he

is to match his run to the semi-finals here last year when heonly scraped in to the drawbecause of Andy Roddick'sinjury-enforced withdrawal.

"The good thing is I stillhave a chance. I have two real-ly tough matches coming up,"he said.

Federer, making his ninthconsecutive appearance at thetournament, has been in finefettle since his shock quarter-final defeat by Tomas Berdychat Wimbledon, looked imperi-ous against Ferrer in theevening session and had awatching Diego Maradonanodding his approval.

The Swiss, who has won sixtitles down the river atWimbledon, is a hugefavourite with British crowdsand he produced a command-ing performance on Sunday inan arena usually reserved forthe greats of the music indus-try.-Reuters

Federer, Murray dazzle O2 arena

ABU DHABI: Misbah-ul-Haq hits a shot as Mark Boucher looks on during the third day of the secondTest match between South Africa and Pakistan.-Reuters

PCB todecide

Zulqarnain'sfuture

LAHORE: ChairmanPakistan Cricket Board (PCB)Ijaz Butt has said that PakistanCricket Board will take thedecision about wicket-keeperbatsman Zulqarnain Haiderafter investigation.

Talking to the media atAllama Iqbal Airport afterreturn from China PCB chair-man said that ZulqarnainHaider took irresponsible stepand PCB will decide aboutZulqarnain future after investi-gation.

Replying to a question IjazButt said that InternationalCricket Council (ICC) willtake the decision on spot-fix-ing issue and hearing date hasbeen fixed in this regard.-Online

Johnsongrabs fifthNASCAR

crownHOMESTEAD: JimmieJohnson won an unprecedent-ed fifth-straight NASCARSprint Cup championship onSunday with a second placefinish in the final race of theseason that was enough toovercome a slim points deficit.

Johnson, clinched the title by39 points over Denny Hamlin,who entered the race with a15-point lead but slipped tosecond after finishing in 14that Homestead MiamiSpeedway.

"Now I have to figure outwhat the hell to say about win-ning five of these thingsbecause everybody is going towant to know what it means,"Johnson told reporter. "I don'tknow. It is pretty damn awe-some I can tell you that."

The 400 mile race was wonby Carl Edwards. Hamlin, whowon this race last year, started37th in a 43-car field and wouldhave to drive aggressively toclose the gap on Johnson, whostarted 6th.-Reuters

PFF Leagueenrolls sixnew teams

LAHORE: Pakistan FootballFederation (PFF) has approvedsix new teams for PakistanFootball Federation (PFF)League which will explodeinto action at Arifwala,Karachi, Faisalabad andIslamabad from today.

The Champions of departmen-tal and club event will earn slot in2011's Pakistan Premier FootballLeague (PPFL), replacing tworelegated team who finished 15thand 16th berth in PPFL 2010.Two new organizational teams,Gwadar Port Authority(GPA),and Zarai Taraqiati BankLimited, will be seen in action inDepartmental leg which will becomprised eight teams with PakSteel, Public Works Department,Pakistan Police and Gwadar PortAuthority in Group-A whileRailways are being bracketedwith PTV, Bahawalpur's AshrafSugar Mills and first timers ZaraiTaraqiati Bank in Group-B.-APP

LONDON: Federer celebrates winning against Spain’s Ferrer intheir singles match at the ATP World Tour Finals.-Reuters

n India lead by 373 runs nDravid hits 31st test ton

ABU DHABI: Azhar Ali fell10 runs short of a maiden testcentury as Pakistan reached317 for six at the close on thethird day of the second testagainst South Africa at theSheikh Zayed Stadium onMonday.

Azhar, who scored 56 and63 in the drawn first test inDubai, drove Dale Steyn toGraeme Smith at mid-off.

Captain Misbah-ul-Haq

continued Azhar's good workwith an unbeaten 77 to givehis side hope of passing thefollow-on target of 384.South Africa declared theirfirst innings on 584 for nine.

Misbah came to the creasein the middle of a mini-col-lapse after Steyn had alsoremoved Younus Khan.Mixing defence with attack,he batted through to the closewhich came two overs early

due to bad light.Misbah and debutant Asad

Shafiq (61) shared a stand of107 for the fifth wicketbefore left-arm spinner PaulHarris induced an edge fromShafiq, which was taken byJacques Kallis at slip.

Harris then claimed a sec-ond wicket shortly before theclose when he had AdnanAkmal caught at forwardshort-leg for 17.

Azhar scored his fifth half-century in eight tests andsecond score in the 90s,before driving Steyn on theup.

South Africa picked up onewicket in the first session,Taufeeq Umar, who scored43 in three hours at thecrease, top-edging a hook offKallis into the hands ofHashim Amla at midwicket.-Reuters

Pak in a spot of bothern Azhar misses out on a century n Pakistan dig in to reach 317-6

Page 11: The Financial Daily-Epaper-23-11-2010

11Tuesday, November 23, 2010

International & Continuation

CONTINUATION

BANGKOK: Thailand's econ-omy slipped into a technicalrecession in the third quarter,reinforcing signs of an Asia-wide slowdown as exportgrowth cools, manufacturingebbs and the impact of massivegovernment stimulus spendingfades.

Southeast Asia's second-biggest economy shrank 0.2 percent in the third quarter after arevised 0.6 per cent contractionin the second, data showed onMonday, reducing chances ofanother interest rate rise nextmonth.

The data reinforce signs of aslowdown across much of theregion, from North Asian exportpowerhouses China, SouthKorea and Taiwan to SoutheastAsian "tigers" Thailand,Singapore and Indonesia.Strong growth in Asia has beenone of the few bright spots forthe struggling global economy.

Figures last week showedTaiwan's economic growthslowing in the third quarter,while Singapore's trade-relianteconomy shrank 18.7 per centand Indonesia reported thismonth its first slowdown inannual growth in five quarters.

From a year earlier, Thailandgrew 6.7 per cent in the quarter,largely in line with economists'forecasts and slowing fromgrowth of 9.2 per cent in thesecond quarter, the data fromthe state planning agencyshowed.

"Looking forward, we expectweaker global demand to bringThailand's economic growth tobelow trend in the fourth quar-ter of 2010, and in the first halfof 2011," said Usara Wilaipich,a Bangkok-based economist atStandard Chartered Bank.

Malaysia's economic growthslowed more than expected to

5.3 per cent in the third quarterfrom 8.9 per cent in the second,its central bank said onMonday, noting growth in thesecond half of the year and inearly next year was moderat-ing."

OCBC economist GundyCahyadi said growth almoststalled in the third quarter fromthe previous three months,though few analysts give quar-ter-on-quarter figures.

The Asian slowdown hasbeen exacerbated by the USdollar's slide, which has drivenup regional currencies andstarted to erode export revenue.It is complicating efforts byAsia's central banks to returninterest rates to normal levelsafter drastic cuts in the wake ofthe 2008 global financial crisis.

The Bank of Thailand is likelyto keep its trend-setting one-dayrepurchase rate unchanged at1.75 per cent at its next policy-setting meeting on Dec. 1, saidArkhom Termpittayapaisith,secretary-general of theNational Economic and SocialDevelopment Board, Thailand'sstate economic planningagency.

Private economists echoedthat view after the data, whichwas marginally better than adeeper 0.4 per cent contractionexpected by most economists ina Reuters survey.

"We expect less aggressivemonetary policy by the Bank ofThailand and possible delays oninterest rate hikes next year,"said Isara Ordeedolchest, aneconomist at KT ZeamicoSecurities, a stock brokerage inBangkok.

P i m o n w a nMahujchariyawong, economistat Kasikorn Research Centre,expects the economy to contractagain in the fourth quarter, hurt

by a nearly 12 per cent rise inthe baht this year against thedollar to a 13-year high andfloods that have killed morethan 200 people since October.

RATES SEEN ON HOLD Thailand's debt market has

largely priced in a rate pausenext month, with one-year swaprates down by 22 basis pointsin the past two weeks.Government bond yields werebarely changed after Monday'seconomic data.

Indonesia's central bank isalso seen pausing to keep itspolicy rate on hold at a recordlow 6.5 per cent well into 2011as it tries to avoid encouragingan even bigger flow of invest-ment capital to its markets.

Despite the slowdown,Thailand's state planningagency raised its forecast foreconomic growth this year to7.9 per cent from 7.0-7.5 percent projected in August, andtipped growth of between 3.5per cent and 4.5 per cent in2011.

Agency chief Arkhom said thequarterly contraction was due tolower state spending and a slow-down in private investment.

"It's cyclical that Q3 is usual-ly weaker than other quarters,"he told reporters, adding thatthe flooding across much ofThailand over October andNovember shaved economicgrowth by 0.3 per centagepoints.

He said the fourth-quarterperformance depended onstrength in exports which hisagency expected to rise 25.1per cent this year before slow-ing to about half that rate ofgrowth next year.

The data puts Thailand tech-nically in recession after twostraight quarters of economiccontraction. -Reuters

Asia growthslows, Thailand intechnical recession

BEIJING: China sought onMonday to reassure people thatinflation will remain in check,voicing confidence that amplegrain supplies and excesscapacity in industry will keep alid on price pressures.

Economists said the effort tomanage inflation expectationswas meant to reinforce an arrayof measures in recent days tocurb actual inflation, includingFriday's order to banks to holdmore of their deposits inreserve instead of lending themout.

"We can understand the wor-ries of residents about the rela-tively quick rise in food pricesand other daily necessities,"the National Development andReform Commission, China'seconomic planning agency,said.

"But we also have the confi-dence to say that our countryhas the capacity and conditionsto keep overall prices at a sta-ble level," it said.

Underlining its importance,the agency's statement was car-ried on the front page of thePeople's Daily, the mouthpieceof the ruling Communist Party.

The government followedFriday's half-point increase inbanks' required reserves to 18.5per cent, a record high, by pro-viding more details of theadministrative measures it is

drawing up to contain inflation. Road tolls for vehicles carry-

ing fresh produce will bescrapped from Dec. 1, and localauthorities will have to ensureenergy and transport prices forfertiliser producers arereduced, state media said.

Regional governments willalso have to ensure a steadysupply of coal and oil.

"The administrative measuresuntil now are mainly aimed atspeeding up supplies. Butthere's a good chance thatChina will eventually resort toadministrative price controls,"said Wang Han, an economistin Shanghai with CEBM, anadvisory service.

Beijing announced an initialvolley of steps last Wednesday,including handouts to peopleon low incomes, after inflationjumped to a 25-month high of4.4 per cent in the year toOctober.

Qian Wang, an economistwith J.P Morgan, said the gov-ernment had rolled out similarmeasures after a spike in pricesin late 2007 and early 2008.The difference now was thatBeijing was acting earlier in theinflation cycle.

"This could stabilise foodprices in the short term, but theunderlying inflation trend isquite strong," she said.

Food is the primary concern

of policymakers. The price offoodstuffs, which make up athird of China's consumer priceindex, rose 10.1 per cent in theyear to October.

The cabinet has singled outgrain, oil, sugar and cotton asmarkets that it wants to sta-bilise. It has vowed to intensi-fy a crackdown on price specu-lation and to punish hoarders.

The Communist Party isacutely sensitive to the politicalrisk posed by inflation. Risingprices added to discontent inthe build-up to anti-govern-ment protests in 1989 that werecrushed by the army.

Inflation today is mild bycomparison, provoking nomore than grumbling. TheParty wants it to stay that way.

"The government is adoptingpre-emptive measures to stayahead of the inflation curve,and that will be important inmanaging the inflation expecta-tions of ordinary people," saidXu Jian, an economist at ChinaInternational Capital Corp inBeijing.

Even though inflation waslikely to pick up to 5 per centnext quarter, Xu said hethought Beijing would not losecontrol of inflation thanks to itsprompt "one-two punch" ofshort-term administrativemeasures and tighter monetarypolicy.-Reuters

Confident pricepressures in check: China

lasted for quite a while in which issues pertaining to bilateralinterest, political scenario, Reforms GST Bill and promises madeto the JUI-F by the Government etc.

Sources told that the JUI-F chief has assured of his conditionalsupport to the govt on RGST and as a result of this assuranceMaulana Sherani has been made Chairman CII, which speaks vol-umes of the fact that government is ready to be flexible. Sourcesfurther said that President assured Fazl that government is keen totake all its coalition partners on board while it will keep on work-ing for augmenting democracy and stability in the country.

Continued from page 1No #1

future of country's premier gas field and will bode well forOGDC's future earnings.

The field contributes 35 per cent to OGDC's gas production, butmore importantly it contributes 26 per cent to company's topline,he added. Furthermore, he said that for week ended 09 Nov-10,Qadirpur field's gas production has increased to 513mmcfd (upfrom 497mmcfd a week earlier).

Continued from page 1No #2

functions of FIA with those of NAB to create a specialised andautonomous "Anti-Corruption Agency (ACA)" in July this year.

Two years ago, powers were transferred to NAB to eradicatecorruption and hold those accountable who were accused of it.

Interior Minister Rehman Malik this month set an ambitiousone-week deadline to banish corruption from public offices byreinstating the powers of FIA to detect and provide effectivemeasures against corruption."The government is all set to rein-state the 'anti corruption cell' in the Federal Investigation Agencyto eliminate corruption from public offices," he said during ameeting at the FIA headquarters.

The proposal will now come under the consideration of the fed-eral cabinet before a final decision will be taken. -Agencies

Continued from page 1No #3

presided over the meeting of subordinate committee of Senatestanding committee on defence and reviewed the five year revivalplan for PIA. While discussing the revival plan MD PIA IjazHaroon told the committee that the company plans to purchase 16new planes and an application has already been sent to the author-ities for giving guarantee.

In the meeting Ijaz Haroon informed the subordinate committeethat PIA had a deficit of Rs41.700 million in the last two years.

While giving details, he told the committee that during 2008, thecompany incurred a loss of Rs35.88 million while in 2009 endRs68 billion were in deficit, so far PIA is under a debt of Rs1.11trillion altogether with a holding of Rs16 billion only in the formof assets. He further told the committee that the PIA authoritieshave already started to slash down on the operational expense aswell as the repair and maintenance.

He also informed that organisation has already started workingon curbing fraud and dishonesty in the establishment and it isexpected to save up to Rs3 billion in the next five years.

Ijaz Haroon said the government should review the open skiespolicy formulated in 1992 according to which airlines fromCentral Asian countries can take passengers on board fromPakistan and it is affecting the business of PIA.

Continued from page 1No #4

Railways for consideration of the cabinet.The meting wasattended by Waqar Ahmed Khan, Federal Minister forPrivatization, Raja Pervaiz Ashraf, Federal Minister for Water &Power, Qamar Zaman Kaira, Federal Minister for Information &Broadcasting, Ghulam Ahmad Bilour, Minister for Railways, MSalman Faruqui, Secretary General to the President, ShahidHafeez Kardar, Governor State Bank of Pakistan, Secretaries ofFinance and Privatization Divisions and Spokesperson to thePresident Farhatullah Babar besides other officials. -APP

Continued from page 1No #5

persons.At least one member on the BODs should be a young pri-vate sector individual with potential to make his mark in the future.Nominations from the private sector should be made consideringthe ability of the nominee to devotetime.Ministers/Secretaries/Government officials will not be nomi-nated as Chairmen of the BODs. The office of Chairman BODs andCEO shall be kept separate. Representation from the administrativeMinistry / Division on the BODs of Private Sector Entities shouldbe restricted to one. The CEOs and one other executive (Head ofFinance) of the PSE will be included in the BODs. -Agencies

Continued from page 1No #6

members of the commission, due to which the final name for thechairmanship could not be finalised. Talking to the media personsafter the meeting, Syed Nayyar Hussain Bukhari said that heheaded the meeting on advice of Chaudhry Shujaat Hussain,adding the commission was awarded the mandate to form rulesand regulations of the commission under 18th amendment.

Bukhari further said that the commission would work beyondparty benefits and Chairman would also be selected with consen-sus on Wednesday (tomorrow) meeting.He stated that the recom-mendations of judicial commission have been received by SenateSecretariat and commission would review the recommendationsafter preparations of rules and regulations. -Agencies

Continued from page 1No #7

Gilani has accepted the resignation of Mian Altaf Saleem andissued an order for the appointment of new Chairman of Errafrom PML-Q Hamid Yar Hiraj. Hamid Yar Hiraj, MNA is hold-ing Masters Degrees in Finance from the Wharton BusinessSchool, University of Pennsylvania and in Tax Law fromCalifornia State University San Francisco, USA. Previously heheld the portfolios of as MOS for EAD, Health and Commerce.Hamid Yar Hiraj would serve as the Chairman Erra on hon-orary basis.

In a meeting with the newly appointed and the outgoingChairmen Erra separately, at PM House, Prime Ministerexpressed confidence that keeping in view the important func-tion of the Rehabilitation and Reconstruction of theEarthquake affected areas, the new incumbent would utilize allhis abilities to carry forward the government's reconstructionagenda in these areas.

Prime Minister also appreciated the services of outgoingChairman ERRA. Mr. Saleem Altaf thanked the Prime Ministerfor his continued support during the discharge of his officialduties. -Agencies

Continued from page 1No #8

information, he says, then so is the rest of Wall Street.In addition to SAC, his clients include mutual-fund companies

Janus Capital Group, Wellington Management Co., MFSInvestment Management, and hedge funds Citadel AssetManagement and Maverick Capital, among others. These firmsdeclined to comment. One of those FBI agents was David Makol,known among prosecutors for his skills in insider-trading inves-tigations and his ability to "flip," or gain the cooperation of,defendants to help agents gather evidence.

Continued from page 1No #9

administering justice was not only the job of judiciary of but ofall the three organs of State. He said, "As far as Executive andLegislative are concerned they also share equal responsibility toachieve the object of independence of judiciary". If such an envi-ronment was created, where all the three organs perform theirfunctions while remaining within their prescribed spheres, itwould provide a stable and predictable environment, guaranteedunder the constitution, he added.

He said "It is a need of the hour that the Legislative and

Continued from page 12No #10

weaker eurozone states, rates on Spanish and Italian bonds were slightly lower on Monday.Dublin agreed over the weekend to ask the EU and IMF for a bailout estimated at about 90 billion

euros to stabilise its debt-stricken banking system and restore its strained public finances. -Agencies

Continued from page 12No #11

remains banned. He expressed the hope that this situation will change in the interest of expandedtrade relations between the two countries. Sabharwal expressed his happiness that over the last oneyear, a number of business delegations from Pakistan have visited India. Speaking on the occasion,LCCI President Shahzad Ali Malik expressed his dismay over the low volume of trade between Indiaand Pakistan. He said that India and Pakistan should promote regional trade on the pattern ofASEAN, EU, NAFTA, etc. to boost bilateral trade.

He said that the promotion of trade is the only to minimise the political tension in the region. Thetwo neighboring countries should not mix trade with politics and business community should beallowed to carry on trade without hurdles. He said that the potential gains from increased economicintegration between India and Pakistan are large whereas mutual trade between the two countries isunnaturally small. Further efforts to facilitate and increase trade can become an effective tool to easeout the tense relations. The LCCI President said that India should allow the representatives of pri-vate sector of Pakistan to establish trade offices for various products in India.

The LCCI president said, "We, the business community, are committed to have a serious, sustain-able and constructive engagement with India and early and full normalization of relations on thebasis of mutual non-interference, peaceful co-existence and respect for each other. -Online

Continued from page 12No #12

children. Asma Jahangir is the president of the Supreme Court Bar Association of Pakistan, afounding member of the Human Rights Commission of Pakistan and served as its Secretary-Generaland chairperson. Internationally, Asma Jahangir is known for her roles as the UN Special Rapporteuron Freedom of Religion or Belief, and the UN Special Rapporteur on Extrajudicial, Summary orArbitrary Executions. The award carries a $25,000 cash reward, a diploma and a bronze trophy,which will be presented at a ceremony in Bilbao, Spain, on 10 December, which is observed glob-ally as Human Rights Day. -Agencies

Continued from page 12No #13

Central Vigilance Commissioner (CVC) in September amid protests from the BJP who claimed atthe time that he was a tainted figure. During a legal challenge to Thomas's appointment, ChiefJustice SH Kapadia questioned the nomination of a man who was charged by police over his role inan alleged palm oil import scam in his home state of Kerala. "In every matter he deals with, he willface embarrassment and under these circumstances we want to know if he will be able to functionas CVC," Kapadia told the court.

In a separate but unwelcome reminder of another corruption scandal, Indian police on Sundayarrested the sacked treasurer of the Delhi Commonwealth Games organising committee. TheCongress party was also roiled by the resignation of the chief minister of the powerful western stateof Maharashtra, who stepped down two weeks ago over his alleged role in a housing scam that sawapartments reserved for war widows sold to politicians and military officers. India fell three placesto 87th in Transparency International's latest ranking of 178 nations by their perceived level of cor-ruption, with the fall attributed to the Commonwealth Games fiasco.Concern about corruption hasbeen raised recently by senior public figures and leading businessmen. -Agencies

Continued from page 12No #14

Executive work in a manner to strengthen the judiciary as it will ensure the survival of other organsin case some extra-constitutional forces strike the political dispensation." The Chief Justice alsolauded the services of retiring Justice Rahmat Hussain Jafferi and said that he earned respect of hiscolleagues and legal fraternity due to his professional competence and unassuming and affable per-sonality.He said name of Rahmat Hussain Jafferi would be an addition to list of illustrious judges,who struggled for the independence of judiciary. -APP

Irishcoalition

teeters afterbailout deal

DUBLIN: Ireland's deeplyunpopular government began tounravel on Monday, with the jun-ior coalition party demanding anearly election in January, as soonas an EU/IMF bailout package isin place, and the budget underthreat.

The Greens withdrew theirsupport from Prime MinisterBrian Cowen's cabinet a day afterEuropean partners and theInternational Monetary Fundagreed to rescue Ireland withloans to tackle a banking andbudget crisis that has arousedpublic fury.

Two independent lawmakerson whom the government reliesfor its parliamentary majoritysaid they could not even committo supporting a crucial austeritybudget due to be adopted on Dec.7, casting doubt on its passage.

The adoption and implementa-tion of a deficit-cutting budget isusually a condition for EU/IMFaid disbursements, subject toquarterly monitoring by the inter-national watchdogs.

A top euro zone official saidthe first loans could flow inJanuary but a short-lived reliefrally on financial markets fizzledas investors weighed the newpolitical uncertainty and the riskof pressure spreading to othervulnerable EU countries.

European shares and the euroreversed early gains on fears thepackage would not prevent con-tagion reaching Portugal andpossibly Spain.

European and IMF officialsbegan thrashing out details of therescue package -- expected tototal 80 to 90 billion euros -- onMonday, while the governmentput finishing touches to a drastic15 billion euros ($20.5 billion)austerity plan.

The coalition of Fianna Fail,the Greens and independentpoliticians has a three-seat major-ity, which will be wiped out if thesix Green lawmakers withdrawtheir support, or indeed if the twoindependents switch sides.-Reuters

whose agenda was to amend the Articles of the Exchange so that the chairman of the exchangeshould be a broker as members think a broker-chairman will be a better manager.

The issue arose after the present Chairman Zubyr Soomro had expressed reservations on MarginTrading System (MTS) which was approved by KSE board of directors.

Continued from page 5No #15

113.3 million shares were traded on Monday --39.1 million shares more as compared to a turnoverof 74.2 million in the previous session. Oil and gas sector was the leading performer of the day withOGDC increasing by Rs6.74 to reach Rs166.23 contributing around 116 points to the index whilePakistan Oil fields rose by Rs12.77 to close at Rs268.36.

According to experts, the news of increased gas production at Qadirpur Gas Field --as most of theinstallation of the compression facility is complete-- invited buying in the oil giant OGDC. Also, dis-covery in Makori East last week turned investors' heads towards POL and PPL. Further, a rise ispower tariff too pushed investors into oil stocks. Jahangir Sidd. Co was the most traded stock of theday with 10.08 million shares followed by Lotte Pakistan 9.33 million shares and Pakistan Oilfields5.61 million shares.Out of total 378 active issues 249 advanced and 104 declined while 25 issuesremained unchanged.

Continued from page 5No #16

SanDisk gained 5.7 per cent to $42.24, while the PHLX Semiconductor Index rose 0.5 per cent. Netflix Inc jumped 7.2 per cent to $185.50 after it said it will offer an unlimited streaming-only

subscription plan in the United States.-Reuters

Continued from page 5No #17

Mining stocks .FTNMX1770 slipped, following metals prices lower, on nagging fears of furthertightening of monetary policy in China, the world's biggest consumer of metals.

Integrated oil stocks, the top blue-chip performers earlier on Monday, fell, with BG Group down1 per cent. Interdealer broker ICAP dropped 2.7 per cent as broker Execution Noble cut its rating onthe stock to "hold" from "buy".

Invensys was also hit by a broker downgrade, shedding 1.8 per cent, as BofA Merrill Lynch cut itsrating for the engineer to "neutral" from "buy" on valuation grounds.Defensive stocks came intofavour as investors switched out of sectors perceived as more risky, with utilities Severn Trent andScottish & Southern Energy adding 1.4 per cent and 1 per cent respectively.On the upside, TUITravel rose 3.6 per cent to top the FTSE 100 leaderboard after a report said parent TUI was in talkswith investor John Fredriksen over its stake in shipyard firm Hapag-Lloyd, traders said.

A report on Sunday in German newspaper Welt Am Sonntag said Hapag-Lloyd was in the processof appointing investment banks as it seeks an investor.The news fuelled talk TUI could use the saleof its stake, or a portion of its stake, to fund further stake-buying in TUI Travel, traders said.-Reuters

Continued from page 5No #18

Page 12: The Financial Daily-Epaper-23-11-2010

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ISLAMABAD: Chief Justice ofPakistan Iftikhar MuhammadChaudhry said on Monday thatnation's salvation lied in upholdingthe democratic principles.

He was speaking at a referenceheld on the retirement of JusticeRahmat Hussain Jafferi.

He said it was incumbent upon allthe institutions to work in unison asit would ensure their independenceand prime them up for performingtheir assigned constitutional duties.

"The time has arrived to strength-en all the institutions of the countryand everybody needs to follow theprinciples of rule of law, transparen-cy, merit and fairness in the dis-charge of his duties," he added.

He said the most essential role ofthe constitution was to interlinkstate structures and geared themtowards realising the highest idealsof a democratic and social welfarestate.

He said, "The constitution is alsoan agreement between variousregions and nationalities to formone cohesive nation."

"Thus, the constitution is aninstrument of empowerment of thepeople by bestowing upon them thefundamental rights, including eco-nomic, social, political, civil andcultural rights," he added.

He said for execution of suchlofty ideals, the constitution envis-aged creation of a strong, healthyand competitive executive organ,which was ably managed by thebureaucracy.

If these institutions strictlyworked under the rule providing alevel playing field to all the citizens,the country could achieve stability,success and recognition as a civi-lized democratic state, the ChiefJustice said, adding, "because it isin the interest of all of us and ourfuture generation to support theconstitution and democracy in thecountry".

Referring to corruption in lowerjudiciary, he said the GlobalCorruption Report, 2007 had admit-ted that corruption was prevalent inthe justice sector.

He said corruption in judicial sys-

tem of the country was mostly onaccount of the age-old practice ofbribery.

"It is more pronounced in thelower courts called Katchery. Whencourts are perceived to be tolerantof corruption, litigant parties andpeople lose hope in the justice sys-tem," he added.

Terming it a dangerous symptom,the Chief Justice said it was thebeginning of breakdown of peaceand security in the society, whichcould lead to increased crimes andlawlessness.

He stressed that accountability inthe judiciary was necessary to erad-icate corruption and a culture ofbribery. The High Courts had takenstringent measures and removedmany corrupt and ill-reputed judi-cial officers, he added.

He said now it was a high timethat one should not compromise bytolerating bribery because it wasone of the causes to hinder inde-pendent judiciary.

He further pronounced that See # 10 Page 11

Salvation lies indemocracy: CJP

Everybody needs to follow law, Justice Iftikhar

DUBLIN: Sinn Fein demonstrators clash with police officers after breaking through the gates

of Government Buildings in Dublin here on Monday. -Reuters

LAHORE: The Indian HighCommissioner, Sharat Sabharwal,has said that as the fastest growingeconomy of the region, India has thepotential to become a growth hubfor all its neighbours includingPakistan.

The Indian High Commissionerwas speaking at the LahoreChamber of Commerce and Industryon Monday.

LCCI President Shahzad AliMalik, Senior Vice PresidentSheikh Mohammad Arshad, VicePresident Sohail Azhar, formerLCCI Presidents Mian TajammulHussain, Shahzada AlamMonnoo, former Senior VicePresident Sohail Lashari and for-mer Vice President Aftab AhmadVohra also spoke on the occa-sion. Indian CommercialConsular R K Sharma was alsopresent in the meeting which

continued for well over an hour.The High Commissioner said that

in recent years, the Indian economyhas emerged as one of the fastestgrowing economies of the world andis likely to attain an annual growthrate of 9 per cent during the comingyears.

He added that even as India pro-gresses on the path of high growthand rapid development, it regardsthe prosperity of the rest of SouthAsia in its own interests.

Indian High Commissioner saidthat India had fulfilled its commit-ments under the Safta by drawing upa sensitive list beyond which allitems can be imported from Pakistanand other Saarc countries.

However, he said, Pakistan contin-ues to maintain a positive list of lessthan 2000 items and the import of allthe remaining items from India

See # 12 Page 11

‘India to becomeAsia growth hub’

Indian High Commissioner visits LCCI

ISLAMABAD: Governmnent hasdecided to start an all-out investiga-tion into Hajj scandal Monday, whilePrime Minister Gilani directedFederal Minister for Religious AffairsHamid Kazmi to take back Rs100 mil-lion compensation notice that he hadsent to Federal Minister Azam KhanSwati over corruption allegations per-taining to the Hajj arrangements.

Prime Minister Gilani telephonedboth the ministers and directed themto stop issuing statements andremarking against each other in themedia.

He further directed Kazmi, who iscurrently in Saudi Arabia, to meethim as soon he arrives in Pakistanand submit a comprehensive reportpertaining to the issue.

Prime Minister Gilani said the pil-grims' sufferings during Hajj broughtbad name to the country. He furthersaid that the government is investi-gating the allegations.

Earlier, Hamid Saeed Kazmi hadsent a compensation notice of Rs 100

million to AzamKhan Swati, over corruption allega-tions by the latter on Kazmi regard-ing embezzlement during Hajj opera-tions.

Furthermore, federal governmentdecided to take strict action againstFederal Secretary, Joint Secretaryand Acting DG Hajj hence will beremoved on charges of sheer corrup-tion in Hajj arrangements.

According to media reports, it hasbeen decided to remove FederalSecretary for Religious Affairs, JointSecretary Hajj Raja Aftab-ul Islamand acting DG Hajj Sultan Shahrespectively on charges of utter cor-ruption. -Agencies

Kazmi, Swati tradeblame on Hajj scam

Government decides to initiate full-scale probe

Asma gets UNHuman Rights

AwardISLAMABAD: The Asian HumanRights Commission congratulatesAsma Jahangir on the announcementthat she has been named as thisyear's winner of United Nationsaward that recognises outstandingindividual contribution to promotinga culture of human rights around theworld.

The Director-General of the UN

Educational, Scientific and CulturalOrganization (UNESCO), IrinaBokova, nominated Jahangir as lau-reate of this year's Bilbao Prize forthe Promotion of a Culture ofHuman Rights in recognition of herwork in Pakistan's Supreme Courtwhere she championed the rights ofreligious minorities, women and

See # 13 Page 11

Aasia goesundergroundafter release

SHEIKHUPURA: Death convictAasia Bibi of Ittanwala has beenreleased and shifted to an unknownlocation, according to media reports.

Aasia Bibi was sentenced to death fol-lowing an allegation under the blasphe-my law. Her only crime was that she wasgoing to fill a pot of water when otherwomen in the field said she could nottouch the pot, and filed a complaintaccusing her of committing blasphemy.

On Saturday, she handed over hermercy appeal to Governor PunjabSalman Taseer meant for President ofPakistan Asif Zardari, who while usinghis discretionary powers can condone her.

Aasia pleaded that she never saidanything blasphemous and the accu-sations are leveled against her due tosome personal grudges.

It has also been reported that shewould be shifted to United States ofAmerica (USA), as her life would isnot safe here in Pakistan. -Online

Mirza saysterror threats

high in KarachiKARACHI: Provincial HomeMinister Zulfiqar Mirza on Mondayhinted that government buildings,hospitals, assembly and other impor-tant places are under danger of ter-rorism, adding stringent securitymeasures are being taken to ensurepeace in the province.

While talking to journalists afterattending a meeting regarding secu-rity, Provincial Home MinisterZulfiqar Mirza opine that terroristscould target public places as peoplethrong to such areas.

We will not allow handful of ter-rorists to disturb law and order in theprovince, he pointed.

He further added that we havereceived threats from terrorists butwe will not sit calm until they areeliminated tooth and nail. -Online

NEW DELHI: India's ruling partysought on Monday to defuse a gianttelecom corruption scandal that hasembroiled the government, stalledparliament and further tarnished thecountry's political class.

For more than a week, the govern-ment of Prime Minister ManmohanSingh has been battling oppositionpressure and lurid allegations aboutwhat could amount to one of thebiggest scams in Indian history.

Former telecom minister A Raja,who resigned on November 14, isaccused of losing the national treas-ury up to 40 billion dollars over thesale of 2G mobile phone licences in2007 for a fraction of their value.

The opposition led by theBharatiya Janata Party (BJP) againblocked the functioning of parlia-ment on Monday, continuing its

demand that a cross-party probe beset up to investigate the alleged scam.

After the adjournment -- for a sev-enth day -- Finance Minister PranabMukherjee called an all-party meet-ing to seek an end to the disruptionthat has prevented any new legisla-tion being discussed in the wintersession.

"The purpose of the meeting isobviously to see if we can find a wayout of the impasse in parliament,"Congress spokesman Manish Tewaritold media.

Elsewhere, India's Supreme Courtraised doubts Monday about therecent appointment of a new top anti-corruption official, adding to a dam-aging perception that the governmentis soft on graft.

PJ Thomas was sworn in as the new See # 14 Page 11

Corruption woesmount for India

SC questions Thomas’ appointment as CVC

PARIS: The pressure on Irish gov-ernment bonds eased Monday as themarket took on board news thatDublin was negotiating a rescue dealwith the European Union andInternational Monetary Fund.

However, the pressure on thebonds of some other weak eurozonestates such as Portugal -- which lastweek called on Dublin to take the aidmoney so as to help calm the markets-- eased only slightly and yields orrates on Portuguese bonds rose.

In early trading, the yield -- therate of return paid to investors -- onthe benchmark Irish 10-year bondfell to 7.735 per cent from 7.907 percent late Friday.

On the Portuguese bond, the yieldrose to 6.557 per cent from 6.508 percent on Friday, with the Greek 10-year bond higher at 11.465 per cent,up from 11.368 per cent.

Portugal said last week that ithoped an Irish bailout would helptake some of the pressure off its own

financing problems so it may be dis-appointed at the initial reaction.

Greece was bailed out to the tuneof 110 billion euros (150 billion dol-lars) in May when it could no longerraise money from the financial mar-kets at sustainable rates.

Irish rates spiked in recent days torecord highs near 9.0 percent buthave been easing slightly since theprospect of a rescue became morelikely. Among yields for other

See # 11 Page 11

Pressure on Irish-govt-bonds drops


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