the financial daily e-paper 23-09-2010

International

Kashmir issue settlement under UN resolutions sought See on 2

Rs368bn realised thru privatisation: minister See on Page 12

Six powers mull UN embargoes against Iran See on Page 12

See on Page 12

Global mkt-access vitalto national security: FM

*Crude Oil (brent)$/bbl 78.58

*Crude Oil (WTI)$/bbl 75.69

*Cotton $/lb 102.25

*Gold $/ozs 1,296.80

*Silver $/ozs 21.17

Malaysian Palm $ 864.70

GOLD (NCEL) PKR 35,605

KHI Cotton 40Kg PKR 7,770

*Last Updated 20:00 PST

Yearly(Jul, 2010 up to 21-Sep-2010)

Monthly(Sep, 2010 up to 21-Sep- 2010)

Daily (21-Sep-2010)

Total Portfolio Invest (9 Sep-2010)

42.86

-43.01

-0.20

2337

1.65

-0.80

-0.29

0.10

0.06

-0.88

0.16

SCRA(U.S $ in million)

Portfolio Investment

FIPI (22-Sep-2010)

Local Companies (22-Sept-2010)

Banks / DFI (22-Sept-2010)

Mutual Funds (22-Sept-2010)

NBFC (22-Sept-2010)

Local Investors (22-Sept-2010)

Other Organization (22-Sept-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (10-Sep-10)

Inflation CPI% (Jul 10-Aug 10)

Exports (Jul 10-Aug 10)

Imports (Jul 10-Aug 10)

Trade Balance (Jul 10-Aug 10)

Current A/C (Jul 10- Aug10)

Remittances (Jul 10-Aug 10)

Foreign Invest (Jul 10-Aug10)

Revenue (Jul 10-Aug10)

Foreign Debt (Jun 10)

Domestic Debt (Jul 10)

Repatriated Profit (Jul 10)

LSM Growth (Jul 09 - Jun 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.07bn

12.79%

$3.56bn

$6.25bn

$(2.69)bn

$(944)mn

$1.72bn

$267.10mn

Rs 185bn

$55.63bn

Rs 4705.4bn

$62.10mn

4.55%

4.10%

$1,051

170.60mn

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

17.00

2.00

1.70

9.77

PKR/Shares

111.61

145.95

42.93

36.49

33.55

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)

22-Sep-2010

22-Sep-2010

22-Sep-2010

30-Jul-2010

22-Sep-2010

22-Sep-2010

22-Sep-2010

22-Sep-2010

22-Sep-2010

22-Sep-2010

22-Sep-2010

22-Sep-2010

22-Sep-2010

22-Sep-2010

22-Sep-2010

12.69%

12.82%

12.79%

13.00%

12.68%

12.76%

12.90%

13.23%

13.31%

13.38%

13.46%

13.56%

13.73%

13.86%

14.08%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 81.10 82.10

Canadian $ 82.85 83.85

Danish Krone 14.90 15.30

Euro 112.50 114.00

Hong Kong $ 10.90 11.30

Japanese Yen 0.998 1.023

Saudi Riyal 22.68 22.90

Singapore $ 63.80 64.80

Swedish Korona 12.00 12.50

Swiss Franc 84.80 85.80

U.A.E Dirham 23.20 23.40

UK Pound 133.50 135.00

US $ 85.90 86.20

Open Mkt Currency Rates

Index Close Change

KSE 100 9,946.42 46.08

Nikkei 225 9,566.32 35.79

Hang Seng 22,047.71 45.12

Sensex 30 19,941.72 59.83

ADX 2,631.09 6.67

SSE COMP. 2,591.55 2.84

FTSE 100 5,562.02 14.17

*Dow Jones 10,721.94 39.09

*Last Updated 20:00 PST

Global Indices

Symbols Buying Selling

TT Clean TT & OD

Australian $ 82.08 82.27

Canadian $ 83.69 83.89

Danish Krone 15.32 15.35

Euro 114.13 114.40

Hong Kong $ 11.05 11.07

Japanese Yen 1.010 1.013

Saudi Riyal 22.86 22.92

Singapore $ 64.57 64.72

Swedish Korona 12.53 12.56

Swiss Franc 86.07 86.27

U.A.E Dirham 23.35 23.40

UK Pound 134.33 134.64

US $ 85.85 86.04

Inter-Bank Currency Rates

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CITIES MAX-TEMP MIN

ISLAMABAD 34°C 21°C KARACHI 36°C 25°C LAHORE 31°C 26°C FAISALABAD 34°C 22°C QUETTA 29°C 03°C RAWALPINDI 34°C 22°C

Weather Forecast

Karachi, Thursday, September 23, 2010, Shawwal 13, Price Rs12 Pages 12

KARACHI: Inflation inPakistan is expected totouch 13.5 per cent thisyear as massive summerfloods pushed up prices forfood and other staples, theInternational MonetaryFund said in its countryreport.

Prior to the disaster, theIMF had projected averageinflation for the current2010/11 fiscal year at 11.5per cent, slightly below the11.7 per cent seen last year.

"The economic outlook

has deteriorated sharply asa result of the floods," theIMF said, adding that grossdomestic product (GDP)growth was unlikely toexceed 2.75 per cent thisfiscal year.

The government earlierhad targeted GDP growthof 4.5 per cent this year,whereas the IMF expectedit at 4.25 per cent.

"The agriculture sector -which accounts for 21 percent of GDP and 45

See # 9 Page 11

FY11 inflationseen at 13.5pc

GDP unlikely to exceed 2.75pc: IMF report

Staff Reporter

KARACHI: FederalBoard of Revenue (FBR)collected taxes worthRs220.308 billion duringthe first quarter of the cur-rent fiscal year, (tillSeptember 20), showingan increase of 5.1 per centover the correspondingperiod of last year.

However, the Boardwould have to collect fur-ther about Rs115 billion to

meet the collection targetof Rs335 billion set for thefirst quarter of the year.

"We have still ten-dayleft of the current month tomeet the target set for thequarter," remarked AsrarRauf, Member DirectTaxes while talking tojournalists hereWednesday.

The collection duringJuly-September includedRs60.828 billion as Direct

See # 14 Page 11

FBR rolls upRs220bn so far

Revenue collection increases by 5pc

Dy C’manNAB busyflouting

SC ordersISLAMABAD: DespiteSupreme Court's verdict,Deputy ChairmanNational AccountabilityBureau Javed Qazi hasappointed new legaladvisors at Karachi andIslamabad.

See # 18 page 11

MI shutsdown itspolitical

wing: reportISLAMABAD: Followingin the footsteps of - theI n t e r - S e r v i c e sIntelligence (ISI) --thepremiere spy agency ofthe country-- MilitaryIntelligence (MI) hasalso reportedly shutdown its political wing.

According to a source,Chief of Army Staff(COAS) General AshfaqKayani, who had earlierordered the closure ofISI's political wing,reportedly made thedecision, The Peninsula

See # 15 Page 11

3, 6-monthtreasury billsyields climbGhulam Raza Rajani

KARACHI: Accordingto State Bank of Pakistanthe cut-off yields on 3and 6 month treasurybills have registered asurge in Wednesday‘sauction.

SBP accepted bids worthRs58.22 billion in T-billsauctions. The bids offeredfor these bills amounted toRs75.87 billion.

Central bank increasedthe cut-off yield on 3-month T-bill by 14bps to12.7472 per cent andraised amount of

See # 13 Page 11

Pak urges USinterventionon Kashmir

NEW YORK: Pakistanurged the United Statesto pressure India overKashmir, saying recentunrest showed that NewDelhi and not Islamabadwas to blame for troublein the Himalayan territo-ry.

On a visit to New Yorkfor a UN session onPakistan's devastatingfloods, Foreign MinisterShah Mehmood Qureshiinsisted his governmentwanted peace with Indiabut tore into its rule ofKashmir which he called"oppression."

"The occupation can-not continue. The rights

See # 10 Page 11

ISLAMABAD: TheFederal CabinetWednesday while review-ing the overall economicissues decided to mobiliseall resources for the reha-bilitation of flood-batteredpeople to their homes.

Meeting chaired by

Prime Minister SyedYousuf Raza Gilani, thecabinet was informed thatsufficient stock of wheat,rice and pulses is availablein the country and there isno need to worry about thefood supplies in the wake

See # 16 Page 11

All means to be putinto rehab: Cabinet

PM satisfied over wheat, rice stocks

ISLAMABAD: TheNational Electric PowerRegulatory Authority(NEPRA) has decreasedthe power tariff by 42

paisas for consumers ofKarachi Electric SupplyCooperation (KESC), aprivate TV channel quoted

See # 17 Page 11

Nepra cuts KESCtariff by 42 paisa

Ahmed Siddique

KARACHI: The exportsof textile products soaredby 23.3 per cent in the ini-tial two months (July-August) of current finan-cial year against the sameperiod of the last year,Federal Bureau ofStatistics (FBS) reportedWednesday.

According to the officialdata, export of textileindustry has surged to

$1.97 billion in the periodunder review from $1.6

See # 12 Page 11

2MFY11 textileexport up 23.3pcRice export declines 44pc MoM in Aug

ISLAMABAD: Former presidentPervez Musharraf said if ChiefJustice of Pakistan IftikharMuhammad Chaudhry comes toreceive him, on his return it would bea great pleasure for him.

He was talking to a private TVchannel on Wednesday.

"I do not want to comment on PirPagara's remarks he maintainedadding Muslim League (Q) hasmerged with Functional league there-fore Shujaat Hussain and MushahidHussain should not add confusion."

Regarding PM's remarks on hisreception Musharraf said prime min-

ister should improve governanceinstead of taking refuge in ChiefJustice; adding Gilani should avoidissuing irresponsible statement.

Meanwhile The Lahore High Courtwas asked on Wednesday for regis-tering a high treason case against

See # 8 Page 11

Musharraf asks Gilani to govern goodPetition seeks treason case against former president of Pakistan

ISLAMABAD: The academic oper-ations in almost 72 public sector uni-versities nationwide have been sus-pended as the meeting to resolve thefunding issue remained inconclusiveon Wednesday.

As per the details, federal govern-ment has stopped release of develop-ment and nondevelopment grants tothe universities, thereby putting theuniversities into financial crisis.

In protest, cash-strapped universi-ties refused to continue normal aca-demic activities while Federation ofAll Pakistan Universities AcademicStaff Association has announced tostage a demonstration before the par-liament house on September 25 incase the funds are not disbursedimmediately.

Notably, Prime Minister SyedYousuf Raza Gilani formed a com-mittee to solve the issue and orderedthe finance ministry to reach an ami-

cable solution. However, the min-istry was unsuccessful.

The meeting, chaired by DeputyChairman of Planning CommissionNadeemul Haq, was also attended bythree vice chancellors and other offi-cials.

Nadeem-ul Haq said the govern-ment was unable to meet the finan-cial needs of the universities.

They should understand the current

tough situation the country's econo-my is facing nowadays, he said,adding boycott and suspensionwould not be in the interest of highereducation in the country.

Students of NUML staged a protestagainst ministry of finance for itsfailure to cater to the need of funds ofuniversities.

Vice Chancellors of public sector See # 7 Page 11

Broke varsitiesdown all pens

Lack of cash puts brakes on various projects: HEC

PM constitutes committee to solve the funding issue

HEC budget was upped 8pc: ShaikhISLAMABAD: Reiterating government commitment for the promotion ofhigher education in the country, Minister for Finance, Revenue andPlanning and Development Dr Abdul Hafeez Shaikh on Wednesdayinformed Senate that despite freezing the budget of all other departments,the budget for Higher Education Commission (HEC) was increased byeight per cent.

Replying to various supplementary questions during questions hour, hesaid that the requirements of all those students who had been sent abroadby HEC would be fulfilled at any cost so they could See # 6 Page 11

Food, oilimport billsurges 30pc

Staff ReporterKARACHI: Country'scumulative food and oilimport bill rose by 30

See # 11 Page 11

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani called on President Asif Ali Zardari at Aiwan-e-Sadr. -APP

2 Thursday, September 23, 2010

TV PROGRAMMES

THURSDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere

Maya ke Sath

11:00 News

12:00 News

13:10 Newsbeat (Rpt)

14:10 Tonight With

Jasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Tonight With

Jasmeen

23:00 News

23:30 24

THURSDAYTime ProgrammesTime Programs

8:00 Pakistan Aaj Raat

9:00 News

9:02 Pehla Sauda

10:00 News

10:15 Bazaar

11:00 News

11:05 Ghar Ka Kharch

12:00 News

12:05 Bara ka Para

12:30 Mang Raha Hay

Pakistan

13:30 Akhri Suada

14:00 News

14:15 Power Hour

15:05 Badalta Pakistan

16:00 News

16:05 Doosra Pehlu

17:05 Ghar Ka Kharch

18:05 Pegham-e-Islam

19:00 News

19:05 Islam Aur Karobar

19:30 Karobari Dunya

20:00 Headlines

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:05 Doosra Pehlu

23:00 News

23:05 Karobari Dunya

23:30 Islam Aur Karobar

KARACHI: Students of different universities along with Pak Army personnelpacking relief goods for flood affected people at COD. -APP

ISLAMABAD: Special Assistant to the Prime Minister on Social Sector ShahnazWazir Ali, Deputy Chairman Planning Commission Nadeem-ul-Haq, Political

Counseior US Embassy Brian D Hunt. New Deputy Chief of Mission USEmbassy Stephen Egenlken, USAID Mission Director Robert Wilson and

Ambassador Robin Raphael posing for a group photo during a dinner hostedby Chief Executive Children’s Global Network Pakistan Mehnaz Aziz in the

honour of Sir Michael Barber in Islamabad. -Online

KARACHI: Pakistani people affected by flood in Mirpur Sakro, returining to their homes from releifcamps for flood affectees in Razaqabad after the flood recedes in their areas. -Online

THATTA: ChiefMinister Sindh, SyedQaim Ali Shah visited arelief camp for flood sur-vivors set up and run byKESC in Thatta. He wasaccompanied by PirM a z h a r - u l - H a q ,Provincial Minister ofEducation and Literacy,Sassui Palijo, Minister forCulture and Tourism aswell as Humaira Alvani,MPA Sindh.

The dignitaries weregiven an overview ofKESC' flood relief opera-tions by the KESC teamheaded by the company'sChief Executive Officer,Tabish Gauhar andGhufran Atta Khan, ChiefM a r k e t i n gCommunication Officer.

As per the brief given tothe Chief Minister, KESC

is running one of thebiggest corporate floodrelief operations in thecountry with an invest-ment of almost $1.2 mil-lion, to provide relief toabout 30,000 IDPs inlower Sindh and in campsin Karachi. So far, KESChas provided 3,000 tents,90 trucks of food pack-ages, 7 trucks of dailyusage items like mosquitonets, floor mats and uten-sils, 2 water purificationplants and free medicaltreatment to thousands ofaffected persons.

The Chief Minister andhis accompanying teamwere taken on a tour ofthe Care Camp and showndifferent amenitiesincluding the water filtra-tion plants, sanitation anddispensary facilities, etc.

The CM also distributedgifts among the flood sur-vivors and inquired aftertheir health and wellbeing. He expressed greatdelight on the fact thatbasic education is beingprovided to the children atthe camp and was alsovery pleased to hear of thebirth of seven healthybabies to different fami-lies under the care ofKESC's staff. He greatlyappreciated the compa-ny's efforts in providingfull medical support to 30more expecting mothers.He was pleasantly sur-prised to learn about theinitiatives to providerecreation to the IDPs atthe camps such as sportsfacilities and the recentlyheld Eid Mela organizedby KESC.-PR

CM Qaim visits KESC relief camp

Jamil Siddiqui

KARACHI: More than800 containers wortharound $8 million, ladenwith Pakistani exportedrice are stranded atKenyan ports and due tothis critical issue, RiceExporters Association ofPakistan (REAP) mem-bers are facing hugefinancial losses onaccount of demurragesand they have to bearextra costs of around $300 to $ 500 perContainer. Additionally,due to this issue, they arealso worried about theirfuture orders.

According to reportsreaching here to TheFinancial Daily, due torecent Kenyan govern-ment notification, all riceimported in Kenya willnot be released from thePort until LaboratoryAnalysis Reports inrespect to grading havebeen received in the sta-

tion of clearance. Despitehaving the said Certificateissued by Kenya Bureauof Standards (KEBS),who are the mandatedtesting Authority inKenya, are also NOTbeing accepted by KenyaRevenue Authority(KRA). Even any consign-ment imported and havingsupporting document ofCOC attached to thatimport still not beenreleased without getting thelab test results after with-drawing the samples andgetting the analysis reportof that sample after itsmatching to the Standards.

Meanwhile, in a highlevel meeting of REAPmembers, it has beendecided to request thePrime Minister ofPakistan and Minister ofCommerce, Governmentof Pakistan to interveneand take-up the matterwith KenyanGovernment and resolvethe problems of rice

export industry whichearns more than $2 bil-lion foreign exchangeannually for our belovedcountry.

It is pertinent to note thatKenya is very big marketof Pakistani Long GrainRice. Pakistan has exported364,237 M/Tons ofPakistani Long Grain Irri-6Rice amounting to $ 134.1Million to Kenya in last fis-cal year during July, 2009to June, 2010 which is arecord in the history ofRice Export Trade andREAP is hopeful toincrease/maintain the tradebetween both the countries.

Most interestinglyPakistan is one of thelargest Importers of Teafrom Kenya and traderelationship betweenPakistan and Kenya arevery good. Ministry ofCommerce/Governmentof Pakistan may use thistrade (import of tea fromKenya) to handle the sit-uation.

Pak rice stranded at

Kenyan ports

Staff orrespondent

KARACHI: All efforts forthe grant of duty free accessfrom EU would go in vainwith the discontinuing zerorating of exports is contem-plated by the government.

This was stated by thePatron In-chief, KorangiAssociation of Trade andIndustry (KATI) S MMuneer, Chairman, RazzakHashim Paracha and for-mer chairmen, Mian ZahidHusain, Masood Naqi andAbdul Haseeb Khan in ajoint statement issued here.

They vehemently saidthat the fate of our exportswill be in danger after phas-ing out of zero-rating, withexporters entire capital andliquidity blocked, as thebanks also are not prepared

to give loans to the textilesector.

"We strongly suspect thatsomeone in the governmentis misguiding the presentregime and intends to openfloodgates of corruption bypromoting discontinuationof zero-rated, which willresult in many units to closedown," they stated.

"In this most difficult sce-nario when gas and elec-tricity prices are skyrocket-ing and in the face of theflood disaster when morethan 20 million people havebecome homeless and withthe suffering a loss of $43billion initially as estimatedby the government, it willbe impossible to absorb thelarge number floodaffectees in jobs", Parachawarned.

KATI terms endof zero-ratedexport fateful

KARACHI: PresidentKarachi Chamber ofCommerce Industry(KCCI) Abdul Majid HajiMuhammad said fiscaldeficit is feared to increaseowing to increasing trendin the discount rate and inview of the prevailingemergency situation due totorrential rainfalls andfloods.

The existing fiscaldeficit of 6 per cent mak-ing about Rs925 billionwill further rise in the caseof excessive governmentborrowing and persistentinflation which are themain factors for economicimbalances, Majid said ina press statement here onWednesday.

Abdul Majid assertedthat to control inflation andaugment the economy, theGovernment would have

to cut-down their un-nec-essary expenditures andadopt austerity measuresin the larger interest of thenation.

He was of the view thatthe Government's policyand exercise to increasediscount rate has failed todepress the inflationarypressure on economy andas its outcome several sec-tors are facing setback.

The President, KarachiChamber of Commerceand Industry (KCCI) hasbeen demanding sincelong that discount policyrate be brought down tosingle digit to strengthenthe national economy andto promote trade andindustrial activities.

However, inclined trendin the rate is a disappointingsign and it is multiplying theeconomic adversity.-APP

KCCI fears risein fiscal deficit

TDAPfinalisesactivities

for 2010-11Staff Correspondent

KARACHI: TradeDevelopment Authority ofPakistan (TDAP) hasfinalised its calendar ofdomestic conferences, sem-inars and workshops onvarious subjects of tradedevelopment and exportpromotion for the year2010-11, gearing up itsactivities.

According to a hand outissued by TDAP to TheFinancial Daily these semi-nars, some of which arealready being held, will beconducted throughout thecountry and are meant tohighlight the potential ofvarious markets wherePakistani exports willreceive favorable and risingdemands and also to shareinformation with Pakistaniexporters about latest trendson product development,value-addition, productdiversification, internation-al compliance, design inno-vations and creation anddevelopment of PakistaniBrands for specific markets.

Another important objec-tive of these events is toencourage new businesspeople to enter export mar-ket by providing theminformation on nuts andbolts of international tradeand how to access govern-ment facilities includingbanking credit and othersubsidies and incentivesoffered by government.

TDAP aims through theseseminars to increase notonly the volume and valueof Pakistani exports but alsoto increase the number ofexporters especially fromnon-traditional regions ofPakistan.

Samsunglaunches

eco-bubblewasher

KARACHI: SamsungElectronics Co recentlylaunched its new flagshipfront-loading washer, theEco Bubble WashingMachine, during Europe'sbiggest consumer electron-ics fair, IFA 2010, held atthe Messegelande, Berlin.

This stylish washingmachine has achieved up to70 per cent energy conser-vation (30 per cent lessthan the limit for an "AEnergy" rated washer).

Category Head HomeAppliances Fawad RazaSayeed said; "Today'smodern families want aneasy-to-use washingmachine that can take onlarger wash loads andreduce their carbon foot-print."-PR

Rajparelected newPSAA chief

Staff Correspondent

KARACHI: MohammedA Rajpar was declared asthe new unopposedChairman of PakistanShip's Agents Association(PSAA) for 2010-11.

According to a hand outreceived by The FinancialDaily the official spokesmaninformed that meeting ofPSAA was held recently inwhich the decisions weremade. Following weredeclared elected;Mohammed A Rajpar asChairman, Tariq Haleem asVice Chairman along with10 Executive Comitteeemembers namely AsimSaeed Khan, Khalid WKhokhar, M KareemIspahani, Capt MohammadInam, Nader Cowasjee, CaptNusrat Iqbal, Capt S KamalAhmed MahmoodiandOvais-ur-Rehman.

KATImembers

electedunopposed

Staff Reporter

KARACHI: Accordingto announcement ofKorangi Association ofTrade & Industry (KATI),eight members have beendeclared elected unop-posed as members of theExecutive Committee ofKATI for vacant seats ofthe Executive Committeefor the term 2010-11.

Name of newly electedmembers of the ExecutiveCommittee of KATI areSyed Johar Ali Qandhari,Ehteshamuddin, ShahidJawed Qureshi, SyedFarukh Mazhar, HashamA Razzak, Azfar Aftab,Kashif Ali Khan andMohammad DanishKhan.

Mobilinkstarts int’leasy-load

serviceKARACHI: Mobilinkrecently entered into a part-nership with the interna-tional mobile airtime trans-fer company, TransferTo inorder to widen its JazzLoad international trans-fers. Through this collabo-rative service, Pakistanisliving outside of Pakistanwill be able to send airtimeto their loved ones inPakistan.

Bilal Munir Sheikh, VicePresident MarketingMobilink, said, " With theaddition of this internation-al top-up service, we arepleased to expand our serv-ices and reach across theborders for ease and con-venience of the Mobilinkfamily."

Over 800 containers stuck up at Kenyan Port

MOSCOW: The rouble fell toa seven-month low against theeuro on Wednesday, hit bybroad euro gains, demand forforeign currency to pay forincreased imports and con-cerns about the health of thedomestic and globaleconomies.

A break through stop-losslevels added fuel to the rou-ble's slide, while unexpectedlylow demand for roubles for taxpayments also deterredinvestors.

The rouble slumped as muchas 75 kopecks, or 1.8 per centto 41.51 against the euro, itsweakest point since Feb 10. By1212 GMT, it had pulled backslightly to 41.45.

Against the euro-dollar bas-ket, used by the central bank toguide currency policy, the rou-ble touched its lowest sinceearly February of 35.76 rou-bles, down 0.9 per cent.

"We are seeing a deteriora-tion in confidence towardsRussia's policy, which spursinflation and a rise in roubleliquidity," said AntonStruchenevsky, analyst atTroika Dialog.

"If some miracle doesn't hap-pen, a further slide in the rou-ble may be expected."

Wednesday's slide extendedsteep losses seen last week asbroad risk aversion added todomestic concerns.

Investors are worried that theworst drought in decades thissummer will slow down eco-nomic growth, push upimports and dent Russia's cur-rent account surplus.

The rouble would not benefitfrom higher interest rateseither as the non-monetarynature of the spike in foodprices means the central bankwill probably hold off on rais-ing rates while the economicoutlook remains uncertain,analysts say. -Reuters

Russian rouble hits7-mth low against euro

MUMBAI: The Indian rupeefaced stiff resistance at fourmonth highs on Tuesday as oiland gold importers increaseddollar purchases ahead of themonth-end, but broad weak-ness in the US unit continuedto underpin sentiment.

The partially convertiblerupee closed at 45.58/59 perdollar, after rising to 45.44, itsstrongest since May 14, and0.2 per cent above its45.67/68 close on Tuesday.The unit traded in a band of45.44-45.6150 during the ses-sion.

"Rupee traded the 45.45-45.60 range perfectly. 45.45held well, thanks to the stockmarket losing steam above20,000 and 45.60 was helddue to good recovery from thelows of 19,800," said J.MosesHarding, head of global mar-kets at IndusInd Bank.

Foreigners have moved $4.1billion into shares this month,taking net investment so far in2010 to nearly $17 billion.Inflows into the debt markethave also reached $9.4 billionthis year, as investors arelured by higher interest rates.

Last year, record portfolioinflows of $17.5 billion hadhelped the rupee rise 4.7 percent on year.

"The euro has broken upand moving towards 1.3450levels which pushed the dollarindex down. 45.50 should bethe next support below which45.25 is the next level," saidA. Ajith Kumar, a senior for-eign exchange dealer withFederal Bank.

"On the week, if the rupeecloses below 44.70, we willsee a bullish rupee trend in themedium term, if not, then it islikely to head back towards46 levels," Kumar added.

One-month offshore non-deliverable forward contractswere quoted at 45.73, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange, the MCX-SX andthe United Stock Exchangeclosed at 45.6475, 45.64 and45.65 respectively, with thetotal traded volume on thethree exchanges at an average$9 billion. -Reuters

Indian rupee retreatsas shares lose steam

3Thursday, September 23, 2010

Currency Rates

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

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 22/09/2010

A USD GBP CAD EUR JPY

O/N 0.22663 0.54875 1.04667 0.38188 SN 0.10500

1WK 0.25025 0.55078 1.05667 0.46875 0.11750

2WK 0.25181 0.55563 1.08667 0.50875 0.12625

1MO 0.25625 0.57000 1.11167 0.57688 0.14000

2MO 0.27297 0.62406 1.17833 0.67500 0.17375

3MO 0.28938 0.73313 1.24250 0.82625 0.21938

4MO 0.34313 0.81734 1.30250 0.91625 0.30875

5MO 0.40688 0.92484 1.35750 1.00813 0.36750

6MO 0.46406 1.02688 1.42250 1.10625 0.42750

7MO 0.51375 1.10344 1.48750 1.15750 0.48438

8MO 0.56488 1.18344 1.57250 1.20750 0.53125

9MO 0.61500 1.26406 1.65583 1.25875 0.58063

10MO 0.66756 1.33875 1.72750 1.30938 0.60750

11MO 0.72075 1.40750 1.83583 1.35688 0.63313

12MO 0.78169 1.47188 1.93417 1.40250 0.66250

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

U.S.A. 85.95 85.75 85.56U.K. 134.64 134.33 134.02EURO 114.40 114.13 113.87CANADA 83.89 83.69 83.47SWITZERLAND 86.27 86.07 85.85AUSTRALIA 82.27 82.08 81.86SWEDEN 12.56 12.53 12.50JAPAN 1.01 1.01 1.01NORWAY 14.49 14.45 14.42SINGAPORE 64.72 64.57 64.40DENMARK 15.35 15.32 15.28SAUDI ARABIA 22.92 22.86 22.80HONG KONG 11.07 11.05 11.02CHINA 12.82 12.79 12.76KUWAIT 299.95 299.25 298.46MALAYSIA 27.80 27.73 27.66NEW ZEALAND 63.37 63.22 63.06QATAR 23.61 23.56 23.49U.A.E. 23.40 23.35 23.28KR WON 0.07 0.07 0.07THAILAND 2.80 2.80 2.79

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3360 1.3362 1.3440 1.3254

EUR-GBP 0.8546 0.8549 0.8576 0.8465

EUR-CHF 1.3199 1.3204 1.3271 1.3183

EUR-JPY 112.86 112.88 113.51 112.51

USD-CHF 0.9880 0.9884 0.9978 0.9839

USD-CAD 1.0334 1.0340 1.0356 1.0193

GBP-USD 1.5629 1.5632 1.5175 1.5605

GBP-JPY 132.05 132.09 133.39 131.76

AUD-USD 0.9525 0.9528 0.9600 0.9527

EUR-CAD 1.3814 1.3818 1.3859 1.3595

CHF-JPY 85.46 85.52 85.80 85.05

Gold 1288.28 1289.02 1295.38 1284.98

Silver 20.99 21.02 21.18 20.19

As per 22.00 PST

Time Source Events Forecast Previous

3:45 NZD GDP q/q 0.8% 0.6%

12:00 EUR French Flash Manufacturing PMI 55.0 55.1

12:00 EUR French Flash Services PMI 60.1 60.4

12:30 EUR German Flash Manufacturing PMI 57.7 58.2

12:30 EUR German Flash Services PMI 57.2 57.2

13:00 EUR Flash Manufacturing PMI 54.6 55.1

13:00 EUR Flash Services PMI 55.5 55.9

13:30 GBP BBA Mortgage Approvals 32.3K 33.7K

17:30 USD Unemployment Claims 451K 450K

19:00 USD Existing Home Sales 4.11M 3.83M

Source Events Actual Forecast Previous

NZD Current Account -0.88B -0.19B 0.16B

CNY Bank Holiday

GBP MPC Meeting Minutes 1-0-8 1-0-8 1-0-8

EUR Industrial New Orders m/m -2.4% -1.2% 2.4%

CAD Core Retail Sales m/m -0.4% 0.4% -0.6%

CAD Leading Index m/m 0.5% 0.5% 0.4%

CAD Retail Sales m/m -0.1% 0.5% 0.0%

EUR Belgium NBB Business Climate -3.4 -5.0 -5.1

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada Oct 19 2010 Sep 08 2010 1%

Bank of England Oct 07 2010 Mar 05 2009 0.50%

European Central Bank Oct 07 2010 May 07 2009 1%

Federal Reserve Nov 03 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

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

Bank of Japan n/a Dec 19 2008 0.10%

Major Central Banks Overview

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

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

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

ABPL 11.50 12.00 11.60 12.10 12.10 12.60 12.45 12.70 12.50 12.75 12.75 1325 12.90 13.40 13.25 13.75

ABLN 11.50 12.00 11.75 12.25 12.10 12.60 12.55 12.80 12.70 12.95 12.80 1330 12.95 13.45 13.00 13.50

JSBL 11.60 12.10 11.80 12.30 12.25 12.75 12.60 12.85 12.70 12.95 12.70 1320 12.70 13.20 12.90 13.40

ASPK 11.60 12.10 11.90 12.40 12.15 12.65 12.50 12.75 12.60 12.85 12.70 1320 12.75 13.25 12.90 13.40

CIPK 11.60 12.10 11.90 12.40 12.20 12.70 12.40 12.65 12.60 12.85 12.70 1320 12.90 13.40 13.05 13.55

DB P K 11.45 11.95 11.70 12.20 12.10 12.60 12.40 12.65 12.60 12.85 12.65 1315 12.70 13.20 12.80 13.30

FBPK 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

FLAH 11.60 12.10 11.90 12.40 12.20 12.70 12.50 12.75 12.65 12.90 12.70 1320 12.80 13.30 12.95 13.45

HBPK 11.50 12.00 1175 12.25 12.10 12.60 12.50 12.75 12.65 12.90 12.75 1325 12.80 13.30 12.95 13.45

HKBP 11.60 12.10 1180 12.30 12.15 12.65 12.50 12.75 12.65 12.90 12.70 1320 12.75 13.25 12.90 13.40

N I PK 11.85 12.35 12.25 12.75 12.70 13.20 12.90 13.15 13.10 13.35 13.20 1370 13.30 13.80 13.40 13.90

HMBP 11.60 12.10 11.80 12.30 12.40 12.90 12.65 12.90 12.80 13.05 12.85 1335 12.85 13.35 12.90 13.40

SAMB 11.50 12.00 11.80 12.30 12.15 12.65 12.55 12.80 12.65 12.90 12.75 1325 12.85 13.35 12.95 13.45

MCBK 11.60 12.10 11.90 12.40 12.25 12.75 12.40 12.65 12.55 12.80 12.60 1310 12.70 13.20 12.95 13.45

NBPK 11.50 12.00 11.80 12.30 12.25 12.75 12.60 12.85 12.75 13.00 12.80 1330 12.85 13.35 13.00 13.50

SCPK 11.50 12.00 11.80 12.30 12.15 12.65 12.40 12.65 12.55 12.80 12.60 1310 12.70 13.20 12.90 13.40

UBPL 11.50 12.00 11.75 12.25 12.15 12.65 12.50 12.75 12.65 12.90 12.70 1320 12.80 13.30 12.95 13.45

AVE 11.55 12.05 11.81 12.31 12.18 12.68 12.51 12.76 12.65 12.90 12.73 13.23 12.81 13.31 12.95 13.45

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)22/09/2010

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

1 week 0.10 0.97 0.01 0.96 0.94 -0.76 0.43 0.941 month 0.27 0.78 0.19 0.86 0.66 0.09 -0.29 -0.093 months 0.69 0.24 -0.01 0.27 0.86 0.59 -0.47 -0.536 months 0.72 -0.40 -0.19 0.04 0.65 0.77 -0.30 -0.891 year 0.53 0.59 0.52 0.72 0.88 0.70 0.39 -0.842 years 0.39 0.32 -0.37 0.66 0.69 0.49 -0.41 -0.52

Currencies CorrelationGBP/USD

CMKA BMA INVSR GSL ICSL JSCM AvgRate

0-7days 11.80 11.60 11.60 11.80 11.50 11.65 11.66

8-15dys 12.03 11.70 11.85 12.10 11.90 11.90 11.91

16-30dys 12.35 12.25 12.25 12.40 12.20 12.25 12.28

31-60dys 12.40 12.65 12.50 12.50 12.48 12.55 12.51

61-90dys 12.60 12.70 12.55 12.70 12.60 12.65 12.63

91-120dys 12.70 12.75 12.70 12.85 12.70 12.75 12.74

121-180dys 12.80 12.85 12.85 12.95 12.78 12.85 12.85

181-270dys 12.85 12.94 12.90 12.98 12.85 12.91 12.91

271-365dys 12.90 12.97 12.90 13.05 12.90 12.92 12.94

2-- years 13.25 13.28 13.30 13.30 13.30 13.35 13.30

3-- years 13.35 13.40 13.35 13.40 13.39 13.40 13.38

4-- years 13.40 13.45 13.44 13.44 13.42 13.45 13.43

5-- years 13.40 13.45 13.50 13.47 13.45 13.50 13.46

6-- years 13.45 13.50 13.50 13.48 13.50 13.50 13.49

7-- years 13.45 13.50 13.52 13.49 13.53 13.53 13.50

8-- years 13.50 13.60 13.53 13.50 13.53 13.54 13.53

9-- years 13.50 13.60 13.55 13.52 13.55 13.55 13.55

10--years 13.55 13.60 13.55 13.55 13.58 13.55 13.56

15--years 13.70 13.75 13.70 13.90 13.65 13.70 13.73

20--years 13.85 13.90 13.80 14.00 13.80 13.80 13.86

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

NEW YORK: The dollar fellon Wednesday to its weakestlevel versus the yen sinceJapan's intervention and theeuro rallied on expectations offurther monetary easing by theUS Federal Reserve.

The dollar index hit a six-month low after Tuesday's Fedstatement signaled chances ofextra stimulus by the centralbank, most likely via the pur-chase of US Treasury debt.

Such a move would pushbenchmark yields even lowerand further diminish the returnon dollar-denominated assets.

Gains in the euro acceleratedonce it broke through optionbarriers at $1.3350 to a five-month high above $1.3400.

However, the market was

wary of selling the dollaragainst the yen too aggressive-ly as it might trigger anotherwave of intervention by theJapanese authorities that sur-prised many investors lastweek.

"Sellers ofd o l l a r / y e nwill have tobe very nim-ble as inter-vention risksare very high.We wouldexpect theJapanese to intervene once theprice action gets too one-sided," said Paul Mackel,director of currency strategy atHSBC Markets.

In late morning trading in

New York, the dollar wasdown 0.9 per cent against theyen at 84.34, a session low,according to Reuters data. Ittouched 82.87 yen on EBStrading platform last

Wednesday before Japaneseauthorities intervened to sendit three yen higher in a day.

Traders said Japan may stepin between 83.00 and 85.00yen. They said authorities had

called banks to ask if they willbe staffed on Thursday, aJapanese national holiday, inan apparent attempt to keeptraders cautious over interven-tion.

The drop fol-lowed Fed com-ments expressinggreater concernabout sluggish USgrowth and lowlevels of inflationin a statement thatmany took asopening the door

wider to pumping more dollarsinto the economy.

The euro rose 1.2 per cent ver-sus the dollar after climbing 1.5per cent on Tuesday, helped bybuying from Middle Eastern

central banks, traders said. Itclosed above its 200-day movingaverage on Tuesday, pointing tomore gains.

The single currency traded ashigh as $1.3440, and technicalanalysts said the next targetwas around $1.3465, the 38.2-per cent retracement from the2008 high of $1.6038, the highin 2008, to June's low of$1.1875. Further out was$1.3500, the 50-per centretracement of the November2009 high of $1.5145 to theJune low.

The euro was also supportedafter Portugal's bond auctionsaw strong demand, a day afterinvestors lapped up debtissuance from Greece, Spainand Ireland. -Reuters

Greenback falls to lowest sinceJapan intervened last week

LONDON: Sterling hit a four-month low against the euro anda two-month trough versus acurrency basket on Wednesdayafter Bank of England minutesshowed policymakers weremore willing to consider furthermonetary easing.

The pound rose against thedollar, however, which slidbroadly in the wake of a FederalReserve policy decision on

Tuesday that raised expecta-tions US policymakers could beeven closer to another round ofquantitative easing. The markettalk of more QE in the UnitedStates intensified the impact onsterling of the BoE's minutes,which showed policymakersfelt the case for more easing inthe UK had strengthened.

"The minutes were moredovish than they had been pre-viously, but there was also a lotof follow-through from theFOMC minutes, which exacer-bated the market impact in theUK," said Christian Lawrence,

currency strategist at RBC.Minutes of the Monetary

Policy Committee's Sept 8-9meeting showed an 8-1 vote forleaving interest rates on hold ata record low of 0.5 per cent, asexpected, with AndrewSentance again isolated in call-ing for higher rates.

"Cable (sterling/dollar) is just afunction of dollar weakness, butagainst other currencies sterling

is certainly weaker," Lawrencesaid. By 1531 GMT, the euro wasup 0.9 per cent at 85.63 pence,having risen as high as 85.77, itsstrongest since late May. This leftthe euro within sight of its 200-day moving average, currently at85.97 pence.

Sharp falls against the europushed trade-weighted sterlingdown 0.6 per cent to 80.4, itsweakest since July 22. Against thedollar, the pound rose 0.3 per centto $1.5661, as the dollar tumbledto a six-month low versus a cur-rency basket in the wake of thedovish Fed statement. -Reuters

Stg hits 4-mth lowon soft BoE mins

BANGKOK: The Philippinepeso and Thai baht led a broadrise in emerging Asian curren-cies on Wednesday as the dol-lar fell broadly after the USFederal Reserve pointedtowards an easing of monetarypolicy.

The baht and the ringgit hit13-year highs as emerging cur-rencies rose, although marketswere wary about pushing themup too quickly for fear of cen-tral bank intervention.

The yen rose a quarter of aper cent to 84.87 per dollar,just below the level wheretraders expect Japan's centralbank to intervene to weaken itscurrency. Expectations the Fedwas moving closer to offeringfurther support to the US econ-omy lifted both stocks and

bonds. The dollar fell to a six-week low against the euro.

The Philippine peso rose halfa per cent, but the gains weretempered by market cautionthe central bank may step inand curb the rise.

Central bank GovernorAmando Tetangco said onWednesday interest rate differ-entials between the UnitedStates and emerging marketsthat have boosted risk appetiteand capital inflows can com-plicate monetary policy.

The dollar was bid at 43.80 at0610 GMT, up 0.47 per centfrom late on Tuesday. The pesohas gained 2.9 per cent in thepast month and 5.5 per centthis year.

The Thai baht rose nearly athird of a per cent to a 13-year

high in early trade. Dealerssaid the Bank of Thailandstruggled to halt its rise at30.65 per dollar.

Dollar/baht was bid at 30.63at 0607 GMT against 30.72 lateon Tuesday. The baht hasgained 2.8 per cent in the pastmonth and 8.8 per cent thisyear, the third-best Asian per-former after the ringgit and yen.

The Malaysian ringgit rose toa 13-year high of 3.0910 perdollar, prompting central bank(BNM) intervention.

Dollar/ringgit was bid at3.0910 at 0613 GMT against3.1000 late on Tuesday. Theringgit has appreciated 10.7per cent against the dollar thisyear, outperforming the Asiancurrencies monitored byReuters daily. -Reuters

Asian currencies

Peso, baht lead Asiangains, wary of cbank moves

SYDNEY/WELLINGTON: The Australiandollar was strong near two-year highs onWednesday and the New Zealand dollar wasfirm as bets that super-loose US monetary poli-cy may ease even further led investors to searchfor yield.

The Australian dollar flew high at $0.9583,bringing gains so far this month to a whopping7.5 per cent. Its high-yield appeal was clearly infocus, especially after the Federal Reserve sig-nalled it may further ease policy, to the detri-ment of the US dollar.

Add to that, growing market expectations forAustralian interest rates to rise to 4.75 per centas soon as next month, from 4.5 per cent now,and some analysts predict the Aussie dollarcould retest its 2008 high of $0.9851 in weeksahead.

"The contrast in US monetary policy and thatin Australia could not be starker," said GregGibbs, an analyst at RBS.

A series of hawkish remarks from the ReserveBank of Australia (RBA) this week highlightingthe need for monetary policy to respond toAustralia's mining boom has led investors toprice in a 63 per cent chance of a rate rise onOctober 5.

In a sign investors were once again gettingexcited about rate rises in Australia after a four-month hiatus from the RBA when it refrainedfrom raising rates, the domestic cash yield curvewas at its flattest in two years at 18 basis points.

The NZ dollar was firm at $0.7369, after itearlier touched a one-week high of $0.7383,bringing its gains over the past 24 hours toabout a cent. The kiwi tracked steadily higherthrough the local session, after opening around$0.7325.

New Zealand's current account deficitwidened slightly in the second quarter as returnsfor overseas owned companies outstripped astrong trade surplus. -Reuters

Aussie near 2yr highs ondovish Fed vs hawkish RBA

Swiss francdeclines

against euroZURICH: The Swiss franc trend-ed lower against the euro onWednesday after fairly robustdemand at Irish, Greek andSpanish government debt auc-tions on Tuesday eased fundingconcerns in the euro-zone.

The franc rose against the dol-lar, which was weaker againstmajor currencies after the USFederal Reserve suggested onTuesday it was ready to addstimulus to the US economy,raising fears it could print dol-lars to do so.

"In the very short term thedovish view of the SNB and thehint of the fed that it could movetowards more quantitative easingwill weaken the franc against theeuro," said Bank Sarasin econo-mist Alessandro Bee.

The franc was down 0.1 percent against the euro compared tothe New York close, trading at1.3229 francs per euro at 0717GMT. The franc was 0.3 per centhigher against the dollar at 0.9939francs per dollar, within strikingdistance of the year high of0.9930 hit on Sept. 14.

The franc has backtrackedagainst the euro after an all-timehigh of 1.2763 francs to the euroon Sept. 8, with expectations theSwiss National Bank could raiseinterest rates abating asSwitzerland's robust economicgrowth began to slow. -Reuters

Dollar index falls below 80, lowest in six months

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

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

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

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

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

accuracy and completeness cannot be guaranteed. The Financial Daily

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

use of these reports and recommendations.

Pepcodeserves

NO leewayReportedly the government of Pakistan under the

pressure of multilateral financial institutions isforced to wind up the Pakistan Electric PowerCompany (Pepco) but also wants to create a newcell within the Ministry of Water and Power. Theother key initiatives include a 24-35 per centincrease in electricity tariff, partly during the cur-rent fiscal year, different tariffs in the provincesand the sale of 5-10 per cent shares of power distri-bution companies to the general public, changetheir management, lay off the meter-readers andreplace the existing electricity meters by smartmeters capable of instantly detecting theft and 'kun-das' (illegal connections) without physical inspec-tion. The government aims at winding up Pepco byOctober 31, 2010 as the first step. One fails tounderstand the hurry as it would create mess ratherthan bringing any tangible positive change.

The Financial Daily was the first to raise thedemand for winding up Pepco, the holding compa-ny as it failed to meet the basic mandate of facili-tating privatisation of corporatised entities replac-ing Water Wing of Wapda. If the government isserious in winding up Pepco, all its rudimentsshould also be removed. There is no need to createany cell within Ministry of Water and Power.

Instead of retrenching meter-readers the top hierar-chy of Pepco should be removed immediately, theydo not deserve integration into Ministry and evenretirement benefits. This suggestion comes becauseof the following highly imprudent policies, worstbeing the running of power plants at lower capacitiesto save fuel and buying high-priced electricity fromindependent power producers (IPPs). Ironically, thefinancial sickness of distribution companies hasbeen transferred to the entire chain of energy sectorand subsequently to the commercial banks.

Let two points be made very clear: 1) firingmeter-readers is not the solution to curb electricitytheft because pilferage goes on with the connivanceof linemen and 2) increasing tariff can't improvecash flow of the distribution companies. The realmenace is transmission and distribution (T&D)losses mostly comprising of theft. The T&D lossespresently hover around 40 per cent, which shouldnot be more than10 per cent and the rest is blatanttheft going on with the connivance of distributioncompanies' employees.

Corporate entities already exist and the next stepis to list them at the local stock exchanges throughinitial public offerings (IPOs). Completing thelisting formalities and making the public offeringsdo not pose any problem but convincing the pub-lic to buy the shares will require cleaning the slateof the entities being offered. First the shares offinancially strong entities should be offered but adefinite timeline has to be adhered to win the con-fidence of multilateral financial institutions on thegovernment's seriousness.

Before undertaking any restructuring measuresone point has to be made very clear that everyoneusing electricity has to pay the bill. Historically,government, semi-government and autonomousentities have been the biggest defaulters. Sincesome of these fall in the category of 'essentialservices' their supply can't be disconnecteddespite of huge payables. These payables havegiven birth to inter-corporate debt. ReportedlyRs301 billion has been parked in the newly creat-ed Power Holding Company and yet the outstand-ing amount stands at Rs200 billion.


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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

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

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Email Address: [email protected]

The Financial Daily InternationalVol 4, Issue 50

Millions of peopleforced to flee theirhomes by Pakistan's

worst ever floods mayemerge as the most explosiveissue for a feeble governmentin the wake of a disaster thatwill strain the economy foryears to come.

Pakistan was already undergrowing pressure to deal withover one million peopleforced from their homes byfighting between the armyand homegrown Taliban mili-tants in the northwest.

Now it has to devise a com-prehensive strategy to tacklea wider crisis -- 10 millionpeople displaced by thefloods -- that could createpolitical instability in a front-line state in the US war onmilitancy.

"If these people are notsomehow accommodated andtheir issues are not addressedin terms of basic shelter,basic food, medical care andrehabilitation and in terms oflivelihood, then we are look-ing at potentially large socialunrest," said KamranBokhari, South Asia directorat STRATFOR global intelli-gence firm.

"Dislocation by itself can

bring down states and gov-ernments, in theory."

To tackle the problem, thecash-strapped governmenthas to come up with vastfunds, work out complicatedlogistics and, most important-ly, prove it can take chargeafter the military did most ofthe heavy lifting during floodrelief and rescue operations.

Leaving displacementissues to thepowerful mili-tary as wellcould furtherundermine thestate's credi-bility.

Analysts saythat while aarmy-led coupis highlyunlikely, themilitary mayfeel inclinedto take meas-ured action ifthe govern-ment com-pletely fails to help those dis-placed by the floods, espe-cially since the Taliban couldrecruit flood victims whogive up on the state.

FIRST WAR, THENFLOODS

"In a situation of crisiswhen the civilian governmentloses legitimacy, it may beeasy for the military to eithermanipulate the governmentfrom the sidelines, or indi-rectly bring in its own men toreplace the government," saidpolitical analyst Hasan AskariRizvi.

Critics say the governmentand the army have been pres-

suring people displaced byfighting to return home,despite security fears andlack of resources to rebuild.

Former Taliban strongholdSwat Valley, one of the areashardest hit by the floods,

highlights the multiple layersof the displacement problem.

Take farmer Niamat AliKhan. The Taliban killed hisbrother, two uncles and kid-napped and tortured him, hesaid, so he fled his home andspent two years at a camp forrefugees.

After receiving assurancesfrom the military, Khan said,he returned home. Then the

floods swept away his homeand land.

"I have no money to rebuildmy home and the governmenthas not helped us so fardespite promises," he said.

The authorities may not be

able to offer assistance for along time. Flood damages arelikely to run into the tens ofbillions of dollars, moneyPakistan will struggle tosecure.

There are also other prob-lems.

The World Bank and the UShave urged Pakistan to takesteps to reassure donors thatit is capable of using theirflood aid responsibly andtransparently.

The International CrisisGroup think tank said in areport the floods have turneddisplacement into a "nationaldisaster of mammoth propor-tions" and urged the govern-ment to handle it.

"Given the scale of theneeds, there may be a tempta-tion among donors to circum-vent civilian structures andwork directly with the mili-tary to deliver aid, but thiswould be a dangerouschoice," says Samina Ahmed,its South Asia ProjectDirector.

"The military should cer-tainly provide logistical sup-port, but only under controlof the civilian governmentand in support of the latter'sobjectives."-Reuters

At Stake is OurPolitical Stability

From thefloodgatesc a m e

gushing out notonly the hugeflow of waterthat drownednearly onefourth of thecountry butalong came

with it the unstoppable waves ofrumours, political bickering, andpoint-scoring by different stakehold-ers of the country. Media focused itsfield-glasses on all those eventswhere the government could beblamed for its negligence even onissues that were highly trivial in theirnature. Politicians ventured out withtheir barrages of attack against eachother for taking more interests inhaving photo-sessions rather thandoing anything positive for the floodaffected people. Out came themoralists and God-fearing religiousleaders as well with their theories toremind people of how corrupt andsinful the society has become and tosave it from the wrath of the naturewe should seek forgiveness from theAlmighty. Interesting of all suchtheories was the discovery of a sinis-ter conspiracy by the Indians and theUS-backed regime in Kabul that usedwater as a weapon for the first timeto deluge Pakistan. The reasonsoffered in support of this discoverywere: 'flooding of all rivers at thesame time and the unprecedentedspeed and quantity of the gushingwater that deluged the north westernpart of the country within a veryshort of span time'.

All rumours and theories carry theirown logic and in a country wheresubstantiation of any claim is leastrequired, everybody and their brotherfind it easy to say whatever they like.Let's take the conspiracy theoryabout Afghanistan and India releas-ing flood water into Pakistani territo-ry. Although, Mr Zaid Hamid, theoriginator of this theory says thatthere was no flooding in India orAfghanistan during this period, thetruth is that Afghanistan did experi-

ence heavy rain in its North Easternprovince Kapisa on 30 July 2010 thatcaused flooding in the River Kabuland resulted in deaths of nearly 65people and displacement of morethan 1,000 families in Afghanistan.Could it force Afghanistan to releasethe significant amount of water intoRiver Kabule n t e r i n gP a k i s t a n ?Sounds quiteplausible. Ifwater levelgoes abovethe extremelimit, there isno way otherthan releasingthe water.However, thequestion is;"How muchwater didA f g h a n i s t a nrelease andwhen ite n t e r e dPakistan?"

On July 29,2010, Pakistan MeteorologicalDepartment issued notice #8 advisingthat heavy rainfall has been recordedin upper Khyber Pakhtunkhwa thatmay inundate low-lying areas andflash flooding in River Kabul (withinPakistan) and its tributaries duringthe next 24 to36 hours. This reportwas issued exactly one day beforeAfghanistan received heavy rainfalls. However, the difference of oneday doesn't appear to make a big dif-ference when we talk of a countrythat is our kind-of-next-door neigh-bour. It seems highly likely that aflash flood from Afghanistan mighthave entered Pakistani territory with-in a couple of days and it might havefurther aggravated the flood situationin the country. It sounds quite con-vincing though it is not true. KabulRiver is the main river in the easternpart of Afghanistan and it flows 700km before joining the Indus Rivernear Attock. The satellite imagestaken by NASA's Earth Observatoryon August 5, 2010 shows Kabul

River flowing in flood through thecity of Kheshgi in northwestPakistan. It means Kabul River tooknearly 6 days to enter Pakistani terri-tory and by the time it reached herePakistan had already lost nearly 1500people and property worth billions ofdollars in KP. Three days before

Kabul River's entry into Pakistan, a4000 feet long breach had alreadyoccurred at Taunsa Barrage spillingout 200,000 cusecs of water inundat-ing Kot Addu and Muzaffargarh. Allbarrages and dams in Indus catch-ment areas were facing water flow ofunprecedented level long beforeKabul River added its water into theIndus River. These facts rule out theconspiracy theory of Afghanistan'sinvolvement in flooding Pakistan.

Now take India for a conspiracy ofopening its floodgates and letting thedeluge drown the poor Pakistanis.With most of Pakistani rivers comingthrough Indian Territory, this rumourappears to be very convincing andthere are many buyers of it in thecountry. Let's carry out a realitycheck before accepting this theory.Leh City in Indian held Kashmir islocated near the Indus River and on5th August 2010 it experienced heavyrain fall resulting in 160 deaths, 200missing persons, and over a thousandpeople were rendered homeless.

Since heavy downpour in India tookplace nearly 6 days after Pakistanfaced the initial phase of worst flooddisaster of its history, blaming Indiafor it makes no sense. It was onAugust 13, 2010 that the FloodForecasting Division (FFD) came outwith an alarming note for the fivecities of central Punjab when waterreleases by India generated highflood condition in Chenab river atMarala. According to the news, thedischarge at Marala was nearly180,000 cusecs on Thursday after-noon and expected to range between200,000 and 250,000 cusecs in thenext 24 hours. It created such a panicamong the people living close toChenab river that PMD had to issuean advisory on August 16, 2010 to letpeople know that the dams on Ravi,Sutlej and Beaus Rivers were not yetfilled to their capacity and as such itwas highly unlikely that India wouldrelease sudden flood water in theserivers within next 5-10 days at least.

A review of the water dischargedata for Chenab's catchment areasthat include Marala, Khanki,Qadirabad, and Trimmu, shows nosignificant upsurge in water levelaround 13 August 2010.Interestingly, at no time from August5 to 28, 2010 water level evertouched the extreme level of 600,000cusecs at any of these locations. On13 August 2010, Marala had a waterinflow level of 180,000 cusecs,Qadirabad 140,000 cusecs, Khanki150,000 cusecs, and Trimmu had210,000 cusecs of water level. Thesewater levels kept coming down afterAugust 14. This factual data clearlynegates all those conspiracy theoriesthat are being spread around withoutoffering any substantial proof forthem. What caused such an unprece-dented flood in the country needs anin-depth study and research ratherthan spreading false rumours. In noway can we face and deal with suchdisasters if we keep focusing onissues that have no real facts toprove. Such efforts can only createmore chaos and panic among the peo-ple who have already been sufferingfrom the menace of flood.

The Flood Conspiracy

To tackle the problem, thecash-strapped government has to

come up with vast funds,work out complicated logisticsand, most importantly, prove it

can take charge after the militarydid most of the heavy lifting duringflood relief and rescue operations.

What caused such anunprecedented flood

in the country needs anin-depth study and research

rather than spreadingfalse rumours. In no waycan we face and deal withsuch disasters if we keep

focusing on issues that haveno real facts to prove.

“Mohammad

Nafees

For Whom the Predator Drones?US drones rain missiles over Pakistani soil while the government and military representatives remain totally mute over the issue, refraining even from issuing an open

statement to condemn the use of such horrific gadgets.What was hitherto being predicted is now out in public as Richard Holbrooke, the US representative for Pakistan and Afghanistan, has confirmed the fact in a loud

enough voice that these vicious attacks through unmanned planes by the people sitting in the US are carried out in "close collaboration" with the civil and military lead-ership of the country.

According to Holbrooke, these drones helped improve the security environment at a "very minimum cost". May we ask what this minimum cost is. Is it the lives ofthe innocent and poor Pakistani people who are already leading a devastated life in the margins especially women and children who cannot dare to raise a voice for theirfundamental right to live?

How, one needs to ask, are these drone attacks instrumental in improving the security environment? Has militancy dwindled in the region? Have incidents of suicidebombing and target killings receded in Pakistan? Have ethnic and sectarian clashes transformed into chapters of history? Do the people of Pakistan feel secure? Haspeace finally prevailed? Unfortunately, the answer is a big NO!

The only achievement the drones attacks can boast of is the empowerment gained by the US to attack Pakistani people and territory as they desire and please, whichis being done as discontent and unrest is brewing in the region where US operatives roam around freely in big cars with dark glasses leaving the local populace won-dering at their leeway as they go about their mysterious and sinister activities.

The least the leadership can do is to keep an eye on what the US officials are doing in Pakistan and force those who are operating drones to provide a complete pic-ture of each and every attack with a video footage from the camera installed in the unmanned vehicle so that we maybe informed of all those who have been targeted,surely that is how they know who they are killing in the process, so that there remains no room for ambiguity.

Umar Qayyum Malik, Islamabad

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

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

Sales (July 09 to June 10) 73,993

Production (July 10) 7,509

Sales (July 10) 4,503

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




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




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


Production (July 10) 41

Sales (July 10) 40

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

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

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

Spread (July 2010) 7.51%

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

MS (July 10) 188

Kerosene (Jul 09 to June 10) 164

Kerosene (July 10) 15

JP (Jul 09 to June 10) 1,377

JP (July 10) 129

HSD (Jul 09 to June 10) 7,435

HSD (July 10) 664

LDO (Jul 09 to June 10) 75

LDO (July 10) 7

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

Fuel Oil (July 10) 869

Others (Jul 09 to June 10) 13

Others (July 10) 1

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

MS (1 Aug 10) 41.22

MS % Chg -0.90%

Kerosene (1 Sep 10) 47.14

Kerosene (1 Aug 10) 46.55

Kerosene % Chg 1.27%

JP-1 (1 Sep 10) 47.37

JP-1 (1 Aug 10) 46.78

JP-1 % Chg 1.26%

HSD (1 Sep 10) 50.61

HSD (1 Aug 10) 49.63

HSD % Chg 1.97%

LDO (1 Sep 10) 46.37

LDO (1 Aug 10) 45.29

LDO % Chg 2.38%

Fuel Oil (1 Sep 10) 39,932

Fuel Oil (1 Aug 10) 39,723

Sector Updates

Symbol Close Vol (mn)NML 46.77 4.14 JSCL 9.85 3.13 SILK 2.65 2.81 LOTPTA 8.58 2.64 DGKC 24.28 2.21

Symbol Close ChangeNESTLE 1,860.00 29.95 ULEVER 4,000.00 28.00 DREL 500.50 23.80 LAKST 231.61 11.02 SIEM 1,139.90 5.41

Symbol Close ChangeRMPL 1,352.35 -68.35COLG 685.00 -36.00BATA 490.00 -13.75EXIDE 147.06 -7.74PSEL 147.73 -7.72

Plus 102Minus 243Unchanged 24

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

European shares close lower as banks fall

SEAsian stocks mostly pull backamid global concerns; Bangkok up

Thursday, September 23, 2010 5

Dhiyan

Market is expected to show some weak activities in the short period due to

political uncertainty and fears of increase in interest rates. If the key discount

rates are increased by 50 bps then we can see a decline of 200 points in the

market while a hike of more than 50 bps may result in more bearish activi-

ties. However, no change in the interest rates will trigger the market. Short-

term investors are therefore recommended to wait for the monetary policy

while long-term investors can invest 20 per cent of their cash in selective

stocks of banking, fertiliser sectors and IPPs. Market will be negative today.

Salman Naqvi, Aba Ali Habib Securities

Hamad Aslam, BMA CapitalBearish activities will continue in the market and index will gradually come down to9,000 levels due to high interest rates scenario, high inflation and political uncertain-ty. Investors are therefore advised to take exit wherever they get opportunity andavoid new investments. However, selective buying can be done of those stocks whichwill announce their corporate results next week especially in APL and POL.Materialisation of foreign commitments can trigger the market. Market may be posi-tive today on rejection of bids for 12 months T-bills which has reduced the chances ofincrease in key interest rates in the next monetary policy. However, we may see a riseof 50-100 bps in the interest rates in the future monetary policies.

WAIT FOR MONETARY POLICY

Opening 9,992.50

Closing 9,946.42

Change 46.08

% Change 0.46

Turnover (mn) 50.86

Opening 3,131.10

Closing 3,110.47

Change 20.63

% Change 0.66

Turnover (mn) 2.64

Opening 2,563.91

Closing 2,554.21

Change 9.70

% Change 0.38

Turnover (mn) 0.11

Nawaz Ali

KARACHI: Bearish activi-ties continued at the KarachiStock Exchange (KSE) withlow volumes on Wednesday asinvestors remained cautious onfears of increase in T-billsyields and discount rates in themonetary policy which is to beannounced on Sept 29.

The benchmark KSE 100-index fell 46 points to close at9,946 points, KSE 30-indexdropped 77 points to end at9,634 points and KSE all-share

index was down by 34 pointsto finish at 6,945 points.

Samar Iqbal, equity dealer atTopline Securities said thatinvestors were cautious inanticipation of increase in T-bill yield as this auction wouldreveal the SBP's stance on keypolicy rate in the upcomingmonetary review.

"Consequently, inventorsbooked profit in leveragedcompanies whose cost of doingbusiness will increase withinterest rate hike," he added.

Trading activities started on

a positive note at 10 points upand thereafter market showedsome mix activities during thefirst hour of the session mov-ing on both sides. Index at amoment touched its highestlevel of the day of 10,015points (+ve 23 points). Butthen some selling pressurepushed the market toward itsgrip as investors mainly localswere frightened of increase inT-bill yields whose auctionwas due to take place later dur-ing the day.

According to experts, this

auction would show the stanceof the central bank in theupcoming monetary policy.Investors were also worriedover the current political situa-tion. Therefore, marketremained in the bearish zoneduring the remaining part ofthe day and at about 2:52 PSTindex touched an intraday lowof 9,924 points (-ve 67 points).

It should be noted that thecentral bank has increased thekey discount rates by 50 bps to13 per cent in its last monetarypolicy in July.

Ahsan Mehanti, DirectorArif Habib Investments saidprofit taking continued aheadof major earning announce-ments on uncertainty overmonetary policy next week andrising political uncertainty inthe country.

"IMF concerns for rising fis-cal deficit and economicuncertainty affected marketsentiment despite hopes forearly receipt of UN foreign aidto support Pakistan floodaffected regions and

See # 1 Page 11

Apex index bears thebrunt of profit-turning

HONG KONG: Hong Kongstocks rose on Wednesday toa five-month high, with con-sumer-related plays gainingground ahead of China's"golden week" holiday andlocal property issues extend-ing recent gains.

The Hang Seng Indexclosed up 0.2 per cent at22,047.7, just over a per centbelow its peak for the yearreached in April, which isseen by analysts as the nextkey resistance.

But with the index up eightper cent this month and trad-ing well into technicallyoverbought territory accord-ing to the relative strengthindex (RSI), currently above73, it could struggle to toucha new year-high.

The last time the RSI wasaround this level in August,the index fell about 7 per centto a one-month low.

"We could see some con-solidation at these levelsafter this fairly strong rally,"said Mark To of Wing WungFinancial Group.

"The performance of all theupcoming IPOs will beimportant to watch. If theydo well, that might push themarket higher."

Since the beginning ofSeptember, at least 15 com-panies have launched IPOs inHong Kong to raise a total ofaround $4.5 billion as marketconditions improved.

The IPOs have seen strongdemand, mostly from retailinvestors looking for quicklisting gains.

Magic Holdings, a makerof Chinese facial maskswhich priced its offering atthe top end of it range, said ina statement its Hong KongIPO was subscribed 786times. The shares will starttrading on Sept 24.

American InternationalGroup Inc inched closer to itsambitious plan to list Asianunit AIA Group after secur-ing approval from the HongKong stock exchange.

Local property countersextended recent gains withinvestors increasingly opti-mistic that commercial andretail demand for Hong Kongreal estate will remainrobust.

Swire Pacific rose 1.7 percent on more than 3 times itsaverage 30-day volume,while Wharf Ltd was up 2.1per cent. Wharf, trading at anall-time high, is the month'stop performer on the HangSeng Index, up more than 22per cent.

Local developers alsogained with Henderson Landup 2.6 per cent and CheungKong Holdings, up 2.1 percent.

Credit Suisse, in a note toclients on Tuesday, recom-mended that investors contin-ue to switch out of utilities

and into Hong Kong propertyplays.

Belle InternationalHoldings Ltd was up 4.5 percent, leading a rally in con-sumer-related plays.

"The National Day holidaywill give a strong boost toretail sales," DongliangChang, analyst at ChinaEverbright Research, said ina note to clients.

He added that although dis-counts may slightly compressmargins at department stores,doubling or even triplingsales during the holidaywould largely offset thatimpact.

China Unicom fell 3.3 percent and was the top loserson the Hang Seng Index afterDeutsche Bank downgradedthe stock to "sell" from "buy"on the company's inability toramp up subscriber additionsdespite increasing promo-tional activity.

The brokerage also cut itslong-term forecast for 3Gsubscribers, a key growtharea for China Unicom.

Trading activity tapered outinto the close with turnoverfor the day at its lowest thismonth ahead of the Mid-Autumn Festival holiday inHong Kong on Thursday.Markets will reopen onFriday.

Mainland China's marketsare closed Sept 22-24, Oct. 1and Oct. 4-7. -Reuters

HK rise up to5-month high

TOKYO: Nikkei stock aver-age dipped on Wednesday, butlosses were stemmed after thedollar edged back up towardsthe 85 yen level and by expec-tations that a strong yen risewould bring Japanese interven-tion.

The benchmark Nikkei lost35.79 points to 9,566.32, whilethe broader Topix shed 0.4 percent to 846.52. Trade was thin,with 1.47 billion shares chang-ing hands on the Tokyoexchange's first section, thelowest since Sept 13. Decliningshares outnumbered advancingones, 886 to 575.

The dollar slipped as low as84.78 yen, taking the Nikkeiwith it, after the FederalReserve's latest statement onthe US economy intensifedspeculation that it would takemore quantitative easing stepslater this year.

But Prime Minister NaotoKan was quoted by theFinancial Times as saying thatintervention in foreignexchange markets was"unavoidable" if there weredrastic changes in the currency.

"The downside is actuallyquite strong, stocks could easi-ly have fallen a lot more," saidToshiyuki Kanayama, marketanalyst at Monex Inc.

"Basically there's a lot lessworry about the possibility of astronger yen, since the marketnow expects that any trend inthat direction will bring moreintervention. In that sense, thepsychological impact of lastweek's intervention is stillhelping."

The dollar stood at 84.88yen, down 0.3 per cent. Othersin the market, though, said theNikkei had simply fallen somuch relative to markets over-seas that investors saw littlereason to sell at this point.

"Things in Japan aren't allthat good economically, espe-cially in regard to deflation, butshares have been sold quite alot already and US sharesappear to have settled down,both of which will provide sup-port," said Kenichi Hirano,operating officer at TachibanaSecurities.

"At the same time, there's noreason to buy Japan." Investorshad hoped that, with recentimprovements in economicdata, the Fed would issue amore upbeat outlook or clarifythe measures it would take tostimulate demand.

Panasonic Corp surged 2.4per cent to 1,138 yen after theNikkei business daily said the

See # 4 Page 11

Tokyo shares dip

MUMBAI: Profit sales tookthe fizz out of Indian equitiesrally on Wednesday, with thebluechip index closing 0.3 percent lower, after hitting fresh32-month highs in the day.

Export-focused outsourcersled the losses, with the IT sec-tor index declining 1.3 percent, after rising 3 per cent overthe three previous sessions.

The 30-share BSE indexdropped 0.3 per cent, or 59.83points to 19,941.72, with halfof its components losingground, after rising as much as0.5 per cent early to 20,105.54points -- its highest sinceJanuary 2008. In the broadermarket, advance:decline ratiowas at 1.7:1 in a moderate vol-ume of 478 million shares. The50-share NSE index shed 0.3per cent to 5,991 points.

"The pace at which FIIs (for-eign institutional investors) arepouring money cannot contin-ue. We cannot keep moving inone direction," said DevenChoksey, managing directorand CEO of KR ChokseyShares.

Overseas investors have beengung-ho about India's growthstory and have pumped in more

than $4 billion in September,pushing the benchmark indexnearly 11 per cent higher thismonth.

"While the valuations mayhave run ahead of time for keyindices, there is value in indi-vidual stocks. Tata Motors,ICICI Bank and Maruti holdgood promise currently,"Choksey said.

Tata Consultancy Servicesand Infosys Technologiesdropped 1.9 per cent each onprofit sales after the two stockshad hit record highs in the pre-vious session.

IT services firm MahindraSatyam extended gains to asmuch as 14.9 per cent aheadof the firm's audited financialresults review for fiscal years2009 and 2010 on Sept. 29.

It was the most traded stockon the BSE, with its volume of49.4 million shares more than17 times its 30-day averagevolume.

Shares in parent TechMahindra gained 8.2 per centto 787.40 rupees. SunPharmaceutical slipped 0.2 percent at close after rising 3.1 percent to an all-time high of

See # 3 Page 11

Indian equitieslose on selling

US markets mid-day

Tech leadsdecline inUS stocks

NEW YORK: US stocks fellon Wednesday in a tech-leddecline after a weak revenueforecast from Adobe

Systems Inc and a dividendincrease from Microsoft Corpthat disappointed someinvestors.

The Dow Jones industrialaverage dropped 35.23 points,or 0.33 per cent, to 10,725.80.The Standard & Poor's 500Index fell 5.90 points, or 0.52per cent, to 1,133.88. TheNasdaq Composite Index lost21.32 points, or 0.91 per cent,to 2,328.05.

The Federal Reserve's cau-tious statement in the last ses-sion, which hinted that it maypump hundreds of billions ofnew dollars into the economy,also unsettled some investorswho had adopted a more opti-mistic view of the economy asstocks have rallied in recentweeks.

Adobe Systems Inc slid 20per cent to $26.39, making itthe heaviest weight on the S&P500 and the Nasdaq, after thesoftware maker forecast

See # 5 Page 11

FTSE-100falls 0.4pc onUS recovery

worriesLONDON: Britain's top sharesfell on Wednesday, led bybanks as worries over the eco-nomic recovery in the US andlack of action taken by theFederal Reserve hit sentiment,offsetting gains in miners.

The FTSE 100 ended down24.28 points or 0.4 per cent at5,551.91, after falling 0.5 percent on Tuesday.

The US central bank's policy-setting panel opened the doorwider late on Tuesday to pump-ing hundreds of billions of newdollars into the economy onworries over low inflation.

Gold and base metal pricesrallied as investors retreatedfrom the dollar, fuellingdemand for mining stocks, withRandgold Resources andAfrican Barrick Gold up 2.9and 2.5 per cent respectively.

"Whenever you think themarket looks quite rosy lookwhere gold is, it's still at its alltime high, that paints a widepicture on how the sentimentis," Will Heddon, sales trader atIG Index, said.

"Everything has seemed goodover the last few weeks but canit be when gold is that high?"

BHP Billiton was up 2.1 percent. Potash Corp said it filed alawsuit against BHP Billitonthat seeks to block the mininggiant's $39 billion hostile bidfor the Canadian fertilizer pro-ducer.

Banks, which tend to be sen-sitive to even slight shifts inrisk appetite, were the biggestdrag on the index, with LloydsBanking Group off 1.4 per centand HSBC 1.0 per cent weaker.

Banks were also weigheddown by a statement fromDeutsche Bank, which blasted awarning shot over Q3 earningslate on Tuesday.

Santander fell after a CreditSuisse downgrade. Minutes ofthe Bank of England'sMonetary Policy Committeemeeting on Sept 8-9 showedBoE policymaker AndrewSentance had repeated his lonecall for an interest rate hike

See # 2 Page 11

ANNOUNCEMENTS

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

Rupali Polyester Yearly 40%D 207.802 6.1

Shield Corporation Yearly 10%D 22.134 5.68

Ghandhara Nissan Yearly - -88.893 -1.98

Orix Leasing Yearly - 104.483 1.27

Wazir Ali(Consolidated) Yearly - -66.729 -8.36

Wazir Ali Yearly - -75.309 -9.43

Thursday, September 23, 20106

Volume 50,858,012

Value 1,494,181,556

Trades 34,114

Advanced 102

Declined 243

Unchanged 24

Total 369

Current 6,945.80

High 6,998.07

Low 6,928.62

Change i34.78

Current 9,946.42

High 10,016.53

Low 9,923.69

Change i46.08

Current 9,634.67

High 9,730.27

Low 9,625.91

Change i77.76

Market KSE 100 Index All Share Index KSE 30 Index

Current 15,593.00

High 15,694.74

Low 15,581.68

Change i60.45

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

First Capital Securities Corporation Ltd

FCSC closed down -0.94 at 3.03. Volume was 1,291 per cent above aver-

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

company's loss after taxation stood at Rs720.202 million which translates

into a Loss Per Share of Rs2.50 for the nine months of fiscal year (9MFY10).

FCSC is currently 54.3 per cent below its 200-day moving average and is

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

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

reflect very strong flows of volume out of FCSC (bearish). Trend forecasting

oscillators are currently bearish on FCSC. Momentum oscillator is currently

indicating that FCSC is currently in an oversold condition.

RSI (14-day) 25.34 Total Assets (Rs in mn) 10,157.82

MA (10-day) 3.89 Total Equity (Rs in mn) 9,761.41

MA (100-day) 5.05 Revenue (Rs in mn) (1,352.12)

MA (200-day) 6.63 Interest Expense 21.62

1st Support 2.75 Loss after Taxation (1,372.71)

2nd Support 2.40 EPS 09 (Rs) (5.485)

1st Resistance 3.70 Book value / share (Rs) 39.00

2nd Resistance 4.30 PE 10 E (x) -

Pivot 3.35 PBV (x) 0.08


As on Jun 30, 2009

GHNI closed down -0.87 at 16.79. Volume was 161 per cent above aver-

age (trending) and Bollinger Bands were 33 per cent narrower than nor-

mal. The company's profit after taxation stood at Rs113.674 million which

translates into an Earning Per Share of Rs5.34 for the nine months of fis-

cal year (9MFY10).

GHNI is currently 31.7 per cent above its 200-day moving average and is

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


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

Trend forecasting oscillators are currently bullish on GHNI.


MA (10-day) 16.84 Total Equity (Rs in mn) 83.73

MA (100-day) 17.27 Revenue (Rs in mn) 1,313.81


1st Support 16.20 Loss after Taxation (137.49)

2nd Support 15.62 EPS 09 (Rs) (6.453)


2nd Resistance 18.88 PE 10 E (x) 2.36

Pivot 17.25 PBV (x) 4.27

Ghandhara Industries Limited


As on Jun 30, 2009

DCL closed up 0.11 at 1.45. Volume was 104 per cent above average and

Bollinger Bands were 57 per cent narrower than normal. The company's

loss after taxation stood at Rs447.191 million which translates into a Loss

Per Share of Rs1.25 for the nine months of fiscal year (9MFY10).

DCL is currently 37.7 per cent below its 200-day moving average and is

displaying a downward trend. Volatility is low as compared to the average

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

ume flowing into and out of DCL at a relatively equal pace. Trend forecast-

ing oscillators are currently bearish on DCL.





1st Support 1.44 Loss after Taxation (163.21)

2nd Support 1.39 EPS 09 (Rs) (0.457)


2nd Resistance 1.51 PE 10 E (x) -

Pivot 1.45 PBV (x) 0.12

Dewan Cement Limited


As on Jun 30, 2009

KOHE closed up 0.85 at 25.36. Volume was 1,573 per cent above average

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

company's profit after taxation stood at Rs581.29 million which translates into

an Earning Per Share of Rs3.43 for the nine months of fiscal year (9MFY10).

KOHE is currently 10.9 per cent below 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 indicators reflect volume

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

oscillators are currently bearish on KOHE.





1st Support 24.25 Profit after Taxation 905.06

2nd Support 23.10 EPS 09 (Rs) 5.341


2nd Resistance 26.80 PE 10 E (x) 5.55

Pivot 24.95 PBV (x) 0.64

Kohinoor Energy Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,243.68 1,249.55 1,236.51 1,238.51 -5.17 -0.42

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

1,934,211 - - 65,194.15 mn 1,004,057.98 mn 1,248.72

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

10.81 4.00 37.01 68.56 6.34 1,233.70

Attock Petroleum 576 5.74 324.08 324.00 317.50 318.04 -6.04 86804 330.51 281.00 250 - 100 -

Attock Refinery 853 9.37 83.38 84.25 82.70 83.62 0.24 309585 93.60 73.47 - - - -

BYCO Petroleum 3921 - 10.59 10.65 10.33 10.36 -0.23 464955 13.05 9.62 - - - -

Mari Gas Company 735 16.55 122.94 124.88 121.50 122.12 -0.82 67742 138.45 112.80 32.17 100B 31 -

National Refinery 800 6.07 199.11 201.00 199.00 199.03 -0.08 4902 207.00 182.01 125 - - -

Oil & Gas Development XD 43009 10.08 146.08 146.65 146.00 146.07 -0.01 591271 153.00 133.00 82.5 - 55 -

Pak PetroleumXDXB 11950 5.38 172.95 174.00 171.30 171.80 -1.15 275716 214.10 171.30 130 20B 90 20B

Pak Oilfields 2365 6.87 234.78 235.48 232.31 232.83 -1.95 389226 240.01 209.99 180 - 80 -

Pak Refinery Limited 350 - 65.01 67.80 65.50 66.17 1.16 10124 82.00 48.26 - - - -

PSO XD 1715 4.42 264.76 265.99 261.01 261.46 -3.30 187718 289.45 233.10 50 - 80 -

Shell Gas LPGSPOT 226 13.89 30.20 31.40 30.25 30.83 0.63 3837 40.19 27.32 - - - -

Shell Pakistan XD 685 9.87 194.65 195.50 191.50 192.51 -2.14 7286 244.00 190.00 330 - 40 -

Paid up Last 60 days 2009 2010

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index


918.53 918.99 906.12 909.68 -8.85 -0.96


7,864,532 - - 47,070.70 mn 113,107.87 mn 927.26


5.79 0.50 8.64 16.68 2.88 909.68

(Colony) Thal 56 - 1.92 1.50 1.50 1.50 -0.42 651 2.00 0.93 - - - -

Al-Azhar Textile 86 - 1.00 1.00 1.00 1.00 0.00 500 2.58 0.20 - - - -

Amtex Limited 2415 4.68 17.76 18.02 17.40 17.49 -0.27 553872 20.45 10.42 - - 30 -

Artistic Denim 840 5.61 20.00 20.60 19.10 19.24 -0.76 421 21.59 17.55 20 - - -

Azgard Nine 4493 256.25 10.46 10.65 10.21 10.25 -0.21 1226220 13.40 8.55 - - - -

Chakwal Spinning 400 1.28 1.27 1.47 1.10 1.29 0.02 2416 2.30 0.55 - - - -

Chenab Limited 1150 - 3.50 3.75 3.33 3.44 -0.06 11210 5.10 2.85 - - - -

Colgate Palm 316 14.71 721.00 713.40 684.95 685.00-36.00 109 770.00 544.00 115 15B - -

Colony Mills Ltd 2442 2.41 2.81 2.99 2.65 2.87 0.06 103 5.00 2.23 - - - -

Crescent Fibres Ltd 124 2.49 17.70 17.00 16.90 16.99 -0.71 5500 18.35 7.50 - - - -

Crescent Jute 238 - 0.76 0.98 0.70 0.98 0.22 3508 2.25 0.48 - - - -

D S Ind Ltd 600 - 1.61 1.90 1.50 1.59 -0.02 26512 2.65 1.50 - - - -

Dawood Lawrencepur 514 9.77 41.50 41.00 40.60 40.83 -0.67 505 51.99 37.08 - - 5 -

Dewan Farooque Spinning 600 2.13 3.01 3.00 2.05 3.00 -0.01 1500 4.00 2.05 - - - -

Ellcot Spinning 110 1.62 23.75 24.20 23.61 23.69 -0.06 3511 25.30 19.35 7.5 - - -

Fazal Textile 62 4.44 336.67 350.00 327.01 331.27 -5.40 111 410.00 306.38 15 - - -

Gulistan Textile 190 2.65 21.00 21.00 21.00 21.00 0.00 3654 24.30 18.01 - 10B - -

Hira Textile Mills Ltd 716 1.48 4.23 4.39 4.01 4.14 -0.09 12003 4.61 2.52 - - - -

Ibrahim Fibres 3105 3.33 36.11 37.24 35.55 36.20 0.09 103 41.00 33.35 - - - -

Indus Dyeing 181 3.31 249.49 260.99 237.10 250.01 0.52 1096 269.50 185.38 15 - - -

Int Knitwear XD 32 3.77 8.00 9.00 8.00 8.02 0.02 475 10.50 7.00 - - - -

Khalid Siraj 107 - 0.80 0.98 0.51 0.75 -0.05 4002 1.99 0.10 - - - -

Kohinoor Ind 303 - 1.59 1.58 1.45 1.57 -0.02 601 2.00 1.10 - - - -

Kohinoor Textile 1455 3.52 5.85 5.95 5.61 5.66 -0.19 114 6.30 4.00 - - - -

Masood Textile 600 1.01 20.99 21.50 21.50 21.50 0.51 1000 23.25 19.15 15 - - 100R

Mehmood Textile 150 2.34 62.00 62.00 59.00 60.50 -1.50 2060 74.50 46.00 4050.2257B - -

Mukhtar Textile 145 - 0.52 0.89 0.50 0.50 -0.02 4002 0.99 0.26 - - - -

Nagina Cotton 187 1.71 15.75 16.00 14.75 14.75 -1.00 5000 16.50 11.00 - - - -

Nishat (Chunian) 1586 2.96 15.99 16.50 15.90 15.97 -0.02 1575158 19.49 14.64 - 50R - -

Nishat Mills 3516 5.50 47.12 48.48 46.59 46.77 -0.35 4140164 53.14 40.81 20 - 25 45R

Quetta Textile 130 1.51 34.47 32.75 32.75 32.75 -1.72 550 52.29 22.76 - 632R - -

Ravi Textile 250 4.08 1.74 1.76 1.58 1.59 -0.15 84194 6.34 1.50 - - - -

Reliance Weaving 308 1.16 9.49 9.45 9.44 9.44 -0.05 1000 10.68 6.91 - - - -

Rupali Poly 341 5.43 33.75 35.42 33.00 33.11 -0.64 33965 36.35 31.35 40 - 40 -

Sana Ind 55 5.27 35.51 35.88 35.10 35.33 -0.18 13703 38.00 27.25 35 - 60 -

Sapphire Textile 201 2.49 110.83 105.29 105.29 105.29 -5.54 101 124.80 103.11 - - - -

Sargoda Spinning 312 1.60 1.45 1.40 0.50 1.04 -0.41 409 1.90 0.31 - - - -

Saritow Spinning 133 0.47 2.49 2.10 1.49 2.06 -0.43 25011 2.80 1.01 - - - -

Service Fabrics 158 - 0.24 0.28 0.28 0.28 0.04 500 1.17 0.15 - - - -

Service Ind 120 4.84 191.50 193.40 186.05 187.98 -3.52 2847 240.99 176.50 200 - - -

Shahpur Textile 140 1.11 0.85 0.95 0.80 0.80 -0.05 50002 2.26 0.25 - - - -

Shahtaj Textile 97 2.81 18.03 18.00 17.99 18.00 -0.03 1000 21.50 14.49 20 - - -

Shield Corp 39 9.51 55.98 54.00 53.19 54.00 -1.98 309 59.99 38.12 - 30B 10 -

Suraj Cotton 180 1.54 33.14 34.50 34.49 34.49 1.35 2500 36.20 29.50 15 - - -

Tata Textile 173 0.69 18.50 17.60 17.50 17.50 -1.00 1851 19.70 12.35 - - 25 -

Thal Limited XD 256 5.19 104.06 105.75 103.50 104.76 0.70 34884 114.99 91.50 20 20B 20 -

Treet Corp 418 0.49 40.17 40.49 38.55 38.99 -1.18 21467 49.49 37.20 - - - -

Zil Limited 53 8.87 42.16 42.00 40.30 40.54 -1.62 3879 46.12 33.00 40 10B - -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


1,016.27 1,043.05 999.19 1,011.35 -4.91 -0.48


314,420 - - 3,763.71 mn 5,378.45 mn 1,069.25


2.55 0.27 10.64 6.27 2.46 1,011.35

Gauhar Engineering Ltd 22 - 0.21 0.21 0.21 0.21 0.00 1000 0.50 0.20 - - - -

Pak Elektron 1174 2.92 13.89 14.80 13.57 13.68 -0.21 258282 15.95 11.20 - 10B - 10B

Tariq Glass Ind XD 231 2.76 17.02 17.50 16.11 16.97 -0.05 55084 19.12 13.50 - - 17.5 -



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

FOOD PRODUCERS

Performance of SR Food Producers Index


1,437.19 1,457.01 1,391.06 1,443.41 6.22 0.43


77,815 - - 11,335.33 mn 185,487.64 mn 1,451.41


29.20 8.85 30.30 30.57 1.05 1,437.19

Abdullah Shah Ghazi Sugar 793 15.87 7.50 8.50 6.50 8.25 0.75 1199 8.50 1.12 - - - -

Adam Sugar 58 0.61 11.90 11.77 11.50 11.52 -0.38 3200 14.75 10.50 10 - - -

Colony Sugar Mills 990 - 3.75 3.85 3.40 3.47 -0.28 382 5.00 2.40 - - - -

Crescent Sugar 214 12.26 6.50 6.50 6.50 6.50 0.00 500 7.80 5.00 - - - -

Habib Sugar 600 6.15 29.88 30.00 29.50 29.81 -0.07 20753 30.00 22.50 35 25B - -

Habib-ADM Ltd 200 4.48 16.00 16.00 15.75 15.95 -0.05 4367 16.98 13.00 40 - 40 -

Hussein Sugar 121 - 9.05 10.05 9.00 10.05 1.00 3969 10.05 4.22 - - - -

J D WSugar 490 2.23 65.93 67.00 65.50 66.70 0.77 11566 67.90 60.10 40 - 0 12.5R

National Foods 414 23.90 52.58 52.25 49.96 49.96 -2.62 10667 65.29 41.35 - 25B 12 -

Nestle Pakistan XD 453 21.40 1830.05 1879.99 1798.29 1860.00 29.95 1022 1937.22 1550.00 600 - 200 -

Noon Pakistan 48 5.44 23.70 24.37 22.52 22.56 -1.14 1083 33.06 22.52 - 10B - -

Quice Food 107 - 2.15 2.17 2.17 2.17 0.02 8000 2.97 1.60 - - - -

Rafhan Maize 92 6.56 1420.70 1355.00 1350.00 1352.35 -68.35 632 1599.00 1100.00 900 - 600 -

Shahmurad Sugar 211 15.52 10.94 11.00 10.71 10.71 -0.23 1200 11.00 7.40 15 - - -

Shakarganj Mills 695 - 3.80 4.34 3.23 3.74 -0.06 765 5.16 3.02 - - - -

Tandlianwala 1177 290.45 32.14 31.99 30.55 31.95 -0.19 8002 35.50 19.58 - - - -

UniLever Pakistan XD 665 22.40 3972.00 4044.96 3775.00 4000.00 28.00 494 4200.00 3710.00 458 - 178 -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,068.66 1,079.48 1,058.62 1,065.19 -3.47 -0.32


165,639 - - 6,768.53 mn 39,294.95 mn 1,075.22


4.05 1.03 25.35 20.42 5.04 1,065.19

Agriautos Ind 144 5.10 70.00 70.49 69.00 69.82 -0.18 21020 78.39 63.01 40 - 90 -

Atlas BatteryXDXB 101 5.21 140.14 141.50 137.00 138.20 -1.94 1799 209.00 137.00 100 20B 100 20B

Atlas Engineering Ltd 247 11.46 17.00 16.75 16.70 16.73 -0.27 250 19.80 15.90 - 100R - -

Atlas Honda 626 6.80 98.65 98.10 97.00 97.61 -1.04 372 127.99 92.00 80 30B - -

Baluchistan Wheels Ltd 133 4.60 30.56 32.00 29.04 29.10 -1.46 102 33.47 28.70 15 - 12.5 -

Dewan Motors 890 - 1.32 1.45 1.30 1.32 0.00 41540 2.24 1.16 - - - -

Exide (PAK) 56 4.21 154.80 149.99 147.06 147.06 -7.74 280 177.99 121.10 50 - 60 -

General Tyre XD 598 6.24 22.80 22.77 21.71 22.77 -0.03 3299 28.80 21.10 - - 20 -

Ghandhara Nissan 450 - 5.47 5.70 4.66 4.78 -0.69 40689 6.60 4.66 - - - -

Ghani Automobile Ind 200 9.73 4.40 4.49 4.25 4.28 -0.12 2600 5.70 3.65 - - - -

Honda Atlas Cars 1428 - 11.33 11.02 10.55 10.96 -0.37 3414 14.50 10.05 - - - -

Indus MotorsSPOT 786 5.31 231.83 233.49 232.00 232.48 0.65 10002 287.00 212.29 100 - 150 -

Pak Suzuki 823 9.32 74.88 76.94 75.00 75.00 0.12 8617 89.99 73.50 5 - - -

Sazgar Engineering 125 4.99 26.47 26.98 26.10 26.52 0.05 6041 27.85 23.58 - 20B - -

Transmission 117 3.57 2.04 2.40 1.95 2.00 -0.04 25614 3.35 1.61 2 - - -



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,434.71 1,441.66 1,422.77 1,427.80 -6.91 -0.48


265,916 - - 1,336.62 mn 31,303.97 mn 1,434.71


8.27 3.14 38.02 131.49 15.91 1,412.20

AL-Ghazi Tractor XD 215 4.98 213.99 213.00 209.01 209.51 -4.48 573 226.10 195.25 400 - 150 -

Bolan Casting 95 8.38 46.50 48.50 46.00 46.33 -0.17 18602 48.50 35.25 - 20B - -

Ghandhara Ind 213 2.36 17.66 18.30 16.67 16.79 -0.87 175504 20.24 15.26 - - - -

KSB Pumps 132 8.00 80.00 83.94 76.10 80.33 0.33 505 91.00 61.57 35 - - -

Millat Tractors 293 7.47 585.28 587.00 581.49 582.51 -2.77 70731 597.90 468.12 450 25B 650 25B



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


905.68 906.09 882.35 893.30 -12.38 -1.37


100,264 - - 3,043.31 mn 33,071.64 mn 906.91


2.60 1.14 43.91 15.55 5.98 893.30

Cherat Papersack 92 4.42 47.51 47.98 46.31 46.35 -1.16 35477 51.05 28.87 - - 20 25B

ECOPACK Ltd 230 - 1.96 1.99 1.85 1.94 -0.02 22358 2.89 1.85 - - - -

Ghani Glass 970 6.09 60.00 60.90 59.00 59.50 -0.50 34329 61.50 54.65 30 10B 25 10B

MACPAC Films 389 - 2.88 3.34 2.43 2.70 -0.18 4002 4.69 2.21 - - - -

Merit Pack 47 - 15.35 14.98 14.45 14.45 -0.90 625 20.70 11.81 - - - -

Packages Ltd 844 16.00 109.28 107.90 105.55 105.59 -3.69 1952 125.96 105.00 32.5 - - -

Tri-Pack Films 300 7.87 98.90 98.10 98.00 98.00 -0.90 1501 105.00 91.00 100 - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


912.47 933.31 903.70 911.80 -0.67 -0.07


4,613,949 - - 54,792.74 mn 68,420.99 mn 930.60


7.82 0.56 7.10 19.04 2.43 911.80

Al-Abbas Cement 1828 - 3.36 3.49 3.25 3.28 -0.08 25704 4.69 2.82 - - - -

Attock Cement 866 4.83 68.99 69.40 67.15 68.05 -0.94 37754 72.40 63.00 50 20B 17.5 -

Berger Paints 182 - 17.48 17.80 16.75 16.96 -0.52 4927 20.00 15.42 - - - 122R

Bestway Cement 3257 - 24.99 26.22 26.20 26.20 1.21 1900 26.22 10.50 - - - -

Cherat Cement 956 - 10.90 11.60 10.25 10.90 0.00 2300 12.50 8.90 - - - -

Dadabhoy Cement 982 12.31 1.52 1.80 1.50 1.60 0.08 506 2.74 1.30 - - - -

Dadabhoy Const 23 4.76 1.00 1.00 1.00 1.00 0.00 1000 1.49 1.00 - - - -

Dadex Eternit 108 - 23.19 24.34 23.52 23.52 0.33 509 32.90 22.10 - - - -

Dandot Cement 948 - 1.65 1.75 1.65 1.65 0.00 1040 3.90 1.02 - - - -

Dewan Cement 3574 - 1.34 1.46 1.40 1.45 0.11 377279 2.20 1.30 - - - -

DG Khan Cement Ltd 3651 33.72 24.86 25.25 24.10 24.28 -0.58 2209927 28.74 23.02 - 20R - 20R

EMCO Ind 350 - 3.44 3.70 2.72 2.76 -0.68 2403 5.15 2.40 - - - -

Fauji Cement 6933 12.38 5.05 5.20 4.93 4.95 -0.10 241984 5.50 4.50 - - - -

Flying Cement Ltd 1760 - 1.90 2.00 1.85 1.90 0.00 105446 2.37 1.75 - - - -

Frontier Ceramics 77 - 2.88 2.80 2.80 2.80 -0.08 5048 4.69 1.55 - - - -

Gharibwal Cement 2319 - 2.96 3.23 2.62 2.91 -0.05 48141 7.50 2.11 - - - -

Haydery Const 32 - 1.07 1.10 0.87 1.10 0.03 112 2.00 0.85 - - - -

Javedan Cement 581 - 57.76 60.64 59.50 60.06 2.30 3830 66.10 56.05 - 200R - -

Kohat Cement 1288 - 6.18 6.20 6.15 6.15 -0.03 82049 7.38 5.70 - - - -

Lafarge Pakistan Cement 13126 - 2.91 2.98 2.80 2.82 -0.09 288196 3.53 2.60 - - - -

Lucky Cement 3234 6.27 69.95 70.38 69.61 69.84 -0.11 840085 73.88 61.29 40 - 40 -

Maple Leaf Cement 3723 - 3.06 3.10 2.99 3.00 -0.06 302505 3.84 2.99 - - - -

Pioneer Cement 2228 - 7.98 8.34 7.70 8.00 0.02 30501 8.47 5.60 - - - -

Shabbir Tiles 361 - 9.81 10.70 10.00 10.01 0.20 466 12.23 8.10 - - - -

Thatta Cement 798 - 20.00 20.50 19.26 19.75 -0.25 330 21.80 17.74 - - - -



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


984.79 987.59 955.91 966.85 -17.95 -1.82


48,395 - - 3,596.11 mn 9,149.39 mn 1,022.93


2.99 0.99 33.10 30.91 10.32 966.85

Crescent Steel XD 565 3.35 25.00 24.89 24.35 24.70 -0.30 1279 31.73 24.30 - - 30 -

Dost Steels Ltd 675 - 2.10 2.10 2.01 2.03 -0.07 13534 3.20 1.90 - - - -

Huffaz Pipe 555 5.52 13.83 14.20 13.10 13.20 -0.63 8509 16.00 13.00 - 30B - -

International IndXDXB 1199 4.72 49.75 49.99 48.00 48.49 -1.26 24073 70.71 48.00 - - 40 20B

Siddiqsons Tin 785 6.60 9.31 9.40 9.20 9.30 -0.01 1000 11.25 8.20 10 - - -



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,193.07 1,183.71 1,143.40 1,151.61 -41.46 -3.48


54,994 - - 1,186.83 mn 3,203.95 mn 1,213.46


6.11 0.46 7.47 25.28 4.14 1,151.61

Century Paper 707 - 20.47 20.55 19.60 19.60 -0.87 43418 22.70 15.76 - 425R - -

Pak Paper Product 38 6.23 59.06 60.10 58.85 59.86 0.80 7175 61.90 41.21 20 - 2533.33B

Security Paper 411 4.56 40.00 39.10 38.10 38.55 -1.45 4401 50.40 38.10 50 - 50 -



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

CHEMICALS

Performance of SR Chemicals Index


1,139.55 1,145.92 1,125.14 1,132.17 -7.39 -0.65


5,034,594 - - 52,251.88 mn 257,100.81 mn 1,151.55


7.05 2.47 35.00 48.81 6.92 1,132.17

Bawany Air 68 1.17 11.89 12.45 10.89 11.53 -0.36 848 16.78 10.06 - - - -

Biafo Ind 200 5.99 34.00 35.70 33.66 33.66 -0.34 10001 39.20 31.64 40 - 45 -

BOC (Pak) XD 250 9.67 75.00 76.50 74.90 76.00 1.00 13322 82.50 66.90 90 - 15 -

Dawood Hercules 1203 7.84 169.51 172.00 163.51 169.90 0.39 15505 185.88 155.38 40 10B 20 -

Descon Chemical 1996 - 2.14 2.20 2.02 2.12 -0.02 21205 3.15 1.78 - - - -

Dewan Salman 3663 - 1.49 1.49 1.43 1.46 -0.03 83723 2.21 1.41 - - - -

Dynea Pak 94 4.25 11.50 11.40 11.39 11.40 -0.10 5200 13.60 10.85 15 - 15 -

Engro Corporation Ltd XD 3277 8.92 176.28 177.35 173.50 174.02 -2.26 325096 194.59 165.60 6010B 40R 20 -

Engro Polymer 6635 - 12.10 12.35 12.05 12.12 0.02 218239 12.75 9.57 - 27.5R - -

Fatima Fertilizer 22000 - 10.01 10.44 9.80 10.22 0.21 824791 12.80 9.02 - - - -

Fauji Fertilizer XD 6785 7.11 105.01 105.19 104.21 104.52 -0.49 161646 113.39 102.75 131.5 10B 75 -

Fauji Fertilizer Bin Qasim XD 9341 6.87 27.32 27.35 26.95 27.00 -0.32 425868 30.65 25.70 40 - 5 -

Gatron Ind 384 3.73 39.98 40.00 38.00 40.00 0.02 152 48.30 36.80 - - 20 -

Ghani Gases Ltd 725 - 10.55 11.18 10.35 10.78 0.23 558122 11.45 7.41 - - - -

ICI Pakistan XD 1388 7.18 119.95 121.00 119.70 120.40 0.45 171096 128.30 109.50 80 - 55 -

Ittehad ChemicalSPOT 360 5.63 25.00 23.76 23.75 23.75 -1.25 1869 37.80 23.09 15 - 5 -

Lotte Pakistan 15142 2.98 8.65 8.73 8.50 8.58 -0.07 2643476 9.09 6.75 5 - - -

Nimir Ind Chemical 1106 72.50 1.44 1.58 1.41 1.45 0.01 367712 1.81 1.16 - - - -

Sitara Chem Ind 204 4.73 120.51 125.00 115.00 117.09 -3.42 408 138.60 111.50 75 - - -

Sitara Peroxide 551 - 8.66 8.74 8.52 8.58 -0.08 32273 11.09 8.22 - - - -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


825.62 831.40 809.56 823.20 -2.42 -0.29


156,458 - - 3,904.20 mn 27,722.09 mn 828.45


6.11 1.36 22.31 44.54 7.28 816.72

Abbott (Lab) 979 7.84 89.64 90.00 89.10 89.40 -0.24 6674 95.50 77.00 120 - 20 -

Ferozsons (Lab) 208 7.11 104.48 109.70 102.02 108.41 3.93 11120 124.00 96.00 10 20B - 20B

GlaxoSmithKline 1707 12.17 68.57 68.50 66.06 67.44 -1.13 2933 84.27 65.40 50 - - -

Highnoon (Lab) 165 6.45 24.00 24.00 23.75 23.75 -0.25 6100 25.79 22.10 25 - - -

Searle Pak 306 5.73 61.80 62.25 61.50 61.86 0.06 129615 64.05 53.36 15 15B - -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


696.08 696.38 691.28 692.27 -3.82 -0.55


2,157 - - 3,242.17 mn 12,642.29 mn 714.08


5.66 1.45 25.53 11.08 1.96 692.27

Pak Int Container Terminal XD1092 8.27 67.42 67.51 67.30 67.40 -0.02 380 87.86 66.00 - 20B 40 -

PNSC 1321 5.20 39.00 38.90 38.05 38.10 -0.90 1777 41.74 34.50 30 - 15 -



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

BOOK CLOSURES

Bank of Punjab 23-Sep 29-Sep - - 30-Sep

Engro Corp (Consolidated) 23-Sep 30-Sep 20(I) 15-Sep -

First Prudential Modaraba 23-Sep 30-Sep - - 30-Sep

JS Investments 23-Sep 30-Sep - - 30-Sep

Pakistan Hotels Developments 23-Sep 30-Sep - - 30-Sep

Standard Chartered Mod 23-Sep 1-Oct 17 - -

Unilever Pak Foods 23-Sep 29-Sep 350(I) 15-Sep -

Indus Motor 24-Sep 30-Sep 100(F) 16-Sep 30-Sep

Ittehad Chemical 24-Sep 30-Sep 5 16-Sep 30-Sep

Arif Habib 25-Sep 2-Oct 20(B) 17-Sep 2-Oct

Cap Asst Leasing Corp 26-Sep 2-Oct - - 2-Oct

Eye Television Network # 29-Sep 5-Oct - - 30-Sep

Kohinoor Power # 29-Sep 5-Oct - - 29-Sep

Pak Int Cont Terminal 29-Sep 6-Oct 25(F) 21-Sep 6-Oct

Pak Int Cont Terminal (Pref) 29-Sep 6-Oct 10(F) 21-Sep -

Adamjee Insurance 30-Sep 6-Oct 10(I) 22-Sep -

Shifa Int Hospitals 1-Oct 7-Oct 15(F) - 7-Oct

Sana Industries 2-Oct 9-Oct 60 - 9-Oct

Millat Tractors 4-Oct 15-Oct 350(F),25(B) - 15-Oct

Atlas Engineering 5-Oct 11-Oct - - 11-Oct

Descon Chemicals 6-Oct 12-Oct - - 12-Oct

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Pakistan CablesXD 54.4 54.45 53.95 53.95 -0.45 2742

TRG Pakistan Ltd. 3.62 3.7 3.37 3.41 -0.21 792496

Murree Brewery 88.29 87.95 85 87.89 -0.4 2379

Lakson Tobacco 220.59 231.61 230.99 231.61 11.02 1595

Pak Tobacco 113.95 113.45 113 113.18 -0.77 1000

Eye Television 21.95 21.61 20.87 20.88 -1.07 665

Pak Hotels 60.72 58.12 58 58 -2.72 3632

PIAC (A) 2.07 2.24 2.06 2.14 0.07 4288

AKD Capital 41.42 40.99 39.35 39.48 -1.94 6634

Pace (Pak) Ltd 2.55 2.59 2.47 2.5 -0.05 172239

Netsol Technol 19 19.19 18.6 18.67 -0.33 146940

Symbols Open High Low Close Change Vol

Thursday, September 23, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -46.08 points at 9,946.42. Volume was

35 per cent below average and Bollinger Bands were 16 per cent nar-

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

see major 1st resistance level at 10,000.75 and 2nd resistance level at

10,055.05, while Index will continue to find its 1st support level at

9,907.90 and 2nd support level at 9,869.35.

KSE 100 INDEX is currently 0.6 per cent above its 200-day moving

average and is displaying an upward trend. Volatility is low as com-

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

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

relatively equal pace. Trend forecasting oscillators are currently bull-

ish on INDEX.

RSI (14-day) 52.24 Support 1 9,907.90

MA (5-day) 10,014.52 Support 2 9,869.35

MA (10-day) 9,972.90 Resistance 1 10,000.75

MA (100-day) 9,901.15 Resistance 2 10,055.05

MA (200-day) 9,889.88 Pivot 9,962.20


Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed down -0.35 at 46.77. Volume was 80 per cent above average

and Bollinger Bands were 10 per cent narrower than normal.

NML is currently 13.7 per cent below its 200-day moving average and is

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


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

forecasting oscillators are currently bullish on NML.

*Arif Habib Ltd 65 Buy

AKD Securities Ltd 61.46 Buy

TFD Research 74.2 Positive

RSI (14-day) 53.47 Free Float Shares (mn) 175.80

MA (10-day) 46.79 Free Float Rs (mn) 8,222.16

MA (100-day) 47.21 ** NOI Rs (mn) 28.49

MA (200-day) 54.19 Mean 47.24

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


Dera Ghazi Khan Cement Co Ltd


Technical Outlook

DGKC closed down -0.58 at 24.28. Volume was 21 per cent below aver-

age and Bollinger Bands were 29 per cent narrower than normal.

DGKC is currently 12.4 per cent below its 200-day moving average and is

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


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

Trend forecasting oscillators are currently bullish on DGKC.






MA (100-day) 25.18 ** NOI Rs (mn) 28.79

MA (200-day) 27.70 Mean 24.62



Hub Power Co Ltd


Technical Outlook

HUBC closed up 0.05 at 33.56. Volume was 29 per cent above average and

Bollinger Bands were 77 per cent wider than normal.

HUBC is currently 0.01 per cent below its 200-day moving average and is

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


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

oscillators are currently bearish on HUBC.


AKD Securities Ltd 46 Buy




MA (100-day) 34.09 ** NOI Rs (mn) 0.68

MA (200-day) 33.57 Mean 33.56



Bank Alfalah Ltd


Technical Outlook

BAFL closed down -0.26 at 7.81. Volume was 42 per cent above average

and Bollinger Bands were 64 per cent narrower than normal.

BAFL is currently 29.3 per cent below its 200-day moving average and is

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


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

forecasting oscillators are currently bearish on BAFL.






MA (100-day) 9.19 ** NOI Rs (mn) N/A

MA (200-day) 11.05 Mean 7.94



Pakistan Telecommunication Co Ltd


Technical Outlook

PTC closed up 0.03 at 18.71. Volume was 41 per cent below average and

Bollinger Bands were 17 per cent narrower than normal.

PTC is currently 3.9 per cent below its 200-day moving average and is dis-

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


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

oscillators are currently bullish on PTC.





MA (100-day) 19.10 ** NOI Rs (mn) 7.84

MA (200-day) 19.48 Mean 18.67



National Bank of Pakistan


Technical Outlook

NBP closed down -1.42 at 63.50. Volume was 50 per cent below average

(consolidating) and Bollinger Bands were 16 per cent narrower than normal.

NBP is currently 2.8 per cent below its 200-day moving average and is dis-

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


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

oscillators are currently bullish on NBP.


AKD Securities Ltd 64.64 Neutral




MA (100-day) 66.31 ** NOI Rs (mn) 38.38

MA (200-day) 73.08 Mean 64.18



Kot Addu Power Co Ltd


Technical Outlook

KAPCO closed down -0.26 at 41.71. Volume was 245 per cent above aver-

age (trending) and Bollinger Bands were 20 per cent narrower than normal.

KAPCO is currently 5.0 per cent below its 200-day moving average and is

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

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

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

forecasting oscillators are currently bullish on KAPCO.






MA (100-day) 41.99 ** NOI Rs (mn) N/A

MA (200-day) 43.91 Mean 41.92


EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,013.04 1,033.88 993.36 1,011.14 -1.90 -0.19


1,357,648 - - 29,771.58 mn 17,252.64 mn 1,013.04


6.85 0.28 4.09 104.19 26.75 995.42

1st Fid Leasing 264 - 1.40 1.40 1.11 1.12 -0.28 1502 2.23 1.01 - - - -

Allied Rental 600 3.46 15.50 16.00 16.00 16.00 0.50 1000 16.23 12.50 15 - 22.5 -

AL-Meezan Mutual Fund 1375 2.70 7.00 7.00 6.86 6.99 -0.01 4175 7.25 6.35 - - 18.5 -

AL-Noor Modaraba 210 5.66 3.20 3.20 3.00 3.00 -0.20 6000 3.49 2.10 - - 5 -

Atlas Fund of Funds 525 2.12 3.50 3.89 3.75 3.76 0.26 35002 4.99 2.53 - - - -

B F Modaraba 68 5.07 3.72 3.70 3.70 3.70 -0.02 488 4.00 3.65 - - - -

B R R Guardian Mod 780 - 1.14 1.30 1.06 1.16 0.02 12679 2.43 0.90 - - - -

Crescent St Modaraba 200 1.67 0.47 0.52 0.40 0.45 -0.02 14637 0.90 0.16 - - - -

Elite Cap Modaraba 113 3.10 2.65 2.99 2.20 2.20 -0.45 446 3.59 1.60 4.5 - - -

Equity Modaraba 524 7.85 1.18 1.17 1.02 1.02 -0.16 1505 1.68 0.76 - - - -

First Capital Mutual Fund 300 2.90 2.70 2.70 2.38 2.70 0.00 17503 3.00 0.99 - - - -

First Dawood Mutual Fund 581 - 1.75 1.80 1.75 1.80 0.05 5000 2.09 1.00 - - - -

Golden Arrow 760 3.86 3.60 3.65 3.41 3.55 -0.05 199045 3.74 2.32 - - 17 -

Habib Modaraba 1008 4.54 6.13 6.10 5.90 6.04 -0.09 127880 7.49 5.56 20 - 21 -

I B L Modaraba 202 2.15 2.00 2.00 2.00 2.00 0.00 400 3.65 1.40 - - - -

JS Growth Fund 3180 39.75 3.22 3.19 3.15 3.18 -0.04 7500 4.39 2.70 - - 5 -

JS Value Fund 1186 - 2.86 3.19 2.85 2.95 0.09 95004 3.98 2.31 10 - 10 -

Meezan Balanced Fund 1200 3.00 6.48 6.20 6.10 6.20 -0.28 500 7.49 6.00 - - 15.5 -

Pak Prem Fund XD 1698 3.41 7.20 7.45 7.00 7.17 -0.03 64118 9.86 7.00 - - 18.6 -

Pak Strat Fund 3000 5.23 6.53 7.00 6.53 6.69 0.16 269201 8.10 6.01 - - 11.53 -

PICIC Energy Fund 1000 2.45 4.78 4.80 4.54 4.60 -0.18 25601 6.49 4.00 - - 5 -

PICIC Growth Fund 2835 2.36 8.63 8.65 8.50 8.60 -0.03 33373 10.55 7.60 - - 20 -

PICIC Inv Fund XD 2841 1.92 3.92 3.98 3.70 3.81 -0.11 190105 5.00 3.50 - - 10 -

Prud Modaraba 1st XD 872 2.11 0.74 0.88 0.76 0.80 0.06 211646 1.20 0.70 - - 3 -

Punjab Modaraba 340 - 1.19 1.35 0.72 1.20 0.01 505 2.00 0.57 - - - -

Stand Chart Modaraba XD 454 4.69 8.42 8.97 8.25 8.26 -0.16 28002 10.99 8.25 16.5 - 17 -

Tri-Star Mutual 50 0.91 1.90 1.90 1.00 1.50 -0.40 1720 2.99 1.00 - - - -

U D L Modaraba 264 2.35 5.96 5.89 5.15 5.89 -0.07 3008 6.00 5.00 10 - - -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index


363.59 366.63 345.15 349.67 -13.92 -3.83


6,252,092 - - 30,336.44 mn 25,752.63 mn 376.60


0.44 0.16 37.22 4.60 10.44 349.67

AMZ Ventures 225 - 0.60 0.69 0.42 0.60 0.00 183107 1.19 0.42 - - - -

Arif Habib Investments XB 360 6.86 15.00 15.65 14.55 14.68 -0.32 2569 20.99 14.26 - - - 20B

Arif Habib LimitedSPOT 375 7.93 33.10 32.95 31.64 31.80 -1.30 75512 50.12 26.80 15 25B - 20B

Arif Habib Securities 3750 2.20 22.58 22.70 22.02 22.24 -0.34 1748129 35.65 21.76 - - 30 -

Dawood Cap Management XB 150 5.26 1.17 1.00 1.00 1.00 -0.17 5000 3.30 0.50 - - - -

Dawood Equities 250 - 2.21 2.00 1.82 1.88 -0.33 6500 3.36 1.55 - - - -

Grays Leasing 215 - 1.35 2.35 1.00 1.00 -0.35 1504 4.00 0.32 - - - -

IGI Investment Bank 2121 - 1.74 1.95 1.17 1.59 -0.15 50925 2.98 1.17 - - - -

Invest and Fin Sec 600 2.78 8.02 8.20 7.70 7.99 -0.03 1503 8.50 6.90 - - 11.5 -

Invest Bank 2849 - 0.69 0.75 0.50 0.52 -0.17 39035 1.23 0.50 - - - -

Ist Cap Securities 2878 - 3.97 3.95 3.00 3.03 -0.94 445814 5.90 3.00 - 10B - -

Ist Dawood Bank 626 - 1.65 1.46 1.40 1.45 -0.20 14001 1.95 1.17 - - - -

Jah Siddiq Co 7633 14.28 10.11 10.18 9.80 9.85 -0.26 3127732 15.47 9.36 -243.778B 10 -

JOV and CO 508 - 2.92 2.91 2.80 2.84 -0.08 301505 6.48 2.80 - - - -

JS Global Cap 500 - 36.86 37.75 35.27 35.58 -1.28 6606 42.40 33.33 150 - - -

JS Investment 1000 12.87 5.94 6.19 5.74 5.79 -0.15 55263 8.65 5.40 - - - -

KASB Securities 1000 - 3.73 3.70 3.60 3.70 -0.03 203 5.49 3.20 - - - -

Orix Leasing 821 3.86 5.22 5.60 4.90 4.90 -0.32 38879 5.95 3.66 - - - -

Pervez Ahmed Sec 775 - 1.54 1.65 1.45 1.48 -0.06 142847 2.89 1.35 -231.08R - -

Stand Chart Leasing 978 5.41 2.10 2.39 1.95 2.38 0.28 107 3.89 1.41 - - - -

Trust Inv Bank 586 - 2.50 2.50 2.40 2.50 0.00 5344 4.25 1.55 - - - -



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

LIFE INSURANCE

Performance of SR Life Insurance Index


843.76 841.46 813.43 820.88 -22.88 -2.71


24,829 - - 2,290.72 mn 8,838.74 mn 843.84


74.71 2.88 3.85 355.53 4.76 820.88

EFU Life Assurance XB 850 32.88 60.84 61.73 60.00 60.50 -0.34 7609 84.99 51.25 5513.33B - -

New Jub Life Insurance 627 52.20 43.50 43.00 41.33 41.76 -1.74 17220 46.00 34.50 10 - - -



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

BANKS

Performance of SR Banks Index


935.99 943.97 916.54 922.41 -13.59 -1.45


9,407,377 - - 257,548.02 mn 569,972.04 mn 964.21


6.68 0.90 13.45 34.35 5.14 922.41

Allied Bank Limited 7821 5.55 51.75 51.50 51.25 51.40 -0.35 3500 59.70 48.51 40 10B 20 -Askari Bank 6427 5.99 14.74 14.86 14.45 14.50 -0.24 326804 17.46 13.99 - 20B - -Atlas Bank 5001 - 1.88 2.10 1.56 1.88 0.00 32712 3.00 1.52 - - - -Bank Alfalah 13492 10.41 8.07 8.18 7.70 7.81 -0.26 1753529 10.25 7.32 8 - - -Bank AL-Habib 7322 6.68 30.54 31.13 30.56 31.01 0.47 231389 34.00 29.10 20 20B - -Bank Of Khyber 5004 3.03 3.12 3.30 3.00 3.03 -0.09 6958 4.75 3.00 - - - -Bank Of Punjab 5288 - 8.63 8.73 8.33 8.38 -0.25 1087819 11.24 7.35 - - - -BankIslami Pak 5280 - 3.25 3.20 3.00 3.09 -0.16 113425 3.90 2.31 - - - -Faysal Bank 6091 3.12 13.56 13.88 13.26 13.55 -0.01 11097 15.95 12.75 - - - -Habib Bank Ltd 10019 6.04 94.79 95.80 93.50 93.82 -0.97 27351 109.10 92.00 60 10B - -Habib Metropolitan Bank 8732 5.70 19.56 19.94 19.00 19.25 -0.31 38548 24.25 18.70 10 16B - -JS Bank Ltd 6128 - 2.44 2.49 2.30 2.39 -0.05 270664 3.00 2.00 - - - 66RKASB Bank Ltd 9509 - 2.31 2.49 2.16 2.44 0.13 6141 4.40 2.03 - 26B - -MCB Bank Ltd XD 7602 8.54 186.18 186.98 182.61 183.17 -3.01 456757 214.99 180.40 110 10B 55 -Meezan Bank 6983 7.26 14.95 15.00 14.53 14.96 0.01 22860 16.50 13.80 - 5B - -Mybank Ltd 5304 - 2.18 2.06 1.91 1.95 -0.23 65236 3.28 1.62 - - - -National Bank 13455 5.33 64.92 64.95 63.35 63.50 -1.42 1057206 73.89 60.51 75 25B - -NIB Bank 40437 - 2.72 2.80 2.60 2.66 -0.06 626919 3.50 2.42 - - - -Royal Bank Ltd 17180 - 6.40 6.50 6.20 6.25 -0.15 3067 13.71 5.65 - - - -Samba Bank 14335 - 1.83 1.94 1.80 1.88 0.05 36774 2.90 1.55 - - -63.46RSilkbank Ltd 9003 12.05 2.71 2.75 2.64 2.65 -0.06 2813947 3.30 2.15 - - - -Soneri Bank 6023 - 5.61 5.98 5.50 5.50 -0.11 28085 8.50 5.46 - - - -Stand Chart Bank 38716 9.71 6.80 6.95 6.70 6.80 0.00 39000 8.50 6.05 - - - -Summit Bank Ltd 5000 - 2.65 2.85 2.50 2.57 -0.08 10602 4.38 2.40 - - - -United Bank Ltd 12242 5.95 51.50 51.68 50.51 50.60 -0.90 347589 60.20 50.51 25 10B 10 -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


634.83 638.46 618.21 626.82 -8.01 -1.26


491,781 - - 11,111.34 mn 40,711.68 mn 646.71


10.53 0.55 5.20 79.54 7.55 626.82

Adamjee Insurance 1237 12.57 69.37 69.98 68.01 69.16 -0.21 129318 89.90 64.00 30 10B 10 -

Atlas Insurance 369 4.30 30.68 30.43 29.15 29.15 -1.53 4749 31.00 27.10 40 10B - -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,471.11 1,536.36 1,474.98 1,513.69 42.58 2.89


1,911,466 - - 12,202.80 mn 33,963.95 mn 1,513.69


11.14 1.27 11.41 66.79 6.00 1,330.42

Sui North Gas 5491 17.91 29.78 30.85 29.52 30.44 0.66 780847 30.90 25.00 - - - -Sui South Gas 6712 - 24.87 26.11 25.12 25.70 0.83 1130619 26.11 15.80 - - - -



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

ELECTRICITY

Performance of SR Electricity Index


1,150.02 1,160.22 1,141.57 1,150.21 0.19 0.02


4,773,977 - - 95,369.29 mn 97,127.17 mn 1,160.74


12.87 1.20 9.35 104.13 8.09 1,150.02

Genertech 198 - 0.80 0.89 0.70 0.84 0.04 2735 1.53 0.51 - - - -Hub Power XD 11572 6.21 33.51 33.75 33.40 33.56 0.05 2198749 37.24 31.50 33.5 - 50 -Japan Power 1560 - 1.41 1.50 1.36 1.49 0.08 69853 2.38 0.70 - - - -KESC 7932 - 2.01 2.05 1.94 2.01 0.00 655382 2.63 1.92 - 31R - 7.8RKohinoor Energy 1695 4.93 24.51 25.65 23.80 25.36 0.85 206199 26.65 23.00 45 - - -Kot Addu Power 8803 7.22 41.97 42.45 41.55 41.71 -0.26 1020660 44.85 39.51 64.5 - 50 -Nishat Chunian Power Ltd 3673 - 10.52 10.60 10.32 10.42 -0.10 153002 10.90 8.60 - - - -Nishat Power Ltd 3541 79.50 11.00 11.33 10.90 11.13 0.13 1071193 11.85 9.25 - - - -Southern Electric 1367 1.25 2.60 2.80 2.55 2.60 0.00 50540 3.21 2.21 - - - -Tri-star Power XD 150 - 1.13 0.90 0.85 0.85 -0.28 1000 1.69 0.33 3 - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


1,086.05 1,100.61 1,067.51 1,085.59 -0.46 -0.04


2,775,262 - - 50,077.79 mn 76,652.37 mn 1,110.71


5.88 0.75 12.84 62.56 10.65 1,085.59

Pakistan Telecomm Co A 37740 8.91 18.68 18.90 18.40 18.71 0.03 1308716 20.22 17.20 15 - 17.5 -Telecard 3000 - 2.10 2.24 2.01 2.02 -0.08 238515 3.18 2.01 - - - -WorldCall Tele 8606 - 2.41 2.44 2.31 2.39 -0.02 1228031 3.30 2.30 - - - -Wateen Telecom Ltd 6175 - 4.02 4.10 4.00 4.02 0.00 66923 6.49 3.80 - - - -



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

Central Insurance XB 279 5.07 51.01 53.00 49.02 49.02 -1.99 240 64.90 48.05 20 25B 10 10B

Century Insurance 457 6.10 10.94 11.04 10.10 10.85 -0.09 2536 11.95 8.30 - - - -

EFU General Insurance XB1250 30.28 38.75 38.75 38.00 38.15 -0.60 7403 55.20 35.52 40 8.7B - -

Habib Insurance 400 7.50 11.01 10.85 10.10 10.80 -0.21 28184 13.89 10.10 35 - - -

IGI Insurance 718 12.70 71.54 72.00 70.65 71.86 0.32 67003 79.10 66.02 35 - 10 20B

New Jub Insurance 791 9.15 55.00 54.90 52.25 53.59 -1.41 2748 62.50 52.21 30 20B - -

Pak Reinsurance 3000 - 13.87 13.95 13.40 13.49 -0.38 195604 19.40 12.50 30 - - -

PICIC Ins Ltd 350 55.75 2.13 2.23 1.90 2.23 0.10 1472 4.16 1.66 - - - -

Premier Insurance 303 4.50 9.63 9.60 8.63 8.64 -0.99 11216 10.60 8.11 20 15B - -

Reliance Insurance XB 252 4.44 6.49 6.50 6.45 6.48 -0.01 1300 6.90 6.00 - - - -

UPTO 100 VOLUME

NBF 3.00 3.25 3.25 3.25 0.25 100

PICTPS 10.00 10.00 10.00 10.00 0.00 94

GADT 39.00 38.10 38.10 38.10 -0.90 55

SING 21.00 21.00 19.96 20.10 -0.90 51

GLPL 68.00 66.00 66.00 66.00 -2.00 50

BATA 503.75 500.00 485.00 490.00 -13.75 47

KOHP 5.35 5.49 5.35 5.35 0.00 46

JKSM 6.46 6.90 6.90 6.90 0.44 40

GVGL 38.00 36.71 36.10 36.10 -1.90 30

SMCPL 7.40 7.50 6.57 7.45 0.05 20

SIEM 1134.49 1139.90 1105.00 1139.90 5.41 20

PSEL 155.45 147.76 147.70 147.73 -7.72 20

DOL 4.01 4.20 3.85 3.95 -0.06 16

BCML 13.49 14.49 14.49 14.49 1.00 10

JDMT 13.50 14.48 14.48 14.48 0.98 10

CRTM 19.53 20.53 20.53 20.53 1.00 10

SANSM 13.94 13.90 13.90 13.90 -0.04 10

WYETH 940.00 940.05 940.05 940.05 0.05 8

LPGL 10.00 10.00 10.00 10.00 0.00 8

IBLHL 8.00 7.73 7.02 7.73 -0.27 8

UDPL 15.70 16.65 16.65 16.65 0.95 8

FECTC 5.90 5.00 5.00 5.00 -0.90 6

FNEL 9.75 8.75 8.75 8.75 -1.00 5

UVIC 3.70 4.00 4.00 4.00 0.30 5

PRWM 18.81 18.95 18.95 18.95 0.14 5

KML 2.50 3.43 2.29 2.75 0.25 4

SMTM 5.61 6.59 5.51 5.51 -0.10 3

MTIL 0.34 0.80 0.12 0.46 0.12 3

MWMP 1.88 1.93 1.45 1.45 -0.43 3

FCONM 2.85 2.99 2.77 2.77 -0.08 2

YOUW 1.10 1.50 1.05 1.05 -0.05 2

PSYL 6.90 6.88 6.35 6.62 -0.28 2

MIRKS 58.60 60.70 60.70 60.70 2.10 2

CPL 159.00 164.89 162.00 162.00 3.00 2

DIIL 17.40 18.39 16.40 18.39 0.99 2

FTSM 4.00 4.60 4.60 4.60 0.60 1

CPAL 2.50 2.50 2.50 2.50 0.00 1

AGIC 10.04 10.70 10.70 10.70 0.66 1

SSIC 6.53 7.00 7.00 7.00 0.47 1

ALQT 4.49 3.49 3.49 3.49 -1.00 1

AZAMT 1.99 2.89 1.99 1.99 0.00 1

DATM 0.32 0.66 0.66 0.66 0.34 1

DINT 29.99 30.90 30.25 30.25 0.26 1

IDSM 3.01 3.90 3.90 3.90 0.89 1

SLYT 3.95 3.90 3.90 3.90 -0.05 1

GATM 21.65 22.65 22.65 22.65 1.00 1

HUSI 9.30 9.80 9.80 9.80 0.50 1

BNWM 10.00 10.00 10.00 10.00 0.00 1

AGL 23.98 23.97 23.97 23.97 -0.01 1

SHJS 46.26 44.50 44.50 44.50 -1.76 1

PECO 299.69 299.99 299.98 299.98 0.29 1

MDTL 57.80 59.95 59.95 59.95 2.15 1

BUXL 12.99 13.84 13.84 13.84 0.85 1

ISIL 71.99 72.90 72.90 72.90 0.91 1

ARPAK 8.94 7.94 7.94 7.94 -1.00 1

DREL 476.70 500.50 500.50 500.50 23.80 1


FUTURE CONTRACTS

NML-SEP 47.15 48.44 46.50 46.73 -0.42 695,500

DGKC-SEP 24.96 24.90 24.20 24.30 -0.66 385,500

NBP-SEP 64.89 64.50 63.40 63.53 -1.36 212,000

POL-SEP 234.92 235.00 232.60 232.98 -1.94 177,000

NML-OCT 45.74 46.89 44.80 45.10 -0.64 163,000

DGKC-OCT 25.04 25.00 24.30 24.55 -0.49 162,500

MCB-SEP 186.32 187.35 182.81 183.50 -2.82 157,500

ANL-SEP 10.48 10.70 10.22 10.22 -0.26 142,000

ENGRO-SEP 175.48 175.07 173.40 173.87 -1.61 115,500

POL-OCT 235.14 234.50 232.70 233.03 -2.11 113,500

PSO-SEP 262.95 263.90 260.50 261.50 -1.45 99,500

NBP-OCT 64.80 64.50 63.50 63.90 -0.90 90,500

MCB-OCT 186.13 185.90 182.11 183.01 -3.12 85,500

PPL-SEP 172.39 174.49 171.71 171.90 -0.49 74,500

PTC-OCT 19.00 18.90 18.70 18.90 -0.10 72,000

ANL-OCT 10.55 10.70 10.35 10.35 -0.20 62,000

PSO-OCT 262.04 261.51 259.00 260.43 -1.61 61,000

LUCK-SEP 70.02 70.00 68.20 69.85 -0.17 58,500

ENGRO-OCT 175.00 175.00 172.10 173.30 -1.70 54,500

OGDC-SEP 145.02 146.00 145.00 145.88 0.86 51,500

OGDC-OCT 144.00 144.40 143.50 143.51 -0.49 50,000

PTC-SEP 18.70 19.55 18.45 18.73 0.03 36,000

PPL-OCT 172.63 173.50 171.20 171.33 -1.30 32,500

AICL-SEP 69.33 69.39 68.10 68.83 -0.50 25,500

AICL-OCT 68.51 69.00 67.00 67.00 -1.51 3,500

NCL-SEP 17.10 16.10 16.10 16.10 -1.00 2,500

BOP-OCT 8.85 8.99 8.99 8.99 0.14 2,000

LUCK-OCT 67.55 65.61 65.60 65.60 -1.95 2,000


ZERO VOLUME

FHBM 5.91 5.89 5.89 5.89 -0.02 0

MODAM 1.22 1.17 1.17 1.17 -0.05 0

PAKMI 0.88 0.84 0.84 0.84 -0.04 0

UNIM 0.05 0.10 0.10 0.10 0.05 0

ESBL 2.80 2.75 2.75 2.75 -0.05 0

CSIL 5.44 5.40 5.40 5.40 -0.04 0

PKGI 6.99 6.97 6.97 6.97 -0.02 0

BILF 1.03 0.99 0.99 0.99 -0.04 0

IDRT 4.00 3.99 3.99 3.99 -0.01 0

KOHTM 0.46 0.51 0.51 0.51 0.05 0

SAIF 2.99 2.94 2.94 2.94 -0.05 0

SALT 25.94 25.00 25.00 25.00 -0.94 0

ICCT 0.98 0.97 0.97 0.97 -0.01 0

GFIL 2.00 2.10 2.10 2.10 0.10 0

REDT 0.80 0.79 0.79 0.79 -0.01 0

AABS 90.99 90.00 90.00 90.00 -0.99 0

ALNRS 42.54 42.00 42.00 42.00 -0.54 0

DWSM 1.59 1.45 1.45 1.45 -0.14 0

HWQS 21.90 21.50 21.50 21.50 -0.40 0

KOHS 7.50 7.40 7.40 7.40 -0.10 0

MRNS 53.00 52.99 52.99 52.99 -0.01 0

ALTN 11.49 11.00 11.00 11.00 -0.49 0

SGPL 0.41 0.43 0.43 0.43 0.02 0

PTEC 3.09 3.00 3.00 3.00 -0.09 0

PGCL 19.43 19.24 19.24 19.24 -0.19 0

PPVC 2.50 2.25 2.25 2.25 -0.25 0

BGL 1.86 1.84 1.84 1.84 -0.02 0

GAMON 1.44 1.48 1.48 1.48 0.04 0


Al-Abbas Cement 42.00 3.20 3.10 3.45 3.60 3.35

Allied Bank Limited 43.54 51.25 51.15 51.50 51.65 51.40

Attock Cement 52.52 67.00 65.95 69.25 70.45 68.20

Arif Habib Limited 46.11 31.30 30.80 32.60 33.45 32.15

Arif Habib Securities 35.29 21.95 21.65 22.60 23.00 22.30

Adamjee Insurance 41.63 68.10 67.10 70.10 71.00 69.05

Askari Bank 44.81 14.35 14.20 14.75 15.00 14.60

Azgard Nine 49.97 10.10 9.95 10.55 10.80 10.35

Attock Petroleum 53.39 315.70 313.35 322.20 326.35 319.85

Attock Refinery 53.37 82.80 81.95 84.35 85.05 83.50

Bank Alfalah 34.60 7.60 7.40 8.10 8.40 7.90

BankIslami Pak 49.86 3.00 2.90 3.20 3.30 3.10

Bank Of Punjab 48.35 8.25 8.10 8.65 8.90 8.50

Dewan Cement 43.40 1.40 1.35 1.50 1.55 1.45

DGK Cement 41.41 23.85 23.40 25.00 25.70 24.55

Dewan Salman 41.25 1.40 1.35 1.50 1.55 1.45

Dost Steels Ltd 39.71 2.00 1.95 2.10 2.15 2.05

EFU General Insurance 37.50 37.85 37.55 38.60 39.05 38.30

EFU Life Assurance 43.58 59.75 59.00 61.50 62.45 60.75

Engro Chemical 47.07 172.55 171.10 176.40 178.80 174.95

Faysal Bank 45.15 13.25 12.95 13.85 14.20 13.55

Fauji Cement 46.19 4.85 4.75 5.15 5.30 5.05

Fauji Fert Bin 38.93 26.85 26.70 27.25 27.50 27.10

Fauji Fertilizer 44.40 104.10 103.65 105.05 105.60 104.65

Habib Bank Ltd 39.71 92.95 92.05 95.25 96.65 94.35

Hub Power 36.65 33.40 33.20 33.75 33.90 33.55

ICI Pakistan 49.94 119.75 119.05 121.05 121.65 120.35

Indus Motors 48.83 231.85 231.15 233.30 234.15 232.65

JOV and CO 27.12 2.80 2.75 2.90 2.95 2.85

Japan Power 44.42 1.40 1.30 1.55 1.60 1.45

JS Bank Ltd 56.16 2.30 2.20 2.50 2.60 2.40

Jah Siddiq Co 44.21 9.70 9.55 10.10 10.30 9.95

Kot Addu Power 49.72 41.35 41.00 42.25 42.80 41.90

KESC 42.03 1.95 1.90 2.05 2.10 2.00

Lucky Cement 53.60 69.50 69.15 70.25 70.70 69.95

MCB Bank Ltd 39.87 181.50 179.90 185.90 188.60 184.25

Maple Leaf Cement 38.24 3.00 2.95 3.10 3.15 3.05

National Bank 43.97 62.90 62.35 64.50 65.55 63.95

Nishat (Chunian) 44.90 15.75 15.50 16.35 16.70 16.10

Netsol Technologies 36.36 18.45 18.25 19.05 19.40 18.80

NIB Bank 44.57 2.60 2.50 2.80 2.90 2.70

Nimir Ind.Chemical 48.65 1.40 1.30 1.55 1.65 1.50

Nishat Mills 53.47 46.10 45.40 47.95 49.15 47.30

Oil & Gas Dev. XD 56.64 145.85 145.60 146.50 146.90 146.25

PACE (Pakistan) Limited 38.91 2.45 2.40 2.55 2.65 2.50

Pervez Ahmed Sec 35.39 1.40 1.35 1.60 1.75 1.55

PIAC(A) 43.94 2.05 1.95 2.25 2.35 2.15

Pioneer Cement 58.12 7.70 7.35 8.30 8.65 8.00

Pak Oilfields 58.40 231.60 230.35 234.75 236.70 233.55

Pak Petroleum 22.47 170.75 169.65 173.45 175.05 172.35

Pak Suzuki 38.61 74.35 73.70 76.30 77.60 75.65

PSO XD 52.36 259.65 257.85 264.65 267.80 262.80

PTCLA 51.07 18.45 18.15 18.95 19.15 18.65

Shell Pakistan 33.70 190.85 189.15 194.85 197.15 193.15

Sui North Gas 72.81 29.70 28.95 31.00 31.60 30.25

Sitara Peroxide 43.74 8.50 8.40 8.70 8.85 8.60

Sui South Gas 83.08 25.15 24.65 26.15 26.65 25.65

Telecard 34.58 1.95 1.85 2.15 2.30 2.10

TRG Pakistan 46.13 3.30 3.15 3.60 3.80 3.50

United Bank Ltd 30.27 50.20 49.75 51.35 52.10 50.95

WorldCall Tele 39.21 2.30 2.25 2.45 2.50 2.40

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Asian Stocks Fund Ltd 23-Sep 12:30

Baluchistan Wheels Ltd 23-Sep 10:30

Bolan Castings Ltd 23-Sep 9:00

Din Textile Mills Ltd 23-Sep 3:30

Ghani Automobile Industries Ltd 23-Sep 12:00

Ghani Value Glass Ltd 23-Sep 10:00

IBL HealthCare Ltd 23-Sep 12:00

Mandviwalla Mauser 23-Sep 12:00

Mari Gas Company Ltd 23-Sep 10:00

Safe Mix Concrete Products Ltd 23-Sep 2:30

Safeway Mutual Fund Ltd 23-Sep 3:00

Shabbir Tiles & Ceramics Ltd 23-Sep 10:00

Bhanero Textile Mills Ltd 24-Sep 10:00

Blessed Textiles Ltd 24-Sep 11:00

BOARD MEETINGS

Company Date Time

Thursday, September 23, 2010 8

KARACHI: Chief Organiser, PIAEmployees Unity Front, KhawajaEhsan Tarani has urged the newly elect-ed advisor on PIA affairs, SenatorFaisal Raza Abidi to help resolve theproblems of the employees.In a facilitation statement here onMonday, Ehsan Tarani, hoped that theAdvisor will play as a bridge betweenthe employees and the management."Raza Abidi will manage the affairs ofthe National Flag Carrier in better man-ner and will further improve the per-formance of the Airlines," he said.He assured full cooperation on behalfof the employees' body to SenatorFaisal Raza Abidi for the prosperity anddevelopment of the PIA.He appealed to the Pilots of the PIA towithdraw their Go-slow policy in theinterest of the airlines.Khawaja Ehsan Tarani also appealed tothe Management of the PIA to increasethe salaries of the employees fromGrade-I to IV.Meanwhile, the Managing Director ofPakistan International Airline (PIA),Captain Aijaz Haroon, has directed theairline's foreign stations for organizingevents for expatriates and philanthro-pists for mobilization of relief efforts forthe flood affected people of Pakistan.A PIA spokesman said here on Tuesdaythat the PIA station in USA and EdhiFoundation organized a function inSpringfield Virginia, USA.He said that the function was attendedby prominent Pakistani expatriate busi-

nessmen, doctors and other profession-als.On a per person entrance fee of $100individuals and organizations spon-sored tables about 1,000 persons attend-ed the function the proceeds of whichwill be donated towards the flood reliefdrive.Two cars were also auctioned alongwith other items for fund raising.The spokesman further pointed out thatFakhar-e-Alam, a prominent singer,appreciated the efforts of MD PIA Capt.Aijaz Haroon and informed the audi-ence about the role of PIA in spearhead-ing the life-box supply chain.He said that thousands of life-boxescontaining ready meals and medicineshave so far been delivered through theArmy and fleet of UN helicopters in theflood affected areas and made appealfor more support and donations.It was pointed out that so far PIA hasfree of cost airlifted over 1.5 millionkgs of relief goods. The National FlagCarrier is continuing free uplift throughits network both domestic and interna-tional for the flood affected people.A total of 15,47,135 kgs of relief goodshave so far been airlifted by PIA whilemore relief goods carriage is underwayon priority basis.The relief goods that are being airliftedfree of cost by PIA from its networkinclude survival kits, medical supplies,food rations, dry milk, mineral water,ORS, blankets, new clothing, andhousehold items etc. -APP

PIA advisorurged to take

stock of issues

Nat’l carrier’s cost-free relief airlifts up & on AMR hopes 3Q

revenue figure

to grow biggerFORT WORTH: AmericanAirlines parent AMR Corpsays a key third-quarter rev-enue figure will rise between9.8 percent and 10.8 percentcompared with a year ago.

The company said Tuesdaythat unit revenue - or total rev-enue divided by available seatstimes miles flown - wouldgrow by similar amounts on itsmain American brand and itsAmerican Eagle regional oper-ations.

AMR gave the outlook in anote for investors that it filedwith the Securities andExchange Commission.

U.S. airlines have beenreporting gains in unit revenuethis year as they raised farescoming out of the recessionand also benefited from feeson checked bags, changingflights and other services. Unitrevenue is a closely watchedfigure that allows comparisonsin financial performanceamong airlines of differentsizes.

AMR was the only major USairline to lose money in thesecond quarter, and it expectsits costs to rise slightly andcash to shrink in the thirdquarter. The Fort WorthCompany expects to end thethird quarter with more than$4.3 billion in unrestrictedcash and short-term invest-ments, compared to about $5billion at the end of the secondquarter on June 30.

But traffic is improving.AMR indicated that 2010 traf-fic measured in miles flown bypassengers would rise about 2.4percent over 2009.-Reuters

First Hajjflight takes

off on Oct 12LAHORE: Project Director

Hajj Training Lahore, SyedFrogh Aftab Zaidi has said that1st Hajj flight from Lahore toJeddah will leave on October 12.

Talking to APP here onSunday, he said that vaccinationto Hujjaj would be started fromMonday (September 20), addingthat first time three kinds of vac-cination (Meningitis, Flu andPolio) would be given to Hujjajthis year.

"Documentation of Hujjaj willbe started at Haji Camp onOctober 10", he added.

All concerned Federal andProvincial departments, Banksand Airlines have been directedto complete Hajj operationarrangements as soon as possi-ble, he said.

He further said that Hajj train-ing for intending pilgrims hadbeen completed adding thatmore than 5000 pilgrims belongto Lahore attended the work-shop where they were deliverednecessary lectures about Hajj.

He said that pilgrims werealso sensitised about prepara-tions, necessary luggage, immi-gration process and residence atthe holy city of Makkah.-APP

ROME: Jenny Carlino, regional manager for the Italian company Aviointeriors S.P.A, shows herfirms new 'Skyrider' standing seat which aims to allow airlines to cram more passengers onto

budget flights, at the Aircraft Interiors Expo in Long Beach.-Reuters

ISTANBUL: Turkish Airlines hassigned an agreement with PTTThailand Open to be a platinum spon-sor of this year's tournament, whichwill be held between 25th Septemberto 3rd October this year at IMPACTArena - Muang Thong Thani.

In announcing the sponsorship dealwith Turkish Airlines SuwatLiptapanlop, President of the LawnTennis Association of Thailand and thetournament's Executive CommitteeChairman said, "We welcome TurkishAirlines, as a Platinum sponsor to thisyear's PTT Thailand Open which prom-ises to be a highly competitive andexciting event having attracted suchplayers as World #1 Rafael Nadal.

It is encouraging to see an interna-tional airline based in Europe to havesuch vision and commitment for boththe Thai and international markets."

Turkish Airlines Director forThailand & Cambodia, Adnan Aykacsaid, "We are pleased to have signedthe initial agreement for the prestigiousPTT Thailand Open event, which is theworld's largest sporting event held in

Thailand annually.Turkish Airlines, this year, has taken

the decision to sponsor major sportingevents including both the Barcelonaand Manchester United Football teamsas well as the Euroleague basketballcompetition. Supporting events such asthese will certainly assist TurkishAirlines on its way to becoming a glob-al brand.

"We are also on the way to becominga key airline player in Thailand and thistennis event will bring us even closer toboth the Thai and expatriates living inThailand. Turkish Airlines is one of thefastest growing airline carriers in theworld today," Aykac added.

In addition to sponsoring the event,Turkish Airlines is also offering a totalof 14 airline tickets to Europe for luckywinners who join the PTT ThailandOpen this year.

At the Turkish Airlines booth, simplyby filling in a boarding pass visitorswill get the chance to win three sets oftwo tickets each to one of the 67 desti-nations that Turkish airlines flies to inEurope.-Agencies

Turkish Air tosponsor Thai

tennis tourney

KARACHI: Cathay Pacific Airways and its oneworldpartner Japan Airlines announced that they will expandtheir code-share agreement with effect from October 31subject to government approval. The expansion will provide passengers with evengreater flexibility and choice when travelling betweenHong Kong and Japan.An announcement on Friday said that under the expand-ed code-share agreement, Cathay Pacific's flightsbetween Hong Kong and Fukuoka, Nagoya, Osaka,Sapporo and Tokyo will carry the JL code, while JapanAirline's flights on the Narita - Hong Kong and theHaneda - Hong Kong routes will carry the CX code.It said that the two airlines plan to further expand thecooperation beyond services between Japan and HongKong and look forward to finalising the details soon.Cathay Pacific Chief Executive Tony Tyler said: `JapanAirlines is one of our long-term code-share partners andwe are pleased we are able to expand our cooperationwith them in one of our major markets in Asia'.

This new agreement comes at a perfect time as we willbe operating a twice-daily service to Haneda andincreasing frequencies to Tokyo to seven daily fromOctober 31.The code-share flights with Japan Airlines will providecustomers with even more choice, said Cathay PacificDirector Sales and Marketing Rupert Hogg.Commenting on the strengthened relationship betweenthe two oneworld carriers, Japan Airlines President andChief Operating Officer Masaru Onishi said: `This is afavourable and appropriate time for us to extend ourcode-share agreement. I am certain this development inour alliance will complement the convenience of flyingto and from Haneda Airport, and oneworld customers inthis region of growth will have more travel solutionsthan ever before as they continue to enjoy the high stan-dards of both of our services'.Cathay Pacific and Japan Airlines currently code-shareon Fukuoka, Nagoya and Osaka services with the JLcode on Cathay Pacific's flights. -APP

Cathay Pacific, Japan Airlineexpand code-share agreement

KUALA LUMPUR: Malaysianpalm oil and its rival US soyoilrecorded small gains onWednesday as traders waited formore news on weather in keygrain producing regions in theAmericas and Asia.

Chinese financial marketsare closed for the rest of thisweek, giving few cues to veg-etable oil trade.

Malaysia's benchmarkDecember palm oil contractinched up 0.1 per cent to closeat 2,673 ringgit ($864.7) inchoppy trade in Asian tradehours, and Chicago soyoil forOctober climbed 0.6 per cent.

A dry winter in LatinAmerica has delayed soyplantings, possibly leading to

slow harvests and tight sup-plies for crushing into soyoil.Erratic weather in the US andongoing reports of low cornyields have helped lift globalagriculture markets.

London-based industry ana-lyst Dorab Mistry said Indiamight continue with tax-freeimports of crude vegetable oilsdespite record purchases andmounting pressure from refinersto curb overseas supplies aheadof the meeting. In Indonesia,

Jakarta-based PT KBNNusantara, formerly known asthe state marketing centre, sold7,000 tonnes of crude palm oilat top price of 8,119 rupiah($0.907) per kg in auction onWednesday, against 8,163 rupi-ah per kg in auction on Tuesday.Refiners in Jakarta offeredrefined, bleached, deodorised(RBD) palm olein -- used ascooking oil -- at 8,750 rupiahper kg versus 8,700 rupiah perkg the previous day. -Reuters

Palm oil logs thin gainswith China closed


POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash Buyer 1240 1120

March (3rd Wednesday) 1240 1080

April (3rd Wednesday) 1240 1080

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for September 21 2010

LME Official Prices, US$ per tonne for September 21 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2141 2166 7694.5 2125.5 22805 23345 2129.5 2125

Cash seller 2141.5 2167 7695 2126 22810 23350 2130 2126

3-months buyer 2120 2197 7695 2155.5 22825 23300 2155 2130

3-months seller 2130 2198 7696 2156 22850 23350 2156 2140

15-months buyer 2060 2273 7640 2175 22375 22775 2215 2130

15-months seller 2070 2278 7650 2180 22475 22825 2220 2140

27-months buyer 2060 2340 7415 2155 21500 2213 2180

27-months seller 2070 2345 7425 2160 21600 2218 2190

LONDON METAL EXCHANGE (METALS)

LONDON: Gold hit recordhighs for a fifth consecutivesession on Wednesday afterthe Federal Reserve signalledit stood ready to inject freshcash into the economy,knocking the dollar and whet-ting investorappetite for bul-lion.

Silver also hit a2-1/2 year peak andedged closer to itshighest in 30 yearsas investors soughtcheaper safe-havenassets, which wasreflected in the largest one-dayinflow of metal into the iSharesSilver Trust in 10 months.

Spot gold hit a new record of$1,296.10 an ounce and wasbid at $1,293.75 an ounce at1357 GMT, showing a 0.6 percent gain on the day. US goldfutures rose $21.00 an ounce to$1,295.30, having hit a con-tract high at $1,298.00.

The metal is benefiting from

concerns over the stability ofthe financial system and theoutlook for fiat currencies.While dollar weakness, a typi-cal driver of gold, is liftingprices, the metal's appeal as asafe store of value has broad-

ened.Credit Agricole analyst

Robin Bhar said he interpretedthe Fed statement as "a condi-tional easing bias".

Gold has risen by over 17 percent this year, as investors havesought a relatively safe asset inwhich to park their cash asmajor currencies, stocks andbonds have become increas-ingly volatile.

Among other precious met-als, silver prices broke above$21.00 an ounce to their high-est since March 2008 andremained within a hair'sbreadth of highs not seen sinceOctober 1980.

Hold ingsin thei S h a r e sSilver Trustj u m p e d1 2 7 . 8 1tonnes, thebiggest gainin nearly 10months, to

9,509.55 tonnes.Spot silver was last at $21.10,

up 0.8 per cent on the day, andset for a rise of 9.1 per cent inSeptember, its largest monthlygain since November 2009.Spot palladium rose nearly 4per cent to $546 an ounce. Theprice hit a near four-monthhigh of $563 on Sept. 15, whileplatinum was up 0.9 per cent at$1,635.00. -Reuters

Gold hits record highafter Fed rates signal

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Wednesday'sRotterdam vegetable oil price'sat 21:00 PST.

SOYOIL: EU degummedeuro tonne fob exmillDec10/Jan11 801.00,Feb11/Apr11 806.00-9.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Nov10/Jan11787.00-3.00, Feb11/Apr11792.00-5.00, May11/Jul11797.00-5.00.

SUNOIL: EU dlrs tonneextank six ports optionOct10/Dec10 1165.00+15.00,Jan11/Mar11 1160.00+10.00,Apr11/Jun11 1165.00+15.00.

LINOIL: Any origin dlrstonne extank RotterdamSep10/Oct10 1285.00+25.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Afloat922.50, Sep10 922.50+2.50,Oct10 922.50+5.00, Nov10915.00+2.50, Dec10912.50+7.50, Jan11/Mar11907.50+7.50.

PALMOIL: RBD dlrs tonnecif Rotterdam Nov10/Dec10942.50.

PALMOIL: RBD dlrs tonnefob Malaysia Nov10/Dec10895.00+5.00.

PALM OLEIN: RBD dlrstonne fob MalaysiaNov10/Dec10 905.00+5.00,Jan11/Mar11 900.00+5.00,Apr11/Jun11 902.50+7.50.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamOct10/Nov10 1325.00+30.00,Nov10/Dec10 1325.00+30.00,Dec10/Jan11 1325.00+30.00.

CASTOROIL: Any origindlrs tonne extank RotterdamOct10/Nov10 2100.00+80.00. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

22-Sep-2010 CRUDE100 NO10 US$ Per Barrel 76.12 76.22 74.70 75.77 180 75.05 75.77 47

22-Sep-2010 CRUDE100 DE10 US$ Per Barrel 78.22 78.22 76.40 77.26 61 76.61 77.26 9

22-Sep-2010 CRUDE100 JA11 US$ Per Barrel 79.50 79.50 78.46 78.46 - 77.88 78.46 -

22-Sep-2010 SILVER - SL500 NO10 US$ Per Troy Ounce 20.68 21.10 20.68 21.10 - 20.95 21.10 -

22-Sep-2010 SILVER - SL500 DE10 US$ Per Troy Ounce 20.64 21.12 20.53 21.12 172 20.96 21.12 44

22-Sep-2010 GOLD 01oz OC10 US$ Per Troy Ounce 1276.20 1295.00 1271.00 1294.00 611 1288.20 1294.00 546

22-Sep-2010 GOLD 01oz NO10 US$ Per Troy Ounce 1277.30 1296.00 1271.90 1294.70 1,637 1289.00 1294.70 1,678

22-Sep-2010 GOLD 01oz DE10 US$ Per Troy Ounce 1278.80 1297.00 1272.50 1295.50 1,186 1289.80 1295.50 834

22-Sep-2010 GOLD 100oz OC10 US$ Per Troy Ounce 1275.80 1294.00 1273.50 1294.00 19 1288.20 1294.00 1

22-Sep-2010 GOLD 100oz NO10 US$ Per Troy Ounce 1278.00 1294.70 1278.00 1294.70 - 1289.00 1294.70 -

22-Sep-2010 GOLD 100oz DE10 US$ Per Troy Ounce 1278.50 1295.90 1273.60 1294.70 124 1289.80 1295.50 8

22-Sep-2010 GOLD OC10 Per 10 grms 35250.00 35825.00 35166.00 35825.00 89 35605.00 35825.00 47

22-Sep-2010 GOLD NO10 Per 10 grms 35324.00 35834.00 35324.00 35834.00 - 35613.00 35834.00 -

22-Sep-2010 GOLD DE10 Per 10 grms 35338.00 35848.00 35338.00 35848.00 - 35628.00 35848.00 -

22-Sep-2010 Kilo GOLD OC10 Per 10 grms 35287.00 35797.00 35287.00 35797.00 - 35577.00 35797.00 -

22-Sep-2010 Tola Gold50 OC10 Per Tola 41158.00 41753.00 41158.00 41753.00 - 41496.00 41753.00 -

22-Sep-2010 Tola Gold100 OC10 Per Tola 41158.00 41753.00 41158.00 41753.00 - 41496.00 41753.00 -

22-Sep-2010 Mini Gold 1-Aug Per 10 grms 36350.00 36855.00 36350.00 36855.00 - 36631.00 36855.00 -





22-Sep-2010 TT Gold 1-Sep Per Tola 41731.00 42319.00 41731.00 42319.00 - 42059.00 42319.00 -

22-Sep-2010 IRRI6W 23SE10 Per 100 kg 2402.00 2402.00 3201.00 3201.00 - 3202.00 3201.00 -

22-Sep-2010 Rice IRRI - 6 OC10 Per 100 kg 3226.00 3226.00 3225.00 3225.00 - 3226.00 3225.00 -

22-Sep-2010 RBD Palm Olein OC10 Per Maund 4184.00 4184.00 4158.00 4158.00 - 4184.00 4158.00 -

22-Sep-2010 KIBOR3M 10-Sep Per Rs. 100 87.19 87.19 87.18 87.18 - 87.19 87.18 -

22-Sep-2010 KIBOR3M 10-Dec Per Rs. 100 86.87 86.87 86.87 86.87 - 86.87 86.87 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Stronger europushes EU

wheat lowerHAMBURG: An export-pun-ishing rise in the eurodepressed west EuropeanUnion wheat markets onWednesday, with EU overseassales prospects damaged duringa period of heated competitionwith US suppliers.

European markets largelyshrugged off a strong early rise inUS wheat futures on Wednesday,in turn sparked by hopes a weak-er dollar will stimulate moreAmerican export sales, illustrat-ed by a new Egyptian purchaseof US wheat. Paris Novembermilling wheat was down 3 eurosat 228.25 euros a tonne by 1617GMT to trade at its short-termsupport level.

Standard new crop bread-quality wheat for Septemberdelivery in Hamburg wasoffered for sale down foureuros at 233 euros a tonne withbuyers at 230 euros. Germanprices have fallen by about nineeuros a tonne from Mondayafter starting the week close to28-month highs reached in lateAugust. London Novemberfeed wheat fell 1.50 pounds to166.00 pounds a tonne.

Top quality soft wheat wasoffered at 270-280 euros atonne, while lower grademilling wheat was offered at230-240 euros a tonne and feedwheat traded in a range of 212-225 euros a tonne, Italiantraders said. -Reuters

CAIRO: Farmers collect dates in an agricultural area in el-Hawamdiya, a suburbof Giza near Cairo. -Reuters

NEW YORK: Cotton pricesjumped again on Tuesday,closing above $1/lb for the firsttime in 15-years due to buyingby mills and speculative fundsamid tight global supplies andbad crop conditions in someproducing countries, analystssaid.

Analysts said some specula-tive funds are still going intocotton because they believeprices will keep rising due tostrong consumer demand andadverse weather plaguingmajor cotton producers andconsumers China and Pakistan.

But other analysts said therally could slow as the US har-vest picks up in the comingweeks.

The key December cottoncontract climbed 1.42 cents tofinish at $1.0079 per lb, the

highest close on the secondposition cotton contract since1995. The contract hit a new15-year peak at $1.0237.

The next most-active Marchcotton added 1.54 cents to con-clude at $1.0021.

Peter Egli, director of riskmanagement at trade housePlexus Cotton Ltd. in Chicago,said the narrowing of the spreador difference between theDecember and March contractsmay be a sign the tight supplysituation is starting to ease. Totalcotton volume traded at 2000GMT reached 23,054 lots, upnearly two-thirds over the 30-day average at 14,254 lots, pre-liminary Thomson Reuters datashowed. -Reuters

Cotton ends over $1/lbfor 1st time since ‘95

LONDON: Copper swept toits highest in five months onWednesday due to a weak dol-lar and fund buying, while asolid technical close may setcopper up for an advance in thecoming weeks.

Benchmark copper on theLondon Metal Exchangeclosed at $7,840 a tonne, ver-sus Tuesday's close of $7,680.The metal, used extensively inconstruction, earlier hit $7,868a tonne, its highest since April26.

The dollar fell on Wednesdayafter comments by the USFederal Reserve, which said itstood ready to provide moresupport to the economy. Aweaker dollar makes industrialmetals cheaper for non-US cur-rency holders.

"The FOMC certainly didgive the metals a boost," saidanalyst Leon Westgate ofStandard Bank. "They've con-tinued to grind higher, helpedby further dollar weakness andCTA buying."

"In general there has beensolid demand from China, anda poor supply sideresponse...It's laying the foun-dations for a very strong periodfor copper as we head into2011," Westgate added.

Trade import data releasedearlier this week showed thatChina's apparent annual con-sumption of refined copperrose by almost a quarter in

August, driven by a surge inimports in response to a revivalof the nation's hunger for com-modities.

In the past, speculators haveused limited volumes duringChinese holidays to engineer asharp move in prices in order tospark heavy covering onceShanghai re-opens.

On Wednesday, copperstocks rose 2,075 tonnes, butthe total at 382,100 tonnes isstill the lowest since lastNovember with cancelled war-rants -- material earmarked fordelivery -- accounting for 7.5per cent of the total stocks.

Nickel hit a two-week low of$22,120 a tonne before finish-ing at $22,560 a tonne from$22,350 a tonne.

Premiums for high gradenickel in China have slipped to$100 on top of LME from$300-$400 during July, a met-als trader said, as Chinadestocks in response to slackstainless steel demand.

Zinc ended at $2,192 a tonnefrom $2,142 while lead was at$2,223.50 from $2,175.Aluminium stood at $2,235 atonne from Tuesday's $2,175 atonne. It hit a six-week high of$2,235 per tonne earlier.

Tin finished at $23,300, from$23,000. It hit its most expensivesince July 2008 on Friday at$23,800 on the back of persistentsupply tightness from major tinexporter Indonesia. -Reuters

Metals finishhigher on soft

dollar, fund buys

Sugar up;cocoa steady,weak dollar

supportsLONDON: ICE sugar tradedhigher on Wednesday, whilecocoa was steady, buoyed bythe weaker dollar and increasedallocations into agriculturalcommodities, analysts said.

"There has been fundamentalsupport for some of these com-modities but macro factors arealso helping soft commodities,in particular; allocations awayfrom the more cyclical com-modities and the softer dollar,"Tobin Gorey, soft commoditystrategist with J.P. Morgan said.

Sugar futures firmed, as dol-lar priced commodities weremore attractive to foreign cur-rencies, while ICE cocoafutures were slightly lower.

Raw sugar futures traded nearthe seven-month peak of 25.60cents a lb hit on Monday, butdealers said a retracementlower could be on the cards.

ICE October sugar traded up0.29 cent or 1.2 per cent at 24.08cents a lb. Liffe December whitesugar traded up $9.90 or 1.7 percent at $608.70 a tonne. Arabicacoffee eased on light profit tak-ing and speculative selling, con-solidating after its biggest one-day drop in four weeks onMonday, said dealers.

Liffe cocoa prices have fallenover 20 per cent on improvedsupply prospects since hitting a32-year peak in July, and dealerssaid any problems with diseaseor delays to the harvest couldspark a rally. ICE Decembercocoa futures traded down $8 or0.3 per cent at $2,771 a tonne asat 1519 GMT. Liffe Decembercocoa futures were down 12pounds at 1,893 pounds a tonne.Robusta coffee was higher, whilearabicas eased, helping to narrowthe strong premium on arabicacoffee which has developed overrecent months.

ICE December arabicafutures traded down 0.8 cent or0.4 per cent at $1.8210 a lb.Liffe November robustas trad-ed up $23 or 1.4 per cent at$1,692 a tonne. -Reuters

LONDON: Oil fell below $75a barrel on Wednesday, revers-ing earlier gains after govern-ment inventory data showed arise in crude and oil productstocks.

Still sluggish oil use in theUnited States was highlightedby Energy Information Agency(EIA) data showing a rise in oilstocks, despite an outage on apipeline carrying Canadian

crude to the US.These figures confirmed

industry data from theAmerican Petroleum Institute(API) which painted a similarpicture, leading oil priceslower on Tuesday.

US crude for November, thefront-month contract afterOctober went off the board onTuesday, fell 57 cents to$74.40 by 1514 GMT, well offan earlier high of $76.00.

ICE Brent for November fell80 cents to $77.62.

The EIA report said US crudestocks rose 970,000 barrels inthe week to Sept. 17, against aforecast for stocks to be down1.9 million barrels.

The data also showed gaso-line stocks rose unexpectedly

and that distillate stocks alsowere higher, up slightly morethan forecast.

"When the API data came outyesterday, a lot of people weresceptical and wanted to waitfor the DOE numbers but thesearen't bullish either," said TomBentz, broker at BNP Paribasin New York.

"With the Enbridge outagelast week, it is surprising to see

a build in inventories," Bentzadded.

Oil had been up more than $1earlier in the session, supportedby the weaker dollar after theUS Federal Reserve raisedexpectations of more monetaryeasing. A weaker dollar meansimproved oil-purchasingpower for some holders ofother currencies.

Weather forecasters closelymonitored a tropical wave inthe southeastern Caribbean thatis producing showers and thun-derstorms over much of theWindward Islands as it moveswestward. In a couple of days,it is expected to become a trop-ical depression -- one stepbelow tropical storm strength. -Reuters

Oil falls below$75 after US data

Tokyo rubbernear 5-mthhigh, gains

cappedBANGKOK: Tokyo rubberfutures hit their highest in fivemonths on Wednesday on spec-ulative buying backed by firmoil prices and improving tech-nical sentiment after the bench-mark broke above 300 yen, butprofit-taking capped gains,dealers said.

The benchmark contract onthe Tokyo CommodityExchange for February deliv-ery rose 4.3 yen, or 1.4 percent, to settle at 309.7 yen($3.65) per kg.

It rose to an intraday high of311.5 yen, the highest sinceApril 28.

"Strong oil prices, risingAsian shares as well as bullishtechnical sentiment helped sup-port TOCOM prices. But theyfinally succumbed to profit-taking," one dealer said. Oilrose past $75 on Wednesday, asa weaker dollar allowed it toshrug off an industry reportshowing surprise gains in USinventories. -Reuters

NY cotton early-tradeCotton futures on Wednesday

rose to a fresh 15-year high on

investment and mill buying but

business is slow due mainly to

the Mid-Autumn festival holi-

day in China for the rest of the

week, brokers said.

ICE Futures US key

December cotton contract hit a

new 15-year peak of $1.0334/lb

and was trading 1.76 cents up at

$1.0255 at 1445 GMT. The low

for the day was at $1.0113. For

the third day running, cotton

traded over $1/lb.

Shares silver holdings see biggest inflow in 10 months

US crude, gasoline stockpiles unexpectedly rise: EIA


ITF President Ricci Bitti looks at the DavisCup trophy after the official draw of the DavisCup 2011 World Group first round in Brussels

RonaldoinspiresReal to3-0 win

MADRID: Cristiano Ronaldoscored a penalty and created agoal for Gonzalo Higuain toinspire Real Madrid to a lethar-gic but ultimately comfortable3-0 La Liga win over Espanyolon Tuesday.

It was the Portuguese for-ward's first goal of the seasonand a third consecutive leaguevictory for Real that lifted themto the top of the table ahead ofWednesday's matches.

Both teams had a player sentoff with around half an hourremaining and Espanyol werereduced to nine late on.

Real coach Jose Mourinhocriticised the poor state of thepitch after the game and alsocomplained about the packedcalendar, Tuesday's match com-ing after his players were inaction in the ChampionsLeague on Wednesday and inLa Liga on Saturday.

"All things considered I amcoming away satisfied becauseit's not easy playing on a potatofield, it's not easy playing everytwo days and it's not easy play-ing an opponent who has noth-ing to lose," the Portuguese saidat a news conference.

"Putting all those factorstogether and despite the factthat my team did not play agood match I am satisfied," headded. "We have to improvebut above all we need to rest."

SOLID STARTThe visitors began brightly on

a pleasantly warm night at theBernabeu and an unmarkedJose Callejon volleyed justwide of Iker Casillas's goal inthe sixth minute.

Real responded immediatelywhen Mesut Ozil sent Angel DiMaria clear and the Argentinawinger's curled strike waspalmed narrowly over thecrossbar by goalkeeper CarlosKameni.

Espanyol's solid start wasspoiled just before the half hourwhen Luis Garcia handled aRonaldo free kick in the walland the referee pointed to thespot.

The Portuguese scored withhis first attempt but wasordered to retake for whatappeared to be encroachmentinto the area.

Espanyol made an energeticbid for an equaliser in the earlystages of the second period andthe impressive Joan Verduforced a sharp save fromCasillas in the 53rd.-Reuters

Faisal Iqbaldelivers winin Somerset

CountyKARACHI: Pakistan's Testbatsman Faisal Iqbal helped histeam Boveytracey Cricket Clubto win the Devon PremierCricket League for the firsttimes in Somerset County.

Talented Faisal, who missedthe selection in Pakistan teamfor England tour, scored over455 runs at an average of 59.66runs including five successivehalf centuries. He top-scoredwith an unbeaten 93.

Faisal Iqbal, a nephew of for-mer Pakistan Captain JavedMiandad, who recently returnedfrom England said onWednesday that looking forwardselection in Pakistan team forthe series against South Africa.

"I want to win back my placein the national team in all formsof cricket," 29-year-old Faisal,who scored 1124 runs in 26Test matches for Pakistan andscored 314 runs in 18 ODIs.

"My mission to stage a come-back in the Pakistan team and Iam working hard in the nets forthe purpose," he said.-APP

ISLAMABAD: FederalMinister for Sports EjazJakhrani has said that a wellplanned plot has been knittedagainst Pakistani players to iso-late the country in the world byhighlighting match fixing con-troversy.

Talking to a Private newschannel thse minister said thatallegations of match fixingwere also leveled againstIndian, South African,Australians and West Indianplayers, but no action was takenagainst them.

Scotland Yard Police report

about the spot fixing issuewould expose the facts aboutmatch fixing allegation on theplayers, he maintained.

To a question Jhakrani saidthat he discussed the match fix-ing scandal with PakistanCricket Board (PCB) whichdeclared that there was no issueof match-fixing with respect tothe specific clip saying that therewas a rift among the players.

He said that chairman PCBIjaz Butt would raise the issueof allegation on PakistanPlayers in the ICC meetingwhich would be held in next

month where they would alsotable resolution to dismissHaroon Lorgat, ChiefExecutive Officer of ICC.

Referring to the supremepower enjoyed by ChairmanPakistan Cricket Board he saidthe sports ministry is allowed bythe Presidency to bring amend-ments in PCB constitution.

However, the minister saidthat process of amendment isunderway, but the floodsstopped all the activities. Wewill hold a meeting soon tofinalize amendments in thePCB constitution, he said.-APP

Sports minister termscharges a conspiracy

LONDON: A trio of topBritish athletes, includingworld triple jump championPhillips Idowu and Olympic400 metres gold medallistChristine Ohuruogu, pulled outof the troubled CommonwealthGames in India on Tuesday.

Idowu's withdrawal wasbased on security concernswhile Ohuruogu, plagued by

injury problems this year, suf-fered cramp in a training ses-sion over the weekend anddecided to pull out as a precau-tion from the event starting inNew Delhi on October 3.

Lisa Dobriskey,Commonwealth 1,500 metreschampion and fourth over thedistance at the European cham-pionships in Barcelona last

month, also withdrew sayingshe had run out of time afterstruggling with injury earlier inthe season.

Idowu outlined his worriesabout attending the Games onhis Twitter page, writing:"Sorry people but I have chil-dren to think about. My safetyis more important to them thana medal."-Reuters

UK athlete-trio quitsC’wealth Games

LAHORE: Lahore High CourtChief Justice KhawajaMuhammad Sharif onWednesday dismissed the peti-tion against alleged involve-ment of cricket players inmatch fixing.

Earlier, Pakistan CricketBoard's counsel Tufezal Rizvisubmitted before the court thatpermanent ban could not beimposed on any player as noallegations had been provedagainst any one. He alsoprayed the court to dismiss thepetition.

The petitioner counselChaudhry Ishtiaq Ahmadsought time to file some docu-ments in the petition.

However, the court rejectedthe request and dismissed peti-tion observing that almost 15days was given to the petition-er's counsel to present his argu-ments and file rejoinder to thereply of federal secretary sportsbut he failed to comply with theorder of the court in this regard.

The petition was filed byShakil Ahmad wherein he sub-mitted that Pakistan earned abad name in the world due toinvolvement of national cricket

team players in match fixing.He contended that Article 5

of the constitution enjoins uponeach and every member of thestate to be loyal with it.

However, the petitioner con-tended, that the shameful act ofmatch fixing by respondentsSulman Butt, Kamran Akmal,Muhammad Amir andMuhammad Asif was not onlyagainst constitution but it alsohumiliated and disgracedPakistan.

The petitioner pleaded thatto uphold the image ofPakistan it was dire need toproceed against ChairmanPCB and said respondents inaccordance with law.

He prayed the court to directfederal secretary sports to pro-ceed against said respondentsand put permanent ban onthem besides probing matterseriously and confiscate theproperties of respondents, ifallegation proved.

The petitioner further prayedthe court to summon therespondents and show causethem as to why not proceedingsagainst them be initiated underArticle 6.-APP

LHC dissolvespetition against

match fixing

LONDON: Shoaib Akhtarbelied his 35 years with afuriously aggressive six-overspell of 2 for 17, while thespinner Mohammad Hafeezstruck with his fourth ball ofthe day to have StevenDavies stumped for 17, asEngland's top-order struggledon a dry batting surface intheir ODI series decideragainst Pakistan at the RoseBowl.

By the halfway mark of theinnings, England had slippedto 96 for 3 with Eoin Morganand Ian Bell making a goodfist of a recovery in a 49-runstand, but their problemswere not limited to the effec-tiveness of Pakistan'sbowlers. At the 16-overdrinks break, PaulCollingwood was forced toretire with a migraine, whileBell's movement at the creasewas hampered by a groinstrain that necessitated thereturn of Davies as a runner.

The day had started promis-ingly for England, whenAndrew Strauss won a poten-tially vital toss that enabledthem to avoid the challengeof batting under the lights -and with Umar Gul provingunplayable in swinging con-ditions at The Oval andLord's earlier in the week,that call alone was worth anextra 30 runs. But from the

moment Akhtar opened hisspell with a jagging lifter thatcrashed into Strauss'smidriff, Pakistan's intent wasplain to see, and there wasscarcely any let-up thereafter.

Strauss responded stronglywith two fours in AbdulRazzaq's first over, and whenDavies repeated the dose oneover later to lift England to26 for 0 after four, ShahidAfridi decided a change oftempo was required. Sureenough, in Hafeez's firstover, Davies charged out ofhis crease to loft him over theleg-side, but was beaten by ahint of turn and KamranAkmal completed a simplestumping with his victim noteven in the frame.

That brought JonathanTrott out to the middle,Pakistan's new bête noire fol-lowing his altercation withWahab Riaz in the nets atLord's, and he was greetedwith a raucous chorus ofboos from a vocal and pas-sionate Pakistani crowd.After scores of 2 and 4 in hisprevious two innings of theseries, Trott was under pres-sure from the scoreboard aswell as the crowd, but hecould do nothing about theball that eventually did forhim. Working up a consider-able head of steam for a manwho had been labouring with

a side strain, Shoaib bowledhim through the gate with aglorious nip-backer, to leaveEngland struggling on 46 for2.

One over later, and thingsgot worse for England.Strauss has been in primeform in the series to date,with two fifties and a hun-dred in his previous fourinnings, and he showed hiseye for an opportunity whenhe slotted Razzaq over long-on for six - the 22nd of hisone-day career, and his 13ththis year alone. But Shoaib'sunrelenting line and lengthsoon did for him, as hegrazed an edge through toAkmal and trooped off for25.

At the end of the 15 oversof bowling Powerplays,England were awkwardlyplaced on 59 for 3, where-upon Collingwood - who hadalready been visited by thephysio, Kirk Russell - decid-ed that a darkened room wasthe best place for him as hismigraine kicked in with avengeance. When Bell wentin the groin three overs later,England were facing all man-ner of problems, but he andMorgan - who made a finehundred on this groundagainst Australia in June -dug them out of immediatedanger.-Agencies

Pak chase 257 to restore lost glory

LONDON: The Pakistancricket team have been hit bya series of setbacks and con-troversies over the past fiveyears. On the eve of the finalone-dayer in their troubledtour of England, following isa timeline of events.

* August 2006: Englandare awarded the fourth andfinal test of their home seriesagainst Pakistan at the Ovalafter the tourists forfeit thematch following a ball-tam-pering row. Pakistan refusedto return to the field for thefinal session of the fourthday after umpires DarrellHair and Billy Doctroveimposed a five-run penalty

against them for altering thestate of the ball.

Pakistan captain Inzamam-ul-Haq is cleared of ball tam-pering by the InternationalCricket Council (ICC) but isbanned for four one-dayinternationals for bringingthe game into disrepute.

* October 2006: On the eveof their opening match,Pakistan send home fastbowlers Shoaib Akhtar andMohammad Asif from theChampions Trophy in Indiaafter the pair test positive forthe banned steroid nandrolone.Shoaib is handed a two-yearban by a PCB tribunal, whichalso suspends Asif for 12

months. The bans are subse-quently scrapped after bothplayers appeal the punishment.

* March 2007: Pakistancrash out in the first round ofthe World Cup in West Indiesfollowing a stunning defeatby debutants Ireland. Lessthan 24 hours later Pakistancoach Bob Woolmer diesaged 58 after being foundunconscious in his hotelroom. Jamaican policelaunch murder inquiry intoWoolmer's death, saying theEnglishman was strangledamid growing speculationthat he was the victim of a"betting mafia". However,later in the year a jury in

Jamaica recorded an openverdict on Woolmer's deathafter deciding there wasinsufficient evidence ofeither a criminal act or natu-ral causes.

* March 2009: Gunmenattack a bus carrying SriLanka's cricket team outsidea Lahore stadium inPakistan, killing seven peo-ple, including six policemenand a driver. Six of the teamand a British coach arewounded.

* April 2009: Pakistan losethe right to host any of the2011 50-over World Cupgames scheduled for theIndian sub-continent after

the ICC board decides toshift the matches out of thecountry because of securityconcerns following theLahore attack.

* August 2010: Pakistancricket is hit by allegationsof spot-fixing after a news-paper report revealed playershad been bribed to bowl pre-determined no-balls in thefourth test against England.British police questioned testcaptain Salman Butt andpace bowlers MohammadAmir, Mohammad Asif andWahab Riaz as part of theinvestigation. Butt, Amir andAsif were suspended from allcricket by ICC.

* September 2010: TheICC says it is investigatingPakistan's role in the thirdone-dayer against Englandfor suspicious "scoring pat-terns". The news sparksangry reaction from PCBchief Ijaz Butt as Pakistanhad won the match. A war ofwords breaks out after Butttold a television channel:"There is loud and clear talkin bookies' circles that someEnglish players were paidenormous amounts of moneyto lose (the third one-day)match." The England andWales Cricket Board reactsangrily and threatens legalaction.-Reuters

A glimpse from the past

Controversies involving Pakistan team

Pak invitedfor Jordan

int’l BridgeKARACHI: Pakistan has beenextended an invitation to takepart in Jordan InternationalBridge Championship scheduleto be held at Dead Sea (Jordan)from December 8 to 12,Pakistan Bridge Federation(PBF) announced onWednesday.

"The Open Pairs and Openteam events will contested dur-ing the gala and it carries ahandsome cash purse of$12,000," PBF Chief TariqRasheed Khan said here.

He informed that the partici-pation of the team depend onthe availability of funds. Hehowever, he said they will beforwarding the invitation to theplayers if they would like totake part in the Pairs event onthe personal funding basis.

PBF President said the invita-tion has been dispatched to PBFby President of Asian andMiddle East (BFAME) GhassanGhanem, who is also the headof Jordan Bridge Federation.

He said the winners in thePairs event will be get US$2000 and runners-up pick upUS$ 1200 while an equalamount will be distributed inOpen team contest for the toptwo teams.-APP

SOUTHAMPTON: England’s Bell is bowled by Pakistan's Afridi as Akmalcelebrates during the fifth one-day international cricket match.-Reuters

Akhtar bowls well, Morgan hammers ton


International & Continuation

BRUSSELS: Euro zone con-sumer confidence improvedonly marginally in September,data showed on Wednesday,chiming in with forecasts ofslower economic growth inthe second half of 2010.

The European Commissionsaid in a flash estimate thatconsumer morale in the 16-country currency area rose to-11.2 this month from aupwardly revised -11.4 inAugust.

The figure puts the index ata 27-month high. In the wider,27-nation European Union,consumer sentiment worsenedto -11.8 from -11.2.

Consumer sentiment hasbeen improving in recentmonths as the single currencyarea recovered from its worsteconomic crisis in decades.

But its level remains low,pointing to sluggish privatedemand, which has put abrake on any sustained eco-nomic recovery.

"So far, higher consumerconfidence has not generateda marked improvement ineuro zone consumer spendingand we suspect that this islikely to remain the case,"said Howard Archer, chiefEuropean economist at IHSGlobal Insight.

He noted however that theindicator was over its long-term average of -12.

Economists and theCommission expect euro zonegrowth to slow down in thethird or fourth quarter of 2010after the economy expanded1.0 per cent in the April-Juneperiod from the previous threemonths.

Demand for Europeangoods is expected to slowdown in the United States andAsia, while consumers arelikely to spend reluctantly asausterity measures ordered bymany governments begin tobite.-Reuters

Euro zone consumerconfidence slightly

up in September

CONTINUATIONcontinuing foreign interest in energy sector," he added.Though market stayed bearish but foreigners remained on the

buying side as according to NCCPL there was a net foreign buy-ing of $1.64 million on Wednesday while locals were mainly onthe selling side and individual investors and companies did a netselling of $0.88 and $0.79 million respectively.

Volumes too remained low throughout the day as 50.8 millionshares traded in the overall market were 37.6 million shares lessas compared to a turnover of 88.4 million shares on Tuesday.

Out of total 369 active issues, 243 declined and 102 advancedwhile 24 issues remained unchanged.

Continued from page 5No #1

while some of his colleagues thought the probability that moremonetary easing would be needed had increased. Weir Groupdropped 3.1 per cent after RBS cut its rating on the stock to "hold"from "buy" on valuation grounds.

Aviva was down 4.8 per cent as it traded ex-dividend onWednesday, with Aggreko and Petrofac also losing their payoutattractions.Autonomy and Invensys were each off 3.3 per cent,weighed by weakness in US peers. With the market hemmed in afairly tight range, investors were also eying technical levels.

"(There is) support around 5,505/10, the lows of the last week orso, while below that there should also be some interest around 5,435which was the old 61.8 per cent retracement level of the down movefrom the highs to the lows of this year," said Michael Hewson mar-ket analyst at CMC Markets. He added that the index needs to con-solidate itself above 5,600 to re-target the 5,800 highs. -Reuters


1,984.70 rupees after the top valued drugmaker said it had com-pleted the acquisition of a controlling stake in TaroPharmaceutical.Reliance Industries shed 1.3 per cent due to lackof any immediate triggers, dealers said. Larsen & Toubro slippednearly 2 per cent, but was still up 10 per cent so far in the month.

Automobile companies rose on hopes of buoyant demand dur-ing the September-to-December festive season.Maruti Suzukirose 3.6 per cent after Bank of America-Merrill Lynch upgraded itto buy from underperform. Mahindra & Mahindra and HeroHonda gained 0.2 per cent and 0.1 per cent respectively.

Sterlite Industries firmed 0.8 per cent to 172.75 rupees. Crisilclosed 0.6 per cent lower at 6,129.95 rupees. -Reuters


company was abandoning the idea of issuing new shares to helpfinance tender offers currently underway to take total control oftwo group firms. Instead, Panasonic will use on-hand liquidityand loans to complete the buyouts of Sanyo Electric andPanasonic Electric Works, the paper said. Shares of Sharp Corprose 1.3 per cent to 857 yen after it announced plans to buy solarpower company Recurrent Energy for up to $305 million toexpand its footprint in the solar field.

But shares of companies with strong exposure to China, such asKomatsu and Hitachi Construction Machinery, extended lossesfrom the previous day as a row between Japan and China overownership of islets in the East China Sea dragged on. Komatsufell 2.5 per cent to 1,875 yen and Hitachi Construction lost 2.1 percent to 1,815 yen. -Reuters


lower-than-expected revenues, prompting analysts to slash theirratings on the stock. "Clearly, Adobe was a disappointment," saidMichael James, a senior trader at regional investment bankWedbush Morgan in Los Angeles. "That is having some impact.The Nasdaq is underperforming the rest of the market, but I thinka big part of that is Microsoft, too."

Microsoft Corp fell 2.8 per cent at $24.45 after the companyraised its quarterly dividend. But Microsoft's latest move to returncash to shareholders, frustrated by stagnant share prices, fell shortof some investors' expectations. PMC-Sierra Inc also cut its third-quarter revenue outlook and said it sees gross margins at the lowerend of its expectations, driving its stock down 7.1 per cent to $7.24.

Gold hit a record at $1,296.10 per ounce and the price of the 30-year US Treasury bond rose more than a full point as its yield slid toa three-week low on hopes the Fed may boost its purchases ofTreasuries as part of a second round of quantitative easing. The ArcaGold Bugs index rose 0.4 per cent. "The Fed sort of left the marketguessing on exactly how large or what their action would be," saidJeff Kleintop, chief market strategist at LPL Financial in Boston.

"The only thing that the market is convinced of is that the Fedwants to see more inflation, and that is triggering demand forinflation-sensitive assets like gold and commodities as a flightfrom stocks," The Fed explicitly stated for the first time onTuesday that core inflation was running below policy-makers'comfort levels. On the earnings front, cereal maker General MillsInc reported slightly better-than-expected quarterly profit. Thestock rose 3.2 per cent at $36.80. -Reuters


easily compete their education. The minister also assured theHouse that all HEC projects at advanced stage would be complet-ed according to schedule.He said the government has alreadyaccepted genuine demands of the university teachers and commit-tee has also been constituted to sort out the issue of 50 per centraise in the salaries of university employees.

In response to a supplementary question, the minister said it wasnot true that the government would be unable to pay salary toemployees after two months. I was misquoted regarding the nonpayment of salaries to the employees, he added. -APP


universities criticised the non-release of funds to HEC and hadresolved to boycott after meeting on Tuesday ended without con-clusion. In prominent demands, release of seven billion rupees, 50per cent rise in salaries, and 15 per cent increase in medical


former president Pervez Musharraf for abrogating the constitu-tion, lawyers and court officials said.

Lawyer Elmuddin Ghazi filed a petition in the LHC, chargingMusharraf with "high treason", a crime carrying death penaltyunder the article 6 of the Constitution.

The court issued notices to the federal government and the gov-ernment of eastern Punjab province to appear on Oct 18 to submitreplies to the charges in the petition. -Agencies


per cent of employment - has been hit particularly hard," the IMFsaid. "An estimated eight per cent of total cropped area has beenflooded, with very significant damage to industrial crops."The IMFsaid growth had been picking up before the floods in late July andAugust, while inflation was stubbornly high.

The central bank raised its key policy rate by 50 basis points to13 per cent in July prior to the floods. The next monetary policyfor the subsequent two months is due to be announced onSeptember 29."The SBP (State Bank of Pakistan) is facing a dif-ficult balancing act," the IMF said.

The government's domestic net financing needs will increase afterthe floods and about two trillion rupees in treasury bills have to berolled over this fiscal year, while domestic private demand will soft-en and undermine the already weak recovery in private sector growth.

"These considerations will have to be weighted carefully indeciding the monetary policy stance," the IMF said. Pakistan'sinflation accelerated to a four-month high in August as the floodsforced food prices higher. The consumer price index rose a high-er-than expected 13.23 per cent from a year earlier and was up 2.5per cent from July. -Reuters


of the Kashmiri people cannot continue to be denied," Qureshisaid at the Council on Foreign Relations, a think-tank. "We callupon the United States particularly, which is pressing so responsi-bly for peace in the Middle East, to also invest its political capitalin trying to help seek an accommodation on Kashmir," he said.

"Such an accommodation would not only be just for the peopleof Kashmir but would be critical for peace in the region," he said,warning that "terrorism has fueled and thrived on blatant examplesof social and political injustice." "At times it's easy for the Indiansto look toward Pakistan and blame Pakistan for everything that'sgoing wrong in Indian-occupied Kashmir," Qureshi said. -APP


per cent to $2.58 billion during the two month of current fiscal yearagainst $1.98 billion in the corresponding period of the previous year,the official data released by the Federal Bureau of Statistics revealed.

According to TFD analyst, major increase in the oil import hasbeen caused by higher volume of sugar, soyabean and curdeoil.According to the sector-wise trade data, oil imports bill surgedby almost 25.3 per cent to $1.88 billion in 2MFY11 against $1.5billion in the corresponding period last year. The major increasewas witnessed on import of crude oil which surged by 86.9 percent to $950 million versus $508 million in 2MFY10.

However, imports of manufactured petroleum product dropped 6.2per cent to $933 million against $995 million witnessed in 2MFY10mainly due to reduction of average oil stock owing to circular debt.

Likewise, food group import registered hike of 44.9 per cent to$693 million in 2MFY11 in which sugar import registered a sub-stantial growth of 331 per cent whereas palm oil import increasedby 74.6 per cent, spices import increased by 43.1 per cent and teaimport bill registered an increase of 25.1 per cent over the corre-sponding period of last fiscal year. Furthermore, machinery groupimport bill increased by 9 cent to $947 million against $867 mil-lion over the previous year same period.

The major surge in this sector witnessed from power generatingmachinery and textile machinery which hiked by 53.8 per centand 192.6 per cent respectively.


billion against the same period of previous year. The improve-ment in textile exports was mainly attributed to surge in textileproducts prices as ready-made garments export increased by 49.3per cent to $287.63 million against $192.7 million in 2MFY10.

Similarly, cotton cloth, bed wear and towel exports increased by20 per cent, 19.6 per cent and 19.2 per cent to $347 million, $329million and $127 million respectively. On the other hand, foodgroup export registered a decrease of 33.4 per cent MoM to$195.3 million in August 2010 versus last month of $293.01 mil-lion. In food group, rice export registered a biggest decline of 43.8per cent to $122 million against $217 million export of rice wit-nessed in July 2010. Whereas fruit export surged by 10.2 per centand fish export increased by 2.2 per cent over the previous month.


Rs48.72 billion. Similarly, cut-off yield on 6-month T-bill uppedby 7bps to 12.84 per cent and raised amount of Rs9.49 billion. Onthe other hand, SBP rejected 12-month T-bill bids in which partic-ipants offer amount of Rs3.54 billion.


Taxes, which showed a negative growth of 1.4 per cent over the corresponding period of last year.The indirect collection recorded at Rs159.480 billion showed an increase of 7.8 per cent over the

same period of last year, according to official figures provided by the board. Of the total collectionRs110.664 billion have been collected under the head of sales tax including Rs55.623 billion asSales Tax (Import) and Rs55.042 billion as Sales Tax (Domestic). Similarly Rs19.154 billion havebeen collected as Federal Excise Duty (FED) including Rs3.189 billion as FED (Import) andRs15.965 billion as FED (Domestic). The FBR collected Rs29.662 billion as customs duty duringthe period, the FBR figures revealed.

The collections of Sales Tax, and Customs witnessed increase of 13.1 per cent and 9.3 per centrespectively while the FED collections witnessed negative growth of 16.8 per cent during the periodas against the same period of last year. The FBR collected Rs46.046 billion during the current month,showing negative growth of 5.4 per cent as against the same month of last year. The Direct Taxes dur-ing the month were recorded at Rs16.720 billion while Indirect Taxes were recorded at Rs29.327 bil-lion, showing a negative growth of 5.2 per cent and 5.4 per cent over the same month of last fiscal year.

Collection of Sales Tax were recorded at Rs21.099 billion, and Customs Duty at Rs6.799 billion,showing change of 2.3 per cent and 2.1 per cent while the Federal Excise Duty was recorded at Rs4.122billion, showing down fall by 55.3 per cent during the period. The refunds during July-September(2010-11) were recorded at Rs16.925 billion, showing growth of 35 per cent over last year whilerefunds during September were recorded at Rs0.791 billion, showing negative growth of 37 per cent.

Member Direct Taxes, Asrar Rauf said that the floods would have less impact on overall revenuegeneration as it had mostly hit rural economy and agriculture and livestock which is already exempt-ed from tax net. He said that most of the taxes are generate from the urban areas, so the collectionwould be less impacted by these floods. He said that for the first three quarters, there would be nosuch impact on tax collection due to devastating floods, however, added that there may be impacton tax collection during the last quarter due to import of cotton. The floods have destroyed cottoncrops and it would have its impact as the country would have to import cotton.


reported. The secret agency had been told to immediately stop gathering information pertaining tothe country's politics, the source said, adding, "MI is not involved in any kind of political businessanymore." However, Military Public Relations Office ISPR's spokesperson Major General AtharAbbas claimed that MI had always been apolitical.

"The MI has nothing to do with the country's political affairs. It deals purely with the military'sinternal matters," he said. According to sources, MI has been told to concentrate on its main task -the country's national security with a key thrust on counter-terrorism, the newspaper reported.

In an effort to ensure free and fair general elections, Kayani had strictly barred the ISI from polit-ical hobnobbing during the 2008 general elections in the country. -Online


of floods. Giving details of the cabinet meeting, Minister for Information and Broadcasting QamarZaman Kaira said country has a wheat stock of over ten million tones against the total demand of overeight million. Similarly rice stock of 6.78 million tones as against the demand of 2.50 million tones isavailable in the country. The federal minister said that this additional stock will be carried over next yearto meet any deficiency arising due to the floods which has battered the food basket of the country.

Kaira said that government has also decided to provide free of cost fertilisers and seeds to farm-ers having twenty five acres of land. About the financial problems of the universities, the prime min-ister directed the finance ministry to immediately release funds for students currently studyingabroad on scholarships. The cabinet also lauded the role of the media declaring it is an important pil-lar of the state and its freedom will be ensured.

Corporate Rehabilitation bill 2010 was also presented before the cabinet and the prime minister con-stituted a committee headed by the finance minister to vet the bill and present it before the cabinet againfor approval. About the supply of petroleum, Qamar Zaman Kaira said there was shortage of the fuel insome cities due to the closure of refineries following floods which has now been overcome. -NNI


Wednesday. Nepra announced this reduction under fuel adjustment and on the basis of power gen-eration cost and electricity buying price. The power generation and buying price of KESCdecreased to Rs1.4 billion in June. This includes a reduction of Rs390 million in generation costand over Rs200 million in electricity buying price.On the other hand, the price of furnace oil hasalso reduced to Rs27,000 per metric tonne. -Agencies


On September 1, the apex court had ordered that Javed Qazi could no longer operate as the NAB'sacting chairman. Sources said Javed Qazi had issued the new directives on September 16. The direc-tives included the transfer order for Additional Director Abdul Hafeez from Islamabad toRawalpindi. Javed Qazi also promoted several NAB employees and also increased the salaries oflegal advisors. Sources told media that the new appointments in Islamabad include that of legal advi-sor Naheed Seemi and the Karachi postings include five lawyers.

Earlier, the court had ordered that Qazi could not operate as acting chairman and also said thataccording to law, there was no position for any deputy chairman in NAB. Therefore, the decisionsmade by the deputy chairman do not hold any legal value. -Agencies


France eyesmore deficit

cuts after 2013 PARIS: France will aim totrim its budget deficit to 2 percent of gross domestic productin 2014, the country's budgetminister said on Wednesday, asit steps up efforts to match thepace of fiscal tightening inGermany.

France has already pledgedto cut the deficit to three percent of GDP by the end of2013, from a gap the govern-ment expects will be about 7.8per cent this year -- slightlyless than the 8 per cent it ini-tially envisaged.

Speaking on Canal Plus tele-vision, Budget MinisterFrancois Baroin said the gov-ernment would try to extendfiscal consolidation beyond the3 per cent mark in 2013, withan ultimate goal of bringing thebudget to near-balance.-Reuters

allowances of all staff members were included. They also threat-ened to resign against the government's refusal to provide fundsfor higher education.Teachers, students and the non-academicstaff are holding protest rally in the campuses, demanding of thegovernment to immediately release funds for higher education.

Chairman Higher Education Commission, Javed Leghari saidthe shortage of funds is due to worsening law and order situationin the country.

Talking to a private TV channel, he said lack of funds would putto end various projects of this year, adding the scholarshipsawarded by HEC would also be affected. Nevertheless, he clari-fied that students already on scholarships and studying abroadwould not suffer; citing assurance given to him by Dr HafizSheikh, finance minister. -Agencies

It is worth mentioning here that monetary policy for the next two months (Oct-Nov) is to beannounced on September, 29. Previously, central bank raised its key policy rate by 50 basispoints to 13 per cent in July.

and that it had been "swept away in the floods".Pagara predicted that like his maternal grandfather, Bilawal Bhutto-Zardari will one day become

the General-Secretary of the Pakistan Muslim League. -Agencies


the multitude of populace affected by the unprecedented floods. He assured the continued support of his country in dealing with the aftermath of this calamity. He said that the government and people of Libya will always stand by their Pakistani brothers. Ahmed

Kamal thanked the government and people of Libya for showing compassion for their Pakistani brothersand expressed hope that this support will continue until the hardships of the flood victims are alleviated.

He said that the NDMA is working to mitigate the sufferings of the flood victims and this missionwill continue until the last victim is rehabilitated. -APP


TCP has arrived at the outer anchorage of the Port Qasim on Wednesday.The vessel MV Orbit will take berth within a day and start discharging sugar immediately. Another ship, MV "Unicorn Brave" carrying 7,800 MT will berth on Thursday while one more

ship MV Unicorn No-1 carrying 7000 is scheduled to arrive Karachi on Friday.In addition, containerized shipments of 44,054 MT sugar is also scheduled to arrive by September

30, 2010. TCP, which has so far received 478,155 MT through worldwide sources, has a stock of196,000 MT after delivery to Utility Stores Corporation (USC), CSDs and four provinces. -APP


Minister for Population Welfare Dr Firdous Ashiq Awan informed the House that a ten-year visionhas been prepared to address challenges arising out of population explosion. She said a training pro-gramme for Imams and Khateebs would be initiated on the pattern of Bangladesh to involve themin advocacy for population issues.

Advisor to the Prime Minister Nawabzada Ghazanfar Gul informed the House that Benazir SmartCards have been issued in four districts of Mianwali, Multan, Miripur Khas and Sanghar.

He said feedback receipt from these districts is encouraging and it has now been decided to implement theinitiative in the remaining twelve districts where poverty Score Card Survey has been completed. These areBatagram, Diamir, Ghanche, Karak, Kech, Kila Saifullah, Leiah, Lakki Marwat, Musakhel, Pakpattan,Poonch and Tharparkar. He said payments through Benazir Smart Card would begin in two to three months.

The house was informed that thirty-seven water filtration plants have been installed at variouslocations in Islamabad. Advisor to the Prime Minister Nawabzada Ghazanfar Gul told the House thatfilters of these plants are regularly changed after every three months. He said water is tested by theQuality Control Cell of the CDA and Pakistan Council for Research in Water Resources. Replyingto another question, he said drinking water facilities have been provided in all major parks includingLake View Park, Playland, Kachnar Park, Daman-e-Koh and Marghazar Zoo by the CDA.

He said there is only one general bus stand in G-9 Sector and clean drinking water is being provid-ed at the Stand to the general public with the collaboration of contractor of flying coach service. -NNI


international community has about the nature of the nuclear program," he added. Tehran says it ispursuing a civilian energy program, but many Western powers suspect it is seeking nuclear weapons.While attending UN meetings, German Chancellor Angela Merkel took a stern tone towardTehran."Iran has not removed doubts" over whether its nuclear program is peaceful or not, Merkel said.

And failing to comply with UN resolutions, Iran "is threatened with isolation and the pursuit ofnew sanctions," she warned. -Reuters


which UN agencies say affected 21 million people and left 12 million in need of emergency food aid.Amal said more than 9,780 government schools were damaged -- 2,700 fully and 7,000 partially.

The number of private schools affected -- a statistic he said was not yet available -- would pushthe figure beyond 10,000, he said. The UN Children's Fund has said over 10 million children havebeen affected by the flooding, including 2.8 million under five-year-olds.

Primary school enrollment is around 57 per cent and government expenditure on educationaccounts for just 2.1 per cent of Gross Domestic Product. The overall adult literacy rate is 57 percent and Pakistan has three years to meet a Millennium Development Goal target of 88 per cent. Butmany of the flood-affected areas have far worse rates -- for example in rural parts of southwesternprovince Balochistan female literacy can be as low as seven per cent, Amal said.

"Already before the floods, they were lagging behind... If 9,000 schools are partially damaged and2,000 schools fully damaged you need a huge investment in education to re-activate it," he warned.

The UN Office for the Coordination of Humanitarian Affairs said a further 5,563 schools are stillbeing used to shelter about 567,000 people displaced in the crisis. -Agencies


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NEW YORK: The six powers seekingto curb Iran's nuclear ambitions pre-pared to meet Wednesday to review thelatest UN sanctions against Tehran andmull its appeals to enter negotiations.

The New York meeting of the so-called P5-plus-1 -- the permanent fiveUN Security Council members plusGermany -- comes as Iran said it wasready to discuss its nuclear programsoon.

The talks were to involve USSecretary of State Hillary Clinton andher counterparts from the other fivenations involved: Britain, China,France, Russia and Germany.

The United States has pressed hard forfull enforcement of UN SecurityCouncil sanctions but has also left thedoor open to talks over Iran's nuclearprogram and other issues.

Washington argues that the sanctionsare biting, putting pressure on Tehran toreturn to negotiations.

To the extent that Iranian PresidentMahmoud Ahmadinejad is interested intalks, "all we would do is encourage himto call Lady (Catherine) Ashton andprovide a date and a location," StateDepartment spokesman Philip Crowleysaid.

Ashton is the EU high representative,who is the main point of contactbetween Iran and the P5-plus-1.

Ahmadinejad, in New York to attendthe UN General Assembly meeting, told

media that his country was ready toresume talks with world powers over itsprogram to enrich uranium.

The UN sanctions had also damagedthe chances for an improvement in US-Iranian relations, he added. He blamedinternational politics for the growingtensions over the nuclear program.

"Iran's nuclear case is a politicalcase," the New York Times quoted himas saying. "Otherwise, why would it beessential for the details of our nuclearprogram be made available to themedia?"

The six powers met with Iran inGeneva in October 2009 and agreed ona nuclear fuel swap deal, which hadbeen designed to build confidence asworld powers pressed Iran to halt urani-um enrichment.

But the agreement has since stalledand in June the UN Security Councilapproved a fourth round of sanctionsagainst the Islamic republic, which inturn said it would suspend talks untilSeptember.

"We are prepared to constructivelyengage Iran and would hope that Iranwill be prepared to have the same kindof meeting that occurred last year,"Crowley said, referring to the Genevameeting.

Washington hoped the Iranians wouldgo further and "actually commit them-selves to try to address the concerns the

See # 23 Page 11

Six powers mullUN embargoes

against Iran

ISLAMABAD: The Senatewas informed on Wednesdaythat 367.553 billion rupeeswere realised through privati-sation of sixty public sectorentities since 2001.

Minister for PrivatisationWaqar Ahmad told the House ina written reply during questionhour that of this over 227 billionrupees were transferred to thegovernment for debt retirementand poverty alleviation andabout 109 billion rupees as pay-ments to development financialinstitutions against their sharesin privatised units.

He said 17.5 billion rupeeswere paid to employees onaccount of golden handshake,

9.5 billion rupees were paid asliabilities of privatised unitsand over 4.3 billion rupees wasthe privatisation cost.

Finance Minister Dr AbdulHafeez Sheikh told the Housethat there was a challengingeconomic situation and thegovernment is mobilising nec-essary resources to address thechallenge.

He said current expenditureof the government has beenfrozen at the level of last yearand efforts are being made toreduce domestic borrowing.

The Finance Minister saidwe are talking about self-reliance and opposing foreignloans but at the same time we

are not willing to pay moretaxes. He said the successivegovernments failed to tax theelite and now efforts are beingmade to make them pay.

He indicated the possibilityof one time tax to raise moneyfor reconstruction of the floodaffected areas.

Replying to supplementaries,he said the government wascommitted to HigherEducation and assured thateducation of Pakistani studentsabroad would not sufferbecause of the financialcrunch. Similarly, funds wouldalso be provided for the ongo-ing projects.

See # 22 Page 11

Rs368bn realised thruprivatisation: minister

ISLAMABAD: President Asif

Ali Zardari on Wednesday tele-

phoned President AJK

President Zulqernain Khan and

discussed with him host of

issues with special focus on lin-

gering Kashmir dispute.

President Asif Ali Zardari

during a telephonic conversa-

tion with the AJK President said

that Kashmir solution is

undoubtedly imperative adding

no solution is acceptable to peo-

ple of Kashmir which is not

under UN resolutions.

No Kashmiri would bow

down his/her head to the Indian

oppression at all. Unless the

Kashmiri aspirations are met

vis-à-vis Kashmir dispute, the

fire of movement would never

die, he added.

He appealed to the United

Nations to recognise the present

situation of occupied Kashmir

and take notice of latest may-

hem orchestrated by Indian

troops in the AJK.

"The need of the hour is to

utilise UN mechanisms and

unfreeze the UN package on

Kashmir," Zardari told AJK

President.

President in the end expressed

his deep shock and grief over

the loss of innocent children in

an accident of a school van in

the suburb area of

Muzaffarabad in Garhi Dupatta.

At least 32 people including

school children drowned in

River Jhelum when a school

bus leading from Muzaffarabad

to Ghari Dhupatta plunged into

River Jhelum. -Online

Kashmir issuesettlement under

UN resolutions sought

TEHRAN: The wives of two Iranianmilitary chiefs were among 10 killedWednesday in a bomb attack on a mili-tary parade in the northwestern Kurdishtown of Mahabad, a senior official tolda local news agency.

"The bomb exploded 50 metres(yards) from the parade stand and killed10 people including the wives of twosenior military commanders ofMahabad," Provincial Governor VahidJalalzadeh told the agency.

He added that 20 people had beeninjured, with "four in critical condition."

Jalalzadeh had earlier told the news

agency that nine people died in theattack, most of them women and chil-dren.

The attack took place as Iran markedthe 30th anniversary of the start of theeight-year Iran-Iraq war with a series ofarmy parades across the country.

Western Iran, which has a sizeableKurdish population, has seen deadlyclashes in recent years between theIranian security forces and Kurdishrebel groups, mainly the Party of FreeLife of Kurdistan (PJAK) operatingfrom bases in neighbouring Iraq. -Reuters

Bomb attack takesten lives in Tehran

NEW DELHI: India and theUnited States are likely to signa 3.5-billion-dollar defencedeal, the biggest ever betweenthe two countries, a report saidWednesday.

The agreement will see theIndian Air Force buy 10 C-17Globemaster transport aircraftthat are expected to replace theageing fleet of RussianIlyushin IL-76, the TheEconomic Times newspapersaid, without citing sources.

The deal, which is in its finalstages, is likely to be signed in

November when US PresidentBarack Obama visits India.

In February, New Delhiannounced a 32-billion-dollardefence budget, a four per centincrease on 2009, when spend-ing was hiked by a quarter asthe country seeks to moderniseits armed forces.

A top air force official earlierstated that India's air force isjust a third the size of rivalChina's and far short of the air-craft required to meet the secu-rity challenges facing the coun-try. -Reuters

US, Indialikely to strike

mega defence deal

NEW YORK: GivingPakistani products concession-ary access to US and otherworld markets is not just anissue of economy but it isimperative for the nationalsecurity, said Foreign MinisterMakhdoom Shah MahmoodQureshi.

"Enhanced access forPakistani products, with all theliberating effects of freer tradeand commerce, should be seenas a strategic imperative," heemphasised.

Speaking at the Council onForeign Relations, he said forthe United States, for Europeand for the rest of Asia, openingup markets to Pakistani exportsis not an economic issue; it is anational security issue."

"The opening of markets toPakistan will accelerate and

catalyse the process of societaltransformation in our part ofthe world," he explained.

"Without firing a single bul-let, we will score an importantand perhaps decisive victory inthe struggle for hearts andminds."

The calculus is simple; thearithmetic clear, he under-scored, asking the Council onForeign Relations to conduct acost-benefit analysis of such apolicy option.

Qureshi was confident of along-term Pakistan-US part-nership to the benefit of bothnations.

The United States, he said,fully understands that only aneconomically and politicallystable Pakistan can contain thethreat of terrorism; and is in thenational interest of the United

States and of world peace."Working with the Obama

Administration in an elevatedStrategic Dialogue over the lastyear, we have redefined amature, sustained, long-termeconomic and political partner-ship. Our partnership is basedon shared values, commongoals and common interests."

During a meeting on thesidelines of the United NationsGeneral Assembly session, FMQureshi and his Kyrgyzstancounterpart Ruslan Kazakbaevagreed to boost cooperationbetween their countries.

Kazakbaev expressed sym-pathies on the tragic loss of lifeand extensive devastationcaused by floods in Pakistan,according to a press releaseissued by the Pakistan Missionto the UN. -Agencies

Global mkt-access vitalto national security: FM

Floods damage10,000

schoolsISLAMABAD: The flood cri-sis has damaged more than10,000 schools, affecting sev-eral million pupils and requir-ing massive investment in anation struggling with literacy,the UN warned Wednesday.

Torrential rain began fallingin northern Pakistan in July andthe floods have since movedslowly south, wiping out vil-lages and farmland, and affect-ing an area roughly the size ofEngland.

"Five to six per cent of allschools have been damaged bythe floods. This means thatbetween 1.5 to 2.5 million stu-dents have been affected,"Umar Amal, an official withUNESCO, told a news confer-ence.

"That number can rise and itwill rise," he said, unable toestimate how much it wouldcost to repair the damagedinfrastructure.

The United Nations hasissued a record two-billion-dol-lar appeal to cope the disaster,

See # 24 Page 11

Securityforces kill

10 militants PESHAWAR: Pastwana areaof FR Peshawar has beencleared through a search opera-tion during which 10 militantswere killed, a local TV channelreported Wednesday.

According to sources of secu-rity forces, raids against terror-ists continue in different areasof FR Peshawar whilePastwana area has beendeclared clear. The securityforces recovered 25 toy bombs,mortars and explosives pre-pared for use in suicide attacksduring the operation.

They said 10 militants weretaken out during the searchoperation while three securitymen were martyred and fourmore sustained injuries.

The security forces arepresently in the process ofclearing Pakhai area in FRPeshawar. -Agencies

TCP to sell50,000 MTsugar in

open marketKARACHI: TradingCorporation of Pakistan (TCP)will sell 50,000 metric tonnesof imported sugar in open mar-ket through auction.

According to TCP official hereon Wednesday, the EconomicCoordination Commission(ECC) of the Cabinet has direct-ed the corporation to offload50,000 MT imported sugar inthe open market through auc-tion. He said TCP will float ten-ders for auction soon.

Meanwhile, a ship carrying30,000 metric tonnes of sugarf o r

See # 21 Page 11

Libya chipsin 450 tonne

food as reliefISLAMABAD: As a gesture ofgoodwill and sharing in thishour of need, the governmentof Libya provided 450 tonnesof food items including rice,pulses, milk, and clean drink-ing water bottles.

The Libyan Ambassador toPakistan, Ibrahim Al-AbidMukhtar handed over the con-signment to MemberAdministration & Finance,National Disaster ManagementAuthority (NDMA), AhmedKamal in a ceremony here atRawat, says a statement issuedhere by the Authority.

Ibrahim Al-Abid Mukhtarlauded the unflinching commit-ment of NDMA with the fasttrack and timely provision ofrelief and rescue activities to

See # 20 Page 11

PPP has

no future,

Pagara predictsKARACHI: Pakistan's PeopleParty has no poetical future andthe party has been inundated inthe floodwaters, said Pir Pagarachairman PML-functional.

Speaking to media represen-tatives on Wednesday aftermeeting a delegation of thePakistan Muslim League (Q),Pagara said the next prime min-ister will be from his party.

He said that the GHQ wasresponsible for the splitting upof the Pakistan Muslim League.

Replying to a question, hesaid that he welcomes formerpresident Pervez Musharraf intopolitics, adding that Musharrafwill have to decide whether hewill face the courts or not.

Pagara said the PakistanPeople's Party had no future

See # 19 Page 11

the financial daily e-paper 23-09-2010

Documents

c rawalpindi

c karachi

c lahore

c faisalabad

c quetta

c weather f

page 12rs368bn

japanese yen