International

TFD special report on Banking 2010 See on Page 8

IMF gives more time to Pakistan See on Page 12

NZ beat Pak by 39 runs See on Page 10

*Crude Oil (brent)$/bbl 93.97

*Crude Oil (WTI)$/bbl 91.17

*Cotton $/lb 148.65

*Gold $/ozs 1,403.30

*Silver $/ozs 29.82

Malaysian Palm $ 1,221

GOLD (NCEL) PKR 38,254

KHI Cotton 40Kg PKR 9,645

*Last Updated 20:00 PST

Yearly(Jul, 2010--27-Dec-2010)

Monthly(Dec, 2010--27-Dec-2010)

Daily (27-Dec-2010)

Total Portfolio Inv (17 Dec-2010)

198.85

36.13

3.64

2783

1.31

-3.41

0.61

2.57

0.39

-0.93

-0.54

SCRA(U.S $ in million)

Portfolio Investment

FIPI (28-Dec-2010)

Local Companies (28-Dec-2010)

Banks / DFI (28-Dec-2010)

Mutual Funds (28-Dec-2010)

NBFC (28-Dec-2010)

Local Investors (28-Dec-2010)

Other Organization (28-Dec-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (18-Dec-10)

Inflation CPI% (Jul 10-Nov 10)

Exports (Jul 10-Nov 10)

Imports (Jul 10-Nov 10)

Trade Balance (Jul 10-Nov 10)

Current A/C (Jul 10- Nov 10)

Remittances (Jul 10-Nov 10)

Foreign Invest (Jul 10-Nov 10)

Revenue (Jul 10-Nov 10)

Foreign Debt (Sep 10)

Domestic Debt (Oct 10)

Repatriated Profit (Jul- Nov 10)

LSM Growth (Sep 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.39bn

14.44%

$8.88bn

$15.37bn

$(6.49)bn

$(504)mn

$4.43bn

$746mn

Rs 495bn

$58.41bn

Rs 5234.9bn

$287.9mn

-2.58%

4.10%

$1,051

171.39mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

23.01

2.00

1.70

10.77

PKR/Shares

111.45

197.26

42.87

36.44

36.93

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)

15-Dec-2010

15-Dec-2010

15-Dec-2010

29-Nov-2010

28-Dec-2010

28-Dec-2010

28-Dec-2010

28-Dec-2010

28-Dec-2010

28-Dec-2010

28-Dec-2010

28-Dec-2010

28-Dec-2010

28-Dec-2010

28-Dec-2010

13.17%

13.39%

13.69%

14.00%

13.34%

13.43%

13.61%

13.95%

14.12%

14.15%

14.21%

14.24%

14.53%

14.73%

14.88%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 85.50 86.90

Canadian $ 84.40 85.40

Danish Krone 15.10 15.20

Euro 112.80 114.50

Hong Kong $ 10.80 10.90

Japanese Yen 1.011 1.037

Saudi Riyal 22.78 22.95

Singapore $ 65.30 66.50

Swedish Korona 12.70 12.90

Swiss Franc 87.10 87.30

U.A.E Dirham 23.28 23.48

UK Pound 132.50 134.30

US $ 85.65 85.95

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 86.43 86.63

Canadian $ 85.29 85.49

Danish Krone 15.24 15.28

Euro 113.60 113.86

Hong Kong $ 11.02 11.05

Japanese Yen 1.033 1.035

Saudi Riyal 22.87 22.93

Singapore $ 66.13 66.28

Swedish Korona 12.65 12.68

Swiss Franc 89.73 89.94

U.A.E Dirham 23.35 23.41

UK Pound 132.78 133.09

US $ 85.73 85.91

Inter-Bank Currency Rates

Subscribe now

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Fax: 92-21-5388428

Email: editor@ thefinancialdaily.com

www.thefinancialdaily.com

CITIES MAX-TEMP MIN

ISLAMABAD 16°C -1°C

KARACHI 25°C 13°C

LAHORE 21°C 1°C

FAISALABAD 21°C 3°C

QUETTA 12°C -5°C

RAWALPINDI 16°C 1°C

Weather Forecast

Index Close Change

KSE 100 11,848.05 61.68

Nikkei 225 10,292.63 63.36

Hang Seng 22,621.73 212.07

Sensex 30 20,025.42 3.51

ADX 2,702.67 8.78

SSE COMP. 2,732.99 48.41

FTSE 100 6,008.92 12.85

*Dow Jones 11,543.22 11.81

*Last Updated 20:00 PST

Global Indices

Cameron phones Zardari,asserts support for Pak

See on Page 12

Fazl asksZardari to

replace PMISLAMABAD: Terminghim a threat to the demo-cratic process in the coun-try, Maulana FazlurRehman, Chief of JamiatUlema-e-Islam Fazl (JUI-F) called upon PresidentZardari to replace PrimeMinister Yousuf RazaGilani.

During a press briefinghere Tuesday, Fazal askedthe President to take strictaction against the PM forderailing the democraticprocess in the country andacting against the reconcil-iatory policy of the PPPgovernment.

"Bring a new PrimeMinister for it is impossiblefor the democratic processto run in Gilani's being inpower", the JUI-F chiefasked the incumbent gov-ernment.

He asserted that he was intouch with all the politicalparties regarding the cur-rent political scenario, how-ever added he was expect-ing some big decision fromMQM chief Altaf Hussain.

"We stick to our guns, butthe problems facing thecountry cannot be resolvedtill the government does nottake a solid step", Fazalmaintained.

See # 7 Page 11

Crackerblast at KU

injures 8Staff Reporter

KARACHI: At least 8 stu-dents injured in crackerblast at Karachi Universityhere Tuesday.

As per details, a crackerblast in Karachi Universityat Arts lobby, nearMehmood-ul HassanLibrary at 1:00PM injured 8students.

After receiving informa-tion police, Rangers, bombdisposals squads and ambu-lance rushed at the site anddispatched the injured stu-dents to hospital. The bombwas of 200-gram.

According to theUniversity sources, one stu-dent organisation targetedthe other student's organisa-tion while police sourcestold that it was parcelattack. Police sources fur-ther told that it was crackerblast of low intensity.

SSP Gulshan IqbalNaeem Shaikh, SSP Specialinvestigation unit UmerKhattab, SP CIDInvestigation MazharMashwani and DIGShaukat Ali visited the site.

DIG East Shaukat saidthat it would be prematureto say anything about theblast while, after Universitysearching and probe intothe matter the realty would

See # 4 Page 11

MUSCAT: Prime MinisterSyed Yousuf Raza GilaniTuesday denied any com-munication gap with Indiaon resolution of core issueof Kashmir and other out-standing issues, but asked itnot to hold the dialogueprocess hostage to theMumbai incident.

This impression should bedispelled that there is lackof communication betweenPakistan and India, Gilanisaid, however pointed atlack of trust, in an interac-tion with local Omanimedia at his hotel.

Prime Minister Gilanisaid Pakistan desiresresumption of dialogueprocess with India toresolve all outstandingissues and mentioned histalks with his Indian coun-terpart Dr ManmohanSingh during which he hadasked him that one incidentshould not be allowed tohold the dialogue processdown.

Prime Minister said theresolution of Kashmir issuewas vital for regional stabil-ity, adding Pakistan wished

See # 3 Page 11

Pakistan,Omanset to talk FTA

Gilani seeks increased Omani investment

PM denies communication gap with India

Staff Reporter

KARACHI: The scope ofpayment systems infra-structure in the countryincreased during the firstquarter (July-September) ofthe current 2010-2011 fiscalyear (FY11) as a total of 99automated teller machines(ATMs) were added to thee-banking infrastructurebringing the total number ofATMs to 4,562 in the coun-try.

According to State Bank'sFirst Quarterly Report on

Payments Systems releasedTuesday, 60 more bankbranches have been upgrad-ed to Real Time OnlineBranches (RTOBs) whilethe number of plastic cards(i.e. ATM, Debit and CreditCards) also increased by5.23 per cent compared tothe previous quarter.

The Report said that thevalue of ATM transactionsincreased by about 5 percent to Rs262,524 millionwhile maintaining the num-ber of transactions at the

See # 5 Page 11

E-commerce onrise, SBP reports

FY11: first quarter

ISLAMABAD: Minister ofState for Finance andEconomic Affairs, HinaRabbani Khar Tuesdaycalled for maintaining fiscaldiscipline in the utilisationof resources at all levels forthe welfare of the peopleand socioeconomic devel-opment of the country.

She stated this while pre-siding over the session ofthe 26th annual generalmeeting and conference ofPakistan Society of

Development Economists(PSDE) here.

The three-day conferencehas been organised by thePakistan Institute ofDevelopment Economics incollaboration with Forumof Federation Center forCivic Education, HigherEducation Commission,CIDA, USAID and FES.

Deputy Chairman of thePlanning Commission DrNadeem-ul Haq inaugurated

See # 6 Page 11

Hina underlinesfiscal discipline

Ahmed SiddiqueKARACHI: One thingwhich was interesting at atime of crisis in Pakistan,led by ferocious floods, isthe continuous foreign buy-ing in local stock market.

Though local investorsremained bearish on themarket due to liquidity

crunch amid huge borrow-ing by the government, itwas the foreign inflows thatsaved Pakistani market inthe outgoing year.

Compared to the net buy-ing of only $24 million in2009, foreigners in 2010bought shares worth $1.2billion and sold $0.7 billion

See # 8 Page 11

Offshorers pour$0.5bn into KSE

Foreigners hold shares worth $2.9 billion

During CY10

Staff Reporter/ Agencies

BADIN/ KARACHI: Sindh HomeMinister Dr Zulfiqar Mirza, whoinfuriated the coalition partners withhis fiery statements, Tuesday offered

to sacrifice his ministry to bringround the resented partners.

Zulfiqar Mirza said if quitting theministry could please MuttahidaQaumi Movement (MQM), then hewas ready to tender his resignation

for the purpose.Talking to media here, Sindh Home

Minister said Pakistan Peoples Party(PPP) would keep democracy up andthat he was raring to render every

See # 2 Page 11

Mirza ready to quit to win MQM backPresident, PM assure MQM resolution of grievances

Staff Reporter/ Agencies

KARACHI: The PPP-governmentcame under further pressure Tuesdaywith its second-largest partner,Muttahida Qaumi Movement'sFarooq Sattar and Babar KhanGhauri dispatched their resignationsto President Asif Ali Zardari andPrime Minister Syed Yousuf RazaGilani.

Muttahida Qaumi Movement saidMonday that it was withdrawing itstwo ministers from the federal cabi-net in a move that could threaten thenarrow parliamentary majority ofPresident Zardari's Pakistan Peoples

Party (PPP).Talking to media, Sattar said that

they had resigned because the gov-ernment failed in solving the prob-lems faced by the people of Pakistan.He said that the government did notconsult his party on policy decisions.

The statement issued here fromMQM Center 'Nine-Zero', said theparty's reservations still exist addinggovernment neither took MQM intoconfidence nor did has any consulta-tions with it.

Prime Minister Gilani has alsocalled for a meeting of the federalcabinet to discuss political develop-ments.

MQM has 25 lawmakers in thenational assembly but only two min-isters in the federal cabinet, BabarGhauri for ports and shipping andFarooq Sattar for overseasPakistanis.

The loss of its 25 lawmakers wouldleave the coalition in a parliamentaryminority and could bring down thegovernment.

"The decision has been takenbecause the government did not heedto our complaints about the remarksof Sindh Home Minister maligningthe MQM," Faisal Sabzwari toldreporters.

See # 1 Page 11

MQM puts PPPinto a tight spot

Sattar, Ghauri send resignation to President, PM

PML-N accepts Altaf's challenge of public debate

MUSCAT: Prime Minister Syed Yousuf Raza Gilani talking to the Omani editors in Muscat here on Tuesday. -APP

Karachi, Wednesday, December 29, 2010, Muharram-ul-Haram 22, Price Rs12 Pages 12

2 Wednesday, December 29, 2010

TV PROGRAMMES

WEDNESDAY

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

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

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

Jasmeen23:00 News23:30 24

KARACHI: Ms NaelaChohan, Ambassador ofPakistan in Argentina, vis-ited Federation ofPakistan Chambers ofCommerce and Industry(FPCCI) Monday and metwith Sultan AhmedChawla, President FPCCIand other members. Shediscussed matters relatingto trade and economicrelations of Pakistan withArgentina and other SouthAmerican countries suchas Ecuador, Peru andUruguay, where she isa c c r e d i t e d .President,FPCCI wel-comed and thanked her

for visiting FPCCI. Ms Chohan,

Ambassador of Pakistanin Argentina gave adetailed presentation onthe importance ofArgentina and othersmaller markets of thatregion like Ecuador, Peruand Uruguay. Sheinformed that Argentina'sper capita income is 14times higher thanPakistan's per capitaincome, which representsits huge market size.Pakistan's exports toArgentina rose to $41 mil-lion last year, a $3 millionincrease over the previous

year, which highlights theimportance of the regionas an emerging market fortextile and other goods.

She said Pakistan enjoyshuge trade surplus with allthese countries exceptArgentina and next yearArgentina will celebrate 60anniversary of its diplo-matic relations withPakistan. Moreover, shehighlighted the importanceof the region as an emerg-ing import market for tex-tiles and other goods,which could be approachedthrough regional and bilat-eral agreements and initia-tives.-Agencies

Pak envoy to Argentina visits FPCCI

Great scope formore trade betweenPak, South America

KARACHI: A prominentleader of the businesscommunity, S M Muneerhas advised the govern-ment to refrain fromimposing unresolved andcontroversial RGST as itwas not vetted by thestakeholders.

Addressing a dinnerhosted by Yousuf Shaikhin his honour on Monday,Muneer said that theGovernor, State Bank ofPakistan has recently saidthat the government has sofar printed Rs1,500 billioncurrency notes to meet itsexpenses. He said that thistrend is alarming andwould result massive infla-tion in the country.

"I met with President,Asif Zardari three timesand begged him to takecorrective measures to res-cue ailing economy",Muneer said adding that

government has alsoextended its begging bowlto IMF, which is demand-ing on imposition of taxesand increase in prices ofutilities without realizingthe fact that how the poorpeople would manage topay as they have alreadybeen squeezed.

"IMF negotiators don'tbother how the poor peopleof Pakistan will manage topay the taxes and utilities,they only concerned withtheir unrealistic demands",Muneer said.

He warned that the peo-ple and the business com-munity is not in the posi-tion to pay additional taxesor high prices of utilitiesany more and the govern-ment should plug the rev-enue pilferage and gener-ate other resources to meetits expenses.

The newly elected

President, Federation ofPakistan Chambers ofCommerce and Industry(FPCCI), Haji Ghulam Aliwarned the government tostay away imposing RGSTas it was meant to furthersqueeze the tax payers andpoor consumers. Hevowed to fight for therights of business commu-nity and resist impositionof RGST as it was beingimposed under the whimsof IMF. He said that thegovernment has beenfailed miserably to solveany problem due to whichthe ministers and publicrepresentatives are avoid-ing to come on the publicforums such as FPCCI. Hesaid that the ministers con-cerned would be broughtto face the stakeholdersand they have to come tothese forums even in a fewhours notice.-Agencies

Business leaderswarn govt not to

impose RGST

Staff Reporter

KARACHI: FederalMinister for Women'sDevelopment Dr.Firdous Ashiq Awanassured that her ministrywould extend completehelp for the FirstWomen Bank Limited(FWBL).

Talking to the seniormanagement of theFWBL at its head officehere on Tuesday, shesaid that every possibleeffort would be made toresolve all issues hin-dering developmentprojects of the Bank.

She congratulatedShafqat Sultana,President FWBL and herteam for setting new

trends in the financialsector despite all con-straints.

The Minister hopedthat the Bank will intro-duce more productsfocusing on serving thepoorest of the poorwomen.

Shafqat Sultana,President First WomenBank Limited informedthe Minister that theFWBL has contributedtowards the growth ofwomen as entrepreneursand agents of change.

A number of FWBL'sclients have graduatedfrom small to mediumenterprises and thegrowth continues to cor-porate. FWBL has so fardisbursed Rs. 28 billion.

She further stated thatBank has Rs 10,124 mil-lion deposits and hasadvanced Rs 7,461 mil-lion.

The bank has gatheredRs 12,804 million astotal assets with theprofit of Rs 50 millionand net asset value ofper share ofRs.38.55.FWBL's paidup capital stands at Rs.284 million and theshareholders equity atRs 1093 million.

The bank not only pro-vides complete bankingservice but also somesupport services exclu-sively for the womenlike skill and computerliteracy etc.

We have a vision at

FWBL which is to be thelead Bank for women.To grow from a branchnetwork of 38 in 23 dis-tricts to 100 branchesand more in every cityof Pakistan, to enablewomen's access tofinancial resources andeconomic empower-ment, she said.

The Minister was alsoinformed that Bank isfacing challenges likeimplementation of BaselII, minimum capitalrequirement, organiza-tional restructuring andhuman resource re-organization etc

wherein it looks for-ward to the governmentfor immediate interven-tion.

Ministry of WomenDevelopment to help

First Women Bank

Staff Correspondent

LAHOREL: The LahoreChamber of Commerceand Industry Tuesdayhanded over eight wag-onloads of relief goodsworth Rs.15 million,donated by the IranChamber of Commerceand Industry, to DisasterManagement Cell foronward dispatch to theflood affected areas.

The relief goods com-prising eatables and daily-use items were jointlyreceived by Iranian ConsulGeneral in Lahore Mr AliNekan and the LCCIPresident Shahzad AliMalik at Lahore CanttRailway Station. LCCISenior Vice PresidentSheikh MohammadArshad, former LCCIPresident Mohsin RazaBukhari and a numberExecutive CommitteeMembers were also pres-ent on the occasion.

Speaking on the occa-sion, the Iranian ConsulGeneral Ali Nekan said

that Iranian people puttheir Pakistani brothers inhigh esteem and cannotleave them alone in thishour of need. He said thatthe goods have beenselected keeping view theday-to-day needs of theflood hit people and inconsultation with theLahore Chamber ofCommerce and Industry.He paid rich tributes toLahore Chamber ofCommerce and Industryfor making consistent andpersistent efforts aimed atfacilitating the floodaffectees.

The LCCI PresidentShahzad Ali Malik saidthat an arrangement withthe Disaster ManagementCell has been finalised forthe distribution of reliefgoods in Dera Ghazi Khan,Rajanpure, Layyah andRojhan Jamali. He thankedthe Iranian Chamber ofCommerce and Industryfor sending the reliefgoods and said that a judi-cious distribution would beensured.

LCCI handsIranian relief

goods to DMC

KARACHI: Ideas byGulAhmed on Saturdayhad its re-launch and inau-guration for its Cliftonbranch. Women every yearlook forward to the annualsale, and that is whyGulAhmed made a specialeffort to renovate theClifton branch before thesale.

Tennis champion Aisamul Haq was invited to thegrand opening and wasasked to be part of the rib-bon cutting. Aisam ul Haqand his sister Shiza wasgreeted by Frieha Altaf(CEO Catwalk produc-tion), Zain Bashir (Director

of GulAhmed), and TariqDuraani (Deputy brandmanager of GulAhmed).Aisam had a flight to catchand therefore was unable tostay for too long after theribbon cutting.

Ideas by GulAhmed,Clifton has given a newlook to their store, andwanted only a few mediasto enjoy this re-launch.The annual sale was filledwith customers who wereenjoying the 60% discounton all store items.

The opening was agreat success and wasenjoyed by everyonepresent there.-PR

GulAhmed'sre-launch of

Clifton branch

WEDNESDAY

Time Programmes8:00 Chai Time (Rpt)9:00 News9:15 Pehla Sauda10:00 News 10:15 Bazaar11:00 News11:05 Ghar Ka Kharch12:00 News12:15 Power Lunch13:00 News13:05 Islamabad Say

(Rpt)14:00 News15:02 Akhri Sauda15:30 Aap Ka Paisa

(Rpt)16:15 Karobari Dunya17:05 Ghar Ka Kharch

(Rpt)18:05 Chai Time19:00 News19:30 Mang Raha Hai

Pakistan 20:00 News20:05 Islamabad Say 21:00 Pakistan Aaj Raat22:00 News22:05 Doosra Pehlu23:00 News23:05 Badalta Pakistan

(Rpt)0:00 News

‘Govt shouldrecover all

missingpersons’

LAHORE: Jamat-e-IslamiPunjab Ameer Dr. SyedWaseem Akhtar in a state-ment here Tuesday said thatthe law of jungle wasenforced in the country, whilethe heirs of missing personswere waiting them anxiously.He said the government inthis regard seemed helpless,as the secret agencies at theirown will were lifting citizensand detaining them.

He said the secret agenciesinstead arresting citizensshould instead nab terroriststhe real culprits so that theterrorism could be eradicated.He said the governmentshould ensure early recoveryof the missing persons. Hesaid the rulers were dutybound to provide security oflife and property to the citi-zens. He said if any one is aculprit, he should be arrestedand presented before thecourt.-PPI

LCCIhails new

LESCOchief

Staff Correspondent

Lahore: The LahoreChamber of Commerce andIndustry has congratulatedthe newly appointedChairman Board ofDirectors of LahoreElectric Supply Company(LESCO) Gohar Ijaz andhoped that he would evolvea comprehensive strategywith the consultation ofbusiness community to endunscheduled power out-ages.

In a statement issued hereTuesday, the LCCIPresident Shahzad AliMalik, Senior VicePresident SheikhMohammad Arshad andVice President SohailAzhar said that the appoint-ment of Gohar Ijaz will fur-ther strengthen public andprivate sector cooperation.

They said that the newlyappointed LESCOChairman is well versedwith the issues being facedby the business communitytherefore he would givepriority to the trade andindustry.

The LCCI office-bearersalso hoped that newlyBoard of Directors ofLESCO would evolve astrategy to curtail line loss-es and pilferage. Theyexpressed the optimismthat Gohar Ijaz would leaveno stone unturned to fulfillthe trust placed in him andwill work hard for theimprovement of LESCO.

MPs helpKESC inrecoveryof dues

KARACHI: The KarachiElectric Supply Companyhas reached agreementswith the defaulting con-sumers of Liaquatabad andKorangi through involve-ment of elected representa-tives.

In both places, Membersof Parliament and represen-tatives of local associationsconvened meetings amongall stakeholders and playedtheir due role by motivat-ing the defaulting con-sumers to stop illegal useof electricity and to agreeto schedule of payment oftheir longstanding electric-ity bills.

At Liaquatabad, SenatorHaseeb Khan, MPA AnwarAlam, and Advisor toSindh Chief MinisterKhwaja Izhar organized ameeting among representa-tives of the nonpayingcommercial and residentialconsumers of Al KaramSquare and ApsaraApartments and KESCofficials. In the meeting,the associations and repre-sentatives of defaultingcommercial and residentialconsumers of both the proj-ects agreed to schedule ofpaying outstanding dues.-PPI

KARACHI: Police personnel standing at the site of a blast which occured in the place for prayers ofImamia Students Organization (ISO) in Karachi University.-Staff Photo

KARACHI: Etihad Airways, the national airline of United Arab Emirates, has won the "Airline of the year"title at the Aviation Business Awards-2010 held recently in Abu Dhabi. Picture shows, Etihad Airways'Acting Chief Strategy & Planning Officer, Mr. Roy Kinnear and Vice President Sales-UAE, Mr. Hareb Al

Muhairy, holding the award.-Staff Photo

KARACHI:- Tennis Star Aisam-ul-Haq inaugurating GulAhmed Sale and Ideasre-launch, CEO catwalk productions Frieha Altaf also present on the occasion.

Staff Photo

Sharmilacongrates

KPC, KACelectees

KARACHI: Advisor toChief Minister Sindh onInformation and ArchivesSharmila Farooqui hascongratulated theDemocrats Panel and theAhmed Shah Panel for get-ting success in the annualelections of the KarachiPress Club and the KarachiArts Council respectively.

In a statement, Sharmilacongratulated new KPCPresident Tahir HassanKhan, Vice-President FazilJamili, Secretary GeneralMoosa Kaleem, JointSecretary Mohammad ArifKhan and others. Shehoped that the new KPCbody would play its duerole for boosting democra-cy in the country.-PPI

ZURICH: The Swiss franc roseagainst both the dollar and theeuro on Tuesday, looking to touchthe previous week's record peakagainst the European unit astraders capitalised on safe-havenplays in thin year-end markets.

The Swiss franc, whichinvestors regard as a safe haven,has gained some 15 per centagainst the euro this year on wor-ries about sovereign debts in theeuro-zone and Switzerland'sstrong growth.

It hit an all-time record of1.2435 on Dec. 22 but has easedsomewhat since.

According to the UBS con-sumption indicator, also releasedon Tuesday, private consumptionis expected to rise 1.7 per centnext year, bolstered by strongimmigration, low interest ratesand declining unemployment.

"Today the Swiss franc is stillquite strong because it is highlydemanded as a safe haven,"Sarasin strategist Ursina Kublisaid.

The euro rose sharply againstthe dollar on Tuesday, after stop-

loss orders were triggered at keychart points.

"The euro weakness is going tocontinue because the countries atthe periphery are growing lessstrongly," she said. "The bounceback of the euro will be short-lived."

The franc rose 0.6 per centagainst the euro compared to theNew York close, trading at1.2567 per euro at 0823 GMT.

The franc rose 0.9 per centagainst the dollar to 0.9507 perdollar. UBS forex strategists saidthey were bearish on euro-Swiss,focusing on 1.2439 ahead of1.2283, with resistance at 1.2714per euro. -Reuters

3Wednesday, December 29, 2010

Currencies Rate

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

U.S.A. 85.98 85.78 85.59

U.K. 133.09 132.78 132.47

EURO 113.86 113.60 113.34

CANADA 85.49 85.29 85.07

SWITZERLAND 89.94 89.73 89.49

AUSTRALIA 86.63 86.43 86.20

SWEDEN 12.68 12.65 12.62

JAPAN 1.04 1.04 1.04

NORWAY 14.55 14.52 14.48

SINGAPORE 66.28 66.13 65.95

DENMARK 15.28 15.24 15.20

SAUDI ARABIA 22.93 22.87 22.81

HONG KONG 11.05 11.02 10.99

CHINA 12.98 12.95 12.92

KUWAIT 304.21 303.51 302.71

MALAYSIA 27.80 27.74 27.97

NEW ZEALAND 64.68 64.53 64.36

QATAR 23.61 23.56 23.50

U.A.E. 23.41 23.35 23.29

KR WON 0.07 0.07 0.07

THAILAND 2.85 2.84 2.84

Name Bid Ask High Low

EUR-USD 1.3161 1.3164 1.3272 1.3138

USD-CHF 0.9494 0.9438 0.9603 0.9436

GBP-USD 1.5389 1.5391 1.5507 1.5368

USD-CAD 0.9973 0.9977 1.0069 0.9976

AUD-USD 1.0125 1.0130 1.0153 1.0045

EUR-JPY 108.0100 108.0500 109.4800 107.8300

EUR-GBP 0.8548 0.8552 0.8590 0.8527

EUR-CHF 1.2490 1.2495 1.2661 1.2490

GBP-JPY 126.3100 126.3600 127.9800 126.1500

CHF-JPY 86.4400 86.4900 87.1300 86.1800

CAD-CHF 0.9514 0.9521 0.9540 0.9410

Gold 1405.6300 1406.4300 1405.9800 1382.9500

Silver 29.9500 30.0000 29.9500 29.2600

As per 22.00 PST

Time Source Events Forecast Previous

All Day EUR German Prelim CPI m/m 0.8% 0.1%

14:00 EUR M3 Money Supply y/y 1.6% 1.0%

14:00 EUR Private Loans y/y 1.7% 1.4%

14:30 GBP Housing Equity Withdrawal q/q -5.5B -6.2B

15:30 CHF KOF Economic Barometer 2.07 2.12

Source Events Actual Forecast Previous

NZD Bank Holiday

AUD Bank Holiday

JPY Tokyo Core CPI y/y -0.4% -0.4% -0.5%

JPY National Core CPI y/y -0.5% -0.5% -0.6%

JPY Unemployment Rate 5.1% 5.1% 5.1%

JPY Prelim Industrial Production m/m 1.0% 1.0% -2.0%

JPY Retail Sales y/y 1.3% 0.4% -0.2%

GBP Bank Holiday

CAD Bank Holiday

USD S&P/CS Composite-20 HPI y/y -0.8% -0.1% 0.4%

USD CB Consumer Confidence 52.5 56.2 54.3

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of England January 13, 2011 March 5, 2009 0.50%

European Central Bank January 13, 2011 May 7, 2009 1%

Swiss National Bank March 17, 2011 March 12, 2009 0.25%

The Reserve Bank of Australia February 1, 2011 November 2, 2010 4.75%

Bank of Canada n/a September 8, 2010 1%

Federal Reserve n/a December 16, 2008 0.25%

Bank of Japan n/a December 19, 2008 0.10%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, December 28,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

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

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

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

ABLN 12.85 13.35 12.85 13.35 12.90 13.40 13.15 13.40 13.40 13.65 13.45 13.95 13.60 14.10 13.70 14.20

JSBL 12.85 13.35 12.90 13.40 12.85 13.35 13.15 13.40 13.40 13.65 13.45 13.95 13.70 14.20 14.00 14.50

ASPK 12.70 13.20 12.70 13.20 12.80 13.30 13.15 13.40 13.35 13.60 13.45 13.95 13.60 14.10 13.70 14.20

CIPK 12.75 13.25 12.75 13.25 12.80 13.30 13.20 13.45 13.45 13.70 13.60 14.10 13.70 14.20 13.80 14.30

DBPK 12.60 13.10 12.70 13.20 12.75 13.25 13.05 13.30 13.25 13.50 13.35 13.85 13.50 14.00 13.60 14.10

FBPK 12.85 13.35 12.85 13.35 12.80 13.30 13.25 13.50 13.45 13.70 13.55 14.05 13.75 14.25 13.90 14.40

FLAH 12.80 13.30 12.80 13.30 12.85 13.35 13.20 13.45 13.40 13.65 13.45 13.95 13.60 14.10 13.70 14.20

HBPK 12.75 13.25 12.85 13.35 12.90 13.40 13.20 13.45 13.35 13.60 13.45 13.95 13.60 14.10 13.70 14.20

HKBP 12.70 13.20 12.80 13.30 12.90 13.40 13.15 13.40 13.30 13.55 13.40 13.90 13.60 14.10 13.70 14.20

NIPK 12.60 13.10 12.85 13.35 13.25 13.75 13.50 13.75 13.60 13.85 13.70 14.20 13.80 14.30 13.90 14.40

HMBP 12.90 13.40 13.00 13.50 12.90 13.40 13.25 13.50 13.35 13.60 13.50 14.00 13.60 14.10 13.70 14.20

SAMB 12.75 13.25 12.80 13.30 12.85 13.35 13.30 13.55 13.45 13.70 13.45 13.95 13.65 14.10 13.75 14.25

MCBK 12.70 13.20 12.70 13.20 12.75 13.25 13.15 13.40 13.30 13.55 13.40 13.90 13.50 14.00 13.75 14.25

NBPK 12.70 13.20 12.75 13.25 12.80 13.30 13.10 13.35 13.25 13.50 13.40 13.90 13.60 14.10 13.70 14.20

SCPK 12.65 13.15 12.65 13.15 12.75 13.25 13.10 13.35 13.25 13.50 13.45 13.95 13.50 14.00 13.70 14.20

UBPL 12.60 13.10 12.70 13.20 12.80 13.30 13.15 13.40 13.30 13.55 13.45 13.95 13.60 14.10 13.70 14.20

AVE 12.74 13.24 12.79 13.29 12.84 13.34 13.18 13.43 13.36 13.61 13.45 13.95 13.62 14.12 13.72 14.22

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)28/12/2010

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

1 week -0.97 0.44 -0.92 0.75 0.85 -0.91 0.88 0.341 month -0.32 0.54 -0.19 0.67 0.69 0.05 -0.14 0.283 months -0.04 0.76 0.69 0.85 0.71 0.32 0.15 -0.196 months 0.40 0.66 0.68 0.72 0.60 0.53 -0.50 -0.321 year -0.07 0.87 0.80 0.67 0.24 -0.14 -0.03 0.152 years -0.28 0.89 0.56 0.73 0.43 -0.23 0.30 0.14

Currencies CorrelationEUR/JPY

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.90 12.90 12.85 12.70 12.65 13.00 12.83

8-15dys 13.00 13.00 12.80 12.80 12.85 12.95 12.90

16-30dys 13.05 12.95 12.90 12.90 12.95 13.05 12.97

31-60dys 13.12 13.13 13.10 13.05 13.05 13.10 13.09

61-90dys 13.16 13.15 13.15 13.18 13.15 13.18 13.16

91-120dys 13.32 13.33 13.25 13.24 13.20 13.30 13.27

121-180dys 13.36 13.35 13.30 13.35 13.30 13.35 13.34

181-270dys 13.50 13.45 13.49 13.50 13.45 13.50 13.48

271-365dys 13.65 13.65 13.65 13.65 13.65 13.65 13.65

2-- years 13.95 14.00 13.95 13.95 13.90 13.90 13.94

3-- years 14.16 14.19 14.15 14.15 14.11 14.13 14.15

4-- years 14.16 14.20 14.21 14.17 14.20 14.15 14.18

5-- years 14.18 14.23 14.25 14.20 14.21 14.20 14.21

6-- years 14.20 14.27 14.27 14.24 14.30 14.25 14.26

7-- years 14.22 14.30 14.30 14.30 14.35 14.30 14.30

8-- years 14.23 14.05 14.15 14.12 14.00 14.10 14.11

9-- years 14.24 13.98 14.12 14.18 14.20 14.18 14.15

10--years 14.24 14.25 14.24 14.25 14.22 14.25 14.24

15--years 14.50 14.50 14.50 14.55 14.55 14.55 14.53

20--years 14.60 14.75 14.70 14.80 14.75 14.75 14.73

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for December 28, 2010

NEW YORK: The dollar hit arecord low against the Swissfranc and tumbled against theyen on Tuesday after Japanreported its factory output rosein November for the first timein six months.

A surprise decline in US con-sumer confidence this month,however, helped the greenbackrecover losses against the euro,which had climbed as high as$1.3274 overnight beforefalling back to $1.3130, down0.2 per cent.

Much of the day's priceaction was tied to year-endposition squaring, traders said.

That was the case with theSwiss franc, the biggest gaineramong major currencies, withtraders citing buying by Swisscorporates. Moves were exag-gerated in very thin post-

Christmas trade, with UK mar-kets closed for a public holiday.

Recent yen gains have alsobeen tied partly to year-endrepatriation flows fromJapanese exporters. The dol-lar's fall to a 6-1/2-week low of81.81 yen also reflected a 1 percent jump in Japanese industri-al output in November reportedon Tuesday. The dollar was lastat 82.10 yen, down 0.8 percent.

The dollar's move below the55-day moving average of82.59 yen, which had served askey support, accelerated thedecline.

The euro hit a 3-1/2-monthlow of 107.82 yen. "The indus-trial production numbers out ofJapan were extremely strong,and that certainly has provideda bid to the yen across the

board," said Dean Popplewell,chief strategist of FX broker-age OANDA in Toronto.

Against the Swiss currency,

the dollar fell to 0.9435 francs,an all-time low, before clawingits way back to 0.9509 francs,still down 0.9 per cent.

The dollar traded sharplylower against commodity-linked currencies, with theAustralian and New Zealanddollars rising nearly 1 per centon the day.

"Dollar weakness is basically

on the back of commodities,"Popplewell said. "Both oil andgold are seeing robust demand.The market seems to have

shrugged off the interest-ratehike in China over the week-end."

But some analysts saidinvestors were still wary of tak-ing on too much risk for fearEurope's debt crisis couldworsen or the US economycould grow more slowly thanexpected in 2011.

Reports showing US home

prices fell for a fourth straightmonth in October and US con-sumer confidence faded inDecember added to the cau-tious sentiment and contributedto the euro's retreat, said GFTForex strategist Kathy Lien.

The US dollar often gainswhen investors grow averse torisk because they see at as asafer option in difficult times.

The euro hit a December lowlast week at $1.3055, and anearlier rise Tuesday ended justshy of $1.3278, the 50 per centretracement of a monthlydecline that started at $1.3500.

The move raised doubtsabout whether the euro wouldbe able to target $1.3330-35,which includes a 61.8 per centretracement of the sameDecember decline, before yearend. -Reuters

Dollar falls to record lowagainst franc, recovers vs euro

SHANGHAI: The yuan roseagainst the dollar on Tuesdayafter the People's Bank ofChina set its mid-point near arecord high, a signal the gov-ernment's drive to containinflation may have triggered anew leg of appreciation.

The yuan is only a whiskeraway from its highest levelsince its landmark revaluationin July 2005 and is likely tobreach that level this weekafter the PBOC surprised themarket by raising official inter-est rates on Christmas Day in asign of Beijing's determinationto nip high inflation in the bud.

Offshore yuan forwards, themain means by which foreigninvestors bet on the Chinesecurrency, may in coming daysincreasingly reflect greaterappreciation over the next year."FX should be the last tool tomanage inflation in China. Butit has come to the point that Ithink China won't mind allow-ing more CNY appreciation tofight against imported infla-tion," said Frances Cheung, astrategist at Credit AgricoleCIB in Hong Kong, referringto the yuan. Adding to the tim-ing is the forthcoming visit byChinese President Hu Jintao tothe United States in mid-January. China often lets theyuan appreciate slightly aheadof major political events as agoodwill gesture to its curren-cy policy critics, in particularUS politicians.

An informal poll of China-based dealers over the lastweek showed many of them

expect the yuan to gain rough-ly 6 per cent next year, hitting6.25 per dollar in late 2011, asthe exchange rate plays anincreasing role in the battleagainst inflation, which rose toa 28-month high in November.

As such, the dealers said off-shore forwards , now implyingyuan appreciation of slightlyover 2 per cent against the dol-lar in 12 months, have sharplyunderestimated the currency'spotential, leaving investors agood opportunity to short dol-lars in the shorter half of thecurve up to two-year forwards.

"The government appears tohave given a signal that it willuse both interest rates and theexchange rate to fight inflation,including imported inflation,"said a senior trader at aChinese commercial bank inShenzhen.

"The yuan's rise will still bemeasured, possibly slightlymore than 5 per cent in 2011,while politics have an intermit-tent impact."

USING ALL LEVERSSpot yuan closed at 6.6248

per dollar on Tuesday, up fromMonday's close of 6.6308 andonly 75 pips away from itspost-revaluation high of6.6173 hit on Nov. 11.

It has now risen 3.04 per centsince the PBOC depegged thetwo currencies in mid-June.

The PBOC fixed the day'smid-point , from which theyuan can rise or fall 0.5 percent in a given day, at 6.6252,up from Monday's 6.6305 andwithin arm's reach of its record

high of 6.6239 set on Nov. 12.Traders said the yuan might

not be able to effectivelybreach the psychologicallyimportant level of 6.60 to thedollar this year, with only fourtrading days left, but its gaincould quicken in January aheadof the Sino-US summit inWashington around Jan. 19.

One-year non-deliverabledollar/yuan forwards (NDFs)were bid at 6.4800 in thin holi-day trade, up from Monday'sclose of 6.4720. Their impliedyuan appreciation in a year'stime dropped to around 2 percent from 2.37 per cent.

Shorter-term three-monthNDFs rose to 6.5910 fromMonday's close of 6.5880,implying yuan appreciation inthree months' time of 0.52 percent, down from 0.56 per cent.

The spread of 1-month NDFsover 1-year NDFs has narrowedsince November to 0.1355 from0.1990 on profit-taking in themore liquid 1-year tenors. A sus-tained period of stronger mid-point fixings though, similar toSeptember-October of this year,could cause that spread to widenagain, as investors dump the 1-year NDFs. "China is using alllevers to temper inflation includ-ing rate hikes and of coursesome CNY appreciation," saidGerrard Katz, head of FX trad-ing at Standard Chartered Bankin Hong Kong. "So we expect tosee the yuan move to 6.20 by theend of 2011. Currently NDFs donot price that in and so there isopportunity to sell the 1-yearNDF." -Reuters

Yuan maybe in new risingtrend as China battles inflation

Worries about eurozone, US growth still linger

MUMBAI: The Indian rupeegained on Tuesday, buoyed bysharp losses in the dollar versusmajor currencies, but choppydomestic shares and demandfor the US unit from oil firmsand importers limited anysharp upside.

The partially convertiblerupee closed at 45.09/10 perdollar, off its low of 45.2050and 0.3 per cent stronger thanits close of 45.24/25 onMonday.

"The market was pretty dulltoday with just some oildemand seen," said a seniorforeign exchange dealer with aprivate bank.

"I expect more of a two-waymarket in early 2011. 44.80-46.00 band, probably with abroader range of 44 to 46.80.Capital inflows should contin-ue but should just about makethe current account gap man-ageable, which is why therangebound rupee view."

Traders said gains in otherregional peers also under-pinned rupee sentiment. AllAsian currencies rose com-pared to the dollar.

Foreign institutionalinvestors (FIIs) have pulled outa net $500 million from Indianequities this month through

Monday. They are, however,net investors of $28.5 billion in2010, on top of the $17.5 bil-lion pumped in last year.

"Think Q1 2011 could seesome small INR strength - withFII debt money and perhapsFPOs (follow-on public offers)of SAIL keeping capital flowscoming. Also, historically, Q1also tends to see better currentaccount situation," said AnanthNarayan G, head of fixedincome, currency and com-modities at Standard CharteredBank in Mumbai.

"So rupee seen at 44.00-44.50by March 2011, perhaps 46.00by June 2011, so the rangeremains intact," he added. One-month offshore non-deliverableforward contracts were quotedat 45.29, weaker than theonshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange and MCX-SX closedat 45.10, while those on theUnited Stock Exchange endedat 45.1025.

The total traded volume onthe three exchanges inclusiveof all contracts was a low $3.7billion versus a usual $7 bil-lion. -Reuters

Indian rupee gainson broad dollar fall

Swiss franc up vs euro asinvestors seek safe plays

SEOUL: The peso and theIndian rupee rose against aweakening dollar on Tuesdayin thin, year-end trading, withother emerging Asian curren-cies expected to strengthen ongains by China's yuan, ana-lysts and dealers said.

"A strong yuan is a definite-ly bullish factor for Asian cur-rencies. As long as Chinarevaluates the yuan in a waythat does not hurt the econo-my, it will lead gains in Asianpeers," said Jeong My-young,a currency strategist atSamsung Futures in Seoul.

The yuan rose against thedollar on Tuesday after thePeople's Bank of China set itsmid-point near a record high,a signal that traders saidpoints to a fresh leg of yuanappreciation as the govern-ment strengthens an anti-inflation campaign.

However, other foreignexchange authorities in Asiaare unlikely to loosen grip oncurrencies to cope with risingprices, analysts said.

Asked if Asian authoritieswould allow their currenciesto appreciate to rein in risinginflation, Gerrard Katz, Headof FX Trading at StandardChartered Bank in Hong

Kong said: "It will be countryby country approach in myopinion.

"It's hard to speak in gener-al for Asia, but I would thinkif the dollar is weaker in gen-eral they will be more accept-ing to a degree if economy isgood."

The Philippine peso rose0.3 per cent on high inflowsfrom remittances in relativelythin trading. Traders said abulk of these remittances hadbeen sent over the four-dayChristmas weekend.

"I think we're seeing theinflows finally overpoweringthe market the past few days,"said a Manila-based dealer.

Another dealer said: "43.80would be the next cruciallevel. Unless the level breaks,it looks like we'll just tradebetween 43.80-44.20 to closethe year."

The yuan rose against thedollar after the People's Bankof China set its mid-pointnear a record high, a signalthat traders said points to afresh leg of yuan appreciationas the government strength-ens an anti-inflation cam-paign.

The yuan is now only awhisker away from its highest

level since its landmark reval-uation in July 2005 and islikely to breach that level thisweek after the PBOC sur-prised the market by raisingofficial interest rates on theChristmas Day in a sign ofBeijing's determination to niphigh inflation in the bud.

China often lets the yuanappreciate slightly ahead ofmajor political events as agoodwill gesture to its curren-cy policy critics, in particularUS politicians, and ChinesePresident Hu Jintao is due tovisit the United States in mid-January.

An informal poll of China-based dealers over the lastweek showed many expectthe yuan to gain roughly 6 percent next year, hitting 6.25per dollar in late 2011, as theexchange rate plays anincreasing role in the battleagainst inflation, which roseto a 28-month high inNovember.

The Indian rupee rose,buoyed by broad losses in thedollar versus major curren-cies, but demand for the dol-lar from oil firms scramblingto meet month-end importcommitments quickly pulledit off its highs. -Reuters

Asian currencies

Peso surges; firm yuanseen lifting Asian peers

Inflation key reason; politics contribute

China analysts say NDFs underestimate yuan rise potential

ZURICH: The Swiss franc roseagainst both the dollar and theeuro on Tuesday, looking to touchthe previous week's record peakagainst the European unit astraders capitalised on safe-havenplays in thin year-end markets.

The Swiss franc, whichinvestors regard as a safe haven,has gained some 15 per centagainst the euro this year on wor-ries about sovereign debts in theeuro-zone and Switzerland'sstrong growth.

It hit an all-time record of1.2435 on Dec. 22 but has easedsomewhat since.

According to the UBS con-sumption indicator, also releasedon Tuesday, private consumptionis expected to rise 1.7 per centnext year, bolstered by strongimmigration, low interest ratesand declining unemployment.

"Today the Swiss franc is stillquite strong because it is highlydemanded as a safe haven,"Sarasin strategist Ursina Kublisaid.

The euro rose sharply againstthe dollar on Tuesday, after stop-

loss orders were triggered at keychart points.

"The euro weakness is going tocontinue because the countries atthe periphery are growing lessstrongly," she said. "The bounceback of the euro will be short-lived."

The franc rose 0.6 per centagainst the euro compared to theNew York close, trading at1.2567 per euro at 0823 GMT.

The franc rose 0.9 per centagainst the dollar to 0.9507 perdollar. UBS forex strategists saidthey were bearish on euro-Swiss,focusing on 1.2439 ahead of1.2283, with resistance at 1.2714per euro. -Reuters

3Wednesday, December 29, 2010

Currencies Rate

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

U.S.A. 85.98 85.78 85.59

U.K. 133.09 132.78 132.47

EURO 113.86 113.60 113.34

CANADA 85.49 85.29 85.07

SWITZERLAND 89.94 89.73 89.49

AUSTRALIA 86.63 86.43 86.20

SWEDEN 12.68 12.65 12.62

JAPAN 1.04 1.04 1.04

NORWAY 14.55 14.52 14.48

SINGAPORE 66.28 66.13 65.95

DENMARK 15.28 15.24 15.20

SAUDI ARABIA 22.93 22.87 22.81

HONG KONG 11.05 11.02 10.99

CHINA 12.98 12.95 12.92

KUWAIT 304.21 303.51 302.71

MALAYSIA 27.80 27.74 27.97

NEW ZEALAND 64.68 64.53 64.36

QATAR 23.61 23.56 23.50

U.A.E. 23.41 23.35 23.29

KR WON 0.07 0.07 0.07

THAILAND 2.85 2.84 2.84

Name Bid Ask High Low

EUR-USD 1.3161 1.3164 1.3272 1.3138

USD-CHF 0.9494 0.9438 0.9603 0.9436

GBP-USD 1.5389 1.5391 1.5507 1.5368

USD-CAD 0.9973 0.9977 1.0069 0.9976

AUD-USD 1.0125 1.0130 1.0153 1.0045

EUR-JPY 108.0100 108.0500 109.4800 107.8300

EUR-GBP 0.8548 0.8552 0.8590 0.8527

EUR-CHF 1.2490 1.2495 1.2661 1.2490

GBP-JPY 126.3100 126.3600 127.9800 126.1500

CHF-JPY 86.4400 86.4900 87.1300 86.1800

CAD-CHF 0.9514 0.9521 0.9540 0.9410

Gold 1405.6300 1406.4300 1405.9800 1382.9500

Silver 29.9500 30.0000 29.9500 29.2600

As per 22.00 PST

Time Source Events Forecast Previous

All Day EUR German Prelim CPI m/m 0.8% 0.1%

14:00 EUR M3 Money Supply y/y 1.6% 1.0%

14:00 EUR Private Loans y/y 1.7% 1.4%

14:30 GBP Housing Equity Withdrawal q/q -5.5B -6.2B

15:30 CHF KOF Economic Barometer 2.07 2.12

Source Events Actual Forecast Previous

NZD Bank Holiday

AUD Bank Holiday

JPY Tokyo Core CPI y/y -0.4% -0.4% -0.5%

JPY National Core CPI y/y -0.5% -0.5% -0.6%

JPY Unemployment Rate 5.1% 5.1% 5.1%

JPY Prelim Industrial Production m/m 1.0% 1.0% -2.0%

JPY Retail Sales y/y 1.3% 0.4% -0.2%

GBP Bank Holiday

CAD Bank Holiday

USD S&P/CS Composite-20 HPI y/y -0.8% -0.1% 0.4%

USD CB Consumer Confidence 52.5 56.2 54.3

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of England January 13, 2011 March 5, 2009 0.50%

European Central Bank January 13, 2011 May 7, 2009 1%

Swiss National Bank March 17, 2011 March 12, 2009 0.25%

The Reserve Bank of Australia February 1, 2011 November 2, 2010 4.75%

Bank of Canada n/a September 8, 2010 1%

Federal Reserve n/a December 16, 2008 0.25%

Bank of Japan n/a December 19, 2008 0.10%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, December 28,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

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

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

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

ABLN 12.85 13.35 12.85 13.35 12.90 13.40 13.15 13.40 13.40 13.65 13.45 13.95 13.60 14.10 13.70 14.20

JSBL 12.85 13.35 12.90 13.40 12.85 13.35 13.15 13.40 13.40 13.65 13.45 13.95 13.70 14.20 14.00 14.50

ASPK 12.70 13.20 12.70 13.20 12.80 13.30 13.15 13.40 13.35 13.60 13.45 13.95 13.60 14.10 13.70 14.20

CIPK 12.75 13.25 12.75 13.25 12.80 13.30 13.20 13.45 13.45 13.70 13.60 14.10 13.70 14.20 13.80 14.30

DBPK 12.60 13.10 12.70 13.20 12.75 13.25 13.05 13.30 13.25 13.50 13.35 13.85 13.50 14.00 13.60 14.10

FBPK 12.85 13.35 12.85 13.35 12.80 13.30 13.25 13.50 13.45 13.70 13.55 14.05 13.75 14.25 13.90 14.40

FLAH 12.80 13.30 12.80 13.30 12.85 13.35 13.20 13.45 13.40 13.65 13.45 13.95 13.60 14.10 13.70 14.20

HBPK 12.75 13.25 12.85 13.35 12.90 13.40 13.20 13.45 13.35 13.60 13.45 13.95 13.60 14.10 13.70 14.20

HKBP 12.70 13.20 12.80 13.30 12.90 13.40 13.15 13.40 13.30 13.55 13.40 13.90 13.60 14.10 13.70 14.20

NIPK 12.60 13.10 12.85 13.35 13.25 13.75 13.50 13.75 13.60 13.85 13.70 14.20 13.80 14.30 13.90 14.40

HMBP 12.90 13.40 13.00 13.50 12.90 13.40 13.25 13.50 13.35 13.60 13.50 14.00 13.60 14.10 13.70 14.20

SAMB 12.75 13.25 12.80 13.30 12.85 13.35 13.30 13.55 13.45 13.70 13.45 13.95 13.65 14.10 13.75 14.25

MCBK 12.70 13.20 12.70 13.20 12.75 13.25 13.15 13.40 13.30 13.55 13.40 13.90 13.50 14.00 13.75 14.25

NBPK 12.70 13.20 12.75 13.25 12.80 13.30 13.10 13.35 13.25 13.50 13.40 13.90 13.60 14.10 13.70 14.20

SCPK 12.65 13.15 12.65 13.15 12.75 13.25 13.10 13.35 13.25 13.50 13.45 13.95 13.50 14.00 13.70 14.20

UBPL 12.60 13.10 12.70 13.20 12.80 13.30 13.15 13.40 13.30 13.55 13.45 13.95 13.60 14.10 13.70 14.20

AVE 12.74 13.24 12.79 13.29 12.84 13.34 13.18 13.43 13.36 13.61 13.45 13.95 13.62 14.12 13.72 14.22

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)28/12/2010

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

1 week -0.97 0.44 -0.92 0.75 0.85 -0.91 0.88 0.341 month -0.32 0.54 -0.19 0.67 0.69 0.05 -0.14 0.283 months -0.04 0.76 0.69 0.85 0.71 0.32 0.15 -0.196 months 0.40 0.66 0.68 0.72 0.60 0.53 -0.50 -0.321 year -0.07 0.87 0.80 0.67 0.24 -0.14 -0.03 0.152 years -0.28 0.89 0.56 0.73 0.43 -0.23 0.30 0.14

Currencies CorrelationEUR/JPY

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.90 12.90 12.85 12.70 12.65 13.00 12.83

8-15dys 13.00 13.00 12.80 12.80 12.85 12.95 12.90

16-30dys 13.05 12.95 12.90 12.90 12.95 13.05 12.97

31-60dys 13.12 13.13 13.10 13.05 13.05 13.10 13.09

61-90dys 13.16 13.15 13.15 13.18 13.15 13.18 13.16

91-120dys 13.32 13.33 13.25 13.24 13.20 13.30 13.27

121-180dys 13.36 13.35 13.30 13.35 13.30 13.35 13.34

181-270dys 13.50 13.45 13.49 13.50 13.45 13.50 13.48

271-365dys 13.65 13.65 13.65 13.65 13.65 13.65 13.65

2-- years 13.95 14.00 13.95 13.95 13.90 13.90 13.94

3-- years 14.16 14.19 14.15 14.15 14.11 14.13 14.15

4-- years 14.16 14.20 14.21 14.17 14.20 14.15 14.18

5-- years 14.18 14.23 14.25 14.20 14.21 14.20 14.21

6-- years 14.20 14.27 14.27 14.24 14.30 14.25 14.26

7-- years 14.22 14.30 14.30 14.30 14.35 14.30 14.30

8-- years 14.23 14.05 14.15 14.12 14.00 14.10 14.11

9-- years 14.24 13.98 14.12 14.18 14.20 14.18 14.15

10--years 14.24 14.25 14.24 14.25 14.22 14.25 14.24

15--years 14.50 14.50 14.50 14.55 14.55 14.55 14.53

20--years 14.60 14.75 14.70 14.80 14.75 14.75 14.73

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for December 28, 2010

NEW YORK: The dollar hit arecord low against the Swissfranc and tumbled against theyen on Tuesday after Japanreported its factory output rosein November for the first timein six months.

A surprise decline in US con-sumer confidence this month,however, helped the greenbackrecover losses against the euro,which had climbed as high as$1.3274 overnight beforefalling back to $1.3130, down0.2 per cent.

Much of the day's priceaction was tied to year-endposition squaring, traders said.

That was the case with theSwiss franc, the biggest gaineramong major currencies, withtraders citing buying by Swisscorporates. Moves were exag-gerated in very thin post-

Christmas trade, with UK mar-kets closed for a public holiday.

Recent yen gains have alsobeen tied partly to year-endrepatriation flows fromJapanese exporters. The dol-lar's fall to a 6-1/2-week low of81.81 yen also reflected a 1 percent jump in Japanese industri-al output in November reportedon Tuesday. The dollar was lastat 82.10 yen, down 0.8 percent.

The dollar's move below the55-day moving average of82.59 yen, which had served askey support, accelerated thedecline.

The euro hit a 3-1/2-monthlow of 107.82 yen. "The indus-trial production numbers out ofJapan were extremely strong,and that certainly has provideda bid to the yen across the

board," said Dean Popplewell,chief strategist of FX broker-age OANDA in Toronto.

Against the Swiss currency,

the dollar fell to 0.9435 francs,an all-time low, before clawingits way back to 0.9509 francs,still down 0.9 per cent.

The dollar traded sharplylower against commodity-linked currencies, with theAustralian and New Zealanddollars rising nearly 1 per centon the day.

"Dollar weakness is basically

on the back of commodities,"Popplewell said. "Both oil andgold are seeing robust demand.The market seems to have

shrugged off the interest-ratehike in China over the week-end."

But some analysts saidinvestors were still wary of tak-ing on too much risk for fearEurope's debt crisis couldworsen or the US economycould grow more slowly thanexpected in 2011.

Reports showing US home

prices fell for a fourth straightmonth in October and US con-sumer confidence faded inDecember added to the cau-tious sentiment and contributedto the euro's retreat, said GFTForex strategist Kathy Lien.

The US dollar often gainswhen investors grow averse torisk because they see at as asafer option in difficult times.

The euro hit a December lowlast week at $1.3055, and anearlier rise Tuesday ended justshy of $1.3278, the 50 per centretracement of a monthlydecline that started at $1.3500.

The move raised doubtsabout whether the euro wouldbe able to target $1.3330-35,which includes a 61.8 per centretracement of the sameDecember decline, before yearend. -Reuters

Dollar falls to record lowagainst franc, recovers vs euro

SHANGHAI: The yuan roseagainst the dollar on Tuesdayafter the People's Bank ofChina set its mid-point near arecord high, a signal the gov-ernment's drive to containinflation may have triggered anew leg of appreciation.

The yuan is only a whiskeraway from its highest levelsince its landmark revaluationin July 2005 and is likely tobreach that level this weekafter the PBOC surprised themarket by raising official inter-est rates on Christmas Day in asign of Beijing's determinationto nip high inflation in the bud.

Offshore yuan forwards, themain means by which foreigninvestors bet on the Chinesecurrency, may in coming daysincreasingly reflect greaterappreciation over the next year."FX should be the last tool tomanage inflation in China. Butit has come to the point that Ithink China won't mind allow-ing more CNY appreciation tofight against imported infla-tion," said Frances Cheung, astrategist at Credit AgricoleCIB in Hong Kong, referringto the yuan. Adding to the tim-ing is the forthcoming visit byChinese President Hu Jintao tothe United States in mid-January. China often lets theyuan appreciate slightly aheadof major political events as agoodwill gesture to its curren-cy policy critics, in particularUS politicians.

An informal poll of China-based dealers over the lastweek showed many of them

expect the yuan to gain rough-ly 6 per cent next year, hitting6.25 per dollar in late 2011, asthe exchange rate plays anincreasing role in the battleagainst inflation, which rose toa 28-month high in November.

As such, the dealers said off-shore forwards , now implyingyuan appreciation of slightlyover 2 per cent against the dol-lar in 12 months, have sharplyunderestimated the currency'spotential, leaving investors agood opportunity to short dol-lars in the shorter half of thecurve up to two-year forwards.

"The government appears tohave given a signal that it willuse both interest rates and theexchange rate to fight inflation,including imported inflation,"said a senior trader at aChinese commercial bank inShenzhen.

"The yuan's rise will still bemeasured, possibly slightlymore than 5 per cent in 2011,while politics have an intermit-tent impact."

USING ALL LEVERSSpot yuan closed at 6.6248

per dollar on Tuesday, up fromMonday's close of 6.6308 andonly 75 pips away from itspost-revaluation high of6.6173 hit on Nov. 11.

It has now risen 3.04 per centsince the PBOC depegged thetwo currencies in mid-June.

The PBOC fixed the day'smid-point , from which theyuan can rise or fall 0.5 percent in a given day, at 6.6252,up from Monday's 6.6305 andwithin arm's reach of its record

high of 6.6239 set on Nov. 12.Traders said the yuan might

not be able to effectivelybreach the psychologicallyimportant level of 6.60 to thedollar this year, with only fourtrading days left, but its gaincould quicken in January aheadof the Sino-US summit inWashington around Jan. 19.

One-year non-deliverabledollar/yuan forwards (NDFs)were bid at 6.4800 in thin holi-day trade, up from Monday'sclose of 6.4720. Their impliedyuan appreciation in a year'stime dropped to around 2 percent from 2.37 per cent.

Shorter-term three-monthNDFs rose to 6.5910 fromMonday's close of 6.5880,implying yuan appreciation inthree months' time of 0.52 percent, down from 0.56 per cent.

The spread of 1-month NDFsover 1-year NDFs has narrowedsince November to 0.1355 from0.1990 on profit-taking in themore liquid 1-year tenors. A sus-tained period of stronger mid-point fixings though, similar toSeptember-October of this year,could cause that spread to widenagain, as investors dump the 1-year NDFs. "China is using alllevers to temper inflation includ-ing rate hikes and of coursesome CNY appreciation," saidGerrard Katz, head of FX trad-ing at Standard Chartered Bankin Hong Kong. "So we expect tosee the yuan move to 6.20 by theend of 2011. Currently NDFs donot price that in and so there isopportunity to sell the 1-yearNDF." -Reuters

Yuan maybe in new risingtrend as China battles inflation

Worries about eurozone, US growth still linger

MUMBAI: The Indian rupeegained on Tuesday, buoyed bysharp losses in the dollar versusmajor currencies, but choppydomestic shares and demandfor the US unit from oil firmsand importers limited anysharp upside.

The partially convertiblerupee closed at 45.09/10 perdollar, off its low of 45.2050and 0.3 per cent stronger thanits close of 45.24/25 onMonday.

"The market was pretty dulltoday with just some oildemand seen," said a seniorforeign exchange dealer with aprivate bank.

"I expect more of a two-waymarket in early 2011. 44.80-46.00 band, probably with abroader range of 44 to 46.80.Capital inflows should contin-ue but should just about makethe current account gap man-ageable, which is why therangebound rupee view."

Traders said gains in otherregional peers also under-pinned rupee sentiment. AllAsian currencies rose com-pared to the dollar.

Foreign institutionalinvestors (FIIs) have pulled outa net $500 million from Indianequities this month through

Monday. They are, however,net investors of $28.5 billion in2010, on top of the $17.5 bil-lion pumped in last year.

"Think Q1 2011 could seesome small INR strength - withFII debt money and perhapsFPOs (follow-on public offers)of SAIL keeping capital flowscoming. Also, historically, Q1also tends to see better currentaccount situation," said AnanthNarayan G, head of fixedincome, currency and com-modities at Standard CharteredBank in Mumbai.

"So rupee seen at 44.00-44.50by March 2011, perhaps 46.00by June 2011, so the rangeremains intact," he added. One-month offshore non-deliverableforward contracts were quotedat 45.29, weaker than theonshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange and MCX-SX closedat 45.10, while those on theUnited Stock Exchange endedat 45.1025.

The total traded volume onthe three exchanges inclusiveof all contracts was a low $3.7billion versus a usual $7 bil-lion. -Reuters

Indian rupee gainson broad dollar fall

Swiss franc up vs euro asinvestors seek safe plays

SEOUL: The peso and theIndian rupee rose against aweakening dollar on Tuesdayin thin, year-end trading, withother emerging Asian curren-cies expected to strengthen ongains by China's yuan, ana-lysts and dealers said.

"A strong yuan is a definite-ly bullish factor for Asian cur-rencies. As long as Chinarevaluates the yuan in a waythat does not hurt the econo-my, it will lead gains in Asianpeers," said Jeong My-young,a currency strategist atSamsung Futures in Seoul.

The yuan rose against thedollar on Tuesday after thePeople's Bank of China set itsmid-point near a record high,a signal that traders saidpoints to a fresh leg of yuanappreciation as the govern-ment strengthens an anti-inflation campaign.

However, other foreignexchange authorities in Asiaare unlikely to loosen grip oncurrencies to cope with risingprices, analysts said.

Asked if Asian authoritieswould allow their currenciesto appreciate to rein in risinginflation, Gerrard Katz, Headof FX Trading at StandardChartered Bank in Hong

Kong said: "It will be countryby country approach in myopinion.

"It's hard to speak in gener-al for Asia, but I would thinkif the dollar is weaker in gen-eral they will be more accept-ing to a degree if economy isgood."

The Philippine peso rose0.3 per cent on high inflowsfrom remittances in relativelythin trading. Traders said abulk of these remittances hadbeen sent over the four-dayChristmas weekend.

"I think we're seeing theinflows finally overpoweringthe market the past few days,"said a Manila-based dealer.

Another dealer said: "43.80would be the next cruciallevel. Unless the level breaks,it looks like we'll just tradebetween 43.80-44.20 to closethe year."

The yuan rose against thedollar after the People's Bankof China set its mid-pointnear a record high, a signalthat traders said points to afresh leg of yuan appreciationas the government strength-ens an anti-inflation cam-paign.

The yuan is now only awhisker away from its highest

level since its landmark reval-uation in July 2005 and islikely to breach that level thisweek after the PBOC sur-prised the market by raisingofficial interest rates on theChristmas Day in a sign ofBeijing's determination to niphigh inflation in the bud.

China often lets the yuanappreciate slightly ahead ofmajor political events as agoodwill gesture to its curren-cy policy critics, in particularUS politicians, and ChinesePresident Hu Jintao is due tovisit the United States in mid-January.

An informal poll of China-based dealers over the lastweek showed many expectthe yuan to gain roughly 6 percent next year, hitting 6.25per dollar in late 2011, as theexchange rate plays anincreasing role in the battleagainst inflation, which roseto a 28-month high inNovember.

The Indian rupee rose,buoyed by broad losses in thedollar versus major curren-cies, but demand for the dol-lar from oil firms scramblingto meet month-end importcommitments quickly pulledit off its highs. -Reuters

Asian currencies

Peso surges; firm yuanseen lifting Asian peers

Inflation key reason; politics contribute

China analysts say NDFs underestimate yuan rise potential

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

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

Sales (July 10 to Nov 10) 32,092

Production (Nov 10) 7,087

Sales (Nov 10) 6,813

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

Sales (July 10 to Nov 10) 20,375

Production (Nov 10) 3,974

Sales (Nov 10) 3,753

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

Sales (July 10 to Nov 10) 6,247

Production (Nov 10) 1,145

Sales (Nov 10) 1,075

DEWAN FAROOQ MOTORSProduction (July 10 to Nov 10) 186

Sales (July 10 to Nov 10) 70

Production (Nov 10) 0

Sales (Nov 10) 0

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

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

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

Spread (October 10) 7.49%

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

MS (Nov 10) 186

Kerosene (Jul 10 to Nov 10) 66

Kerosene (Nov 10) 12

JP (Jul 10 to Nov 10) 589

JP (Nov 10) 124

HSD (Jul 10 to Nov 10) 2,792

HSD (Nov 10) 612

LDO (Jul 10 to Nov 10)) 26

LDO (Nov 10) 4

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

Fuel Oil (Nov 10) 572

Others (Jul 10 to Nov 10) 3

Others (Nov 10) 1

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

MS (1 Nov 10) 44.53

MS % Chg 1.39%

Kerosene (1 Dec 10) 52.04

Kerosene (1 Nov 10) 51.25

Kerosene % Chg 1.54%

JP-1 (1 Dec 10) 52.27

JP-1 (1 Nov 10) 51.48

JP-1 % Chg 1.53%

HSD (1 Dec 10) 55.20

HSD (1 Nov 10) 54.24

HSD % Chg 1.77%

LDO (1 Dec 10) 50.52

LDO (1 Nov 10) 49.51

LDO % Chg 2.04%

Fuel Oil (1 Dec 10) 43,019

Fuel Oil (1 Nov 10) 42,046

Sector Updates

Symbol Close Vol (mn)FFBL 37.14 9.31 NBP 72.77 8.07 AHCL 25.72 7.35 FATIMA 10.99 6.31 JSCL 11.06 4.40

Symbol Close ChangeCOLG 950.00 24.46

SIEM 1,252.93 23.93

UPFL 1,107.67 7.67

SHEZ 119.07 5.67

CPL 177.97 5.32

Symbol Close ChangeRMPL 2,074.83 -52.99NESTLE 2,435.00 -15.03IDYM 294.05 -14.43LAKST 302.09 -11.01ENGRO 192.67 -6.89

Plus 144Minus 231Unchanged 25

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Wednesday, December 29, 2010 5

Dhiyan

Market would move in narrowband till the end of the calendaryear with low volumes. It would be mainly due to a slump in for-eigners' activity, shortage of liquidity, and political uncertainty.However overall market outlook is positive and it would resumepositive activities provided that IMF approves tranche, interest rateremains unchanged, and leverage product is launched soon after theappointment of SECP chairman as expected. Investors are advisedto adopt “buy on dips” stance and invest in oil, fertiliser and bank-ing stocks. Market would be rangebound today.

Siddique Dalal, Chairman Dalal Securities

Salman Naqvi, Head of Sales Aba Ali Habib SecuritiesFollowing reduction in foreign buying and uncertain political situa-

tion, correction may continue for some sessions. But 100-Index won't

lose more than 100-150 points. The return of foreign investors after

holidays, recent approval of extension in IMF programme, and inter-

est rate status quo would help index touch 12,500 level in January.

Buy banking, oil and selective cement stocks on dips. However, stay

away from fertilisers. Correction may continue today.

TUNE IN TO NARROWBAND

Opening 11,909.73

Closing 11,848.05

Change 61.68

% Change 0.52

Turnover (mn) 110.11

Opening 3,681.69

Closing 3,667.79

Change 13.90

% Change 0.38

Turnover (mn) 4.73

Opening 2,985.61

Closing 2,968.00

Change 17.61

% Change 0.59

Turnover (mn) 0.33

Staff Reporter

KARACHI: Election of thefive member directors ofKarachi Stock Exchange (KSE)is scheduled for today(Wednesday).

A total of nine candidates aretaking part in the election.Major brokers like Abid AliHabib, Zafar Moti, and HajiGhani Haji Usman are also inthe race.

Election campaign is in fullswing. All the candidates areaggressively busy trying toensure a seat at the BoD. Noone wants to lose the director-ship. A cutthroat competition isin cards, said experts.

One of the candidates,

Mohammad Azam Khan CEOSunrise Capital, has proposedsome plans which he claimshe'll pursue if elected as director.

In a letter issued to the mem-bers of the exchange, Azamsaid that in future, he aims tocontribute more actively forinnovative and lively productsfor the benefit of the brokerageindustry.

Further, the letter also includ-ed his multi-pointed action-plan for an improved andhealthier stock market. He aimsto: 1) develop interest of mem-bers by exploring the avenuesfor improving the business andimage of financial industry, 2)introduce newer and more

See # 11 Page 11

Azam Khan vowsbetter ‘exchange’

KSE BoD election today

Nawaz Ali

KARACHI: Selling by thelocal investors over uncertainpolitical situation in the countrybeckoned the bears back intothe Karachi Stock Exchange(KSE) on Tuesday as a result itended below 11,900 level dueto selling mainly in oil and fer-tiliser stocks.

The benchmark KSE 100-Index fell by 61 points to closeat 11,848 points while KSE 30-Index and KSE All Share Indexlost 59 points and 43 points toclose at 11,403 and 8,239points respectively.

"The conflict between gov-ernment and coalition part-ners compelled investors totrim their positions especiallyin oil and fertiliser stocks",said Samar Iqbal, equity deal-er at Topline Securities.However, buying interest wasseen in Nishat Mills after itsinclusion in Shariah Index, headded.

After a negative opening,

market managed to recoverdue to buying at lower levels.However, after giving a num-ber of visits to the positivezone --touching the highestday-level of 11,948 points(+ve 38 points)-- market final-ly settled down in the bearishzone primarily due to sellingspurred by ongoing politicalsituation in the country and alow-intensity blast at KarachiUniversity.

It should be noted thatMuttahida Qaumi Movement(MQM) has announced to quitfederal cabinet.

Further, investors were alsoconcerned over rising fiscaldeficit after the approval of a 9-month extension in the $11 bil-lion IMF loan programme.

Therefore index losses thenincreased due to continued sell-ing pressure mostly in oil andfertiliser stocks and just nearthe closing bells it touched anintraday low of 11,830 points (-ve 79 points) and finally closedthereabouts.

Jawad Khan, equity dealer atJS Global said that ENGRObore the brunt of the sellingtrend, over rumours that thetrial run of the new plant hasnot begun on time and the gov-ernment is seeking explanationfor the 23% urea price hike bythe fertilisermakers.

Foreign investors, however,remained on the buying side asaccording to NCCPL there wasa net-foreign-buying of $1.31million on Tuesday. On thelocal side, companies and indi-vidual investors did a net-sell-ing of $3.41 and $0.93 millionrespectively while mutualfunds did a net-buying of $2.56million.

Investor participation some-what improved as 110.1 millionshares traded during the day --25 million shares more than aturnover of 85.1 million a dayearlier.

Out of total 400 active issues231 declined, 144 advanced,and 25 issues remainedunchanged.

Politicalspare someKSE gains

HONG KONG/SHANGHAI:Hong Kong and China stocksended lower on Tuesday withbanks and property countersleading the slide in the wake ofa surprise interest rate rise bythe People's Bank of China.

The benchmark ShanghaiComposite Index dropped 1.74per cent to 2,732.99 points, thelowest closing level since Sept.30, and squarely below the250-day moving average, con-sidered by some as a key tech-nical support level. The fallextended the previous session'snearly 2 per cent loss asinvestors dumped banking andproperty stocks.

The market also sufferedfrom a seasonal year-end liq-uidity shortage, reflected bythin trade and the benchmarkmoney market rate heading forthe highest level in threeyears.

"The rate rise triggered a cor-rection mainly caused by anacute shortage of liquiditytoward year-end, as well asexcessively high valuations incertain small-cap stocks," saidZheshang Securities in

Shanghai fund manager ZhouLiang. "But there's limitedroom for the index to fall asmany blue-chip stocks arealready cheap by historic stan-dards. Tightening concernshave been largely priced in, soit could be a good buyingopportunity."

Many analysts expect thegovernment to front-load moretightening measures after thelatest rate rise, including fur-ther rate increases and higherbank reserve requirements inthe first half of next year,potentially resulting in slowergrowth.

Banks also weighed as theprospect of a slowing economytriggered concern that loandemand will fall and bad assetswill rise.

Hong Kong shares fell for athird consecutive day with theHang Seng Index finishingdown 0.93 per cent, its biggestsingle day of fall in per centageterms in nearly two weeks, at22,621.73, its lowest closesince Oct. 4.

The China Enterprises Indexof top locally listed mainland

Chinese companies was down1.07 per cent at 12,309.59.

"The rate rise effect hauntedthe thin market today," saidLinus Yip, chief strategist atFirst Shangahi Securities."Interest rates are set to be ahot topic in the coming year,while the latest rate rise hasremoved some uncertainty andthat may allow the market totake a breather before arebound."

Brokers said a limited down-side risk after the recent weak-ness may fuel bargain hunting,while some said they preferredto hold cash in uncertain mar-ket trend.

Chinese auto stocks rebound-ed from recent weakness withGuangzhou Automobile GroupCo Ltd, which fell 4.7 per centon Friday, surged 4.9 per cent.Brilliance China AutomotiveHoldings Ltd, which tumbled7.5 per cent on Friday,rebounded 0.9 per cent.

Auto stocks were hit lastFriday after Beijing announcedmeasures to limit new car reg-istrations to tackle congestionin the city.-Reuters

HK, China shares takehit from banks, realty

NEW DELHI: The BSESensex closed slightly lower onTuesday as the holiday seasonbefore the year end keptinvestors at bay, with littledirection coming from mixedoverseas markets.

Top private sector firmReliance Industries and second-largest lender ICICI Bank ledthe decliners in the main index,while telecoms stocks gainedground following Monday'sprofit sales in India's leadingmobile operators Bharti Airteland Reliance Communications.

Tata Steel, the world's sev-enth-largest steel maker and thelargest shareholder inRiversdale, added 0.2 per centafter it said late on Monday thatit was yet to decide whether tocounter Rio Tinto 's $3.9 billionbid for the Africa-focusedminer.

Tata Steel also said it had nodiscomfort with Rio buyinginto Riversdale.

The main 30-share BSEIndex closed 0.02 per centdown at 20,025.42 points, but19 of its components endedpositive. The benchmark tradedin a narrow 109-point range.

"Many of the larger playersare not participating in the mar-kets because of the holiday sea-son," said K.K. Mital, head ofportfolio management at GlobeCapital.

"This should continue for therest of the week and the marketshould hover in a range. Youcould see some stock-specificaction, but the broader marketshould not move much," hesaid.

The main index is up 14.7 percent so far in 2010, helped byrecord foreign fund inflows andmost investors are optimistic arobust growth outlook for theIndian economy bodes well forthe domestic equities market in2011.

See # 10 Page 11

India shares red,flat in quiet trade

TOKYO: Japan's Nikkei aver-age slipped 0.6 per cent onTuesday as falls in Chineseshares and a slightly firmer yenprompted light profit-taking,but it was supported by strongJapanese output data andhealthy technical signals.

The Nikkei was rangeboundin thin year-end trading asinvestors were less enthusiasticabout taking more buy posi-tions after a 0.8 per cent gainthe previous day.

"The Nikkei was capped byfalls in Shanghai shares and aslight recovery of the yen. TheNikkei could have risen ifChinese shares gained today asmarket sentiment is still bull-ish," said Toshiyuki Kanayama,a market analyst at Monex Inc.

"We've seen funds flowinginto small-cap shares today, butthe market simply didn't have

enough energy to rise as thereweren't enough active players."

The benchmark Nikkei fin-ished the day down 63.36points at 10,292.63.

The broader Topix index fell0.2 per cent or 1.85 points to902.83.

Daily trading volume fell tothe lowest since December2008, with 1.08 billion shareschanging hands on the TokyoStock Exchange's first section.

Turnover in value terms fellto 719.2 billion yen ($8.69 bil-lion) -- the lowest since Jan. 4.

Hong Kong shares fell 1.1 percent as the market resumedtrading from a holiday the pre-vious day and absorbed theweekend credit-tightening byChina's central bank.

Shanghai shares fell 1.3 percent by late afternoon, extend-ing falls after slipping 1.9 per

cent on Monday.The Nikkei was also pres-

sured as the yen firmed about0.5 per cent against the dollar to82.44 by late Asian trade, butthe market was careful aboutselling the Nikkei too stronglyas the underlying trendremained bullish.

Tokyo participants were look-ing for chances to test theNikkei above last year's closeof 10,546.44 by this year's finaltrading day on Thursday, ana-lysts said.

Bullish technical signals andpositive Japanese output datareleased on Tuesday also pro-vided bargain-hunting opportu-nities, they said.

Industrial output rose 1.0 percent in November, marking thefirst rise in six months, in a signcompanies are increasing

See # 9 Page 11

Nikkei down as Chinafalls; vols at 2-year low

US stocks mid-morning

Home prices,consumerdata hurt

Wall Street NEW YORK: US stocks werelittle changed Tuesday asinvestors were reluctant to takelarge positions in either direc-tion and largely shrugged offweaker-than-expected data onconsumer confidence and homeprices.

The S&P/Case-Shiller 20-city index showed prices of USsingle-family homes fell almostdouble the expected pace inOctober. US consumer confi-dence unexpectedly deteriorat-ed month over month inDecember, hurt by increasingworries about the jobs market,according to a private report.

"Everybody has done whatthey need to do. The moneythat has been put in place hasbeen put in place until the endof the year - in spite of the factwe may get some modestly sur-prising data," said Peter Kenny,managing director at KnightEquity Markets in Jersey City,New Jersey.

The Dow Jones industrialaverage dropped 5.79 points, or0.05 per cent, to 11,549.24. TheStandard & Poor's 500Indexshed 0.58 points, or 0.05per cent, to 1,256.96. TheNasdaq Composite Indexdipped 4.16 points, or 0.16 percent, to 2,663.11.

General Motors Co gained 2.2per cent to $35.37 after severalanalysts initiated coverage ofthe automaker's shares, includ-ing "overweight" ratings atBarclays Capital and MorganStanley.

Trading volumes, alreadylight for the holiday season,were expected to remain thin asthe northeastern United Statesdigs itself out from a blizzardthat disrupted air and rail travelat the end of the busyChristmas weekend.

The blizzard pushed oilprices up to just below 26-month high struck the previoussession with US crude forFebruary up 27 cents at $91.27a barrel.-Reuters

Indonesia hits 2-weekhigh, others mostly firm

South East Asian stocks

European shares add toyear-end rally; trade thin

ANNOUNCEMENTS

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

Kohinoor Sugar Yearly - -73.925 -6.78

Thal Industries Yearly 15%(D) 119.191 7.93

Wednesday, December 29, 20106

Volume 110,110,760

Value 4,970,402,497

Trades 65,013

Advanced 144

Declined 231

Unchanged 25

Total 400

Current 8,239.10

High 8,311.32

Low 8,227.59

Change i43.26

Current 11,848.05

High 11,949.12

Low 11,829.04

Change i61.68

Current 11,403.42

High 11,511.88

Low 11,383.13

Change i59.85

Market KSE 100 Index All Share Index KSE 30 Index

Current 18,866.49

High 19,063.98

Low 18,818.11

Change i83.94

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

Bank of Khyber Limited

BOK closed down -0.30 at 4.10. Volume was 164 per cent above

average (trending) and Bollinger Bands were 9 per cent narrower

than normal. 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 7.0 per cent above its 200-day moving average and

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

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

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

pace. Trend forecasting oscillators are currently bearish on BOK.

RSI (14-day) 48.88 Total Assets (Rs in mn) 38,810.57

MA (10-day) 4.21 Total Equity (Rs in mn) 5,962.30

MA (100-day) 3.59 Revenue (Rs in mn) 999.63

MA (200-day) 3.83 Interest Expense 2,390.39

1st Support 3.95 Loss after Taxation (637.18)

2nd Support 3.85 EPS 09 (Rs) (1.273)

1st Resistance 4.25 Book value / share (Rs) 11.92

2nd Resistance 4.45 PE 10 E (x) 5.49

Pivot 4.15 PBV (x) 0.34

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

JPGL closed down -0.06 at 1.63. Volume was 906 per cent above

average (trending) and Bollinger Bands were 0 per cent narrower

than normal. The company's loss after taxation stood at Rs403.263

million which translates into a Loss Per Share of Rs2.58 for the 1st

quarter of current fiscal year (1QFY11).

JPGL is currently 17.3 per cent below its 200-day moving aver-

age and is displaying an upward trend. Volatility is relatively nor-

mal as compared to the average volatility over the last 10 trad-

ing sessions. Volume indicators reflect moderate flows of volume

into JPGL (mildly bullish). Trend forecasting oscillators are cur-

rently bullish on JPGL.

RSI (14-day) 43.16 Total Assets (Rs in mn) 7,598.16

MA (10-day) 1.82 Total Equity (Rs in mn) (1,042.83)

MA (100-day) 1.62 Revenue (Rs in mn) 2,731.94

MA (200-day) 1.97 Interest Expense 691.43

1st Support 1.58 Loss after Taxation (449.11)

2nd Support 1.53 EPS 10 (Rs) (2.878)

1st Resistance 1.70 Book value / share (Rs) (6.68)

2nd Resistance 1.77 PE 11 E (x) -

Pivot 1.65 PBV (x) (0.24)

Japan Power Generation Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

MYBL closed up 0.35 at 3.00. Volume was 1,250 per cent above aver-

age (trending) and Bollinger Bands were 19 per cent wider than normal.

The company's loss after taxation stood at Rs1.392 billion which trans-

lates into a Loss Per Share of Rs0.74 for the nine months of current cal-

endar year (9MCY10).

MYBL is currently 7.4 per cent above its 200-day moving average and

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

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

very strong flows of volume into MYBL (bullish). Trend forecasting oscil-

lators are currently bullish on MYBL. Momentum oscillator is currently

indicating that MYBL is currently in an overbought condition.

RSI (14-day) 71.70 Total Assets (Rs in mn) 35,490.71

MA (10-day) 2.57 Total Equity (Rs in mn) 5,104.86

MA (100-day) 2.22 Revenue (Rs in mn) 3,368.22

MA (200-day) 2.79 Interest Expense 2,881.90

1st Support 2.66 Loss after Taxation (1,639.83)

2nd Support 2.34 EPS 09 (Rs) (3.092)

1st Resistance 3.17 Book value / share (Rs) 9.63

2nd Resistance 3.36 PE 10 E (x) -

Pivot 2.85 PBV (x) 0.31

Mybank Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

CSAP closed up 0.44 at 26.50. Volume was 799 per cent above aver-

age (trending) and Bollinger Bands were 4 per cent wider than normal.

The company's profit after taxation stood at Rs90.081 million which

translates into an Earning Per Share of Rs1.60 for the 1st quarter of

current fiscal year (1QFY11).

CSAP is currently 0.4 per cent above its 200-day moving average and

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

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

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

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

RSI (14-day) 67.59 Total Assets (Rs in mn) 4,436.30

MA (10-day) 25.66 Total Equity (Rs in mn) 2,622.61

MA (100-day) 25.50 Revenue (Rs in mn) 3,704.39

MA (200-day) 26.37 Interest Expense 121.91

1st Support 25.96 Profit after Taxation 416.55

2nd Support 25.35 EPS 10 (Rs) 7.378

1st Resistance 26.96 Book value / share (Rs) 46.45

2nd Resistance 27.35 PE 11 E (x) 4.14

Pivot 26.35 PBV (x) 0.57

Crescent Steel & Allied Products Ltd

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,535.49 1,542.99 1,520.44 1,525.15 -10.35 -0.67

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

6,315,269 - - 65,194.15 mn 1,183,719.30 mn 1,535.49

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

11.18 3.64 32.54 55.94 5.00 1,522.92

Attock Petroleum 691 5.66 331.08 330.50 326.00 326.87 -4.21 167203 374.20 287.99 300 20B - -

Attock Refinery 853 6.86 121.73 124.69 120.50 122.35 0.62 3214905 137.20 78.51 - - - -

BYCO Petroleum 3921 - 11.31 11.42 11.06 11.10 -0.21 967576 12.49 10.00 - - - -

Mari Gas Company 735 16.70 125.03 124.90 123.00 123.26 -1.77 37196 128.90 107.00 31 - - -

National Refinery 800 3.98 267.19 272.25 265.10 268.55 1.36 211565 275.40 195.50 200 - - -

Oil & Gas Development XD 43009 11.38 169.08 169.98 167.70 168.13 -0.95 367925 171.40 143.50 55 - 15.00 -

Pak Petroleum 11950 8.67 215.35 216.24 213.00 213.26 -2.09 411147 221.75 171.60 90 20B - -

Pak Oilfields 2365 6.85 292.86 294.40 289.00 290.10 -2.76 920137 299.00 231.01 255 - - -

Pak Refinery Limited 350 - 110.63 110.90 107.10 108.22 -2.41 47792 114.50 55.00 - - - -

P.S.O 1715 4.99 295.95 295.70 293.70 294.70 -1.25 889642 299.20 261.51 80 - - -

Shell Gas LPG 226 - 35.49 34.56 33.90 34.01 -1.48 33540 40.28 29.10 - - - -

Shell Pakistan 685 10.57 208.91 208.45 206.00 206.18 -2.73 14217 209.89 182.05 40 - - -

Paid up Last 60 days 2010 2011

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

1,012.37 1,018.45 1,000.97 1,009.70 -2.67 -0.26

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

7,546,042 - - 47,070.70 mn 134,416.80 mn 1,012.37

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

6.66 0.58 8.64 16.68 2.50 1,007.35

(Colony) Thal 56 - 1.29 1.30 0.92 1.25 -0.04 1002 2.00 0.52 - - - -Ali Asghar Textile 222 24.75 1.02 1.00 0.99 0.99 -0.03 250 1.90 0.61 - - - -Amtex Limited 2415 9.16 4.09 4.16 4.00 4.03 -0.06 221771 17.30 4.00 30 - - -Artistic Denim 840 6.43 24.03 24.59 23.15 23.16 -0.87 751 24.59 19.00 20 - - -Azam Textile 133 0.34 2.20 2.50 2.26 2.43 0.23 23001 3.45 1.32 7.5 - - -Azgard Nine 4493 - 10.19 10.20 9.91 9.94 -0.25 1242662 12.32 9.50 - - - -Babri Cotton 33 0.53 12.99 13.00 13.00 13.00 0.01 2500 18.75 8.10 - 15B - -Blessed Tex Mills 64 0.72 47.99 48.00 46.30 48.00 0.01 1100 52.05 45.25 50 - - -Brothers Textile 98 - 0.63 0.70 0.36 0.38 -0.25 1402 1.49 0.12 - - - -Chakwal Spinning 400 0.55 1.17 1.43 1.10 1.25 0.08 16387 2.59 0.56 5 - - -Chenab Limited 1150 - 3.25 3.31 3.10 3.14 -0.11 88730 3.90 3.00 - - - -Chenab Ltd Pref 800 - 2.45 2.00 2.00 2.00 -0.45 400 2.99 1.21 - - - -Colgate Palm 316 35.66 925.54 955.00 880.02 950.00 24.46 766 958.00 673.01 - - - -Colony Mills Ltd 2442 4.14 2.45 2.75 2.62 2.65 0.20 13060 3.33 2.26 - - - -Crescent Jute 238 - 1.09 1.13 0.90 0.90 -0.19 21035 1.34 0.16 - - - -Crescent Textile 492 4.19 21.00 22.05 20.50 21.79 0.79 2334 23.90 17.89 15 - - -D S Ind Ltd 600 - 1.88 1.93 1.80 1.85 -0.03 131483 2.37 1.44 - - - -Dar-es-Salaam 80 - 3.30 4.00 2.30 2.50 -0.80 503 4.50 1.75 - - - -Dewan Mushtaq Textile 34 0.18 5.09 6.09 5.00 6.00 0.91 8317 7.44 1.80 - - - -Ellcot Spinning 110 0.63 21.40 21.45 20.50 20.95 -0.45 2468 24.50 17.21 35 - - -Gadoon Textile XD 234 0.76 71.00 69.50 67.50 69.18 -1.82 11402 71.40 38.30 70 - - -Gillette Pakistan 192 - 62.50 62.50 62.49 62.50 0.00 1000 73.00 58.75 - - - -Gul Ahmed Textile 635 3.88 27.49 27.01 27.00 27.00 -0.49 1764 27.50 19.99 12.5 - - -Hira Textile Mills Ltd. 716 0.74 4.00 4.10 3.92 3.93 -0.07 16000 4.88 3.35 10 - - -Ibrahim Fibres 3105 3.12 38.47 39.80 37.71 39.68 1.21 86312 40.77 34.05 20 - - -Ideal Spinning 99 0.53 6.35 6.25 5.37 6.25 -0.10 504 7.29 2.02 - - - -Idrees Textile 180 3.54 3.50 3.65 3.25 3.26 -0.24 2701 5.35 2.60 10 - - -Indus Dyeing 181 2.86 308.48 295.00 293.06 294.05-14.43 599 350.15 209.03 50 - - -J K Spinning 184 1.05 6.20 6.94 5.20 6.88 0.68 113 9.50 4.05 20 5B - -Janana D Mal 43 0.25 15.96 16.49 15.50 15.51 -0.45 1101 20.50 13.25 - - - -Jubilee Spinning 325 - 3.50 2.58 2.56 2.57 -0.93 400 5.50 1.99 - - - -Kohinoor Ind 303 - 1.66 1.85 1.60 1.65 -0.01 3976 2.00 1.01 - - - -Kohinoor Spinning 1300 0.40 1.19 1.15 1.05 1.10 -0.09 10520 2.00 0.16 5 - - -Kohinoor Textile 1455 3.68 5.38 5.39 5.10 5.15 -0.23 50207 6.10 4.51 - - - -Mian Textile 221 - 0.56 0.38 0.38 0.38 -0.18 1000 0.98 0.14 - - - -Mukhtar Textile 145 - 0.55 0.59 0.45 0.54 -0.01 413 0.95 0.14 - - - -Nishat (Chunian) 1596 1.87 22.80 23.00 22.45 22.51 -0.29 1472395 25.14 15.85 15 - - -Nishat Mills 3516 5.44 62.66 63.99 62.20 63.32 0.66 3701761 64.44 45.81 25 45R - -Pak Synthetic 560 3.02 9.25 9.15 8.95 8.95 -0.30 15545 10.45 5.16 - - - -Premium Textile 62 0.40 25.09 25.10 25.00 25.00 -0.09 5000 31.03 25.00 50 - - -Prosperity 185 1.12 14.84 15.00 14.50 14.65 -0.19 2601 19.44 12.51 30 - - -Ravi Textile 250 - 1.54 1.77 1.47 1.52 -0.02 30415 2.30 1.29 - - - -Reliance Weaving 308 0.65 9.38 9.34 9.00 9.30 -0.08 2333 12.00 8.01 25SD - - -Rupali Poly 341 4.61 36.56 36.71 36.25 36.70 0.14 105 38.10 31.25 40 - - -Saif Textile 264 0.36 4.46 4.48 4.10 4.48 0.02 6181 6.85 2.89 - - - -Sally Textile 88 0.20 4.00 4.39 4.00 4.00 0.00 1520 6.20 3.51 10 - - -Salman Noman 42 1.69 3.00 4.00 3.00 4.00 1.00 3972 4.74 1.30 - 5B - -Samin Textile 134 5.08 5.81 6.65 6.10 6.10 0.29 1001 8.69 5.11 - 100R - -Sana Ind 55 3.56 47.99 48.00 46.01 46.79 -1.20 2527 48.95 27.50 60 - - -Service Ind 120 7.92 234.00 234.70 231.00 231.41 -2.59 2180 276.50 169.00 - - - -Service Textile 44 - 0.55 0.70 0.40 0.70 0.15 41500 0.75 0.14 - - - -Shahpur Textile 140 0.56 0.50 0.65 0.40 0.40 -0.10 20001 1.10 0.18 - - - -Shahzad Textile 180 0.34 5.16 5.75 5.75 5.75 0.59 6200 9.48 3.76 5 - - -Shield Corp 39 11.34 87.73 92.11 90.00 92.11 4.38 410 95.55 43.29 10 - - -Suraj Cotton 180 0.81 36.03 37.00 35.00 36.00 -0.03 4201 38.52 29.00 50 - - -Taj Textile 334 - 0.49 0.37 0.37 0.37 -0.12 500 0.60 0.25 - - - -Thal Limited 307 5.45 126.17 130.00 123.51 127.50 1.33 85250 130.00 86.50 80 20B - -Treet Corp 418 9.72 62.02 62.80 60.50 61.06 -0.96 166973 63.30 37.25 - - - -Tri-Star Poly 215 - 1.10 0.85 0.80 0.85 -0.25 4000 1.50 0.26 - - - -Zil Limited 53 3.68 56.40 55.02 55.00 55.00 -1.40 1198 58.99 36.00 35 - - -

Paid up Last 60 days 2010 2011

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,113.59 1,127.00 1,111.25 1,115.35 1.77 0.16

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

215,711 - - 3,763.71 mn 5,162.37 mn 1,115.35

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

3.13 0.33 10.64 6.27 2.00 1,102.25

Diamond Ind 90 - 11.00 12.00 12.00 12.00 1.00 1004 17.98 7.55 - - - -Gauhar Engineering Ltd 22 - 0.74 0.90 0.65 0.86 0.12 8500 0.90 0.15 - - - -Hussain Industries 106 - 7.44 8.39 6.45 7.46 0.02 4539 11.49 6.45 - - - -Pak Elektron 1174 3.55 14.18 14.34 14.02 14.10 -0.08 170068 15.09 12.90 - 10B - -Singer Pak 341 21.36 19.00 19.45 19.00 19.01 0.01 636 20.45 16.51 - - - -Tariq Glass Ind 231 2.45 20.73 20.90 20.50 20.51 -0.22 30854 21.40 15.90 17.5 - - -

Paid up Last 60 days 2010 2011

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,720.04 1,751.73 1,694.07 1,716.59 -3.46 -0.20

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

1,827,664 - - 11,335.33 mn 228,054.43 mn 1,725.83

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

39.32 11.91 30.30 30.57 0.78 1,714.09

AL-Noor Sugar 186 4.96 48.90 49.25 48.80 48.85 -0.05 1161 53.00 39.25 - - - -Dewan Sugar 365 - 3.89 4.00 3.66 3.69 -0.20 126701 5.59 1.11 - - - -Faran Sugar 217 3.13 19.31 19.99 19.35 19.35 0.04 1560 21.50 18.30 - - - -Habib Sugar 600 7.49 33.58 33.64 33.26 33.34 -0.24 46260 36.50 28.50 25 25B - -Habib-ADM Ltd 200 11.62 12.51 12.85 12.35 12.55 0.04 3460 16.50 11.90 40 - - -Ismail Ind 505 32.54 76.57 73.00 72.75 72.88 -3.69 120 81.12 68.60 17.5 110R - -J D W Sugar 490 2.93 87.49 88.45 85.01 87.52 0.03 437 89.89 64.56 0 12.5R - -Mehran Sugar 143 3.54 59.08 60.65 58.71 59.88 0.80 8079 68.49 50.26 35 20B - -Mirza Sugar 141 0.60 6.10 6.10 5.91 5.95 -0.15 2839 7.18 4.20 10 - - -National Foods 414 24.34 62.13 65.23 63.90 65.23 3.10 9235 65.23 39.01 12 - - -Nestle Pakistan 453 26.75 2450.03 2474.95 2426.75 2435.00 -15.03 806 2550.00 1820.02 450 - - -Noon Pakistan 48 3.66 24.60 25.80 24.00 25.65 1.05 1529 27.30 17.51 12 - - -Noon Sugar 165 - 13.00 13.40 13.39 13.40 0.40 3000 14.84 11.05 - - - -Pangrio Sugar 109 0.87 6.00 6.37 5.95 5.99 -0.01 1271 6.99 4.25 10 - - -Premier Sugar 38 8.54 45.50 47.24 43.50 46.56 1.06 536 53.81 32.50 - - - -Quice Food 107 - 2.10 2.26 2.20 2.22 0.12 8000 3.40 2.02 - - - -Sakrand Sugar 223 - 2.90 3.00 2.80 2.80 -0.10 1000 3.90 2.11 - - - -Sanghar Sugar 119 1.01 14.30 14.20 13.66 14.14 -0.16 610 14.40 13.00 - - - -Shahmurad Sugar 211 17.30 11.52 12.00 11.50 11.94 0.42 2984 13.50 9.93 - - - -Shak(RCPf)8.5 Perc 346 - 3.78 3.78 3.78 3.78 0.00 1600000 4.71 2.36 - - - -Shakarganj Mills 695 - 6.00 6.15 5.70 5.70 -0.30 1001 7.88 3.21 - - - -Tandlianwala 1177 309.09 34.00 34.00 34.00 34.00 0.00 835 36.75 27.50 - - - -Thal Industries 150 11.95 94.00 98.70 94.50 94.76 0.76 300 98.70 66.36 15 - - -UniLever Pakistan 665 20.51 4390.01 4499.82 4300.01 4393.43 3.42 5763 4610.00 3825.00 178 - - -

Paid up Last 60 days 2010 2011

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

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,175.69 1,188.60 1,163.58 1,175.91 0.23 0.02

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

708,300 - - 6,768.53 mn 43,206.13 mn 1,175.91

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

4.32 1.10 25.35 20.42 4.72 1,166.33

Agriautos Ind 144 5.68 75.06 75.00 75.00 75.00 -0.06 500 75.99 65.75 90 - - -Atlas Battery 101 5.47 179.92 184.90 179.00 183.08 3.16 16782 184.90 135.00 100 20B - -Atlas Honda 626 8.98 124.27 125.00 122.10 123.97 -0.30 1468 128.90 92.50 - - - -Dewan Motors 890 - 2.40 2.40 2.26 2.30 -0.10 118603 2.89 1.20 - - - -Exide (PAK) 56 4.67 201.03 208.95 193.01 197.90 -3.13 5421 208.95 136.00 60 - - -General Tyre 598 18.97 22.00 22.00 21.36 22.00 0.00 800 25.24 21.00 20 - - -Ghandhara Nissan 450 3.23 4.76 4.80 4.53 4.65 -0.11 19756 5.67 4.03 - - - -Ghani Automobile Ind 200 6.94 4.30 4.45 4.20 4.44 0.14 3502 5.75 4.00 - - - -Honda Atlas Cars 1428 - 11.15 11.48 11.00 11.10 -0.05 37574 13.40 9.65 - - - -Indus Motors 786 5.80 255.10 255.45 251.01 254.00 -1.10 1318 282.45 215.99 150 - - -Pak Suzuki 823 11.12 69.01 71.90 69.50 69.84 0.83 502149 77.90 66.75 - - - -Sazgar Engineering 150 3.84 20.50 20.61 20.60 20.60 0.10 826 26.00 17.92 10 20B - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,542.05 1,560.46 1,531.51 1,539.56 -2.49 -0.16

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

110,325 - - 1,336.62 mn 32,686.98 mn 1,542.22

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

8.26 3.14 38.02 131.49 15.91 1,535.46

Ados Pak 66 1.10 17.00 17.25 16.80 17.03 0.03 6001 20.85 14.12 - - - -

AL-Ghazi Tractor 215 5.45 231.22 232.99 226.15 227.49 -3.73 6733 238.99 200.00 150 - - -

Dewan Auto Engineering 214 - 1.59 1.60 1.59 1.59 0.00 944 2.40 0.21 - - - -

Ghandhara Ind 213 10.47 11.93 11.50 11.10 11.31 -0.62 3400 14.89 10.55 - - - -

Hinopak Motor 124 - 132.05 132.00 130.10 130.10 -1.95 575 147.89 110.05 - - - -

KSB Pumps 132 7.43 63.00 63.50 62.00 62.02 -0.98 8916 87.15 60.00 - - - -

Millat Tractors XB 366 6.50 496.26 500.95 496.01 496.81 0.55 83745 587.00 390.00 650 25B - -

Paid up Last 60 days 2010 2011

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

1,044.18 1,062.38 1,021.07 1,039.16 -5.02 -0.48

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

427,543 - - 3,043.31 mn 39,199.66 mn 1,045.30

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

2.87 1.26 43.91 15.55 5.42 1,024.29

Cherat Papersack 115 2.78 77.03 80.87 77.10 78.18 1.15 240187 83.23 34.00 20 25B - -

ECOPACK Ltd 230 - 2.63 2.66 2.33 2.38 -0.25 48797 3.30 1.70 - - - -

Ghani Glass 1067 4.56 49.47 49.95 49.00 49.65 0.18 10068 61.99 45.30 25 10B - -

MACPAC Films 389 - 3.25 3.69 3.16 3.30 0.05 5010 4.05 1.60 - - - -

Packages Ltd 844 65.63 131.40 131.50 127.25 127.98 -3.42 79978 136.74 100.00 - - - -

Siemens Engineering XD 82 10.34 1229.00 1280.00 1206.00 1252.93 23.93 231 1381.00 1068.75 900 - - -

Tri-Pack Films 300 8.99 126.04 126.00 122.65 123.27 -2.77 43271 128.70 98.10 - - - -

Paid up Last 60 days 2010 2011

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

1,018.65 1,023.43 1,001.07 1,006.26 -12.39 -1.22

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

4,749,592 - - 54,792.74 mn 72,880.65 mn 1,031.62

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

6.89 0.49 7.10 19.04 2.76 1,006.26

Al-Abbas Cement 1828 - 3.27 3.29 3.21 3.22 -0.05 3006 3.98 2.80 - 100R - -

Attock Cement 866 6.58 62.96 63.40 62.50 62.51 -0.45 3900 67.00 57.60 50 - - -

Balochistan Glass Ltd 858 - 3.03 3.13 2.92 2.95 -0.08 22704 4.24 1.10 - - - -

Berger Paints 182 - 24.06 24.15 23.45 23.60 -0.46 51780 24.16 14.01 - 122R - -

Buxly Paints 14 - 14.50 15.45 15.00 15.00 0.50 2500 15.50 7.91 - - - -

Cherat Cement 956 24.80 11.23 11.10 10.80 10.91 -0.32 9073 12.75 9.51 - - - -

Dadabhoy Cement 982 14.92 1.86 1.95 1.80 1.94 0.08 26003 2.49 1.31 - - - -

Dandot Cement 948 - 2.85 2.25 2.25 2.25 -0.60 1000 3.49 1.11 - - - -

Dewan Cement 3574 - 2.27 2.34 2.21 2.23 -0.04 227671 3.10 1.30 - - - -

DG Khan Cement Ltd 3651 124.58 30.27 30.30 29.80 29.90 -0.37 1827724 32.10 23.40 - 20R - -

EMCO Ind 350 3.21 3.04 3.25 2.53 2.70 -0.34 238 3.99 2.27 - - - -

Fauji Cement 6933 15.18 5.11 5.18 5.01 5.01 -0.10 860211 5.55 4.52 - - - -

Fecto Cement 502 3.65 7.01 7.01 7.00 7.00 -0.01 499 8.20 4.25 - - - -

Flying Cement Ltd 1760 - 1.88 1.90 1.82 1.83 -0.05 41704 2.25 1.70 - - - -

Frontier Ceramics 77 - 1.71 2.48 1.29 1.85 0.14 420 5.00 1.18 - - - -

Gammon Pak 283 - 1.55 2.26 1.05 2.20 0.65 1501 2.48 1.05 - - - -

Gharibwal Cement 2319 - 7.84 8.80 7.50 8.37 0.53 25880 9.19 2.70 - - - -

Haydery Const 32 - 0.62 0.75 0.61 0.68 0.06 6206 1.08 0.42 - - - -

Karam Ceramics 145 12.25 10.80 9.80 9.80 9.80 -1.00 500 11.50 4.80 - - - -

Kohat Cement 1288 - 6.61 6.64 6.30 6.40 -0.21 16561 8.70 5.50 - - - -

Lafarge Pakistan Cement13126 - 3.36 3.39 3.20 3.27 -0.09 669445 3.79 2.71 - - - -

Lucky Cement 3234 6.76 76.44 76.50 75.11 75.26 -1.18 828364 79.98 68.95 40 - - -

Maple Leaf Cement 5261 1.33 2.95 2.94 2.85 2.87 -0.08 72732 3.30 2.51 - - - -

Pioneer Cement 2228 - 6.73 6.89 6.65 6.66 -0.07 47407 8.58 6.56 - - - -

Safe Mix Concrete 200 - 6.18 6.50 6.25 6.41 0.23 2154 7.49 5.25 - - - -

Shabbir Tiles 361 - 8.33 8.98 8.26 8.50 0.17 1402 10.98 6.30 - - - -

Thatta Cement 798 462.50 18.00 18.50 17.51 18.50 0.50 1159 22.24 17.51 - 50R - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

1,072.06 1,111.32 1,068.74 1,085.73 13.68 1.28

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

489,645 - - 3,596.11 mn 10,772.07 mn 1,085.73

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

3.47 1.15 33.10 30.91 8.90 1,015.03

Crescent Steel 565 4.14 26.06 26.74 25.74 26.50 0.44 243959 27.10 24.00 30 - - -

Dost Steels Ltd 675 - 2.85 2.97 2.70 2.83 -0.02 20414 3.39 1.93 - - - -

Huffaz Pipe 555 9.81 15.85 16.00 15.43 15.69 -0.16 28924 16.75 12.25 - - - -

International Ind 1199 12.61 59.55 62.20 59.99 60.52 0.97 195223 62.20 44.00 40 20B - -

Siddiqsons Tin 785 10.23 9.01 9.45 9.00 9.00 -0.01 1125 10.07 8.00 7.5 - - -

Paid up Last 60 days 2010 2011

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,217.35 1,222.13 1,184.84 1,194.23 -23.12 -1.90

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

102,667 - - 1,186.83 mn 3,310.28 mn 1,217.35

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

6.09 0.45 7.47 25.28 4.15 1,165.48

Century Paper 707 - 17.26 17.40 16.90 17.14 -0.12 98552 20.39 15.28 - - - -

Pak Paper Product 50 9.04 46.28 47.25 46.00 47.03 0.75 1614 61.99 38.61 2533.33B - -

Security Paper 411 6.96 46.53 46.50 45.00 45.10 -1.43 2501 47.70 38.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,399.39 1,425.43 1,380.02 1,392.61 -6.78 -0.48

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

26,799,366 - - 52,251.88 mn 306,080.95 mn 1,399.39

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

8.66 3.03 35.00 48.81 5.63 1,346.12

Agritech Limited 3924 8.63 24.47 24.85 23.73 23.81 -0.66 152202 24.85 20.26 - - - -

BOC (Pak) 250 12.30 89.05 92.43 89.00 89.56 0.51 72623 94.20 72.00 15 - - -

Clariant Pak 273 6.80 172.65 181.28 173.00 177.97 5.32 61787 181.28 149.72 - - - -

Dawood Hercules 1203 8.05 196.04 197.94 192.50 194.05 -1.99 101384 197.94 163.55 40 - - -

Descon Chemical 1996 - 3.08 3.29 2.87 2.92 -0.16 184094 3.74 1.90 - - - -

Descon Oxychem Ltd. 1020 - 8.78 8.95 8.40 8.42 -0.36 293929 9.25 3.41 - - - -

Dewan Salman 3663 - 3.34 3.32 3.11 3.15 -0.19 1031245 4.24 1.28 - - - -

Dynea Pak 94 - 11.38 11.45 11.10 11.39 0.01 3050 13.79 9.15 15 - - -

Engro Corporation Ltd 3277 10.59 199.56 199.70 191.00 192.67 -6.89 4301145 200.88 173.27 40 - - -

Engro Polymer 6635 - 14.34 14.64 14.30 14.50 0.16 497635 15.20 11.92 - - - -

Fatima Fertilizer 22000 - 10.80 11.39 10.55 10.99 0.19 6311919 11.39 9.16 - - - -

Fauji Fertilizer 6785 9.03 123.02 126.80 123.01 124.57 1.55 3620081 126.80 104.50 95 - - -

Fauji Fert. Bin Qasim 9341 7.01 37.31 38.05 37.07 37.14 -0.17 9306176 38.05 26.90 17.5 - - -

Gatron Ind 384 2.30 44.86 45.10 42.90 42.91 -1.95 509 46.59 38.03 20 - - -

Ghani Gases Ltd 725 8.72 11.63 11.69 11.50 11.51 -0.12 67586 13.85 10.61 - - - -

ICI Pakistan 1388 8.00 143.70 144.20 142.00 142.02 -1.68 232879 145.75 116.00 55 - - -

Leiner Gelatine 75 - 14.61 15.61 13.61 13.72 -0.89 258 24.00 7.50 - - - -

Lotte Pakistan 15142 4.74 13.59 13.64 13.23 13.26 -0.33 4112210 13.83 8.17 - - - -

Mandviwala 74 - 1.89 2.29 1.70 1.88 -0.01 22981 2.75 0.80 - - - -

Nimir Ind Chemical 1106 - 2.02 2.28 2.00 2.08 0.06 2872193 2.74 1.30 - - - -

Pak Gum 42 - 19.14 20.00 19.88 20.00 0.86 981 22.29 17.01 - - - -

Sitara Chem Ind 214 10.67 128.99 131.00 129.01 130.14 1.15 657 139.40 101.00 25 5B - -

Sitara Peroxide 551 14.83 13.92 13.90 13.60 13.64 -0.28 45643 14.69 7.67 - - - -

Wah-Noble 90 7.30 37.85 38.80 37.50 37.95 0.10 2201 46.25 32.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

992.96 1,005.47 986.51 989.49 -3.46 -0.35

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

122,778 - - 3,904.20 mn 33,337.60 mn 996.68

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

7.89 1.76 22.31 44.54 5.64 969.92

Abbott (Lab) 979 9.58 110.00 110.25 109.02 109.35 -0.65 25334 110.99 85.10 20 - - -

Ferozsons (Lab) 250 6.68 89.54 90.50 88.25 88.41 -1.13 7239 113.00 82.20 - 20B - -

GlaxoSmithKline 1707 15.47 86.25 87.39 86.00 86.04 -0.21 36158 87.98 66.50 - - - -

Highnoon (Lab) 165 7.84 27.10 28.45 27.06 28.31 1.21 45455 28.45 22.60 - - - -

IBL HealthCare Ltd 200 6.45 8.45 8.96 8.00 8.00 -0.45 2999 9.00 7.00 - - - -

Sanofi-Aventis 96 11.24 143.10 141.45 140.05 141.25 -1.85 323 146.40 115.90 - - - -

Searle Pak 306 5.40 60.40 60.99 60.00 60.00 -0.40 5053 64.50 59.50 30 - - -

Wyeth Pak 142 127.13 1100.00 1155.00 1100.01 1104.77 4.77 117 1175.00 761.00 - - - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

738.03 745.23 730.65 738.09 0.06 0.01

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

14,880 - - 3,242.17 mn 12,856.18 mn 743.57

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

5.58 1.43 25.53 11.08 1.98 738.03

Pak Int Cont. Terminal 1092 7.16 72.50 72.50 71.59 71.61 -0.89 4843 77.77 60.05 40 - - -

PNSC 1321 39.39 34.52 36.24 34.50 36.24 1.72 10037 41.00 32.36 15 - - -

Paid up Last 60 days 2010 2011

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

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

INDICATIONS

# Extraordinary General Meeting

OTHER SECTORS

Pakistan CablesXD 53.4 55.5 51.55 52 -1.4 111TRG Pakistan Ltd. 3.74 3.99 3.67 3.7 -0.04 4011716Murree Brewery 87.1 87.4 86.7 87 -0.1 2277Lakson Tobacco 196.94 205.9 193 199.99 3.05 1031Pak Tobacco 113.46 112.75 110.03 110.03 -3.43 4709Shifa Int.Hosp. 34 35.6 34 34.52 0.52 1996P.I.A.C.(A) 2.1 2.18 2.1 2.16 0.06 19024Pak Services 148.05 148.05 148.05 148.05 0 1000AKD Capital 39.69 41.67 39.75 41.67 1.98 4810Pace (Pak) Ltd. 2.68 2.81 2.71 2.75 0.07 177993Netsol Technol. 19.06 19.6 19.11 19.18 0.12 659277

Symbols Open High Low Close Change Vol

BOOK CLOSURES

Adil Textile Mills 01-01-2011 07-01-2011 - - 07-01-2011

BMA Empress Cash F. 01-01-2011 09-01-2011 - - -

Road Savings Fund 01-01-2011 09-01-2011 - - -

Atlas Bank 03-01-2011 10-01-2011 - 24-12-2010 -

Chartered Bank 06-01-2011 20-01-2011 - - -

BOC Pakistan # 11-01-2011 17-01-2011 - - 17-01-2011

Habib Sugar Mills 15-01-2011 29-01-2011 25.25(B) 07-01-2011 29-01-2011

Lakson Tobacco # 18-01-2011 25-01-2011 - - 25-01-2011

Chartered Bank 19-01-2011 01-02-2011 - - -

Pangrio Sugar Mills 22-01-2011 31-01-2011 10 14-01-2011 31-01-2011

Mirza Sugar Mills 22-01-2011 31-01-2010 10 14-01-2011 31-01-2011

Arif Habib Investments # 01-02-2011 07-02-2011 - - 07-02-2011

Summit Bank 01-02-2011 08-02-2011 20(R) 24-01-2010 -

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

Wednesday, December 29, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -61.68 points at 11,848.05. Volume was 2

per cent above average and Bollinger Bands were 19 per cent wider than

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

resistance level at 11,921.75 and 2nd resistance level at 11,995.50, while

Index will continue to find its 1st support level at 11,801.70 and 2nd sup-

port level at 11,755.30.

KSE 100 INDEX is currently 15.2 per cent above its 200-day moving aver-

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

average volatility over the last 10 trading sessions. Volume indicators

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

casting oscillators are currently bullish on INDEX. Momentum oscillator is

currently indicating that INDEX is currently in an overbought condition.

RSI (14-day) 73.37 Support 1 11,801.70

MA (5-day) 11,851.48 Support 2 11,755.30

MA (10-day) 11,798.15 Resistance 1 11,921.75

MA (100-day) 10,515.50 Resistance 2 11,995.50

MA (200-day) 10,290.17 Pivot 11,875.40

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed down -0.17 at 37.14. Volume was 345 per cent above aver-

age (trending) and Bollinger Bands were 4 per cent narrower than normal.

FFBL is currently 23.9 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 FFBL (bullish). Trend forecasting

oscillators are currently bullish on FFBL.

*Arif Habib Ltd 34.7 Sell

AKD Securities Ltd 32.06 Accumulate

TFD Research 29.1 Negative

RSI (14-day) 68.10 Free Float Shares (mn) 326.94

MA (10-day) 35.96 Free Float Rs (mn) 12,142.50

MA (100-day) 30.67 ** NOI Rs (mn) 69.57

MA (200-day) 30.00 Mean 37.39

* Target price for Jun-11 & **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 0.52 at 72.77. Volume was 139 per cent above average

and Bollinger Bands were 15 per cent wider than normal.

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

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

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

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

tors are currently bullish on NBP.

*Arif Habib Ltd 82.1 Buy

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 67.98 Free Float Shares (mn) 318.44

MA (10-day) 71.71 Free Float Rs (mn) 23,173.19

MA (100-day) 66.39 ** NOI Rs (mn) 195.39

MA (200-day) 68.68 Mean 72.59

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Fair Value Rs Recommendations

Technical Outlook

ENGRO closed down -6.89 at 192.67. Volume was 276 per cent above aver-

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

ENGRO is currently 4.1 per cent above its 200-day moving average and is

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

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

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

casting oscillators are currently bullish on ENGRO.

*Arif Habib Ltd 176 Sell

AKD Securities Ltd 238.8 Buy

TFD Research 208.75 Neutral

RSI (14-day) 56.15 Free Float Shares (mn) 147.48

MA (10-day) 193.54 Free Float Rs (mn) 28,415.27

MA (100-day) 179.91 ** NOI Rs (mn) 152.86

MA (200-day) 185.02 Mean 195.73

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed up 0.66 at 63.32. Volume was 6 per cent below average and

Bollinger Bands were 20 per cent narrower than normal.

NML is currently 23.7 per cent above its 200-day moving average and is

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

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

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

ing oscillators are currently bullish on NML.

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Positive

RSI (14-day) 65.03 Free Float Shares (mn) 175.80

MA (10-day) 61.72 Free Float Rs (mn) 11,131.65

MA (100-day) 51.33 ** NOI Rs (mn) 103.11

MA (200-day) 51.19 Mean 63.04

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

Technical Analysis Leverage Position

Fauji Fertiliser Co

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFC closed up 1.55 at 124.57. Volume was 417 per cent above average

(trending) and Bollinger Bands were 110 per cent wider than normal.

FFC is currently 14.0 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 FFC (bullish). Trend forecasting

oscillators are currently bullish on FFC. Momentum oscillator is currently

indicating that FFC is currently in an overbought condition.

*Arif Habib Ltd 127.8 Hold

AKD Securities Ltd 122.1 Accumulate

TFD Research 114.33 Neutral

RSI (14-day) 79.28 Free Float Shares (mn) 373.19

MA (10-day) 119.22 Free Float Rs (mn) 46,488.26

MA (100-day) 109.33 ** NOI Rs (mn) 30.79

MA (200-day) 109.22 Mean 124.35

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed down -0.37 at 29.90. Volume was 55 per cent below average

(consolidating) and Bollinger Bands were 6 per cent narrower than normal.

DGKC is currently 10.9 per cent above its 200-day moving average and is

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

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

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

casting 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) 50.34 Free Float Shares (mn) 182.55

MA (10-day) 30.59 Free Float Rs (mn) 5,458.23

MA (100-day) 26.91 ** NOI Rs (mn) 47.91

MA (200-day) 26.97 Mean 30.07

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

Technical Analysis Leverage Position

Bank Al-Falah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed down -0.08 at 10.69. Volume was 34 per cent below average

and Bollinger Bands were 30 per cent wider than normal.

BAFL is currently 8.9 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 BAFL (bullish). Trend forecasting

oscillators are currently bullish on BAFL.

*Arif Habib Ltd 13 Buy

AKD Securities Ltd 10.25 Accumulate

TFD Research 14.01 Positive

RSI (14-day) 60.04 Free Float Shares (mn) 674.58

MA (10-day) 10.71 Free Float Rs (mn) 7,211.24

MA (100-day) 9.17 ** NOI Rs (mn) N/A

MA (200-day) 9.81 Mean 10.73

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,312.30 1,335.57 1,303.54 1,316.68 4.38 0.33

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

8,960,811 - - 29,771.58 mn 17,691.42 mn 1,316.68

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

20.48 0.45 2.21 104.74 7.95 1,301.92

AL-Meezan Mutual F. 1375 6.70 8.17 8.15 8.00 8.04 -0.13 152575 8.59 5.85 18.5 - - -

AL-Noor Modaraba 210 5.00 3.00 3.00 3.00 3.00 0.00 500 3.80 2.10 5 - - -

Atlas Fund of Funds 525 1.65 4.06 4.10 4.10 4.10 0.04 1000 4.50 2.70 2.2 - - -

B R R Guardian Mod. 780 3.98 1.74 1.89 1.58 1.75 0.01 12624 2.37 0.90 0 - - -

Constellation Modaraba 65 2.84 1.46 1.99 1.12 1.25 -0.21 2382 2.35 0.90 - - - -

Crescent St Modaraba 200 1.68 0.68 0.70 0.57 0.67 -0.01 10002 1.10 0.16 1.2 - - -

Equity Modaraba 524 10.00 1.69 1.75 1.50 1.60 -0.09 35016 2.37 0.86 - - - -

First Dawood Mutual F. 581 0.63 2.03 2.10 1.98 2.00 -0.03 4771 2.28 1.30 - - - -

Golden Arrow 760 2.21 3.18 3.18 3.05 3.10 -0.08 51708 3.88 2.56 17 - - -

H B L Modaraba 397 2.70 7.75 8.49 8.00 8.09 0.34 6009 8.49 5.11 11 - - -

Habib Modaraba 1008 5.83 6.76 7.00 6.75 6.76 0.00 2097464 7.00 5.80 21 - - -

JS Growth Fund 3180 67.25 5.35 5.43 5.20 5.38 0.03 3132398 5.43 2.65 5 - - -

JS Value Fund 1186 16.29 4.64 4.65 4.55 4.56 -0.08 48650 4.73 2.31 10 - - -

KASB Modaraba 283 1.00 1.88 1.36 1.35 1.36 -0.52 1000 2.23 1.26 2.8 - - -

Meezan Balanced Fund 1200 7.21 7.50 7.59 7.50 7.50 0.00 521110 8.25 5.15 15.5 - - -

Mod Al-Mali 184 14.30 1.40 1.50 1.37 1.43 0.03 15754 2.18 0.56 - - - -

Nat Bank Modaraba 250 5.57 6.70 6.15 6.00 6.02 -0.68 19100 8.00 4.50 10 - - -

Pak Modaraba 125 5.75 1.24 1.40 1.01 1.15 -0.09 6324 2.00 0.30 3 - - -

Paramount Modaraba 59 7.19 9.00 9.20 9.20 9.20 0.20 2200 9.45 7.51 18 - - -

PICIC Energy Fund 1000 1.90 6.53 6.98 6.40 6.53 0.00 22430 7.18 4.51 10 - - -

PICIC Growth Fund 2835 8.07 12.61 12.74 12.52 12.59 -0.02 151811 12.94 7.90 20 - - -

PICIC Inv Fund 2841 7.01 6.17 6.34 6.00 6.17 0.00 2653648 6.50 3.50 10 - - -

Prud Modaraba 1st 872 2.36 1.00 1.04 1.01 1.04 0.04 3160 1.19 0.79 3 - - -

Safeway Mutual Fund 545 6.24 5.37 6.25 5.50 6.24 0.87 507 8.49 5.37 18.2 - - -

U D L Modaraba 264 1.70 6.10 6.20 6.00 6.00 -0.10 8510 6.99 4.71 12.5 - - -

Paid up Last 60 days 2010 2011

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

413.63 419.26 404.59 407.87 -5.75 -1.39

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

5,932,318 - - 30,336.44 mn 28,756.40 mn 415.00

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

11.85 0.26 0.91 99.56 3.45 407.87

AMZ Ventures 225 1.64 0.70 0.80 0.58 0.72 0.02 26558 0.95 0.45 - - - -

Arif Habib Investments 360 3.49 17.57 17.83 17.58 17.75 0.18 22980 19.98 13.00 - 20B - -

Arif Habib Limited 450 13.60 27.43 27.30 26.61 26.65 -0.78 179864 28.95 24.40 - 20B - -

Arif Habib Corp 3750 4.73 25.02 26.05 24.81 25.72 0.70 7352766 27.02 20.90 30 - - -

Dawood Equities 250 - 2.00 2.07 1.95 1.95 -0.05 20104 2.69 1.51 - - - -

Escorts Bank 441 - 2.74 2.75 2.26 2.75 0.01 1051 3.47 1.85 - - - -

Grays Leasing 215 - 1.50 1.55 1.50 1.53 0.03 750 2.90 0.18 - - - -

IGI Investment Bank 2121 18.13 2.94 3.00 2.81 2.90 -0.04 13357 3.00 1.35 - - - -

Invest and Fin Sec 600 669.00 6.98 7.98 6.66 6.69 -0.29 1620 8.88 6.16 11.5 - - -

Invest Bank 2849 - 0.71 0.85 0.61 0.71 0.00 31993 0.97 0.44 - - - -

Ist Cap Securities 3166 - 3.58 3.60 3.45 3.50 -0.08 6734 4.80 3.06 - 10B - -

Ist Dawood Bank 626 0.65 1.79 1.85 1.75 1.81 0.02 10410 2.84 1.05 - - - -

Jah Siddiq Co 7633 - 11.34 11.50 11.00 11.06 -0.28 4398872 14.05 8.80 10 - - -

JOV and CO 508 - 4.01 4.48 3.91 4.14 0.13 1044319 5.38 1.96 - - - -

JS Global Cap 500 7.67 28.02 29.25 28.55 28.55 0.53 599 36.49 24.25 - - - -

JS Investment 1000 26.92 6.69 6.75 6.43 6.46 -0.23 64341 7.59 5.10 - - - -

KASB Securities 1000 - 4.59 4.90 4.46 4.56 -0.03 207 4.90 3.50 - - - -

Pervez Ahmed Sec 775 - 2.17 2.25 2.10 2.13 -0.04 84432 2.70 1.35 - - - -

Saudi Pak Leasing 452 - 0.70 0.70 0.50 0.61 -0.09 10529 0.90 0.46 - - - -

Sec Inv Bank 514 17.32 4.44 4.34 4.02 4.33 -0.11 11201 4.99 1.65 - - - -

Stand Chart Leasing 978 5.38 2.84 3.00 2.58 2.58 -0.26 660 3.00 2.03 - - - -

Trust Inv Bank 586 2.75 1.76 1.76 1.75 1.76 0.00 1736 2.98 1.24 - - - -

Paid up Last 60 days 2010 2011

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

924.19 948.00 895.40 900.53 -23.66 -2.56

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

3,700 - - 2,290.72 mn 10,266.26 mn 924.19

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

9.87 3.84 3.85 355.53 3.56 900.53

American Life 500 6.24 19.65 18.65 18.65 18.65 -1.00 500 19.85 16.03 - - - -

EFU Life Assurance 850 42.33 75.00 75.00 74.50 74.50 -0.50 3195 86.95 57.15 - - - -

Paid up Last 60 days 2010 2011

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,158.68 1,167.38 1,143.97 1,153.61 -5.07 -0.44

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

18,754,403 - - 257,548.02 mn 699,174.75 mn 1,158.68

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

8.30 1.16 13.94 40.49 4.88 1,143.35

Allied Bank Limited 7821 6.28 65.65 65.50 64.51 64.67 -0.98 42788 66.49 50.00 20 - - -Askari Bank 6427 8.16 17.37 17.41 17.10 17.14 -0.23 473679 18.10 14.23 - - - -Atlas BankSPOT 5001 - 1.67 1.80 1.70 1.75 0.08 181295 2.55 1.50 - - - -Bank Alfalah 13492 13.71 10.77 10.83 10.62 10.69 -0.08 1645756 11.10 7.87 - - - -Bank AL-Habib 7322 7.62 35.73 35.98 35.00 35.37 -0.36 153051 36.40 30.52 - - - -Bank Of Khyber 5004 5.47 4.40 4.35 4.05 4.10 -0.30 248162 4.70 2.57 - - - -Bank Of Punjab 5288 - 9.77 9.77 9.56 9.59 -0.18 744547 10.59 8.00 - - - -BankIslami Pak 5280 835.00 3.28 3.40 3.20 3.34 0.06 207437 3.88 2.77 - - - -Faysal Bank 7309 4.72 14.70 15.42 14.50 14.64 -0.06 759078 17.10 13.01 - 20B - -Habib Bank Ltd 10019 7.33 118.03 118.40 116.30 117.30 -0.73 145013 121.99 93.00 - - - -Habib Metropolitan Bank 8732 8.51 28.18 28.25 27.60 27.84 -0.34 37179 29.19 18.02 - - - -JS Bank Ltd 8150 - 2.50 2.55 2.45 2.54 0.04 34358 3.00 2.25 - 66R - -KASB Bank Ltd 9509 - 2.45 2.45 2.44 2.45 0.00 62403 2.90 2.16 - - - -MCB Bank Ltd 7602 9.97 225.18 225.99 223.70 224.89 -0.29 259897 228.39 186.74 55 - - -Meezan Bank 6983 8.73 16.41 16.50 16.25 16.50 0.09 52691 16.70 14.05 - - - -Mybank Ltd 5304 - 2.65 3.04 2.53 3.00 0.35 2310836 3.04 1.90 - - - -National Bank 13455 6.36 72.25 73.45 71.90 72.77 0.52 8068050 73.45 62.58 - - - -Network Mic Bank 300 - 1.63 1.60 1.60 1.60 -0.03 500 2.40 0.62 - - - -NIB Bank 40437 - 2.88 2.92 2.75 2.76 -0.12 1255604 3.18 2.50 - - - -Royal Bank Ltd 17180 - 4.81 4.95 4.75 4.78 -0.03 45891 8.10 3.91 - - - -Samba Bank 14335 - 2.04 2.05 1.93 1.93 -0.11 103373 2.65 1.51 -63.46R - -Silkbank Ltd 26716 - 2.67 2.70 2.57 2.59 -0.08 1350491 3.08 2.50 - - - -Soneri Bank 6023 - 7.79 7.86 7.55 7.86 0.07 29346 8.30 5.05 - - - -Stand Chart Bank 38716 13.11 8.44 8.64 8.30 8.52 0.08 36123 9.04 6.00 - - - -Summit Bank Ltd 5000 - 3.75 4.23 3.60 3.91 0.16 922577 4.23 2.33 - - - -United Bank Ltd 12242 7.64 65.88 66.40 64.76 65.05 -0.83 506855 67.39 51.03 10 - - -

Paid up Last 60 days 2010 2011

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

777.88 788.62 767.60 778.25 0.37 0.05

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

1,345,268 - - 11,111.34 mn 48,185.65 mn 778.25

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

12.90 0.67 5.20 79.54 6.17 772.42

Adamjee Insurance 1237 25.25 87.11 88.35 85.60 87.11 0.00 758802 91.75 63.05 10 - - -

Paid up Last 60 days 2010 2011

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,532.75 1,542.31 1,518.60 1,520.37 -12.38 -0.81

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

113,666 - - 12,202.80 mn 32,557.81 mn 1,538.84

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

9.76 1.11 11.41 66.79 6.84 1,493.50

Sui North Gas 5491 8.07 27.36 27.59 27.06 27.10 -0.26 11619 34.75 26.35 20 - - -Sui South Gas 8390 3.17 21.22 21.32 21.05 21.07 -0.15 102047 30.70 19.95 15 25B - -

Paid up Last 60 days 2010 2011

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,270.28 1,280.97 1,263.43 1,267.19 -3.09 -0.24

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

6,181,106 - - 95,369.29 mn 103,479.44 mn 1,280.21

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

14.31 1.34 9.35 104.13 7.27 1,257.44

Genertech 198 - 0.96 1.10 0.83 0.84 -0.12 10011 1.45 0.60 - - - -

Hub Power 11572 6.75 37.00 37.05 36.80 36.85 -0.15 872706 38.10 32.75 50 - - -

Japan Power 1560 - 1.69 1.72 1.60 1.63 -0.06 1363090 2.25 1.20 - - - -

KESC 7932 - 2.71 2.87 2.69 2.72 0.01 1964223 3.29 1.96 - 7.8R - -

Kohinoor Energy 1695 11.19 20.77 20.88 20.15 20.15 -0.62 50028 25.89 17.95 15 - - -

Kohinoor Power 126 2.68 4.42 4.40 4.32 4.40 -0.02 500 5.70 4.01 - - - -

Kot Addu Power 8803 4.96 40.52 41.20 40.70 40.80 0.28 208494 41.95 38.35 50 - - -

Nishat Chunian Power Ltd 3673 3.34 15.24 15.50 15.06 15.25 0.01 665242 16.00 10.54 - - - -

Nishat Power Ltd 3541 25.00 15.44 15.56 15.26 15.50 0.06 811337 16.70 11.30 - - - -

Sitara Energy Ltd 191 3.50 18.75 18.75 18.75 18.75 0.00 1000 23.49 17.98 20 - - -

Southern Electric 1367 - 2.29 2.35 2.19 2.20 -0.09 234475 2.80 2.05 - - - -

Paid up Last 60 days 2010 2011

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

1,146.66 1,145.15 1,127.89 1,135.29 -11.37 -0.99

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

1,848,916 - - 50,077.79 mn 78,364.01 mn 1,149.68

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

6.15 0.79 12.84 62.56 10.17 1,133.57

Pak Datacom 78 4.88 80.10 80.90 79.10 79.12 -0.98 501 116.00 76.50 80 - - -Pakistan Telecomm Co A 37740 12.79 19.32 19.29 19.07 19.19 -0.13 1092363 20.12 18.21 17.5 - - -Telecard 3000 0.66 2.31 2.30 2.20 2.22 -0.09 278911 2.69 1.95 1 - - -WorldCall Tele 8606 - 2.94 2.94 2.81 2.84 -0.10 477141 3.45 2.32 - - - -Wateen Telecom Ltd 6175 - 3.63 3.69 3.55 3.58 -0.05 46908 4.25 3.35 - - - -

Paid up Last 60 days 2010 2011

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

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

Ask Gen Insurance 204 6.67 11.00 11.69 11.00 11.00 0.00 9752 12.75 9.75 - 25R - -

Atlas Insurance 369 6.10 38.25 38.40 38.39 38.40 0.15 2600 38.88 28.10 - - - -

Central Insurance XB 279 6.99 61.91 62.94 61.51 61.51 -0.40 1902 64.80 47.50 10 10B - -

Century Insurance 457 6.91 10.99 11.19 11.02 11.05 0.06 750 12.00 9.42 - - - -

EFU General Insurance 1250 - 44.00 45.40 43.74 44.38 0.38 78832 48.63 34.76 - - - -

Habib Insurance 400 3.32 14.00 14.10 13.60 13.95 -0.05 3160 14.45 10.04 - - - -

IGI Insurance 718 17.81 96.47 96.50 95.50 96.00 -0.47 3380 99.88 70.30 10 20B - -

New Jub Insurance 791 16.02 58.93 59.45 58.00 59.45 0.52 9897 60.90 52.25 - - - -

Pak Reinsurance 3000 41.03 16.13 16.23 15.96 16.00 -0.13 368330 17.20 12.80 - - - -

PICIC Ins Ltd 350 - 6.70 7.70 6.31 7.40 0.70 88579 8.30 1.85 - - - -

Premier Insurance 303 6.24 11.98 11.80 11.50 11.55 -0.43 6500 12.00 8.00 - - - -

Shaheen Insurance 200 - 12.07 12.30 11.65 11.98 -0.09 200 14.53 11.65 - - - -

Silver Star Insurance 253 4.37 7.00 7.10 7.00 7.04 0.04 12540 8.17 6.01 - - - -

UP TO 100 VOLUME

TOWL 7.32 7.10 7.10 7.10 -0.22 100

BWHL 30.45 31.96 31.50 31.50 1.05 100

OTSU 33.90 33.90 33.90 33.90 0.00 100

RMPL 2127.82 2149.99 2070.00 2074.83 -52.99 92

DLL 44.64 44.90 44.25 44.32 -0.32 90

ASFL 3.73 4.73 4.73 4.73 1.00 78

SALT 61.50 60.00 60.00 60.00 -1.50 70

GSPM 7.15 7.34 7.00 7.00 -0.15 63

SCM 9.49 9.55 9.55 9.55 0.06 50

BATA 685.99 689.90 674.00 680.00 -5.99 50

UNIC 6.80 6.80 6.32 6.80 0.00 41

NAGC 16.54 16.95 16.25 16.95 0.41 40

SHJS 93.67 94.00 89.00 89.05 -4.62 21

UPFL 1100.00 1123.00 1100.00 1107.67 7.67 21

BAFS 57.95 58.00 58.00 58.00 0.05 19

FPJM 1.60 1.55 1.55 1.55 -0.05 11

PECO 249.00 260.80 236.78 247.20 -1.80 11

MDTL 54.90 56.00 55.99 55.99 1.09 11

BFMOD 3.50 3.40 3.40 3.40 -0.10 10

AASM 27.64 29.02 29.02 29.02 1.38 10

SHCI 2.63 2.65 2.65 2.65 0.02 10

CLOV 70.00 73.49 66.95 71.00 1.00 9

FZTM 404.00 420.00 385.25 399.93 -4.07 6

CPMFI 3.55 4.19 2.55 3.78 0.23 5

MIRKS 51.08 52.85 52.85 52.85 1.77 5

JOPP 7.51 7.56 7.56 7.56 0.05 5

NJLIC 47.25 49.30 45.07 45.50 -1.75 4

GVGL 31.77 30.19 30.19 30.19 -1.58 4

GUTM 22.80 23.50 21.67 21.67 -1.13 3

QUET 38.02 36.15 36.15 36.15 -1.87 3

AGSML 5.50 5.00 5.00 5.00 -0.50 3

FFLM 1.63 1.84 1.73 1.73 0.10 2

PKGI 7.05 7.60 6.63 7.60 0.55 2

KSTM 0.70 0.75 0.55 0.74 0.04 2

ZTL 4.24 4.20 3.90 4.05 -0.19 2

BAWS 5.80 5.00 5.00 5.00 -0.80 2

CSUML 4.00 4.59 4.00 4.00 0.00 2

DADX 20.21 21.22 20.10 20.10 -0.11 2

PHDL 37.00 35.21 35.21 35.21 -1.79 2

NBF 3.97 3.97 3.97 3.97 0.00 1

FECM 2.90 2.90 2.90 2.90 0.00 1

DCM 1.82 1.90 1.84 1.84 0.02 1

EWLA 2.75 3.25 3.25 3.25 0.50 1

UVIC 3.30 3.75 3.75 3.75 0.45 1

DATM 0.40 0.66 0.66 0.66 0.26 1

HAJT 0.66 0.63 0.63 0.63 -0.03 1

STJT 19.94 19.15 19.15 19.15 -0.79 1

YOUW 1.70 1.82 1.70 1.70 0.00 1

KML 2.40 2.89 2.89 2.89 0.49 1

MFTM 1.20 1.72 1.20 1.20 0.00 1

KOHS 5.35 6.14 6.14 6.14 0.79 1

SASML 7.90 8.89 8.89 8.89 0.99 1

TREI 1.99 2.20 2.19 2.19 0.20 1

BIFO 55.40 58.17 58.00 58.00 2.60 1

MERIT 24.00 24.50 24.47 24.47 0.47 1

MFFL 68.00 70.00 70.00 70.00 2.00 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

NBP-DEC 72.30 73.50 72.00 72.90 0.60 908000

FFBL-JAN 37.55 38.25 37.32 37.41 -0.14 636000

NBP-JAN 72.87 73.89 72.50 73.31 0.44 615500

NML-DEC 62.75 63.98 62.40 63.45 0.70 572500

NML-JAN 63.13 64.25 63.00 63.57 0.44 432500

ENGRO-DEC 199.87 199.55 191.50 192.94 -6.93 344000

ENGRO-JAN 200.67 200.50 192.60 194.28 -6.39 334500

POL-JAN 294.51 295.40 291.05 292.03 -2.48 248500

DGKC-DEC 30.35 30.40 29.80 29.97 -0.38 236000

POL-DEC 293.44 294.28 289.50 290.79 -2.65 213000

DGKC-JAN 30.50 30.55 30.00 30.19 -0.31 202000

ANL-JAN 10.31 10.25 10.02 10.06 -0.25 165500

FFBL-DEC 37.30 38.00 37.06 37.21 -0.09 128000

ANL-DEC 10.23 10.14 9.91 9.95 -0.28 126500

PPL-DEC 215.88 216.00 213.01 213.41 -2.47 117500

FFC-DEC 123.51 126.50 124.00 124.12 0.61 110000

PSO-DEC 296.56 295.52 294.00 294.89 -1.67 80000

AICL-DEC 87.37 88.20 86.00 87.38 0.01 79000

FFC-JAN 124.15 127.00 125.00 125.86 1.71 71500

PSO-JAN 298.13 296.90 295.20 296.00 -2.13 56000

AICL-JAN 87.94 88.50 87.75 87.92 -0.02 55000

MCB-DEC 225.56 225.40 224.00 224.89 -0.67 52000

PPL-JAN 216.34 217.25 214.80 214.93 -1.41 51000

MCB-JAN 225.78 225.50 224.00 225.24 -0.54 34000

LUCK-JAN 76.10 76.50 75.40 75.95 -0.15 29500

OGDC-JAN 168.50 169.00 168.00 168.00 -0.50 23000

NCL-DEC 22.86 22.71 22.71 22.71 -0.15 14000

LUCK-DEC 75.68 76.00 75.06 75.13 -0.55 13500

OGDC-DEC 169.00 169.95 168.00 168.12 -0.88 10500

PTC-JAN 19.63 19.30 19.30 19.30 -0.33 5000

UBL-JAN 67.53 66.30 65.80 65.85 -1.68 3500

UBL-DEC 66.19 65.50 65.11 65.11 -1.08 3000

BOP-JAN 9.93 9.56 9.56 9.56 -0.37 500

Symbols Open High Low Close Change Vol

ZERO VOLUME

AABS 94.90 94.89 94.89 94.89 -0.01 0.00

ALTN 9.10 9.11 9.11 9.11 0.01 0.00

ARM 14.65 14.75 14.75 14.75 0.10 0.00

CHAS 12.30 12.25 12.25 12.25 -0.05 0.00

FECS 52.25 49.64 49.64 49.64 -2.61 0.00

HUSS 11.40 11.00 11.00 11.00 -0.40 0.00

HWQS 18.90 18.00 18.00 18.00 -0.90 0.00

ICL 34.50 34.40 34.40 34.40 -0.10 0.00

IDEN 11.00 10.00 10.00 10.00 -1.00 0.00

ISTM 7.10 6.94 6.94 6.94 -0.16 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 45.68 3.20 3.15 3.30 3.35 3.25

Allied Bank Limited 64.18 64.30 63.90 65.25 65.90 64.90

Attock Cement 46.70 62.20 61.90 63.10 63.70 62.80

Arif Habib Corp 61.50 25.00 24.30 26.25 26.75 25.55

Arif Habib Limited 51.88 26.40 26.15 27.10 27.55 26.85

Adamjee Insurance 60.65 85.70 84.25 88.45 89.75 87.00

Askari Bank 58.36 17.05 16.90 17.35 17.55 17.20

Azgard Nine 41.30 9.85 9.75 10.15 10.30 10.00

Attock Petroleum 55.36 325.10 323.30 329.60 332.30 327.80

Attock Refinery 56.21 120.35 118.30 124.50 126.70 122.50

Bank Al-Falah 60.04 10.60 10.50 10.80 10.90 10.70

BankIslami Pak 53.43 3.20 3.10 3.40 3.50 3.30

Bank.Of.Punjab 46.58 9.50 9.45 9.70 9.85 9.65

Dewan Cement 53.42 2.20 2.15 2.30 2.40 2.25

D.G.K.Cement 50.34 29.70 29.50 30.20 30.50 30.00

Dewan Salman 60.78 3.05 3.00 3.25 3.40 3.20

Dost Steels Ltd 48.02 2.70 2.55 2.95 3.10 2.85

EFU General Insurance 51.70 43.60 42.85 45.30 46.15 44.50

EFU Life Assurance 40.37 74.35 74.15 74.85 75.15 74.65

Engro Chemical 56.15 189.20 185.75 197.90 203.15 194.45

Faysal Bank 47.35 14.30 13.95 15.20 15.75 14.85

Fauji Cement 46.95 4.95 4.90 5.15 5.25 5.05

Fauji Fert Bin 68.10 36.80 36.45 37.75 38.40 37.40

Fauji Fertilizer 79.28 122.80 121.00 126.55 128.60 124.80

Habib Bank Ltd 62.83 116.25 115.25 118.35 119.45 117.35

Hub Power 57.99 36.75 36.65 37.00 37.15 36.90

ICI Pakistan 62.95 141.30 140.55 143.50 144.95 142.75

Indus Motors 50.60 251.55 249.05 255.95 257.95 253.50

J.O.V.and CO 56.26 3.90 3.60 4.45 4.75 4.20

Japan Power 43.16 1.60 1.55 1.70 1.75 1.65

JS Bank Ltd 45.45 2.45 2.40 2.55 2.60 2.50

Jah Siddiq Co 44.21 10.90 10.70 11.40 11.70 11.20

Kot Addu Power 61.21 40.60 40.40 41.10 41.40 40.90

K.E.S.C 58.90 2.65 2.60 2.85 2.95 2.75

Lotte Pakistan 61.35 13.10 12.95 13.55 13.80 13.40

Lucky Cement 48.83 74.75 74.25 76.15 77.00 75.60

MCB Bank Ltd 68.05 223.75 222.55 226.00 227.15 224.85

Maple Leaf Cement 43.70 2.85 2.80 2.95 3.00 2.90

National Bank 67.98 71.95 71.15 73.50 74.25 72.70

Nishat (Chunian) 51.56 22.30 22.10 22.85 23.20 22.65

Netsol Technologies 39.73 18.20 18.10 18.55 18.75 18.45

NIB Bank 40.81 2.70 2.65 2.85 3.00 2.80

Nimir Ind.Chemical 60.59 1.95 1.85 2.25 2.40 2.10

Nishat Mills 65.03 62.35 61.40 64.15 64.95 63.15

Oil & Gas Dev. XD 61.01 167.20 166.30 169.50 170.90 168.60

PACE (Pakistan) Ltd. 40.68 2.70 2.65 2.85 2.95 2.80

Pervez Ahmed Sec 44.21 2.05 2.00 2.20 2.30 2.15

P.I.A.C.(A) 52.24 2.30 2.25 2.40 2.45 2.35

Pioneer Cement 31.98 6.55 6.50 6.80 6.95 6.75

Pak Oilfields 63.43 287.95 285.75 293.35 296.55 291.15

Pak Petroleum 61.18 212.10 210.95 215.35 217.40 214.15

Pak Suzuki 42.10 68.90 68.00 71.30 72.80 70.40

P.S.O. XD 64.08 293.70 292.70 295.70 296.70 294.70

P.T.C.L.A 47.36 19.05 18.95 19.30 19.40 19.20

Shell Pakistan 61.08 205.30 204.45 207.75 209.35 206.90

Sui North Gas 38.23 26.90 26.70 27.45 27.80 27.25

Sitara Peroxide 54.57 13.50 13.40 13.80 14.00 13.70

Sui South Gas 42.24 21.00 20.90 21.25 21.40 21.15

Telecard 43.30 2.20 2.15 2.30 2.35 2.25

TRG Pakistan 36.14 3.55 3.50 3.75 3.85 3.65

United Bank Ltd 62.26 64.40 63.75 66.05 67.05 65.40

WorldCall Tele 49.56 2.80 2.75 2.90 3.00 2.85

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Khairpur Sugar Mills Ltd 29-Dec 2.30

Shahtaj Sugar Mills Ltd 29-Dec 11.30

Al-Noor Sugar Mills Ltd 30-Dec 11.00

Shahmurad Sugar Mills Ltd 30-Dec 3.00

Faran Sugar Mills Ltd 30-Dec 3.30

Adam Sugar Mills 30-Dec 11.30

Al-Abid Silk Mills 30-Dec 11.00

Highnoon Laboratories 30-Dec 11.00

Alfalah GHP Value Fund 30-Dec 4.00

Alfalah GHP Islamic Fund 30-Dec 4.00

Shaheen Insurance 31-Dec 10.00

JDW Sugar Mills Ltd 3-Jan 11.00

Sanghar Sugar Mills Ltd 3-Jan 11.30

Al-Abbas Sugar Mills Ltd 3-Jan 5.30

Haseeb Waqas 3-Jan 9.00

BOARD MEETINGS

Company Date Time

TFD Special Report 8Wednesday, December 29, 2010

ZAHID BUKHARI

In the sub-continent, undividedIndia, the people in majoritybeing illiterate and poverty

stricken knew nothing about thebanks and banking. The center oftrade and business was mainlyBombay (now Mumbai). In Indiathere were branches of some foreignbanks but Indian banks were mostlyowned and run by non-Muslims,Hindus, Parsees etc. At that time theGreat Muhammad Ali Jinnah,Pakistan's founding father realisedthe importance of financial interme-diation while he was campaigningfor the creation of a separate home-land for the Muslims of India. Healso persuaded the distinguishedHabib family to establish a commer-cial bank that could serve the IndianMuslim Community.

Till that time there was no bank,not only in India but in the entireworld owned, managed or run byMuslims. His initiative resulted inthe creation of Habib Bank in 1941,with head office in Bombay havingfixed capital of Rs25,000. The Bankplayed an important role in mobilis-ing funds from the Muslim commu-nity to finance All India MuslimLeague's campaign for the establish-ment of Pakistan. Habib Bank alsoplayed an important role in channel-ing relief funds for Muslims, hurt inthe communal riots and violence thatfollowed the departure of Britishfrom India. After Pakistan was bornin 1947, Habib Bank moved its head-quarters to Karachi, Pakistan's firstcapital. This gave Pakistan its firstnewly formed commercial bank. Iconsider it necessary to mention thenames of Habib family who createdthe first successful bank owned,managed, and run by Muslims forthe first time in the whole world. Thehead of Habib Family was Ismail

Habib Seth and other members, SethMuhammad Ali Habib, DawoodHabib Seth, Dost Muhammad Seth,Rashid D Habib Seth, HabibMuhammad Ali Habib Seth. I joinedHabib Bank in 1960, and retired in1997, and still feel honoured for hav-ing trained two sons of Habib familyfrom 1966 to 1967 namely Abbas DHabib --for some days-- and HabibDost Mohammad for more than ayear. At that time I was a manager atMohammad Ali Society branch.Abbas D Habib is now the head ofBank Al-Habib while Habib DostMohammad has migrated to Canadaand is living with his elder brotherYaseen Dost Muhammad. The pearlof the Habib Family who etchedindelible impressions deep on thebanking world is Habib MuhammadAli Habib the head of HabibMetropolitan Bank.

It will be highly inappropriate if Ido not mention the name of KassimParekh, ex-governor, State Bank ofPakistan and now Chairman ofHabib Metropolitan Bank. Beforepartition, the Hindu communitytried to fail the Habib Bank (in thenBombay) by drawing their depositsout of the bank. At that time KassimParekh being the prominent figureof Memon Community, persuadedthe Communities of Bombay andKathiawar to deposit more andmore funds in Habib Bank, and ulti-mately frustrated Hindus’ inten-tions.

Habib family owned and managedHabib Bank until Government ofPakistan nationalised it on 1stJanuary 1974. It is awful to state herethat the Pakistani nation, and Muslimcommunity the world over, neverpraised in any form the great servic-es of Habib family for the Muslims,especially in Pakistan and the worldover.

After remaining nationalised form

1st January 1974 to 29thDecember2003, the PrivatisationCommission of Pakistan announceddenationalisation of Habib Bank inthe favour of Aga Khan Fund with51% shareholding against an invest-ment of Rs22.409 billion. On 26thFebruary, 2004, management controlwas handed over to AKFED. TheBoard of Directors was reconstitutedto have four AKFED nomineesincluding chairman/president/CEOand the government of Pakistan'sthree nominees. Thank God, I mustsay, helm of my bank again cameinto honest, experienced, and trust-worthy hands.

The president of the Bank ZakirMehmood enjoys a great reputationin international banking and has beenworking wonders in managing andimproving HBL. And within a shortperiod of sever years has taken HBLon the top in Pakistan. Recently HBLwas praised and awarded for itsexemplary services and rapidprogress as the best bank by an inter-national financial forum.

HBL has been doing its best withits experienced and energetic team-work to stay the leading Pakistaniand a dynamic international bank inthe emerging markets. HBL hasalways provided premium set ofinnovative products and services bygranting superior values to itsshareholders, stakeholders, cus-tomers, and above all its employ-ees. HBL's overseas operations arerunning successfully inAfghanistan, Australia, Bahrain,Bangladesh, Belgium, Canada,China, France, Hong Kong, Iran,Kenya, Lebanon, Maldives, Nepal,Netherlands, Nigeria, Oman,Singapore, Sri Lanka, Switzerland,Tanzania, Turkey, UAE, UK, andUSA.

The author is retired senior vicepresident of Habib Bank Limited

HBL: The Historymaker

Raheel Amer

NIB Bank can rightly take

pride in being a commer-

cial bank with the largest

paidup capital of over Rs40 bil-

lion . In addition to that it also has

the largest foreign stake held by

Temasek Holdings of Singapore.

NIB Bank Limited started as

NDLC-IFIC Bank Ltd which was

incorporated in March 2003. The

powerful franchise of the three

merged entities has been brought

together to form a much larger

and stronger bank to compete in

the market place.

In April 2004 Pakistan opera-

tions of Credit Agricole Indosuez

were also amalgamated with and

into NIB Bank.

In March 2005 Temasek

Holdings of Singapore acquired

25 per cent shareholding in NIB

Bank, through Bugis

Investments. This shareholding

was further enhanced to over 70

per cent in June 2005 following

an increase in NIB's paidup capi-

tal to Rs3.4 billion. NIB Bank

has since grown rapidly from a

base of 2 branches in 2003 to 178

branches located in 58 cities and

towns of Pakistan.

NIB Bank's vision is to stand

amongst the top 5 banks in the

country. Therefore towards the

end of June 2007 it acquired

majority shares of PICIC with the

aim of merging PICIC and its

commercial banking subsidiary

PICIC Commercial Bank into

NIB.

The acquisition was financed

through the country's largest pri-

vate sector rights issue, with result-

ant increase in NIB's paidup capital

to Rs22 billion. The PICIC acquisi-

tion brought with it two of its sub-

sidiaries namely PICIC Asset

Management Company and PCIC

Insurance under NIB control.

NIB also had a shareholding in

Nafa, an asset management com-

pany whose other shareholders

include National Bank of

Pakistan and Fullerton Fund

Management Company. However,

lately NIB sold its stake to

National Bank and decided to

focus on PICIC asset manage-

ment company.

The legal merger of PICIC &

PICIC Commercial Bank into

NIB took place on December 31,

2007. NIB Bank continues to be

led by Khawaja Iqbal Hassan,

supported by various business

heads and business enabling func-

tion heads. The merger resulted in

a vastly expanded branch network

and total assets of Rs176.6 billion

on merger date. NIB has the high-

est paidup capital of Rs40.4 bil-

lion amongst all banks in

Pakistan.

Merger synergies include lower

cost deposits, enhanced customer

service delivery channels and

overall improved efficiencies.

These help provide a competitive

edge in the face of increasing

competition in the banking sector.

Temasek Holdings continues to

be the largest single investor in

NIB Bank with approximately 74

per cent shareholding.

Lately, unprecedented floods in

the country claimed more than

1500 lives and disrupted 14 mil-

lion people, making a large num-

ber homeless.

NIB Bank is responsive to this

suffering and has therefore joined

the relief efforts to help the unfor-

tunate flood victims through part-

nering with Omar Asghar Khan

Development Foundation and

other NGOs.

NIB Bank staff is donating

three days salary whilst all NIB

branches are accepting donations

from the public in a special

account set up for this purpose.

To provide added support the

NIB Bank staff will go into the

field to distribute relief items

along with team members of

NGOs. Donations from the public

can be made in any NIB Branch

for deposit.

NIB Bank Ltd:Banking on GrowthBank with the largest paidup capital in all listed commercial banks

NEW YORK: Gold pricesjumped nearly 1.5 per cent onTuesday, topping $1,400 anounce for the first time in twoweeks as the dollar sank anddealers anticipated an unprece-dented eleventh annual risenext year.

After several weeks of trendlesstrade, gold staged its biggest one-day gain since Dec. 3 as manyinvestors bet that economic uncer-tainty and cur-rency diversitywould fuel moredemand frominvestors andbanks. Prices areon track to rise28 per cent thisyear, a record10th consecutive annual gain.

"The end of the year loss ofconfidence in the dollar valuehas brought gold players backinto the market on the long side.It's hard to say more than that,"said George Nickas, a gold bro-ker at FC Stone in New York.

After modest early gains, spotgold shot more than $20 anounce higher in early US trade,hitting a session peak of$1,405.15, the highest sinceDec. 14. It was up 1.34 per centat $1,402.20 by 1434 GMT.

US gold futures for February

delivery rose 1.5 per cent, or$20.60, to $1,403.50. Tradingvolume picked up fromMonday's lackluster activity,with over 55,000 lots alreadytraded, nearly one-third of thisyear's average. But activity wasstill subdued by the UK holidayand lack of official gold fixings.

Independent investor DennisGartman, who has at times beencautious on gold's rally this

year, said he was now expand-ing his position by buying bul-lion in US dollar terms as cen-tral banks stock up.

"We are long of gold in non-US dollar terms, and now wewish to add to the position bybuying gold in US dollarterms," he said in his dailyGartman Letter.

"This is consistent with ourthesis that gold is, at the mar-gin, becoming a reserveableasset of greater interest by thereserve banks of Asia, Africaand likely also South America.

At the margin, they are increas-ing their gold holdings at theexpense firstly of the EUR andnow of dollars."

Next year is expected to markthe end of a lengthy trend of offi-cial sector bullion sales, withcentral banks globally turning netbuyers for the first time indecades. Investors are alsoexpected to continue piling in.Spot gold is biased to rise to

$1,410 per ounceas an upwardwave "c" isunfolding towardsan eventual targetat $1,430, saidWang Tao, aReuters marketanalyst.

"Gold is riding high on itsown, but with the euro/dollarbid, it's even better," said aSingapore-based trader."Asians have been non-stopbuyers, and want to load upwhen gold is some 40 bucks offthe all-time highs."

Spot silver led gains, rising 1.5per cent to $29.70 an ounce, up 76per cent so far this year. The gold-silver ratio, used to measure howmany ounces of silver is used tobuy an ounce of gold, stood at47.2, near its 46-month low of47.1 hit last week. -Reuters

Gold shines at 2-wk highover $1,400 as USD dulls

9Wednesday, December 29, 2010

NEW YORK: Oil rose slightlyon Tuesday, topping $91 a barreland hovering just below a 26-month high struck the previoussession, as a weaker dollar out-weighed poor US consumer con-fidence data.

US crude found early supportas the dollar slipped against abasket of currencies, before giv-ing back some gains followingthe release of eco-nomic data fromthe world's topconsumer.

US consumerconfidence unex-pectedly deterio-rated in December,hurt by increasingworries about the jobs market,according to a private reportreleased by the ConferenceBoard. The data weighed onequities markets.

US single-family home pricesfell for a fourth straight month inOctober, pressured by a supplyglut, home foreclosures and highunemployment, according to theStandard & Poor's/Case-Shillercomposite index.

US crude for February rose 23cents to $91.23 a barrel by 1616GMT, the day after touching apeak of $91.88, the highest sinceOctober 2008. ICE Brent crudetraded 18 cents higher to $94.03a barrel.

"I think (oil is) being pulled indifferent directions, with a defi-nite upward bias," said PhilFlynn, analyst with PFGBestResearch in Chicago.

"On one hand it's commodityside wants to rally, but it's finan-cial instrument side is beingrestrained because the stockmarket is lower (due to US con-sumer confidence data)."

Oil has rallied by 35 per centfrom lows struck in May, and isup roughly 15 per cent from theend of 2009.

A rally across financial mar-kets took hold in earnest aroundSeptember, spurred by the USFederal Reserve's latest round ofquantitative easing, a weakeneddollar and rising demand.

"Data in recent weeks havebeen supportive of the stocksand commodity markets global-ly. The US will avoid a double-dip. The Asian region includingJapan looks a little bit better,with its industrial productionfinally showing an increase,"said David Cohen, director of

Asian Economic Forecasting atAction Economics.

"I think a lot of people areexpecting prices to turn highertowards $100 a barrel next year."

The Organization of ArabPetroleum Exporting Countries,some of whose members alsobelong to OPEC, met in Cairo atthe weekend, when leadingexporter Saudi Arabia reiterated

its preferencefor a $70-$80price range.Others said$100 would befair and theglobal econo-my could with-stand it.

Oil has also found some sup-port from cold weather across theUnited States and Europe. A bliz-zard across the US East Coastearlier this week was viewed asmixed for markets as it bolsteredheating demand but hit travelconsumption by shutting airportsand slowing road travel. The lat-est indications of fundamentalsof supply and demand for theUnited States, the world's biggestoil burner, will not be releaseduntil Wednesday and Thursday.Figures published last weekshowed a big drop in crudeinventories, although they werestill higher than a year ago. -Reuters

Oil tops $91; weakUSD trumps poor data

Sugar surges to30-year high,

then slipsNEW YORK: Raw sugarfutures surged Tuesday to a 30-year high on trade and specula-tive buying, but dealings werethin as most players were awayuntil after the New Year, ana-lysts said.

Cocoa values climbed,propped up by fears of supplydisruption amid the politicalimpasse in top grower IvoryCoast. Arabica coffee was con-fined to a tight band.

Soft commodity markets inLondon were shut for theChristmas holiday and willreopen for business onWednesday.

New York's March raw sugarcontract hit a new contract and30-year peak at 33.64 cents perlb and was trading 0.62 cent upat 34.26 cents at 1450 GMT.

"(The target of) 35 cents isright around the corner," saidAlex Oliveira, senior sugaranalyst at brokerage NewedgeUSA in New York.

Fundamentally, prices werebuoyed by the belief that avail-able sugar is less than plentifuland consumption is ramping upgoing into 2011.

The rally has been bolsteredby the perception that No. 1consumer and No. 2 world pro-ducer India will not be export-ing as much sugar as initiallythought.

The volume of businessthough was light. Total rawsugar contracts traded stood atabout 14,000 lots, way belowthe 30-day average around111,000 lots, Thomson Reuterspreliminary data showed.

Cocoa futures bounded high-er, with buying sentimentstoked by fears top growerIvory Coast would erupt in civilwar. The key March cocoa con-tract in New York climbed $28to trade at $3,680 per tonne.

Arabica coffee was pinned ina band, although futures stayednear their 13-1/2-year high dueto tight supplies of high qualitybeans. The March arabica cof-fee contract on ICE Futures USwas trading flat at $2.3745 perlb. -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

28-Dec-2010 CRUDE100 FE11 US$ Per Barrel 91.19 91.44 90.57 91.28 131 91.14 91.28 104

28-Dec-2010 CRUDE100 MA11 US$ Per Barrel 91.75 92.14 91.21 92.00 34 91.88 92.00 28

28-Dec-2010 CRUDE100 AP11 US$ Per Barrel 92.41 92.59 92.41 92.59 - 92.49 92.59 -

28-Dec-2010 SILVER - SL500 JA11 US$ Per Troy Ounce 29.19 29.63 29.14 29.56 14 29.42 29.56 9

28-Dec-2010 SILVER - SL500 MA11 US$ Per Troy Ounce 29.14 29.66 29.14 29.59 95 29.44 29.59 45

28-Dec-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1382.10 1399.70 1380.50 1396.60 198 1385.50 1396.60 246

28-Dec-2010 GOLD 01oz FE11 US$ Per Troy Ounce 1380.80 1400.20 1379.00 1397.20 1,435 1386.00 1397.20 1,032

28-Dec-2010 GOLD 01oz MA11 US$ Per Troy Ounce 1382.00 1401.10 1379.90 1398.20 2,456 1387.00 1398.20 1,209

28-Dec-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1380.50 1396.60 1380.50 1396.60 - 1385.50 1396.60 -

28-Dec-2010 GOLD 100oz FE11 US$ Per Troy Ounce 1380.60 1398.10 1379.00 1397.20 27 1386.00 1397.20 4

28-Dec-2010 GOLD 100oz MA11 US$ Per Troy Ounce 1382.00 1397.20 1382.00 1397.20 - 1387.00 1398.20 -

28-Dec-2010 GOLD JA11 Per 10 grms 38135.00 38560.00 38121.00 38560.00 4 38254.00 38560.00 32

28-Dec-2010 GOLD FE11 Per 10 grms 38168.00 38569.00 38102.00 38569.00 5 38263.00 38569.00 15

28-Dec-2010 GOLD MA11 Per 10 grms 38100.00 38584.00 38100.00 38584.00 1 38278.00 38584.00 -

28-Dec-2010 KILOGOLD JA11 Per 10 grms 38094.00 38532.00 38094.00 38532.00 - 38226.00 38532.00 -

28-Dec-2010 KILOGOLD FE11 Per 10 grms 38103.00 38541.00 38103.00 38541.00 - 38235.00 38541.00 -

28-Dec-2010 TOLAGOLD50 JA11 Per Tola 44432.00 44943.00 44432.00 44943.00 - 44586.00 44943.00 -

28-Dec-2010 TOLAGOLD100 JA11 Per Tola 44432.00 44943.00 44432.00 44943.00 - 44586.00 44943.00 -

28-Dec-2010 MINIGOLD MON Per 10 grms 39209.00 39639.00 39209.00 39639.00 - 39329.00 39639.00 -

28-Dec-2010 MINIGOLD TUE Per 10 grms 39153.00 39682.00 39153.00 39682.00 - 39372.00 39682.00 -

28-Dec-2010 MINIGOLD WED Per 10 grms 39167.00 39167.00 33596.00 33596.00 - 39287.00 33596.00 -

28-Dec-2010 MINIGOLD THU Per 10 grms 39181.00 39610.00 39181.00 39610.00 - 39301.00 39610.00 -

28-Dec-2010 MINIGOLD FRI Per 10 grms 39195.00 39625.00 39195.00 39625.00 - 39315.00 39625.00 -

28-Dec-2010 TOLAGOLD MON Per Tola 45597.00 45668.00 45067.00 45568.00 3 45207.00 45568.00 1

28-Dec-2010 TOLAGOLD TUE Per Tola 45674.00 45674.00 45002.00 45618.00 5 45256.00 45618.00 -

28-Dec-2010 TOLAGOLD WED Per Tola 45572.00 45572.00 45018.00 45519.00 3 45158.00 45519.00 1

28-Dec-2010 TOLAGOLD THU Per Tola 45595.00 45816.00 45034.00 45535.00 5 45174.00 45535.00 5

28-Dec-2010 TOLAGOLD FRI Per Tola 45051.00 45552.00 45051.00 45552.00 - 45190.00 45552.00 -

28-Dec-2010 IRRI6W 30DE10 Per 100 kg 2402.00 2402.00 3352.00 3352.00 - 3354.00 3352.00 -

28-Dec-2010 RICEIRRI - 6 JA11 Per 100 kg 3376.00 3376.00 3375.00 3375.00 - 3376.00 3375.00 -

28-Dec-2010 RBD PALMOLEIN JA11 Per Maund 5265.00 5265.00 5263.00 5263.00 - 5265.00 5263.00 -

28-Dec-2010 KIBOR3M 10-Dec Per Rs. 100 86.55 86.56 86.55 86.56 - 86.55 86.56 -

28-Dec-2010 KIBOR3M 11-Mar Per Rs. 100 85.42 86.20 85.42 86.20 - 86.19 86.20 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Indian sugar

edges higherMUMBAI: India sugar futuresedged higher on Tuesdayhelped by expectations of fur-ther exports of the sweetener,though a pick-up in cane crush-ing weighed on sentiment,dealers said.

The sweetener may add togains for another session.

"There are talks of furtherexports of sugar, which wouldhelp the market," said ChowdaReddy, chief analyst with JRGWealth Management. He seesresistance at 3,090 rupees.

The most-traded sugar-Mgrade contract for Januarydelivery closed 0.99 per centhigher at 3,074 rupees per 100kg. Traded volumes were at15,940 tonnes with 1,345 con-tracts.

In Kolhapur, a key market intop-producing Maharashtrastate, the most traded S-varietyrose by 8.25 rupees to 2,945.75rupees per 100 kg.

Meanwhile, India on Tuesdayextended stock limit on sugarfor three more months as crush-ing got delayed due to unsea-sonal rains. The stock limit wasto expire on Dec. 31. -Reuters

GAZA STRIP - PALESTINE: A Palestinian farmer gathers flowers for export in his green house

in Rafah in the southern Gaza Strip. -Reuters

SINGAPORE: US copperfutures rallied to a record highon Tuesday, and Shanghai metalgained almost half a per cent,supported by sharp falls in thedollar, a strong Chinese curren-cy and supply threats.

The benchmark fourth monthcopper contract on COMEX ral-lied 0.6 per cent to an all-timehigh of 430.75 cents/lb, whilethe dollar fell 0.43 points to79.934 versus a basket of cur-rencies .

Technically, COMEX copperwas expected to briefly enter a440-450 cents/lb range over thenext four weeks and then retraceto 404.50 cents, according toReuters technical

analyst Wang Tao.Shanghai copper closed up

290 yuan at 69,000 yuan atonne. The People's Bank ofChina (PBOC) fixed the yuan'sdaily mid-point versus the dollarat 6.6252, just shy of the level of6.6239 hit on Nov. 12, thestrongest yuan mid-point sinceits landmark revaluation in July2005.

That followed the PBOC'sinterest rate rise on ChristmasDay as Beijing stepped up itsinflation fight.

"It's a dollar play. Big losses inthe greenback are giving copperand other commodity prices apush. In the case of copper, thereare a number of other bullishfundamental factors at worktoo," a trader in Hong Kongsaid. The continued closure ofChile's Patache port terminalsince a Dec. 18 shiploader acci-

dent will continue to underpinsentiment, with the Collahuasimine maintaining production butas yet unable to secure an alter-native route to get the concen-trate to customers.

In the longer term, expecta-tions of a supply deficit nextyear was also expected to keepcopper on the upward trajectorythat has seen it rally by morethan a quarter this year.

In other metals, zinc rose 2 percent to 19,060 yuan, while alu-minium was unchanged at16,695 yuan. On a volumeweighted average, the complexas a whole gained 0.8 per cent.

Volumes were light, with zinctrading around 463,000 lots,equivalent to 1.16 milliontonnes of metal and about onethird the average for 2010.

The London Metal Exchangewas closed on Monday andTuesday for Christmas holidaysand trade will only resume onWednesday. When Shanghaiclosed on Friday, LME copperstood at $9,345 a tonne. Sincethen, the Chinese market hasgained just 50 yuan.

Later on Friday, a series of USdata will offer fresh direction,including a read on the housingmarket. Construction is a majorconsumer of copper with arounda fifth of a tonne of the metalused in a typical US home.

Consumer confidence andchainstore sales will also beclosely watched for sign thatthe recovery in the UnitedStates continued over the holi-day period. -Reuters

Shanghai coppergains on soft USD

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Tuesday'sRotterdam vegetable oil pricesat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmillFeb11/Apr11 1039.00,May11/Jul11 1043.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Feb11/Apr111100.00, May11/Jul111090.00+5.00, Aug11/Oct111010.00+10.00, Nov11/Jan121020.00+15.00.

SUNOIL: EU dlrs tonneextank six ports optionFeb11/Mar11 1480.00+15.00,Apr11/Jun11 1450.00+10.00,Jul11/Sep11 1475.00+5.00,Oct11/Dec11 1380.00+10.00.

LINOIL: Any origin dlrstonne extank RotterdamDec11/Jan12 1370.00+7.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Jan111290.00, Feb11 1285.00+5.00,Mar11 1277.50+2.50,Apr11/Jun11 1250.00+0.00.

PALM OLEIN: RBD dlrstonne fob Malaysia Jan111260.00, Feb11 1255.00+5.00,Mar11 1252.50+7.50,Apr11/Jun11 1235.00+5.00,Jul11/Sep11 1217.50+5.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamJan11/Feb11 1880.00+0.00,Feb11/Mar11 1880.00+0.00,Mar11/Apr11 1875.00-5.00.

CASTOROIL: Any origindlrs tonne extank RotterdamFeb11/Mar11 1925.00+0.00. -Reuters

NEW YORK: US cotton futuresfinished lower on Monday onlight follow-through investorsales and news of an interest raterise in top consumer China, ana-lysts said.

The market may see furtherchoppy trade in the last tradingweek of 2010 as most largeinvestors have already closedtheir books and will not returnuntil after the New Year.

The cotton market on ICEFutures US was closed lastFriday for Christmas. The keyMarch cotton contract dropped2.36 cents to end at $1.4576 perlb on volume of around 13,000lots, which is about half the 30-

day average, Thomson Reuterspreliminary data showed.

"It was follow-through (pres-sure) from last week," SharonJohnson, senior cotton analyst atcommodities brokerage PensonFutures in Atlanta, Georgia.

The market was also pres-sured by a fresh interest rateincrease in China. TheDecember 25 rate increase bythe People's Bank of Chinawas the second in just over twomonths, and while the timingjust before year-end may havebeen a surprise, the move itselfwas not.

"We were down initially ...on China," said Johnson, but

then the market pared its lossesas players digested the moveand strong soybean futuresalleviated the bearish impact ofBeijing's decision.

"It may be very quiet andchoppy (the rest of the week),"she added. Analysts said manymarket players would also beaway next week to attend theannual Beltwide Cotton con-ference in Atlanta.

They said market focuswould also increasingly turn toprospective US cotton plant-ings in 2011, coming as it doesafter the market's performancein 2010 when cotton values hitall-time highs. -Reuters

NY cotton finishesdown in thin trade

KUALA LUMPUR:

Malaysian crude palm oilfutures rose to fresh 33-monthhighs on Tuesday, driven byprospects of erratic weathersapping vegetable oil suppliesat a time when demandremains resilient.

Heavy rains due to the mon-soon season normally hamperthe harvesting of palm fruitsand make transportation torefineries difficult in theworld's leading palm oil pro-ducers, Malaysia andIndonesia.

Dry weather in soy-produc-ing Argentina has slowedplantings and could preventsoy crops from developingnormally.

"Palm oil production willfall more than 15 per cent inthis month as the weather ispretty bad in palm oil produc-ing states," said a trader with aforeign brokerage in KualaLumpur.

"But demand is going toimprove by at least 10 per centnext month as China getsready for the Lunar NewYear."

The benchmark March 2011

crude palm oil contract rose0.6 per cent to 3,778 ringgit($1,220.679) per tonne afterhitting an intraday high of3,792 ringgit -- a level unseensince March 2008.

Overall traded volumes were10,730 lots of 25 tonnes each,slightly above the usual10,000 lots.

Malaysian palm oil isexpected to hover around3,766 ringgit per tonne for onetrading session before resum-ing its rally towards 3,840ringgit, according to a Reuterstechnical analysis.

The most active September2011 soyoil on China's DalianCommodity Exchange rose asmuch as 2 per cent to a 29-month high of 10,662 yuan($1,607.8) before paring somelosses to trade at 10,606 yuan.

"Despite price control poli-cies in China, soyoil priceswere up on soybean supplyconcerns due to the La Ninadriven dry weather in SouthAmerica," said a Shanghai-based oil analyst.

US soyoil for January deliv-ery rose 0.2 per cent in Asiantrade hours. -Reuters

Weather woeslift palm oil to

fresh 33-mth high

Tokyo rubber

ends down 2pcSINGAPORE: Tokyo rubberfutures slipped more than 2 percent on Tuesday, moving awayfrom a lifetime high hit the pre-vious day, as a firmer yenagainst the US dollar ignitedselling from speculators.

The most active contract onthe key Tokyo CommodityExchange, currently June 2011, settled 9.8 yen a kg lower at407.8 yen after moving in achoppy 6 yen range. The con-tract had rallied to a record of419.3 yen on Monday.

Shanghai rubber futurestracked the Tokyo market lower.The most active May contractended at 36,030 yuan per tonne,down from Monday's close of37,110 yuan. Volume was heavyat 1.05 million lots.

"It's a case of profit-taking.It's just very volatile, withprices pushed up and down,"said a dealer in Singapore."You won't appreciate suchmarket action."

But dealers said tightness inthe physical market, steadydemand from top consumerChina and firm oil prices wouldstill support the market.

Thai RSS3 grade jumped toan historic high on Monday totrack a rally in Tokyo futures,while tyre makers were chasingnearby cargo despite risingprices due to supply disruptionin Southeast Asia, dealers saidon Monday. -Reuters

OPEC has no plans to change policy for now

10Wednesday, December 29, 2010

Finland's Hautamaeki speeds down slope infour-hills ski jumping tournament

McGlashaneyeing 2011World Cup

AUCKLAND: Ahead of thesecond Twenty20 internationalbetween New Zealand andPakistan, wicketkeeper PeterMcGlashan has said that hehopes to continue impressingthe new selection panel for aplace in the Black Caps sidefor the 2011 World Cup.

McGlashan had made themost of his recall to the nation-al side with four catches in theopening Twenty20 matchagainst Pakistan in Aucklandon Sunday.

The 31-year-old said that achance to play at the 50-overWorld Cup in the Indian sub-continent in February wasn'tsomething that he consideredeven a month ago.

"It's come out of the blue - Iwasn't contemplating it at all atthe start of summer," theWaikato Times quotedMcGlashan, as saying.

However, after being namedin the pre-tournament squad of30 players and with questionmarks over BrendonMcCullum's desire and fitnessto keep wickets in the one-dayformat, the Northern Knightswicketkeeper feels he now hasa shot.

"It's entirely up to me now -I've got every chance to be onthat plane," McGlashan said.-Online

LONDON: Chelsea's worry-ing slump turned into a full-blown crisis when the PremierLeague champions were com-fortably beaten 3-1 by Arsenalat The Emirates on Monday.

Goals from Alex Song, CescFabregas and Theo Walcott in anine-minute spell either side ofhalftime condemned CarloAncelotti's team to anotherdefeat and they have now man-aged just six points from thelast 24 on offer.

Branislav Ivanovic repliedfor the visitors but the damagewas already done as Arsenalended a run of five consecutivedefeats against their Londonrivals to reclaim second placein the table above ManchesterCity on goal difference.

"The win had a doubleimpact. First of all it keeps usin touch with the leaders and,secondly, it is the psychologi-cal impact because we werequestioned about our ability towin big games," Arsenal man-ager Arsene Wenger toldreporters.

"We know that to beat the bigteams at home will have animportant impact on the league

(title race)."Arsenal have moved to 35

points from 18 games withunbeaten leaders ManchesterUnited on 37 having played agame less. Chelsea, who startedthe season in scintillating formbut have forgotten how to win,remain in fourth place on 31.

"The table is not good butthis is the reality," said Chelseamanager Carlo Ancelotti. "Wehave to play better and wakeup. I am not worried. I have towork and you will have to askthe owner (Roman Abramovichabout my future)."

However, after 40 minutes ofcut and thrust had failed to sep-arate the teams, Chelsea fellapart alarmingly, leavingAncelotti ashen-face in thetechnical area where he hadstood in a black raincoat forvirtually the entire 90 minutes.

If anything Chelsea hadlooked the more threateningearly on with Didier Drogba,scorer of 13 goals in 13 appear-ances against Arsenal sincejoining Chelsea, rampagingforward to fire narrowly wideof Lukasz Fabianski's post.-Reuters

Chelsea concernscompounded by3-1 loss at Arsenal

Hamilton: Spinner NathanMcCullum took four wicketsto bowl New Zealand to a 39-run win over Pakistan in thesecond Twenty20 cricket inter-national and to an insurmount-able 2-0 lead in the three-match series.

After New Zealand hadmade a competitive 185-7 hav-ing being sent in to bat indamp conditions, McCullumraced through the Pakistanmiddle order to finish with 4-16 from four overs.

Pakistan was left 146-9 afterits 20 overs, conceding theseries ahead of the final matchin Christchurch on Thursday.

Earlier, Martin Guptill made44 and James Franklin 40 tolead New Zealand's recoveryafter it lost opener Jesse Ryderto the first ball of the match.

McCullum dismissed YounisKhan for 3, Asad Shafiq for 6,Abdul Razzaq for 14 andUmar Gul for 0, then took twocatches to provoke the col-lapse of the Pakistan inningsafter the tourists had been 68-1

in the eighth over. Swing bowler Tim Southee

took two wickets with twoballs at the end to finish with 2-26 and spinner LukeWoodcock bowled his fourovers for 20 runs in a tidydebut to ensure Pakistan didn'tthreaten the New Zealand total.

Pakistan won a valuable tossand sent New Zealand in to baton a ground on which awomen's Twenty20 interna-tional between Australia andNew Zealand had been aban-doned earlier in the daybecause of rain.

The loss of Ryder to the firstball of the match seemed amajor blow but Guptill andFranklin formed a productivepartnership, putting on 91 runsfor the second wicket, to setthe foundation for the NewZealand innings.

Scott Styris made 34, captainRoss Taylor 30 not out andwicketkeeper PeterMcGlashan hit 26, including24 from one over from UmarGul, to present Pakistan with a

difficult run chase. "It was a good performance,"

Taylor said. "The partnership between

Guptill and Franklin afterJesse went early set a goodplatform for the other playersto come out and express them-selves."

Spinner Saeed Ajmal took 3-35 as the best of the Pakistanbowlers.

Pakistan started its run chasestrongly but when YounisKhan ran out MohammadHafeez for 26, the inningsbegan to unravel.

McCullum dashed throughthe middle order and thetourists slumped to 114-7 after15.4 overs, with no hope ofvictory.

"I'm disappointed from thebowling side," captain ShahidAfridi said. "We didn't bowlwell, especially our experi-enced bowlers and put the ballin the right areas.

"They played positively andwe didn't bowl to our strengthwhich is the yorker.".-Online

Has 2-0 lead in three-match series

NZ whitewashPakistan in T20

Monitoring Desk

PESHAWAR: Pakistan Armystood tall at the top of themedals tally with 30 golds inthe 31st National Games,Wapda sit behind the leaderswith 18 golds including 15golds, nine silvers and fivebronze medals which came onMonday. Balochistan stoodthird while Sindh, Punjab andKhyber-Pakhtunkhwa (K-P)have each won one gold so far.

Wapda’s penalty-corner spe-cialist Sohail Abbas scoredfive consecutive goals in a sin-gle match, all through penaltycorners, as Navy was thrashed6-0 in the hockey event. Abbasscored his first goal in theeighth minute, followed byfour more in the 30th, 40th,66th and 62nd with the lastgoal coming from AsifMicheal.

While Army qualified fornext round after securing a 2-0victory against Punjab, thematch between K-P andPakistan Air Force (Paf) endedin a 3-3 draw.

Army’s Shakeel Yousafscored the winning goal inthe 58th minute to defeatNavy 1-0 while Paf drew 2-2 against Wapda in the foot-ball event being played atthe Jinnah Stadium inIslamabad. Wapda’s ArifMehmood scored first fol-lowed by Tauseef.However, Paf ’s Mujahidscored in the 59th and 82ndminute to level the match.Paf will face Navy whileArmy will face-off withWapda today.

Asian Games gold and silvermedalist Aamir Atlas ofWapda clinched the gold in thesquash event by defeating

defending champion FarhanMehboob11-9, 11-4, 11-13, 5-11 and 11-3 in the squash final.

Earlier, in the semi-finalsAtlas defeated WaqarMehboob of K-P 11-8, 11-6and 11-5. Farhan defeatedFarhan Zaman Khan of Paf 11-13, 11-7, 9-11, 11-6 and 11-9.

Wapda and Army were tiedfor the gold run with both win-ning three gold medals each inthe in the six events of the ath-letic meet which got underwayat the Qayyum SportsComplex.

Wapda’s athletes also wonfour silvers and four bronze.Army bagged the gold in polevolt (women), long jump andshot put, and a silver in javelinthrow (men) while Wapdaclinched a gold each in javelinthrow (men), high jump andshot put and another four sil-vers.

Army standingtall with 30 golds

at National Games

Sachinhailed forsaying no

to liquor adMUMBAI: The Maharashtragovernment has appreciatedmaster blaster SachinTendulkar for choosing hisprinciples over money, by say-ing 'no' to endorse a liquoradvertisement.

In a letter to the legendarybatsman, Minister of SocialJustice Department ShivajiraoMoghe welcomed his decision,refusing to endorse a liquoradvertisement.

"We appreciate Sachin thathe is helping us indirectly inthe de-addiction campaign runby the Government and alsosetting up an example for oth-ers," Moghe said.

The Minister lauded Sachinfor turning down a whoppingRs 20 crore-offer to promote atop liquor or cigarette brand.-Reuters

Lhr to hostAll Punjab

RaidersFootball Cup LAHORE: Prominent clubs ofLahore and other districts ofPunjab Province will showtheir mettle when All PunjabRaiders Football Cup 2011 willbe played at Raiders FootballClub Ground, Faisal Town,from Sunday, 16 January 2011.

According to OrganizingSecretary Kabir AhmedChaudhry, " Besides organizerRaiders FC, a team formed in1938 befor partition, other 24Lahore-based outfits in theevent will be Afshan Club,Fatima Memorial, FlyingHorse,

Garhi Shahue United FC,Jabbar Friends,Model TownFC, Moazam Iraj FC, NasirShaheed FC, Gulshan-i-Ravi ,Nadeem FC, Pensi Club,Publican Club, Rangers FC,Sabzazar,Quaid FC ( Manga),Samanabad FC, Rehmania FC,PAF Colony, St. Michael, ShahKamal Club, Shaheen WahdatClub, Usmania FC, Walton FCand Young Shooters FC.

The event will be played onTwo Phase with the later Phasewill see clubs from Okara,Kasur, Gujranwala, Faisalabad,Jaranwala, Bahawalpur joiningthe Clubs from Lahore.-Online

Hamilton eyesdistraction-free2011 F1 seasonLONDON: Lewis Hamiltonpointed to problems in his per-sonal life as a contributing fac-tor to his failure to recapturethe Formula One title and saidhe is trying to banish "outsideintrusions" from his mind in2011.

Reflecting on a tough seasonthat he rated as a six out of 10,the 2008 world champion gavea rare insight into issues trou-bling him away from the trackand said in a radio interviewhe hopes to "smooth every-thing off."

Hamilton did not specifywhat was bothering him, butthe McLaren driver's seasonbegan in March amid the fall-out from the high-profile deci-sion to drop his father, AnthonyHamilton, as manager.

Hamilton won just three outof 19 races as he finishedfourth in the 2010 drivers'championship.

"The personal life, the waythings have gone have notbeen as smooth and as happyas they could have been in thepast and to do what I do is acombination of many, manythings that are surroundingyou," Hamilton told BBCRadio One.-Reuters

MELBOURNE: England'sbowling attack continued tomaintain a stranglehold onAustralia's batsmen in the fourthtest on Tuesday, putting the vis-itors on the brink of a first suc-cessful Ashes tour triumph in 24years.

Needing 415 runs just to makeEngland bat again, Australia'sbrittle top order disintegratedunder pressure once more, limp-ing to 169-6 at stumps in frontof a despondent crowd of morethan 68,000 at the MelbourneCricket Ground.

Australia, who were bundledout for 98 in the first innings,trail England by 246 runs andare odds-on favourites tobecome the first team to surren-der the Ashes on home soil sinceAlan Border's defeat to theMike Gatting-led England teamin 1986/87.

Brad Haddin (11) andMitchell Johnson (6) survived

the last few overs to stumps andface the unenviable and virtual-ly impossible task of staving offEngland's victory charge on dayfour.

Tim Bresnan, called into theside for Steve Finn, took threewickets in a brilliant spell aftertea to leave Australia reeling on104-4 before Graeme Swannand James Anderson took awicket apiece to inflict furtherpain on the hosts.

One of Bresnan's wickets wasAustralia captain RickyPonting, who struggled to 20before chopping onto hisstumps, continuing a woeful runin a series in which his highestscore remains an unbeaten 51 inthe drawn first test in Brisbane.

Ponting apologised beforetaking the crease for his uglyremonstration with the umpireson Monday over a video refer-ral, but no amount of mea cul-pas are likely to save the 36-

year-old's captaincy or win for-giveness from a shatteredAustralian public for his team'sperformance.

He stands on the verge ofbecoming the first Australianskipper in more than 100 yearsto lose the Ashes three times andafter scores of 10, 1, 12, 9 and 0in his five previous innings, canno longer lean on his battingrecord to justify his tenure.

Any hope of the attack's per-formance inspiring their teammates with the bat were soondashed when Shane Watsonenhanced his reputation as oneof the worst runners in elitecricket by running out openingpartner Phillip Hughes for 23.

The pair had made a brightstart, notching 50 runs at arapid run rate of more thanfive an over, before Watsonpushed to cover and calledHughes through for a single.-Reuters

England not far from Ashes glory

HAMILTON: Peter McGlashan of celebrates the wicket of Younis Khan during game twoof the T20 series between New Zealand and Pakistan at Seddon Park.-Reuters

MELBOURNE: Ricky Ponting of Australia leads his team onto the field during day three ofthe Fourth Test match between Australia and England at Melbourne. Reuters

11Wednesday, December 29, 2010

International & Continuation

CONTINUATION

Japan tradereview

may revokepreferencesfor China

TOKYO: Japan is reviewing itstrade preference policy fordeveloping countries in a movethat could revoke preferences forabout 450 items imported fromChina, an official at the FinanceMinistry said on Tuesday.

The review of the trade regimeaimed to promote economicdevelopment, known asGeneralised System ofPreferences (GSP), comes asChina, Japan's biggest tradingpartner since 2009, readies tosurpass Japan as the world's sec-ond biggest economy.

It also comes as the EuropeanUnion plans to start reform of itstrade preference regime fordeveloping countries, of whichChina is also a beneficiary, nextyear.

Japan plans to remove goodsfrom certain countries from itsGSP list for three years if theyhave accounted for more than 50per cent of total imports of theitem on average for the pastthree years, a report on taxguidelines for the next fiscalyear showed.

As a result, about 450 itemsimported from China, which inthe year to March 2010 wereworth 1.3 trillion yen ($15.7 bil-lion), would face tariff rises,among them plastic goods andclothing, said a Finance Ministryofficial dealing with tariff issues.

Japan imported $97.8 billionworth of goods from China in2009, data from the JapanExternal Trade Organizationshowed.

"We are not doing things withany specific countries in mind.We have started taking thesemeasures ... so that by removingcompetitive goods, other devel-oping countries can benefitmore," said the official, whodeclined to be identified as he isnot directly responsible for thedecision.-Reuters

PARIS: France revised downits third-quarter gross domes-tic product growth to 0.3percent on Tuesday, from aninitial figure of 0.4 percent,and revised down its second-quarter GDP rise to 0.6 per-cent from a preliminary fig-

ure of 0.7 percent.National statistics institute

INSEE said investments inthe service sector and in pub-lic works were weaker in thethird quarter than initiallythought. Consumer servicesactivity was also not as

strong as previously estimat-ed.

INSEE said second-quarterGDP was weaker than previ-ously thought primarilybecause the transportation ofgoods by road was not asstrong as thought.-Reuters

French Q2 and Q3 GDPrevised down slightly

BRUSSELS: Recentreforms of euro zone gover-nance have not gone farenough, European CentralBank Governing Councilmember Yves Mersch saidon Tuesday.

"The recent European pro-posals for reform of the eco-nomic governance of theeuro area go in the rightdirection, but are not ambi-tious enough to ensure ahealthy and efficient func-tioning of monetary union,"

Mersch said in a statement.Firstly, excessive deficit

procedures should have afaster trigger, with sanc-tions applied early and"quasi-automatically," hesaid. Secondly, greateremphasis should be put onnational debt levels, headded.

The sovereign debt crisishad its roots in the fact thateuro zone countries wereunable to properly monitoreach others' economic poli-

cy, and procedures shouldbe put in place to correctthat, Mersch added.

"Beyond these new mech-anisms, whose activationshould also occur only inexceptional circumstancesand under strict compliance,it is crucial that statesshould learn from this crisisby intensifying their effortsto consolidate," Mersch saidin a new year statement aspresident of Luxembourg'scentral bank.-Reuters

Euro zone reformdoes not go far enough:

ECB's Mersch

TOKYO: Japanese factoryoutput rose for the first timein six months in Novemberand manufacturers expect toboost production in comingmonths, suggesting that firmdemand in Asia will help theeconomy resume a recoveryearly next year.

But creeping rises in theyen kept policymakers onalert for risks to the export-reliant economy, with thefinance minister repeatinghis warning that the govern-ment would take decisiveaction to stem any sharp yenrises that could hurt growth.

Industrial output rose 1.0per cent in November,matching a median marketforecast and marking thefirst rise in six months, theMinistry of Economy, Tradeand Industry said onTuesday.

Manufacturers surveyed bythe ministry expect output torise 3.4 per cent in Decemberand 3.7 per cent in January.

The data bodes well for thefragile economy and under-scores the Bank of Japan'sview that growth will pick upmodestly early next year oncontinued support fromexports to emerging Asia,lessening the chance of animminent policy easing bythe central bank.

"The headline figure was inline with expectations, butforecasts for December andJanuary came in quitestrong," said YoshikiShinke, senior economist atDai-ichi Life ResearchInstitute.

"Since today's data showsthat the downward risks tothe economy have eased, we

now have a smaller chanceof the BOJ easing its policyfurther as long as there areno wild market fluctuationscaused by some overseasfactors."

Companies increased out-put of automobile, machin-ery and electronic partsmainly for export to Asia andthe Middle East, the datashowed.

Automakers also increasedoutput to restock in anticipa-tion of a pickup in domesticdemand next year, a signthat output may have bot-tomed out after tumblingwhen government subsidieson low-emission cars expiredin September.

"We have already got somepositive news from Asianneighbours for October andNovember. This is confirma-tion that Japan is benefitingfrom the recovery of theAsian economies," saidMasamichi Adachi, senioreconomist at JPMorganSecurities Japan.

Still, the ministry main-tained its assessment thatindustrial output was movingon a weak note, stressing thatproduction has recoveredonly moderately after steepdeclines in the past fewmonths.

Adding the economy'swoes, the yen rose to athree-week high against thedollar on Tuesday, approach-ing levels seen beforeJapanese authorities inter-vened in the currency mar-ket in September for the firsttime in six and a half years.Noda blamed the recent yengains mainly on thin tradingvolume but warned that he

would closely watch marketmoves toward the year-endand into the new year."Our stance remainsunchanged that we will takedecisive steps when rapidmoves occur," he told a newsconference. EconomicsMinister Banri Kaieda alsotold reporters on Tuesdaythat the government wants totackle sharp yen rises bycooperating closely with theBank of Japan, although hedid not elaborate on whatsort of measures he had inmind. Underscoring thefragile state of the economy,household spending fell 0.4per cent in November from ayear earlier and the joblessrate was steady at 5.1 percent.

Core consumer pricesmarked their 21st straightmonth of annual declines, asign the country remainsmired in deflation due toweak domestic demand andkeeping pressure on the BOJto maintain its ultra-easymonetary policy.

The BOJ eased policy inOctober by pledging to keepinterest rates effectively atzero until the end of defla-tion was in sight and bycrafting a 5 trillion yen ($60billion) pool of funds to buyassets ranging from govern-ment bonds to corporatedebt, including trust fundsinvesting in stocks andproperty.

BOJ policymakers haverepeatedly said that increas-ing the size of the fundwould be a clear option if thelooming economic slow-down proves worse thanexpected.-Reuters

Japan output upon Asia demand,

finmin warns on yenNEW YORK: US consumerconfidence unexpectedly dete-riorated in December, whileprices of US single-familyhomes fell almost double theexpected pace in October, tem-pering growing optimism onthe economy's recovery.

The latest data was at oddswith other signs suggesting theeconomic recovery is acceler-ating and a separate report lastweek showing consumer senti-ment at its highest level sinceJune this month.

The Conference Board, anindustry group, said its indexof consumer attitudes slippedto 52.5 in December from anupwardly revised 54.3 inNovember.

The median of forecastsfrom analysts polled byReuters was for a reading of56.0.

Consumers' labor marketassessment worsened. The"jobs hard to get" index rose to46.8 per cent in Decemberfrom 46.3 per cent last month,while the "jobs plentiful"index dropped to 3.9 per centfrom 4.3 per cent.

"US consumers are still wor-ried about high unemploy-ment, housing market stagna-

tion and the generally meagergrowth they've seen so far,"said Kathy Lien, director ofcurrency research at GFT inNew York.

Financial markets showed amuted reaction to the con-sumer and housing data, withtraders citing very thin post-Christmas trade.

Separate data on Tuesdayshowed the Standard &Poor's/Case-Shiller compositeindex of 20 metropolitan areasdeclined 1 per cent in Octoberfrom September on a seasonal-ly adjusted basis.

It was the fourth straightmonthly decline and steeperthan the 0.6 per cent decreaseeconomists expected. The fallpushed the index 0.8 per centbelow its year-earlier level, thefirst year-on-year drop sinceJanuary.

Some economists cautionedagainst reading too much intoone month's figures and saidthe surprising drop in con-sumer confidence doesn't sig-nal a meaningful shift in theoutlook for spending.

Optimism about the outlookfor the economy has grown inrecent weeks after reports onjobless claims, durable goods

and consumer spending sug-gested the economy perked upa bit in the fourth quarter andappears to be entering the newyear with a relatively decentamount of momentum.

Economists also expect a taxcut deal recently signed intolaw by President BarackObama to lift growth next yearby as much as 1 per centagepoint. The economy is alsogetting monetary support fromthe Federal Reserve's plannedpurchases of $600 billion ingovernment debt.

Despite the consumer confi-dence data, US retail sales rosein the week before Christmasas shoppers hurried to finishtheir gift-buying, putting holi-day sales on track to hit thehigh end of estimates.

Data released on Tuesday bythe International Council ofShopping Centers andGoldman Sachs showed retailsales rose 4.8 per cent for theweek ended Dec. 25 comparedto the year-earlier period,helped in part by shopperswho could shop all day onChristmas Eve, which was aday off for many given thatChristmas fell on a Saturdaythis year.-Reuters

US consumerconfidence slips;

home prices decline

The resignations will also be a blow for the PPP just weeks afterJamiat Ulema-e-Islam-Fazl (JUI-F) party took its three cabinetministers and seven lawmakers out of the government, sparkingfears of a domino effect.

Meanwhile, MQM Chief Altaf Hussain has given a final warn-ing to the Pakistan Peoples Party-led government to mend itsways or else MQM would be forced to part its ways with theSindh coalition too and move from government to the oppositionbenches. Altaf Hussain was addressing his party workers fromLondon following the decision of Party's Coordination Committeeto tender resignations of its two Federal Ministers to the govern-ment late Monday night.

He said MQM can no longer continue backing government onanti-public decisions, declaring it is no use of holding such min-istries which incessantly fail to serve any good to masses.

"Had Pakistan Peoples Party acted on my advice given timeafter time, the PPP and people would not have to face the presentcircumstances," he regretted.

Altaf Hussain reiterated that his party wants that the presentgovernment completes its five-year term. "We continued to standwith the government so that the democracy did not get derailed",he added. He also came down hard on Pakistan Muslim League-N Chief Nawaz Sharif for criticising MQM in public meeting inMuzaffarabad, and called Sharif 'a by-product of dictatorship.'

Continued from page 1No #1

sacrifice for the its sake. Mirza said, "Political parties do havedifferences with each other; MQM is a democratic party and Irespect their mandate." Meanwhile, President Asif Ali Zardari andPrime Minister Syed Yousuf Raza Gilani held telephonic conver-sation with Governor Sindh Dr Ishrat-ul-Ebad here on Tuesdayand assured that alliances reservations would be removed.

As per details, President Zardari and Prime Minister Gilani tele-phoned Governor Sindh Dr Ishrat-ul Ebad and discussed politicalsituation. On this juncture President Asif Ali Zardari said thatalliances reservations would be removed. Prime Minister Gilanialso talked with Governor Sindh and discussed separation ofMQM from the federal cabinet.

Governor Sindh informed them about Interior Minister SindhDr Zulfiqar Mirza's statement and expressed reservations over dif-ferent issues. Governor Sindh said that MQM's decision is final.

According to media reports, President Asif Ali Zardari hadmade committee comprising Chief Minister Sindh Qaim Ali Shahand Interior Minister Rehman Malik to contact with MQM.

Continued from page 1No #2

to discuss all core issues including Kashmir, and India too hadagreed upon it. About presence of terrorist groups along thePakistan-Afghanistan border, Gilani said both the countriesrealise that they are victims of a common enemy.

"We should combat terrorism with a joint strategy. The Natoforces and the ISAF are working in consultation with Pakistan andAfghanistan to jointly combat terrorism."

To a question regarding the issue of terrorism and extremism,Gilani said the government was following the 3Ds policy of dia-logue, development and deterrence and was moving in the rightdirection to curb the menace. He said the terrorists being timidpeople were hitting the soft targets but had now lost stronghold inthe areas. Prime Minister Gilani said his visit to Oman would gen-erate the momentum to reinvigorate the bilateral relations in fur-ther expanding economic and trade cooperation between the twocountries. Prime Minister deliberating on the key economic areasdiscussed with Omani leadership; said a whole gamut of econom-ic cooperation was discussed during his meeting with SultanQaboos and the Deputy Prime Minister. He said it was agreed thatthe two countries would maintain good cooperation in diverseareas including textiles, fishing, education and development inGwadar. He said the two sides also agreed to work out feasibilityon running a ferry service between Gwadar and Muscat. Gilani

Continued from page 1No #3

be disclosed. Meanwhile, Interior Minister Sindh Dr ZulfiqarAli Mirza condemned the bomb attack at the university andsought report from CCPO Karachi in this regard.

He directed to conduct inquiry with Sindh rangers. He said thatthe security of the university should be reviewed. He said that allfacilities of medical treatment should be provided to the students.

Continued from page 1No #4

level of the previous quarter; thus increasing the average valueper transaction to Rs8,486 compared to Rs8,037 in the previousquarter. It said the contribution of other modes of e-banking isalso on the rise despite comparatively insignificant numbers andaggregates value of transactions, added utility bills paymentsthrough available modes (ATMs, internet, mobiles etc) of e-bank-ing transactions are also growing.

According to the Report, the number of cross-border transac-tions increased by 154 per cent in volume and 19 per cent in valueduring the quarter under review. The large value payments settledthrough Pakistan Real-time Interbank Settlement Mechanism(PRISM), however, decreased by 6.51 per cent in volume and11.35 per cent in value of transactions in comparison to the previ-ous quarter. The major portion of PRISM transactions, in terms ofvalue, consisted of securities settlements which accounted for 47per cent of the total transactions followed by Interbank FundsTransfers (37 per cent) and Settlement of Retail Cheques Clearing(16 per cent), the Report added.

Continued from page 1No #5

the conference while Vice Chancellor of the PIDE Dr RashidAmjad and Anwar Shah also spoke on the occasion.

The purpose of the annual meeting and conference was to pro-vide a forum where leading professional economists, other socialscientists and policy makers could exchange ideas of the vital eco-nomic and social issues facing Pakistan.

With the passage of the 18th constitutional amendment,Pakistan has taken a major step towards fiscal decentralisationthat involves a fundamental shift in the division of powersbetween provinces and the center. During the conference the 7thNFC award and the economic implications of the 18thAmendment, reformed GST , challenges and opportunities wouldalso be discussed by the eminent economists and policy makersand suggest measures for a sustainable economic growth for thebenefit of the country. Hina Rabbani Khar in her remarks on thetopic "Empowering states and provinces or unshackling local gov-ernments :does it matter for peace, order, good governance andgrowth" presented by Anwar Shah Director center for public eco-nomics Chengdu, China and World Bank Institute, said that after18th Amendment and 7th NFC award the federal government hasempowered fiscally to the provinces.-Online

Continued from page 1No #6

He deplored the political situation in the country. When askedabout Muttahida Qaumi Movement (MQM) and Pakistan MuslimLeague-Nawaz (PML-N) clash, he said that PML-N has got itsown philosophy but it did target MQM first.

Regarding his trip to Saudi Arabia, Fazl said he is going to offerUmrah and added that his tour has nothing to do with Hajj scan-dal or its investigation. -NNI

Continued from page 1No #7

with net buying of $0.5 billion.High government borrowing is crowding out private investment

in Pakistan and local investors prefer to park their funds in riskfree government papers or high yielding bank deposits.

Continued from page 1No #8

said Pakistan and Oman had excellent defence cooperation andefforts were on to materialise an agreement on it. Meanwhile,Prime Minister Gilani sought increased Omani investment forPakistan's energy, telecom and agro-based industries, besides urg-ing support for an early finalisation of a FTA with the six-memberGulf Cooperation Council (GCC).-Agencies

In 2010YTD, local companies sold shares worth $168 million on net basis whereas local mutualfunds sold $127 million worth of shares. As per the research analyst of Topline Securities, offshorefunds now hold shares worth $2.9 billion as of December 17, 2010 which is 8 per cent of the marketcapitalisation and 31 per cent of free float. He said at the beginning of 2010, their share in overallmarket cap was 6 per cent and 23 per cent of market free float. Their peak holding was $5.1 billion(27 per cent of free float) in April 2008 and lowest was $1 billion (17 per cent of free float) in March2009, he added. With no big IPOs in the near future, foreigners share in local bourses will continueto increase. With imposition of capital gain tax, individuals who mostly square their position withina day, their average share in December 2010 declined to 45 per cent compared to approx 57 per centin January 2010. However, during this period foreign participation increased to 6 per cent as com-pared to only 3 per cent at the beginning of the year. Foreign participation in local market will remainrobust next year due to ample liquidity in the global markets for high risk emerging and frontier coun-tries. With Pakistan market trading at 50 per cent discount to regional market on PE multiples againsthistorical average discount of 30 per cent will compel offshore investors to focus more on Pakistanthan other regional markets for better returns amid new phase of quantitative easing (QE2).

vibrant products, 3) revive investors' confidence for their increased participation, and worktowards areas beneficial for market volumes and liquidity.

"It is assured that your (members) concerns will be strongly raised and chased on the floor of KSEBoard and at the Securities and Exchange Commission of Pakistan", he added. Academically speak-ing, Azam Khan holds an MBA degree. His association with KSE is spread over a decade. He start-ed his career as an equity trader and is now ian accomplished Corporate Member of KSE.

Continued from page 5No #11

production on expectations for a pickup in global demand early next year.Manufacturers surveyed by the Ministry of Economy, Trade and Industry expect industrial output

to rise 3.4 per cent in December and 3.7 per cent in January, the data showed.Shares of Anges MG surged 8.7 per cent to 122,700 yen after it and Shionogi & Co announced

they had agreed to work together on research and development for a treatment for atopic dermatitisand other skin disorders.-Reuters

Continued from page 5No #9

Reliance Industries, India's most valuable firm, fell for a second straight day on Tuesday to close0.8 per cent down at 1,047.15 rupees. ICICI Bank ended 0.9 per cent down at 1,113.70 rupees afterrising 0.5 per cent in the previous session.

Top mobile phone operator Bharti Airtel, which had lost 2 per cent on Monday, closed 0.2 per centhigher at 342.20 rupees on Tuesday. Second-ranked mobile firm Reliance Comm added 1.7 per centafter losing 3.6 per cent on Monday.

Top Indian outsourcers Tata Consultancy Services, Infosys Technologies added 0.4 per cent and0.1 per cent respectively, while third-ranked Wipro gained 1.3 per cent on optimism about the sec-tor's growth. In the broader market, 1,459 gainers were marginally ahead of 1,442 losers on relative-ly low volume of about 237 million shares.

The wider 50-share NSE index fell 0.04 per cent to close at 5,996 points.The MSCI's measure of Asian markets other than Japan was up 0.2 per cent, while Japan 's Nikkei

fell 0.6 per cent. By 1038 GMT, European shares were up 0.17 per cent with London markets stillclosed. The MSCI world equity index was trading 0.34 per cent higher.-Reuters

Continued from page 5No #10

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Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.

ISLAMABAD: Economicexperts here Tuesday termedIMF nine-month extension forstand-by arrangement as posi-tive and an opportunity tocomplete the reform forGeneral Sales Tax and correctthe course of fiscal policy andamend the legislative frame-work for the financial sector.

Pakistan can use this periodas an opportunity to furthercorrect the fiscal policy toimplement the reformed gen-eral sales tax (RGST) in thecountry, Dr Ashfaq HassanKhan former Advisor Finance

Ministry told APP hereTuesday.

He was of the view thatPakistan can implement theproposed RGST in two stages;firstly it can withdraw SalesTax exemptions except oneducation, food items andbasic medicines.

In the second phase, he saidthe government can imposetax on agriculture income toimprove its tax to GDP ratio.

Though, agriculture is aprovincial subject, theprovinces can ask FederalBoard of Revenue (FBR) to

collect the tax on their behalfas it has done in case of tax onservices sector.

He was of the view thatannually Pakistan is loosingup to Rs300 billion in therealm of withholding tax asorganisations like restaurants/hotels collect the tax fromcustomers but do not pay it tothe government.

He added that tax to GDPratio of the provinces has notincreased for the past manyyears while they have poten-tial of more tax collection.

Dr Ashfaq also called for

reducing the size of the cab-inet to minimise expendi-tures for the benefit of thecountry.

Dr Rashid Amjad also wel-comed the IMF decision.

He added that IMF supportsPakistan to improve the coun-try's balance of payment posi-tion which is in the country'sinterest.

He added he did not thinkthat IMF is imposing any con-ditionality by asking Pakistanto implement RGST as itsimplementation is in our owninterest. -APP

Reform extension seenpositive for PPP-govt

IMF gives more time for RGST approval

KARACHI/ ISLAMABAD:British Prime Minister DavidCameroon telephonedPresident Asif Ali Zardari onTuesday afternoon.

Bilateral relations and situationin the region figured in the talks.

David Cameroon called thePresident soon after thePresident arrived in Karachifrom Naudero where he hadbeen for the Party meeting andpublic address on the eve of the

third anniversary of ShaheedMohtarma Benazir Bhutto onMonday.

According to Presidencysources, British Prime MinisterDavid Cameroon discussedhost of issues with thePresident including national,international and Pak-UK rela-tions in length.

PPP would continue itsfive-year term and nextelections would be fair and

free, President told BritishPrime Minister DavidCameroon.

He further said thatPakistan would continue tofight the menace of waragainst terrorism whileBritish PM assured Presidentthat UK will continue to sup-port Pakistan thick and thinfor a strong and stable demo-cratic Pakistan in this regard,Sources concluded. -Online

Cameron, Zardaritalk ties over phone

ISLAMABAD: Members ofthe National AssemblyTuesday expressed seriousconcern over the rising droneattacks into the tribal areas ofPakistan.

They called upon the govern-ment to get these attacks haltedwhich are disturbing law andorder and hurting the economyof the country.

PPP-Sherpao leader AftabAhmed Khan Sherpao said thatmore then five drone attackswere reported in tribal areasduring the last 24 hours,adding that these attacks wereresulting in terrorism andextremism in Pakistan.

He said the governmentclaims that it is against theseattacks and asked then why thejoint resolution of the parlia-ment regarding the droneattacks has not been imple-mented.

He said the governmentshould table the joint resolu-tion in the House to review thesituation because the increas-ing number of drone attacksare causing collateral damageas well as resulting in extrem-ism.

Sherpao warned that anymilitary operation in SouthWaziristan would further dete-riorate the situation.

JUI-F leader Maulana Atta-ur Rehman said that the USforces came to Afghanistan toeliminate terrorism howeverthey have completely failed tocurb the menace which hasalso affected Pakistan.

He also referred to the jointresolutions of the Parliamenton drone attacks and called forimplementation of these reso-lutions in true letter and spirit.

PML-N leader Hanif Abbasisaid the government shouldmake its policy clear on droneattacks and let the peopleknow about any agreement inthis regard.

He said innocent people have

been killed in drone attackswhich were ultimately result-ing in terrorism and extrem-ism.

He said the governmentshould arrest the assassins ofShaheed Benazir Bhutto andcalled for joint struggle toexpose her assassins, addingthat Shaheed Benazir Bhuttowas an asset of the country andshe had remained PrimeMinister for two times.

MQM leader Dr Wasim alsoexpressed concern about lawand order situation and terror-ism in the country and calledfor all holding parties confer-ence (APC) to find out a strat-

egy to curb terrorism, suicideattacks.

PPP leader Fauzia Wahabwas also concerned about ter-rorism and suicide attacks andsaid that instead of summoningAPC the issue should be debat-ed by the House.

Meanwhile, Dr Darshunstaged a walk out from theHouse to protest increasingincidents of kidnapping ofminorities for ransom in Sindhand other parts of the country.

Adviser to Prime Minister onthe directions of DeputySpeaker went to protestingparliamentarian to bring himback in the House.

Pakistan Muslim League- Nchief whip Sheikh Aftab took astrong line on recent increase indrone attacks in Pakistan's trib-al areas and termed it a dent inthe country's sovereign status.

He recalled Pakistan's pres-tige which it acquired in thecomity of nations on becomingthe seventh nuclear state in theworld and the first in theIslamic world, but lamentedover its inability to be able tostop drone attacks.

If we have to live we have tolive as a sovereign country. Wewould not allow our sovereign-ty to be compromised, he said.

He drew attention of the

House to the shutting down ofindustry in Faisalabad, coun-try's industrial hub owing tolong power and gas outages.Closure of industry would def-initely cast negative impacts ata juncture when prices hadalready soared very high in thecountry, he argued.

Sheikh Aftab urged the gov-ernment to make what hecalled important decisions toimprove law and order, eradi-cate unemployment and boosteconomy.

He stressed for re-openingof industry, and institutionthat were once profit-mak-ing. -APP

Lawmakers raise voice over rising drone attacks

KARACHI: Federal Ministerfor Law and ParliamentaryAffairs Babar Awan Tuesdaysaid MQM chief AltafHussain's concerns were gen-uine and that he fully agreedwith the MQM leadership.

Speaking to media represen-tatives after attending a cere-mony held in connection with'Past, Present and Future'organised by Sindh Madrassahul Islam, Awan said MQMchief Altaf Hussain's concernswere genuine and that he fullyagreed with the MQM leader-ship, adding President Asif AliZardari has assured that all'grievances' of the MuttahidaQaumi Movement (MQM) willbe addressed.

MQM has expressed its con-cern over the socioeconomicproblems of the people andsimilar are the views of thegovernment, he added.

Awan said the government

was determined to solve theproblems of the masses duringthe next two years.

Awan also praised JUI-Fchief Fazlur Rehman and saidthat Rehman played a construc-tive role in the coalition gov-ernment.

"Difference of opinion is partof the democratic process andwe do not believe in the policyof dictation," Awan pointed out.

He said the government wasin no haste and it would com-plete its tenure and present apeople friendly budget in thenext two years.

To a question about the deci-sions taken recently by the judi-ciary, Awan said the presentgovernment will always respectthe judiciary.

About the anti-corruptiondrive of the present govern-ment, he said a major move wasin the offing to catch big bankdefaulters. -Online

MQM concernsgenuine: Awan

KABUL: US strategy to defeatal Qaeda and the Taliban tripledAmerican troops fighting inAfghanistan and doubled mis-sile strikes in Pakistan, but ush-ers in a make-or-break 2011after a year of record violence.

Since taking office, PresidentBarack Obama ordered morethan 50,000 extra troops intobattle to reverse Talibanmomentum and build upAfghan government forces sothat combat troops could startleaving in 2011.

There are now 140,000 US-ledNato troops on the ground --two-thirds of them American --and 2010 has proved to be thedeadliest year on record with thedeaths of at least 707 foreign sol-diers, or an average of two a day.

The United Nations declaredthe first 10 months as 20 per centdeadlier for Afghan civiliansthan the same period in 2009.

The Taliban have madeincreasing inroads into thenorth and west. Killings andkidnappings of Western aidworkers have put much of ruralAfghanistan, which suffersfrom huge poverty and socialproblems, off-limits.

In a damning assessment ofAmerica's key ally, US memos

leaked by whistleblower web-site WikiLeaks said no amountof aid money would ever con-vince Pakistan to abandon sup-port of the Afghan Taliban.

Nevertheless, Obama treatedthe United States to a cautiousone-year review of the surge,saying strategy was "on track"and that progress was sufficientto permit a "responsible reduc-tion" of US forces in July 2011.

Gains were fragile andreversible, the presidentacknowledged, but al Qaedawas now weaker than ever sincethe 2001 US-led invasion ofAfghanistan even if the networkwas still planning follow-ups tothe September 11, 2001 attacks.

The fact that he himselfstayed only three hours underthe cover of darkness and neverleft Bagram Air Field during avisit to American troops onDecember 3 spoke volumesabout the real state of security.

The White House attributedthe decision to bad weather andthe Afghans insisted there wereno hard feelings, but the cancel-lation of talks with Karzai inKabul did nothing to dispel fearsof a fraying political alliance.

There are still four yearsbefore the international com-

munity aims to hand overresponsibility for security to theAfghan government.

Even Petraeus, the lauded USgeneral who took over from thesacked Stanley McChrystal inJune, has expressed doubtabout victory by 2014, admit-ting that a "resilient" Taliban,squeezed out of some areas,simply pops up in others.

Questions about diplomaticcontinuity have also beenraised by the death of Obama'sspecial representative toAfghanistan and Pakistan,Richard Holbrooke, and thedecision to replace him by hismuch less well-known deputyFrank Ruggiero.

Politically, the Afghan andPakistani governments seemweaker than ever, tainted bycorruption despite near uncon-ditional financial support run-ning into billions of dollarsfrom Washington.

US ambassador KarlEikenberry wrote in one cablethat Karzai was "paranoid andweak" and "unfamiliar withthe basics of nation building",raising the question as towhether Washington can suc-ceed without a solid partner inKabul. -Reuters

2011 decisive forUS AfPak policy

KARACHI: Pakistan MuslimLeague-Functional (PML-F)Chief Pir Pagara has reiterated2011 as the year of polls andpredicted that MQM and JUI-Fwill be the part of new govern-ment.

He was talking exclusively toOnline News Agency here inKarachi on Tuesday.

He said next governmentsetup will be political and

one amongst these politicalparties currently active onwill grab the crown. Heshared his good wishes withnew government as he prayedfor them.

Replying to questions, PirSaheb said MQM will neverreturn to federal cabinet as PPPwill remain unsuccessful inaligning them.

He was of the view that both

MQM and JUI-F have playedtheir cards wisely and will berewarded in next ruling setupaccordingly.

He predicted about nextruling party as it will be thesame that intermittentlyappears on political sceneevery four or five years andthen clarified by saying thatit will be civilian setup,replying to a query. -Online

Pagara sees MQM,JUI-F in next govt

ISLAMABAD: The amnestyschemes launched by theSecurities and ExchangeCommission of Pakistan(SECP), i.e., the CompaniesRegularization Scheme (CRS)and Companies Easy ExitScheme (CEES) shall close onFriday, December 31.

These schemes were initiallyoperative for three months,from July to September. Onpublic demand these schemeswere extended initially toOctober and then to November.Now they have been finallyextended to December 31, videits circular No 27 of 2010,

placed on the SECP website.The fees structure in terms of

S.R.O. 996(I)/2010 of October26 shall apply.

The companies are earnestlyadvised to benefit from theschemes within the stipulatedtime, by either regularizingthrough filing of their overduereturns under the CRS or striketheir companies off the registerunder the CEES.

This is the last and final exten-sion and no further extensionshall be granted. A strict actionshall be initiated against thedefaulter companies, after theclosing of the schemes. -Online

Dec 31: last day ofSECP CRS, CEES

LARKANA: Chief Minister Sindh Syed Qaim Ali Shah and Federal Interior Minister Senator Rehman Malik, members of two

member committee constituted by President Asif Ali Zardari holding a meeting at Chief Minister House.-Online

No gas cutsfrom next

mth: QamarISLAMABAD: Minister for

Petroleum and Natural

Resources Syed Naveed

Qamar said decision to shut-

ter fertiliser industry vis-à-vis

gas load shedding programme

would save sufficient gas toensure uninterrupted gas sup-

ply to domestic consumers

from January next.

"Temperature further falls

in January, increasing the useof geysers and heaters every-

where, so we have planned it

in advance, the minister said

after MNA Malik ShakiBashir Awan raised a Calling

Notice Attention Notice

regarding gas load-shedding.

The minister attributed gas

load shedding and low pres-sure to the gap between sup-

ply and demand in every win-

ter.

Besides, new towns andlocalities had been added to

the already stressed system,

he added.

He said the government hadadopted a uniform policy

throughout the country, and

there was not any point of

cutting gas supply to any par-

ticular province."The whole country is ours;

the whole industry is ours;

and, it is the responsibility of

all of us to efficiently run it,"

he added.Referring to Iran-Pakistan-

India (IPI) and Turkmenistan-

Afghanistan-Pakistan-India

(TAPI) gas pipeline projects,

Naveed Qamar said the pres-ent PPP-led coalition govern-

ment had taken those impor-

tant schemes on fast-track,

and it would take around 4-5

years to accomplish. -APP

Kayani visitsKhi Garrison

RAWALPINDI: Chief of ArmyStaff (COAS), General AshfaqParvez Kayani visited Karachion Tuesday, where he addressedofficers of Karachi Garrison.

He spoke about the domesticand regional security issues andalso dilated upon the ongoingmilitary operations to restorenormalcy in terrorism-affectedareas of the country. He alsolauded rescue and relief effortsundertaken by various ArmyFormations during recent floods.

On arrival, COAS wasreceived by Corps Commander,Lieutenant General MuhammadZahir Ul Islam. -Online

US missile kills

6 in NWAMIRANSHAH: More than sixsuspected militants were killedon Tuesday in the fourth USmissile strike in PakistaniNorth Waziristan tribal agencysince Monday, said officials.

Four missiles were fired at twohouses in Ghulam Khan Districtof North Waziristan tribalagency, bordering Afghanistan,security officials were quoted assaying by media reports.

They said the strike killedmore than six suspected mili-tants, adding that two for-eigners were among the tar-geted. -Online