International

Health sector underbudgeted See on Page 12

SC seeks comments on Gwadar Port accord See on Page 12

Chief exacts jobs for EU budget cut See on Page 12

*Crude Oil (brent)$/bbl 87.97

*Crude Oil (WTI)$/bbl 86.54

*Cotton $/lb 141.06

*Gold $/ozs 1,392.40

*Silver $/ozs 26.55

Malaysian Palm $ 1,034.00

GOLD (NCEL) PKR 38,319

KHI Cotton 40Kg PKR 9,538

Yearly(Jul, 2010 up to 4-Nov-2010)

Monthly(Oct, 2010 up to 4-Nov-2010)

Daily (4-Nov-2010)

Total Portfolio Invest (22 Oct-2010)

103.44

-1.28

-0.01

2532

3.04

-0.11

-0.75

3.89

-0.28

-5.90

0.10

SCRA(U.S $ in million)

Portfolio Investment

FIPI (05-Oct-2010)

Local Companies (05-Oct-2010)

Banks / DFI (05-Oct-2010)

Mutual Funds (05-Oct-2010)

NBFC (05-Oct-2010)

Local Investors (05-Oct-2010)

Other Organization (05-Oct-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (29-Oct-10)

Inflation CPI% (Jul 10-Sep 10)

Exports (Jul 10-Sep 10)

Imports (Jul 10-Sep 10)

Trade Balance (Jul 10-Sep 10)

Current A/C (Jul 10- Sep10)

Remittances (Jul 10-Sep 10)

Foreign Invest (Jul 10-Sep10)

Revenue (Jul 10-Sep 10)

Foreign Debt (Jun 10)

Domestic Debt (Aug 10)

Repatriated Profit (Jul- Aug 10)

LSM Growth (Aug 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.96bn

13.77%

$5.18bn

$9.03bn

$(3.85)bn

$(545)mn

$2.65bn

$455.10mn

Rs 310bn

$55.63bn

Rs 4863bn

$124.90mn

-3.85%

4.10%

$1,051

170.97mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

19.12

2.00

1.70

9.97

PKR/Shares

111.00

163.26

42.69

36.29

34.07

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (1Yr)

P.I.B ( 3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

03-Nov-2010

03-Nov-2010

03-Nov-2010

29-Sep-2010

05-Nov-2010

05-Nov-2010

05-Nov-2010

05-Nov-2010

05-Nov-2010

05-Nov-2010

05-Nov-2010

05-Nov-2010

05-Nov-2010

05-Nov-2010

05-Nov-2010

12.75%

13.11%

13.24%

13.50%

12.72%

12.97%

13.23%

13.63%

13.71%

13.65%

13.74%

13.85%

14.21%

14.34%

14.50%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 85.90 86.90

Canadian $ 84.50 85.50

Danish Krone 15.10 15.50

Euro 120.30 121.80

Hong Kong $ 10.85 11.09

Japanese Yen 1.062 1.065

Saudi Riyal 22.67 22.85

Singapore $ 66.20 67.20

Swedish Korona 12.30 12.80

Swiss Franc 88.40 88.90

U.A.E Dirham 23.15 23.35

UK Pound 137.80 139.50

US $ 85.35 85.65

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 86.72 86.93

Canadian $ 85.23 85.43

Danish Krone 16.28 16.32

Euro 121.37 121.66

Hong Kong $ 11.02 11.05

Japanese Yen 1.057 1.059

Saudi Riyal 22.79 22.84

Singapore $ 66.63 66.78

Swedish Korona 13.07 13.10

Swiss Franc 89.12 89.33

U.A.E Dirham 23.27 23.32

UK Pound 138.92 139.24

US $ 85.39 85.57

Inter-Bank Currency Rates

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KARACHI: A view of tail of the private plane separated from the fuselage

after crashing in Gulistan-e-Jauhar area.-Online

KARACHI: President AsifAli Zardari Friday invitedcountry's leading businesshouses to join government in itsinitiative of investing in infra-structure projects on build,operate and own (BOO) basis.

According to Spokespersonto the President FarhatullahBabar, President made thisoffer when leading members ofthe business community ofKarachi representing theFederation of PakistanChamber of Commerce andIndustry (FPCCI) and the Stockexchange called on him inBilawal House Karachi. Themeeting was also attended bythe Sindh Chief Minister SyedQaim Ali Shah, provincial min-isters, and seniorfederal/provincial officials.

Briefing the media persons,

Spokesperson to the PresidentFarhatullah Babar said that themeeting was part of the interac-tive sessions the President hasbeen regularly holding with pri-vate entrepreneurs in search ofsolutions to the country's eco-nomic woes. Issues ranging fromreconstruction of flood areas toinflation and from engaging pri-vate entrepreneurs in megadevelopment project to raisingequity from stock markets forinfrastructure projects were dis-cussed in the meeting, he said.Big businessmen who attendedthe meeting included among oth-ers Aqeel Dhedhy, Arif Habib,Nasir Ali Shah, Jawad Anjumand Zakaria Usman.

The President offered busi-ness tycoons to hold road showsfor the major projects includingPakistan-Turkey railway line,

Gorakh Hill station resort inDadu, Zulfikarabad city projectin Thatta, the LNG projects, andnew highways/bridges in differ-ent parts of the country.

"Let us search for hiddenopportunities in the debris ofcalamities", the President saidrecounting also how the nation-al economy repeatedly sufferedsevere blows from globalrecession, unprecedentedfloods and the fight against mil-itancy. No government andeven no institution of the statealone can alone undertake therehabilitation and reconstruc-tion task, he said adding every-one including the businesscommunity, the NGOs, the civilsociety, philanthropists and theprivate sector need to do theirbit to salvage the situation.

See # 1 Page 11

Tycoons invitedto invest in rehab

President talks to leading businessmen, stockbrokers

Raising equity from bourses for reconstruction discussed

ISLAMABAD: There is noshortage of sugar in the coun-try and Trading Corporation ofPakistan (TCP) has got ade-quate stocks of the commodityin store said Minister for Foodand Agriculture NazarMuhammad Gondal.

Talking to a private newschannel, he said there hadnever been a shortage of sugarin the country. Nearly twomonths ago about 100,000tonnes of sugar was providedto the provinces at the rate ofRs56/kg , he added.

"We are ready to supply50,000 tonnes of sugar toPunjab after every ten days,"he said.

The minister regretfully saidwe are being blamed for actswe did not commit, addinggovernment’s task was only toensure the availability of sugar.

To a question he said the fed-eral government has got nomechanism to eliminate car-tels. It was provincial govern-ments’ responsibility to takesteps against cartelisation, hestressed.

To another question he said,"There are two factions inPakistan Muslim League-Nawaz (PML-N). One factionwants to come to power imme-diately while the other wants thepresent regime to complete itstenure. Under the pressure of theformer, PML-N chief MianNawaz Sharif starts giving state-ments demanding a change. Butwhen the latter prevails, hetones down rhetoric and startsfavouring democracy".

To a query the minister said,baseless and unjustified allega-tions without any proof should

See # 5 Page 11

Centre can’t hitcartels: Gondal

TCP has adequate stocks of sugar in store

Ready to supply 50k T sugar to Punjab every 10 days

ISLAMABAD: ParliamentarySecretary for Food andAgriculture Nawab Liaqat AliKhan Friday informed theNational Assembly that thegovernment was providingRs17 billion subsidy on fer-tiliser to farmers in order tofurther boost country's agricul-tural output.

In response to questionsraised by parliamentarians inQuestion-Hour he said the gov-ernment launched various pro-grammes including BenazirBhutto Green Tractor schemesto provide maximum facilitiesto the farmers.

He said that survey of floodareas was being carried outadding once completed, an

amount of Rs2300 per acrewould be provided to the farm-ers of flood affected areas.

Liaqat Ali said that out of thetotal compensation amount, thefederal government would pro-vide 50 per cent and the restwould be arranged by therespective provincial govern-ments.

He said that country wit-nessed bumper crops of wheatand rice during the past twoyears and owing to efforts ofthe government, the farmerswere getting enhanced pricesfor their produce.

The parliamentary secretarysaid that per acre yield ofwheat, cotton and rice

See # 6 Page 11

Rs17bn fertilisersubsidy underway

Parliamentary secy on agri affairs briefs NA

Pak-US Cotton Productivity Enhancement Programme in action

PESHAWAR: A suicidebomber demolished a mosquein the northwest as Fridayprayer was ending, killing atleast 66 people after a relativelull in militant violence,provincial government offi-cials said.

The blast occurred in DarraAdam Khel, a suburb ofPeshawar.

According to an eye witness,it was a suicide blast and thebomber detonated himselfbefore the gate of the mosquewhereas his companions, whowere outside the mosque,opened fire at the people flee-ing the scene. The mosque has

been totally destroyed whilenearby houses and buildingswere damaged partially as theblast ripped through the area.

The injured were shifted to

hospitals of Peshawar andKohat. A number of peoplewere still reported to betrapped under the debris andefforts were being made to pullthem out. At least 111 injuredhave been shifted to LadyReading hospital Peshawar.

President Asif Ali Zardari,Prime Minister Yousuf RazaGilani, Interior MinisterRehman Malik, SpeakerNational Assembly FehmidaMirza, Chairman SenateFarooq H Naek, FederalMinisters, Nawaz Sharif,Maulana Fazal-ur-Rehman,Munnawar Hussain, Altaf

See # 4 Page 11

Taliban bomber kills66 NW mosque-goers

Shiraz Ahmed

KARACHI: A chartered planecarrying employees of anItalian oil company crashed intoan open field near CentralOrdinance Depot (COD) onFriday morning killing all 21passengers onboard including 3crew members and a foreigner.

A Civil Aviation Authority(CAA) official told Online thatthe ill-fated plane flew forBhitshah oil field located some200 kilometers northeast ofKarachi, at 7:13 am, and

crashed just within a minuteafter taking off.

Just 30 seconds after the take-off, the pilot Captain Naeeminformed the control tower atQuaid-e-Azam InternationalAirport that one of the plane'sengines had been ceased, andhe was having difficulties incontrolling the plane, the CAAofficial said.

"The plane was directed toreturn but it crashed soon afterthe control tower's directive,"Pervez George, a CAA

See # 2 Page 11

Small plane crashesin Khi; no survivors

Italian oil co ENI's 18 staffers, crew of 3 perish NA passes int’linvestmentarbitration

bill 2010 ISLAMABAD: NationalAssembly Friday passed a Billto implement the InternationalConvention on the Settlementof Investment Disputesbetween States and Nationalsof Other States.

It maybe called Arbitration(International InvestmentDisputes) Act, 2010. It extendsto the whole of Pakistan, and itshall come into force at onceand shall be deemed to havetaken effect on and from the

See # 3 Page 11

Khi guns’licences

cancelledfor 48 hours

KARACHI: The security planin connection with the arrivalof late MQM leader Dr ImranFarooq's dead body has beenfinalised in a high level meet-ing led by Federal InteriorMinister Rehman Malik heldhere in National CrisisManagement Cell on Friday.

In the wake of security meas-ures, the dead body would beshifted to Jinnah ground in a

helicopter while deployment of3000 Rangers/policemen fromairport to Jinnah ground hasbeen approved. ProvincialInterior Minister Dr ZulfiqarMirza, CCPO Karachi, DIGs,MQM leaders Dr SagheerAhmad, Adil Sadiqui, and oth-ers attended the meeting.Meanwhile, Home Ministrysources told media all thelicenses, allowing carrying ofweapons, stand cancelled inKarachi for next 48 hours. TheSindh Interior Ministry hasissued a notification, placingban on carrying licensedweaponry in Karachi for next 48hours. According to the notifica-tion the ban would be effectivefrom Friday midnight.-Agencies

Khi security plan finalised

Karachi, Saturday, November 6, 2010, Zul-Qa’dah 28, Price Rs12 Pages 12

Govt gained in theface of odds: Gilani

3 kill inanother

attack in KPPESHAWAR: In another ter-rorist attack, at least 3 peoplewere martyred and 21 othersinjured at Sulemankhelmosque in Budbair Peshawarduring Asha prayer on Fridaynight.

IMF assuredof RGST’slegislativeframework

ISLAMABAD: Governmenthas assured the visiting IMFmission of finalisation of leg-islative framework for theReformed General Sales Tax(RGST) in the coming days forits submission to the parliament.

The International MonetaryFund (IMF) mission, led byAdnan Mazarei, has been

See # 10 Page 11

2 Saturday, November 6, 2010

TV PROGRAMMES

SATURDAY

Time Programmes7:00 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 Awam Ki Awaz

23:00 News

23:30 24

Staff Correspondent

LAHORE: By givingpreference to the nationalseed industry over UScompany, the Punjab gov-ernment has saved $1 bil-lion in shape of royaltywhile it has also averted anindirect loss of billions ofdollars to the agriculturesector.

This was stated by LCCIPresident and ChairmanSeed Association ofPakistan Shahzad AliMalik while addressing themembers of SeedAssociation here onFriday.

Shahzad Ali Malik saidthat encouragement tonational seed industrywould help strengthengovernment hands thatwould be in a better posi-tion to have bargainingwith the foreign technolo-gy providers in biotech.

"There is no point in

dishing out precious for-eign exchange for a BtCotton technology that isavailable to the govern-ment absolutely free ofcost."

The LCCI Presidentinformed the participantsof the meeting that a UScompany has proposed tocharge the Government 7-14 U.S Dollars per acre forits Bollgard-II technologythat has still not beenproven to perform in localcotton seed varieties as yetand local field trials ofvarieties not conducted sofar. The trials conductedby the said company in2010 were of Indianhybrids which are irrele-vant as the agreement isabout local seed varietieswhile for hybrid Cottonseeds, no royalty paymentsor agreement is required asstated in the MINFAAction plan signed inApril, 2010.

The proposal envisagesthat a survey would beheld every Cotton seasonto determine the total num-ber of acres planted withBollgard-II cotton.Farmers who use savedseeds or purchased seedsfrom sources other thanthe US company, could bepenalized as per the Actionplan announced byMINFA in April, 2010.This so-called'Unauthorized' planting ofBollgard-II Cotton wouldmake it binding for theGovernment to pay a roy-alty or compensation feeresulting in millions ofdollars loss to the publicexchequer. Also, as perthis Action Plan, Tehsilcommittees would takelegal action againstdefaulting farmers, creat-ing harassment for Cottonfarmers and corruption bylow level Revenue offi-cials.

Preferring local seedsaved $1bn: LCCI

M Imran Sharif

KARACHI: The six topindustrial associations ofKarachi have expressedtheir gratitude to theGovernor Sindh, DrIshrat-ul-Ebad Khan forintervening into the matterof massive load-sheddingand resolved the issue in arecent meeting.

The Patron In-Chief,Korangi Association ofTrade and Industry(KATI), S M Muneer,Chairman, Syed Johar AliQandhari, President,Pakistan Businessmen and

Intellectuals Forum(PBIF) Mian ZahidHusain, Faraz Mirza,North Karachi Associationof Trade, Aziz Ahmed,Chairman Pakistan tannersAssociation and Industryand all the office bearersof other associations havetaken a sigh of relief fol-lowing the arrangement ofprocurement of furnace oilfor the KESC on subsi-dized rates and the addi-tional supply of gas by theSGC due to which theindustries will get rid ofload-shedding by KESC.

Qandhari said that thou-

sands of industries wereon verge of closure inKarachi due to massiveload-shedding by KESCrendering many a workersjobless. He said that all thetop industrial areas exceptone had unanimouslyannounced to go on strike.

Governor Sindh whileintervening into the mattercalled an emergent meet-ing of the stakeholders'representatives and headsof KESC and SSGC alongwith Federal Ministers,Naveed Qamar and DrHafeez Shaikh to resolvethe issue. He said that the

stakeholders are alsothankful to the FinanceMinister Dr HafeezShaikh who approved thesubsidy for purchase offurnace oil and SyedNaveed Qamar forapproving additional gassupply to KESC in orderto end load-shedding inindustrial areas.

He further appreciatedthe President, Federationof Pakistan Chambers ofCommerce and Industry(FPCCI), Sultan Chawla tosupport and endorse thestrike call for greater inter-est of trade and industry.

Traders hailEbad’s efforts to

end load-shedding

KARACHI: CityGovernment has complet-ed second phase of fumi-gation campaign in allGoths and islands locatedwithin the boundary ofdistrict Karachi. The thirdround of spray will startnext week.

This was stated byKarachi AdministratorFazlur Rehman after inau-gurating the fumigationcampaign in KeamariTown on Friday evening.EDO Municipal ServicesMasood Alam, TownAdministrator ZubairMughal and officers ofhealth and municipal serv-ices accompanied him on

this occasion.Administrator Fazlur

Rehman said the numberof dengue fever patients inKarachi have decreasedwith the completion of2nd round of town wisespray performed by citygovernment. Now only 10dengue suspects werereporting in a day herewhile more than 100 suchpatients were reportingdaily in Lahore.

He said that besides tak-ing all precautionarymeasures we have alsosigned an agreement witha private sector companyfor provision of plateletson immediate basis.

Administrator said thatonly those dengue patientshave expired in Karachiwho had reported it whilethey were at the last stagesof disease. All small andbig Goths and islandsincluding the far flangedMubarak Village ofKeamari Town were cov-ered during current spraycampaign. Special sprayteams were dispatched toislands through boats.

He said that the spraycampaign will now contin-ue throughout the year andthe city government willhave more than 100 spraymachines by the mid ofJanuary 2011.-APP

CDGK finishes 2ndphase of fumigation

KARACHI: MeezanBank was awarded theprize for the fifth bestannual report in theBanking sector jointlyorganised by the Instituteof Chartered Accountantsof Pakistan (ICAP) and theInstitute of Cost andManagement Accountantsof Pakistan (ICMAP), saida statement issued here.

The prize is awarded onthe basis of a very compre-hensive marking schemethat takes into considera-tion the quality and trans-parency of disclosures and

information provided toinvestors.

The award was receivedby Arshad Majeed, SEVP,Meezan Bank, at the 'BestCorporate Report Awards-2010' ceremony heldrecently at a local hotel.This is a coveted award thatreflects the high degree ofprofessionalism existing inMeezan Bank and is a testi-mony to Meezan Banks'commitment to strict adher-ence to the Code ofCorporate Governance andtransparency in all its poli-cies.-PR

Meezan Bankgets best

report award

Staff reporter

KARACHI: EtihadAirways celebrated its sev-enth anniversary on Friday.In seven years of rapidgrowth, Etihad has flownover 26 million passengerson more than 180,000flights to destinationsacross the Middle East,Africa, Australia, Europe,North America, and Asia.Over the same period theairline's fleet has grown to57 aircraft in 2010.

Etihad providesunmatched experiences tothe global travellers,

including a vast network ofdestinations for itsPakistani customers.Emerging from the globalrecession, 2010 has seenthe return of passengertravel. To date this year,Etihad has carried over 6million passengers and isexpected to carry morethan 7.3 million passen-gers by the end of the2010, compared to 6.3 mil-lion in 2009. The load fac-tor has also increased sig-nificantly from 74 per centin 2009, and is expected toaverage 77 per cent for2010.

Etihad airlinecelebrates

7th anniversary

KARACHI: EngroCorporation Limitedannounced the first EngroExcellence Awards 2011,which aims to become anannual prestigious civilianaward ceremony inPakistan. The recipientswhich could be individualsor institutions will beselected based on lifetimeaccomplishment andexcellence in their respec-tive fields and will receivea cash prize of Rs5 millioneach at an exclusive awardceremony.

The first EngroExcellence Awards willrecognise the contributions

of three worthy recipients,one each from the fields ofsocial and humanitarianservices, literature and nat-ural & applied sciences.Nominees are to be adjudi-cated by a jury comprisingof five of Pakistan's mostesteemed and respectedpersonalities, each ofwhom is considered a sym-bol of excellence and bea-cons of hope in their rele-vant fields. Dr IshratHussain is the Chairman ofthe jury, and will be assist-ed by Dr Iqbal Chowdhry,Dr. Nafis Sadik, Prof.Anita Ghulam Ali andIftikhar Arif.-PR

Engro to honourlifetime skills

SATURDAY

Time Programmes8:00 Pakistan Aaj Raat

(Rpt)

9:00 News

9:15 Pehla Sauda

10:00 News

10:15 Bazaar

11:00 News

11:05 Ghar Ka Kharch

12:00 News

12:15 Power Lunch

13:00 News

13:05 Islamabad Say (Rpt)

14:00 News

15:05 Siyasat Mana Hai (Rpt)

16:00 News

16:02 Akhri Suada

16:30 Karobari Dunya

17:00 News

17:05 Ghar Ka Kharch (Rpt)

18:00 News

18:05 Chai Time

19:00 Headlines

19:30 Mang Raha Hai Pakistan

20:00 Headlines

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:00 Headlines

22:05 Dosra Pehlu

23:00 News

23:05 Siyasat Mana Hai (Rpt)

0:00 News

Daewoolikelyto join

hands withWAPDA

ISLAMABAD: DaewooEngineering Company ofSouth Korea on Fridayexpressed interest to con-struct hydel, coal and alter-native energy generationprojects in Pakistan.

A five-member delega-tion headed by YongKyung Cho had a meetingwith Federal Minister forWater and Power, RajaPervez Ashraf here onFriday.

Cho said that a formalproposal with the identifi-cation of various projectswill be submitted soon tothe ministry for furtherprocessing. He alsoinformed the meeting thattheir company has expert-ise to construct hydel,wind, solar, coal and otherrenewable power genera-tion projects.-APP

PIA startsPeshawarto London

ventureKARACHI: PIA startsonce a week flight fromPeshawar to London viaKarachi.

The flight PK 787 tookoff from Peshawar Airporton Friday, says a statementof the airline issued here onFriday.

It said that PIA is nowoffering a flight fromPeshawar to London viaKarachi.

This will greatly benefitthe large number of UKbound travelers whobelong to the province.These include students,tourists, businessmen andpeople with friends and rel-atives settled in the UK.

A large number of peoplebelonging to KhyberPakhtunKhwa province aretemporarily or permanentlyliving in UK, especially in,and around London andBirmingham.

The introduction ofPeshawar-London flightwill help travelers reachtheir respective destinationsin UK and return, more eas-ily and quickly.-APP

Open dayIT event

organisedby MicrosoftKARACHI: An open dayIT event was organised byMicrosoft Pakistan at alocal hotel here. The inter-active event showcased thelatest innovations in theindustry ranging frommobile solutions and busi-ness applications to thecompany's strategy, prod-ucts and solutions for busi-ness and consumers.

Speaking on the occa-sion, Kamal Ahmed,Country General Managerof Microsoft Pakistan, saidthat his firm is committedto Pakistan. He alsoreferred to the successfullaunch of MS Windows 7,MS Office 2010 andInternet Explorer 9.

Kamal said that he alsowants that foreign directinvestment (FDI) come toPakistan. He also spoke ofthe efforts for the promo-tion of the genuine soft-ware products and for theprotection of the intellectu-al property rights.

Kamal also shed light onMicrosoft's strategic agree-ment with the Governmentof the Punjab under whichinformation technologylabs were set up in some4,286 government schoolsso that the children fromthe low income groupscould benefit from the IT.

He said that an agree-ment was also reached withthe Higher EducationCommission for the soft-ware roll-out for the facul-ty and students of 60 uni-versities in the country.

Kamal said that theMicrosoft Pakistan is alsoworking with the CityDistrict GovernmentKarachi.-APP

SBP injectsRs9.7bnin OMO

KARACHI: State Bank ofPakistan on Friday injectedRs 9.7 billion in its reverserepo Open MarketOperation (OMO) inGovernment of PakistanMarket Treasury Bills andPakistan InvestmentBonds.

The bids offered foramounted Rs20.4 billion.The rate of return is 12.27per cent, said SBPrelease.-APP

APNScondoleswith local

daily’schief editorKARACHI: HameedHaroon, President, SarmadAli, Secretary General AllPakistan NewspapersSociety (APNS) and otheroffice bearers of the APNShave expressed their pro-found grief over the saddemise of Anjum Sarfrazsister of Qudsia Khan,Chief Editor, DailyFinancial Post Karachi.She died Friday morning inLondon.

The APNS offered con-dolences to the family andprayed that Almighty Allahmay rest her soul in peaceand give courage to thebereaved family to bear theloss.-PR

KARACHI: President MCB Bank M U A Usmani poses for a group photoafter a meeting with traders and members of business community.prominent among others are Sardar Yasin Malik, Imran Maqbool,

Muhstashim Ashai, Nadeem Afzal.-Staff Photo

KARACHI: President Asif Ali Zardari presiding a meeting with business community at Bilawal House.-APP

KARACHI: Shakil Durrani Chairman WAPDA, Pirzada M Ajmal Farooqi CEOSaita and Group of High officials of Daewoo Engineering including

Yong-Kyung Cho CEO/Vice Chairman and John Kim.-Staff Photo

Markets toremain

closed onweekend

KARACHI: ChairmanKarachi Traders ActionCommittee SiddiqueMemon has announced acomplete shutter down onSaturday and Sunday fol-lowing the funeral ofMQM's slain leader DrImran Farooq.

In a statement issued here,Siddique Memon declared toobserve complete closure ofmarkets on the weekend.This was decided in a meet-ing featuring representativesof 580 markets, 227 smallbazar and 84 shopping cen-tres. The meeting jointlydecided to observe mourn-ing and said the market willassume operation fromMonday for the Eid seasons.Traders also stated that shop-ping centres will remainopen till late night for theEid season.

LAHORE: S Anjum Bashir, Chairman TradingCorporation of Pakistan (TCP) is presenting

commemorative shield to Dr Hashim Popelzai,directing staff of teh delegation of National

Management College Lahore.-Staff Photo

Bankholiday onIqbal Day

KARACHI: State Bank ofPakistan and all offices ofState Bank of Pakistan (SBP)Banking ServicesCorporation including PublicDebt Offices will remainclosed on Tuesday (Nov 9).

The day has been declaredas public holiday by theGovernment on occasion ofIqbal Day, said SBPannouncement here onFriday.-APP

TAIPEI: The Taiwan dollar hita new 28-month closing highon Friday as monetary easingin the United States widenedrisk appeal, but a sharp last-minute retreat pointed to cen-tral bank intervention.

A final price of T$30.56 perUS dollar, the strongest sinceJuly 30, 2008, and compared toits Thursday close of T$30.59,followed a session of keeninvestor interest in stocks andhigh-yielding currenciesaround Asia.

Those assets have been infashion since the US FederalReserve decided onWednesday to buy $600 billionin government bonds, a majorstep in its monetary easing planto shore up the flagging No. 1world economy.

Monetary easing favoursfast-growing, emerging mar-kets such as Taiwan, whichoffer higher returns than whattheir developed peers wouldoffer.

Taiwan's currency has risenmore than 3 per cent since lateSeptember, when markets

began to forecast a degree ofeasing.

Suspected intervention byTaiwan's central bank cappedmost of the day's gains after thecurrency had risen to a 32-month intraday high ofT$30.04.

The authority on Fridaynoted recent forex marketvolatility and said it wouldkeep order if "irregularities"continued. Taiwan dollar pricesare expected to stay firm untilthe G20 meeting on Nov. 11-12in Seoul, where world leadersare set to discuss currency val-uations. -Reuters

Taiwan dollar up, butcbank rolls back gains

3Saturday, November 6, 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 05/11/2010

A USD GBP CAD EUR JPY

O/N 0.22563 0.55250 1.02333 0.35750 SN 0.09563

1WK 0.24828 0.55563 1.05667 0.73875 0.10813

2WK 0.25000 0.56000 1.07500 0.76000 0.11375

1MO 0.25344 0.56875 1.10750 0.81250 0.12875

2MO 0.26828 0.62750 1.15417 0.87250 0.15438

3MO 0.28563 0.73913 1.20833 0.99375 0.19625

4MO 0.33250 0.82225 1.27333 1.05188 0.28000

5MO 0.39250 0.92500 1.33083 1.13375 0.33688

6MO 0.44188 1.02875 1.40667 1.23125 0.39625

7MO 0.48975 1.10375 1.46583 1.28125 0.45750

8MO 0.53813 1.18625 1.54583 1.32813 0.50500

9MO 0.58750 1.26688 1.60583 1.37688 0.55125

10MO 0.64081 1.34375 1.68083 1.42125 0.58000

11MO 0.69781 1.41125 1.76250 1.46375 0.60688

12MO 0.75525 1.47938 1.85000 1.50813 0.63313

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

U.S.A. 85.80 85.60 85.42

U.K. 139.49 139.16 138.84

EURO 121.87 121.59 121.30

CANADA 85.58 85.38 85.16

SWITZERLAND 89.49 89.28 89.04

AUSTRALIA 87.08 86.88 86.65

SWEDEN 13.12 13.09 13.06

JAPAN 1.06 1.06 1.06

NORWAY 14.94 14.91 14.87

SINGAPORE 66.90 66.74 66.57

DENMARK 16.35 16.31 16.27

SAUDI ARABIA 22.88 22.83 22.77

HONG KONG 11.07 11.04 11.01

CHINA 12.88 12.85 12.82

KUWAIT 307.06 306.35 305.54

MALAYSIA 27.83 27.76 27.69

NEW ZEALAND 68.05 67.89 67.71

QATAR 23.57 23.51 23.45

U.A.E. 23.36 23.31 23.25

KR WON 0.08 0.08 0.08

THAILAND 2.89 2.89 2.88

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

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

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

ABLN 11.90 12.40 12.10 12.60 12.20 12.70 12.65 12.90 12.90 13.15 12.95 13.45 13.20 13.70 13.30 13.80

J S B L 12.15 12.65 12.20 12.70 12.25 12.75 12.70 12.95 13.05 13.30 13.20 13.70 13.30 13.80 1350 14.00

ASPK 12.00 12.50 12.10 12.60 12.20 12.70 12.70 12.95 12.95 13.20 13.10 13.60 13.20 13.70 1330 13.80

CIPK 12.00 12.50 12.20 12.70 12.40 12.90 12.60 12.85 13.10 13.35 13.20 13.70 13.30 13.80 1335 13.85

DBPK 12.00 12.50 12.05 12.55 12.05 12.55 12.60 12.85 12.90 13.15 13.15 13.65 13.25 13.75 1335 13.85

FBPK 12.05 12.55 12.10 12.60 12.10 12.60 12.65 12.90 13.05 13.30 13.15 13.65 13.15 13.65 1340 13.90

FLAH 12.15 12.65 12.15 12.65 12.25 12.75 12.75 13.00 12.95 13.20 13.10 13.60 13.20 13.70 1330 13.80

HBPK 11.90 12.40 12.00 12.50 12.20 12.70 12.75 13.00 13.00 13.25 13.10 13.60 13.20 13.70 1335 13.85

HKBP 12.05 12.55 12.10 12.60 12.20 12.70 12.70 12.95 12.95 13.20 13.10 13.60 13.20 13.70 1330 13.80

N I PK 11.75 12.25 12.00 12.50 12.50 13.00 12.80 13.05 12.90 13.15 13.00 13.50 13.10 13.60 1320 13.70

HMBP 12.10 12.60 12.15 12.65 12.40 12.90 12.80 13.05 13.00 13.25 13.15 13.65 13.20 13.70 1330 13.80

SAMB 12.00 12.50 12.10 12.60 12.25 12.75 12.85 13.10 13.00 13.25 13.15 13.65 13.25 13.75 1335 13.85

MCBK 12.00 12.50 12.10 12.60 12.20 12.70 12.80 13.05 13.05 13.30 13.20 13.70 13.30 13.80 1350 14.00

NBPK 12.00 12.50 12.00 12.50 12.20 12.70 12.75 13.00 12.80 13.05 13.10 13.60 13.20 13.70 1330 13.80

S CP K 11.75 12.25 11.85 12.35 12.10 12.60 12.70 12.95 12.95 13.20 13.10 13.60 13.15 13.65 1330 13.80

UBPL 12.15 12.65 12.10 12.60 12.25 12.75 12.70 12.95 13.00 13.25 13.15 13.65 13.20 13.70 1335 13.85

AVE 12.01 12.51 12.09 12.59 12.22 12.72 12.72 12.97 12.98 13.23 13.13 13.63 13.21 13.71 1333 13.83

London Inter Bank Offered Rates (LIBOR)

Karachi Inter Bank Offered Rates (KIBOR)

Name Bid Ask High Low

EUR-USD 1.4056 1.4058 1.4249 1.4026

EUR-GBP 0.8674 0.8678 0.8776 0.8655

EUR-CHF 1.3498 1.3501 1.3634 1.3442

EUR-JPY 114.29 114.33 115.02 113.91

USD-CHF 0.9602 0.9607 0.9636 0.955

USD-CAD 1.0001 1.007 1.0082 0.9993

GBP-USD 1.6201 1.6205 1.6292 1.617

GBP-JPY 131.73 131.78 131.97 130.51

AUD-USD 1.0136 1.0141 1.0181 1.0089

EUR-CAD 1.4059 1.4057 1.4275 1.4036

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)05/11/2010

As per 22.00 PST

CMKA BMA INVSR GSL ICSL JSCM AvgRate

0-7days 12.10 12.20 12.10 12.10 12.05 12.00 12.09

8-15dys 12.15 12.30 12.25 12.20 12.10 12.20 12.20

16-30dys 12.20 12.15 12.30 12.25 12.15 12.25 12.22

31-60dys 12.40 12.40 12.50 12.40 12.35 12.40 12.41

61-90dys 12.68 12.65 12.67 12.66 12.65 12.65 12.66

91-120dys 12.85 12.75 12.85 12.82 12.85 12.80 12.82

121-180dys 12.95 12.99 12.98 13.02 12.95 13.00 12.98

181-270dys 13.00 13.10 13.10 13.12 13.10 13.10 13.09

271-365dys 13.20 13.20 13.20 13.22 13.20 13.20 13.20

2-- years 13.40 13.30 13.40 13.40 13.40 13.40 13.38

3-- years 13.65 13.65 13.67 13.65 13.60 13.70 13.65

4-- years 13.72 13.70 13.72 13.68 13.73 13.73 13.71

5-- years 13.74 13.72 13.75 13.74 13.75 13.74 13.74

6-- years 13.75 13.75 13.75 13.75 13.75 13.75 13.75

7-- years 13.75 13.75 13.75 13.76 13.75 13.75 13.75

8-- years 13.78 13.80 13.77 13.77 13.75 13.80 13.78

9-- years 13.80 13.80 13.78 13.65 13.80 13.85 13.78

10--years 13.82 13.80 13.85 13.90 13.85 13.85 13.85

15--years 14.20 14.20 14.20 14.20 14.20 14.25 14.21

20--years 14.35 14.35 14.35 14.35 14.30 14.35 14.34

30--years 14.50 14.50 14.50 14.50 14.50 14.50 14.50

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for November 05, 2010

Source Events Actual Forecast Previous

AUD AIG Construction Index 44.0 40.8

JPY Overnight Call Rate <0.10% <0.10% <0.10%

GBP PPI Input m/m 2.1% 0.9% 0.4%

GBP PPI Output m/m 0.6% 0.2% 0.0%

EUR Retail Sales m/m -0.2% 0.3% -0.2%

CAD Employment Change 3.0K 14.3K -6.6K

CAD Unemployment Rate 7.9% 8.0% 8.0%

EUR German Factory Orders m/m -4.0% 0.5% 3.5%

CAD Building Permits m/m 15.3% 3.0% -9.5%

USD Non-Farm Employment Change 151K 63K -41K

Previous Day

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada Dec 07 2010 Sep 08 2010 1%

European Central Bank Dec 02 2010 May 07 2009 1%

Federal Reserve Dec 14 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

Bank of England n/a Mar 05 2009 0.50%

The Reserve Bank of Australia n/a Nov 02 2010 4.75%

Bank of Japan n/a Dec 19 2008 0.10%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, November 05,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

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

1 week 0.91 0.66 0.15 0.63 0.85 0.95 -0.91 -0.66

1 month 0.88 0.16 0.3 0.11 0.35 0.55 -0.58 -0.27

3 months 0.95 0.64 0.97 0.87 0.86 0.93 -0.86 -0.87

6 months 0.94 -0.29 0.71 0.41 0.86 0.92 -0.67 -0.89

1 year 0.52 0.69 0.82 0.83 0.88 0.51 0.14 -0.62

2 years 0.37 0.47 0.5 0.75 0.78 0.39 -0.24 -0.62

Currencies CorrelationEUR/USD

NEW YORK: The dollar ralliedon Friday as unexpectedlystrong US job gains in Octobersuggested the economy maywell be on a stable road to recov-ery.

The nonfarm payrolls datacame two days after the FederalReserve committed to inject$600 billion to boost the flag-ging economy and gave thegreenback temporary relief froma broad sell-off.

The strong jobs data left someinvestors open to the possibilitythat the dollar may have carved abottom against the euro, despitethe prospect of more quantitativeeasing.

"Given that we have seenimproving numbers since Juneand combine that with better

business sentiment numbers,we're having indications that theeconomy is turning in the rightdirection. The US is regainingsome traction," said ThomasKressin, senior vice presidentand leadp o r t f o l i omanager ofP i m c o ' sG l o b a lI n v e s t o rSeries FXS t r a t e g yFund inMunich, Germany.

The currency fund has assetsunder management of about 100million euros (roughly $140 mil-lion).

In midday trading, the eurowas down 1.1 per cent at

$1.4035, a day after hitting a 9-1/2-month high of $1.4283. Itearlier fell to a session low at$1.4027, according to EBS data,in the wake of the jobs data.

Market participants had been

selling the euro anyway as con-cerns over Ireland's austeritybudget prompted a widening inperipheral euro-zone bondspreads. The premium investorsdemand to hold 10-year Irishgovernment bonds rather than

the perceived safety of Germanbenchmarks rose to a euro life-time high after Dublin proposeda budget that some traders saidwas "unrealistic."

Traders said stop-losses in theeuro were hit all theway down while asurprise drop inGerman manufactur-ing orders also dent-ed euro sentiment.

The euro/dollarrisk reversal, abarometer of curren-

cy sentiment, has been indicat-ing a decline in the curve or agrowing negative view on thepair the last few weeks. But theeuro's "put" bias deepened onFriday.

The dollar rose 0.7 per cent

against the yen to 81.29, not farfrom session highs at 81.48.Traders cited talk of huge stop-loss buy orders above 82.00. Onprevious runs to that level, thecurrency pair had faced heavyselling from Japanese corporatesand US institutional funds.

The Bank of Japan earlier con-cluded a policy review withouteasing further. The yen firmedslightly after the announcementon disappointment that the cen-tral bank had not unveiled anyexpansion of its asset buyingplan in response to that of theFed.

The dollar was up around 0.9per cent versus a currency basketat 76.527, bouncing from an 11-month low touched on Thursdayof 75.631. -Reuters

Greenback springs backto life after US payrolls

Strong jobs data boost dollar, stave off selling

SHANGHAI: Spot yuan endedup versus the dollar on Friday asthe People's Bank of China set astronger mid-point as the dollarhovered near 11-month lowsafter the Federal Reserve's deci-sion to buy government bonds.

China also faces a slew ofpolitical events in November,including a meeting betweenPresident Hu Jintao and his UScounterpart Barack Obama onNov. 11 at a Group of 20 summitin Seoul, which will add pressurefor the yuan to appreciate.

But dealers said the potentialfor further yuan gains this yearwould be limited due to globaleconomic uncertainties and itsimpact on the country's exportsand employment.

The PBOC's reference rate,from which the yuan can rise orfall 0.5 per cent in a day, gainedonly 0.15 per cent on Friday.

That was against a sharperweakening in the dollar, whichfell 0.79 per cent on Thursday,underscoring the Chinese centralbank's intention to let the yuanrise slowly.

Also, a Chinese central bankadviser said in comments pub-lished late on Thursday thatBeijing would stick to its owngradual pace in managing theyuan's rise, although a freshround of monetary easing by theUnited States would definitelyplace appreciation pressure onthe yuan.

Spot yuan closed at 6.6566versus the dollar, up fromThursday's close of 6.6635 afterthe PBOC set the mid-point at6.6610 from Thursday's 6.67 08.

It has now risen 2.55 per centsince its depegging to the dollarin mid-June.

Benchmark one-yeardollar/yuan non-deliverable for-wards (NDFs) rose slightly to6.4370 bid late on Friday from6.4200 at Thursday's close, withtheir implied 12-month yuanappreciation falling to 3.48 percent based on Friday's mid-pointfrom Thursday's 3.90 per cent.

Offshore forwards have gener-ally tracked the trends of thePBOC's mid-point and spot yuanrecently. -Reutersa

Yuan up, moreappreciation expected

WELLINGTON/SYDNEY: The rallyingAustralian and New Zealand dollars looked set tonotch up their best weekly gains in months onFriday, and could climb higher still.

The Australian dollar was strong near 28-yearhighs at $1.0144, after rising as far as $1.0175,and was on course to test $1.0236, the 161.8 percent Fibonacci projection of its range this year.

The New Zealand dollar also flew near 31-month highs at $0.7928, threatening resistance at$0.8000. It had jumped as far as $0.7976overnight. Some analysts were confident the rallyin the pair had legs to run further yet as near-zeroUS rates and super-loose US monetary policymeant the high-yielding duo would continue todraw investors looking for returns.

"The prospects of Australian dollar tradingtowards $1.05 we saw as possible a few weeksback have been considerably enhanced. The NewZealand dollar is likely to continue to strengthenas well," said John Horner, an analyst atDeutsche. For the week, the New Zealand dollarstole the thunder with a 3.6 per cent gain, its bestweekly showing since May 2009.

Some said the currency looked overbought butconceded the uptrend looked intact nonetheless.

The kiwi dollar was seen supported at $0.7880and then $0.7840, with resistance at $0.8000 andthen $0.8050. The Australian dollar was up a moremodest 3 per cent this week, its best weekly per-formance since July. For the year however, it wasneck-and-neck with the yen as the best-performingmajor currency, with a 13 per cent surge so far.

Analysts said underpinning both currencieswere bets for domestic interest-rate hikes byMarch next year, an outlook that is far morehawkish than any other major economy.

Upbeat remarks from the Reserve Bank ofAustralia (RBA) that predicted Australia is set toenjoy its biggest trade boom in a century rein-forced bets that rates should go higher.

February interbank futures showed investorssaw a 32 per cent chance of Australian rates ris-ing to 5.0 per cent by then.

In late trade, the Australian dollar was soft atNZ$1.2788, down over 3 per cent from a six-monthhigh hit on Oct 25. Hedge funds and New Zealandfirms were seen as dominant sellers. -Reuters

Aussie, NZ dollars have bestwk in mths on rate views

SINGAPORE: EmergingAsian currencies rose onFriday to close the weekstronger as expectations forincreased flows to the regioncontinued a broad rally againstthe dollar, but suspected cen-tral bank intervention curtailedgains.

The Taiwan dollar, the Thaibaht and the Philippine pesoreached its highest levels inmore than two years, while theIndonesian rupiah hit a 6-month high despite suspectedcentral bank intervention.

Policymakers from emergingeconomies have pushed backFed's policy easing but marketplayers do not expect any dras-tic unilateral action, expecting

upside pressure on Asian cur-rencies to continue into theNov. 11-12 Group of 20 meet-ing in Seoul.

The South Korean wonerased most of its early gainsagainst the dollar to end localtrade virtually flat on Fridayamid fears over more inspec-tions of currency derivativetrades by the authorities andheavy punishments.

Initially, the won rose closeto a six-month high against thedollar as the greenback broad-ly fell with the FederalReserve's plan to buy moretreasuries.

But the local currencyretreated as the financialauthorities kept up rhetoric on

efforts to minimise the impactfrom dollar inflows, sayingthey would inspect more insti-tutions and impose heavypenalties on banks engaged inimproper trades.

USD/THB opened at29.69/USD and remainedheavy, trading at 29.645/695range. The 29.645/USD levelis the lowest traded since Feb29 2008.

Earlier, the Thai financeministry said the central bankwill take measures when nec-essary on capital controlseither unilaterally or multilat-erally, while acknowledgingthat the baht should appreciategiven its sound fundamentals.-Reuters

Asian currencies

Posts weekly gains despitesuspected intervention

LONDON: Sterling rose againsta weak euro and trimmed earlylosses versus the dollar on Friday,ending an event-filled week on astrong footing on the view thatthe pound will retain its rateadvantage against the dollar.

Gains against the euro pushedthe pound to a five-week highversus a currency basket of 80.6.

The pound ran into early selling

against the dollar as market talkof a substantial sell order relatedto a Standard Chartered rightsissue prompted investors to bookprofits on its rally to a nine-month high on Thursday.

But it trimmed losses and wassupported as the FederalReserve's move this week toimplement more quantitative eas-ing is seen keeping yields lowerin the United States than in theUK, given that the Bank ofEngland has held off from buyingmore domestic assets.

Figures on Friday showed UK

factory gate inflation picked upslightly in October, making it lesslikely that the BoE would injectmore stimulus anytime soon evenas one policymaker has beenarguing for policy loosening.

By 1612 GMT, sterling hadslipped 0.3 per cent on the day to$1.6210, but held above the day'slow of $1.6167 struck early inLondon. It pulled back from early

losses on talk that selling demandhad fizzled after the rights issueclosed.

Sterling is poised to end theweek 1.0 per cent higher versusthe dollar, after the pair rallied to$1.6300 this week, its highestsince late January.

Still, some analysts said thepound is vulnerable to profit tak-ing after it failed to establish afoothold above that level.

The euro fell 0.8 per cent to86.56 pence, dragged lower bythe euro's slide versus the dollar-Reuters

Stg trims loss vs $,rate view supports

Swiss francgains againsteuro, dollar

ZURICH: The Swiss franc onFriday clung to strong gainsfrom the previous session as theUS Federal Reserves' freshmonetary easing weighed heav-ily on the dollar.

The sharp rise against thegreenback on Thursday was themain driver behind the franc'sjump against the euro butrenewed worries about the debtsituation in Ireland also boost-ed the franc, traders and ana-lysts said. "The market hadignored the problems of theeuro-zone such as Ireland andGreece," said Commerzbankanalyst Antje Praefcke. "Theeuro had been too strong."

The franc traded 0.1 per centhigher against the euro com-pared to the New York close at1.3612 per euro at 0808 GMT,having gained around 1 percent on Thursday.

The next support for the eurowas at 1.3550, Praefcke said."And then there is the psycho-logical level of 1.35, which themarket failed to break for along time on the euro's wayup." The franc was near-flatagainst the dollar at 0.9580 perdollar, back within sight of itsall-time high of 0.9461 hit inmid-October.-Reuters

Analysts expect no drastic pre-G20 meeting flow curbs

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.

SBP, bankswrite off

right The timely move of the central bank for

rescheduling and restructuring loans of theborrowers from flood affected areas must beappreciated. Borrowers were expecting somerelief package in the aftermath of devastatingfloods. It is estimated that around Rs 27 bil-lion loans extended to agriculture and SMEsector will have to be rescheduled and/orrestructured.

Major rescheduling would be made in agri-cultural sector and loan losses are estimatedaround Rs 23 billion pertaining to 221,000borrowers. SME sector loan losses have beenestimated at Rs 2.6 billion of 2000 borrowers.And one billion rupees loans restructuring isexpected in microfinance sector. In otherwords cumulatively some Rs 27 billion worthloans and advances of 223,000 borrowers arelikely to be rescheduled and/or restructured inthe flood-hit areas.

Without being bias, it is necessary to warnthe central bank and the commercial banks tobe extremely careful in approving write offs,rescheduling and restructuring. Historically,the beneficiaries of any such schemes are thebig fish, whereas small farmers hardly gettheir due share.

A point worth considering is that the cen-tral bank had made it mandatory for thefinancial institutions to get insurance coverfor the loans extended to the farmers.However, it seems banks didn't pay muchattention to the instructions and have dis-bursed over 70 per cent credit without seek-ing any insurance cover. Therefore, thebanks should be ready to get the hit and it isthe responsibility of the central bank to pro-tect the interest of the small farmers.

The central bank must also be vigilantbecause it is feared that feudal lords andpolitically well connected are most likely toexert pressure to get their loans written off inthe first instance if not successful try theserescheduled and/or restructured. It is onrecord that small farmers are hardly extend-ed any credit but in case of any naturalcalamity on books loans of small farmers arewritten off but the real beneficiaries are feu-dal lords and politicians.

The central bank is also requested to takeaction against those banks as well as thebankers who failed in acquiring insurancecover for the money lent to farmers. It is aviolation of the instructions and some penal-ty should be imposed on erring financialinstitutions.

The central bank is also requested to ask thefinancial institutions and insurance companiesto come up with 'comprehensive crop insur-ance' scheme. The government should alsocontribute its share by creating a pool. This isa common practices also being followed byIndia. Banks and insurance companies shouldtry to come up with a better proposal or emu-late the scheme followed in India, at least.

4Saturday, November 6, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

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Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 91

President BarackObama leaves onFriday on a trip to

Asia he hopes will lead tomore US exports and jobs,three days after hisDemocratic Party sustainedbig election lossestied to the weakeconomy.

Obama will visitIndia, Indonesia,South Korea andJapan on a 10-daytrek blending tradetalk and other eco-nomic diplomacywith assurances toAsian allies worriedby an increasinglyassertive China.

In India, Obamawill attend a meetingalong with US busi-ness leaders. He willannounce a "compre-hensive partnership"including economic ties inIndonesia, attend a G20summit of global economicpowers in Seoul and partic-ipate in an Asia-Pacificeconomic forum inYokohama, Japan.

"I'm going to be leavingtomorrow for India, andthe primary purpose is totake a bunch of US compa-nies and open up marketsso that we can sell in Asia,in some of the fastest-growing markets in theworld, and we can createjobs here in the UnitedStates of America," Obamatold reporters after a

Cabinet meeting at theWhite House on Thursday.

Obama may get a lastdose of bad economic newsjust before his departure,with the release of the gov-ernment's closely watched

monthly employmentreport expected to showanemic jobs growth inOctober. USunemploymentis now 9.6 percent and hashovered atabout that levelfor months.

R e b u f f e ddomestically bythe loss of con-trol of the USHouse of Representativesto Republicans on Tuesday,Obama can count on awarm reception in Asiawhere leaders wantAmerican power to counter

Beijing, although someobservers questioned howmuch the trip can yieldgiven the pressures athome.

"Obama is going to betoo preoccupied domesti-

cally, and you won't see amore aggressive foreignpolicy going forward," said

Amitabh Mattoo, professorof international politics atJawaharlal NehruUniversity in New Delhi.

Aides say Obama willraise the issue of China's

Yuan currency throughoutthe trip, as well as discussNorth Korea's nuclearweapons and Chinesehuman rights when hemeets with his Chinesecounterpart during the G-

20.US officials say

Beijing keeps theYuan's value lowagainst the dollar toaid exports at theexpense of US jobs.Regional tensionshave also flared overterritorial disputesand Chinese exportsof rare earth miner-als needed to makemany high-techproducts.

Obama wants todouble US exports infive years and theadministration is

working to remove obsta-cles to a long-stalled US-South Korean free trade

agreement in time forObama's meeting withSouth Korean PresidentLee Myung-bak in Seoul.

Failure would send a neg-ative signal about US

openness to more trade,after an election campaignmarked by protectionistrhetoric over China andoutsourcing hubs likeIndia.

Reuters"There are very high

expectations (that Obamacan deliver an FTA) inKorea, not just in Korea,but in the region," saidVictor Cha, a senior advis-er and Korea chair at theCenter for Strategic andInternational Studies inWashington.

"The FTA is important interms of perceptions of theUS presence and leader-ship in Asia," Cha said.

Obama starts the trip with3 1/2 days in India, thelongest time he has spent ina foreign country sincebecoming president, under-lining the importance of arelationship that analystssay must be a US focus.

"Indians and Americanson both sides of this rela-tionship, particularly thosein the private sector andbusiness, believe that therelationship needs a jolt ofenergy and ambition, thatthe relationship has stalledsomewhat and that there isa need for new ideas topropel this relationshipforward," said NicholasBurns, a retired US diplo-mat now at HarvardUniversity's KennedySchool of Government.-Reuters

Obama heads to Asia

I am a student of Mass communi-cation, B.S. 3rd year, Karachi uni-versity. Ever since I have joinedthe universality, it has been sixsemesters and every semester myperforma is not only delivered latebut also has blatant errors.

Psychology was never my minorand I got marks for it in my perfor-ma. In International Relations

minor I scored second highestmarks while in the performa I wasmarked fail. The latest versionshows my English marks and yetthe remarks say I am failed. I amfed up of getting my performascorrected each time I receive them.

The department feels helplessand asks me to visit the SemesterCell and Administration Block,

which are miles apart in the colos-sal university. Miscommunicationand lack of professionalism, in themost celebrated university ofPakistan, has become a curse ofmy life time.

I would request the ViceChancellor to please look into thematter and digitalize the system ofcommunication between the data

hubs so that the students don't haveto run in different directions to ver-ify their actual performa data fromthe department and back to exami-nation related facilities. This willnot only help over 26,000 studentsbut also facilitate managerial effi-ciency at the varsity.

Syeda Humna Mehwish,Karachi

A nightmare

Shabbir Kazmi

In the modern world countriesthrive on their competitive aswell as comparative advantage.

No country is serious in producingevery thing but prefer to source itfrom other countriesoffering competitiveprices and best deliv-ery terms. Pakistancan't be an exceptionas its buys CKD/SKDkits of automobilesfrom Japan, crude oilfrom Middle Easterncountries, sugar fromBrazil, chemicalsfrom China, plant andmachinery from glob-al sources, etc. etc.Therefore, whenprices of these com-modities go up ordown, in the globalmarkets these are also reflected inthe domestic market. When PakRupee depreciates against globalcurrencies it adds to the cost. Inother words a combination of fac-tors determines the prices of variouscommodities in the domestic prices.

In Pakistan the factors also addingto inflation are interest rate, move-ment of food and POL prices in theglobal markets and rising cost oftransportation and electricity andgas tariffs. Added to these are profi-teering, hording and black market-ing. For example hike in sugar pricewas not due to any shortage but mis-management and interruption anddisruption in market mechanism.Increase in prices of wheat and otheragriculture produce are due to hikein cost of inputs but mainly due topoor yield. Added to these are poorstorage facilities resulting inwastages and presence of middle-man, making the most at the cost ofproducers and consumers.

In 2008 prices of most of the com-modities touched record high in theglobal markets. This had the worstimpact on Pakistan for two reasons:

hike of price in the domestic marketand added to this was worst depre-ciation of Pak Rupee, to the tune ofabout 28%.Therefore, this could besaid that during 2008 Pakistan suf-fered mainly from cost pushedinflation. This could have been

avoided had the country not forcedto import exceptionally high quanti-ties of sugar, wheat and fertilizer.During this period crude oil pricesalso touched historic high of aroundUS$147/barrel. The hike in POL

prices pushed prices of almost allthe products to very high level.

Some of factors contributing toinflation in 2010 are the same buttwo stand most distinguished 1)persistent hike in energy prices inthe name of 'recovery of full cost'and 2) withdrawal of subsidy. Thefirst factor is most obvious in caseof electricity tariff. The proponentof this philosophy say that the suc-

cessive governments have not beenrecovering the full cost, whichresulted in inter corporate debt.However, these novices fail tounderstand that the rise in debt isnot because of the failure in recov-ering full cost but exceptionally

high trans-mission anddis t r ibut ionlosses, whichare nothingbut blatantpower theftgoing on fordecades withthe con-nivance ofstaff of thee l e c t r i c i t ydis t r ibut ioncompanies.

The percep-tion that gov-ernment pay

huge subsidy on various items isalso incorrect, in fact the cost dif-ferential is being born by othergroups of consumers. For exampleif government supplies electricityand gas to small consumers at lower

rates, it charges higher tariff fromcommercial and industrial con-sumers. The myth about supplyinggas (feedstock) to urea plants atsubsidized rates is also incorrectbecause the billing is not on thebasis of volume but calorific valueof the gas, lower the calorific valuelower the tariff. Fertilizer plants ofFauji Fertilizer Company and EngroFertilizer get gas from Mari gas

field which not only has lower BTUvalue but also contains higher per-centage of carbon dioxide, whichputs it below 'pipeline quality gas'and therefore its is sale of low qual-ity gas at discounted price.

During 2009 Pakistan importedover 1.5 million tons urea at anaverage C&F cost of US$400 perton. This not only ate huge foreignexchange reserves but also forcedthe government to pay huge subsidybecause cost of locally producedurea was less than US$175 per ton.This imprudent decision added tobudget deficit and resulted in extraborrowing by the government.Therefore, maintaining self suffi-ciency in urea is necessary to avoidwaste of foreign exchange and sav-ing the government from paymentof subsidy running into billions ofRupees.

If the government and the privatesector is serious is containing infla-tion in the country a few harsh stepshave to be taken. These includebringing down interest rate to singledigit, rationalizing electricity andgas tariffs by containing transmis-sion and distribution losses of elec-tric utilities and UFG of gas distri-bution companies. Production andproductivity of the manufacturingsector has to be doubled. Yields ofmajor crops also have to be doubledwithout bringing addition-al area under cultivation.

On top of this Pakistan has toregain its comparative advantage ofcotton. The country can get 20 mil-lion bales from the area currentlyunder cotton cultivation. This willalso help in enhancing local produc-tion of cotton seed oil. Pakistan canalso bring down its edible oil importbill by bringing more area undercanola and sunflower cultivation.Recently the government has fixedsupport price of canola and sun-flower seed at Rs1800 per 40kg.This clearly shows that either theinput costs have been taken overexaggerated or yield is estimatedvery low.

Inflation intertwinedwith exchange rate

In 2008 prices of most of thecommodities touched record

high in the global markets. This hadthe worst impact on Pakistan for tworeasons: hike of price in the domes-

tic market and added to this wasworst depreciation of Pak Rupee,

to the tune of about 28%.

“

Failure would send a negative signalabout US openness to more trade, after

an election campaign marked byprotectionist rhetoric over China and

outsourcing hubs like India

Some of factors contributing toinflation in 2010 are the same but twostand most distinguished 1) persistent

hike in energy prices in the nameof 'recovery of full cost' and 2)

withdrawal of subsidy

Rebuffed domestically by the lossof control of the US House of

Representatives to Republicans onTuesday, Obama can count on a warmreception in Asia where leaders wantAmerican power to counter Beijing,although some observers questioned

how much the trip can yield given thepressures at home

“

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

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

Sales (July 09 to June 10) 73,993

Production (July 10) 7,509

Sales (July 10) 4,503

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

Sales (July 09 to June 10) 50,823

Production (July 10) 5,162

Sales (July 10) 4,999

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

Sales (July 09 to June 10) 14,120

Production (July 10) 1,560

Sales (July 10) 1,272

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

Sales (July 09 to June 10) 1,371

Production (July 10) 41

Sales (July 10) 40

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

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

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

Spread (July 2010) 7.51%

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

MS (July 10) 188

Kerosene (Jul 09 to June 10) 164

Kerosene (July 10) 15

JP (Jul 09 to June 10) 1,377

JP (July 10) 129

HSD (Jul 09 to June 10) 7,435

HSD (July 10) 664

LDO (Jul 09 to June 10) 75

LDO (July 10) 7

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

Fuel Oil (July 10) 869

Others (Jul 09 to June 10) 13

Others (July 10) 1

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

MS (1 Aug 10) 41.22

MS % Chg -0.90%

Kerosene (1 Sep 10) 47.14

Kerosene (1 Aug 10) 46.55

Kerosene % Chg 1.27%

JP-1 (1 Sep 10) 47.37

JP-1 (1 Aug 10) 46.78

JP-1 % Chg 1.26%

HSD (1 Sep 10) 50.61

HSD (1 Aug 10) 49.63

HSD % Chg 1.97%

LDO (1 Sep 10) 46.37

LDO (1 Aug 10) 45.29

LDO % Chg 2.38%

Fuel Oil (1 Sep 10) 39,932

Fuel Oil (1 Aug 10) 39,723

Sector Updates

Symbol Close Vol (mn)LOTPTA 11.50 33.71 JSCL 10.79 17.76 NML 53.39 12.77 DGKC 29.03 11.47 NPL 15.24 7.45

Symbol Close ChangeRMPL 1,858.47 85.47 ULEVER 4,100.00 50.00 BATA 678.48 32.30 WYETH 850.00 30.55 SIEM 1,298.20 15.70

Symbol Close ChangeCOLG 821.83 -34.69FZTM 426.65 -22.45NESTLE 1,974.46 -15.54PECO 285.00 -15SAPL 122.04 -5.14

Plus 244Minus 103Unchanged 22

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

Active Issues

Saturday, November 6, 2010 5

Opening 10,702.19

Closing 10,882.00

Change 179.81

% Change 1.68

Turnover (mn) 195.22

Opening 3,340.04

Closing 3,410.64

Change 70.60

% Change 2.11

Turnover (mn) 9.56

Opening 2,714.87

Closing 2,773.37

Change 58.50

% Change 2.15

Turnover (mn) 0.32

Mostly up; Bangkokoutperforms on inflow hopes

South East Asian stocks

European shares hit 6-mthclosing high on US data

Nawaz Ali

KARACHI: Heavy buying bythe foreign investors followingrising regional stock marketsand higher international oilprices took Karachi StockExchange benchmark index to26-month high closing onFriday.

The KSE 100-index e closedat 10,882 level with a gain of179 points or 1.68 per cent, thehighest closing since August2008 in a rally led by oil stockswith six months highest vol-umes.

"In line with the rising Asianmarkets Pakistan stockexchange also rallied due torising foreign inflows", said

Samar Iqbal, equity dealer atTopline Securities.

According to NCCPL data,foreign investors did a net buy-ing of $3.04 million on Friday.Local institutions alsoremained active throughout theday as mutual funds and banksdid a net buying of $3.89 mil-lion and $0.74 million respec-tively while individualinvestors did a net selling of$5.89 million.

KSE 30-index jumped by196 points or 1.91 per cent toclose at 10,475 points and KSEall-share index increased by118 points or 1.59 per cent toclose at 7,562 points.

Bulls dominated the marketsince start of the day and mar-

ket opened the first sessionwith a gain of 16 points.Positive activities continuedduring both the sessions asinvestors took positions acrossthe board but mainly in oilstocks on higher internationaloil prices which crossed $86 abarrel marking a highest levelof two years during intra-daytrading and on bullish activi-ties in the regional stock mar-kets.

According to experts,Pakistani markets were notperforming at par with region-al stock markets which werewitnessing some bullish per-formance but now foreigninvestors are coming back tothe local market.

On the other hand, the meet-ing of the Board of Directorsof the exchange to resolve theconflicts with the non-memberdirectors too remained suc-cessful. This helped the marketto close the first session with again of 173 points.

Ahsan Mehanti, DirectorArif Habib Investments saidstrong institutional and retailinterest led by oil and gas sec-tor witnessed on rise in inter-national oil prices, positivemeeting between KSEDirectors and expectation forearly release of next IMFtranche of $ 1.7 billion playeda catalyst role in positive activ-ity at KSE.

Bullish activities were fur-

ther fueled at the start of sec-ond session where at about3:31 PST index touched anintra-day high of 10,923 points(+ve 220 points). Howeversome profit taking before ring-ing of the closing bells reducedthe gains and market closedbelow 10,900 points.

Volumes too remained highwith 195.2 million shares trad-ed in the overall market - high-est of last 6 months and were69.3 million shares more ascompared to a turnover of125.9 million shares a day ear-lier.

Out of total 369 activeissues; 244 advanced and 103declined while 22 issuesremained unchanged.

Apex index tests10,900 points level

US stocks mid-day

Wall St flaton profit

takingNEW YORK: The US stockswere little changed on Friday asstronger-than-expected jobgains in October were offset byprofit-taking after the marketrallied to two-year high.

Financial shares led gainerson the speculation big bankswould increase dividend pay-ments, while telecommunica-tions shares had the biggestlosses.

This week's rally came in thewake of the Federal Reserve'sannouncement Wednesday tobuy $600 billion in governmentbonds to help the ailing econo-my.

Investors questioned howlong the rally could continueafter the week's market-bullishevents.

"The stock market has beenrelatively good this week, somaybe some sectors are takinga pause," said Thomas Villalta,portfolio manager for JonesVillalta Asset Management inAustin, Texas. The S&P 500was up 3.2 per cent for theweek.

But the employment gainsbode well for the months aheadwhen consumer spending takescenter stage during the holidayshopping period, he said.

"The employment situationcomes on top of what were fair-ly good retail sales figures forOctober, so those two, hand inhand, are painting a picture thatwould seem to support theassertion that this will be atleast an OK holiday season."

The Dow Jones industrialaverage was down 19.26points, or 0.17 per cent, at11,415.58. The Standard &Poor's 500 Index was up 1.27points, or 0.10 per cent, at1,222.33. The NasdaqComposite Index was down4.06 points, or 0.16 per cent, at2,573.28.

Many retailers postedstronger-than-expected sales onThursday when the Dow andS&P 500 hit their highest levelssince September 2008 and theNasdaq rose to its highest sinceJanuary 2008. The S&P 500now is up about 16 per centsince the end of August.

Republican gains in the USmidterm election on Tuesdayadded to bullish sentiment

See # 8 Page 11

MUMBAI: Indian sharesrose to a new record closinghigh on Friday after a specialone -hour session to mark thestart of the Hindu accountingyear, boosted by robust for-eign fund inflows butinvestors were divided on theoutlook from here.

Coal India, making a spec-tacular debut with a nearly 40per cent rise on Thursdayextended gains and rose 2.13per cent to 349.65 rupees.

Gains were led by finan-cials, with leading lenderslike the State Bank of Indiawhich ended up 1.59 per cent,while ICICI Bank gained0.59 per cent up and HDFCBank 0.32 per cent.

Financials continue to riseas investors place their betson an optimistic loan demandoutlook in the world's sec-ond-fastest growing majoreconomy.

"The market may take abreather once the euphoriasubsides. Profit-booking islikely at such levels," PrakashDiwan, head of institutionalbusiness at Networth StockBroking.

"Investors should not becarried away. They need optfor stock-specific ideas andbe very choosy and careful atthis point in time," he said.

The 30-share BSE indexgained 0.53 per cent, or111.39 points to its highestclosing level of 21,004.96points, with 27 of its compo-nents advancing, as homesacross Mumbai were lit inkaleidoscopic colours andfirecrackers graced theevening sky to mark Diwali,the Hindu festival of lights.

The market has gained 21per cent since last year's spe-cial session held on October17, 2009, when it had scaled a17-month high. It is only201.81 points away from itsall-time high witnessed inJanuary 2008.

"It (all-time high) is just anumber now. It is just a mat-ter of time until that hap-pens," said VaibhavSanghavi, director of AmbitCapital. Foreign funds havepumped in $26.6 billion inIndian equities, including pri-mary market offering andhave driven the benchmarkindex 20 per cent higher sofar in 2010.

In the broader market, gain-ers were four times the num-ber of losers while 170 mil-lion shares changed hands onthe BSE. The 50-share NSEindex closed 0.49 per centhigher at 6,312.45 points.Reuters

Indian shareshit new record

TOKYO: Japan's Nikkei aver-age jumped 2.9 per cent onFriday and booked its bestweek in a year, after theFederal Reserve's plans to buymore Treasuries promptedinvestors to seek risk else-where, prompting rallies inglobal stocks and commodi-ties.

Short-covering of futures byforeign investors and advancesfor resource shares werebehind the climb, analysts said.The Nikkei rose 4.6 per centduring the week.

Amid broad-based gains,Nissan Motor jumped 6 percent after bumping up annualguidance past market forecasts,but Resona Holdings plungedafter sources told Reuters thebank plans to raise about $6.2billion in a share issue.

Despite this week's gains,Tokyo has lagged behind otherstock markets, and the Nikkeihas shed 8.7 per cent so far thisyear hit by worries about theimpact of the strong yen oncorporate earnings and a frag-ile economic recovery.

In contrast, US stocks havesurged back to levels last seenbefore Lehman Brothers' col-lapse in 2008, with the Nasdaqgaining about 14 per cent this

year, while the MSCI index ofAsia Pacific stocks outsideJapan is up 16 per cent.

"What we saw here today isshort-covering, and a reboundof this magnitude is withinexpectations, given the mar-ket's recent poor performance.The question now is whetherthe Nikkei will keep movinghigher, whether it can climbabove 10,000," said MasaruHamasaki, senior strategist atToyota Asset Management.

"As the yen's strength againstthe dollar hasn't been reallycorrected and worries about itsimpact on earnings remain, themarket will probably becomerange-bound after the reboundruns its course."

The benchmark Nikkeigained 267.21 points to9,625.99, its highest closesince October 7 and its bestdaily performance since earlyJune this year. The broaderTopix added 2.3 per cent to834.98, after booking its low-est finish in 19 months at803.12 on Tuesday.

Analysts expect next targetsfor the Nikkei to stand around9,700, a high hit last month,and then around 9,800, a Julypeak.

"Foreign investors appear to

be picking up shares of compa-nies that are sensitive to eco-nomic cycles such as tradinghouses after rallies in oil andgold," said HiroakiKuramochi, chief equity mar-keting officer at Tokai TokyoSecurities.

In Asian trade the dollarfetched 80.80 yen, not far fromits all-time low of 79.95 yen.The Fed said on Wednesday itwould spend $600 billion buy-ing longer-term Treasurybonds until the end of nextJune as part of a renewed quan-titative easing programme.

A Bank of Japan policy meet-ing which kept interest rates atzero and held off on further eas-ing was not expected to havemuch impact on the market.

Markets concluded the Fed'smove to increase the supply ofdollars would likely weigh onthe greenback further. But italso benefits dollar-pricedcommodities, as it cuts theircost for holders of other cur-rencies.

Trade picked up on theTokyo exchange's first section,with 2.1 billion shares chang-ing hands, its highest volumein a week. Advancing stocksoutnumbered decliners bymore than 12 to 1.Reuters

Nikkei endsbest week in 2010

HONG KONG/SHANGHAI:China and Hong Kong sharesrose over one percent onFriday, with the Hang Sengposting its best week sinceMay 2009 as financials andenergy shares rallied, under-pinned by surging fund flowsinto the region. The ShanghaiComposite rose 1.4 per cent toa near seven-month high andwas close to recouping all itslosses since Beijing took stepsto curb property speculation inmid-April.

Hong Kong's Hang Sengalso rose 1.4 per cent to a 29-month high. Its 7.7 per centjump this week has taken itback into technically over-bought territory.

Turnover surged toHK$133.5 billion; about 30 percent higher than the 20-daymoving average, which itselfhas nearly doubled in the pasttwo months as investors'poured money into the mar-kets.

A major positive for the mar-ket this week was the breakoutof the H-share financials sub-index and HSBC on strong vol-ume, said traders at DaiwaCapital in Hong Kong.

This was significant, thetraders said, because six finan-cials and HSBC togetheraccounted for 39 per cent of theHang Seng's weightage.

HSBC rose 3.1 per cent to thehighest level in eight months,providing the biggest boost tothe broader market as investorschased the largest weightedindex stocks on optimism thatthe ongoing rally still has stay-ing power.

In a sign that market playerswere looking to protect recentgains, short-selling as a per-centage of total turnover inHong Kong rose to 6.1 per centby midday, the highest seen allweek.

"It's been a fast move and atthis point it looks like somepeople are hedging a bit," saidChristian Keilland, a managingdirector at BTIG in HongKong. "Right now everythingsmacks of bullishness -- there'sreal asset reallocation toemerging markets, inflows arestrong and corporate balance-sheets are healthy, but there'ssome people wondering whenour September is going tocome," said Keilland.

See # 7 Page 11

HSI posts best week in 16-month

China, HKstay on the up

SECPregisters247 firms

in October ISLAMABAD: The Securitiesand Exchange Commission ofPakistan (SECP) registered 247companies in October, therebyincreasing the total corporateportfolio to 57,004 companies.

The private companies total-ing to 220 have the highestshare in new incorporation.Other companies include 13single-member companies,three public unlisted compa-nies, seven non-profit associa-tions, 3 foreign companies andone trade organization.

The sector-wise breakdownshows that 40 companiesbelong to the services sector,followed by trading with 26and construction with 18 com-panies. Other sectors whereinconsiderable new incorporationtook place are IT, and food andbeverages sectors with 15 com-panies each. Communicationand education sectors with 10companies each, corporateagricultural farming and trans-port sectors with eight compa-nies each. Seven companieseach are from power generationand textile sectors.

The authorized capital andpaid-up capital of 247 companiesis Rs485.19 million and Rs94.32million respectively. Twentycompanies raised their author-ized capital with the aggregateauthorized capital increment ofone billion rupees and 61 compa-nies increased their paid-up capi-tal with the total paid-up capitalincrement amounting to Rs8.3billion. APP

Ends at 10,882 points , highest close since August 2008

Nawaz Ali

KARACHI: The conflictsamong the member and non-member directors of theKarachi Stock Exchange(KSE) were finally resolved inthe exchange's board meetingon Friday. Directors were takeninto confidence on the appoint-ment of acting managing direc-tor and were given assurancethat the members wouldn'trepeat the same behavior as inthe annual general meeting.

According to a memberdirector of the exchange all theissues were resolved amicablyand the meeting was held inpeaceful environment.

He said the non-memberdirectors were taken into confi-dence on the decisions thatwere taken in previous boardmeeting on Monday whichincluded appointment ofHaroon Askari as acting man-aging director, procedure toselect new managing director

while members director alsocondemn the bitter event thattook place during the annualgeneral meeting last week.

It should be noted that con-flicts between non-memberdirectors and members startedwhen some harsh words wereexchanged by both the sidesduring the annual generalmeeting mainly on the issue ofchairman human resourcecommittee and lavish packagesof the management.

The Securities & ExchangeCommission of Pakistan(SECP) wrote a letter to KSEBoard saying that the appoint-ment of acting managing direc-tor was illegal as neither thenon-member directors weretaken into confidence nor theapproval from taken from theapex regulator while selectingthe acting managing director.Therefore SECP instructed theKSE Board to remove Askarifrom the post of acting manag-ing director.

Conflict amongKSE member,non-member

directors ends

FTSE at29-month

closing highLONDON: Strength from min-ers pushed Britain's top shareindex higher by close on Friday,as data showing the US labourmarket was surprisingly stronglifted confidence on the outlookfor the global economy.

The FTSE 100 ended 12.56points, or 0.2 per cent, higher at5,875.35 after it jumped 2 percent on Thursday.

The index closed at its high-est in 29 months for a secondday after equities were given ashot in the arm on Wednesdaywhen the Federal Reserveannounced its decision to buy$600 billion in governmentbonds to support a strugglingUS economy.

But gains were muted onFriday as banks fell on con-cerns about the domestic andcontinental European financiallandscape.

See # 9 Page 11

ISE-10 Index

Saturday, November 6, 20106

Volume 195,218,485

Value 8,230,144,692

Trades 90,676

Advanced 244

Declined 103

Unchanged 22

Total 369

Current 7,562.10

High 7,588.63

Low 7,443.72

Change h118.38

Current 10,882.00

High 10,923.61

Low 10,702.19

Change h179.81

Current 10,475.03

High 10,512.49

Low 10,279.01

Change h196.02

Market KSE 100 Index All Share Index KSE 30 Index

Current 17,340.66

High 17,355.28

Low 16,972.16

Change h368.50

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Kohinoor Energy Limited

KOHE closed down -1.02 at 19.48. Volume was 582 per cent above aver-age (trending) and Bollinger Bands were 107 per cent wider than normal.The company's profit after taxation stood at Rs76.061 million which trans-lates into an Earning Per Share of Rs0.45 for the 1st quarter of current fis-cal year (1QFY11).KOHE is currently 28.3 per cent below its 200-day moving average and isdisplaying a downward trend. Volatility is high as compared to the aver-age volatility over the last 10 trading sessions. Volume indicators reflectvery strong flows of volume out of KOHE (bearish). Trend forecastingoscillators are currently bearish on KOHE. Momentum oscillator is cur-rently indicating that KOHE is currently in an oversold condition.

RSI (14-day) 25.12 Total Assets (Rs in mn) 7,496.79

MA (10-day) 21.71 Total Equity (Rs in mn) 7,051.71

MA (100-day) 24.68 Revenue (Rs in mn) 9,467.39

MA (200-day) 27.01 Interest Expense 5.55

1st Support 19.00 Profit after Taxation 687.29

2nd Support 18.48 EPS 10 (Rs) 4.056

1st Resistance 20.52 Book value / share (Rs) 41.61

2nd Resistance 21.52 PE 11 E (x) 11.62

Pivot 20.00 PBV (x) 0.50

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

IBFL closed down -0.67 at 37.90. Volume was 745 per cent above aver-

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

The company's profit after taxation stood at Rs988.932 million which

translates into an Earning Per Share of Rs3.18 for the 1st quarter of

current fiscal year (1QFY11).

IBFL is currently 4.0 per cent above its 200-day moving average and is

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

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

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

forecasting oscillators are currently bullish on IBFL.

RSI (14-day) 53.89 Total Assets (Rs in mn) 27,016.93

MA (10-day) 37.93 Total Equity (Rs in mn) 15,238.10

MA (100-day) 36.77 Revenue (Rs in mn) 27,123.87

MA (200-day) 36.44 Interest Expense 1,262.09

1st Support 37.60 Profit after Taxation 3,360.11

2nd Support 37.30 EPS 10 (Rs) 10.821

1st Resistance 38.10 Book value / share (Rs) 49.07

2nd Resistance 38.30 PE 11 E (x) 2.98

Pivot 37.80 PBV (x) 0.77

Ibrahim Fibres Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

PAKRI closed up 0.73 at 16.09. Volume was 479 per cent above average

(trending) and Bollinger Bands were 10 per cent narrower than normal. The

company's profit after taxation stood at Rs88.468 million which translates into

an Earning Per Share of Rs0.29 for the nine months of fiscal year (9MFY10).

PAKRI is currently 18.2 per cent below its 200-day moving average and is

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

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

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

oscillators are currently bullish on PAKRI.

RSI (14-day) 63.69 Total Assets (Rs in mn) 12,372.62

MA (10-day) 14.99 Total Equity (Rs in mn) 6,785.66

MA (100-day) 15.73 Revenue (Rs in mn) 2,170.95

MA (200-day) 19.66 Interest Expense 0.00

1st Support 15.75 Profit after Taxation 269.91

2nd Support 15.40 EPS 09 (Rs) 0.90

1st Resistance 16.35 Book value / share (Rs) 22.62

2nd Resistance 16.60 PE 10 E (x) 41.61

Pivot 16.00 PBV (x) 0.71

Pakistan Reinsurance Co. Ltd

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

FDIBL closed up 0.02 at 1.91. Volume was 164 per cent above average

(trending) and Bollinger Bands were 41 per cent narrower than normal.

The company's profit after taxation stood at Rs43.733 million which trans-

lates into an Earning Per Share of Rs0.70 for the 1st quarter of current fis-

cal year (1QFY11).

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

displaying a downward trend. Volatility is relatively normal as compared to

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

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

Trend forecasting oscillators are currently bearish on FDIBL.

RSI (14-day) 52.73 Total Assets (Rs in mn) 3,148.11

MA (10-day) 1.92 Total Equity (Rs in mn) 688.56

MA (100-day) 1.70 Revenue (Rs in mn) 292.79

MA (200-day) 1.90 Interest Expense 123.89

1st Support 1.80 Profit after Taxation 377.68

2nd Support 1.72 EPS 10 (Rs) 6.028

1st Resistance 1.98 Book value / share (Rs) 10.99

2nd Resistance 2.08 PE 11 E (x) 0.68

Pivot 1.90 PBV (x) 0.17

First Dawood Investment Bank Ltd

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,367.46 1,411.68 1,371.08 1,402.33 34.87 2.55

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

15,511,557 - - 65,194.15 mn 1,100,684.37 mn 1,402.33

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

10.30 3.35 32.54 55.94 5.43 1,340.42

Attock PetroleumXDXB 691 5.28 299.19 305.55 300.00 304.93 5.74 699631 374.20 287.99 250 - 300 20

Attock Refinery 853 6.74 114.50 120.22 115.90 120.22 5.72 3164481 120.22 73.47 - - - -

BYCO Petroleum 3921 - 11.42 11.99 11.32 11.75 0.33 7286939 11.99 9.62 - - - -

Mari Gas Company 735 16.77 122.83 125.00 123.00 123.76 0.93 99254 128.90 106.00 32.17 100B 31 -

National Refinery XD 800 3.48 223.67 234.85 223.50 234.85 11.18 543165 234.85 183.25 125 - 200 -

Oil & Gas Development 43009 10.71 155.08 159.70 155.40 158.34 3.26 2205179 159.70 133.00 82.5 - 55 -

Pak Petroleum 11950 7.81 187.24 192.87 187.65 192.01 4.77 2134345 214.10 168.70 130 20B 90 20B

Pak Oilfields XD 2365 6.05 246.32 257.50 248.00 256.02 9.70 4201034 257.50 213.17 180 - 255 -

Pak Refinery Limited 350 - 80.77 83.22 80.00 82.23 1.46 128498 85.90 48.26 - - - -

PSO 1715 4.78 276.70 283.99 277.45 282.38 5.68 2158482 283.99 233.10 50 - 80 -

Shell Gas LPG 226 - 35.74 37.52 35.11 37.13 1.39 6219 40.28 27.32 - - - -

Shell Pakistan 685 10.26 194.49 201.95 192.50 200.04 5.55 171269 232.00 182.05 330 - 40 -

Paid up Last 60 days 2009 2010

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

943.84 958.82 941.33 950.30 6.46 0.68

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

22,563,453 - - 47,070.70 mn 121,520.15 mn 950.30

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

5.99 0.52 8.64 16.68 2.79 940.38

AL-Qadir Textile XD 76 - 4.50 5.50 5.50 5.50 1.00 1500 7.00 2.50 - - 10 -

Amtex Limited XD 2415 10.64 4.55 4.85 4.51 4.68 0.13 994604 20.45 4.40 - - 30 -

Artistic Denim XD 840 5.56 19.51 20.19 19.50 20.00 0.49 2904 24.05 17.55 20 - 20 -

Azam Textile XD 133 0.33 2.45 2.90 2.31 2.35 -0.10 12165 3.45 1.35 - - 7.5 -

Azgard Nine 4493 - 10.74 11.35 10.75 11.18 0.44 3491079 12.32 8.55 - - - -

Bannu Woolen XD 76 0.47 12.96 13.30 13.00 13.30 0.34 8438 14.50 7.50 - - 20 -

Bata (Pak) 76 5.62 646.18 678.48 660.00 678.48 32.30 1661 678.48 436.00 120 - - -

Chenab Limited 1150 - 3.35 3.59 3.31 3.40 0.05 39011 4.24 2.93 - - - -

Colony Mills Ltd 2442 4.53 2.83 2.90 2.76 2.90 0.07 10101 3.45 2.23 - - - -

Crescent Fibres Ltd XD 124 0.51 11.30 11.00 11.00 11.00 -0.30 251 18.35 7.66 - - 10 -

Crescent Jute 238 - 0.75 1.05 0.78 0.84 0.09 2004 1.90 0.16 - - - -

D S Ind Ltd 600 - 1.87 2.05 1.80 1.93 0.06 234676 2.49 1.44 - - - -

Data Textile 99 - 0.39 0.41 0.41 0.41 0.02 140 0.96 0.02 - - - -

Dawood Lawrencepur 514 45.88 38.90 40.00 39.00 39.00 0.10 8002 48.75 36.29 - - 5 -

Dewan Farooque Spin. 600 5.60 5.96 6.95 6.10 6.95 0.99 41820 6.95 2.05 - - - -

Fazal Textile XD 62 3.40 449.10 450.00 426.65 426.65-22.45 170 490.05 303.00 15 - 100 -

Gadoon Textile XD 234 0.49 45.97 47.70 45.00 45.01 -0.96 2905 51.50 33.80 - - 70 -

Ghani Value Glass XD 75 8.70 31.50 33.07 33.00 33.06 1.56 3300 38.20 26.70 8 400R 25 -

Gillette Pakistan 192 - 63.17 61.00 60.05 61.00 -2.17 700 73.00 57.50 - - - -

Gulistan Textile XD 190 1.15 19.20 20.20 19.00 19.20 0.00 201 24.84 17.57 - 10B 10 -

Hira Txt.Mills Ltd. XD 716 0.73 3.99 4.00 3.90 3.90 -0.09 48500 4.88 2.52 - - 10 -

Ibrahim Fibres XD 3105 2.98 38.57 38.00 37.50 37.90 -0.67 105505 40.30 34.05 - - 20 -

Indus Dyeing XD 181 2.20 234.50 246.00 245.94 245.97 11.47 332 269.50 206.80 15 - - -

Janana D Mal 43 0.23 14.44 14.99 13.44 14.16 -0.28 49710 20.50 9.95 - - - -

Kohinoor Ind 303 - 1.55 1.60 1.45 1.57 0.02 6664 1.95 1.01 - - - -

Kohinoor Textile 1455 3.78 5.40 5.60 5.02 5.29 -0.11 19065 6.30 4.00 - - - -

Masood Textile XD 600 1.90 18.56 18.60 18.01 18.01 -0.55 660 22.88 18.01 15 - 15 100R

Mohd Farooq 189 - 0.78 0.99 0.91 0.91 0.13 1002 1.50 0.35 - - - -

Mukhtar Textile 145 - 0.60 0.95 0.45 0.65 0.05 129 0.98 0.16 - - - -

N P Spinning XD 147 7.04 20.45 20.99 20.00 20.00 -0.45 3326 24.66 18.30 - - 20 -

Nishat (Chunian) XD 1586 1.91 21.89 22.98 22.40 22.98 1.09 3618390 23.55 14.64 - 50R 15 -

Nishat Mills XD 3516 4.58 51.81 54.30 51.70 53.39 1.58 12771023 54.30 40.81 20 - 25 45R

Pak Leather 34 - 1.96 1.96 1.96 1.96 0.00 1000 5.95 1.45 - - - -

Premium Textile XD 62 0.46 29.40 28.90 28.00 28.90 -0.50 1095 31.03 25.71 7.5 - 50 -

Quetta Textile XD 130 0.50 29.91 31.00 31.00 31.00 1.09 202 52.29 25.80 - 632R 20 -

Ravi Textile 250 - 1.67 1.71 1.52 1.62 -0.05 326140 3.09 1.38 - - - -

Reliance Weaving 308 0.64 9.16 9.96 8.95 9.19 0.03 10166 12.00 6.91 - - 25SD -

Saif Textile 264 0.39 5.44 5.50 4.70 4.80 -0.64 5258 6.49 2.01 - - - -

Sally Textile XD 88 0.22 4.40 4.50 4.05 4.46 0.06 1473 6.20 2.74 - - 10 -

Samin Textile 134 4.93 6.01 6.15 5.81 5.92 -0.09 3501 8.69 5.02 - - - 100R

Sana Ind XD 55 2.45 31.90 32.50 30.60 32.25 0.35 1759 38.40 27.50 35 - 60 -

Saritow Spinning 133 0.44 2.70 2.75 2.10 2.65 -0.05 4740 2.99 1.01 - - - -

Service Ind 120 6.10 169.73 178.21 169.00 178.21 8.48 43718 255.29 169.00 200 - - -

Shahpur Textile 140 0.67 0.50 0.80 0.46 0.48 -0.02 106960 1.90 0.18 - - - -

Suraj Cotton XD 180 0.72 31.89 32.08 31.50 32.05 0.16 6572 37.50 29.00 15 - 50 -

Tata Textile 173 0.24 23.89 24.75 24.00 24.50 0.61 3003 24.75 14.02 - - 25 -

Thal LimitedXDXB 307 4.27 97.73 100.49 97.51 99.91 2.18 178035 112.80 86.50 20 20B 80 20B

Treet Corp 418 8.44 52.85 55.25 51.50 53.03 0.18 387868 55.25 37.20 - - - -

Zephyr Textile Ltd 594 5.53 4.00 4.20 4.20 4.20 0.20 1000 4.90 1.50 - - - -

Zil Limited XD 53 3.08 45.30 46.20 44.00 46.04 0.74 376 48.75 33.00 40 10B 35 -

Paid up Last 60 days 2009 2010

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,147.34 1,151.75 1,134.25 1,137.82 -9.52 -0.83

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

303,131 - - 3,763.71 mn 5,347.07 mn 1,147.34

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

3.65 0.39 10.64 6.27 1.72 1,115.33

Diamond Ind 90 - 12.19 11.20 11.19 11.19 -1.00 134 19.70 11.19 - - - -

Pak Elektron 1174 3.33 13.35 13.66 13.10 13.22 -0.13 289069 15.43 12.17 - 10B - 10B

Tariq Glass Ind 231 2.03 16.99 17.45 16.85 16.94 -0.05 13902 18.80 14.50 - - 17.5 -

Paid up Last 60 days 2009 2010

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,506.68 1,523.81 1,501.22 1,516.88 10.20 0.68

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

143,255 - - 11,335.33 mn 197,172.12 mn 1,516.88

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

33.12 10.03 30.30 30.57 0.92 1,505.06

Adam Sugar 58 0.76 14.00 14.99 14.25 14.37 0.37 2000 14.99 10.50 10 - - -

Baba Farid 95 - 55.00 55.00 55.00 55.00 0.00 441 57.45 46.50 - - - -

Chashma Sugar 287 0.87 10.10 11.10 10.40 10.71 0.61 66551 11.40 8.00 - - - -

Colony Sugar Mills 990 - 3.26 3.50 3.50 3.50 0.24 5000 4.49 2.54 - - - -

Dewan Sugar 365 - 1.69 1.50 1.50 1.50 -0.19 390 2.90 1.11 - - - -

Habib Sugar 600 6.18 29.99 30.40 29.90 29.97 -0.02 23618 32.25 25.06 35 25B - -

Habib-ADM Ltd 200 11.57 12.60 12.70 12.50 12.50 -0.10 650 16.98 11.90 40 - 40 -

Hussein Sugar 121 - 11.50 12.00 12.00 12.00 0.50 105 14.00 4.22 - - - -

J D W Sugar 490 2.66 78.25 80.50 79.00 79.48 1.23 9408 80.80 60.10 40 - 0 12.5R

Mehran Sugar 143 3.28 58.80 59.00 58.00 58.55 -0.25 448 59.25 48.50 35 30B 25 10B

Mirza Sugar 141 0.34 5.51 5.44 5.44 5.44 -0.07 504 5.70 4.00 - - - -

National Foods XD 414 15.90 42.85 42.60 42.60 42.60 -0.25 420 63.88 39.01 - 25B 12 -

Pangrio Sugar 109 0.50 5.75 6.20 6.00 6.20 0.45 111 6.35 4.00 - - - -

Quice Food 107 - 2.06 2.11 2.10 2.11 0.05 2000 3.40 1.60 - - - -

Rafhan Maize 92 2.95 1773.00 1861.65 1845.00 1858.47 85.47 107 1861.65 1229.00 900 - 600 -

S S Oil 57 0.27 3.10 3.10 3.10 3.10 0.00 2000 3.89 2.51 - - - -

Sanghar Sugar 119 1.00 13.90 13.90 13.00 13.90 0.00 5310 14.90 11.50 10 - - -

Shahmurad Sugar 211 16.22 11.30 11.24 10.75 11.19 -0.11 1015 11.90 8.00 15 - - -

Shahtaj Sugar 120 - 65.70 67.00 62.42 66.75 1.05 248 68.00 44.50 100 - - -

Shakarganj Mills 695 - 4.95 5.24 4.15 5.10 0.15 21914 6.40 3.02 - - - -

Tandlianwala 1177 263.91 30.55 32.00 29.03 29.03 -1.52 811 35.50 25.25 - - - -

Paid up Last 60 days 2009 2010

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

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,099.93 1,113.05 1,088.39 1,102.84 2.91 0.26

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

345,110 - - 6,768.53 mn 40,055.84 mn 1,104.80

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

3.99 1.01 25.35 20.42 5.12 1,094.58

Agriautos Ind XD 144 5.07 65.92 66.93 65.75 66.93 1.01 309 72.99 63.01 40 - 90 -

Atlas Battery 101 4.64 154.49 157.50 154.50 155.26 0.77 4614 195.80 131.00 100 20B 100 20B

Atlas Honda 626 7.31 106.00 108.00 101.02 105.00 -1.00 403 122.51 92.00 80 30B - -

Dewan Motors 890 - 1.47 1.50 1.35 1.40 -0.07 75895 2.05 1.16 - - - -

General Tyre 598 18.79 21.90 21.81 21.65 21.80 -0.10 33000 26.70 21.00 - - 20 -

Ghandhara Nissan 450 3.55 5.36 5.50 5.10 5.11 -0.25 86025 6.09 4.03 - - - -

Ghani Automobile Ind 200 7.50 4.25 4.80 4.80 4.80 0.55 500 5.55 3.55 - - - -

Honda Atlas Cars 1428 - 11.50 12.50 11.11 11.99 0.49 38337 12.98 9.65 - - - -

Indus Motors 786 5.37 234.58 236.90 232.10 235.29 0.71 93636 258.00 212.29 100 - 150 -

Pak Suzuki 823 11.63 72.98 74.00 72.50 73.04 0.06 40818 87.00 69.25 5 - - -

Sazgar EngineeringXDXB 150 3.51 19.15 19.50 18.51 18.84 -0.31 9856 27.58 17.92 - 20B 10 20B

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,509.67 1,539.95 1,500.74 1,515.49 5.82 0.39

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

180,767 - - 1,336.62 mn 31,355.66 mn 1,518.65

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

7.95 3.02 38.02 131.49 16.54 1,509.28

Ados Pak 66 1.06 16.50 16.50 16.50 16.50 0.00 600 21.96 14.62 20 - - -

AL-Ghazi Tractor 215 4.89 204.00 206.00 203.22 204.10 0.10 5449 227.45 200.00 400 - 150 -

Dewan Auto Engineering 214 - 0.64 0.96 0.79 0.96 0.32 1001 1.00 0.21 - - - -

Ghandhara Ind 213 10.77 11.70 11.85 11.55 11.63 -0.07 10707 18.80 10.55 - - - -

Hinopak Motor 124 - 123.50 120.00 117.80 118.50 -5.00 794 143.41 108.11 17.15 - - -

KSB Pumps 132 8.43 70.21 72.50 70.00 70.43 0.22 1340 88.21 70.00 35 - - -

Millat Tractors XB 366 6.32 477.04 488.50 477.10 482.77 5.73 159800 597.90 390.00 450 25B 650 25B

Pak Engineering XD 57 791.67 300.00 299.90 285.00 285.00 -15.00 1023 324.80 284.95 125 - 100 -

Paid up Last 60 days 2009 2010

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

926.47 948.95 917.72 939.08 12.61 1.36

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

142,762 - - 3,043.31 mn 35,164.91 mn 939.08

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

2.65 1.17 43.91 15.55 5.86 915.09

Cherat PapersackXDXB 115 1.82 48.61 51.04 49.25 51.04 2.43 34667 53.19 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.00 2.24 1.93 2.00 0.00 12704 2.64 1.70 - - - -

Ghani GlassXDXB 1067 4.57 48.57 49.80 48.25 49.75 1.18 1884 61.99 45.75 30 10B 25 10B

MACPAC Films 389 - 2.90 3.05 2.75 3.05 0.15 482 3.99 1.60 - - - -

Merit Pack 47 45.40 17.89 18.89 18.00 18.16 0.27 3550 18.89 11.81 - - - -

Packages Ltd 844 54.59 106.02 108.00 106.00 106.46 0.44 67066 123.00 98.00 32.5 - - -

Siemens Engineering 82 10.71 1282.50 1315.00 1250.00 1298.20 15.70 228 1315.00 1068.75 900 - 900 -

Tri-Pack Films 300 7.66 103.00 105.50 103.75 105.00 2.00 22181 106.00 91.00 100 - - -

Paid up Last 60 days 2009 2010

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

969.91 1,002.27 970.30 990.31 20.40 2.10

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

20,834,926 - - 54,792.74 mn 70,648.83 mn 990.31

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

6.97 0.49 7.10 19.04 2.73 959.46

Al-Abbas Cement 1828 - 3.00 3.25 3.00 3.04 0.04 18357 4.20 2.80 - - - 100R

Attock Cement XD 866 6.49 59.82 62.00 59.99 61.66 1.84 267054 69.99 57.60 50 20B 50 -

Berger Paints 182 - 16.90 17.90 17.01 17.35 0.45 40458 18.50 14.01 - - - 122R

Cherat Cement 956 27.07 11.25 12.25 11.60 11.91 0.66 121564 12.50 9.26 - - - -

Dadabhoy Cement 982 12.31 1.55 1.60 1.60 1.60 0.05 1000 2.20 1.30 - - - -

Dewan Cement 3574 - 1.45 1.58 1.45 1.46 0.01 79310 1.99 1.30 - - - -

DG Khan Cement Ltd 3651 120.96 27.65 29.03 27.85 29.03 1.38 11466167 29.03 23.02 - 20R - 20R

Fauji Cement 6933 14.88 4.80 5.04 4.80 4.91 0.11 571141 5.50 4.51 - - - -

Fecto Cement 502 3.70 6.15 7.15 6.25 7.10 0.95 26468 7.15 4.25 - 10B - -

Flying Cement Ltd 1760 - 1.80 1.94 1.77 1.89 0.09 8212 2.20 1.74 - - - -

Frontier Ceramics 77 - 2.17 3.00 1.95 2.95 0.78 2211 5.00 1.91 - - - -

Haydery Const 32 - 0.70 0.78 0.62 0.63 -0.07 285 1.48 0.25 - - - -

Javedan Cement 581 - 59.80 60.00 59.85 59.89 0.09 120 66.10 56.05 - 200R - -

Kohat Cement 1288 - 6.15 6.25 6.15 6.15 0.00 114133 6.50 5.50 - - - -

Lafarge Pakistan Cmt. 13126 - 2.99 3.15 3.00 3.13 0.14 2048413 3.65 2.60 - - - -

Lucky Cement XD 3234 6.58 72.22 74.15 72.35 73.18 0.96 5150969 74.15 62.80 40 - 40 -

Maple Leaf Cement 5261 1.33 2.87 2.98 2.84 2.86 -0.01 429179 3.40 2.51 - - - -

Mustehkam Cement 417 - 11.50 11.50 10.61 11.50 0.00 304 12.95 10.25 - 177R - -

Pioneer Cement 2228 - 7.45 7.98 7.25 7.53 0.08 478736 8.58 6.90 - - - -

Safe Mix Concrete 200 - 6.03 6.43 5.75 6.09 0.06 1256 9.47 5.50 - - - -

Shabbir Tiles 361 - 9.05 9.00 8.10 9.00 -0.05 600 11.00 6.30 - - - -

Thatta Cement 798 507.00 19.80 20.30 19.06 20.28 0.48 10136 22.24 17.74 - - - 50R

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

906.57 941.58 898.73 927.30 20.73 2.29

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

203,503 - - 3,596.11 mn 8,791.15 mn 927.30

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

2.86 0.95 33.10 30.91 10.82 902.09

Crescent Steel 565 3.91 24.36 25.57 24.10 25.00 0.64 46660 27.90 23.75 - - 30 -

Dost Steels Ltd 675 - 2.83 3.05 2.71 3.01 0.18 102011 3.39 1.65 - - - -

Huffaz Pipe 555 8.71 13.75 14.15 13.75 13.94 0.19 17649 16.75 12.25 - 30B - -

International Ind 1199 9.42 45.20 45.85 45.00 45.22 0.02 36480 67.25 44.00 - - 40 20B

Siddiqsons Tin XD 785 10.73 8.65 9.45 8.53 9.44 0.79 703 10.80 8.00 10 - 7.5 -

Paid up Last 60 days 2009 2010

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,084.10 1,108.95 1,074.99 1,087.09 2.99 0.28

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

155,655 - - 1,186.83 mn 3,012.35 mn 1,087.09

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

5.57 0.42 7.47 25.28 4.54 1,064.98

Century Paper 707 - 16.42 17.25 16.50 16.74 0.32 147434 21.80 15.28 - 425R - -

Security Paper 411 6.08 39.75 39.99 39.00 39.40 -0.35 8121 48.00 38.10 50 - 50 -

Paid up Last 60 days 2009 2010

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,200.02 1,223.46 1,200.76 1,215.52 15.51 1.29

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

43,611,188 - - 52,251.88 mn 273,149.77 mn 1,215.52

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

7.57 2.65 35.00 48.81 6.44 1,186.45

Agritech Limited 3924 7.95 21.38 21.99 21.93 21.94 0.56 453 25.38 21.15 - - - -

Bawany Air XD 68 79.33 8.71 9.71 7.73 9.52 0.81 1510 13.99 7.73 - - 5 10R

BOC (Pak) 250 10.54 75.78 77.14 76.75 76.75 0.97 1554 87.99 66.90 90 - 15 -

Clariant Pak 273 5.94 150.79 156.00 152.00 155.37 4.58 54716 164.89 149.72 125 - - -

Dawood Hercules 1203 7.09 167.48 171.99 168.50 170.93 3.45 63358 182.00 155.38 40 10B 40 -

Descon Chemical 1996 - 2.19 2.35 2.16 2.30 0.11 93223 2.98 1.78 - - - -

Descon Oxychem Ltd. 1020 - 5.54 6.00 5.42 5.77 0.23 472058 6.20 3.20 - - - -

Dewan Salman 3663 - 1.56 1.68 1.47 1.58 0.02 364236 2.00 1.28 - - - -

Engro Corporation Ltd 3277 9.91 178.24 181.75 178.25 180.38 2.14 2230890 182.10 165.60 6010B 40R 40 -

Engro Polymer 6635 - 13.65 13.97 13.50 13.89 0.24 1180846 15.20 10.62 - 27.5R - -

Fatima Fertilizer 22000 - 9.72 9.80 9.61 9.71 -0.01 235513 11.74 9.02 - - - -

Fauji Fertilizer 6785 7.86 108.03 108.99 108.00 108.53 0.50 319025 109.95 102.96 131.5 10B 95 -

Fauji Fert.Bin Qasim 9341 6.06 31.49 32.30 31.56 32.10 0.61 2959484 32.30 26.59 40 - 17.5 -

Ghani Gases Ltd 725 9.32 11.97 12.38 11.90 12.30 0.33 167799 13.85 7.41 - - - -

ICI Pakistan 1388 7.54 131.02 134.69 131.89 133.80 2.78 1243898 134.69 109.50 80 - 55 -

Ittehad Chemical 360 9.60 27.07 25.72 25.72 25.72 -1.35 400 33.00 21.00 15 - 5 -

Lotte Pakistan 15142 4.11 10.89 11.69 10.93 11.50 0.61 33706316 11.69 6.75 5 - - -

Mandviwala 74 - 1.60 2.09 1.01 2.04 0.44 417789 3.24 0.80 - - - -

Nimir Ind Chemical 1106 - 1.37 1.48 1.38 1.41 0.04 39191 1.65 1.16 - - - -

Shaffi Chemical 120 - 2.57 3.40 2.34 2.47 -0.10 28974 3.49 1.80 - - - -

Sitara Chem Ind XDXB 214 8.89 104.00 108.50 104.00 108.50 4.50 1083 127.20 101.00 75 - 25 5B

Sitara Peroxide 551 14.18 13.16 13.48 12.95 13.05 -0.11 354940 13.90 7.67 - - - -

Wah-Noble XD 90 6.55 34.50 36.14 33.50 34.06 -0.44 2604 46.25 33.50 50 - 50 -

Paid up Last 60 days 2009 2010

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

870.08 881.89 868.72 872.50 2.42 0.28

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

26,769 - - 3,904.20 mn 29,002.13 mn 881.55

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

6.85 1.53 22.31 44.54 6.50 865.11

Abbott (Lab) 979 8.68 98.00 99.49 99.00 99.05 1.05 205 104.00 77.00 120 - 20 -

Ferozsons (Lab) 250 6.51 88.01 89.90 84.10 86.19 -1.82 1741 124.00 83.00 10 20B - 20B

GlaxoSmithKline 1707 12.59 69.60 70.25 69.90 69.98 0.38 6390 78.90 65.00 50 - - -

Highnoon (Lab) 165 6.93 25.00 25.00 24.90 25.00 0.00 1000 25.79 22.10 25 - - -

Otsuka Pak XD 100 7.14 33.68 34.45 32.00 32.00 -1.68 6012 34.70 27.50 15 - - -

Sanofi-Aventis 96 9.71 127.18 132.00 120.83 122.04 -5.14 4458 139.50 115.90 70 - - -

Searle Pak XD 306 5.62 62.85 63.00 62.06 62.50 -0.35 6943 64.50 53.36 15 15B 30 -

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

749.07 757.40 742.93 749.62 0.55 0.07

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

13,299 - - 3,242.17 mn 13,165.63 mn 749.62

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

5.80 1.48 25.53 11.08 1.91 737.87

Pak Int Cont.Terminal XD 1092 7.19 72.06 72.90 71.55 71.93 -0.13 10105 80.00 60.05 - 20B 40 -

PNSC XD 1321 41.72 38.00 38.38 37.51 38.38 0.38 3194 41.00 34.50 30 - 15 -

Paid up Last 60 days 2009 2010

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

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

BOOK CLOSURES

TeleCard 06-Nov 12-Nov 1 29-Oct 12-Nov

Punjab Oil Mills 09-Nov 15-Nov 28R 29-Oct 12-Oct

Jahangir Siddiqui & Co 09-Nov 23-Nov - - 24-Nov

1st Punjab Modaraba 09-Nov 15-Nov 1 01-Nov 15-Nov

Biafo Industries 10-Nov 16-Nov 12.5(i) 01-Nov -

Amtex Limited 12-Nov 23-Nov - - 23-Nov

Karachi Electric Supply Cor. 15-Nov 28-Nov 7.80(R) 04-Nov -

East West Life Assurance 15-Nov 23-Nov 10R 04-Nov -

Nestle Pakistan 16-Nov 22-Nov 250(ii) 05-Nov -

Fauji Fertilizer Co 21-Nov 27-Nov 20(iii) - -

Thal Limited 23-Nov 30-Nov - - 30-Nov

Sui Northern Gas Pipelines 24-Nov 30-Nov 20 - 30-Nov

Sui Southern Gas Pipelines 24-Nov 30-Nov - - 30-Nov

Fazal Cloth Mills 26-Nov 03-Dec 100(SD) - 29-Nov

East West Insurance Co 01-Dec 07-Dec 10(B) - -

MCB Bank 03-Dec 10-Dec 30(iii) - -

Dawood Hercules Chemicals 07-Dec 13-Dec 20(ii) - -

Engro Corporation (Standalone) 07-Dec 21-Dec 20(ii) - -

Fauji Fertilizer Bin Qasim 14-Dec 20-Dec 12.5(iii) - -

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

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

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Johnson & Philips 9 8.5 8.01 8.5 -0.5 1974TRG Pakistan Ltd. 4.16 4.35 4.14 4.18 0.02 3742022Murree BreweryXDXB 72.19 73.1 71.1 73 0.81 6728Shezan Internat.XD 91.11 92.98 92.5 92.5 1.39 406Grays of Cambr.XD 46.26 48.57 48.41 48.57 2.31 3738Lakson Tobacco 326 340 325 332.1 6.1 1361Pak Tobacco 112.6 113 112.5 113 0.4 1616Eye Television 20.11 20.4 20 20.14 0.03 3610PIAC(A) 2.26 2.35 2.2 2.31 0.05 45235AKD Capital 59.8 62.79 58 58.2 -1.6 3134Pace (Pak) Ltd. 2.82 2.9 2.8 2.85 0.03 434922Netsol Technol XD 18.75 19.2 18.85 19 0.25 645935

Symbols Open High Low Close Change Vol

Saturday, November 6, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 179.81 points at 10,882.00. Volume was 200

per cent above average (trending) and Bollinger Bands were 23 per cent

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

see major 1st resistance level at 10,969.65 and 2nd resistance level at

11,057.35, while Index will continue to find its 1st support level at

10,748.25 and 2nd support level at 10,614.50.

KSE 100 INDEX is currently 8.6 per cent above its 200-day moving aver-

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

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

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

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

Momentum oscillator is currently indicating that INDEX is currently in an

overbought condition.

RSI (14-day) 72.66 Support 1 10,748.25

MA (5-day) 10,684.40 Support 2 10,614.50

MA (10-day) 10,672.14 Resistance 1 10,969.65

MA (100-day) 10,074.71 Resistance 2 11,057.35

MA (200-day) 10,027.22 Pivot 10,835.95

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed up 1.58 at 53.39. Volume was 377 per cent above average

(trending) and Bollinger Bands were 44 per cent narrower than normal.

NML is currently 4.3 per cent above its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

ing oscillators are currently bullish on NML.

*Arif Habib Ltd 65 Buy

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Positive

RSI (14-day) 64.33 Free Float Shares (mn) 175.80

MA (10-day) 52.11 Free Float Rs (mn) 9,385.96

MA (100-day) 47.50 ** NOI Rs (mn) 59.59

MA (200-day) 51.19 Mean 52.80

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed up 1.38 at 29.03. Volume was 262 per cent above average

(trending) and Bollinger Bands were 13 per cent narrower than normal.

DGKC is currently 7.9 per cent above its 200-day moving average and is

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

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

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

casting oscillators are currently bullish on DGKC.

*Arif Habib Ltd 44 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 67.43 Free Float Shares (mn) 182.55

MA (10-day) 27.33 Free Float Rs (mn) 5,299.42

MA (100-day) 25.71 ** NOI Rs (mn) 42.39

MA (200-day) 26.92 Mean 28.39

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

Technical Analysis Leverage Position

Hub Power Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

HUBC closed up 0.62 at 34.16. Volume was 301 per cent above average

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

HUBC is currently 0.9 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on HUBC.

*Arif Habib Ltd 48 Buy

AKD Securities Ltd 44 Buy

TFD Research 44.9 Positive

RSI (14-day) 56.73 Free Float Shares (mn) 810.01

MA (10-day) 33.75 Free Float Rs (mn) 27,669.88

MA (100-day) 34.16 ** NOI Rs (mn) N/A

MA (200-day) 33.84 Mean 33.85

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed up 1.08 at 66.00. Volume was 166 per cent above average

(trending) and Bollinger Bands were 25 per cent narrower than normal.

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

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

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

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

forecasting oscillators are currently bearish on NBP.

*Arif Habib Ltd 78 Buy

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 53.64 Free Float Shares (mn) 318.37

MA (10-day) 65.96 Free Float Rs (mn) 21,012.22

MA (100-day) 65.73 ** NOI Rs (mn) 73.82

MA (200-day) 71.17 Mean 65.58

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

Technical Analysis Leverage Position

Lucky Cement Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

LUCK closed up 0.96 at 73.18. Volume was 363 per cent above average

(trending) and Bollinger Bands were 50 per cent narrower than normal.

LUCK is currently 4.0 per cent above its 200-day moving average and is

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

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

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

ing oscillators are currently bullish on LUCK.

*Arif Habib Ltd 83 Buy

AKD Securities Ltd 105.2 Buy

TFD Research 72.75 Neutral

RSI (14-day) 56.16 Free Float Shares (mn) 129.35

MA (10-day) 72.47 Free Float Rs (mn) 9,465.83

MA (100-day) 68.43 ** NOI Rs (mn) 18.97

MA (200-day) 70.38 Mean 72.98

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

Technical Analysis Leverage Position

Pakistan Oilfields Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

POL closed up 9.70 at 256.02. Volume was 278 per cent above average

(trending) and Bollinger Bands were 11 per cent wider than normal.

POL is currently 10.6 per cent above its 200-day moving average and is

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

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

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

ing oscillators are currently bullish on POL.

*Arif Habib Ltd 261 Buy

AKD Securities Ltd 296.6 Buy

TFD Research 281.35 Neutral

RSI (14-day) 65.92 Free Float Shares (mn) 107.94

MA (10-day) 244.61 Free Float Rs (mn) 27,633.96

MA (100-day) 229.74 ** NOI Rs (mn) 161.26

MA (200-day) 231.53 Mean 251.96

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed up 0.61 at 32.10. Volume was 67 per cent above average and

Bollinger Bands were 7 per cent narrower than normal.

FFBL is currently 10.0 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on FFBL. Momentum oscillator is currently

indicating that FFBL is currently in an overbought condition.

*Arif Habib Ltd 33 Buy

AKD Securities Ltd 32.06 Accumulate

TFD Research 29.1 Neutral

RSI (14-day) 73.36 Free Float Shares (mn) 326.94

MA (10-day) 31.01 Free Float Rs (mn) 10,494.73

MA (100-day) 28.46 ** NOI Rs (mn) 16.74

MA (200-day) 29.54 Mean 31.86

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,068.08 1,085.79 1,056.96 1,071.10 3.03 0.28

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

1,689,404 - - 29,771.58 mn 17,559.16 mn 1,071.10

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

15.55 0.34 2.21 104.74 10.46 1,049.23

1st Fid Leasing 264 8.75 1.43 1.43 1.40 1.40 -0.03 101 2.24 1.01 - - - -

AL-Meezan Mutual F. XD 1375 5.25 6.30 6.44 6.20 6.30 0.00 13625 7.20 5.85 - - 18.5 -

AL-Noor Modaraba XD 210 4.33 2.50 2.60 2.45 2.60 0.10 7500 3.44 2.10 - - 5 -

Atlas Fund of Funds XD 525 1.26 3.50 3.50 3.11 3.12 -0.38 21026 4.50 2.53 - - 2.2 -

B R R Guardian Mod. 780 3.07 1.34 1.38 1.25 1.35 0.01 866 1.67 0.90 - - 0 -

Crescent St Mod. XD 200 1.70 0.60 0.87 0.57 0.68 0.08 1507 1.10 0.16 - - 1.2 -

Equity Modaraba 524 7.81 1.28 1.29 1.25 1.25 -0.03 225 1.50 0.76 - - - -

First Capital Mutual F. 300 11.25 4.21 4.55 4.45 4.50 0.29 110157 5.50 0.99 - - - -

First Dawood Mutual F. 581 0.60 1.84 1.92 1.87 1.90 0.06 87484 2.00 1.30 - - - -

Golden Arrow XD 760 1.95 2.74 2.75 2.65 2.73 -0.01 205988 3.88 2.32 - - 17 -

H B L Modaraba XD 397 2.08 6.04 6.25 6.25 6.25 0.21 8000 6.80 4.80 5 - 11 -

Habib Modaraba 1008 5.24 6.10 6.15 6.05 6.08 -0.02 9135 7.44 5.56 20 - 21 -

Imrooz Modaraba XD 30 8.67 49.99 47.50 47.50 47.50 -2.49 400 69.95 42.90 63 - 76 -

JS Growth Fund 3180 38.13 3.00 3.07 2.99 3.05 0.05 45193 3.70 2.65 - - 5 -

JS Value Fund 1186 10.54 2.81 3.05 2.76 2.95 0.14 519284 3.98 2.31 10 - 10 -

Meezan Bal. Fund XD 1200 5.10 5.30 5.30 5.30 5.30 0.00 77000 7.00 5.30 - - 15.5 -

Pak Prem Fund 1698 11.63 8.31 8.38 8.20 8.37 0.06 51194 9.44 7.00 - - 18.6 -

Paramount Modaraba XD 59 6.25 8.40 8.48 8.00 8.00 -0.40 501 9.45 6.55 15 - 18 -

PICIC Energy Fund 1000 1.65 5.60 5.72 5.52 5.66 0.06 242174 5.99 4.00 - - 10 -

PICIC Growth Fund 2835 5.52 8.56 8.79 8.50 8.61 0.05 225669 9.85 7.60 - - 20 -

PICIC Inv Fund 2841 4.63 4.05 4.18 4.00 4.07 0.02 22587 4.75 3.50 - - 10 -

Prud Modaraba 1st 872 2.23 0.90 0.99 0.86 0.98 0.08 11302 1.20 0.70 - - 3 -

Punjab ModarabaSPOT 340 7.90 1.60 1.85 1.65 1.66 0.06 17849 1.94 0.57 - - 1 -

Stand Chart Modaraba 454 4.41 8.99 9.20 9.00 9.00 0.01 9010 10.99 7.75 16.5 - 17 -

Trust Modaraba XD 298 2.90 2.00 1.51 1.15 1.51 -0.49 149 4.40 1.00 - - 5 -

U D L Modaraba XD 264 1.53 5.51 5.74 5.40 5.40 -0.11 1326 6.99 4.71 10 - 12.5 -

Paid up Last 60 days 2009 2010

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

380.19 401.11 377.52 396.14 15.95 4.19

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

25,070,146 - - 30,336.44 mn 27,973.80 mn 396.14

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

44.51 0.40 0.91 99.56 2.24 369.01

AMZ Ventures 225 1.50 0.60 0.70 0.58 0.66 0.06 58421 1.10 0.42 - - - -

Arif Habib Investments 360 3.35 16.20 17.20 16.05 17.01 0.81 174161 18.78 13.00 - - - 20B

Arif Habib Limited XB 450 12.98 24.90 25.70 24.61 25.44 0.54 102632 38.80 24.40 15 25B - 20B

Arif Habib Securities 3750 4.46 23.57 24.54 23.66 24.28 0.71 3625096 29.60 20.90 - - 30 -

Arpak Int 40 8.53 12.00 13.00 12.94 12.96 0.96 300 15.00 4.00 - - - -

Dawood Equities 250 - 1.83 1.90 1.86 1.90 0.07 4811 2.91 1.51 - - - -

IGI Investment Bank 2121 14.63 2.32 2.50 2.17 2.34 0.02 106668 2.50 1.17 - - - -

Invest and Fin Sec XD 600 670.00 6.60 6.99 6.70 6.70 0.10 501 9.00 6.16 - - 11.5 -

Invest Bank 2849 - 0.73 0.76 0.55 0.73 0.00 106385 1.00 0.44 - - - -

Ist Cap Securities XB 3166 - 3.70 3.89 3.65 3.85 0.15 15131 5.29 2.54 - 10B - 10B

Ist Dawood Bank 626 0.68 1.89 2.00 1.82 1.91 0.02 276558 2.84 1.17 - - - -

Jah Siddiq Co 7633 - 10.16 10.89 10.10 10.79 0.63 17758264 11.74 8.80 -243.778B 10 -

JOV and CO 508 - 3.94 4.10 3.90 4.03 0.09 657323 5.38 1.96 - - - -

JS Global Cap XD 500 7.90 27.98 29.37 27.16 29.37 1.39 64754 40.30 24.25 150 - - -

JS Investment 1000 26.58 6.09 6.45 6.17 6.38 0.29 781652 7.04 5.10 - - - -

KASB Securities 1000 - 3.98 4.25 3.86 3.99 0.01 38931 4.95 3.20 - - - -

Orix Leasing 821 4.62 5.91 6.30 6.02 6.28 0.37 8224 6.45 3.66 - - - -

Pervez Ahmed Sec 775 - 2.34 2.64 2.35 2.41 0.07 1288140 2.70 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.65 0.75 0.55 0.75 0.10 1079 1.70 0.40 - - - -

Trust Inv Bank 586 4.38 2.48 2.98 1.48 2.80 0.32 1002 3.04 1.24 - - - -

Paid up Last 60 days 2009 2010

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

851.79 865.19 822.28 835.12 -16.67 -1.96

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

107,930 - - 2,290.72 mn 9,805.23 mn 851.79

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

92.80 3.57 3.85 355.53 3.83 835.12

American Life 500 6.02 18.99 18.10 17.99 17.99 -1.00 2600 20.45 17.10 - - - -

EFU Life Assurance XB 850 41.61 72.87 76.50 72.02 73.23 0.36 35341 82.99 51.25 5513.33B - -

New Jub Life Insurance 627 27.28 42.01 42.00 40.00 40.65 -1.36 69989 45.20 34.50 10 - - -

Paid up Last 60 days 2009 2010

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,028.73 1,053.34 1,028.35 1,042.95 14.22 1.38

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

23,130,881 - - 257,548.02 mn 630,006.78 mn 1,042.95

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

7.44 1.04 13.94 40.49 5.44 1,007.50

Allied Bank Limited 7821 5.47 55.90 56.60 55.60 56.26 0.36 906165 57.25 48.51 40 10B 20 -Askari Bank 6427 7.51 15.29 15.90 15.30 15.78 0.49 1335414 16.65 13.99 - 20B - -Atlas Bank 5001 - 1.60 1.80 1.51 1.59 -0.01 712618 2.84 1.51 - - - -Bank Alfalah 13492 12.67 9.80 9.93 9.76 9.88 0.08 1653141 10.19 7.32 8 - - -Bank AL-Habib 7322 6.90 31.67 32.04 31.50 32.00 0.33 177474 33.75 29.10 20 20B - -Bank Of Khyber 5004 5.69 3.80 4.50 3.90 4.27 0.47 363265 4.50 2.50 - - - -Bank Of Punjab 5288 - 10.06 10.39 9.99 10.07 0.01 4743138 10.50 7.35 - - - -BankIslami Pak 5280 817.50 3.30 3.34 3.21 3.27 -0.03 26164 3.69 2.31 - - - -Faysal Bank 6091 5.30 16.37 16.70 16.30 16.44 0.07 203387 17.00 12.75 - - - 20BHabib Bank Ltd 10019 6.48 103.02 104.50 103.50 103.67 0.65 127632 107.15 92.00 60 10B - -Habib Metropolitan Bank 8732 6.41 20.31 21.25 20.11 20.97 0.66 205984 23.30 18.02 10 16B - -JS Bank Ltd 6128 - 2.80 2.85 2.75 2.80 0.00 104545 2.90 2.00 - - - 66RKASB Bank Ltd 9509 - 2.35 2.64 2.26 2.45 0.10 2660 3.22 2.03 - 26B - -MCB Bank Ltd 7602 9.15 204.12 208.50 204.60 206.36 2.24 1573938 208.50 180.40 110 10B 55 -Meezan Bank 6983 8.04 14.72 15.20 14.80 15.20 0.48 26147 15.95 13.80 - 5B - -Mybank Ltd 5304 - 2.04 2.10 1.93 2.06 0.02 72400 2.75 1.62 - - - -National Bank 13455 5.76 64.92 66.30 65.11 66.00 1.08 6224642 70.75 60.51 75 25B - -Network Mic Bank 300 - 1.10 1.28 1.19 1.21 0.11 600 1.90 0.26 - - - -NIB Bank 40437 - 2.69 2.85 2.70 2.78 0.09 1002926 3.25 2.42 - - - -Royal Bank Ltd 17180 - 6.19 6.30 6.02 6.20 0.01 74469 10.10 5.20 - - - -Samba Bank 14335 - 1.88 1.98 1.80 1.87 -0.01 163671 2.65 1.51 - - -63.46RSilkbank Ltd 26716 - 2.64 2.74 2.61 2.63 -0.01 770240 3.30 2.15 - - - -Soneri Bank 6023 - 7.90 8.00 7.70 7.87 -0.03 838321 8.00 5.01 - - - -Stand Chart Bank 38716 10.62 6.79 6.97 6.40 6.90 0.11 81430 8.00 6.00 - - - -Summit Bank Ltd 5000 - 2.82 2.93 2.75 2.82 0.00 10597 3.70 2.30 - - - -United Bank Ltd 12242 6.80 56.51 58.30 56.89 57.84 1.33 1740510 59.24 49.90 25 10B 10 -

Paid up Last 60 days 2009 2010

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

704.02 730.90 702.52 724.42 20.40 2.90

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

4,517,139 - - 11,111.34 mn 45,238.10 mn 724.42

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

11.71 0.61 5.20 79.54 6.79 662.62

Adamjee Insurance 1237 22.49 73.89 77.58 74.18 77.58 3.69 1639651 80.78 63.05 30 10B 10 -

Paid up Last 60 days 2009 2010

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,779.68 1,848.22 1,769.04 1,837.12 57.45 3.23

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

4,248,055 - - 12,202.80 mn 39,513.96 mn 1,837.12

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

11.51 1.31 11.41 66.79 5.80 1,726.32

Sui North Gas 5491 10.24 33.83 34.65 33.70 34.39 0.56 3039724 34.65 25.00 - - 20 -Sui South GasXDXB 8390 3.70 23.54 24.71 23.36 24.59 1.05 1208331 30.70 16.00 - - 15 25B

Paid up Last 60 days 2009 2010

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,165.26 1,192.83 1,158.87 1,181.39 16.14 1.38

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

17,597,273 - - 95,369.29 mn 97,730.08 mn 1,181.39

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

12.43 1.16 9.35 104.13 8.38 1,159.67

Genertech 198 - 0.85 0.98 0.90 0.97 0.12 17998 1.45 0.51 - - - -Hub Power 11572 6.26 33.54 34.30 33.40 34.16 0.62 6492060 37.24 32.75 33.5 - 50 -Japan Power 1560 - 1.60 1.68 1.53 1.53 -0.07 47504 2.25 0.70 - - - -KESCSPOT 7932 - 2.15 2.25 2.10 2.17 0.02 386309 2.50 1.92 - 31R - 7.8RKohinoor Energy XD 1695 10.82 20.50 21.00 19.48 19.48 -1.02 110991 26.50 19.48 45 - 15 -Kohinoor Power 126 2.99 4.50 4.90 4.25 4.90 0.40 3100 6.27 3.90 - - - -Kot Addu Power XD 8803 4.86 39.54 40.10 39.66 39.99 0.45 442907 42.95 38.35 64.5 - 50 -Nishat Chunian Power Ltd 3673 3.06 13.77 14.25 13.80 13.95 0.18 2349874 14.85 9.50 - - - -Nishat Power Ltd 3541 24.58 14.84 15.60 14.76 15.24 0.40 7453556 16.10 9.25 - - - -Sitara Energy Ltd XD 191 3.51 18.60 19.05 18.30 18.83 0.23 3901 23.49 18.26 20 - 20 -Southern Electric 1367 - 2.13 2.25 2.10 2.14 0.01 286629 2.90 2.05 - - - -Tri-star Power XD 150 - 0.96 1.10 1.05 1.09 0.13 2444 1.75 0.33 3 - - -

Paid up Last 60 days 2009 2010

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

1,116.96 1,141.70 1,108.16 1,125.24 8.28 0.74

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

2,186,756 - - 50,077.79 mn 77,857.60 mn 1,125.24

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

6.07 0.78 12.84 62.56 10.31 1,080.18

Pak Datacom XD 78 4.88 79.90 81.25 79.01 79.05 -0.85 506 120.61 78.00 70 - 80 -Pakistan Telecomm Co A 37740 12.77 19.01 19.33 18.85 19.16 0.15 1320311 19.76 17.32 15 - 17.5 -Telecard XD 3000 0.69 2.27 2.50 2.30 2.31 0.04 380793 2.69 1.80 - - 1 -WorldCall Tele 8606 - 2.46 2.59 2.43 2.46 0.00 485146 2.98 2.30 - - - -Wateen Telecom Ltd 6175 - 3.51 3.65 3.40 3.43 -0.08 76757 5.00 3.37 - - - -

Paid up Last 60 days 2009 2010

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

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

Atlas Insurance 369 5.33 34.49 34.97 33.50 33.55 -0.94 10534 35.00 27.10 40 10B - -

Central Insurance XB 279 6.36 54.00 56.70 55.80 56.00 2.00 4413 61.39 47.37 20 25B 10 10B

Century Insurance 457 7.18 11.19 11.49 10.51 11.49 0.30 2001 11.99 9.42 - - - -

EFU General Ins. XB 1250 - 44.63 46.86 44.20 45.88 1.25 166330 49.14 34.76 40 8.7B - -

Habib Insurance 400 2.68 11.16 11.51 11.05 11.27 0.11 17210 12.50 10.04 35 - - -

IGI Insurance 718 15.58 85.78 85.90 84.00 84.00 -1.78 7002 86.69 66.02 35 - 10 20B

New Jub Insurance 791 15.43 56.50 57.23 55.40 57.23 0.73 930 60.50 52.21 30 20B - -

Pak Reinsurance 3000 41.26 15.36 16.25 15.65 16.09 0.73 2651644 16.90 12.50 30 - - -

PICIC Ins Ltd 350 - 3.12 3.20 2.75 3.20 0.08 2337 4.16 1.66 - - - -

Premier Insurance 303 5.10 9.21 9.58 9.30 9.44 0.23 6203 9.91 8.00 20 15B - -

Reliance Insurance XB 252 3.90 6.30 6.45 6.30 6.36 0.06 5000 7.70 6.05 - - - -

Silver Star Insurance 253 4.44 6.71 7.50 6.70 7.15 0.44 1663 8.17 6.00 - 20B - -

United Insurance XB 400 1.80 5.75 5.50 5.50 5.50 -0.25 2000 7.18 4.02 - 16B - -

Universal Insurance 210 - 3.00 2.37 2.35 2.35 -0.65 220 4.00 1.77 - - - -

UPTO 100 VOLUME

NBF 3 3.2 2.99 3.15 0.15 100

GATM 25.84 25 25 25 -0.84 100

MTIL 0.5 0.65 0.65 0.65 0.15 100

TRPOL 0.91 0.9 0.9 0.9 -0.01 100

NONS 13.24 13.9 13 13 -0.24 100

PPP 40 40.01 40.01 40.01 0.01 100

BGL 1.7 1.75 1.74 1.75 0.05 100

BILF 1.5 1.7 1 1.35 -0.15 94

MEHT 57 54.16 54.15 54.16 -2.84 75

NESTLE 1990 2008 1900.01 1974.46 -15.54 70

GATI 43.25 43.9 41.1 42.49 -0.76 63

COLG 856.52 860 820 821.83 -34.69 63

BCL 45 45.5 45.44 45.44 0.44 53

BCML 14.5 15.5 15.5 15.5 1 50

EXIDE 149.5 151.8 151.8 151.8 2.3 50

SIBL 3.05 2.5 2.5 2.5 -0.55 48

SCLL 2.8 2.79 2.79 2.79 -0.01 36

FCONM 1.48 1.88 1.02 1.44 -0.04 27

KOSM 0.93 1.18 0.81 0.82 -0.11 27

FNEL 9.49 9.9 9.9 9.9 0.41 26

SING 18.56 18.05 18.05 18.05 -0.51 24

IBLHL 8.25 8.85 8.55 8.7 0.45 19

FIBLM 1.96 2.79 1.8 1.8 -0.16 17

SHFA 26 27.25 26.1 27.09 1.09 17

JKSM 6.28 7 5.5 6.83 0.55 13

UPFL 1038.36 1090.25 1050 1050 11.64 13

AGSML 5.6 4.76 4.76 4.76 -0.84 10

SCL 51.6 54.18 52.01 53.82 2.22 6

GWLC 3.44 3.44 3.44 3.44 0 5

ISIL 75.56 76.3 71.8 75.9 0.34 4

CWSM 1.23 1.19 1 1.06 -0.17 3

PRWM 13.84 14.44 13.15 13.58 -0.26 3

COTT 1 1.33 0.7 1.12 0.12 3

RUPL 33.3 33.95 32.1 32.72 -0.58 3

TSMF 1.49 1.53 0.86 1.53 0.04 2

FECM 2.45 2.45 2.05 2.45 0 2

MODAM 0.9 1.17 1.17 1.17 0.27 2

GUSM 5.44 5.99 5.1 5.55 0.11 2

ATEL 17.75 17 17 17 -0.75 2

TREI 1.9 2.15 2.12 2.15 0.25 2

PTEC 2.12 2.5 2.5 2.5 0.38 2

NOPK 18.48 17.7 17.51 17.61 -0.87 2

EMCO 2.92 3.29 3.29 3.29 0.37 2

PSEL 142.63 148 148 148 5.37 2

KASBM 2 1.38 1.38 1.38 -0.62 1

FTSM 1.75 2.75 2.75 2.75 1 1

GRYL 1 0.81 0.81 0.81 -0.19 1

ESBL 2.5 2.75 2.75 2.75 0.25 1

DCM 1.5 1.5 1.5 1.5 0 1

PKGI 6 6.79 6.74 6.74 0.74 1

DMTM 3.6 4.2 4.2 4.2 0.6 1

GSPM 7.32 7.99 7.93 7.93 0.61 1

HMIM 0.8 1.39 1.39 1.39 0.59 1

MQTM 7.51 7.02 7.02 7.02 -0.49 1

SHDT 7.56 8.5 8.5 8.5 0.94 1

NAKI 15.98 15.98 15.98 15.98 0 1

HUSI 9.9 10.05 10.05 10.05 0.15 1

STML 17 17 17 17 0 1

NSRM 15.18 16.17 16.17 16.17 0.99 1

AABS 94.5 95 95 95 0.5 1

ALNRS 43 44.15 44.15 44.15 1.15 1

PMRS 34.32 35.36 35.36 35.36 1.04 1

DNCC 2.29 2.29 2.29 2.29 0 1

MLCFPS 6.72 6.8 6.8 6.8 0.08 1

PCAL 51 52.98 52.98 52.98 1.98 1

WYETH 819.45 850 850 850 30.55 1

DYNO 11.85 12.8 12.8 12.8 0.95 1

WAZIR 6.2 5.65 5.65 5.65 -0.55 1

ULEVER 4050 4100 4100 4100 50 1

PHDL 33.51 31.84 31.84 31.84 -1.67 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

NML-NOV 52.15 54.3 51.97 53.62 1.47 3053000

DGKC-NOV 27.86 29.25 28 29.25 1.39 830500

POL-NOV 247.57 258.79 248.95 256.84 9.27 644500

NBP-NOV 65.29 66.74 65.4 66.36 1.07 410000

PSO-NOV 277.89 285 277.05 283.59 5.7 253500

MCB-NOV 204.33 208.5 204.7 207.12 2.79 191500

AICL-NOV 74.24 77.95 75 77.95 3.71 183000

PPL-NOV 188.17 193.5 189.7 192.85 4.68 180000

ENGRO-NOV 179.15 182.5 179.5 181.49 2.34 167500

ANL-NOV 10.8 11.45 10.95 11.3 0.5 152000

FFBL-NOV 31.67 32.8 32 32.24 0.57 105000

LUCK-NOV 72.26 74.25 72.65 73.42 1.16 102500

OGDC-NOV 154 158.7 155.25 157.93 3.93 102000

UBL-NOV 57.15 58.4 56.6 58 0.85 40000

BOP-NOV 10.19 10.3 10.05 10.25 0.06 29000

PTC-NOV 19.15 19.35 19.26 19.35 0.2 10500

NETSOL-NOV 18.94 19.3 19.11 19.11 0.17 6500

NCL-NOV 22 22.75 22.75 22.75 0.75 5000

FFC-NOV 108 108.75 108.5 108.5 0.5 4500

AICL-CNOV 74.6 0 0 78.25 3.65 0

AKBL-CNOV 15.44 0 0 15.92 0.48 0

ATRL-CNOV 115.6 0 0 121.27 5.67 0

ANL-CNOV 10.84 0 0 11.28 0.44 0

Symbols Open High Low Close Change Vol

ZERO VOLUME

TOWL 19 18 18 18 -1 0

HWQS 22 21.9 21.9 21.9 -0.1 0

SYMC 12.5 12.75 12.75 12.75 0.25 0

Symbols Open High Low Close Change Vol

Adamjee Insurance 66.12 75.30 73.05 78.70 79.85 76.45

Al-Abbas Cement 43.54 2.95 2.85 3.20 3.35 3.10

Allied Bank Limited 65.23 55.70 55.15 56.70 57.15 56.15

Arif Habib Limited 41.72 24.80 24.15 25.90 26.35 25.25

Arif Habib Securities 56.06 23.80 23.30 24.65 25.05 24.15

Askari Bank 58.29 15.40 15.05 16.00 16.25 15.65

Attock Cement 46.49 60.45 59.20 62.45 63.25 61.20

Attock Petroleum 43.70 301.45 297.95 307.00 309.05 303.50

Attock Refinery 85.71 117.35 114.45 121.65 123.10 118.80

Azgard Nine 57.15 10.85 10.50 11.45 11.70 11.10

Bank Al-Falah 65.29 9.80 9.70 9.95 10.05 9.85

Bank.Of.Punjab 74.47 9.90 9.75 10.30 10.55 10.15

BankIslami Pak 51.63 3.20 3.15 3.35 3.40 3.25

D.G.K.Cement 67.43 28.25 27.45 29.45 29.80 28.65

Dewan Cement 43.96 1.40 1.35 1.55 1.65 1.50

Dewan Salman 52.79 1.50 1.35 1.70 1.80 1.60

Dost Steels Ltd 62.65 2.80 2.60 3.15 3.25 2.90

EFU General Insurance 62.86 44.45 43.00 47.10 48.30 45.65

EFU Life Assurance 57.76 71.35 69.45 75.80 78.40 73.90

Engro Chemical 59.82 178.50 176.65 182.00 183.65 180.15

Fauji Cement 50.75 4.80 4.70 5.05 5.15 4.90

Fauji Fert Bin 73.36 31.70 31.25 32.40 32.75 32.00

Fauji Fertilizer 55.43 108.05 107.50 109.00 109.50 108.50

Faysal Bank 75.64 16.25 16.10 16.65 16.90 16.50

Habib Bank Ltd 60.95 103.30 102.90 104.30 104.90 103.90

Hub Power 56.73 33.60 33.05 34.50 34.85 33.95

ICI Pakistan 70.53 132.25 130.65 135.05 136.25 133.45

Indus Motors 59.37 232.60 229.95 237.40 239.55 234.75

JOV and CO 63.26 3.90 3.80 4.10 4.20 4.00

Jah Siddiq Co 44.21 10.30 9.80 11.10 11.40 10.60

Japan Power 47.97 1.50 1.45 1.65 1.75 1.60

JS Bank Ltd 67.37 2.75 2.70 2.85 2.90 2.80

KESC 53.44 2.10 2.00 2.25 2.30 2.15

Kot Addu Power 47.70 39.75 39.50 40.20 40.35 39.90

Lucky Cement 56.16 72.30 71.45 74.10 75.05 73.25

Maple Leaf Cement 47.04 2.80 2.75 2.95 3.05 2.90

MCB Bank Ltd 63.02 204.50 202.60 208.40 210.40 206.50

National Bank 53.64 65.30 64.60 66.50 67.00 65.80

Netsol Technologies 54.57 18.85 18.65 19.20 19.35 19.00

NIB Bank 50.08 2.70 2.65 2.85 2.95 2.80

Nimir Ind.Chemical 47.55 1.35 1.30 1.45 1.50 1.40

Nishat (Chunian) 69.69 22.60 22.20 23.20 23.35 22.80

Nishat Mills 64.33 51.95 50.55 54.55 55.75 53.15

Oil & Gas Dev. XD 76.03 155.90 153.50 160.20 162.10 157.80

PIAC(A) 54.45 2.25 2.15 2.40 2.45 2.30

PSO XD 63.75 278.55 274.75 285.10 287.80 281.25

PTCLA 54.13 18.90 18.65 19.35 19.60 19.10

PACE (Pakistan) Ltd 46.52 2.80 2.75 2.90 2.95 2.85

Pak Oilfields 65.92 250.20 244.35 259.70 263.35 253.85

Pak Petroleum 59.31 188.80 185.60 194.05 196.05 190.85

Pak Suzuki 43.18 72.35 71.70 73.85 74.70 73.20

Pervez Ahmed Sec 67.53 2.30 2.20 2.60 2.75 2.45

Pioneer Cement 41.86 7.20 6.85 7.95 8.30 7.60

Shell Pakistan 66.34 194.35 188.70 203.80 207.60 198.15

Sitara Peroxide 72.61 12.85 12.65 13.35 13.70 13.15

Sui North Gas 68.45 33.85 33.30 34.80 35.20 34.25

Sui South Gas 45.09 23.75 22.85 25.10 25.55 24.20

Telecard 48.25 2.25 2.15 2.45 2.55 2.35

TRG Pakistan 53.87 4.10 4.00 4.30 4.45 4.20

United Bank Ltd 70.89 57.05 56.25 58.45 59.10 57.70

WorldCall Tele 41.39 2.40 2.35 2.55 2.65 2.50

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Balochistan Glass Limited 08-Nov 4:00

Chenab Limited 08-Nov 10:00

Pakistan Premier Fund Limited 08-Nov 4:00

Shadman Cotton Mills Limited 08-Nov 6:30

The Pakistan General Insurance 08-Nov 10:00

BOARD MEETINGS

Company Date Time

Saturday, November 6, 2010 8

AkshayKatrina

videoleaked online

Katrina Kaif andAkshay Kumar star-rer Tees Maar Khan's

title track was leaked onlineon Wednesday night, justfour days before its officialrelease.

While the video was imme-diately removed, directorFarah Khan said, "I'm stress-ing completely right now. Wewere to officially release iton Sunday, but now, it's goneinto some sort of cyber fren-zy.

For the time being, we'vegot it blocked, and we'lllodge a complaint with thecyber police cell in Mumbai.But beyond that, there's noth-ing I can do, except take thisas a compliment. The buzzaround " Tees Maar Khan" istremendous. Anyway, wemight as well officiallyupload it now."

TheHobbit

gets twonew stars

Two more names havebeen added to the castof "The Hobbit" --

James Nesbitt and newcomerAdam Brown.

Nesbitt is set to play adwarf named Bofur. Brownwill play Ori, another dwarfwho fights the infamousdragon, Smaug. They join acast headed by MartinFreeman as Bilbo Baggins.

Production is underway inNew Zealand of "TheHobbit," which will be splitinto two films for release inDecember 2012 andDecember 2013.

Anew album of previous-ly unheard MichaelJackson songs will be

released on December 14, thefirst such release since the popstar died last year, his SonyMusic label said on Thursday.

Called simply "Michael," thealbum marks the latest com-mercial venture by Jackson'sestate since the "Thriller"singer succumbed to a fataloverdose of prescription drugsin June 2009, aged 50.

But apart from revealing thealbum's title, regal artwork,and the name of one track,"Breaking News," Sony Musicis keeping a firm lid on theproject.

A spokeswoman declined tosay how many tracks were onthe album, reveal any othersong titles, or indicate theextent of production work thatwas done after Jackson's death.

The secrecy follows anembarrassing debacle last yearwhen "This Is It," a newJackson single touted as hisfirst posthumous release,turned out to have been firstrecorded 18 years earlier undera different title by an obscurePuerto Rican singer. The song'sco-writer, Paul Anka, threat-ened to sue Jackson's estate andwas quickly assigned half thecopyright.

Jackson's commercial for-tunes were on the wane longbefore his death, though griev-ing fans turned him into one ofthe biggest selling artists lastyear. His last studio album,"Invincible," was a commercialand critical disappointment in2001. But a posthumous con-cert film and related sound-track album, both also called"This is It," topped the world-wide charts last November.

After the success of 3Idiots, KareenaKapoor and Aamir

Khan, would be back toweave magic onscreen again!If sources are to be believed,the Kapoor girl has beatenDeepika Padukone to bag therole.

Deepika Padukone was astrong contender for the lead-ing lady part. A source tellsMid Day, "It's a two-heroinefilm.

Aamir was keen to repeathis 3 Idiots leading lady.Meanwhile, Riteish andFarhan wanted Deepika asthey've worked with herbefore in Karthik CallingKarthik and found her to be athorough professional and sin-cere in her attitude towardswork.

However, they all decided togo with Bebo. What worked in

her favour is their last big hittogether and the fact that AKbelieves she fits into any char-acter comfortably."

If buzz is to be believed,Katrina Kaif is being consid-ered as a second lead in thefilm directed by Reema Kagti.

Kareena to pair upwith Aamir again

Rani,

Vidya in

catfight

Move over the Kareena– Bipasha tiff or theAishwarya – Rani hate

saga, here's yet another equationin tinsel ville that's gone awry.Vidya Balan and RaniMukherjee, who play sisters intheir forthcoming film 'No OneKilled Jessica', are the new catsin Bollywood who can't see eyeto eye.

Our source from the sets tellsus that the two actresses nevertalked or bonded after theirscene was complete. "Rani andVidya have shot most of theirscenes together. There weretimes when they were the onlyactors on the sets but still theywould not sit and chat after thedirector called cut. Not even thebreaks on the sets inspired themto interact with each other ordiscuss their scenes," said thesource.

We also learnt that the twoladies returned to their vanityvans as soon as their scene wasdone and preferred to come outonly when the next shot wasready. Another source tells us,"Rani had this aura around herof being the senior actress. Shehas been in the industry formuch longer than Vidya and dueto her attitude she seems veryunapproachable to her co-stars."

However, in an interview withus a few months ago Vidya hadrevealed that she and Rani arefriends and not rivals as popu-larly assumed. Vidya had saidthat she has in fact learnt a lot byjust observing Rani do herscenes. The actress also said thatRani often shared expert tipswith her.

Now, the only way we canfind out the real truth about thematter is during the promotionsof 'No One Killed Jessica'. Itwill be interesting to see if thetwo come together to promotetheir film.

NEW DELHI: A model displays a creation by Indian Designers Ashish Viral and Vikrantduring the Wills Lifestyle India Fashion Week-Spring Summer 2011 in New Delhi.-Reuters

New Jackson’s albumgets Dec release

M. Imran Sharif

Defined by superlatives, theawards ceremony of the 9thLux Style Awards took place

with the customary pomp and glam-our in the Crystal Ball Room of theKarachi Marriott Hotel. Celebrities,socialites and the best in the field ofmusic, movies, television and fash-ion were in audience to celebrate thecolours and allure of performing artsin Pakistan.

Organised and managed byCatwalk Productions the proceed-ings began with the NationalAnthem. That was the only sobermoment of a highly charged evening

as the host, comedian Sami Shahstarted off by taking broad swipes ateverything from the Fashion Weekcouncils, to controversies, to leadingpersonalities and even the Lux StyleAwards itself!

This year's LSA was along thelines of the Golden Globes, a seateddinner format and devoid of per-formances, unlike the awards cere-monies of previous years. Twenty-four winners in four industry's werehonoured for their excellence and

then were felicitated by the crème dela crème. Three winners from thecategory of Film, 8 from the cate-gories of Television, 4 winners fromthe category of Music and 9 high

achievers from the category ofFashion were honoured for theirachievements in their fields in 2009.

The climax of the Awards showwas the Unilever Chairman'sLifetime Achievement Awards 2010which was presented to the stalwartactress of Pakistan film and televi-sion, Ms Roohi Bano. The awardwas presented by Mr Amir Paracha,Marketing Director, UnileverPakistan. In her poignant and heart-felt acceptance speech, the leg-endary Roohi, given a thunderingstanding ovation, acknowledged thetribute from the audience andthanked everyone.

SPARKLING STARSWell before the prize giving start-

ed, the main faces of LSA startedpouring in. The celebrities list asusual was long. Advisor to the SindhChief Minister, Ms. SharmilaFarooqi was in the audience as wasthe Governor Punjab's wife Ms.Amna Taseer, music maestro MrArshad Mahmood, Fuzon, RohailHayat , the best from the world offashion , Sehyr Saigol, Amir &Huma Adnan , Maheen Khan,Kamiar Rokni, Sana Safinaz,Deepak Perwani, Nomi Ansari,Shamaeel and all leading photogra-phers, makeup artists, models werepresent to honour the achievers of2010.

DAZLLING DRESSESA byword in elegance and haute

style, the celebrities dazzled on thered carpet in a range of eastern andwestern ensembles . Super modelNadia Hussain donned a NomiAnsari creation, Ayyan dazzled in aSonya Battla ensemble. Maria Wastiwas stunningly elegant in KamiarRokni and Ayesha Omar wore ashort flirty Nomi Ansari. Laila worean Asim Joffa outfit while RabiaButt turned heads in Sana Safinaz.Sunita Marshall was in an elegantNomi Ansari and Meera stole theshow in a dazzling white embel-lished with pearls sari by UsmanDittu.

JEWELLED STARSKiran Aman's gold and diamond

jewellery dressed a number of thebeauties in the audience, includingthe stunning Fayezah Ansari, thebest young talent winner FeehaJamshed and TV host Ayesha Omar.Ali

Javeri's designer jewellery dressedthe mesmerising Meera andSherezad's sparkling drops and neckpieces were all the rage.

AND THE WINNER IS ...Acclaimed director and producer

Syed Noor was at hand to receive theaward for the Best Film, Nach KayYaar Manana with Best Film Actor/Actress awards for Shaan andSaima.

Momina Duraid took the award for

the Best TV Serial (Satellite) for aplay she had written and produced,Ishq Junoon Deewangi on Hum TV.The TV show also brought in theBest TV Actor (Satellite) award for

HUMAYUN SAEEDBest TV Actress (Satellite) was

won by Sania Saeed for her role inThe Ghost, on Hum TV and Saniagraciously acknowledged her fellownominees. She is a third time LSAwinner.

In the Fashion category, FayezaAnsari took home the Model of theYear (Female) while Iffi Zafar wasnamed the Model of the Year (Male)

Best Emerging Talent (0-3 years)was awarded to the designer FeehaJamshed while the Best FashionPhotographer went to Guddu Shaani.

Rizwana Khan was named theBest Hair and Makeup Artist whilethe award for Achievement inFashion Design - Pret went to theversatile Deepak Perwani for his 1stFashion Pakistan week collection.Everyone's favourite Sana Safinaztook home the Achievement inFashion Design - Luxury Pret award.

Best Retail Brand went toGeneration while HSY took homethe Best Menswear Designer. HSYcould not make it to the show, so heaccepted it via satellite whilst inNew York.

The Lifetime AchievementAward in Fashion went to theindustry's pioneering photographerMirza Khurshid Masood who got astanding ovation for his 40 year oldcontribution to the local fashionindustry.

In the TV (Terrestrial) category,the Best TV Serial (Terrestrial) wentto Khawar Azhar for his work forIslamabad stations Khuda ZameenSay Gaya Nahin on PTV. The showalso took the Best TV Writer (AllChannels) by Asghar Nadeem Syed.

Best TV Actor (Terrestrial) went toNoman Ijaz for Kaghaz Kay Nao onATV while the Best TV Actress(Terrestrial) went to Maira Khan forJee Chahta Hai on ATV. MehreenJabbar took home the Best TVDirector (All Channels) for her bril-liant Doraha on Geo TV.

In the Music category, the BestArtist went to Mekaal Hassan Bandfor Saptak while the Best MusicVideo Director was picked up byZeeshan Pervaiz for Waris Shah bythe Mekaal Hassan Band.

Singer of the Year was the MekaalHassan Band for Chal Buleya fromSaptak while the evergreen RohailHyat went home with the Best MusicProducer for probably what was oneof the biggest TV events of the year,the Coke Studio Sessions.

Winners are selected by LSA Juryfor Fashion and Music and viaViewer's Choice votes forTelevision.

Winners take centre stage at the 9th LUX Style Awards

LONDON: Gold hit a freshrecord above $1,397 an ounceon Friday as investors wentbargain-hunting, betting theUS Federal Reserve move tobuy more government bondswill spur inflation and weakenthe dollar going forward.

Spot gold traded at $1,394.10

an ounce at 1518 GMT, against$1,392.25 late in New York onThursday, having earlier hit arecord of $1,397.80. US goldfutures for December deliverytraded up $11.60 at $1,394.70.

The move to a new recordcame despite the fact that thedollar was up on the day,boosted by a US nonfarm pay-rolls report that suggested theeconomy may be on a stableroad to recovery.

"This illustrates just howmuch support there is on thelong side for gold," said TomKendall, an analyst at CreditSuisse.

"There's lots of ways the Fedstatement impacts gold. One isinflation expectations, second-ly what happens to the US dol-

lar. (Also) the commoditiescomplex has been lifted by thisaction as it accelerates thistrend of money looking forreturns from emerging marketsand hard assets."

Gold had its biggest one-dayrise in about six months onThursday, the day after the Fedpledged a fresh effort to sup-port a struggling US economyby pumping in over half a tril-lion dollars, undermining thedollar and stoking fears overlonger-term inflation.

Policymakers from theworld's new economic power-houses in Asia criticised theFed's move to inject billions ofdollars into the US economy,saying it made any substantivedeal on cutting global econom-ic imbalances less likely atnext week's Group of 20 meet-ing in Seoul.

Among other metals, silverhit a new 30-year high to catchup with gold prices, while pal-ladium rose to a fresh nine-year high. -Reuters

LONDON/SINGAPORE: Acommodities buying spreespurred by US quantitativeeasing has raised alarm of aninflationary bubble reminis-cent of 2008 when oil andother industrial raw materialsstruck all-time highs before thecrash.

In the run up to Wednesday'sannouncement from the USFederal Reserve, commoditytraders said dollar-weaknessassociated with QE was largelyfactored in. But the Reuters-Jefferies CRB index, a globalcommodities benchmark, hassince hit a two-year high as partof an 18 per cent gain since thestart of September when mar-kets began to anticipate USaction.

US Federal ReserveChairman Ben Bernanke hasargued the likelihood of defla-tion is greater than of inflation.

Inside and outside the UScentral bank, critics have saidQE2 -- so called because this isthe second round of quantita-tive easing -- could lead to highinflation and low interest rateswould create asset bubbles asinvestors sought returns by pil-ing into riskier asset classes.

Dollar-denominated com-modities are particularlyattractive to non-dollarinvestors when the US curren-cy weakens.

"The trouble is Bernankewrites off commodity inflation,claiming our economy is nolonger very dependent on com-modity prices," said AxelMerk, Manager of the PaloAlto California-based MerkMutual Funds, with assets ofabout $500 million.

On Friday, internationalbenchmark US crude andLondon copper hit their high-

est levels since 2008.Some traders said strength

was exaggerated, while otherspredicted further investmentflows, although at some pointshort-term dealers might lockin profits before the year-end.

Among soft commodities,raw sugar hit a 30 year high,while refined sugar moved to arecord.

This year's record-breakergold on Friday hit the latest ofa series of historic highs.

"There has been a lot ofmacro fund buying of com-modities in the last day and ear-lier," said Mihir Worah ofPacific InvestmentManagement Co's (PIMCO)$18.5 billionC o m m o d i t y R e a l R e t u r nStrategy Fund.

"I think that is the appropri-ate reaction to a reflationaryFed, where you want to beinvested in real assets, whenyou think inflation is on itsway up. I don't think it is anymessage of runaway inflation,but higher than we expected amonth ago."

Against the backdrop of con-tinued economic uncertainty,gold's strength this year hasbeen linked to its value as ahedge against all kinds of risk,including both inflation anddeflation. While gold can reg-ister big gains without derail-ing economic growth, oil hashistorically been the commodi-ty with a big impact on infla-tion and consumer spending.

That effect has been dulledby energy efficiency, especial-ly in developed countrieswhere oil demand growth isstagnant in contrast to Asia,which is expected to lead a risein consumption.

"In summary, while QE may

boost assets prices further andhence contribute to positivewealth effects and inflationexpectations in the US econo-my, recent moves in oil prices,in particular, may drag on eco-nomic growth in the shortterm," Batty said.

Industrial metals, such ascopper, show signs of funda-mental strength as inventoriesshrink, but the oil market, incontrast to the rally of 2008when it hit a record of nearly$150 a barrel, is amply sup-plied, which should brake dol-lar-led gains.

"I would think the impact ofQE2 alone is limited. If theprice surge is to continue, youneed something fundamental.You would need a fundamentalcatalyst and that would bestocks," said Mike Wittner ofSociete Generale.

Fuel inventories in theUnited States, the world'sbiggest oil burner, reachedrecord levels in September andoverall stocks are still higherthan a year ago.

The Organization of thePetroleum Exporting Countriesin its World Oil Outlook onThursday took a conservativeview on price -- assuming only$75-to-$85 a barrel to 2020 --and said spare OPEC capacitywas high at around 6 millionbarrels per day.

But it also flagged the out-side risk of a speculative rallybeyond its control.

"While the worries surround-ing excessive price volatilityand the role of speculationhave somewhat diminishedover the past 12 months or so,it is essential we do not forgetthe price extremes that themarket witnessed back in2008," OPEC wrote. -Reuters

US Fed’s QE2 raises alarmof commodity bubble

9Saturday, November 6, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1280 1230

October (3rd Wednesday) 1205 1170

November (3rd Wednesday) 1215 1175

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for November 04 2010

LME Official Prices, US$ per tonne for November 04 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2240 2440.5 8521 2499 23965 26500 2482 2335

Cash seller 2250 2441 8521.5 2500 23970 26600 2482.5 2340

3-months buyer 2235 2468 8538.5 2510 24100 26525 2505 2350

3-months seller 2240 2470 8539 2511 24125 26550 2505.5 2360

15-months buyer 2170 2520 8360 2463 23625 26075 2538 2350

15-months seller 2180 2525 8370 2468 23725 26125 2543 2360

27-months buyer 2170 2560 7970 2428 22725 2495 2405

27-months seller 2180 2565 7980 2433 22825 2500 2415

LONDON METAL EXCHANGE (METALS)

NEW YORK: Oil pricespulled back on Friday inchoppy trading as a reboundby the dollar offset supportfrom a stronger-than-expectedUS jobs report.

US crude oil prices reacheda two-year peak above $87 abarrel ahead of the jobsreport, when the dollar wasweaker as theappeal of com-m o d i t i e sremained boost-ed by this week'sFederal Reservemoves to bolstereconomic recov-ery.

The dollar ral-lied on the surprisingly strongUS nonfarm payrolls report.The greenback had comeunder pressure after theFederal Reserve onWednesday committed tobuying $600 billion in gov-ernment bonds to boost a fal-tering recovery.

US crude for Decemberdelivery slipped 29 cents to$86.20 a barrel at 1620 GMT,off its $87.22 intraday peak,

the highest price since $89.82was struck intraday on Oct. 9,2008. Prices were still oncourse to post a gain for theweek of about 6 per cent. ICEDecember Brent crude fell 42cents to $87.58.

"Markets got a little boostfrom the jobs report, but thestrengthening dollar is offset-

ting. In addition, the marketshave been up all week andmay be running into a littleprofit-taking," said TomBentz, broker at BNP ParibasCommodity Futures Inc inNew York.

Oil prices have recoveredmuch of the ground lostbetween a July 2008 recordhigh of $147.27 a barrel andthe December 2008 low of$32.40 hit during the reces-

sion. Oil also got a boost thisweek when Saudi Arabia's Oilminister Ali al-Naimi andother OPEC member officialssaid $90 crude Oil would betolerated by consumers.

Investors took the remarksas a signal OPEC would notsend more barrels into themarket to dampen prices that

got too farabove $80 abarrel, achange fromprevious indi-cations.

The dollar'sslide also hadc o n c e r n e dproducers as

the value of greenbacksreceived for dollar-denomi-nated oil diminished even asprices for other commoditiesbought by OPEC producingcountries, like grains, were onthe rise.

"Over the last few weeks,we have seen many Asianeconomies raise rates already,and there is talk that Chinamay be poised to moveagain." -Reuters

Oil dips from 2-yearpeak as dollar rebounds

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Friday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmill Nov10890.00+15.00, Dec10883.00+8.00, Jan11883.00+13.00, Feb11/Apr11880.00+5.00, May11/Jul11890.00+10.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Nov10/Jan11915.00+10.00, Feb11/Apr11890.00+0.00, May11/Jul11890.00-5.00, Aug11/Oct11875.00+0.00, Nov11/Jan12885.00+0.00.

SUNOIL: EU dlrs tonneextank six ports optionJan11/Mar11 1440.00+20.00,Apr11/Jun11 1410.00+20.00,Jul11/Sep11 1430.00+20.00.

LINOIL: Any origin dlrstonne extank RotterdamNov11/Dec11 1312.50-17.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Nov101110.00+25.00, Dec101105.00+25.00, Jan11/Mar111102.50+25.00, Apr11/Jun111102.50+25.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamOct10/Nov10 1490.00+15.00,Nov10/Dec10 1490.00+15.00,Dec10/Jan11 1490.00+15.00,Jan11/Feb11 1490.00+15.00.

CASTOROIL: Any origindlrs tonne extank RotterdamNov10/Dec10 1925.00+0.00. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

05-Nov-2010 CRUDE100 DE10 US$ Per Barrel 86.45 87.20 85.88 86.71 195 87.06 86.71 74

05-Nov-2010 CRUDE100 JA11 US$ Per Barrel 87.13 87.58 86.74 87.34 32 87.74 87.34 32

05-Nov-2010 CRUDE100 FE11 US$ Per Barrel 87.75 87.83 87.65 87.83 1 88.24 87.83 -

05-Nov-2010 SILVER - SL500 DE10 US$ Per Troy Ounce 25.54 26.51 25.49 26.09 244 26.59 26.09 19

05-Nov-2010 SILVER - SL500 JA11 US$ Per Troy Ounce 25.60 26.11 25.60 26.11 - 26.62 26.11 -

05-Nov-2010 GOLD 01oz DE10 US$ Per Troy Ounce 1379.90 1393.20 1374.40 1381.90 1,391 1390.30 1381.90 814

05-Nov-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1381.00 1394.50 1375.00 1382.90 1,987 1391.40 1382.90 926

05-Nov-2010 GOLD 01oz FE11 US$ Per Troy Ounce 1381.70 1395.60 1376.00 1383.90 1,213 1392.40 1383.90 410

05-Nov-2010 GOLD 100oz DE10 US$ Per Troy Ounce 1378.20 1392.10 1376.50 1381.90 26 1390.30 1381.90 5

05-Nov-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1380.60 1382.90 1380.60 1382.90 - 1391.40 1382.90 -

05-Nov-2010 GOLD 100oz FE11 US$ Per Troy Ounce 1381.70 1382.90 1381.70 1382.90 - 1392.40 1383.90 -

05-Nov-2010 GOLD NO10 Per 10 grms 38067.00 38067.00 37979.00 37979.00 1 38319.00 37979.00 41

05-Nov-2010 GOLD DE10 Per 10 grms 38089.00 38277.00 37894.00 37988.00 8 38328.00 37988.00 6

05-Nov-2010 GOLD JA11 Per 10 grms 38059.00 38059.00 38005.00 38005.00 - 38345.00 38005.00 -

05-Nov-2010 Kilo GOLD NO10 Per 10 grms 37958.00 38005.00 37958.00 37952.00 1 38291.00 37952.00 -

05-Nov-2010 Kilo GOLD DE10 Per 10 grms 38014.00 38014.00 37961.00 37961.00 - 38300.00 37961.00 -

05-Nov-2010 Tola Gold50 NO10 Per Tola 44339.00 44339.00 44266.00 44266.00 - 44662.00 44266.00 -

05-Nov-2010 Tola Gold100 NO10 Per Tola 44328.00 44328.00 44266.00 44266.00 - 44662.00 44266.00 -

05-Nov-2010 Mini Gold 1-Aug Per 10 grms 39078.00 39078.00 39010.00 39010.00 - 39354.00 39010.00 -

05-Nov-2010 Mini Gold 2-Aug Per 10 grms 39117.00 39117.00 39050.00 39050.00 - 39394.00 39050.00 -

05-Nov-2010 Mini Gold 3-Aug Per 10 grms 39130.00 39130.00 39063.00 39063.00 - 39407.00 39063.00 -

05-Nov-2010 Mini Gold 4-Aug Per 10 grms 39143.00 39143.00 39077.00 39077.00 - 39420.00 39077.00 -

05-Nov-2010 Mini Gold 5-Aug Per 10 grms 39065.00 39090.00 39065.00 39090.00 - 39434.00 39090.00 -

05-Nov-2010 TT Gold 1-Sep Per Tola 45074.00 45074.00 44838.00 44838.00 3 45238.00 44838.00 3

05-Nov-2010 TT Gold 2-Sep Per Tola 44821.00 44960.00 44821.00 44884.00 1 45284.00 44884.00 1

05-Nov-2010 TT Gold 3-Sep Per Tola 44976.00 44976.00 44899.00 44899.00 - 45299.00 44899.00 -

05-Nov-2010 IRRI6W 11NO10 Per 100 kg 2402.00 2402.00 3300.00 3307.00 - 3300.00 3307.00 -

05-Nov-2010 Rice IRRI - 6 NO10 Per 100 kg 3312.00 3312.00 3311.00 3311.00 - 3312.00 3311.00 -

05-Nov-2010 RBD Palm Olein NO10 Per Maund 4617.00 4617.00 4616.00 4616.00 - 4617.00 4616.00 -

05-Nov-2010 KIBOR3M 10-Dec Per Rs. 100 86.76 86.76 86.74 86.74 - 86.76 86.74 -

05-Nov-2010 KIBOR3M 11-Mar Per Rs. 100 76.19 85.85 76.19 85.85 - 85.86 85.85 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Tokyo rubber

hits 30-yr high

on supply woesBANGKOK: Tokyo rubberfutures jumped nearly 5 percent to a 30-year high on Fridayon heavy speculative buyingfollowing the Federal Reserve'slatest move to boost the USeconomy, plus the tight supplysituation, dealers said.

Supply has dropped signifi-cantly in Thailand andMalaysia, which have been hitby severe flooding, whileIndonesia is in the dry season,when latex output falls. Theseare the world's top three pro-ducers.

The benchmark rubber con-tract on the Tokyo CommodityExchange for April deliveryrose 16.7 yen, or 4.8 per cent,to settle at 361.7 yen ($4.48)per kg. It rose as high as 364.8yen, the highest since March1980. The most active rubbercontact on the Shanghai futuresmarket for May delivery rose895 yuan to finish at 35,025yuan per tonne. "It was a com-bination of Fed measures andfears of tight supply thatpushed prices up very high,"one dealer said. -Reuters

LONDON: Copper flirtedwith record highs on Friday,supported by a strong USlabour report that raised confi-dence in the economic anddemand prospects of theworld's largest economy.

Benchmark copper on theLondon Metal Exchange hit itshighest in over two years at$8,769.50 a tonne, within $200of an all-time peak of $8,940hit in July 2008.

The metal used in power andconstruction closed at $8,660 atonne, up from Thursday'sclose of $8,600 a tonne.

Aluminium's session high of$2,488 was within reach of atwo-year high of $2,494, whichit hit in September 2008.

"The data recently was muchbetter than expected," saidAndrey Kryuchenkov, analystat VTB Capital, adding themarket was bullish after a sec-ond round of US economicstimulus (QE2) and that the USeconomy was heading in theright direction.

"The only downside for cop-per is a dollar rebound," headded. Copper rose even as thedollar extended gains after thedata as both asset classes react-ed to signs of economicgrowth. However, the dollarremains near 11-month lowsagainst a basket of currencies.

Markets are also lookingahead to next week's G20meeting in South Korea, whichalso may impact metals viacurrencies. Fundamentally,copper has also been buttressed

by a strike at Chile'sCollahuasi, the world's third-largest copper mine. This hasraised investor appetite for themetal, although the stoppage,which started early on Friday,is not expected to last long.The discount for cash copper

against the three-months con-tract has narrowed to $5 from$12.50 on Monday. Chile isthe world's largest producer ofcopper, accounting for onethird of new mine supply.Continuing declines in LMEwarehouse stocks of copperunderline strength in demand.Copper inventories last fell 955tonnes to 366,350 tonnes, neara one-year low, having droppedby a third from February'seight-year highs. Aluminiumclosed at $2,452 a tonne versusa close of $2,460 a tonne,boosted by fund buying and animproving outlook from theauto sector, a key consumer ofthe metal. -Reuters

Copper near recordhigh, US data supports

Sugar turnslower after

setting30-yr high

LONDON: ICE raw sugarfutures fell back on Friday in asharp setback from an earlier 30-year peak while a stronger dollarweighed on coffee and cocoa.

Sugar prices have risenrelentlessly during the lastmonth, climbing by more than30 per cent, and dealers said itwas not surprising that the mar-ket had finally suffered a set-back. "I think the market wasoverhyped and needed a correc-tion. It is the end of the weekand people are locking in someprofits," one London-basedsugar dealer said.

A rally in the dollar followingunexpectedly strong US jobsdata also sparked selling in softcommodities.

ICE front-month raw sugarfell 0.54 or 1.7 per cent to31.12 cents a lb by 1606 GMT,having earlier touched a 30-year high of 32.30 cents a lb.

Sugar futures remain under-pinned by tight export avail-ability from top producersBrazil and India, expectationsthat global stocks will remainlow over the next 12 months,and uncertainty over how muchsugar India will export to helpmake up for lower than expect-ed Brazilian output.

Liffe front-month white sugartouched a record high of$783.90 per tonne and later slidinto negative territory, standingdown $11.70 to $761.00 pertonne. Arabica coffee futureson ICE fell back fromThursday's 13-year top butremained underpinned by sup-ply concerns. The arabicasmarket has been supported byyears of lower-than-expectedproduction from Colombiaalthough a slight rise in the sizeof the crop is expected thisyear. ICE second-month arabi-cas were down 1.60 cents to$2.0665 a lb. Liffe second-month robustas are down $21 at$1,981 per tonne. -Reuters

Gold at record on betsover inflation, weak $

NEW YORK: US cottonfutures finished Thursday upthe daily limit at a freshrecord amid relentless fundand trade buying as strongdemand from China and tightsupplies underpinned cotton'ssurge, analysts said.

Cotton is up nearly 80 percent this year due to its bullishfundamentals and is the bestperforming commodity in theReuters Jefferies CRB index.

The benchmark Decembercontract hit a new record peakwhen it rose the 5-cent dailylimit to $1.4052 per lb. Thecontract gained 4.93 cents onthe day to end at $1.4045 perlb, the loftiest settlement closein history for the market.

Analysts said that withinternal Chinese cotton pricesrunning between $2 and $2.20per lb and world prices in the

closely followed Cotlook AIndex being quoted at an aver-age of $1.55 per lb, US cottonprices are at a heavy discountand need to catch up.

China is the world's biggestconsumer of cotton. TheCotlook A Index is the com-bined average of the fivecheapest cotton prices in theworld plus transport.

Business was heavy.Volume traded in the cottonmarket stood at 36,498 lots,about one third above the 30-day average of 27,160 lots,Thomson Reuters preliminarydata showed. On Wednesday,cotton trading volume hit itshighest level since March2008, when it reached 76,189lots, ICE Futures US datashowed. The analysts saidcotton was also boosted by theoutlook for sustained weak-

ness in the US dollar causedby the decision by the FederalReserve to inject billions intothe US economy to spurgrowth. "It's a stampede intocommodities as the dollarfalls and its feeding on itself,"Bill Nelson, an analyst forconsultants Doane AdvisoryServices in St. Louis,Missouri, said. In China, cot-ton prices climbed onThursday as the ZhengzhouCommodity Exchange's Maycotton contract was last tradedat 29,855 yuan per tonne, up190 yuan. The market also gota boost from robust sales seenin the US AgricultureDepartment's weekly exportsales report. USDA said totalUS cotton sales hit 629,100(500-lb) running bales, withChina again the top buyer ofthe fiber. -Reuters

NY cotton finishes atrecord top on funds, China

Weak oil market fundamentals should brake gains

US nonfarm payrolls rise beats forecast, supports oil

Shanghai metals rallyMetal prices rallied sharply

Friday with Shanghai zincjumping 5 per cent andLondon copper rallying tofresh 27-month highs within$200 of a record peak.

Benchmark third-monthShanghai copper rose 4 percent to 67,050 yuan, and earli-er rallied to its highest sinceMarch 2008. Benchmarkfourth-month Shanghai zincrose 5 per cent from the previ-ous settlement, to close at itsupside limit of 21,125 yuan.

10Saturday, November 6, 2010

Liverpool's Steven Gerrard challenges Napoli's MicelePazienza during their Europa League soccer match at

Anfield in Liverpool

IntikhabkudizesAkhtar’s

discipline DUBAI: Pakistan ManagerIntikhab Alam said on Fridaythat express fast bowler ShoaibAkhtar is fully focused, show-ing discipline and workinghard keep top fitness and hisplace in the national team fornext year's World Cup.

"He is working really hardon his bowling and remainedfully focused on his game anddo the best in the interest of theteam," he said. "I have spent alot of time counseling him andpreparing him for the comingseries in New Zealand andWorld Cup.

Shoaib Akhtar, despite beinglimping at times, has bowledwell in the Twenty20Internationals and three firstODIs. He bowled with fire inthe previous game whichPakistan lost by two runs in athrilling finish and took threewickets for 39 runs in his tenovers, writes APP SportsCorrespondent.

Intikhab Alam said ShoaibAkhtar is an asset for the countryand his form and fitness couldprove vital on the New Zealandtour and World Cup.-APP

Qadir asksfor Kamran,Rana Naved

Monitoring Desk

KARACHI: Former Pakistanchief selector Abdul Qadir hasurged the selection committeeto call up fit-again KamranAkmal and Rana Naved-ul-Hasan for the remainder of theUAE tour in order to improvePakistan's performance. "I'msurprised why the selectorsdidn't call up Akmal andNaved for the ODI series aftertheir presence was felt and theduo is available," Qadir toldlocal news daily.

"Both players have thepotential to win matches indi-vidually and Pakistan needsuch players."

Qadir also questioned theteam's tactics of under-utilis-ing off-spinner Saeed Ajmal."Ajmal is not being used prop-erly as being a regular bowlerhe has only bowled his fullquota once in the series whilepart-time spinners are beingused more than him. I don'tunderstand that."

PESHAWAR: The decisionsof Pakistan OlympicAssociation (POA) toexclude hockey and footballfrom the forthcoming 31stNational Games is widelybeen criticised in all circles.

Talking to APP, formerhockey player ShahbazAhmad Senior highly criti-cized those behind theexcluding of hockey. Hetermed it very discouragingdecision.He said hockeybeing a national sports gaveprime and identity to thecountry at all level either itswas Olympic, World Cup orany other competition of the

world, the hockey playersachieved name and fame toPakistanis living all acrossthe world.

"There is bad time in everything either it is sports fieldor other but the game andplayers who gave and ren-dered their services for thecountry cannot be ignored,"he added.

The authorities sitting inthe Pakistan OlympicAssociation (POA) ignoredthe national game of thecountry on which grounds,"he questioned.

They are calling it theNational Games and ignoring

the national game hockeyfrom it. The Games will beheld from December 25-31 inPeshawar.

It is a joke done by thePOA or its nominated com-mittee who not only excludedhockey but also football andother games and calling it aNational Games, Shahbazadded.

Vice President of the PHFM Saeed Khan also criticisedthe committee of POA forexcluding hockey and foot-ball from the Games list. VicePresident PFF Syed Zahir AliShah questioned that how thePOA excluded hockey and

football from the games list."I talked to the President

PHF Qasim Zia and SecretaryPFF and we assured that thismatter would be taken withthe President Asif AliZardari," Zahir Ali Shahadded.

Syed Zahir Ali Shah, whois also President PPP andProvincial Minister forHealth Khyber Pakhtunkhwa,said that there is no excuse ofpoor security. "We are hold-ing two events in threeweeks' time; the matches ofPFF league, NBP Soccer atMardan, Peshawar are con-tinuing so we cannot accept

such lame excuses.Secretary PHF Asif Bajwa

told APP that we are in nomood to accept any excusesfor excluding hockey fromthe National Games. "If theorganizing committee unableto organize hockey, we canorganize and finance hockeyevent by ourself," he added.

Such decision would alsohave bad impact on our team'smorale in the forthcomingAsian Games. "We will takeand protect the right of hock-ey at all level," Bajwa said.

Talking to reporters,Provincial Sports MinisterSyed Aqil Shah, who is also

President of the KhyberPakhtunkhwa OlympicAssociation, said that exclud-ing of hockey was taken byPOA committee in whichBrig. Arif Mehmud SiddiquiIslamabad OA President, Col.Rana Shujat Ali (Rep ArmySports), Khalid Mehmood(Wapda) and Zulfiqar ButtSecretary KhyberPakhtunkhwa OA, SecretaryOrganising Committee.

He said the number of sportsapproved for these games wasmuch higher and in the currentscenario it was felt that thisnumber be now reduced toeasily manage.-APP

Hockey, Football excluded from National Games

POA comes under fire

SHANGHAI: World numbertwo Tiger Woods mixed birdieswith bogeys before taking hisfrustration out on his clubsafter dropping to tied ninthafter the second round of theHSBC Champions tournamenton Friday.

The American, whose longreign as world number one wasofficially ended by Briton LeeWestwood on Monday, lippedthe pin five times, twice withshort putts, and cancelled outfive birdies with a correspon-ding number of bogeys to fin-ish with par 72 to lie five shotsbehind leader FrancescoMolinari of Italy.

Woods kicked his driver inanger after a wayward shot onthe 18th and was evidently still

smarting long after his roundafter snubbing a news confer-ence.

"I struggled a little bit today,"the American said in a state-ment e-mailed by organisers toreporters. "The pins weretough. I didn't hit very good, sothe score could have beenworse, but also it could havebeen a lot better."

Westwood carded a two-under-par 70 to remain one offthe lead.

The Englishman producedthree birdies during anothersolid performance but the 37-year-old missed on a likelyfourth when he ignored his cad-die's advice over the choice ofclub on his second shot out ofthe rough on the 18th.-Reuters

Woods strugglesin Shanghai

TRINIDAD: Chris Gayle, theformer West Indies captain, hasreiterated his support for hissuccessor, Darren Sammy, asWest Indies embark on a chal-lenging tour of Sri Lanka.Gayle and some of his team-mates left for Sri Lanka onThursday, while the remainderof the squad would fly out onFriday.

Sammy, who has played onlyeight Tests and wasn't a regularmember of the Test team, washanded the captaincy afterGayle, as well Dwayne Bravo,turned down his central con-tract. Bravo was replaced byBrendan Nash as the team'svice-captain.

"It will be a new role forSammy. I wish him all the bestand we will all be there to rallyaround him and give him thenecessary support," Gayle said.

"He is the one who will have totake charge and lead from thefront and we all know he iscapable. We are all there to tryand guide and help him."

The West Indies squad trainedin Barbados as preparation forthe Sri Lanka trip and Gaylesaid he was "feeling good" and"hitting the ball really well". "Ihit a lot of balls in the camp andI'm looking forward to the tour,"he said. "We are looking to havea winning tour. The prepara-tions went really well and youcould see everyone putting inthe hard work. It will be differ-ent conditions to what we areaccustomed to. We have a three-day warm-up game to get accli-matised and take it from there."

West Indies will play threeTests, five one-dayers and aTwenty20 international on theSri Lanka tour.-Online

Gayle supportsSammy as skipper

DUBAI: Pakistan managedto strike the last punch intime to knock-out SouthAfrica in the fourth ODI by1 wicket in the last over.

Once more it was a nailbiting finish, though thistime in Pak's court with Pakreaching the target of 275 in49.5 overs, close call.

The match was going theother way when SouthAfrica struck back with cru-cial breakthroughs to putthemselves in the drivingseat to claim the one-dayseries after Pakistan hadbuilt a solid position in theirchase. Mohammad Hafeezset the tone with an aggres-sive 42 before Younis Khanand Asad Shafiq put togeth-

er a sensible partnership forthe third wicket, but Shafiqwas run out for 36 andFawad Alam carved to coveras Pakistan tottered at 131for 4.

The chase suffered a rockystart when Imran Farhat fellin the opening over, givenout lbw to Morne Morkelafter the bowler hadswitched to around the wick-et. However, Farhat was alittle unfortunate as replaysshowed the impact was out-side off stump. Importantly,though, the top order didn'tgo into their shell as was thecase in the previous matchwhen they were chasing amuch smaller target.-Agencies

Pakistan strikelast punch to

knock-out Proteas

BERNE: Liverpool captainSteven Gerrard came off thebench to score a hat-trick in thelast 15 minutes as the strug-gling Premier League sidecame from behind to beatNapoli 3-1 in the EuropaLeague on Thursday.

Lech Poznan scored two lategoals -- one freakish and theother superb - to stunManchester City 3-1 whileJuventus drew 0-0 withSalzburg for their fourth drawin as many group games.

Russian pair CSKA Moscowand Zenit St Petersburg quali-fied for the knockout roundsand maintained their 100 per-cent records, the former beat-ing visitors Palermo 3-1 andthe latter winning 3-2 at

Hajduk Split.BATE Borisov, Porto and

VfB Stuttgart also wentthrough. Sampdoria's goallessdraw at home to MetalistKharkiv meant Italy's four rep-resentatives failed to win agame between them for thesecond time in a row.

Liverpool, still unbeaten inEurope this season, were indanger of losing that recordwhen Argentine EzequielLavezzi burst clear to giveNapoli a halftime lead atAnfield.

But a weak back pass by ex-Liverpool defender AndreaDossena allowed halftime sub-stitute Gerrard to level in the76th minute.

The England midfielder con-

verted a penalty two minutesfrom time after Glen Johnsonfell under Salvatore Aronica'schallenge and completed hishat-trick 60 seconds later whenLucas sent him clear to dinkthe ball over keeper MorganDe Sanctis.

The win kept Liverpool topof Group K with eight pointsfrom four games, three aheadof Steaua Bucharest who beatUtrecht 3-1.

Group F leaders CSKAMoscow scored three times inseven minutes after halftime tosink Palermo, with Japan mid-fielder Keisuke Honda wipingout Massimo Maccarone's 10thminute effort for the visitorsbefore Tomas Necid added twomore.-Reuters

Gerrard’s 15-minutehat-trick saves Liverpool

SYDNEY: Sri Lanka beatAustralia by 29 runs in the sec-ond one-day international onFriday to claim their first seriesvictory on Australian soil andcondemn the hosts to a seventhstraight defeat in all forms ofthe game.

Australia, who start theAshes series at the end of themonth, never looked likereaching their initial victorytarget of 244 in 39 overs or the240 in 38 overs they werehanded under the Duckworth-Lewis method after rainstopped play for a third time.

Impressive opener UpulTharanga contributed anunbeaten 86 to Sri Lanka's 213for three, which they achievedin 41.1 overs as showers inter-

rupted the action for a total ofnearly three hours.

Shane Watson (40), CameronWhite (35) and Steven Smith(33) offered the faintest glim-mer of hope for the Australiansbut it was always going to bean uphill battle and they crum-bled to 210 all out.

The attendance of 11,495was the lowest crowd for aone-day international at theSydney Cricket Ground for 27years and most were support-ing Sri Lanka.

Earlier, the Sri Lankan toporder put in a solid afternoon'swork to set up the win afterrelying on the tailenders to pro-duce Wednesday's remarkablevictory in the first match inMelbourne.

Australia again laboured inthe field with test strike bowlerMitchell Johnson the target ofsome big hits and MichaelClarke and Watson conspiringto mess up a simple run out.

Tharanga was stranded whenClarke fielded a slow lob fromBrad Haddin with plenty oftime but he threw the ballstraight into the leg of Watson,who was standing in front ofthe wicket, and the batsmanscurried to safety.

Watson was the best of theAustralian bowlers, account-ing for Kumar Sangakkara,who was caught on the bound-ary by Clint McKay for 45,and Mahela Jayawardene,who was adjudged lbw forfive.-Reuters

Lanka smash Aussiesto claim series win

Massa canbe jailed if

he helpsAlonso

SAO PAULO: A Brazilianprosecutor is warning FelipeMassa that he can be arrestedand sentenced to up to sixyears in prison if he takes teamorders to help Ferrari team-mate Fernando Alonso win theFormula One title.

Massa could be charged withfraud if he allows Alonso topass him or if he does anythingelse that would somehow alterthe result of Sunday's race inInterlagos, according to prose-cutor Paulo Castilho, knownfor taking up sports causes inBrazil.

"Massa or any other driverwho does anything to fraud theresult of the race can be arrest-ed and formally charged," hesaid on Thursday. "It doesn'tmean that it will happen, it willbe up to the local authority incharge of the event to decidewhether the law has been bro-ken."

The law mentioned byCastilho says that it's a crimeto "fraud by any means, orcontribute to fraud, in anyway, the result of a sportingevent."-Reuters

InjuredRooney

sent to USM A N C H E S T E R :

Manchester United will sendinjured forward WayneRooney to the United Statesfor a week of intense condi-tioning away from the mediaspotlight, the club's assistantmanager Mike Phelan said onFriday.

The England striker, whohas been sidelined for severalweeks, will miss Saturday'shome Premier League gameagainst WolverhamptonWanderers and Wednesday'sderby at Manchester City.

"He is going on Saturdayand will return the followingSaturday," Phelan told a newsconference that he was attend-ing in place of manager AlexFerguson who was ill with avirus.

"It might be in the interestof him and the club to have achange of scenery. He has hada lot of attention lately so weare going to give him the bestpossible opportunity that wecan to be in good shape whenhe returns."

Rooney, who has been in theheadlines for several monthsin the run-up to signing a five-year deal to stay at OldTrafford because of allega-tions about his private life andhis poor form, has been strug-gling with an ankle injury.

Phelan said Rooney wouldbe under the supervision ofUnited's medical staff duringhis week at a training facilityin Oregon, on the west coastof the United States.

"He needs the conditioning,he can go there without theattention he would get aroundhere," said Phelan.

"If that goes according toplan, then he's available whenhe returns."-Reuters

DUBAI: South Africa's JP Duminy is bowled by Pakistan's Wahab Riaz during their fourthone-day international cricket match.-Reuters

Series leveled at 2-2

11Saturday, November 6, 2010

International & Continuation

ADB chiefsays morepolicies

needed onimbalances

KYOTO: Setting guidelines tocurb global economic imbal-ances is an understandable poli-cy, although other macroeco-nomic factors need to be consid-ered too, the head of the AsianDevelopment Bank said onFriday.

Asia-Pacific EconomicCooperation (APEC) financeministers meeting in Kyoto overthe next few days were likely todiscuss imbalances, ADBPresident Haruhiko Kuroda said,noting the issue had beenbrought up at various confer-ences he had attended over thelast few weeks.

"There's almost always discus-sion on global imbalances orcurrency wars. So I expect thatwill be discussed at the APEC,too" Kuroda told reporters.

Group of 20 finance ministerslast month sought to defuse ten-sion over currencies, agreeing toshun competitive currencydevaluations.

But a US proposal to set a 4-per cent cap on current accountsurpluses or deficits as a per cen-tage of gross domestic productfailed to garner widespread sup-port.

A senior US Treasury officialsaid this week Washingtonwould seek support from APECfinance ministers for "concreteguidelines" to limit trade imbal-ances in the hope that G20 lead-ers can hammer out the final lan-guage next week at a summit inSeoul.

Kuroda said it was understand-able to have some kind of bench-mark, but he said other factorsshould be considered too.

"Many oil producing countriesare running a surplus larger thanfour per cent. If they cut oilexports, they could reduce sur-pluses but it's questionablewhether that's good for the worldeconomy," Kuroda said, addingthere could be further considera-tions for other countries too.-Reuters

CONTINUATION

OTTAWA: Canadianemployment numbers bare-ly inched higher in Octoberas the sputtering economycreated far fewer jobs thanforecast, and left expecta-tions intact for interestrates to stay on hold.

About 3,000 people -- anumber considered negligi-ble -- found work in themonth, according toStatistics Canada datareleased on Friday. Thatwas not enough to offsetthe 6,600 jobs lost inSeptember and well belowthe 15,000 employmentgain forecast by analysts ina Reuters poll.

Job gains in recentmonths have been a frac-tion of those seen earlierthis year. Statscan said theaverage monthly employ-ment growth was 5,700 inthe past four months com-pared with 51,000 in thefirst half.

"I think there might be atrace of disappointment onthe headline number, but Ithink on balance this does-n't move the needle in amajor way," said DougPorter, deputy chief econo-mist at BMO CapitalMarkets.

All the gains were in full-time jobs and private sectorhiring outpaced that of thepublic sector, suggestingthe recovery was becomingmore entrenched.

The unemployment rateeased to 7.9 per cent from8 per cent in Septembermainly because fewer peo-ple were in the labor forceactively looking for work.

Other reports on Fridayon the construction andhousing sectors weremixed. Statscan said build-ing permits soared 15.3 per

cent in September, largelydue to a resurgence inplans for single-familyhousing.

But the Canadian RealEstate Association issuedgloomy forecasts for homeresales this year, predictinga decline of 4.9 per centversus its previous estimateof a 1.2 per cent decline.

The data cocktail did lit-tle to change analysts' viewthat the Bank of Canadawill stand pat on interestrates until well into 2011.The bank kept its key rateon hold last month at 1 percent after three straightincreases.

"We expect the bank tostay on the sidelines for theremainder of the year withthe next hike likely onlyafter there is solid evidencethat concerns about boththe external and domesticdevelopments have abat-ed," said Dawn Desjardins,assistant chief economist atRBC Economics.

Markets see a 97 per centprobability the centralbank will hold rates steadyon Dec. 7 and expect nofurther hike until roughlymid-2011, according to aReuters calculation ofyields on overnight indexswaps.

The Canadian dollar fellto a session low ofC$1.0095 to the US dollar,or 99.06 US cents, immedi-ately after the Canadianemployment report, but itquickly pared losses asmarkets digested thedetails. The currency shotup again after the US datato hit parity against thegreenback.

The heaviest hiring tookplace in the information,culture and recreation sec-

tor, followed by construc-tion, manufacturing andagriculture. Retail andwholesale trade let goworkers.

Some details in the reportwere more encouraging.All the gains were in full-time jobs, while part-timeemployment fell for a thirdstraight month. In the firsthalf of this year part-timejobs grew almost threetimes as fast as full-timeones.

Similarly, private sectorhiring outpaced that of thepublic sector, suggesting amore deeply entrenchedrecovery.

The average hourly wageof permanent employees,closely watched by theBank of Canada for infla-tion pressures, rose 2.1 percent in October from a yearearlier. The equivalent fig-ure for September was 2.5per cent.

Unlike in the UnitedStates, Canadian employ-ment levels have returnedto pre-recession levels. ButStatscan said the joblessrate has stayed stubbornlyabove the pre-crisis 6.2 percent level largely becausethe working-age populationhas grown 2.9 per cent andthe labor force -- thoselooking for work -- hasrisen 1.9 per cent.

Despite the gains, full-time employment remainswell below its peak,prompting concerns aboutthe quality of jobs.

A report by CIBC thisweek said the public sectorand construction industry,helped by stimulus spend-ing, have accounted forone-third of all jobs creat-ed during the recovery.-Reuters

Canada's jobgrowth slows asrecovery sputters

WASHINGTON: US employ-ment jumped by much morethan expected last month asprivate companies hired work-ers at the fastest pace sinceApril, a sign the sluggish econ-omy is finally starting to tickup.

Nonfarm payrolls rose asolid 151,000 in October, thefirst gain since May, a govern-ment report showed on Friday.Private hiring rose by 159,000,while the government cut8,000 jobs.

Data for August andSeptember also was revised to

show 110,000 fewer jobs werelost than previously thought.

Economists had expectedpayrolls to increase a tepid60,000 last month, with pri-vate employment rising75,000.

"This was hugely surprising.It's strong across the board,"said Fabian Eliasson, vicepresident of currency sales atMizuho Corporate Bank inNew York.

The dollar rose on the data,while bond prices retreated.However, stocks slipped asinvestors pocketed profits after

markets hit a two-year high onThursday.

The solid jobs growth failedto make a dent in the loftyunemployment rate, whichremained at 9.6 per cent for athird straight month, in linewith market expectations.

Concern over the anemic jobmarket was a factor behind theFederal Reserve's decision thisweek to pump an additional$600 billion into the economythrough government bond pur-chases to push interest ratesdown further and stimulatedemand.-Reuters

Jump in US hiring liftsspirits on economy

TOKYO: The Bank of Japankept its monetary policyunchanged on Friday andbrushed off suggestions it mightneed to ease more just to keeppace with the Federal Reserve'slatest $600 billion economicstimulus installment.

Still, Governor MasaakiShirakawa said the central bankwas ready to expand its own 5trillion yen ($62 billion) assetbuying plan announced only amonth ago if the economyworsens.

Some analysts say the BOJmay have to relax its policyagain before the end of the yearto counter the effect the freshsupply of dollars may have onthe yen, but Shirakawa stressedthis was not a contest about whopumps more money into theeconomy.

"I do not see Japan and theUnited States as in a monetaryeasing competition," Shirakawatold a news conference.

"The degree of monetary eas-

ing cannot be measured simplyby the amount of assets centralbanks purchase," he said,adding that the success of poli-cy easing should be measuredhow effective it was in bringingdown borrowing costs.

The BOJ is the third majorcentral bank to hold fire afterthe Fed's Nov. 3 move to pumpmore money into the strugglingUS economy by buying govern-ment bonds.

The scope of the plan broadlymatched market expectations,sparing Japan a dollar sell-offand a sharp yen spike that couldhave forced the BOJ's hand.

That allowed the BOJ tofocus on rolling out the assetbuying plan, which starts earlynext week with governmentbond purchases. The centralbank will also buy real estateinvestment trusts (REITs) andexchange-traded funds (ETFs)linked to Tokyo stock indexes.

Both the European CentralBank and the Bank of England

kept their policies unchangedon Thursday, seemingly satis-fied that the euro zone andBritain did not need as potentmedicine as prescribed by theFed for the US economy.

As expected, the BOJ alsounanimously voted to keep itsrates effectively at zero andmaintained the size of the assetbuying plan. Shirakawawarned, however, that Japan'smoderate economic recoverywas stalling as growth inexports and output paused, sug-gesting that the BOJ was readyto loosen credit if necessary.

"What has been announced isnot enough compared to the UScentral bank's expansion of eas-ing steps," said Susumu Kato,chief economist at CreditAgricole in Tokyo.

"The BOJ needs to furtherexpand its easing measures tobeat deflation and prevent theyen from appreciating further. Itis expected to do so in the nextfew months."-Reuters

BOJ holds fire afterFed, says furthereasing an option

The President also asked the business community to give own-ership to the state policies of economic development thatappeared to them to be in the ultimate interest of the country. Hadthe power houses given ownership to the energy policy of the PPPgovernment --based on independent power projects-- the countrywould not have faced the present energy crisis, he said.

He assured the business community that govt will pursue theissue of access to markets and trade facilitation as single-pointagenda. The President said that the issue will also be raised at themeeting of Pakistan Development Forum in Islamabad.-Online

Continued from page 1No #1

spokesman told.This was the last communication between thepilot and the control tower as the plane hit the ground soon afteramid a huge blast, which was heard within radius of various kilo-meters. Luckily, the official said, the plane crashed into an openfield averting any loss of lives on the ground. Giant plums ofsmoke wafted upward after the wreckage of the plane caught firecharring all the bodies. Seventeen out of 21 deceased, were theemployees of the Italian oil company ENI, who were going backto their weekly shift after spending holidays. The nationality ofthe foreigner has not so far been disclosed by the company, how-ever, the US embassy in Islamabad said it was looking into thereports regarding presence of "Americans" on the aircraft.

The charred bodies were first shifted to Agha Khan hospital, andlater to Jinnah Hospital where identification process was on.However, doctors said that the identification of the deceased couldonly be possible through DNA test. According to hospital sourcesthe bodies of Captain Naeem and his deputy Captain Usman havebeen identified through their badges. Captain Nadeem Hanif, aspokesman for the Jehangir Siddiqui air company that owned theplane, told newsmen that the aircraft had undergone a completetechnical check up before it took off. " Everything was clear fromtechnical point of view", Captain Hanif said. This, he said, was anormal procedure that no aircraft could take off before technicalchecking, and , he added, same had been done in case of the ill-fated plane. He said the pilot and the co-pilot were senior mem-bers of the company's crew having a long flying experience.

Continued from page 1No #2

26th March, 2010. Presenting the Bill, Minister for Law, Justiceand Parliamentary Affairs Dr Babar Awan said the governmenthas signed and ratified the International Convention on the settle-ment of investment disputes between the States and nationals ofother States.-APP

Continued from page 1No #3

Hussain, former president Pervez Musharraf, and other leadershave condemned the attack. President Asif Zardari and PMYousuf Raza Gilani have strongly condemned the blast in theirpersonnel messages saying that the enemies are trying to weakenour roots but we will not let that happen and this war against ter-ror will continue till the end of terrorism. PM has asked theAuthorities of Khyber Pakhtunkhwa to provide full assistance tothe injured and ordered inquiry report of the blast. Tehreek-e-Taliban's Tariq Group has claimed responsibility of the suicideblast. According to intelligence reports an anonymous phone callwas received by a media agency giving details of a suicidebomber aged 21 years who was sent for this mission in retaliationof government's wrong policies.-Agencies

Continued from page 1No #4

not be leveled against the federal government and if somebody hasevidence, the cases can be filed in independent courts. "Media trialof the federal government particularly on corruption charges isunjustified as the country has independent courts, NationalAccountability Bureau (NAB) and a powerful Public Accounts

Continued from page 1No #5

is 26.39 maunds, 23 maunds, and 16 maunds respectively. He said the government ensured timely availability of inputs

like seed, fertiliser and pesticides to increase per acre yield. Thefarmers were also advised judicious use of water and micro-man-agement of irrigation water a local level through active coordina-tion of irrigation and agricultural departments.

He said under Produce More Wheat Campaign provincial agri-cultural departments were disseminating information to the grow-ers through media and field visits on production technology ofwheat crop for increasing per acre yield. He said that 38 new cot-ton varieties were evolved and a number of new varieties were inpipeline. A project entitled Pak-US Cotton ProductivityEnhancement Programme has been included in the recentlyapproved Kerry-Lugar bill for cotton research and development inthe country, he added. Ali said that efforts were also being madefor promotion of appropriate mechanical technology to reducepost harvest losses of rice and create awareness about harvestingat appropriate moisture level.-APP

Continued from page 1No #6

September, historically the worst month for equities, surprisedmarket players with strong gains and Asian stocks have ralliedsince with the MSCI Asia ex-Japan up 21 per cent over the past9 weeks. China's key stock index closed at a near seven-monthhigh on Friday as renewed investor confidence pushed the bench-mark past a closely watched resistance level. The ShanghaiComposite closed up 1.4 per cent, gaining 5 per cent on the week,and breaking above 3,100, the level at which the market wasbefore starting its slide in April. Analysts said the index may con-solidate early next week ahead of China's inflation and trade data,but said they saw the overall upward trend continuing. "There arerisks in the short-term; the index has jumped too far. After thisrally investors will become lethargic, but in the medium and longterm the outlook is good," said Cao Xuefeng, analyst at HuaxiSecurities in Chengdu. Reuters

Continued from page 5No #7

in stocks, as investors viewed the change as positive for profitgrowth. "Taking profits has been the wrong move for a while.There's a lot of liquidity out there. Earnings have been strong andmany stocks are still reasonably priced, so it's a fairly good envi-ronment for equities given the fact that a lot of other asset choic-es are relatively more expensive," said Sasha Kostadinov, portfo-lio manager at Shaker Investments in Cleveland.

Boosting optimism about the economy, US employment jumped bymuch more than expected last month, with private companies hiredworkers at the fastest pace since April, the government report showedThe strength of the report even raised questions about whether theFed was too aggressive in its move to keep the economy growing. "Idon't think it hurts for the Fed to be doing what they're doing if it actsas an insurance policy that we're on track," he said. The unemploy-ment rate remained high at 9.6 per cent in Friday's report, signalingthe labor market still has far to go, he added.-Reuters

Continued from page 5No #8

Royal Bank of Scotland dropped 4.5 per cent after reportingthird-quarter results. It said it expected challenging market con-ditions in the fourth quarter and saw a UK bank tax adding up to250 million pounds ($403.4 million) to its costs next year. TheUK banking index was off 0.9 per cent, weighed as theirEuropean counterparts retreated on fears about the instability ofthe peripheral euro-zone economies, and the risk of more capital

Continued from page 5No #9

operation and management of theGwadar Port and all of its facilities.

Abdul Hafeez Pirzada, the counsel,read out the contents of the agreement.

Earlier, the apex Court had taken up asuo moto notice on failure of the PSA indeveloping the port despite incentivesprovided by the government. But now itwould hear the pending pleas.-APP

Continued from

page 12No #11

engaged in discussions with the gov-ernment of Pakistan for the possiblerelease of the sixth tranche of anemergency $11 billion loan, theFinance Ministry said on Friday.Progress has been made regardingmutual agreement to a framework forrevisions of the FY11 budget, reflect-ing additional burdens faced by theeconomy and the poor due to theunprecedented floods.

The objective remains to furtherstrengthen the public finances andmacroeconomic stabilisation so thatpriority spending can be assured andinflationary pressures kept undercheck, the statement said.The govern-ment also proposed to meet withMazarei and his team on November13. Accepting the proposal IMF teamagreed to continue the constructivediscussions following the PakistanDevelopment Forum (PDF). The min-istry's statement also added that meas-ures to curtail energy subsidies havealso been discussed with World Bank,Asian Development Bank, and otherkey stakeholders.-APP

Continued from

page 1No #10

in calculating capital adequacy ratio ofIIFS; and b) demonstrate how to measurethe displaced commercial risk, that is theadditional risk that IIFS shareholders mayassume in order to cushion the returnspayable to investment account holdersagainst variations in asset returns.

Continued from

page 12No #12

hikes in the sector.Europe's biggest bank HSBC fell 1.8 per cent with traders citing profit-takingafter it said profits in the third quarter and for the year to date were "well ahead" of a year ago.

Miners provided the bulk of the gains as copper flirted with record highs on the increased optimismon the demand outlook. Vedanta Resources was the star FTSE 100 reporter, up 5.9 per cent whileEurasian Natural Resources gained 4.4 per cent. Drug makers were also among the top performers asinvestors rotated into the sector, which was boosted after strong results from Smith & Nephew. Smith& Nephew added 6.2 per cent after the orthopedic products firm beat expectations on its third-quarterresults, while GlaxoSmithKline was up 2.8 per cent. Invensys climbed 4.4 per cent as both MorganStanley and Societe Generale hiked their target prices for the engineering group following results onThursday.Back on the downside, Rolls-Royce was the heaviest loser, down 4.9 per cent, weighed by theengine failure this week of an A380 operated by Qantas Airways.The FTSE 100 was up 3.5 per cent thisweek after it added over 8 per cent in the previous month, and analysts said technical indicators suggest-ed it may be set for a pause. -Reuters

Committee (PAC) with its chairman from the opposition. If theyhave any evidence of corruption against the government, referencescan be sent to any such forums", he added. To a question he said, thecases about rental power projects were pending in the court.-APP

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LAHORE: Prime Minister Syed Yousuf Raza Gilani standing in the respect of National Anthem during the third

in a series of international conferences exploring a new vision for school at Beaconhouse.-APP

ISLAMABAD: Pakistan has a goldenchance to ask for writing off its out-standing foreign loans as the countrywas passing through crucial times fol-lowing the devastating floods thatbadly hit the economy.

"Pakistan cannot pay back its out-standing foreign loans with economybadly affected by floods so it has agolden opportunity to ask for write-offs", Senator Haroon Hamayun toldreports at the parliament house here onFriday.

He said that out of 153 counties thatparticipated in a Geneva conferencelast month, 123 countries supportedthe move asking writing off thePakistan's forcing loans.

He said that a Pakistani delegation,led by Chairman Senate, Farooq HNaek participated in the conference tohighlight the sufferings of flood-affected people. Meanwhile, formerinformation minister, Sherry Rehmantold mediamen that international com-munity was supporting Pakistan torehabilitate flood-victims adding itwas great opportunity for the Pakistanto ask the world community to writeoff its loans.

To a question, she said that govern-ment should take up this issue inNational Assembly for debate to winthe confidence of all political partiesfor strengthening the case in a demo-cratic manner.-APP

Time seen high to winforeign loan write-offs

MPs term post-flood situation a golden opportunity

B’stanWatanCards

in weekISLAMABAD: TasneemQureshi, Minister of State forInterior Friday informed theNational Assembly that theprocessing of Watan Cards inBalochistan would start withinseven days.

Responding to a CallingAttention Notice regarding cor-ruption of bank employees andmiddle men in the issuance ofWatan Cards to the floodaffected, the minister rejected itand said that the whole processis being followed in a transpar-ent manner.

"The lists of affected are pro-vided by the provinces andthere is no other way to nomi-nate an affectee", he remarked.

He informed the House thatthe lists are then verified byNadra, which sends them tobanks for distributing ATMcards after following a properprocedure.

Tasneem maintained thatthere are some complaintsregarding corruption in han-dling these cards but even thenmost of the process is beingcarried out in a transparentmanner.

He said that on certain com-plaints, the ministry has direct-ed FIA to probe the issue.

To a question regarding thedistribution of Watan Cards inBalochistan, the ministerinformed the House that theprocessing of these cardswould start in the province inabout one week time.-APP

ISLAMABAD: Parliamentary

Secretary for Health Mehreen Razzaq

Bhutto Friday told National Assembly

that health budget is less than one per

cent of total GDP of the country adding

that health ministry is being devolved

after the 18th constitutional amend-

ment.

Replying to a supplementary ques-

tion, she said that now health was a

provincial subject and the provinces

should enhanced health budget.

She said the ministry was sensitising

the masses about dengue virus through

media campaign. The Prime Minister's

Programme to control dengue virus was

being implemented through District

Health Officer of the concerned dis-

tricts. Mehreen Bhutto said that no proj-

ect in the health sector has been

launched in collaboration with foreign

organisations in the flood-hit areas.

However, she said that WHO, Unicef

and other countries played pivotal role

during the floods and provided medi-

cines to the affected people.

Some foreign countries also set up field

hospitals besides deploying their health

teams in the flood hit areas.

To another question, Mehreen Bhutto

said that to ensure quality only those

medicines were procured for federal

government hospitals which are regis-

tered with the drugs registration board

and cleared by drug testing labs.

She said only one case each in Jinnah

Post Graduate Medical Centre Karachi

and Pakistan Institute of Medical

Sciences (PIMS) regarding purchases of

sub-standard tablets was surfaced,

adding, not only the stock of those med-

icines was destroyed but the licences of

those companies were also suspended.-

APP

Health sectorunderbudgeted

ISLAMABAD: Supreme CourtFriday directed chairman GwadarPort Authority and secretary Portsand Shipping to file till December 8,2010 para-wise comments over theissue of awarding a contract to Portof Singapore Authority (PSA).

The directive was issued on a jointpetition in supersession of its owninitiative taken earlier through suomoto.

A three-member bench comprisingChief Justice Iftikhar Muhammad

Chaudhry, Justice Ghulam Rabbaniand Justice Khalil-ur-Ramday heardthe constitution petition filed byMuhammad Zakir Khan & others vsThe Federation of Pakistan & others.

The bench observed in its orderthat prima-facie strong and convinc-ing arguments have been incorporat-ed in the petition to persuade thisCourt to grant the relief which wasprayed.

Abdul Hafeez Pirzada, SikandarBashir Mohmand and Mehmood A

Sheikh, AOR appeared on behalf ofthe petitioners and prayed that theConcession Agreement betweenGwadar Port Authority and Port ofSingapore Authority Gwadar privateLtd, should be declared as annulledand cancelled as it violated the lawsand the objectives for which it wascreated.

They said that the federal govern-ment and the Gwadar Port Authoritybe directed to resume the possession,

See # 11 Page 11

SC seeks comments onGwadar Port accord

More allocation a must, NA told

IFSB issues2 exposure

draftsShabbir Kazmi

KARACHI: In its 22ndmeeting held at KualaLumpur, Malaysia, theTechnical Committee of theIslamic Financial ServicesBoard (IFSB) approved theissuance of two ExposureDrafts, said a statementissued here.

As per details following arethe exposure drafts: 1)Guidance note in connectionwith the IFSB CapitalAdequacy Standard for thedetermination of alpha in thecapital adequacy ratio and 2)Guidance Note on the recog-nition of ratings by externalcredit assessment institutionson Takaful and ReTakafulUndertakings

Guidance note in connec-tion with the IFSB capitaladequacy standard comple-ments the IFSB Standard onCapital Adequacy forInstitutions offering IslamicFinancial Services(IFSB-2),which was issued inDecember 2005. IFSB-2 pro-poses two methods to calcu-late capital adequacy ratios ofIIFS. This Guidance Noteaims to: a) provide a method-ology to estimate the value ofalpha to be used in the super-visory discretion formula

See # 12 Page 11

BRUSSELS: European parliamentchief Jerzy Buzek says he will meetdemands from Europe's top leaders toslice the 2011 EU budget -- but only ifthey recalibrate spending for the nextdecade around job creation.

"The European parliament is readyfor a moderate budget, for compro-mise," Buzek said, "but also we wouldlike to start a very serious discussion onthe future financing of the most impor-tant European Union policies," namely"creating jobs."

Parliament president Buzek, a formerPolish prime minister, was hitting backat British Prime Minister DavidCameron, who is waging a campaignagainst a potential six percent increasenext year, a contrast to his govern-ment's deep budgetary cuts.

Buzek also accused GermanChancellor Angela Merkel of hidingbehind phantom money "just lying onthe table" in the event an emergencybailout is needed for euro currencypartners -- instead of investing injoined-up EU energy provision, high-speed internet networks, and high-speed communications infrastructure.

An animated Buzek said in his parlia-mentary suite after a new round of"conciliation" talks on the 2011 budgetfailed to break an ugly deadlock that hefears money markets could punish.

Thirteen leaders, also includingFrench President Nicolas Sarkozy, havesigned Cameron's declaration refusingto go one cent above a 2.91 percenthike at an EU summit last week.-Agencies

EU boss ties jobswith budget cuts

LAHORE: Prime Minister SyedYousuf Raza Gilani Friday said thathis government has made greatachievements on various frontsdespite all odds.

He was talking to media afteraddressing an international educa-tion conference on "School ofTomorrow: Freedom to Learn"organised by Beaconhouse SchoolSystem (BSS) here at a hotel.

The Prime Minister said that hehad announced the accession of atribal area 'Kala Dhaka' to settledareas of the country after a longperiod of 110 years, besides ensur-ing provision of internal autonomyto Gilgit-Baltistan, settling downthe 7th NFC Award in an amicablemanner and passing the 18thamendment.

To a question about recent NawazSharif's statement against him, thePrime Minister said it was Sharif's

personal opinion adding, "Werespect and accommodate the viewsof all." The PPP was adhering to thepolicy of reconciliation in the bestinterest of the country and democ-racy as well, he added.

Gilani added that nobody object-ed to the dictatorship when it wasthere, but the democratic and polit-ical government was being criti-cised by everyone.

It is not too easy to run the affairsof the state, especially in the pre-vailing circumstances, he observedand added, "Whoever comes topower, will be facing criticism."

He also categorically rejected theimposition of martial law in thecountry in future.

To another question, he said,those, who had endured the dictato-rial rule for 10 long years and wereobjecting the democratic setuptoday, should develop a habit of

supporting and strengthening thedemocracy in the country.

Earlier, addressing the educationconference, the Prime Minister saidthat government was very muchcommitted to the cause of educa-tion and knowledge in accordancewith the vision of Quaid-e-Azam.

The nations, which focused oneducation and research, are nowswaying the world, he said, adding,"If we have to find a niche in thecomity of nation, we will have toinvest heavily in the vital sector ofeducation."

He said the government was alsogiving utmost importance to thepractice of research, which is amust for the promotion of educa-tion. It ensures nation's develop-ment, ethical behaviours, peacefulco-existence, discipline as well asadvocates democracy, he added.-APP

Govt made gainsagainst odds: PM