International

Tunisian government approves amnesty bill

Top judge doubts Khi state of affair See on Page 12

Sindh govt not consulted for operation: Mirza See on Page 12

*Crude Oil (brent)$/bbl 96.42

*Crude Oil (WTI)$/bbl 88.39

*Cotton $/lb 148.42

*Gold $/ozs 1,348.20

*Silver $/ozs 27.78

Malaysian Palm $ 1,220

GOLD (NCEL) PKR 37,965

KHI Cotton 40Kg PKR 10,717

Yearly(Jul, 2010 up to 19-Jan-2011)

Monthly(Dec, 2010 up to-19-Jan-2011)

Daily (19-Jan-2011)

Total Portfolio Invest (7 Jan-2010)

186.38

-9.01

-7.88

3057

2.25

-1.85

-2.65

-0.04

0.88

0.81

0.60

SCRA(U.S $ in million)

Portfolio Investment

FIPI (20-Jan-2011)

Local Companies (20-Jan-2011)

Banks / DFI (20-Jan-2011)

Mutual Funds (20-Jan-2011)

NBFC (20-Jan-2011)

Local Investors (20-Jan-2011)

Other Organization (20-Jan-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (15-Jan-11)

Inflation CPI% (Jul 10-Dec 10)

Exports (Jul 10-Dec 10)

Imports (Jul 10-Dec 10)

Trade Balance (Jul 10-Dec 10)

Current A/C (Jul 10- Dec 10)

Remittances (Jul 10 - Dec 10)

Foreign Invest (Jul 10-Dec 10)

Revenue (Jul 10 Dec 10)

Foreign Debt (Sep 10)

Domestic Debt (Nov 10)

Repatriated Profit (Jul- Nov 10)

LSM Growth (Nov 10)

GDP Growth FY10EPer Capita Income FY10Population

$17.28bn

14.61%

$10.98bn

$19.13bn

$(8.15)bn

$26mn

$5.29bn

$1.05bn

Rs 638bn

$58.41bn

Rs 5348.6bn

$287.9mn

-4.69%

4.10%

$1,051

174.93mn

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

21.25

2.00

1.70

11.20

PKR/Shares

111.41

182.11

42.85

36.42

38.39

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)

12-Jan-2011

12-Jan-2011

12-Jan-2011

29-Nov-2010

20-Jan-2011

20-Jan-2011

20-Jan-2011

20-Jan-2011

20-Jan-2011

20-Jan-2011

20-Jan-2011

20-Jan-2011

20-Jan-2011

20-Jan-2011

20-Jan-2011

13.37%

13.50%

13.73%

14.00%

13.27%

13.62%

13.75%

14.10%

14.21%

14.22%

14.23%

14.26%

14.61%

14.81%

14.98%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 84.70 85.70

Canadian $ 85.50 86.50

Danish Krone 14.00 14.70

Euro 115.15 116.17

Hong Kong $ 10.90 11.00

Japanese Yen 1.038 1.138

Saudi Riyal 22.25 23.00

Singapore $ 66.10 67.10

Swedish Korona 12.20 12.30

Swiss Franc 86.50 87.10

U.A.E Dirham 23.30 23.50

UK Pound 136.20 138.00

US $ 85.95 86.30

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 85.23 85.43

Canadian $ 85.94 86.14

Danish Krone 15.45 15.48

Euro 115.11 115.38

Hong Kong $ 11.00 11.03

Japanese Yen 1.035 1.037

Saudi Riyal 22.83 22.88

Singapore $ 66.49 66.64

Swedish Korona 12.90 12.93

Swiss Franc 89.48 89.69

U.A.E Dirham 23.31 23.36

UK Pound 136.40 136.72

US $ 85.70 85.88

Inter-Bank Currency Rates

Subscribe now

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

www.thefinancialdaily.com

CITIES MAX-TEMP MIN

ISLAMABAD 16°C 00°C KARACHI 28°C 11°C LAHORE 17°C 04°C FAISALABAD 22°C 04°C QUETTA 10°C -03°C RAWALPINDI 16°C 03°C

Weather Forecast

Index Close Change

KSE 100 12,411.87 -165.74

Nikkei 225 10,437.31 -119.79

Hang Seng 24,003.70 -415.92

Sensex 30 19,046.54 68.22

ADX 2,683.66 7.52

SSE COMP. 2,677.65 -80.44

FTSE 100 5,879.64 -97.06

*Dow Jones 11,771.71 -53.58

Global Indices

ISLAMABAD: ManagingDirector Pakistan InternationalAirlines (PIA) CaptainMohammad Ejaz Haroon saidthat Airlines revenue rose toRs107 billion from 70 billion in2010.

Addressing a press confer-ence here at Benazir BhuttoInternational Airport, he said"We will soon introduce newdestinations or increase flightsin the East to expand our net-work mainly to compete withother airlines," he said.

He said PIA has top profes-sionals team which is workingday-and-night for the progressof the organisation.

Talking about the proposedPIA-Turkey Airlines agree-ment, he said PIA is planning toset up its first regional hub inTurkey to expand its worldwidenetwork to compete other carri-ers.

The MD said the proposedagreement is subject toapproval by the two govern-ments. "We will expand ournetwork and introduce newdestinations to make PIA aprofitable entity.

He said PIA passengers willhave access to more than 130destinations through Istanbulhub and they can avail even

See # 7 Page 11

PIA revenueup at Rs107bn

PIA flying into profit zone: MD

'No contract with Turkish Airlines'

Staff Reporter

KARACHI: Country's foreignexchange reserves rose to arecord $17.28 billion in theweek ending January 15, upfrom $17.09 billion in the pre-vious one, the central bank saidon Thursday.

Reserves held by State Bankof Pakistan (SBP) rose to$13.66 billion from $13.44 bil-lion in the week ending January15, while those held by com-mercial banks fell to $3.62 bil-lion from $3.65 billion, saidSyed Wasimuddin, chiefspokesman of the central bank.

"The main reason for increasein foreign exchange reserves is

due to the rise in remittancesreceived from overseasPakistanis," said Wasimuddin.

According to official data,remittances rose 17 percent to$5.3 billion in the first sixmonths of fiscal year 2010/11(July-June).

Pakistan's foreign exchangereserves previously hit a recordhigh in the week ending January1 as the country received morethan $633 million from the USfor providing military and logis-tical support to fight Islamistmilitancy. In May, Pakistanreceived $1.13 billion -- thefifth tranche of an $11 billionInternational Monetary Fundbailout program.

FX reserves hitrecord $17.28bn

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani had contacted NabeelGabol by telephone and askedhim that he should have con-tacted him and party leadershipbefore tendering resignation.

According to private TVchannels, PM Gilani had madetelephonic contact with Gabol

and said that he should havetaken party leadership and himinto confidence and then heshould have decided to resignfrom his office.

"When raid was conducted athis home he should have direct-ly contacted Rehman Malik orhim as he was member of CEC

See # 10 Page 11

PM summons Gabol to IsbQamar to hold additional charge of Ports and shipping

Staff Reporter/ Agencies

KARACHI: About 4000sacked employees of KarachiElectric Supply Company(KESC) staged a violent protestat the Headquarters of theCompany damaging office fur-niture and setting on fire sever-al vehicles.

The employees, which aKESC spokesman described asredundant staff, were issuednotices for termination fromservice on Wednesday nightransacked the office ofManaging Director of KESC,damaged window panes ofvehicles and set on fire to sev-eral vehicles parked out sidethe office.

Spokesperson of KESC AishaAhrabi told a private TV chan-nel that the company has decid-

ed to fire more than 4000employees under voluntaryseparation scheme (VSS). Shesaid this was redundant nottechnical staff, mostly sanitaryworkers, security guards, driv-ers, bill distributers and officeassistants. She said the KESCoffered its 4500 employeesVoluntary Separation Scheme(VSS) whose date of validationexpired on January 15. She said375 employees accepted theoffer while rest of the sackedemployees will be paid all theirstatutory dues along with onemonth's salary.

About the protest, she saidthe enraged employees threat-ened the staff inside and theywere seeking protection frompolice and provincial govern-ment. She said the objective of

See # 11 Page 11

KESC workers goon fiery rampage

Khi electric supply co ends 4000 jobs

KARACHI: Governor StateBank of Pakistan ShahidHafeez Kardar Thursday saidthat branchless banking isfuture of the country's financialsector.

This opens up great opportu-nities for banks to tap into theun-exploited potential by bring-ing the unbanked segment ofthe society into the financialsystem, he said while speakingas the chief guest at a signingceremony between UnitedBank Ltd and Shore BankInternational Ltd (SBI) to sup-port the UBL's branchlessbanking initiative (UBL Omni)here.

Kardar said the central bankwas willing to make regulatoryframework for branchlessbanking more flexible to broad-en the scope of the financial

services in line with itsFinancial Inclusion Strategy.

He said that SBP had been inthe forefront in introducing acompact regulatory frameworkfor branchless banking asPakistan was one of the fewcountries in the world wherebranchless banking took off asa result of the BranchlessBanking Regulations issued bySBP in March 2008.

However, Shahid Kardarsaid, the Central Bank wasopen to ideas and suggestionsfrom the private sector to makethis framework more conducivein order to expand the financialoutreach in the country.

Branchless banking has ahuge potential to reach theunbanked and underserved seg-ment of the population, he said

See # 12 Page 11

SBP sees scopefor e-banking

Branchless banking is future of financial sector: Kardar

ISLAMABAD: The CentralDevelopment Working Party(CDWP) is likely to approveabout five dozen developmentprojects worth billions ofrupees with special focus on thedevelopment of Balochistanprovince for which 26 develop-ment schemes would be givenapproval.

The meeting of CDWP isscheduled to be held here onFriday on January 21. DeputyChairman of the PlanningCommission of Pakistan DrNadeem-ul Haq and ChiefMinister of Balochistan NawabAslam Raisani will jointly chair

the meeting."The CDWP meeting would

focus on various projects ofBalochistan to help immediatedevelopment of the provincefor the welfare of its people,"official sources told APP here.

The sources added that out ofthe 26 development projects forBalochistan, the CDWP is like-ly to approve three projects inFood and Agriculture sector,two in health, six in Industriesand Commerce, ten in trans-portation, five in waterresources, three in physicalplanning and housing, one in

See # 13 Page 11

57 projects awaitgovt green signal

ARL seekschanges

in pricing mechanism

SINGAPORE: Attock RefineryLtd (ARL) plans to upgrade itsrefinery in northern Pakistanover the next two years byadding new units to producemore gasoline and feed a grow-ing national supply deficit, thecompany's chief executive saidon Thursday.

The $100 million upgrade tobuild an isomerization and a pre-flash unit will stall the compa-ny's naphtha exports in favor ofmore valuable gasoline, AdilKhattak, told Reuters on thesidelines of the Asia Refineriesconference in Singapore.

For Attock, the investment inthe two units will increase pro-duction of "a more added-valueproduct, so that would be addinginto our profits," he said.

Attock earlier this month invit-ed bids to build the units at its45,000-barrel-per-day (bpd)refinery in northern Pakistan thatwill take capacity to more than55,000 bpd by the end of 2013.

See # 8 Page 11

Special Correspondent/Agencies

ISLAMABAD: FederalGovernment has announced toestablish a Committee to reviewthe prevailing gas and powerload-shedding in the countrywhereas it was also decided toset up a joint-group to devisethe mechanism for the changesin petroleum products prices.

These views were expressedby Finance Minister AbdulHafeez Shaikh after meetingwith PML-N delegation, whomet under the chair of Ishaq Darto moot 10 point agenda givento the government to implementin 45-days.

Talking to the media, Shaikhsaid that a committee to reviewgas and power load sheddinghas been set up whereas a jointworking group has also beendecided to overlook POL pricemechanism, added that namesfor these two committees wouldbe finalized soon.

Shaikh told the media that

during the meeting the pro-posed Board to govern PakistanSteel Mills has also been settleddown, whereas consultationswith SBP Governor regardingthe written-off loans would beconducted on Saturday.

Finance Minister said thatgovernment would not wait till45 days to implement the pointsagreed upon.

Shaikh said that next round oftalks would be held on January26.

Earlier, the third meeting ofthe Cabinet Committee onRestructuring of eight PublicSector Enterprises was heldhere Thursday with the FederalMinister for Finance Dr AbdulHafeez Shaikh in the chair.

The meeting deliberated uponand finalized the already sub-mitted proposals to theCommittee by the concernedministries for the re-structuringof the Board of Directors of thePakistan Steel Mills, PakistanRailways and NationalTransmission and Distribution

Companies said a statementissued by the Ministry ofFinance.

The proposals that were sub-mitted emphasized for seekingmore involvement of privatesector, members of the civilsociety and the best minds toget the job done.

The Board of Directors asproposed will be autonomous inits nature to formulate policy ofthe respective enterprises sothat they may be made finan-cially and technically viableand self-reliance.

It was also decided that theCCOR on PSEs meeting shallbe held regularly on weeklybasis to know the ongoing workand development in this regard.Their restructuring proposalsshall be submitted to theCabinet for further discussion,and for the final approval by thePrime Minister.

Federal Minister for Waterand Power Raja Pervaiz Ashraf,Minister for Railways Ghulam

See # 14 Page 11

Joint group toset POL prices

Government, PML-N 1o-point agenda meeting

Write-off loan issue to be reviewed Sat; PSM Board OkedBody set up to review gas crisis; SOEs overhaul mooted

KARACHI: Ranger personnel standing alert to avert any untoward incident during a demonstration

of angry employees of KESC (inset) KESC employees stage a demonstration. -Online

See on Page 10

Aisam in 2nd roundof Australian open

Pak planshigh-sulphur

fuel oil importfrom Kuwait

ISLAMABAD: Pakistan StateOil (PSO) plans to buy 1 milliontonnes of high-sulphur fuel oilfrom Kuwait Petroleum Corp(KPC) for delivery this year, aPSO spokesperson said onThursday.

"PSO is in the process of con-cluding a deal for the purchaseof a part of the total amount, at750,000 tonnes, on 30 days ofcredit," the spokesperson said.

"We will pay a premium of$15.50 per tonne to the marketprice," she added.

Pakistan imports about 80 per-cent of its oil. It spent $5.46 bil-lion on the import of 6 milliontonnes of petroleum productsand 3.7 million tonnes of crudeoil in the first six months of the2010/11 (July-June) financialyear. PSO has bought up to 1.08

See # 9 Page 11

SC getsFBR report

on Natotrucks

ISLAMABAD: Federal Boardof Revenue (FBR) has submit-ted its report about Nato con-tainers in the Supreme Court ofPakistan.

According to the sources, theFBR report about Nato contain-ers was submitted in the apexcourt on Thursday.

The list of forty-four officersincluding former three chair-men of the FBR, Custom,Levies forces and other institu-tions was also submitted in theSupreme Court. These officershad performed duties on vari-ous posts from first January2007 to December24, 2010.

The names of former FBRchairmen including SohailAhmad, Abdullah Yousuf andAhmad Waqar were in the list.

The hearing of the Nato con-tainers case will be held in theSupreme Court on January 27. -Agencies

50 deadin Iraq as

suicide blastsrock holy city KARBALA: A spate of explo-sions across Iraq on Thursdaykilled at least 50 people, mostof them in twin suicide carbombings in the Shiite Muslimholy city of Karbala, the thirdmajor attack in as many days.

The attacks mostly targetedpilgrims marking a Shiite holyday, and were the latest in aseries of bombings that haveshattered a relative calm in Iraqfollowing the formation of anew government last month.

Prime Minister Nuri al-Maliki blamed the Karbalaattacks on "takfiris," an Islamicterm for apostates but used bythe premier to mean anti-ShiiteAl-Qaeda militants.

In Karbala, home to theshrines of two revered Shiiteimams, a pair of suicidebombers detonated vehiclespacked with explosives 20 min-utes apart, the head of Karbalaprovincial council MohammedHamid al-Mussawi said.

The first attack struck on thenorthern outskirts at around3:00 pm (1200 GMT), with thesecond occurring at around3:20 pm some 15 kilometres(nine miles) south of the city.

"At least 45 people, includingwomen and children, have beenkilled and 150 have beenwounded," he said.

A medical official atKarbala's Al-Hussein GeneralHospital said the dead includedfour children and 20 women.He added that 20 people werekilled in the first blast, with theremainder in the second one. -Reuters

Karachi, Friday, January 21, 2011, Safar-ul-Muzaffar 16, Price Rs12 Pages 12

2 Friday, January 21, 2011

TV PROGRAMMES

FRIDAY

Time Programmes

7:00 News

8:00 News

9:00 News

11:00 News

12:00 News

13:10 Newsbeat (Rpt)

14:10 Tonight With

Jasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Tonight With

Jasmeen

23:00 News

23:30 24

KARACHI: Advisor toChief Minister Sindh onInformation SharmilaFaruqui has expressed herconcern over the growingincidents of sexual assaultagainst women and chil-dren in the society andstressed the need to bringchange in the mind set ofthe society to curb these

heinous crimes. She wastalking to a delegation ofwomen here in her officeon Thursday.

She said that govern-ment has taken many stepsto protect women and chil-dren and 18th Amendmenthad given protection to therights of women and chil-dren, however, all seg-

ments of the society had towork together to supportthe government in itsnoble cause.

She added that thosewho targeted women andchildren for malafideintentions, could not bedeclared human beings.They were worst than ani-mals.-Online

‘Society should playrole to curb crimeagainst women’

KARACHI: "The SindhWildlife Department is nowequipped with the moderntools and techniques in theGeographic InformationSystem (GIS), which infuture will help the depart-ment to conserve wildlifeof the province throughimprove planning and man-agement interventions" ,said Mushtaq Ali Memon,Secretary Forests andWildlife, Government ofSindh.

He expressed these viewsat the inauuration ceremony

of the GIS node in SindhWildlife Department, estab-lished with support of thePakistan WetlandsProgramme, WWFPakistan.

Dr. Ghulam Akbar, theNational ProgrammeManagere of the PakistanWetlands Programme,while briefing on theimportanceo of the GISnode, stated that "the initia-tive will be instrumental incarryng out scientificassessments of the protect-ed areas in Sindh". -NNI

Sindh WildlifeDept acquires

GIS node

KARACHI: KhalidTawab, Vice President,Federation of PakistanChambers of Commerceand Industry (FPCCI) hasexpressed serious reserva-tions about the State Bankof Pakistan's (SBP) newMonetary Policy to beannounced on January 29,wherein it is expected thatthe discount rate will beraised by a further 50 basispoints.

He said the SBP contin-ues to operate a tight mone-tary policy despite the clearevidence that such policystrangulates investment andtrade activities in Pakistanand has hampered thegrowth of manufacturing inPakistan. Although manu-facturing sector growth hasbegun to recover this year,it is still lower than FY07and FY08 levels, due tolower bank credit to the pri-

vate sector of Rs.112.90 bil-lion, as compared toRs.369.85 billion in FY08.

He further said that aninterest rate of 14 per centis one of the highest in theworld, compared to India at6.25 per cent' China at 5.56per cent, Thailand at 1.5 percent and South Korea at2.25 per cent. Moreover, thebanking spread in Pakistanis 7.6 per cent which is thehighest in the world.-NNI

Interest rate already highest in world

FPCCI's concernsover coming SBPmonetary policy

I S L A M A B A D :Ambassador of theRepublic of Korea ChoongJoo Choi called on FederalMinister for EnvironmentHameed Ullah Jan Afridiin his office here onThursday. During themeeting matters pertainingto mutual interest especial-ly related to Environmentsector came under discus-sion.

Federal Minister said thatPakistan gave due impor-tance to the environmentalissues.

He said that globalwarming and climatechange were major threatfor the whole world.

Pakistan was raising itsvoice at national and inter-national level about itsconcerns on this core issue,he said and added that

Pakistan has adopted vari-ous significant steps to pro-mote pollution free envi-ronment in the country.

Briefing the Ambassadorabout initiatives taken bythe Ministry ofEnvironment, he said thatsolid waste management,energy crunch, forestry andwater management weresome of the areas that needspecial concentration.-NNI

Korean envoy calls on Afridi

Pak, Korea toenhance bilateral ties

ISLAMABAD: Speakersat a seminar on " Pakistan'senergy sector: challengesand prospects," stressedthe merger of ministries ofpetroleum and naturalresources and water andpower into a single min-istry to effectively addressthe country's energy needs.

Former PakistanPetroleum Minister UsmanAminuddin addressing themoot organized byInstitute of PolicyStudies(IPS) said the

Alternative EnergyDevelopment Boardshould also be abolishedbesides a single ministry.

He said that energy effi-ciency by legislation,exploration, developmentof alternative energysources and centralizingthe energy under onesource is the panacea forPakistan's energy chal-lenges.

He stated that Pakistanhad sufficient naturalresource to meet the cur-

rent challenges in the ener-gy sector if right policy isadopted.

Referring to Pakistan'sheavy dependence onimported energy, he notedthat the world reserveswere depleting rapidly andthere is a need to identifyand exploit the alternativeenergy sources.

"The daily demandworldwide is about 86.5million barrel with overallsupply of 91 million bar-rel.-APP

Speakers for singleministry of power,water, petroleum

FRIDAY

Time Programmes

8:00 Chai Time (Rpt)

9:00 News

9:15 Pehla Sauda

10:00 News

10:15 Bazaar

11:00 News

11:05 Ghar Ka Kharch

12:00 News

12:15 Power Lunch

13:00 News

13:05 Islamabad Say (Rpt)

14:00 News

15:02 Akhri Sauda

15:30 Mang Raha Hay

Pakistan (Rpt)

16:15 Karobari Dunya

17:05 Ghar Ka Kharch

(Rpt)

18:05 Chai Time

19:00 News

19:30 Mang Raha Hai

Pakistan

20:00 News

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:00 News

22:05 Doosra Pehlu

23:00 News

23:05 Siyasat Mana Hai

0:00 News

Orix Leasingmaintains

credit ratingStaff Reporter

KARACHI: The PakistanCredit Rating Agency(PACRA) has maintained thelong-term entity rating ofORIX Leasing PakistanLimited (OLP)- at 'AA'(Double A), and the short-term rating at 'A1+' (A oneplus). The ratings for the termFinance Certificates (TFCs)of PKR 2,500mln and PKR5,000mln have also beenmaintained at 'AA+' (DoubleA plus). These ratings denotea very low expectation ofcredit risk emanating from astrong capacity for timelypayments of financial com-mitments.

The ratings of OWreflect itsrobust business profile ema-nating from its leading posi-tion in leasing industry, estab-lished brand, diverse productportfolio, and strong manage-ment quality. ORIX LeasingPakistan Limited (OLP) is thelargest leasing company in thecountry with a network of 35offices in 30 cities.

Biztekjob fair

KARACHI: Institute ofBusiness and Technology(Biztek) hosted a job fair inits main campus, IbrahimHydri Road, Korangi CreekThursday. Some of themultinational and localcompanies participatednamely, Pak Qatar Takaful,Standard Chartered, KASBBank, Ernest &Young,GSK Turkish Airlines, ArifHabib Investments, EFU,HRS Global, SalimAgencies, Shapes, Quebee,FAP Terminals, GizelleCommunications, People,Hire Labs, Rozee PK andJS Bank.

Biztek aims at to presentthis grand event as anopportunity for differentorganizations and employ-ers to meet their talentedstudents and offer theminternships and jobs accord-ing to their strategic fit.-PR

IGI Investlaunches

Fund SelectPortalTFD Report

KARACHI: IGIInvestment Bank Limitedhas introduced "Fund SelectPortal". This is a unique webbased portal facilitating bothcorporate and retail investorswith on-line access to infor-mation concerning theirinvestment and the industry.The announcement wasmade in a Press conferencein Karachi.

"It is my privilege andhonor to introduce the FundSelect Portal. This web por-tal is just another milestonewe have achieved in ourattempt to be the best at whatwe do. Reducing the burdenon our work force andincreasing efficiency for ourclientele is the aim of thisportal, thus streamlining allaspects of real time access tofinancial information for ourclientele," said Syed JavedHassan, Managing Directorand Chief Executive of IGIInvestment Bank Ltd.

The portal allows clientsonline access to details ontheir mutual fund invest-ments as well as informationrelated to the industry. Thepurpose behind providingthis web based portal is tofacilitate investors with anautomated tool to reduce andeventually eliminate theneed to call or seekInvestment Advisory per-sonnel for informationregarding their investments.

EVO winsConsumer

ChoiceAward

ISLAMABAD: PakistanTe l e c o m m u n i c a t i o nCompany LTD (PTCL) haswon Best Consumer ChoiceAward 2010 for its product"EVO", that is the fastestwireless broadband servicewith the widest coverage, inover 100 cities of thePakistan.

Pakistani consumers havechosen EVO a world classand exclusive device as arecipient of, ConsumersChoice Award in the catego-ry of Best WirelessBroadband. Federal MinisterMakhdoom Amin Faheempresented the shield to SEVPSouth Abdullah Youseff inKarachi. The ConsumersChoice Award is celebratingits 6th successful year in thecountry and has become themost recognized and presti-gious event of the country'sbusiness calendar.

PTCL has always laid spe-cial focus on delivering thebest to its customers by pro-viding the most affordablemeans of communicationand a truly reliable and tech-nology wise superior net-work. With the substantialmarket share, loyal sub-scriber base and the recogni-tion as the only integratedtelecommunications serviceprovider, PTCL continues toset excellence benchmarks inthe Telecom Industry ofPakistan.-Online

Chinesenationalinjured

KARACHI: Two motorcy-cle riders opened fire on aChinese Embassy employ-ee while he was leavingbank with huge sum ofmoney in Clifton area hereon Thursday.

As per details, two motor-cyclists opened fire atHonda City car AKY/191of Chinese Embassy nearSchon Circle in Clifton,injuring a Chinese nationalseriously. The injured hasbeen shifted to Aga KhanHospital.

According to the police,the suspects wanted to roboff the Chinese Embassyemployee who had just comeout of the bank with the hugesum of money.-Online

RehmanMalik callson Governor

Staff Reporter

KARACHI: The federalInterior Minister, RehmanMalik, on Thursday calledon Sindh Governor, Dr.Ishratul Ebad Khan, atGovernor House here.

He discussed the prevail-ing law and order situationand various other matterswith the Governor, says anofficial statement.

The Governor and theInterior Minister made itclear that action would betaken against thoseinvolved in crimes and actsof terrorism, without anydiscrimination and pressureand that such elementswould be taken to task.

It is the duty of the gov-ernment to maintain the lawand order and protect thelives and property of thepeople, it was further point-ed out in the statement.

Jobs onmerit:

SharmilaTFD Report

KARACHI: Advisor toChief Minister Sindh onInformation SharmilaFaruqui has said thatPakistani young people aresecond to none in talents inthe world and it is a need ofhour that the capabilities ofour young people should beutilized in the right direc-tion and the present demo-cratic government has initi-ated many training pro-grammes besides providingthem jobs on merit in pub-lic sector. This she saidwhile talking to a delega-tion of youths comprisingdifferent districts of Sindhhere in her office Thursday.

ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani talking with Ghulam Bibi Bharwana and Sajjad-ul-Hassan, MNAs at PM House.-APP

KARACHI: Telzoon Kisat, New CEO Orix LeasingPakistan Ltd., Humayun Murad, Director & Advisoron the Board of PACRA’s maintaining of Orix rat-

ings announcement, Shaheen Amin, MD Saudi OrixLeasing present at the occasion.-Staff Photo

KARACHI: Naveed A Khawaja of EBM presentingsouvenir to a participant at Safe Food Conference

2011.-Staff photo

ISLAMABAD: Air Chief Marshal Rao Qamar Suleman, Chief of the Air StaffPakistan Air Force and Air Chief Marshal Sir Stephen Dalton, Chief of the Air

Staff Royal Air Force during a General Salute at Air Headquarters.-APP

HYDERABAD: Samsung recently opened state ofthe art customer service plaza for its mobile phonecustomers in Hyderabad with its authorized service

partner Teletec.-Staff photo

LAHORE:Tetra Pak Pakistan Managing Director,Azhar Ali Syed delivering his keynote speech at the

Young Leaders and Entrepreneurs Summit 2011(YLES) held at LUMS. Staff Photo

MUMBAI: The Indian rupeeretreated from its lowest levelin 7 weeks on Thursday as alate pull-back in shares and areversal in the dollar's gainsversus majors prompted banksto liquidate long positions inthe US unit.

The partially convertiblerupee closed at 45.53/54 perdollar, off the day's low of45.71 -- its weakest since Dec.1, and 0.2 per cent belowWednesday's close of 45.45/46.

"Bids were seen from oilfirms and with weak equities,the rupee touched over 1month lows in the earlier partof the session," said VikasChittiprolu, a senior foreignexchange dealer with AndhraBank.

"However, smart recovery inequities and the euro's riseagainst the dollar helped therupee rise from its lows in latetrade," he added.

Foreign funds have soldshares worth a net $717 millionso far in 2011 until Wednesdayafter buying a record $29.3 bil-lion in 2010.

Traders said dollar demandfrom oil firms, the largest buy-ers of dollars in the domesticcurrency market, also weighedon the rupee.

One-month offshore non-deliverable forward contractswere quoted at 45.85, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange and the United StockExchange closed at 45.58.While those on the MCX-SX at45.5825.

The total traded volume onthe three exchanges was anaverage $6.4 billion. -Reuters

Indian rupee retreatsas shares recover

3Friday, January 21, 2011

Currencies Rate

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

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 20/01/2011

A USD GBP CAD EUR JPY

O/N 0.23688 0.55813 0.95417 0.65500 SN 0.09375

1WK 0.25375 0.57063 1.00000 0.67188 0.10350

2WK 0.25625 0.57563 1.03667 0.67813 0.11063

1MO 0.26000 0.59875 1.09250 0.71875 0.12188

2MO 0.28313 0.65875 1.15000 0.82500 0.15000

3MO 0.30313 0.77563 1.23750 0.94938 0.18875

4MO 0.34500 0.85750 1.30083 1.01938 0.24313

5MO 0.40125 0.96188 1.36000 1.10813 0.30000

6MO 0.45469 1.07750 1.43417 1.19688 0.34750

7MO 0.50813 1.15600 1.50333 1.24938 0.39625

8MO 0.55875 1.24188 1.57667 1.30500 0.44313

9MO 0.61438 1.32375 1.64167 1.35563 0.48750

10MO 0.66750 1.40188 1.73083 1.40625 0.51438

11MO 0.72125 1.47188 1.81583 1.45125 0.54125

12MO 0.78031 1.54000 1.90667 1.49813 0.56750

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

U.S.A. 85.80 85.60 85.42U.K. 136.72 136.40 136.09EURO 115.38 115.11 114.84CANADA 86.14 85.94 85.71SWITZERLAND 89.69 89.48 89.25AUSTRALIA 85.43 85.23 85.01SWEDEN 12.93 12.90 12.87JAPAN 1.04 1.04 1.04NORWAY 14.73 14.69 14.65SINGAPORE 66.64 66.49 66.31DENMARK 15.48 15.45 15.41SAUDI ARABIA 22.88 22.83 22.77HONG KONG 11.03 11.00 10.97CHINA 13.03 13.00 12.96KUWAIT 306.06 305.34 304.54MALAYSIA 28.11 28.04 27.97NEW ZEALAND 65.56 65.40 65.23QATAR 23.56 23.51 23.44U.A.E. 23.36 23.31 23.24KR WON 0.08 0.08 0.08THAILAND 2.81 2.80 2.79

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3474 1.3476 1.3524 1.3421

USD-CHF 0.9624 0.9628 0.9633 0.9529

GBP-USD 1.5927 1.5932 1.6007 1.5910

USD-CAD 1.0015 1.0020 1.0029 0.9952

AUD-USD 0.9890 0.9895 1.0005 0.9875

EUR-JPY 111.5000 111.5400 111.5000 110.3400

EUR-GBP 0.8468 0.8471 0.8473 0.8416

EUR-CHF 1.2966 1.2971 1.2973 1.2816

GBP-JPY 131.6700 131.7200 131.9800 130.7100

CHF-JPY 85.9400 86.0000 86.2600 85.8100

Gold 1347.7500 1348.5500 1370.8900 1344.7600

As per 22.00 PST

Time Source Events Forecast Previous

2:45 NZD Retail Sales m/m 1.3% -2.5%

9:30 JPY All Industries Activity m/m 0.2% -0.2%

14:00 EUR German Ifo Business Climate 110.0 109.9

14:30 GBP Retail Sales m/m -0.2% 0.3%

14:30 GBP Prelim Mortgage Approvals 49K 48K

18:30 CAD Core Retail Sales m/m 0.6% 0.9%

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

19:00 EUR Belgium NBB Business Climate 3.3 3.1

Source Events Actual Forecast Previous

CNY CPI y/y 4.6% 4.7% 5.1%

CNY GDP q/y 9.8% 9.3% 9.6%

CNY Fixed Asset Investment ytd/y 24.5% 24.9% 24.9%

CNY Industrial Production y/y 13.5% 13.5% 13.3%

CNY PPI y/y 5.9% 5.6% 6.1%

CNY Retail Sales y/y 19.1% 18.9% 18.7%

EUR German PPI m/m 0.7% 0.5% 0.2%

GBP CBI Industrial Order Expectations -16 -1 -3

USD Unemployment Claims 404K 422K 441K

EUR Consumer Confidence -11 -12 -11

USD Existing Home Sales 5.28M 4.88M 4.70M

USD Philly Fed Manufacturing Index 19.3 20.7 20.8

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada 1-Mar-2011 8-Sep-2010 1%

Bank of England 10-Feb-2011 5-Mar-2009 0.50%

Bank of Japan 25-Jan-2011 19-Dec-2008 0.10%

Swiss National Bank 17-Mar-2011 12-Mar-2009 0.25%

The Reserve Bank of Australia 1-Feb-2011 2-Nov-2010 4.75%

Federal Reserve n/a 16-Dec-2008 0.25%

European Central Bank n/a 7-May-2009 1%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, January 20,2011 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

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

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

ABLN 12.30 12.80 12.50 13.00 12.75 13.25 13.35 13.60 13.50 13.75 13.60 14.10 13.65 14.15 13.70 14.20

JSBL 12.50 13.00 12.70 13.20 13.00 13.50 13.40 13.65 13.60 13.85 13.65 14.15 13.85 14.35 13.90 14.40

ASPK 12.40 12.90 12.55 13.05 12.80 13.30 13.35 13.60 13.45 13.70 13.60 14.10 13.70 14.20 13.80 14.30

CIPK 12.40 12.90 12.60 13.10 12.80 13.30 13.45 13.70 13.65 13.90 13.70 14.20 13.90 14.40 14.10 14.60

DBPK 12.30 12.80 12.45 12.95 12.65 13.15 13.20 13.45 13.40 13.65 13.50 14.00 13.55 14.05 13.60 14.10

FBPK 12.40 12.90 12.60 13.10 12.80 13.30 13.40 13.65 13.55 13.80 13.65 14.15 13.80 14.30 13.90 14.40

FLAH 12.45 12.95 12.65 13.15 12.80 13.30 13.35 13.60 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

HBPK 12.30 12.80 12.50 13.00 12.80 13.30 13.35 13.60 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

HKBP 12.25 12.75 12.55 13.05 12.55 13.05 13.35 13.60 13.45 13.70 13.60 14.10 13.75 14.25 13.80 14.30

NIPK 12.50 13.00 12.80 13.30 13.25 13.75 13.50 13.75 13.60 13.85 13.70 14.20 13.80 14.30 13.90 14.40

HMBP 12.30 12.80 12.60 13.10 12.70 13.20 13.35 13.60 13.50 13.75 13.55 14.05 13.60 14.10 13.70 14.20

SAMB 12.35 12.85 12.70 13.20 12.85 13.35 13.45 13.70 13.60 13.85 13.60 14.10 13.75 14.25 13.85 14.35

MCB 12.25 12.75 12.50 13.00 12.65 13.15 13.25 13.50 13.40 13.65 13.50 14.00 13.60 14.10 13.75 14.25

NBPK 12.25 12.75 12.55 13.05 12.75 13.25 13.30 13.55 13.40 13.65 13.50 14.00 13.65 14.15 13.75 14.25

SCPK 12.20 12.70 12.40 12.90 12.70 13.20 13.35 13.60 13.45 13.70 13.55 14.05 13.70 14.20 13.80 14.30

UBPL 12.40 12.90 12.65 13.15 12.75 13.25 13.40 13.65 13.50 13.75 13.60 14.10 13.70 14.20 13.70 14.20

AVE 12.34 12.84 12.58 13.08 12.77 13.27 13.37 13.62 13.50 13.75 13.60 14.10 13.71 14.21 13.80 14.30

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)20/01/2011

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

1 week -0.28 0.94 0.94 0.88 0.59 0.41 0.87 -0.721 month 0.81 -0.28 0.14 0.60 -0.40 0.12 0.44 -0.843 months 0.15 0.61 0.59 0.83 0.30 0.17 0.48 -0.086 months 0.71 0.23 0.62 0.93 0.53 0.64 -0.45 -0.701 year 0.17 0.62 0.77 0.70 0.05 -0.03 -0.17 0.002 years -0.36 0.67 0.60 0.50 -0.12 -0.36 0.44 0.22

Currencies CorrelationEUR/GBP

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.80 12.60 12.50 12.50 12.60 12.55 12.59

8-15dys 12.90 12.75 12.65 12.70 12.75 12.70 12.74

16-30dys 12.95 12.80 12.90 12.90 12.90 12.85 12.88

31-60dys 13.00 13.00 13.04 13.08 13.05 13.00 13.03

61-90dys 13.37 13.34 13.39 13.40 13.40 13.40 13.38

91-120dys 13.42 13.45 13.44 13.44 13.35 13.45 13.43

121-180dys 13.45 13.55 13.49 13.48 13.40 13.50 13.48

181-270dys 13.65 13.55 13.55 13.65 13.55 13.60 13.59

271-365dys 13.80 13.72 13.72 13.77 13.70 13.75 13.74

2-- years 14.10 14.00 14.00 14.00 14.05 14.00 14.03

3-- years 14.22 14.20 14.22 14.23 14.25 14.20 14.22

4-- years 14.22 14.22 14.23 14.24 14.22 14.22 14.23

5-- years 14.25 14.20 14.22 14.25 14.20 14.24 14.23

6-- years 14.25 14.35 14.34 14.28 14.30 14.30 14.30

7-- years 14.25 14.35 14.35 14.30 14.35 14.35 14.33

8-- years 14.26 14.25 14.25 14.30 14.26 14.30 14.27

9-- years 14.26 14.16 14.17 14.15 14.20 14.16 14.18

10--years 14.27 14.26 14.27 14.25 14.26 14.25 14.26

15--years 14.60 14.60 14.55 14.65 14.55 14.70 14.61

20--years 14.80 14.75 14.75 14.90 14.75 14.90 14.81

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for January 20, 2011

NEW YORK: The dollar gained againstthe euro on Thursday as stronger-than-expected US labor market data buoyeddemand for the greenback, but growingconfidence in Europe's ability to defuseits debt crisis should limit gains.

High unemployment and a lacklusterhousing market are the biggest obstaclesto the US economy's recovery. The pathof US Federal Reserve monetary policylargely relies on labor market conditions,so signs of improvement tend to increaseexpectations of higher interest rates.

US initial jobless claims fell more thanexpected last week and showed theirbiggest decline since February.

The greenback rose as high as 82.69yen, the day's peak, on electronic tradingplatform EBS from 82.36 yen before thedata.

The euro fell 0.1 per cent against thedollar to $1.3452, according to Reuters

data, after hitting a two-month high onWednesday of $1.3539.

Sentiment lately has favored the singlecurrency, withthe dollar under-performing theeuro in seven ofthe past nine ses-sions. The eurois up 0.5 per centso far this year,largely becauseof persistent demand from sovereignaccounts, as investors give euro-zoneofficials time to make progress on findinga sustainable solution to its debt crisis.

Investors have grown more optimisticthat EU officials could finally be workingon a plan to address debt problems in thebloc's peripheral countries.

Officials are said to be mulling a planthat would allow the European Financial

Stability Facility (EFSF), the bloc'sbailout fund, to directly purchase or helpfinance the purchase of government debt

from troubled euro-zone nations.The Financial Times Deutschland on

Thursday said euro-area finance ministersdiscussed a plan to ease pressure onGreece by allowing it to buy back its owndebt using credits from the EFSF.

Technical analysts said the single cur-rency would be supported around$1.3435, its 100-day moving average,while upward resistance was seen at

$1.3570, the 50-per cent retracement ofthe euro's November-to-January slide.

Higher-yielding currencies, includingthe Australian and Zealand dollars, werethe day's biggest losers, falling 1.2 percent and 1.5 per cent versus the dollarrespectively.

The Australian dollar is particularlysensitive to the performance of theChinese economy as Australia is a majorsupplier of natural resources to China.Speculation of higher Chinese rates tendsto weaken the Aussie as such actionwould cool growth, decreasing demandfor resources. The dollar rose 0.1 per centversus a currency basket to 78.739 from atwo-month low of 78.303 hit onWednesday. Data on US December exist-ing home sales to be released at 10:00a.m., expected to show an increase monthover month of 4.8 per cent, may sway USdollar sentiment. -Reuters

Dollar gains vs euro asjobless claims fuel demand

SHANGHAI: China's yuanended slightly lower againstthe dollar on Thursday, offset-ing a record high fixing,underlining market scepticismthat China will accelerateChinese currency gains afterthe Hu-Obama meeting.

US President Barack Obamaurged Chinese President HuJintao to let the value ofChina's yuan currency rise,but the Chinese leader wasquiet on the currency at anews conference inWashington.

The mid-point hit recordhighs three times this week.But the rises have been tiny, amere eight pips higher, show-ing the PBOC has no intentionof cutting the yuan loose,traders said.

Dealers expected the yuanwould likely pull back orlargely track the US dollarindex's movements after theChinese president's US trip.

Dealers said the yuan'sslight fall was also caused bymajor state-owned firms orinvestors buying dollars fortheir own requirements.

The yuan in the spot marketclosed at 6.5854 per dollar,

down slightly fromWednesday's 6.5824, afterChina's central bank set thedaily mid-point for the yuan ata record high of 6.5883, onlytwo pips up from Wednesday's6.5885.

The yuan has risen 3.66 percent since its mid-June depeg-ging.

Dealers said a sharp yuanrise would attract large fundflows into the Chinese market,so hot money and inflationarypressure would compel thePeople's Bank of China toresort to more domestic toolssuch as interest rates andreserve requirements.

Consumer prices rose 4.6per cent in December from ayear earlier, slowing from a28-month high of 5.1 per centin November but stayingabove forecasts for a steeperfall to 4.4 per cent.

Benchmark one-year dol-lar/yuan NDFs were bid at6.4720, little changed fromWednesday's close of 6.4600.Their implied yuan apprecia-tion in a year's time fell slight-ly to 1.80 per cent fromWednesday's 1.99 per cent. -Reuters

Yuan slips, no quickappreciation seen

LONDON: Sterling fell againstthe US dollar and the euro onThursday after the greenback ral-lied on strong US housing num-bers and some large real moneyaccounts reallocated funds awayfrom the pound to the single cur-rency.

Also weighing on sterling wasa mixed UK industrial trends sur-vey that highlighted the dilemmafacing Bank of England policy-

makers. Sterling was down 0.8per cent against the dollar at$1.5864, off a high of $1.6010and a eight-week high of $1.6060struck earlier this week. Stop-losses were triggered after thepound fell past $1.5910 and then$1.5900, traders said.

The dollar rallied broadly afterUS existing home sales surgedmore-than-expected in Decemberwhile jobless claims fell sharply,suggesting an US recovery wason track Against the euro, thepound fell, with the single curren-cy trading up 0.45 per cent at84.55 pence, after advancing toas high as 84.80 pence. At thesession highs, it broke past resist-

ance at its 200-day moving aver-age around 84.62 pence and the55-day moving average around84.72. Traders cited decent buy-ing in the euro/sterling pair by anUK clearer on behalf of a realmoney account.

"It was partly a dollar move,but there was a sell-off in sterlingalso which drove it lower," saidMichael Hewson, markets ana-lyst at CMC said.

"We had seen nine successivedays of gains in cable and posi-tions were looking overstretched.It is a healthy correction but Idon't think it can fall past $1.58 inthe short term,"

The pound has been well sup-ported since higher-than-forecastUK inflation data on Tuesdaycaused investors to bring forwardexpectations for when the BoEwill hike rates, with a 25 basispoint rise fully priced in byaround mid-year.

However, they say marketwatchers are wary that a weakeconomy and harsh austeritymeasures to come mean a ratehike is not a done deal. -Reuters

Sterling underpressure as $ rallies

SINGAPORE: The SouthKorean won and the Philippinepeso led declines in Asian cur-rencies on Thursday, as weakerequities and a stronger dollarmade traders close some short-term bets.

Foreign investors have beenselling stocks and bonds incountries where inflation risksare perceived to be high,weighing on the currencies ofIndonesia and the Philippinesand reflecting more selective-ness on where to invest in Asia.

The won fell as investorscovered dollar-short positionswith a central bank officialsaying the Bank of Koreaexpects consumer inflation in

January to accelerate fromDecember.

The won came under furtherpressure as foreign investorsturned to net sellers of localstocks and from importers' dol-lar demand for settlements.

Foreign investors sold a net147.3 billion won worth ofstocks with the benchmarkKOSPI ending down 0.43 percent. They bought a net 3.2 bil-lion won in the prior session.

The Philippine peso slid asoffshore investors sold thelocal currency on continuousfund outflows and as localplayers reduced dollar-shortpositions.

Weaker stocks in Manila and

softer Philippine bonds alsosoured sentiment.

The central bank may step into stem the peso's weakness,dealers said. The Indonesianrupiah fell on continued out-flows in the local stock andbond markets, although dealerssaid the central bank was spot-ted selling dollars to stem therupiah's fall at 9,070 per dollar.

Foreign investors are expect-ed to continue to sell stocksand bonds in the country unlessthe country takes any action tocontain inflation, traders said.

A Jakarta-based dealer saidthe rupiah has room to weakento as soft as 9,100 per dollar ina near term. -Reuters

Asian currencies

Weak equities, strongerdollar press won, peso

WELLINGTON/SYDNEY: The Australiandollar fell on Thursday on risk aversion follow-ing weaker equities and commodities, whilebenign inflation data in New Zealand weighedon the kiwi.

The high-yielding Aussie $0.9963, having fallenas low as $0.994, well off a two-week high of$1.0077 set overnight. The currency lost steamafter the S&P 500 index suffered its biggest declinein nearly 2 months and commodities fell, prompt-ing some short-term players to cut long positions.

The currency also lost ground on the yen at81.85 yen, having earlier fallen to a near one-week low at 81.67 yen. Analysts, though, arestill bullish on the Aussie over the medium term.

"We expect it to be stronger once markets startto focus again on fundamentals such as strongmajor trading partners growth, strong commodi-ties prices and high relative interest rates," saidSpiros Papadopoulos, senior economist at theNational Australia Bank.

He expected the Aussie to hit $1.05 by themiddle of the year.

In the past few sessions, the Aussie has beenrecovering from a sell-down from a 28-year peakaround $1.0250 on Dec. 31, following heavyfloods in Queensland and China's move to tightenpolicy. Immediate support for the Aussie is ataround $0.9924 with resistance at $1.0083, the61.8 per cent retracement of $1.0257 to $0.9803.

The Aussie made strong gains against its NewZealand counterpart, rising to a one-week highof NZ$1.3044.

The kiwi took a double knock, retreating in theface of the stronger US dollar and data showingbenign inflation pressures, which furthercemented the view that rate rises will be laterrather than sooner. It fell to a one-week low of$0.7636, after it had fallen steadily to$0.7645/50 following the inflation data, andthen being driven to the session low as the USdollar was bought. -Reuters

Aussie falls on risk aversion;CPI weighs on NZ dollar

Swiss francinches up

against euroZURICH: The Swiss francinched up against the euro onThursday as the single curren-cy took a breather after hittinga one-month high against thefranc in the previous session.

Investors are also awaiting aspeech later on Thursday fromSwiss National Bank chiefPhilipp Hildebrand for moreinsight into its position on thefranc's strength, which hassparked concern among busi-ness leaders in the export-dependent nation.

Swiss Economy MinisterJohann Schneider-Ammannstressed on Wednesday thatonly the SNB could influencethe exchange rate in the nearterm.

The euro has made a tenta-tive recovery recently asinvestors have become moreconfident about moving into itafter solid bond auctions inSpain and Portugal and on talkthat German officials weredrafting contingency plans incase Greece defaults or needsto restructure its debt.

At 0829 GMT, the franc wasup 0.3 per cent against theeuro compared to the NewYork close, trading at 1.2831per euro. Against the dollar,the franc was slightly higherat 0.9537 per dollar. -Reuters

Indonesian central bank spotted supporting rupiah

Stellar China GDP stokes rate-tightening speculation

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.

Antidumpingprobe byTurkey

Reportedly, Turkey believes that textiles andclothing exported by some countries includingPakistan are affecting its domestic industry.One of the ways to discourage cheap imports isimposition of antidumping duty after provingthat imports from a country or certain group ofcountries are causing material injury to thedomestic industry. Pakistani exporters haveoverreacted to the news and want the govern-ment to come to their rescue rather than prov-ing that the dumping allegations are incorrect.Let it be very clear that the exporters willrespond to the call notice themselves the gov-ernment of Pakistan will not because it shouldnot. On top of this the case has to be decided onmerit rather than lobbying.

According to Pakistani exports, at presentTurkey is importing around $350 million tex-tile products from Pakistan but bulk of this --amounting $237 million-- comprises of fabrics.To begin with the export under threat is toosmall and mostly makes up intermediate prod-ucts, which should be discouraged to avoid theimporting countries becoming Pakistan's com-petitors in the finished goods markets. Thiscase also needs to be investigated for under-invoicing suspecting Pakistani exporters'covertly importing these products at dirt cheapprices depriving the country of huge foreignexchange.

Secondly, there is nothing to get upset aboutas antidumping duty just can't be imposed byany importing country unless it is proved that:1) the goods being imported fall in the catego-ry of identical goods and 2) the imports havecaused material injury to the domestic industryof the importing country. However, the onlyfear could be that Turkey might impose provi-sional antidumping duty while the investiga-tions proceed. Since , in another scenario,many other countries are involved they can col-lectively persuade Turkish government not toimpose any provisional antidumping duty tillinvestigations are completed.

Pakistani exporters have to prove they arenot charging Turkish importer a price whichis substantially lower than the price at whichsimilar items are being sold in Pakistan. Theonly catch may be that Pakistani exportersmay not be taking cotton at today's rate andhonouring those contacts entered with theoverseas buyers when cotton was selling atnearly half the current price.

Since the phasing out of textile quota one ofthe tools available to the importing country todiscourage low cost imports is to prove dump-ing has been carried out and then imposeantidumping duty to protect the domesticindustry. If Pakistani exporters receive the callnotice they have to prove that neither they areunderpricing their exports nor the governmentis providing any hidden subsidy. Rather thantrying to hide behind the government the indus-try must learn to stand on its feet and play thegame according to global rules.

4Friday, January 21, 2011

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

111-C, Jami Commercial Street 11, Phase VII, DHA KarachiTelephone: 92-21-35311893-6 Fax: 92-21-35388428

URL: www.thefinancialdaily.comEmail Address: editor@thefinancialdaily.com

Lahore office

24- Peshawar Block, Fortress Stadium, Lahore

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

Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 159

F Z Khan

One may smile and smile andbe a villain. All what theyproject and design does not

always turn out to be in their favour.The latest findings of the SamjhautaExpress bombing on February 18,2007 have proved it to be so. Andone has hundred-and-one reasons tobelieve that the Mumbai attackswere not only stage-managed andthat also no Pakistani non-stateactor, even the individual calledAjmal Kasab, was involved.

Let us briefly count on fingers theevents that led to Indian officials'conclusion that the twice-weeklySamjhauta Express Dehli-Lahoretrain service was bombed, aroundmidnight on 17-18 Feb 2007 whenit passed Diwana station nearPanipat. Bombs were set off in twocarriages which killed 68 people,almost all Pakistanis, injuring morethan 200. AFP: six bombs wereplanted in different bogies; two setoff, four were defused.Investigators found evidence ofsuitcases with IEDs and flammablematerial. Inside a suitcase a digitaltimer encased in transparent plasticwas packed alongside a dozen plas-tic bottles containing fuel oils andchemicals. After the bombings,eight unaffected carriages wereallowed to continue onwards toLahore with passengers.

Feb 20 (2007): An unnamedIndian Home Ministry official saidinvolvement of Kashmiris or Hinduextremists could not be ruled out.Delhi TV, citing intelligencesources, said the blasts might havebeen linked to an attack on com-muter trains in Mumbai last Julythat left 185 dead. Indian policesaid Lashkar-e-Taiba (LeT) wasbehind the Mumbai train blasts inJuly that killed 185 people (AFP).Indian Intelligence officials said thebombing was a carefully plannedattempt to destabilize India-Pakpeace process. Two suitcases recov-ered from the train held clues thatjustified such a line of reasoning.Indian authorities released sketchesof two suspects. Indian policeblamed Pakistan-based LeT andJeM (Jaish-e-Muhammad).

Feb 21: Indian home ministrypointed towards Islamic terrorism.22 Feb: Indian Foreign MinisterMukherjee told a joint news confer-ence with Mr Kasuri that the bomb-ing of train would be probedaccording to the "law of the land"and the findings would be sharedwith Pakistan when the officials ofthe joint anti-terror mechanismbetween the two countries meet inIslamabad on March 6 (2007).

22 Feb: Even though most of thevictims were Pakistani, Indianpolice said Islamic extremists wereprime suspects. 24 Feb: Indian

President said India wanted betterties with Pakistan but the peaceprocess would only bear fruit ifPakistan fully curbed "cross-borderterrorism". Indian IG said an inves-tigation was in full swing and policequizzed a Karachi resident, UsmanMohammed, who was aboard thetrain. "He was in the compartmentfrom where IEDs were recovered,"Kumar told a news conference.Usman Mohammed said he threwone of the suitcases off the train.After modifications in identity kit,six persons, evidently Muslim, werearrested in Bikaner and a Pakistannational was taken into custodyfrom Bulandshahr near Delhi.

"Among them were Saira TajMohammad and Salman Ahmed,who were said to resemble one ofthe suspects in the two sketches, putout by the Haryana Police." ExpressIndia reported that JeM had threat-ened bomb attacks on railways andbus terminals in Delhi.

25 Feb: Outlook said intelligence

agencies in India were trying to geta fix on the identity of the master-mind, the needle of suspicion wasveering towards rogue elementswithin Pakistan's spy master, andnot a stray Fidayeen unit as itseemed at first. Reports forwardedto the National Security Advisor hadwarned of the "emerging threat"from a band of "fringe" ISI officersoperating beyond their brief. "Thesophisticated circuitry in the bombsindicated the involvement of thepeople who have access toresources, who work for a state-runorganization like ISI. It was not a

simple petrol bomb as is commonlyperceived," an intelligence officialsaid. The physical planting of thebombs on the train might have beencarried out by locals, but the plan-ning spoke of people who had amore than amateurish degree oftraining in assembling explosivesand carrying out terrorist operations.

March 3: India's intelligenceagencies seem to think that a phonecall from Delhi to Azad Kashmirjust after the attack could providean important lead. The Times ofIndia quoted a home ministry offi-cial as saying the call had beenrecorded and could hold "the key tothe entire puzzle". (Reuters)

4 March: Although New Delhiwould provide Islamabad "enoughdetails" to pinpoint the role ofalleged Pakistan-backed terroristoutfits in the blasts on Mumbai sub-urban trains and last month's Delhi-Attari Express, the report said Indiawas afraid that "hard evidence" inthe hands of rival intelligence agen-

cies could be misused or tamperedwith. "There is always a chance oftampering with the technical evi-dence (intercepts) which point fin-gers at Pakistan-based terror outfits.Concrete details comprising phonenumbers and web server data can bechanged any time to suit the perpe-trators' claim," the Times quoted anunnamed senior official as saying.It said the official had been part of ahigh-level team working to finalizethe agenda for the forthcomingmeet. The Times quoted its sourcesas saying that since the Mumbaipolice had already filed the charge-

sheet in the commuter train blastscase, India would share a bit moreinformation with Pakistan "indicat-ing involvement of Pakistani citi-zens in planting the bombs in thetrains." The suspected hand of'rogue ISI' will figure prominentlyin the talks between RAW chiefAshok Chaturvedi and his Britishcounterpart John Scarlett, then inIndia. Sources said Scarlett wouldshare information about an ISIgroup unofficially helping theTaliban in Afghanistan. The Britishwere said to have offered greateraccess to intelligence on the ISI tohelp the investigations into theSamjhauta Express blasts.

The Samjhauta bombing was fol-lowed by an attack on the MeccaMasjid, Hyderabad's old city, thatleft 14 dead in May 2007; andfamous Muslim shrine in Ajmer,Rajasthan was targeted by bombattacks in October 2007. InSeptember 2008, three bomb blastskilled 37 people in the Muslim-majority city of Malegaon. Muslimswere attending prayers when thebombs exploded which injuredmore than 125 people. But despiteearnest efforts of the officialHindutva members, no clues gath-ered to implicate Muslim communi-ty members, LeT or JeM men or anyISI-back Pakistan-based group.Former police official Mushrif'sbest-seller "Who killed Kurkure"however disclosed it all, which ledto the investigations into finding therole of Indian army's serving Lt ColSrikant Purohit, a Major under hiscommand, Swami Amritanand Devand Pragya Singh Thakur.Rajasthan's Anti-Terrorist force alsoarrested Devendra Gupta,Chandrashekhar and Vishnu Prasadin this connection. Sadhvi PragyaSingh Thakur's motorcycle wasused to explode the bomb. Lt ColPrasad Shrikant Purohit wascharged with involvement in help-ing, funding, training and armingthe Hindu terror groups. He duringinterrogation also disclosed that hehad also provided the RDX forMecca Masjid blasts but the ATSwas asked not to make it public asthe Hyderabad police had detainedHizbul Jihad-e-Islami suspects.Now in the latest development,Swami Aseemanand has finally con-fessed on record his own involve-ment along with many others in theblasts. He said that the Malegaonsite was chosen because the localadministrator wanted to be part ofPakistan during partition. About theAjmer blast, Swami Aseemanandsaid the blast was intended to deterHindus from going to the shrine.Look at the somersaults of Indiangovernment, ministry and policeofficials, and then draw a conclu-sion as if this is the all extendinghand of the Indians for peace?

One may smile& be a villain too!

The print and electronicmedia has written and spokenmillions of words but the issueof fake degrees of MNAs andMPAs is unresolved even afternine months. The problem liesin the procedure adopted forverification that is long-windedand never-ending due to delib-erate delays.

What may be done now? TheSupreme Court may revise itsorder and issue instructions on

the following lines:The court may order every

legislator to approach hisUniversity and Board ofSecondary Education for veri-fication. He should submit hisapplication in writing personal-ly, through a representative or acourier service. The Registrarsof universities and Secretariesof Boards may examine theirrecords to find out the results.Since many universities and

boards will be involved, eachwill deal with a small numberof applications and determinegenuineness in a matter ofdays.

The Registrars ofUniversities and Secretaries ofBoards will submit the resultsof their verifications directly tothe Election Commission (notthrough legislators). The wholeprocess should be complete in15 days. On the 16th day, the

Election Commission maysubmit its report to theSupreme Court, giving the listof legislators, whose degreesand certificates have been veri-fied.

The Supreme Court maydeclare that all other legislatorsare no longer members ofParliament or ProvincialAssemblies. It may also orderthat the Election Commissionsend the list of the disqualified

to Provincial Police officers(IGPs), asking them to getcases registered and challanssubmitted to District andSessions Judges within sevendays. With fake degreesalready proven, the judgmentsmay be given after only a fewhearings.

In a matter a few weeks, thecase of fake degrees and cer-tificates will be closed.Muhammad Abd al-Hameed

A State ofConspiracy TheoriesThis is with reference to the sad

murder of parents of honourableSupreme Court Justice Javed Iqbal.Although the tragic incident wasshocking for the Pakistani nation butit is pathetic that without any investi-gation or solid probe, some of ourleaders and journalists were speculat-ing that state institutes could beinvolved in such a brutal murder.Asma Jehangir is President of SClawyers association and knownhuman rights activist but this is notthe first time the lady gave statementwithout any evidence and said that"there were certain speculations aboutthe tragic incident which should notbe ruled out". Icing on cake was doneby preacher of true investigative jour-

nalism (Ansar Abbasi) who crossedall the limits and said "Murder ofJustice Iqbal's parents seems, to createa confrontation between Judiciary andcountry's agencies". Since the SC ishearing the sensitive case of missingperson but our drawing room expertsusually love to stir up conspiracy the-ories without giving a blink to theimplications. Such people neverspeak for Pakistan's stance onKashmir issue. If such people areadvocate of HR violations why dothey always limit themselves to theitems which go against Pakistan andtotally ignore Samjhota Express andSwami Asimananda, the atrocities inKashmir and Indian state terrorism?

Hamid Waheed, Rawalpindi

BJP'S Tiranga YatraRecently BJP has announced to launch

'Tiranga Yatra' on the republic day, anIndian flag hoisting movement in occu-pied Kashmir in the name of national-ism. Apparently, the motives of the exer-cise are to build up political pressure onCongress however the results would bequite sarcastic. Since recent months inKashmir were tense to an extent thatadded lives of 112 innocent Kashmiris,mostly teenagers to the total of 93,544extra judicial killings. BJP's Tirangamission will not only boost theKashmiris' struggle for self determina-tion but it may have implications thatcan bring more carnage of innocentcivilians at the hands of occupied forcesas the fanatic saffron politics will surelylaud the atrocities under occupation.While the terror net of RSS extremists isexposed in investigation of Samjhotaexpress, Malegaon and Ajmair bombing

and probe of many religious and politi-cal saffron activists has come to the sur-face but no one is taking responsibilityof arrested 32 guiltless young Muslims,who are ruined on the false charges ofsame bombings. Now these forces wantto hide in disguise of nationalism and thevenue is land of Kashmiris. Hurriyetleader, Syed Ali Gilani has demanded ofthe United Nations to set up a tribunal topenalize those who have been involvedin the human rights violations in occu-pied Kashmir. The UN should listen tothe SOS call of Kashmiris and discardany attempt of Indian government andpoliticians to portray the struggle of selfdetermination as terrorism. When willglobal leaders differentiate that who isterrorist a barehanded civilian or occu-pied force with state of the art weapon-ry?

Jehanzeb Javed, Islamabad

Let us briefly count on fingers theevents that led to Indian officials'

conclusion that the twice-weekly SamjhautaExpress Dehli-Lahore train service wasbombed, around midnight on 17-18 Feb

2007 when it passed Diwana station nearPanipat. Bombs were set off in two carriages

which killed 68 people, almost allPakistanis, injuring more than 200.

“

How to resolve issue of fake degrees?

Outlook said intelligence agencies inIndia were trying to get a fix on the

identity of the mastermind, the needleof suspicion was veering towards rogueelements within Pakistan's spy master,

and not a stray Fidayeen unit as itseemed at first.

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

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

Sales (July 10 to Nov 10) 32,092

Production (Nov 10) 7,087

Sales (Nov 10) 6,813

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

Sales (July 10 to Nov 10) 20,375

Production (Nov 10) 3,974

Sales (Nov 10) 3,753

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

Sales (July 10 to Nov 10) 6,247

Production (Nov 10) 1,145

Sales (Nov 10) 1,075

DEWAN FAROOQ MOTORSProduction (July 10 to Nov 10) 186

Sales (July 10 to Nov 10) 70

Production (Nov 10) 0

Sales (Nov 10) 0

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

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

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

Spread (October 10) 7.49%

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

MS (Nov 10) 186

Kerosene (Jul 10 to Nov 10) 66

Kerosene (Nov 10) 12

JP (Jul 10 to Nov 10) 589

JP (Nov 10) 124

HSD (Jul 10 to Nov 10) 2,792

HSD (Nov 10) 612

LDO (Jul 10 to Nov 10)) 26

LDO (Nov 10) 4

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

Fuel Oil (Nov 10) 572

Others (Jul 10 to Nov 10) 3

Others (Nov 10) 1

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

MS (1 Nov 10) 44.53

MS % Chg 1.39%

Kerosene (1 Dec 10) 52.04

Kerosene (1 Nov 10) 51.25

Kerosene % Chg 1.54%

JP-1 (1 Dec 10) 52.27

JP-1 (1 Nov 10) 51.48

JP-1 % Chg 1.53%

HSD (1 Dec 10) 55.20

HSD (1 Nov 10) 54.24

HSD % Chg 1.77%

LDO (1 Dec 10) 50.52

LDO (1 Nov 10) 49.51

LDO % Chg 2.04%

Fuel Oil (1 Dec 10) 43,019

Fuel Oil (1 Nov 10) 42,046

Sector Updates

Symbol Close Vol (mn)LOTPTA 15.25 49.74 BOP 9.33 12.29 FFBL 41.97 11.97 ANL 10.87 7.49 NML 68.41 6.84

Symbol Close ChangeWYETH 1,030.00 45.75

RMPL 2,217.98 35.38

NESTLE 2,856.13 30.46

ULEVER 4,589.00 11.83

FZTM 399.33 6.83

Symbol Close ChangeUPFL 1,115.00 -45MTL 528.23 -15.46NRL 310.64 -12.01BATA 647.00 -10.97SRVI 228.60 -9.4

Plus 104Minus 272Unchanged 20

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Friday, January 21, 2011 5

Dhiyan

Continuous foreign flows and good corporate results in oil, fertilis-er, and banking sector are expected to push the positive momentumahead with index moving in a range of 12,300-12,800 points. Therecent profit-taking activity may fuel investors risk appetite.Introduction of leverage product would provide an impetus for themarket. Investors are advised to accumulate fundamentally strongscrips in energy and fertiliser sectors. Market is likely to remain in thepositive zone today.

Mohammad Imran, Vice President Arif Habib Limited

Aqeel Karim Dhedhi, Chairman AKD GroupMarket outlook is bullish where we would see the index touching

14,000 levels soon and that rally would be driven by the banking sec-

tor. Therefore investors are recommended to park money in banking

stocks where top picks are NBP and HBL. As far as triggers are con-

cerned the launch of Margin Trading System (MTS), decision on Reko

Dik, and decline in international oil prices would spark off rallies in

the market. Market is likely to recover today.

DHEDHI READS RECOVERY

Opening 12,577.61

Closing 12,411.87

Change 165.74

% Change 1.32

Turnover (mn) 183.61

Opening 3,936.12

Closing 3,835.60

Change 100.52

% Change 2.55

Turnover (mn) 8.15

Opening 3,107.52

Closing 3,075.24

Change 32.28

% Change 1.04

Turnover (mn) 0.15

HONG KONG/SHANGHAI:China and Hong Kong sharesfell on Thursday as technicallyoverbought large-caps fell preyto profit-taking and the latesteconomic data from Chinapointed to further policy tight-ening.

Hong Kong's Hang Seng,Asia's top performing majormarket this year, fell 1.7 percent, tracking a broad declinein regional markets.

Disappointing earnings fromGoldman Sachs and weakhousing data from the US hitappetites for riskier assets,knocking 1 per cent off theS&P 500 index overnight.

Heavyweight HSBC slipped2.1 per cent, the biggest drag onthe Hang Seng, as investorstook money off the table.Heavy buying since the start of

the year had taken the stock'srelative strength index to above76. A RSI above 70 indicates asecurity is overbought.

China's key stock indexslipped nearly 3 per cent.

Financials led losses with thesub-sector index down 2.9 percent to its lowest sinceSeptember last year. The finalset of 2010 economic data,released on Thursday showedChina's growth soaring pastexpectations while inflationslowed just a touch.

The People's Bank of Chinahas taken a slew of steps sinceOctober to dampen inflation,including raising official ratestwice and bank reserverequirement ratios four times,which have severely curbedliquidity in the money market.-Reuters

China, HK fall ontightening fears

MUMBAI: Indian sharespulled back from an early slideand climbed 0.4 per cent onThursday as investors coveredshort positions in financialstocks that had fallen sharplyover the past three weeks.

Sentiment was helped afterdata showed food inflationeased for the second straightweek in January, tracking lowerfruit and vegetable prices.

Still, the outlook remainedhazy with the central bankwidely expected to raise keyinterest rates by 25 basis pointsnext Tuesday.

The 30-share BSE indexclosed 0.36 per cent or 68.22points higher at 19,046.54, with16 of its components in thegreen.

In the broader market, losers

and gainers were almost equalin number on low volume of277 million shares.

Financials led the rise inanticipation of good quarterlyprofits. Higher loan demandand fee income are expected tohave boosted earnings, analystssaid.

The banking sector indexclosed up 1.7 per cent afterfalling nearly 10 per cent sincethe start of January.

Export-driven Wipro rose 0.6per cent ahead of its quarterlyearnings on Friday. The compa-ny is expected to report a 9.6per cent rise in profit.

Bigger rivals TataConsultancy and InfosysTechnologies gained 1.5 percent and 1.1 per cent respec-tively. -Reuters

Indian shares riseas banks rebound

KARACHI: The MuslimCommercial Bank (MCB),sponsors of MCB AssetManagement CompanyLimited and Shareholders ofArif Habib InvestmentsLimited have signed theShareholders' Agreement forthe proposed merger of theirAsset Management Companies.

According to a press releaseissued on Thursday the share-holder agreement was signedby the two companies in pres-ence of Mian MuhammadMansha and Arif Habib, whoalso signed the agreement onbehalf of Arif HabibCorporation Limited.

M U Usmani, President MCBBank signed the agreement inthe presence of Ali Munir,SEVP of MCB Bank.

The two groups had initiatedthe deal with an in-principle

understanding by signing anMoU a few months ago.Further formalities such as sub-mission of legal applications toregulators have followed.

On January 19, the two par-ties finalised their understand-ing and agreement on all legal,financial and commercial termsand concluded by signing aShareholder Agreement.

The merged entity is likelyto have risk-averse productssuch as money market andgovernment securities funds,capital protected funds,somewhat higher yieldingfixed income funds, and high-er risk reward options such ashybrid funds and stock mar-ket funds.

Investors will have access tothese products through branchnetworks of MCB and otherlarge commercial banks.-NNI

MCB, AHI strikeAMCs merger deal

US stocks late-morning

Wall Stfalls for2nd day

NEW YORK: US stocks fellon Thursday as upbeat econom-ic data on jobs and housingfailed to offset a selloff in thetechnology and materials sec-tors.

Technology stocks wereweighed by networking/cloudcomputing companies after F5Networks Inc gave a gloomyoutlook, while energy andmaterial stocks were pressuredby a sharp decline in crude oilprices.

The Dow Jones industrialaverage dropped 74.13 points,or 0.63 per cent, at 11,751.16.The Standard & Poor's 500Index was down 9.72 points, or0.76 per cent, at 1,272.20. TheNasdaq Composite Index slid32.31 points, or 1.19 per cent,at 2,693.05.

The decline came a day afterWall Street suffered its worstdrop in nearly two months ondisappointing results frombanks. Investors were con-cerned the slump may growworse.

Crude oil futures fell 2.8 percent to $88.35 a barrel.

Alcoa Inc was the biggestdecliner on the Dow, falling 2.5per cent to $15.66, whileExxon Mobil Corp gave up 1.4per cent to $77.14. -Reuters

Singapore posts biggest drop in two months

South East Asian stocks

European shares fall for2nd day; miners down

ANNOUNCEMENTS

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

Dandot Cement 1st Qtr - -120.56 -1.27

Latif Jute Half Yearly - 0.57 0.15

NEW YORK: A Goldman Sachs sign is seen above their booth on the floorof the New York Stock Exchange. -Reuters

FCIBLrating

reaffirmedStaff Reporter

KARACHI: JCR-VIS CreditRating Company (JCR-VIS)has reaffirmed medium to long-term entity rating of First Creditand Investment Bank Limited(FCIBL) at 'A-' (Single AMinus) and short term entityrating at 'A-2' (A-Two).Outlook on the medium to longterm rating is 'Stable'. The rat-ings incorporate strong sponsorbacking of FCIBL andConservativeness of the capitalstructure.

To maintenance the credit rat-ing in the prevailing difficultenvironment for the financialsector, particularly for theinvestment banks, can be attrib-uted to risk absorption capacityof the FCIB.

Originally incorporated as aprivate limited company in1989, FCIBL was convertedinto investment bank in 2004.It was listed at Karachi StockExchange in 2008. Majorityshareholders of the FCIBL areNational Bank of Pakistan andWAPDA. The increase inBank's investment was mostlydue to investment inGovernment Securities, TFCsand Financing.

Nawaz AliKARACHI: Bearish activitiescontinued at the Karachi StockExchange (KSE) for the thirdday which ended below 12,500points level decreasing by 1.32per cent due to selling in oiland banking stocks after a fallin global stock markets.

The benchmark KSE 100-Index closed at 12, 411 pointsafter losing 165 points - 1.32per cent-- while KSE 30-Indexfell by 210 points -1.7 per cent-- and KSE All-Share Indexdropped by 111 points -1.28per cent-- to close at 12,115points and 8,609 points respec-tively. "Investors booked prof-its across the board as regionalcapital markets fell", saidAhsan Mehanti, Director ArifHabib Investments.

Concerns over rising fiscaldeficit affected investor senti-ment, he added.

Though, market began theday on a positive note with 19plus points, but the index failedto go beyond the intraday highof 12,616 points (+ve 38points) as sell-off in interna-tional stock markets and weakeconomic situation of the coun-try invited selling pressure inthe market which wiped off thegains and index went downinto the red zone.

Global markets slumped asGoldman Sachs Group's profitfailed to beat estimates andChinese economic data fannedconcerns that monetary policywill be tightened.

Therefore index after show-

ing some resistance finallycame under control of bearsdue to continued selling in oil,banking, and textile stockswhich ultimately increased theindex losses where at about1:51 PST it touched the lowestlevel of the day at 12,387points (-ve 190 points).

Foreigners howeverremained on the buying sidewhere according to NCCPLdata they did a net-buying of$2.25 million on Thursday. Onthe local side, banks and com-panies did a net-selling of$2.65 and $1.85 millionrespectively while NBFCs andindividual investors did a net-buying of $0.88 and $0.81 mil-lion respectively.

Lotte Pakistan stood as thevolume leader with 49.74 mil-lion shares followed by Bankof Pakistan with 12.29 millionshares and Fauji Fertiliser BinQasim with 11.97 millionshares. According to an expertthere were rumors in the mar-ket that the dividend payout byLotte Pakistan would be lowerthan expected therefore thescrip remained under pressureand closed Rs0.94 down nearits lower circuit.

Investor participation wit-nessed a marginal decline as183.6 million shares traded inthe overall market which is 4.4million less as compared to aturnover of 188 million shareson Wednesday. Out of total 396active issues 272 declined and104 advanced while 20 issuesremained unchanged.

KSEstill

a bearcountry

Nikkei downafter USearnings,

China dataTOKYO: Japan's Nikkei aver-age fell on Thursday as weaker-than-expected earnings by keyUS technology and bankingfirms, strong Chinese growthdata and a weaker dollar prompt-ed investors to lock in profits.

The S&P 500 suffered itsbiggest decline in nearly twomonths on Wednesday asGoldman Sachs posted a 53percent drop in profit on atumble in trading revenue andWells Fargo's fourth-quarterprofit came below some ana-lysts' estimates. Foreigninvestors were net buyers ofJapanese equities last week forthe 11th straight week, withbuying at a 9-month high, datashowed on Thursday, but mar-ket players said the trend couldbe nearing its end since theNikkei has gained 14 percentsince the start of November.

"The Nikkei may be enteringa small, healthy correction.After US earnings some peo-ple are worried that estimatesfor Japanese firms to poststrong profits may have been abit over the top," said KoichiOgawa, chief portfolio manag-er at Daiwa SB Investments.

The benchmark Nikkeiended down 1.1 percent or119.79 points at 10,437.31.

The broader Topix indexshed 1 percent to 927.19. -Reuters

Minersdump

FTSE to5-wk low

LONDON: Britain's top shareindex sank to its lowest closinglevel in more than five weeks onThursday, weighed down by min-ing stocks on concerns overpotential further monetary tight-ening by China and its impact ondemand.

The FTSE 100 closed down108.79 points, or 1.8 per cent, at5,867.91, its lowest close sinceDec. 13.

Miners were the standout fall-ers, tracking metal prices lowerafter soaring growth data fromChina, the world's biggest con-sumer of raw materials, height-ened fears of interest rate risesthere.

Traders said Burberry , off 4.1per cent, was being hurt by theluxury goods group's exposure toChina. -Reuters

Friday, January 21, 20116

Volume 183,611,218

Value 7,572,331,079

Trades 86,035

Advanced 104

Declined 272

Unchanged 20

Total 396

Current 8,609.45

High 8,747.50

Low 8,595.04

Change i111.93

Current 12,411.87

High 12,615.49

Low 12,387.08

Change i165.74

Current 12,115.84

High 12,376.76

Low 12,089.79

Change i210.00

Market KSE 100 Index All Share Index KSE 30 Index

Current 20,244.53

High 20,695.86

Low 20,208.81

Change i384.43

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

Kohinoor Industries Limited

KOIL closed up 0.06 at 1.62. Volume was 135 per cent above average and

Bollinger Bands were 45 per cent narrower than normal. The company's

loss after taxation stood at Rs13.075 million which translates into a Loss

Per Share of Rs0.43 for the 1st quarter of current fiscal year (1QFY11).

KOIL is currently 3.5 per cent below 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 indi-

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

forecasting oscillators are currently bearish on KOIL.

RSI (14-day) 49.37 Total Assets (Rs in mn) 933.39

MA (10-day) 1.62 Total Equity (Rs in mn) (252.05)

MA (100-day) 1.57 Revenue (Rs in mn) 0.00

MA (200-day) 1.68 Interest Expense 14.92

1st Support 1.50 Loss after Taxation (300.50)

2nd Support 1.35 EPS 09 (Rs) (9.917)

1st Resistance 1.80 Book value / share (Rs) (8.32)

2nd Resistance 1.95 PE 10 E (x) -

Pivot 1.65 PBV (x) (0.19)

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

FLYNG closed up 0.01 at 1.86. Volume was 3 per cent below average and

Bollinger Bands were 51 per cent narrower than normal. The company's

loss after taxation stood at Rs28.864 million which translates into a Loss

Per Share of Rs0.16 for the 1st quarter of current fiscal year (1QFY11).

FLYNG is currently 13.3 per cent below its 200-day moving average and

is displaying a downward trend. Volatility is extremely low when com-

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

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

equal pace. Trend forecasting oscillators are currently bearish on FLYNG.

RSI (14-day) 54.40 Total Assets (Rs in mn) 5,548.30

MA (10-day) 1.80 Total Equity (Rs in mn) 1,598.52

MA (100-day) 1.89 Revenue (Rs in mn) 80.62

MA (200-day) 2.14 Interest Expense 28.12

1st Support 1.86 Loss after Taxation (172.17)

2nd Support 1.79 EPS 10 (Rs) (0.978)

1st Resistance 1.97 Book value / share (Rs) 9.08

2nd Resistance 2.01 PE 11 E (x) -

Pivot 1.90 PBV (x) 0.20

Flying Cement Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

NETSOL closed down -1.10 at 23.11. Volume was 266 per cent above

average (trending) and Bollinger Bands were 314 per cent wider than

normal. The company's profit after taxation stood at Rs194.76 million

which translates into an Earning Per Share of Rs2.64 for the 1st quar-

ter of current fiscal year (1QFY11).

NETSOL is currently 0.2 per cent below its 200-day moving average and

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

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

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

Trend forecasting oscillators are currently bullish on NETSOL.

RSI (14-day) 64.75 Total Assets (Rs in mn) 3,980.15

MA (10-day) 22.58 Total Equity (Rs in mn) 3,337.21

MA (100-day) 19.14 Revenue (Rs in mn) 1,845.02

MA (200-day) 23.14 Interest Expense 24.80

1st Support 22.60 Profit after Taxation 951.86

2nd Support 22.10 EPS 10 (Rs) 12.217

1st Resistance 24.00 Book value / share (Rs) 42.83

2nd Resistance 24.90 PE 11 E (x) 2.19

Pivot 23.50 PBV (x) 0.54

NetSol Technologies Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

CSAP closed up 0.36 at 28.97. Volume was 141 per cent above aver-

age and Bollinger Bands were 117 per cent wider than normal. The

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

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

fiscal year (1QFY11).

CSAP is currently 9.7 per cent above its 200-day moving average and

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

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

indicators reflect very strong flows of volume into CSAP (bullish). Trend

forecasting oscillators are currently bullish on CSAP.

RSI (14-day) 65.59 Total Assets (Rs in mn) 4,436.30

MA (10-day) 28.14 Total Equity (Rs in mn) 2,622.61

MA (100-day) 25.55 Revenue (Rs in mn) 3,704.39

MA (200-day) 26.39 Interest Expense 121.91

1st Support 28.60 Profit after Taxation 416.55

2nd Support 28.20 EPS 10 (Rs) 7.378

1st Resistance 29.30 Book value / share (Rs) 46.45

2nd Resistance 29.60 PE 11 E (x) 4.53

Pivot 28.90 PBV (x) 0.62

Crescent Steel & Allied Products Ltd

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,625.89 1,633.25 1,597.24 1,606.34 -19.54 -1.20

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

9,359,966 - - 65,194.15 mn 1,232,336.11 mn 1,639.46

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

11.61 3.78 32.54 55.94 4.82 1,606.34

Attock Petroleum 691 6.57 377.75 384.60 376.25 379.49 1.74 628845 398.89 290.00 300 20B - -

Attock Refinery 853 7.72 142.82 143.00 136.50 137.76 -5.06 2429747 146.90 93.60 - - - -

BYCO Petroleum 3921 - 11.12 11.25 10.92 10.95 -0.17 1175622 12.49 10.49 - - - -

Mari Gas Company 735 17.62 134.04 135.00 129.50 130.06 -3.98 168046 141.65 117.00 31 - - -

National Refinery 800 4.60 322.65 323.50 306.52 310.64 -12.01 412074 333.89 208.12 200 - - -

Oil & Gas Development 43009 11.66 173.30 173.97 171.50 172.32 -0.98 914488 185.00 150.92 55 - 15.00 -

Pak Petroleum 11950 9.01 225.65 226.40 220.00 221.46 -4.19 1429757 229.80 184.00 90 20B - -

Pak Oilfields 2365 7.85 337.74 339.80 331.00 332.49 -5.25 1965965 341.50 233.80 255 - - -

Pak Refinery Limited 350 - 110.86 116.40 114.00 116.40 5.54 352147 116.40 74.51 - - - -

P.S.O 1715 5.10 305.43 306.39 300.00 301.26 -4.17 963090 317.79 262.00 80 - - -

Shell Gas LPG 226 - 33.00 33.00 32.60 32.66 -0.34 2603 40.28 32.00 - - - -

Shell Pakistan 685 11.05 217.33 219.00 212.75 215.39 -1.94 93204 222.00 182.05 40 - - -

Paid up Last 60 days 2010 2011

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

1,012.69 1,015.69 1,000.56 1,006.60 -6.09 -0.60

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

16,537,146 - - 47,070.70 mn 139,741.82 mn 1,017.93

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

7.12 0.62 8.64 16.68 2.34 1,006.60

Ali Asghar Textile 222 17.75 1.13 0.80 0.71 0.71 -0.42 1001 1.50 0.61 - - - -

AL-Qadir Textile 76 - 8.00 9.00 7.02 7.02 -0.98 5003 9.00 3.00 10 - - -

Amtex Limited 2594 9.27 4.09 4.37 4.05 4.08 -0.01 180972 7.95 4.00 30 - - -

Artistic Denim 840 6.47 23.30 23.50 23.02 23.28 -0.02 16490 24.59 19.10 20 - - -

Azgard Nine 4493 - 11.17 11.39 10.67 10.87 -0.30 7489370 12.32 9.20 - - - -

Bannu Woolen XD 76 0.48 13.97 13.90 13.27 13.75 -0.22 1506 14.84 10.82 20 - - -

Bata (Pak) 76 5.36 657.97 650.00 635.00 647.00-10.97 410 747.48 469.95 - - - -

Blessed Tex Mills 64 0.86 59.10 62.00 57.00 57.01 -2.09 1400 63.20 45.25 50 - - -

Chakwal Spinning 400 0.50 1.20 1.45 1.05 1.15 -0.05 5244 2.00 0.56 5 - - -

Chenab Limited 1150 - 3.06 3.14 3.04 3.04 -0.02 76983 3.90 2.94 - - - -

Colgate Palm 316 37.47 991.40 1000.00 981.00 998.13 6.73 269 1020.00 740.00 - - - -

Crescent Fibres Ltd 124 0.65 13.80 14.10 14.10 14.10 0.30 1000 14.65 8.41 10 - - -

Crescent Jute 238 - 1.13 1.13 0.90 0.97 -0.16 14414 1.38 0.16 - - - -

Crescent Textile 492 3.65 19.10 19.05 19.00 19.00 -0.10 10100 23.99 17.89 15 - - -

D S Ind Ltd 600 - 1.88 1.90 1.80 1.80 -0.08 49917 2.37 1.52 - - - -

Dawood Lawrencepur 514 49.41 42.48 42.00 41.36 42.00 -0.48 921 47.00 36.10 5 - - -

Dewan Khalid Textile 57 0.15 2.35 2.01 1.60 2.01 -0.34 1000 3.75 0.85 - - - -

Din Textile 204 0.55 26.10 25.49 25.10 25.49 -0.61 133 27.54 23.52 20 10B - -

Ellcot Spinning 110 0.61 20.20 20.65 20.10 20.10 -0.10 279 21.78 17.51 35 - - -

Gadoon Textile XD 234 0.75 71.43 71.00 68.55 68.55 -2.88 4012 71.43 38.30 70 - - -

Gul Ahmed Textile 635 4.20 29.01 30.45 27.56 29.20 0.19 282 33.19 22.62 12.5 - - -

Gulshan Spinning 222 0.88 7.20 7.25 7.21 7.21 0.01 1838 10.30 6.30 10 20B - -

H M Ismail 120 - 0.87 0.94 0.50 0.94 0.07 5001 1.39 0.39 - - - -

Hira Textile Mills Ltd 716 0.72 4.00 4.00 3.55 3.83 -0.17 38725 4.88 3.31 10 - - -

Ibrahim Fibres 3105 3.88 49.73 49.58 48.25 49.32 -0.41 37285 50.00 34.98 20 - - -

Ideal Spinning 99 0.63 8.00 7.66 7.40 7.40 -0.60 1003 8.74 2.85 - - - -

Idrees Textile 180 3.99 3.56 3.70 3.60 3.67 0.11 4000 4.45 2.60 10 - - -

Janana D Mal 43 0.23 14.20 14.50 14.00 14.00 -0.20 300 19.24 13.25 - - - -

Kohinoor Ind 303 - 1.56 1.80 1.50 1.62 0.06 130810 2.00 1.10 - - - -

Kohinoor Mills 509 - 2.25 2.68 2.10 2.68 0.43 1398 3.72 1.52 - - - -

Kohinoor Spinning 1300 0.45 1.24 1.74 1.24 1.25 0.01 3101 1.81 0.16 5 - - -

Moonlite (PAK) 22 - 11.20 12.20 12.20 12.20 1.00 434 13.01 4.50 - - - -

Mukhtar Textile 145 - 0.44 0.52 0.41 0.41 -0.03 1328 0.95 0.14 - - - -

Nishat (Chunian) 1596 1.92 23.74 23.89 23.00 23.10 -0.64 928234 25.14 19.55 15 - - -

Nishat Mills 3516 5.87 71.23 71.70 67.67 68.41 -2.82 6839425 71.89 50.25 25 45R - -

Pak Synthetic 560 3.13 9.18 9.75 9.08 9.25 0.07 61503 10.50 5.61 - - - -

Paramount Spinning 174 0.71 9.90 9.75 9.75 9.75 -0.15 500 11.25 8.00 10 10B - -

Prosperity 185 1.07 14.00 14.00 13.28 13.98 -0.02 6007 15.50 12.51 30 - - -

Ravi Textile 250 - 1.48 1.59 1.38 1.40 -0.08 324354 1.98 1.26 - - - -

Redco Textile 213 - 0.90 0.61 0.60 0.61 -0.29 1000 1.45 0.55 - - - -

Reliance Weaving 308 0.62 9.20 9.90 8.80 8.81 -0.39 2230 11.50 8.01 25SD - - -

Saif Textile 264 0.39 5.09 4.99 4.85 4.90 -0.19 73906 6.85 3.55 - - - -

Sally Textile 88 0.21 4.15 4.15 4.15 4.15 0.00 1000 5.75 3.57 10 - - -

Samin Textile 267 4.46 5.99 5.56 5.21 5.35 -0.64 5000 7.93 5.11 - 100R - -

Sargoda Spinning 312 0.53 2.50 2.75 2.69 2.75 0.25 15220 3.50 1.50 5 - - -

Saritow Spinning 133 0.31 2.44 1.91 1.90 1.91 -0.53 1999 2.89 1.00 - - - -

Service Ind 120 7.83 238.00 244.00 227.02 228.60 -9.40 3415 276.50 169.00 - - - -

Shadman Cot 176 2.07 12.00 11.39 11.39 11.39 -0.61 1000 12.90 7.00 - - - -

Shahtaj Textile 97 - 19.40 19.40 19.40 19.40 0.00 1200 20.00 15.61 45 - - -

Suraj Cotton 180 0.90 39.95 39.99 38.50 39.99 0.04 502 41.00 29.00 50 - - -

Taha Spinning 41 - 3.00 4.00 2.05 3.02 0.02 1149 4.00 2.05 - - - -

Thal Limited 307 5.22 123.17 124.00 121.00 122.13 -1.04 46826 132.00 86.50 80 20B - -

Treet Corp 418 9.33 59.06 60.88 58.05 58.57 -0.49 129942 63.30 43.50 - - - -

Tri-Star Poly 215 - 0.86 0.66 0.52 0.52 -0.34 6001 1.50 0.42 - - - -

Zil Limited 53 3.63 55.92 55.49 54.00 54.17 -1.75 301 59.25 42.30 35 - - -

Paid up Last 60 days 2010 2011

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,130.33 1,145.69 1,084.70 1,092.68 -37.65 -3.33

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

257,464 - - 3,763.71 mn 5,122.99 mn 1,159.84

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

3.06 0.33 10.64 6.27 2.05 1,092.68

Hussain Industries 106 - 5.60 6.50 5.40 5.90 0.30 29435 11.49 5.20 - - - -Pak Elektron 1219 3.70 15.20 15.35 14.62 14.67 -0.53 204222 15.88 12.90 - 10B - -Singer Pak 341 20.22 18.54 19.40 17.55 18.00 -0.54 784 20.79 16.51 - - - -Tariq Glass Ind 231 2.45 21.17 21.00 20.40 20.50 -0.67 22601 22.50 15.90 17.5 - - -Towellers Ltd 170 - 4.52 4.10 3.52 3.52 -1.00 325 20.00 3.52 - - - -

Paid up Last 60 days 2010 2011

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,775.14 1,814.56 1,737.78 1,775.29 0.16 0.01

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

311,751 - - 11,335.33 mn 250,028.97 mn 1,775.29

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

42.60 12.91 30.30 30.57 0.72 1,708.23

Chashma Sugar XD 287 0.95 9.38 10.38 9.25 9.40 0.02 10725 15.47 8.50 10 - - -Crescent Sugar 214 - 7.00 6.40 6.40 6.40 -0.60 2000 7.15 5.00 - - - -Dewan Sugar 365 - 3.81 3.99 3.61 3.71 -0.10 2507 5.59 1.50 - - - -Faran SugarSPOT 217 3.86 19.47 19.50 19.21 19.21 -0.26 10285 21.73 19.00 25 - - -Habib SugarXDXB 750 5.16 22.60 23.00 22.50 22.95 0.35 104137 36.50 22.00 25 25B - -Habib-ADM Ltd 200 11.16 12.40 12.25 12.05 12.05 -0.35 6228 13.00 11.69 40 - - -Hussein Sugar 121 - 11.95 11.00 10.95 10.95 -1.00 237 13.65 9.00 - - - -J D W SugarSPOT 490 2.98 83.03 85.00 82.00 84.13 1.10 26825 92.50 71.00 7010B 12.5R - -Mehran SugarXDXB 157 3.32 56.55 58.00 56.00 56.20 -0.35 13920 68.49 52.60 35 20B - -Mirpurkhas Sugar 84 4.11 51.25 51.10 49.00 49.32 -1.93 1347 68.22 48.11 15 20B - -Mirza SugarSPOT 141 - 5.94 6.19 5.71 5.99 0.05 14753 7.18 4.55 10 - - -National Foods 414 21.51 58.22 59.95 57.50 57.65 -0.57 665 75.50 40.00 12 - - -Nestle Pakistan 453 31.37 2825.67 2949.55 2800.00 2856.13 30.46 156 2949.55 1830.00 450 - - -Noon Pakistan 48 3.40 24.20 25.00 23.01 23.79 -0.41 1514 27.30 17.51 12 - - -Noon Sugar 165 - 10.53 11.53 10.26 11.37 0.84 7502 14.84 9.00 - - - -Pangrio SugarSPOT 109 - 6.15 6.15 5.95 6.03 -0.12 8710 6.99 4.25 10 - - -Premier Sugar XD 38 4.03 42.95 41.50 41.00 41.42 -1.53 7200 53.81 34.29 10 - - -S S Oil 57 0.26 3.10 3.00 3.00 3.00 -0.10 3000 3.89 3.00 - - - -Sanghar Sugar XD 119 1.07 12.80 12.10 12.01 12.09 -0.71 39490 15.01 12.01 15 - - -Shahmurad SugarSPOT 211 7.06 11.05 11.10 10.75 10.80 -0.25 7052 13.50 9.85 10 - - -Shahtaj Sugar 120 - 68.20 71.60 64.79 67.99 -0.21 332 100.26 56.01 - - - -Shakarganj Mills 695 - 5.89 5.70 5.50 5.51 -0.38 39709 7.88 4.06 - - - -Tandlianwala 1177 375.09 42.51 42.50 40.39 41.26 -1.25 2520 42.52 29.00 - - - -Wazir Ali 80 - 7.95 8.95 7.50 7.50 -0.45 585 8.95 4.80 - - - -

Paid up Last 60 days 2010 2011

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

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,329.72 1,327.00 1,286.50 1,298.32 -31.40 -2.36

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

375,390 - - 6,768.53 mn 47,479.85 mn 1,332.88

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

4.66 1.18 25.35 20.42 4.38 1,298.32

Agriautos Ind 144 5.83 79.63 79.99 77.00 77.00 -2.63 41990 82.63 65.75 90 - - -Atlas Battery 101 5.73 198.04 199.00 191.00 191.91 -6.13 6767 204.40 151.50 100 20B - -Atlas Engineering Ltd 247 25.32 27.01 28.36 28.36 28.36 1.35 7705 28.36 15.00 - - - -Atlas Honda 626 9.56 132.00 131.99 128.52 131.88 -0.12 2193 143.80 96.00 - - - -Baluchistan Wheels Ltd. 133 6.14 34.40 32.68 32.68 32.68 -1.72 500 36.72 29.40 25 - - -Dewan Motors 890 - 2.30 2.39 2.21 2.22 -0.08 216359 2.89 1.20 - - - -General Tyre 598 20.70 24.05 24.99 23.72 24.01 -0.04 2404 26.74 21.00 20 - - -Ghandhara Nissan 450 3.29 4.90 4.99 4.70 4.74 -0.16 14204 5.67 4.12 - - - -Ghani Automobile Ind 200 7.19 4.61 5.49 4.60 4.60 -0.01 14613 5.75 4.01 - - - -Honda Atlas Cars 1428 - 12.23 12.45 12.11 12.19 -0.04 17753 13.40 10.80 - - - -Indus Motors 786 6.69 301.90 298.00 290.00 293.30 -8.60 13817 309.73 228.00 150 - - -Pak Suzuki 823 11.03 70.74 71.70 69.01 69.28 -1.46 29965 77.90 66.75 - - - -Sazgar Engineering 150 4.20 22.63 22.60 22.00 22.50 -0.13 7120 23.10 17.92 10 20B - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,580.72 1,588.61 1,530.19 1,541.36 -39.37 -2.49

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

95,523 - - 1,336.62 mn 33,482.18 mn 1,628.07

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

8.35 3.18 38.02 131.49 15.74 1,541.36

AL-Ghazi Tractor 215 5.52 235.10 235.00 229.30 230.57 -4.53 5441 244.95 200.00 150 - - -

Bolan Casting 104 - 44.85 45.50 45.00 45.33 0.48 2501 49.50 42.90 25 10B - -

Dewan Auto Engineering 214 - 1.21 1.40 0.74 1.20 -0.01 504 2.40 0.21 - - - -

Ghandhara Ind 213 11.68 13.00 12.76 12.52 12.61 -0.39 21000 14.60 10.55 - - - -

KSB Pumps 132 7.25 61.38 62.75 59.11 60.56 -0.82 4199 78.80 58.55 - - - -

Millat Tractors XB 366 6.91 543.69 545.99 526.07 528.23 -15.46 61639 568.40 444.00 650 25B - -

Pak Engineering 57 416.64 148.00 149.99 142.50 149.99 1.99 206 310.00 142.50 100 - - -

Paid up Last 60 days 2010 2011

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

1,068.60 1,079.84 1,045.85 1,053.52 -15.08 -1.41

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

203,594 - - 3,043.31 mn 39,351.61 mn 1,076.90

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

2.94 1.29 43.91 15.55 5.28 1,053.52

Cherat Papersack 115 2.67 76.10 78.00 74.55 75.02 -1.08 29717 83.23 39.72 20 25B - -

ECOPACK Ltd 230 - 2.60 2.71 2.57 2.68 0.08 57509 3.30 1.82 - - - -

Ghani Glass 1067 4.83 52.52 53.44 52.55 52.60 0.08 4701 56.45 45.30 25 10B - -

MACPAC Films 389 - 3.00 3.10 2.68 3.00 0.00 1495 4.05 2.20 - - - -

Merit Pack 47 62.90 26.15 27.45 25.00 25.16 -0.99 57906 27.90 16.05 - - - -

Packages Ltd 844 66.56 133.77 132.80 129.00 129.79 -3.98 12351 136.74 101.00 - - - -

Siemens Engineering 82 10.03 1210.74 1240.00 1200.00 1216.00 5.26 114 1381.00 1128.00 900 - - -

Tri-Pack Films 300 9.86 140.12 141.90 135.00 135.19 -4.93 39801 141.90 100.00 - - - -

Paid up Last 60 days 2010 2011

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

1,000.47 1,013.48 976.02 983.96 -16.51 -1.65

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

13,100,736 - - 54,792.74 mn 69,645.15 mn 1,026.43

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

7.82 0.56 7.10 19.04 2.43 983.96

Al-Abbas Cement 1828 - 3.24 3.44 3.15 3.20 -0.04 31306 3.98 2.80 - 100R - -

Attock Cement 866 6.37 61.19 61.65 60.30 60.50 -0.69 18215 65.99 57.60 50 - - -

Balochistan Glass Ltd 858 - 2.61 2.77 2.45 2.75 0.14 281 4.24 1.10 - - - -

Berger Paints 182 - 21.01 22.06 21.10 21.35 0.34 29160 24.16 15.00 - 122R - -

Bestway Cement 3257 - 15.53 15.00 14.54 15.00 -0.53 479 24.80 14.02 - - - -

Cherat Cement 956 25.00 11.00 11.10 11.00 11.00 0.00 5700 12.75 10.00 - - - -

Dadabhoy Cement 982 14.15 1.81 2.05 1.82 1.84 0.03 30213 2.49 1.31 - - - -

Dewan Cement 3891 - 2.19 2.42 2.06 2.09 -0.10 366749 3.10 1.43 - - - -

DG Khan Cement Ltd 3651 123.33 30.20 30.50 29.20 29.60 -0.60 4268469 32.30 26.60 - 20R - -

EMCO Ind 350 3.57 4.00 3.20 3.00 3.00 -1.00 16610 4.00 2.27 - - - -

Fauji Cement 6933 15.03 5.07 5.15 4.95 4.96 -0.11 333527 5.55 4.72 - - - -

Fecto Cement 502 3.78 7.35 7.25 7.25 7.25 -0.10 5362 8.20 5.05 - - - -

Flying Cement Ltd 1760 - 1.85 1.94 1.83 1.86 0.01 153801 2.25 1.60 - - - -

Frontier Ceramics 77 - 1.59 2.47 1.52 1.61 0.02 203 5.00 1.18 - - - -

Gharibwal Cement 2319 - 6.73 7.49 5.73 6.02 -0.71 20247 9.19 2.70 - - - -

Kohat Cement 1288 - 6.26 6.34 6.25 6.26 0.00 22704 8.70 5.80 - - - -

Lafarge Pakistan Cmt. 13126 - 3.60 3.77 3.45 3.51 -0.09 6615402 3.88 2.79 - - - -

Lucky Cement 3234 6.67 75.27 76.20 74.02 74.27 -1.00 945608 79.98 70.75 40 - - -

Maple Leaf Cement 5261 1.26 2.75 2.80 2.70 2.71 -0.04 217285 3.30 2.66 - - - -

Pioneer Cement 2228 - 6.84 7.00 6.82 6.88 0.04 13687 8.50 6.52 - - - -

Safe Mix Concrete 200 - 6.99 7.30 6.03 6.90 -0.09 2009 7.95 5.25 - - - -

Shabbir Tiles 361 - 8.55 8.06 8.00 8.00 -0.55 5031 9.60 6.30 - - - -

Thatta Cement 798 448.50 17.99 17.94 17.10 17.94 -0.05 501 22.24 17.02 - 50R - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

1,095.09 1,120.28 1,063.67 1,083.67 -11.42 -1.04

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

324,936 - - 3,596.11 mn 10,490.75 mn 1,118.41

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

3.60 1.19 33.10 30.91 8.60 1,083.67

Crescent Steel 565 4.53 28.61 29.20 28.50 28.97 0.36 128538 30.60 24.00 30 - - -

Dost Steels Ltd 675 - 2.61 2.98 2.60 2.70 0.09 141188 3.39 2.50 - - - -

Huffaz Pipe 555 9.36 15.28 15.50 14.95 14.97 -0.31 22503 16.51 12.85 - - - -

International Ind 1199 11.74 57.38 58.00 55.11 56.36 -1.02 23403 62.20 44.00 40 20B - -

Metro Steel 310 - 9.50 10.50 10.50 10.50 1.00 697 10.50 5.61 - - - -

Siddiqsons Tin 785 10.72 9.99 10.70 9.35 9.43 -0.56 8607 10.70 8.19 7.5 - - -

Paid up Last 60 days 2010 2011

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,190.33 1,195.13 1,172.90 1,184.71 -5.62 -0.47

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

80,203 - - 1,186.83 mn 3,283.06 mn 1,227.62

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

6.06 0.45 7.47 25.28 4.17 1,184.71

Century Paper 707 - 17.79 17.95 17.60 17.90 0.11 74106 19.69 15.28 - - - -

Pak Paper Product 50 8.46 44.50 45.00 43.51 44.01 -0.49 993 48.90 39.00 2533.33B - -

Security Paper 411 6.71 44.01 44.00 43.28 43.50 -0.51 5104 47.70 38.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,590.44 1,603.72 1,559.65 1,570.40 -20.05 -1.26

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

71,549,281 - - 52,251.88 mn 350,137.63 mn 1,617.42

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

9.67 3.39 35.00 48.81 5.05 1,570.40

Agritech Limited 3924 8.37 23.20 23.95 23.00 23.11 -0.09 60392 24.85 20.26 - - - -

BOC (Pak) 250 13.88 102.00 102.00 100.00 101.01 -0.99 24544 103.94 75.00 15 - - -

Clariant Pak 273 6.82 187.14 189.88 177.80 178.46 -8.68 24119 209.98 149.72 - - - -

Dawood Hercules 1203 8.32 208.04 209.00 200.01 200.76 -7.28 52920 215.00 165.73 40 - - -

Descon Chemical 1996 - 3.01 3.23 2.95 2.98 -0.03 57776 3.74 2.11 - - - -

Descon Oxychem Ltd. 1020 - 8.39 8.69 8.30 8.33 -0.06 87807 9.25 3.92 - - - -

Dewan Salman 3663 - 3.12 3.20 3.01 3.03 -0.09 1035025 4.24 1.47 - - - -

Engro Corporation Ltd 3277 11.56 211.62 214.50 209.50 210.41 -1.21 2585329 222.80 174.70 40 - - -

Engro Polymer 6635 - 14.41 14.71 14.24 14.45 0.04 512778 15.87 13.00 - - - -

Fatima Fertilizer 22000 - 12.23 12.42 12.10 12.27 0.04 3935612 12.64 9.16 - - - -

Fauji Fertilizer 6785 10.77 150.11 150.90 147.50 148.57 -1.54 4662532 156.11 106.01 95 - - -

Fauji Fert.Bin Qasim 9341 7.92 42.14 42.46 41.40 41.97 -0.17 11972404 43.99 30.18 17.5 - - -

Gatron Ind 384 2.68 51.00 50.00 48.50 50.00 -1.00 521 51.00 39.00 20 - - -

Ghani Gases Ltd 725 8.86 12.01 12.05 11.51 11.70 -0.31 64938 13.07 11.00 - - - -

ICI Pakistan 1388 8.58 154.98 156.70 151.87 152.27 -2.71 119372 158.49 123.50 55 - - -

Lotte Pakistan 15142 5.45 16.19 16.33 15.19 15.25 -0.94 49742104 16.49 10.07 - - - -

Mandviwala 74 - 1.50 1.87 1.40 1.40 -0.10 235 2.50 0.80 - - - -

Nimir Ind Chemical 1106 - 1.89 1.95 1.75 1.79 -0.10 486805 2.74 1.36 - - - -

Shaffi Chemical 120 - 2.43 2.39 2.15 2.31 -0.12 2123 3.40 1.80 - - - -

Sitara Peroxide 551 14.67 13.50 13.64 13.42 13.50 0.00 112878 14.69 10.00 - - - -

United Distributors 92 - 11.77 12.77 11.07 12.48 0.71 1101 12.77 8.51 - - - -

Wah-Noble 90 7.32 38.50 38.20 38.01 38.05 -0.45 1300 41.99 32.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

976.79 980.38 961.31 969.88 -6.91 -0.71

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

60,001 - - 3,904.20 mn 32,495.75 mn 989.66

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

7.53 1.68 22.31 44.54 5.92 969.88

Abbott (Lab) 979 9.30 106.17 106.80 105.00 106.15 -0.02 8078 112.50 89.88 20 - - -

Ferozsons (Lab) 250 6.84 91.40 92.75 90.00 90.51 -0.89 675 94.90 82.20 - 20B - -

GlaxoSmithKline 1707 14.69 82.32 82.50 81.00 81.66 -0.66 12064 89.98 69.00 - - - -

Highnoon (Lab) 165 7.78 28.49 29.00 28.05 28.08 -0.41 1124 30.48 23.50 - - - -

IBL HealthCare Ltd 200 7.24 9.18 9.25 8.52 8.98 -0.20 8214 9.36 7.16 - - - -

Sanofi-Aventis 96 12.49 155.75 158.00 149.00 157.01 1.26 241 158.00 116.00 - - - -

Searle Pak 306 5.68 65.71 63.95 63.00 63.15 -2.56 29600 69.00 59.00 30 - - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

746.17 776.32 729.84 765.59 19.41 2.60

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

394,697 - - 3,242.17 mn 13,315.67 mn 765.59

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

5.71 1.46 25.53 11.08 1.94 717.01

Pak Int Cont.Terminal 1092 7.49 72.12 75.72 70.50 74.90 2.78 388264 77.77 67.25 40 - - -

PNSC 1321 40.22 37.67 38.00 36.86 37.00 -0.67 6433 39.45 32.36 15 - - -

Paid up Last 60 days 2010 2011

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

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

BOOK CLOSURES

Chashma Sugar Mills 21-Jan 30-Jan 10 13-01-2010 31-Jan

The Premier Sugar Mills 21-Jan 30-Jan 10 13-01-2010 31-Jan

National Savings Banks 21-Jan 29-Jan - - -

Pangrio Sugar Mills 22-Jan 31-Jan 10 14-Jan 31-Jan

Fecto Sugar Mills 22-Jan 29-Jan - - 29-Jan

Thal Ind. Corp 22-Jan 28-Jan 15 14-Jan 28-Jan

Baba Farid Sugar Mills 22-Jan 29-Jan - - 29-Jan

Al-Noor Sugar Mills 22-Jan 02-Feb 50 14-Jan 28-Jan

Shahmurad Sugar Mills 22-Jan 02-Feb 10 14-Jan 28-Jan

Quetta Tex Mills # 22-Jan 29-Jan - - 29-Jan

KASB Securities # 22-Jan 28-Jan - - 28-Jan

D.M. Textile Mills # - - - - 31-Jan

Adam Sugar Mills 23-Jan 31-Jan 25 14-Jan 29-Jan

Faran Sugar Mills 23-Jan 30-Jan 25 14-Jan 27-Jan

Sakrand Sugar Mills 24-Jan 31-Jan - - 31-Jan

Bawany Sugar Mills 24-Jan 31-Jan - - 31-Jan

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Johnson & Philips 8.6 9.6 8.5 9.51 0.91 11089

Pakistan Cables 54.5 54.1 54 54.1 -0.4 501

TRG Pakistan Ltd. 3.53 3.6 3.36 3.4 -0.13 978379

Murree Brewery Co. 90 92 86.1 86.89 -3.11 8834

Shakarganj Food 1.3 1.13 1.1 1.12 -0.18 6500

Shezan International 141.79 148.87 134.71 145.02 3.23 239624

Grays of Cambridge 47 47.74 47 47.74 0.74 110

Lakson Tobacco 292.67 296.99 285 294 1.33 125

Pak Tobacco 118.04 119.5 114.25 117.08 -0.96 252712

Shifa Int.Hospitals 31.01 32.4 31 31.04 0.03 15050

Eye Television 20.51 21.53 20 20.8 0.29 97235

Pak Hotels 39.51 41.48 37.54 37.79 -1.72 230

P.I.A.C.(A) 2.51 2.48 2.4 2.42 -0.09 95001

AKD Capital Limited 47.68 48.98 46.05 46.11 -1.57 1297

Pace (Pak) Ltd. 3.32 3.42 3.1 3.13 -0.19 1137518

Netsol Technologies 24.21 24.4 23 23.11 -1.1 1966871

Symbols Open High Low Close Change Vol

Friday, January 21, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -165.74 points at 12,411.87. Volume

was 73 per cent above average and Bollinger Bands were 44 per

cent wider than normal. As far as resistance level is concern, the

market will see major 1st resistance level at 12,555.90 and 2nd

resistance level at 12,699.90, while Index will continue to find its 1st

support level at 12,327.45 and 2nd support level at 12,243.05.

KSE 100 INDEX is currently 18.5 per cent above its 200-day moving

average and is displaying an upward trend. Volatility is extremely

high when compared to the average volatility over the last 10 trading

sessions. Volume indicators reflect moderate flows of volume into

INDEX (mildly bullish). Trend forecasting oscillators are currently

bullish on INDEX.

RSI (14-day) 62.78 Support 1 12,327.45

MA (5-day) 12,572.62 Support 2 12,243.05

MA (10-day) 12,456.68 Resistance 1 12,555.90

MA (100-day) 10,902.92 Resistance 2 12,699.90

MA (200-day) 10,475.65 Pivot 12,471.50

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed down -0.17 at 41.97. Volume was 164 per cent above aver-

age (trending) and Bollinger Bands were 139 per cent wider than normal.

FFBL is currently 37.3 per cent above its 200-day moving average and is

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

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

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

tors are currently bullish on FFBL. Momentum oscillator is currently indicat-

ing that FFBL is currently in an overbought condition.

*Arif Habib Ltd 37 Sell

AKD Securities Ltd 32.06 Accumulate

TFD Research 29.1 Negative

RSI (14-day) 71.83 Free Float Shares (mn) 326.94

MA (10-day) 40.24 Free Float Rs (mn) 13,721.61

MA (100-day) 32.38 ** NOI Rs (mn) 118.90

MA (200-day) 30.58 Mean 41.99

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed down -2.82 at 68.41. Volume was 46 per cent above average

and Bollinger Bands were 51 per cent wider than normal.

NML is currently 31.3 per cent above its 200-day moving average and is

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

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

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

ing oscillators are currently bullish on NML.

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Neutral

RSI (14-day) 59.07 Free Float Shares (mn) 175.80

MA (10-day) 69.11 Free Float Rs (mn) 12,026.47

MA (100-day) 54.73 ** NOI Rs (mn) 90.21

MA (200-day) 52.10 Mean 69.75

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

Technical Analysis Leverage Position

Fauji Fertiliser Co

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFC closed down -1.54 at 148.57. Volume was 266 per cent above aver-

age (trending) and Bollinger Bands were 312 per cent wider than normal.

FFC is currently 33.1 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on FFC. Momentum oscillator is currently

indicating that FFC is currently in an overbought condition.

*Arif Habib Ltd 164.1 Buy

AKD Securities Ltd 122.1 Accumulate

TFD Research 114.33 Negative

RSI (14-day) 76.18 Free Float Shares (mn) 373.19

MA (10-day) 141.62 Free Float Rs (mn) 55,444.82

MA (100-day) 113.87 ** NOI Rs (mn) 89.49

MA (200-day) 111.56 Mean 149.27

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed down -0.60 at 29.60. Volume was 19 per cent below aver-

age and Bollinger Bands were 38 per cent narrower than normal.

DGKC is currently 10.0 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 moderate flows of volume into DGKC (mildly bullish). Trend fore-

casting oscillators are currently bearish on DGKC.

*Arif Habib Ltd 37 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 44.78 Free Float Shares (mn) 182.55

MA (10-day) 30.53 Free Float Rs (mn) 5,403.47

MA (100-day) 27.68 ** NOI Rs (mn) 58.24

MA (200-day) 26.90 Mean 29.88

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

Technical Analysis Leverage Position

Pakistan Telecommunication Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

PTC closed down -0.62 at 19.41. Volume was 93 per cent above average

and Bollinger Bands were 9 per cent narrower than normal.

PTC is currently 0.0 per cent below its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

ing oscillators are currently bullish on PTC.

*Arif Habib Ltd 24.7 Buy

AKD Securities Ltd 24.04 Buy

TFD Research 30.5 Positive

RSI (14-day) 48.49 Free Float Shares (mn) 585.00

MA (10-day) 19.59 Free Float Rs (mn) 11,354.84

MA (100-day) 19.08 ** NOI Rs (mn) 15.44

MA (200-day) 19.42 Mean 19.75

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

Technical Analysis Leverage Position

Hub Power Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

HUBC closed down -1.48 at 38.24. Volume was 69 per cent above aver-

age and Bollinger Bands were 62 per cent wider than normal.

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

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

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

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

casting oscillators are currently bullish on HUBC.

*Arif Habib Ltd 50 Buy

AKD Securities Ltd 44 Buy

TFD Research 44.9 Positive

RSI (14-day) 50.85 Free Float Shares (mn) 810.01

MA (10-day) 39.29 Free Float Rs (mn) 30,974.71

MA (100-day) 35.53 ** NOI Rs (mn) 3.54

MA (200-day) 34.77 Mean 38.97

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed down -1.54 at 76.24. Volume was 39 per cent below average

and Bollinger Bands were 25 per cent wider than normal.

NBP is currently 11.7 per cent above its 200-day moving average and is

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

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

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

ing oscillators are currently bullish on NBP.

*Arif Habib Ltd 85 Hold

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 54.63 Free Float Shares (mn) 318.44

MA (10-day) 77.87 Free Float Rs (mn) 24,278.19

MA (100-day) 67.87 ** NOI Rs (mn) 118.07

MA (200-day) 68.23 Mean 77.07

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,415.29 1,423.94 1,380.68 1,391.80 -23.49 -1.66

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

6,529,078 - - 29,771.58 mn 18,784.21 mn 1,418.25

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

20.20 0.45 2.21 104.74 8.06 1,391.13

1st Fid Leasing 264 9.38 1.60 1.80 1.50 1.50 -0.10 2510 2.00 1.18 - - - -

Allied Rental 600 3.25 15.30 15.35 15.35 15.35 0.05 500 16.00 14.01 22.5 - - -

AL-Meezan Mutual F. 1375 7.23 8.76 8.70 8.67 8.67 -0.09 24494 9.15 6.05 18.5 - - -

B F Modaraba 75 2.37 3.60 3.60 3.60 3.60 0.00 2859 4.20 2.89 - 10B - -

B R R Guardian Mod. 780 3.93 1.75 1.75 1.57 1.73 -0.02 8450 2.79 1.00 0 - - -

Constellation Modaraba 65 3.41 1.53 1.99 1.50 1.50 -0.03 656 1.99 0.93 - - - -

Equity Modaraba 524 12.56 2.15 2.59 1.96 2.01 -0.14 153670 2.98 1.05 - - - -

First Dawood Mutual F. 581 0.69 2.19 2.38 2.15 2.17 -0.02 18203 2.39 1.30 - - - -

Golden Arrow 760 2.50 3.54 3.50 3.35 3.50 -0.04 436671 3.60 2.56 17 - - -

H B L Modaraba 397 2.78 8.50 8.45 8.06 8.34 -0.16 6364 9.00 5.11 11 - - -

Habib Modaraba 1008 6.03 7.00 7.00 6.99 7.00 0.00 61669 7.10 5.95 21 - - -

I B L Modaraba 202 19.36 2.12 2.50 1.62 2.13 0.01 489 3.69 1.06 3 - - -

JS Growth Fund 3180 71.88 5.90 6.00 5.75 5.75 -0.15 4114329 6.10 2.65 5 - - -

JS Value Fund 1186 19.46 5.50 5.50 5.38 5.45 -0.05 1300049 5.56 2.31 10 - - -

Meezan Balanced Fund 1200 7.27 7.75 7.76 7.55 7.56 -0.19 35031 8.25 5.15 15.5 - - -

Mod Al-Mali 184 17.60 1.95 2.18 1.76 1.76 -0.19 10808 2.50 0.61 - - - -

Nat Bank Modaraba 250 6.02 6.24 6.50 6.20 6.50 0.26 1206 7.74 4.50 10 - - -

Pak Modaraba 125 5.50 1.04 1.44 1.01 1.10 0.06 3007 2.00 0.46 3 - - -

PICIC Energy Fund 1000 2.03 7.24 7.34 7.00 7.00 -0.24 118900 7.80 5.25 10 - - -

PICIC Growth Fund 2835 9.09 14.32 14.34 14.05 14.18 -0.14 71696 15.06 7.90 20 - - -

PICIC Inv Fund 2841 7.45 6.90 6.75 6.50 6.56 -0.34 128296 7.14 3.52 10 - - -

Prud Modaraba 1st 872 2.30 1.01 1.01 1.01 1.01 0.00 424 1.20 0.81 3 - - -

Punjab Modaraba 340 - 1.40 1.49 1.40 1.41 0.01 610 2.54 0.50 1 - - -

Stand Chart Modaraba 454 4.71 9.75 9.65 9.50 9.60 -0.15 16896 10.29 8.50 17 - - -

Tri-Star 1st Modaraba 212 - 1.34 1.40 1.10 1.40 0.06 4300 3.90 0.95 - - - -

Tri-Star Mutual 50 3.78 0.95 1.40 1.06 1.36 0.41 1968 2.45 0.86 - - - -

U D L Modaraba 264 1.72 6.12 6.14 6.05 6.05 -0.07 4915 6.55 4.71 12.5 - - -

Paid up Last 60 days 2010 2011

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

417.96 431.50 406.37 410.54 -7.43 -1.78

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

6,023,267 - - 30,336.44 mn 19,109.50 mn 444.07

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

11.85 0.28 0.91 99.56 3.28 410.54

AMZ Ventures 225 1.45 0.64 0.75 0.60 0.64 0.00 601 0.95 0.33 - - - -

Arif Habib Investments 360 3.82 18.40 19.40 18.66 19.40 1.00 180897 19.98 16.00 - 20B - -

Arif Habib Limited 450 13.53 26.97 27.30 26.30 26.51 -0.46 71568 28.95 24.40 - 20B - -

Arif Habib Corp 3750 4.97 28.32 29.05 26.91 27.01 -1.31 5206697 30.20 22.80 30 - - -

Cap Assets Leasing 107 1.16 1.45 1.49 0.51 1.49 0.04 101 2.49 0.51 - - - -

Dawood Equities 250 - 2.08 2.24 2.05 2.06 -0.02 46002 2.75 1.28 - - - -

Escorts Bank 441 - 2.50 2.49 2.31 2.49 -0.01 1389 3.80 2.00 - - - -

First National Equity 575 - 7.29 7.40 7.34 7.38 0.09 961 10.70 6.57 - - - -

IGI Investment Bank 2121 15.19 2.60 2.75 2.40 2.43 -0.17 4836 3.90 1.50 - - - -

Invest and Fin Sec 600 780.00 7.96 8.89 7.60 7.80 -0.16 11102 8.89 6.16 11.5 - - -

Invest Bank 2849 - 0.72 0.86 0.60 0.63 -0.09 33407 1.09 0.53 - - - -

Ist Cap Securities 3166 - 3.39 3.50 3.22 3.25 -0.14 19110 4.49 2.95 - 10B - -

Ist Dawood Bank 626 0.63 1.84 1.81 1.75 1.75 -0.09 14410 2.25 1.05 - - - -

Jah Siddiq Co 7633 - 11.60 11.99 11.31 11.40 -0.20 5182907 14.05 9.54 10 - - -

JOV and CO 508 - 4.01 4.09 3.91 3.97 -0.04 182499 5.38 2.20 - - - -

JS Global Cap 500 7.52 28.31 29.58 27.75 27.97 -0.34 5273 32.37 25.11 - - - -

JS Investment 1000 28.13 6.86 7.10 6.70 6.75 -0.11 70806 7.59 5.80 - - - -

KASB Securities 1000 - 4.96 4.98 4.70 4.70 -0.26 13708 5.43 3.86 - - - -

Orix Leasing 821 4.64 6.35 6.31 6.26 6.31 -0.04 928 7.29 5.02 - - - -

Pervez Ahmed Sec 775 - 2.06 2.16 2.01 2.05 -0.01 155426 2.70 1.68 - - - -

Saudi Pak Leasing 452 - 0.79 0.80 0.66 0.79 0.00 218 0.97 0.46 - - - -

Stand Chart Leasing 978 5.50 2.66 2.68 2.50 2.64 -0.02 1505 3.00 2.25 - - - -

Trust Brokerage 100 - 2.49 3.47 1.49 2.39 -0.10 25579 3.75 1.42 - - - -

Paid up Last 60 days 2010 2011

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

864.28 878.82 841.67 845.07 -19.21 -2.22

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

34,996 - - 2,290.72 mn 9,895.60 mn 895.00

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

5.83 3.66 3.85 355.53 3.74 845.07

American Life 500 6.02 18.00 18.00 17.00 18.00 0.00 310 19.85 16.03 - - - -

EFU Life Assurance 850 40.20 74.45 75.00 70.73 70.75 -3.70 34685 86.95 62.75 - - - -

Paid up Last 60 days 2010 2011

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,220.69 1,236.51 1,189.60 1,195.37 -25.32 -2.07

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

26,146,634 - - 257,548.02 mn 717,673.50 mn 1,241.92

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

8.55 1.19 13.94 40.49 4.74 1,195.37

Allied Bank Limited 7821 6.75 71.37 71.99 69.00 69.45 -1.92 186590 74.00 54.50 20 - - -

Askari Bank 6427 8.66 18.48 18.80 18.15 18.19 -0.29 620130 19.25 14.96 - - - -

Bank Alfalah 13492 14.32 11.36 11.55 11.06 11.17 -0.19 1673210 11.93 9.03 - - - -

Bank AL-Habib 7322 8.09 37.75 38.00 37.45 37.53 -0.22 1180518 39.49 31.44 - - - -

Bank Of Khyber 5004 5.40 4.10 4.39 4.05 4.05 -0.05 20049 4.70 2.76 - - - -

Bank Of Punjab 5288 - 9.29 9.93 9.21 9.33 0.04 12289510 10.59 8.10 - - - -

BankIslami Pak 5280 990.00 4.10 4.18 3.86 3.96 -0.14 85433 4.50 3.00 - - - -

Faysal Bank 7309 4.98 15.71 15.98 15.40 15.43 -0.28 138372 17.10 14.01 - 20B - -

Habib Bank Ltd 10019 7.68 124.49 125.25 122.83 123.03 -1.46 54899 128.97 100.05 - - - -

Habib Metropolitan Bank 8732 8.28 27.76 29.10 27.00 27.09 -0.67 197876 29.28 19.30 - - - -

JS Bank Ltd 8150 - 2.46 2.59 2.40 2.43 -0.03 245676 3.00 2.32 - 66R - -

KASB Bank Ltd 9509 - 2.03 2.11 2.01 2.05 0.02 727222 2.80 1.95 - - - -

MCB Bank Ltd 7602 10.30 239.32 241.89 231.20 232.44 -6.88 1325614 250.48 198.60 55 - - -

Meezan Bank 6983 10.20 19.04 19.45 18.65 19.27 0.23 271047 20.30 14.50 - - - -

Mybank Ltd 5304 - 3.11 3.40 3.02 3.03 -0.08 114612 3.40 1.90 - - - -

National Bank 13455 6.66 77.78 78.25 76.00 76.24 -1.54 2612790 80.61 63.53 - - - -

NIB Bank 40437 - 3.05 3.10 2.92 2.94 -0.11 976359 3.35 2.59 - - - -

Samba Bank 14335 - 2.02 2.06 2.01 2.02 0.00 94522 2.65 1.51 -63.46R - -

Silkbank Ltd 26716 - 2.71 2.78 2.60 2.65 -0.06 1405160 3.05 2.50 - - - -

Soneri Bank 6023 - 7.44 7.58 7.27 7.29 -0.15 42667 8.48 6.24 - - - -

Stand Chart Bank 38716 12.62 8.28 8.44 8.20 8.20 -0.08 34623 9.04 6.15 - - - -

Summit Bank Ltd 5000 - 4.22 4.20 4.01 4.04 -0.18 71681 4.63 2.70 - - - -

United Bank Ltd 12242 8.00 68.86 69.07 67.78 68.07 -0.79 1849755 70.65 53.15 10 - - -

Paid up Last 60 days 2010 2011

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

803.84 819.09 791.04 799.37 -4.47 -0.56

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

3,842,979 - - 11,111.34 mn 49,186.99 mn 826.44

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

13.41 0.70 5.20 79.54 5.93 799.37

Adamjee Insurance 1237 26.47 91.36 93.95 90.00 91.33 -0.03 2361673 96.35 66.50 10 - - -

Paid up Last 60 days 2010 2011

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,648.07 1,651.90 1,588.74 1,598.54 -49.53 -3.01

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

497,314 - - 12,202.80 mn 34,131.38 mn 1,657.24

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

10.17 1.16 11.41 66.79 6.57 1,548.85

Sui North Gas 5491 8.34 28.89 28.99 27.89 28.01 -0.88 280674 34.75 25.71 20 - - -Sui South Gas 8390 3.37 23.03 23.05 22.16 22.35 -0.68 216640 29.15 19.95 15 25B - -

Paid up Last 60 days 2010 2011

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,371.09 1,380.52 1,323.59 1,330.12 -40.97 -2.99

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

7,631,828 - - 95,369.29 mn 109,413.88 mn 1,407.79

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

14.74 1.38 9.35 104.13 7.06 1,330.12

Genertech 198 - 0.90 0.95 0.76 0.84 -0.06 12127 1.18 0.73 - - - -Hub Power 11572 7.00 39.72 39.85 38.06 38.24 -1.48 3114529 41.20 33.15 50 - - -Japan Power 1560 - 1.84 1.84 1.72 1.73 -0.11 482048 2.25 1.50 - - - -KESC 7932 - 3.01 3.10 2.95 2.98 -0.03 926103 3.55 2.07 - 7.8R - -Kohinoor Power 126 2.68 4.59 4.56 4.24 4.40 -0.19 11900 5.39 4.01 - - - -Kot Addu Power 8803 5.24 44.12 44.41 43.00 43.11 -1.01 870865 45.85 39.00 50 - - -Nishat Chunian Power Ltd 3673 3.62 16.82 17.20 16.34 16.51 -0.31 450744 18.01 12.10 - - - -Nishat Power Ltd 3541 28.63 18.00 18.49 17.60 17.75 -0.25 1561484 18.70 13.05 - - - -S G Power 178 - 0.99 0.80 0.80 0.80 -0.19 500 1.65 0.50 - - - -Sitara Energy Ltd 191 3.39 18.89 18.36 17.89 18.18 -0.71 2011 19.60 17.89 20 - - -Southern Electric 1367 - 2.22 2.25 2.19 2.19 -0.03 174806 2.80 2.05 - - - -Tri-star Power XD 150 - 0.89 1.10 0.82 0.84 -0.05 24705 1.75 0.75 - - - -

Paid up Last 60 days 2010 2011

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

1,181.57 1,193.69 1,143.22 1,147.94 -33.63 -2.85

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

4,537,751 - - 50,077.79 mn 79,260.03 mn 1,198.06

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

6.24 0.80 12.84 62.56 10.03 1,147.94

Pak Datacom 78 4.88 80.00 80.00 79.00 79.01 -0.99 1253 98.99 76.50 80 - - -Pakistan Telecomm Co A 37740 12.94 20.03 20.20 19.35 19.41 -0.62 3793834 20.65 18.21 17.5 - - -Telecard 3000 0.66 2.22 2.30 2.19 2.22 0.00 321368 2.67 2.12 1 - - -WorldCall Tele 8606 - 2.90 2.97 2.82 2.86 -0.04 421296 3.45 2.40 - - - -Wateen Telecom Ltd 6175 - 4.01 4.08 3.56 3.66 -0.35 447895 4.65 3.35 - - - -

Paid up Last 60 days 2010 2011

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

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

Ask Gen Insurance 204 6.64 10.72 10.95 10.32 10.95 0.23 2504 12.75 10.00 - 25R - -

Atlas Insurance 369 6.20 39.55 39.74 38.90 39.00 -0.55 12351 40.00 32.10 - - - -

Central Insurance XB 279 9.32 81.05 82.50 81.00 82.00 0.95 7749 83.00 50.10 10 10B - -

Century Insurance 457 6.88 11.00 11.44 10.87 11.01 0.01 1305 12.00 9.65 - - - -

Crescent Star Insurance 121 - 4.05 4.49 3.82 3.87 -0.18 5643 5.82 3.10 - - - -

EFU General Insurance 1250 - 43.21 43.67 41.05 41.35 -1.86 127862 48.63 39.48 - - - -

Habib Insurance 400 3.21 14.30 13.67 13.50 13.50 -0.80 12376 15.50 10.60 - - - -

IGI Insurance 718 16.70 90.63 91.00 90.00 90.02 -0.61 7500 99.88 80.00 10 20B - -

New Jub Insurance 791 16.39 60.00 60.99 60.00 60.80 0.80 700 61.80 53.38 - - - -

Pak Reinsurance 3000 45.74 17.63 18.34 17.65 17.84 0.21 1290118 19.40 14.00 - - - -

Pak Gen Insurance 250 1.82 8.09 8.15 7.65 7.71 -0.38 1007 8.50 5.56 - - - -

PICIC Ins Ltd 350 - 9.97 9.70 9.61 9.70 -0.27 1731 10.75 2.43 - - - -

Premier Insurance 303 6.48 11.81 12.00 11.72 11.98 0.17 4250 12.93 9.00 - - - -

Reliance Insurance XB 252 4.08 6.57 6.65 6.55 6.65 0.08 2000 7.68 6.15 - - - -

Shaheen Insurance 200 - 12.00 12.05 12.00 12.04 0.04 700 14.53 11.65 - - - -

Silver Star Insurance 253 4.66 7.20 7.50 7.10 7.50 0.30 1001 8.20 6.01 - - - -

United Insurance XB 400 2.30 6.72 7.12 7.00 7.00 0.28 2500 7.40 4.75 - - - -

UP TO 100 VOLUME

APOT 4.50 4.50 4.50 4.50 0.00 100

FANM 3.15 3.18 3.18 3.18 0.03 100

SASML 9.50 9.50 9.50 9.50 0.00 100

MLCFPS 5.00 5.00 5.00 5.00 0.00 99

KSTM 0.60 0.90 0.63 0.90 0.30 95

AASM 31.99 30.52 30.50 30.50 -1.49 91

ILTM 137.27 131.00 131.00 131.00 -6.27 90

SALT 65.00 62.00 62.00 62.00 -3.00 90

ULEVER 4577.17 4675.00 4452.00 4589.00 11.83 86

MUCL 14.30 15.00 15.00 15.00 0.70 78

MFFL 81.44 82.99 82.99 82.99 1.55 51

ALNRS 52.75 51.99 51.99 51.99 -0.76 50

MUBT 1.29 1.00 1.00 1.00 -0.29 40

HINO 132.64 134.00 128.00 133.75 1.11 33

PGCL 27.00 28.20 25.66 25.66 -1.34 29

MEHT 66.80 69.80 64.00 64.03 -2.77 22

ARPAK 12.15 11.15 11.15 11.15 -1.00 20

SITC 119.60 121.48 120.00 121.48 1.88 18

FECS 31.74 30.25 30.16 30.16 -1.58 15

HADC 0.69 0.69 0.52 0.67 -0.02 15

UPFL 1160.00 1201.00 1110.00 1115.00 -45.00 14

CLOV 73.21 74.95 70.07 70.08 -3.13 13

AZAMT 2.63 2.63 2.20 2.57 -0.06 11

GRYL 2.41 2.50 1.51 2.50 0.09 11

DMTM 7.94 8.90 7.50 7.50 -0.44 10

OLTM 2.00 2.20 2.20 2.20 0.20 10

ASIC 16.00 15.00 15.00 15.00 -1.00 9

RMPL 2182.60 2273.95 2190.00 2217.98 35.38 9

GVGL 28.00 28.00 26.60 26.60 -1.40 8

FZTM 392.50 409.00 388.00 399.33 6.83 7

KOHS 3.17 3.51 3.51 3.51 0.34 7

DIIL 10.61 11.61 10.11 10.12 -0.49 6

ICL 27.91 26.56 26.52 26.56 -1.35 6

MFTM 1.20 1.35 1.00 1.00 -0.20 6

FECM 2.61 2.90 2.90 2.90 0.29 5

IDEN 14.00 14.00 14.00 14.00 0.00 5

WYETH 984.25 1030.00 1030.00 1030.00 45.75 5

BUXL 12.50 13.49 11.64 12.95 0.45 4

BAWS 5.50 6.00 5.02 5.02 -0.48 3

DCM 1.50 1.75 1.50 1.75 0.25 3

CSUML 3.45 3.75 3.32 3.32 -0.13 2

GUSM 7.00 7.50 6.85 6.85 -0.15 2

JKSM 6.20 6.99 5.30 6.15 -0.05 2

KASBM 1.78 2.70 1.82 1.82 0.04 2

SJTM 1.24 0.57 0.41 0.57 -0.67 2

YOUW 1.64 1.60 1.26 1.60 -0.04 2

AGSML 5.50 6.50 6.50 6.50 1.00 1

BAPL 7.80 8.34 8.34 8.34 0.54 1

BCML 11.59 11.40 11.40 11.40 -0.19 1

CML 2.51 2.90 2.60 2.60 0.09 1

CSM 0.66 0.66 0.66 0.66 0.00 1

IDYM 194.95 200.00 199.95 199.95 5.00 1

ISIL 74.90 76.99 76.99 76.99 2.09 1

KOHE 19.03 19.03 19.03 19.03 0.00 1

KTML 5.32 5.35 5.35 5.35 0.03 1

MDTL 32.20 30.59 30.59 30.59 -1.61 1

NJLIC 43.63 45.80 45.80 45.80 2.17 1

PRET 27.87 29.25 29.25 29.25 1.38 1

PSEL 172.00 174.99 174.99 174.99 2.99 1

PTEC 2.00 2.34 2.34 2.34 0.34 1

STML 25.99 26.45 26.45 26.45 0.46 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

FFC-JAN 150.81 151.25 147.70 149.00 -1.81 3816500

NML-JAN 71.34 71.60 67.90 68.67 -2.67 2383000

FFBL-JAN 42.37 42.50 41.40 42.07 -0.30 1589000

POL-JAN 339.04 340.50 331.71 333.56 -5.48 916000

ENGRO-JAN 212.96 215.39 210.40 211.15 -1.81 521500

NBP-JAN 78.17 78.00 76.10 76.58 -1.59 425000

ANL-JAN 11.21 11.46 10.75 10.94 -0.27 373500

DGKC-JAN 30.32 30.58 29.50 29.74 -0.58 369000

PSO-JAN 307.10 306.15 301.00 302.62 -4.48 305500

MCB-JAN 240.36 241.80 232.55 233.30 -7.06 222000

AICL-JAN 92.02 94.40 90.50 91.36 -0.66 184000

BOP-JAN 9.35 10.35 9.35 9.37 0.02 161500

PPL-JAN 226.92 227.00 220.55 221.43 -5.49 157500

PTC-JAN 20.19 20.20 19.30 19.51 -0.68 99500

LUCK-JAN 75.87 75.98 74.30 74.76 -1.11 55000

UBL-JAN 69.43 68.60 67.90 68.09 -1.34 33000

NETSOL-JAN 24.39 24.65 23.18 23.23 -1.16 29500

OGDC-JAN 172.67 172.05 171.50 171.57 -1.10 19000

NCL-JAN 23.52 23.50 23.45 23.50 -0.02 5500

HUBC-JAN 40.00 39.55 38.65 38.65 -1.35 4500

Symbols Open High Low Close Change Vol

ZERO VOLUME

AABS 101.85 97.99 97.99 97.99 -3.86 0.00

BILF 1.67 1.60 1.60 1.60 -0.07 0.00

DYNO 11.37 11.24 11.24 11.24 -0.13 0.00

FCIBL 3.05 3.00 3.00 3.00 -0.05 0.00

FZCM 74.99 72.00 72.00 72.00 -2.99 0.00

GAMON 2.35 2.25 2.25 2.25 -0.10 0.00

HWQS 21.95 21.80 21.80 21.80 -0.15 0.00

JVDC 62.00 60.99 60.99 60.99 -1.01 0.00

LEUL 1.75 1.78 1.78 1.78 0.03 0.00

LPGL 13.86 13.48 13.48 13.48 -0.38 0.00

NATM 12.10 13.00 13.00 13.00 0.90 0.00

NMBL 1.71 1.69 1.69 1.69 -0.02 0.00

RCML 43.30 42.99 42.99 42.99 -0.31 0.00

SANE 5.45 5.20 5.20 5.20 -0.25 0.00

SFL 125.00 124.80 124.80 124.80 -0.20 0.00

SIBL 3.11 3.15 3.15 3.15 0.04 0.00

TATM 35.90 34.11 34.11 34.11 -1.79 0.00

TRIBL 2.00 1.99 1.99 1.99 -0.01 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 48.25 3.10 2.95 3.35 3.55 3.25

Allied Bank Limited 53.10 68.30 67.15 71.30 73.15 70.15

Attock Cement 35.16 60.00 59.45 61.35 62.15 60.80

Arif Habib Corp 54.15 26.25 25.50 28.40 29.80 27.65

Arif Habib Limited 50.27 26.10 25.70 27.10 27.70 26.70

Adamjee Insurance 58.58 89.55 87.80 93.50 95.70 91.75

Askari Bank 60.01 17.95 17.75 18.60 19.05 18.40

Azgard Nine 58.32 10.55 10.25 11.30 11.70 11.00

Attock Petroleum 75.37 375.60 371.75 383.95 388.45 380.10

Attock Refinery 60.32 135.20 132.60 141.70 145.60 139.10

Bank Al-Falah 55.06 10.95 10.75 11.45 11.75 11.25

BankIslami Pak 57.45 3.80 3.70 4.15 4.30 4.00

Bank.Of.Punjab 43.55 9.05 8.75 9.75 10.20 9.50

Dewan Cement 46.38 1.95 1.85 2.30 2.55 2.20

D.G.K.Cement 44.78 29.05 28.45 30.35 31.05 29.75

Dewan Salman 50.11 2.95 2.90 3.15 3.25 3.10

Dost Steels Ltd 50.35 2.55 2.40 2.90 3.15 2.75

EFU General Insurance 39.03 40.35 39.40 43.00 44.65 42.00

EFU Life Assurance 39.38 69.30 67.90 73.60 76.45 72.15

Engro Chemical 60.89 208.45 206.45 213.45 216.45 211.45

Faysal Bank 54.20 15.20 15.00 15.80 16.20 15.60

Fauji Cement 44.96 4.90 4.80 5.10 5.20 5.00

Fauji Fert Bin 71.83 41.40 40.90 42.50 43.00 41.95

Fauji Fertilizer 76.18 147.10 145.60 150.50 152.40 149.00

Habib Bank Ltd 54.54 122.15 121.30 124.55 126.10 123.70

Hub Power 50.85 37.60 36.95 39.40 40.50 38.70

ICI Pakistan 59.67 150.50 148.80 155.35 158.45 153.60

Indus Motors 71.37 289.55 285.75 297.55 301.75 293.75

J.O.V.and CO 48.63 3.90 3.80 4.05 4.15 4.00

Japan Power 50.18 1.70 1.65 1.80 1.90 1.75

JS Bank Ltd 40.81 2.35 2.30 2.55 2.65 2.45

Jah Siddiq Co 44.21 11.15 10.90 11.85 12.25 11.55

Kot Addu Power 53.99 42.60 42.10 44.00 44.90 43.50

K.E.S.C 54.02 2.90 2.85 3.05 3.15 3.00

Lotte Pakistan 62.25 14.85 14.45 16.00 16.75 15.60

Lucky Cement 44.45 73.45 72.65 75.65 77.00 74.85

MCB Bank Ltd 53.76 228.45 224.50 239.15 245.85 235.20

Maple Leaf Cement 37.54 2.70 2.65 2.80 2.85 2.75

National Bank 54.63 75.40 74.60 77.65 79.10 76.85

Nishat (Chunian) 49.32 22.75 22.45 23.65 24.20 23.35

Netsol Technologies 64.75 22.60 22.10 24.00 24.90 23.50

NIB Bank 47.59 2.90 2.80 3.05 3.15 3.00

Nimir Ind.Chemical 41.51 1.70 1.65 1.90 2.05 1.85

Nishat Mills 59.07 66.80 65.25 70.85 73.30 69.25

Oil & Gas Dev. XD 52.19 171.25 170.15 173.70 175.05 172.60

PACE (Pakistan) Ltd. 58.57 3.00 2.90 3.35 3.55 3.20

Pervez Ahmed Sec 46.37 2.00 1.90 2.15 2.20 2.05

P.I.A.C.(A) 51.27 2.40 2.35 2.50 2.55 2.45

Pioneer Cement 45.04 6.80 6.70 7.00 7.10 6.90

Pak Oilfields 71.53 329.05 325.65 337.85 343.25 334.45

Pak Petroleum 55.73 218.85 216.20 225.25 229.00 222.60

Pak Suzuki 41.05 68.30 67.30 71.00 72.70 70.00

P.S.O. XD 56.19 298.70 296.15 305.10 308.95 302.55

P.T.C.L.A 48.49 19.10 18.80 19.95 20.50 19.65

Shell Pakistan 65.35 212.40 209.45 218.65 221.95 215.70

Sui North Gas 53.19 27.60 27.20 28.70 29.40 28.30

Sitara Peroxide 50.92 13.40 13.30 13.60 13.75 13.50

Sui South Gas 54.16 22.00 21.65 22.90 23.40 22.50

Telecard 47.42 2.20 2.15 2.30 2.35 2.25

TRG Pakistan 41.34 3.30 3.20 3.55 3.70 3.45

United Bank Ltd 58.68 67.55 67.00 68.85 69.60 68.30

WorldCall Tele 52.79 2.80 2.75 2.95 3.05 2.90

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Ideal Energy Limited 21-Jan 10:00

Pakistan Tobacco Co Ltd. 21-Jan 10:30

Invest Capital Investment 22-Jan 11:00

Husein Industries Limited 22-Jan 3:00

Invest Capital Investment Bank Ltd 22-Jan 11:00

Siemens (Pakistan) Engineering Co 23-Jan 3:30

Shaheen Insurance Company Ltd. 24-Jan -

Hinopak Motors Limited 24-Jan 12:00

Pakistan Petroleum Ltd 24-Jan 10:00

Meezan Islamic Fund 24-Jan 2:00

Meezan Islamic Income Fund 24-Jan 2:00

Meezan Capital Protected Fund-1 24-Jan 2:00

Meezan Balanced Fund 24-Jan 2:00

Sindh Abadgar's Sugar Mills 24-Jan 4:00

Mirpurkhas Sugar Mills Ltd 25-Jan 3:00

Kohinoor Sugar Mills Ltd 25-Jan 11:30

WorldCall Telecom Limited 25-Jan 13:00

Mitchell's Fruit Farms Ltd. 25-Jan 2:30

International Industries Limited 25-Jan 10:30

Atlas Honda Limited 25-Jan 11:30

BOARD MEETINGS

Company Date Time

Qatar Islamic Bank netsQR1.33bn full year profit

Ajman Bank brings bankingto UAE's rural communities

Friday, January 21, 2011 8

ISLAMABAD: The State Bankof Pakistan (SBP) has allowedall the banks to open dedicatedHome Remittance PaymentCentres (HRPC) with immedi-ate effect.

The decision has been takenby the SBP keeping in view therising trend in the home remit-tances and their importance forthe economy.

According to a circular issuedhere, for the purpose of opening

of dedicated Home RemittancePayment Centres, the StateBank has decided to enhancethe scope of Permanent Boothsas given in Paragraph-22(Chapter-2) of the BranchLicensing Policy (BLP) whichwas revised in terms of BPRDCircular No.15 of 12th October,2007. In this regard, the Sub-Paragraph (iv) as "Payment toHome Remittance beneficiariesvia cash, demand draft and pay

orders. In addition, such HomeRemittance Payment Centers(permanent booths) would alsobe allowed to perform the func-tions of Sales & Service Centersas mentioned in Paragraph- 19of the BLP" has been added toParagraph-22 (Chapter 2) ofBLP with immediate effect. Allother instructions on the BranchLicensing Policy shall remainunchanged, the Circular added.-NNI

HBL makes all sortsof pilgrimages easier

Special Correspondent

KARACHI: Habib BankLimited has launched HBL Al-Ziarat Account for intending Hajjand Umra pilgrims with Takafulcoverage, a unique productamong the Islamic modes ofbanking available in the market.

A ceremony in this regard washeld at Habib Bank Plaza wherethe President Zakir Mahmoodalong with Islamic Banking HeadMohammad Aslam. They hopedto have a positive and encourag-ing response from the pilgrims.

HBL being the largest privatesector bank in the country withover 1,400 branches at home,HBL Islamic Banking has also

increased its operation to 19Islamic Banking dedicatedbranches across Pakistan offeringIslamic Banking products andservices from 206 branches ofcommercial retail, commercialand corporate centres directlylinked to the dedicated IslamicBanking branch of the concernedregion.

HBL having the concept ofIslamic economic system withwelfare of the society being themain principle introduced thisaccount and hoped that the noblecause and deeds always beingrewarded by Almighty Allah. Thebank's officials said that it is animmense desire of every Muslimto perform Umra and Hajj.

However, in the current environ-ment of high cost it is not possiblefor every one to perform thisnoble religious ritual whereas theHabib Bank's new account wouldenable them to avail this facilitywhich is initially being offeredthrough 225 branches of the bank.More branches would be added tothis facilitation. To avail this prod-uct the intending pilgrims wouldjoin the saving scheme by open-ing HBL Al-Ziarat Account withany of these branches and thisaccount will be opened in theIslamic Banking branch of HBLthrough either dedicated IslamicBranch or through 206 spokebranches nearest to the intendingpilgrim.

Heartening news for home remitters

LONDON: The headquarters building of Britain's Barclays Bank is seen in London. Reuters

AMCs hot onIslamic debt

Monitoring Desk

KARACHI: Asset manage-ment companies (AMCs) inPakistan are urging the govern-ment to increase offerings ofIslamic debt, saying a 13-foldrise in Sukuk sales this yearisn't enough for them to investinflows of cash.

The central bank plans to auc-tion 45 billion rupees ($525million) of three-year sukuk inthe domestic market on March1 and another 55 billion rupeesin the three months ending June30.

The sales will take the totalfor the fiscal year to 189 billionrupees, compared with 14.4 bil-lion rupees in the previous 12months.

Pakistan's Islamic bankingassets climbed an average 30per cent annually in the pastfour years to 411 billion rupeesas of June 2010, 6 percent of

the financial industry's total,according to a central bank esti-mate in October.

Pakistan aims to double thatshare to 12 per cent by 2012and plans to issue two moreShariah banking licenses thatwill take the total to seven, themonetary authority said inOctober.

"The government has reliedtoo much on the conventionaldebt market without realisinghow much liquidity is in theShariah-compliant industry,"Sajjad Anwar, who helps man-age the equivalent of $187 mil-lion at NBP Fullerton AssetManagement Ltd, a unit of thenation's biggest lender NationalBank of Pakistan, said in aJanuary 11 interview fromKarachi. "Islamic funds andbanks are just waiting."

Pakistan needs to finance abudget deficit that may reach 6per cent of gross domestic

product, or 1 trillion rupees thisfiscal year, exceeding the gov-ernment's target of 4 per cent,according to a report from theState Bank of Pakistan onOctober 25.

The shortfall was 6.3 per centlast year, according to data onthe Finance Ministry's website.

The yield on the three-yeardebt will rise to 13.89 per centfrom 13.39 per cent at the prioroffering on December 13 as thecentral bank may increase inter-est rates to temper inflation,said Karachi-based AbdullahAhmed, treasurer at MeezanBank Ltd., the nation's biggestShariah-compliant lender.

"In an environment wheneveryone is expecting a hike ininterest rates, the demand forsuch paper will remain high,"Ahmed said in an interview onJanuary 12. "Islamic banks aredesperate to deploy theirfunds."

'Sukuk sales, so far, not enough to invest inflows of cash' WikiLeaksdata landex-banker

in new probeZURICH: Police will questionformer banker Rudolf Elmer onThursday over possible freshbreaches of Swiss bank law forgiving data to WikiLeaks thisweek, a day after he was foundguilty of violating bank secrecy.

Authorities have 48 hoursfrom Elmer's arrest to decidewhether they have grounds tohold him in custody for longer,state prosecutor Peter Pellegrinisaid on Thursday.

"Mr Elmer was arrested yes-terday and will be questionedby us today," Pellegrini said.

Elmer helped bringWikiLeaks to prominence threeyears ago when he used it topublish secret client details. OnMonday he handed over newdata to the website, which hasannoyed US authorities byreleasing thousands of confi-dential State Departmentcables.

Elmer was taken into custodyby police on Wednesdayevening, hours after he wasconvicted of breaching strictbanking secrecy by passing onprivate client data and of threat-ening employees at his formerfirm Julius Baer.

A decision on whether todetain Elmer further woulddepend on whether the state hada case against him and whetherthere was a risk of him takingflight, Pellegrini said.

Elmer was held for a monthin 2005 when he was arrestedon the charges that led toWednesday's prosecution --which did not concernWikiLeaks. His wife anddaughter live near Zurich.

A source who spoke toElmer's wife Heidi after hisarrest said she reported thatpolice arrived at their residencein a village outside Zurich witha search warrant and a warrantfor Elmer's arrest.

Lucius Blattner, whose firmrepresented Elmer inWednesday's proceedings, saidhis firm would again representthe former banker in the case offurther legal action.

On Wednesday, the court sen-tenced Elmer to a fine of 7,200Swiss francs ($7,505), suspend-ed for two years, without givingreasons, which will be present-ed in a written judgement. Thedefence will decide whether toappeal within 10 days.

Switzerland's bank secrecyhelped it build a $2-trillionwealth management industrybut the laws have come underintense global attack in recentyears, with neighbouringGermany buying secret datafrom informants to track downtax evaders.-Reuters

FMFB-Ptakes home

CGAP awardISLAMABAD: The FirstMicrofinance Bank LtdPakistan (FMFB-P), an institu-tion of the Aga Khan Agencyfor Microfinance, has beenawarded a certificate of recog-nition in the silver category forreporting on social indicators tothe Microfinance InformationExchange (MIX) by the WorldBank affiliated, CGAP(Consultative Group forAssisting the Poor), in the year2010.

This is the second consecu-tive Social PerformanceReporting Award won byFMFB-P, says a statement ofthe bank issued here.

The award was initiallylaunched in 2009 by CGAPtogether with its partners theMichael & Susan DellFoundation, the FordFoundation, and the SocialPerformance Task Force(SPTF).

The award is designed topromote greater transparencyin social performance report-ing of MicrofinanceInstitutions (MFIs) and recog-nises the efforts of MFIs inestablishing a strong socialperformance outlook withintheir organisation.-APP

KARACHI: The StandardChartered Bank Pakistan(SCBP) has once again won the"Asset Triple A Award" for"Best Debt House in Pakistan"for 2010.

This is the third year in a rowthat Standard Chartered haswon this accolade.

A press release issued heresaid that award was recognitionof SCBP's superior structuringand distribution capabilities,and reinforces its dominantleadership position in the capi-tal markets of Pakistan.

Commenting on the recogni-tion Mohsin A Nathani, ChiefExecutive Officer, StandardChartered Bank Pakistan said,"The Best Debt House award isa testament to the exceptionalperformance that the Bank has

achieved across its business inthe country. In the last 12months, the Bank has intro-duced innovative products andservices and continued to meetits customer and clients' financeneeds, thereby filling the gapthat some other banks had leftin the market."

The "Asset Triple A Awards"is Asia's defining recognitionfor excellence in the industry.Into its second decade, the per-ception and appreciation of TheTriple A's has gone fromstrength to strength.

The Bank was competingwith some of the largest localplayers in the Banking Industryand has won this award on thebasis of its competence andcommitment to the customers.-NNI

SCBP declared bestdebt house of 2010

ISLAMABAD: The SupremeCourt, declaring the appoint-ment of Ali Raza as Presidentof National Bank of Pakistan(NBP) null and void, orderedhim to relinquish his post withimmediate effect.

The ruling was given by athree-member Supreme Courtbench headed by Chief JusticeIftikhar Muhammad Chaudhryon Friday.

In his application, petitionerMuhammad Idrees argued thatAli Raza's term as NBP chiefwas extended for the fourthconsecutive time in violation ofbanking laws. He said that onecan get an extension only onceunder the prevailing laws.

The petition said that accord-ing to the rules Raza's termcould be extended only twicebut former president ofPakistan Pervez Musharafextended the term for the thirdtime by an ordinance. It calledthe act unconstitutional.

The petition stated that theordinance was made part oflaw under the finance act andwas not approved by the parlia-ment hence the extension was aviolation of the BankingNationalisation Act 1994.

The apex court, therefore,directed Raza to surrender hispost with immediate effect.

The SC also ordered theCapital DevelopmentAuthority (CDA) to reclaimland allegedly occupied byLeader of the House in theSenate Nayyar HussainBukhari.

CDA Chairman Imtiaz Inayatsubmitted a report which saidthat it has reclaimed 300 canalsof the land in Bani Gala, while20,000 acres of CDA land isstill under illegal occupation.

The apex court disposed ofthe case, after ordering CDA totake all possible actions toreclaim the land.-Agencies

Court‘beheads’

Nat’l Bank

Ahmed Siddique

KARACHI: State Bank ofPakistan has released the com-bined balance sheet of all sched-uled banks in Pakistan as ofDecember 31, 2010 which wasthe last weekend of the outgoingyear.

According to data, totaldeposits in the CY10 (January toDecember), increased by 18.5per cent to Rs5.12 trillion ascompared to Rs4.3 trillion at thebeginning of year 2010.

Similarly, in the fourth quarterof the calendar year (4QCY10)the deposits surged 8.7 per centQoQ compared to the decline of1.2 per cent in the previous quar-ter (July-September-10).

In sharp contrast to the depositperformance, gross advancesalso grew but by 6.8 per cent toRs3.49 trillion as on December31, 2010 against Rs3.27 trillionat beginning of 2010.

Similarly, provisioning grewby 27.2 per cent to Rs339 bil-lion against Rs267 billionrecorded at the start of 2010.That's why net advances steadi-ly rose by 5 per cent to Rs3.15trillion from Rs3.01 trillionduring the period.

Due to deteriorating quality ofassets, amid alarmingly highNPLs, banks preferred to growtheir investment portfolio ratherthan lending the money to bor-rowers.

This is evident from the factthat investments grew by hefty27.8 per cent to Rs2.1 trillioncomparing with Rs1.65 trillionin CY09. IDR ratio surged near-ly 41 per cent from 38 per centat CY09.

Furthermore, overall balancesheet size of the sector improved13.4 per cent as total assetsreached Rs6.78 trillion in9MCY10 from Rs5.97 trillion atCY09.

Rs5.1tn lyingin bank deposits

2010 deposits up 18.5pc

Except USD,FCYs exportunbanned

Staff Reporter

KARACHI: The State Bank ofPakistan has allowed export ofUK Pound Sterling, Euro andUAE Dirhams, except US dollar.

According to a circular of SBPissued here said that underParagraph 3 of FE Circular No 4dated May 09, 2008 wherebyexchange companies were disal-lowed to export cash in UKPound Sterling, Euro and UAEDirhams.

"It has now been decided towithdraw the said instructionswith immediate effect", a SBPstatement said.

The exchange companiesestablished under F E Circular No9 of 2002 will, therefore, beallowed to export all types ofFCYs other than US dollars asper prescribed procedure and dec-laration at SBP-Customs JointBooths located at Jinnah Int'lAirport, Karachi and AllamaIqbal Int'l Airport, Lahore.

The exchange companies shall,however, ensure to receive theequivalent US dollars againstexported currencies in their for-eign currency accounts main-tained with banks in Pakistanwithin 3 working days.

Evidence to this effect shouldimmediately be submitted to thisdepartment against each ship-ment.

Other instructions related to thesubject matter shall, however,remain the same, the Bank state-ment said.

Banks told to open Home Payment Remittances Centers

LONDON: Former Swissbanker Rudolf Elmer holds

two CDs containing dataduring a press conference atthe Frontline Club.-Reuters

LONDON: Copper fell to itslowest in around a month onThursday as the dollar rose onUS jobless and home sales dataand concerns deepened aboutChina tightening its monetarypolicy, which would softendemand for metals.

Three-month copper on theLondon Metals Exchange, fellto $9,281 a tonne and closed at$9,355, from a last quote of$9,570/$9,575 a tonne onWednesday.

Copper struck a record $9,781a tonne on Wednesday, bol-stered by tighter world supplydue to supply uncertainty andfalling ore grades in major pro-ducing countries such as Chile.

But the metal, used in powerand construction, on Thursdayignored a surge in US homesales and a bigger than expectedfall in jobless claims, whichsuggest an economic recoveryis on track.

"The jobless claims and homesales should have helped pro-vide some support, but I thinkthe move is still primarily driv-en by worries about monetarytightening in China," Standard

Chartered analyst Daniel Smithsaid. "That is still in the fore-front of people's minds."

Data on Thursday showedChina's annual gross domestic

product growth sped up in thefourth quarter of 2010, to 9.8per cent from 9.6 per cent in thethird quarter.

While on the surface thisshould bode well for base met-als demand, investors focusedinstead on the likelihood stronggrowth will prompt China totighten its monetary policy. Thiscould curb the country's buying

power."So risk is being taken off the

table in all markets," StephenBriggs, a commodities analystat BNP Paribas in London, said.

Copper's losses spreadthrough the metals complex.Battery material lead closed at$2,437 a tonne from $2,531,and zinc was $2,330 a tonnefrom $2,390.

Copper stocks at LME ware-houses last fell 1,225 tonnes to380,525 tonnes, edging backfrom a recent rise that hasslightly dented sentimenttowards demand.

LME lead stocks continued torise, last climbing 2,425 tonnesto 264,350 tonnes.

Tin was last quoted at$26,950/$27,000 a tonne from$26,900 and nickel closed at$25,750 a tonne from $25,655.Aluminium was $2,408 a tonnefrom $2,408. -Reuters

Copper falls on dollar,China policy concerns

9Friday, January 21, 2011

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1310 1250

January (3rd Wednesday) 1310 1255

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for January 19 2011

LME Official Prices, US$ per tonne for January 19 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2251 2444 9787 2649.5 26190 27200 2425 2400

Cash seller 2252 2445 9788 2650 26200 27225 2427 2410

3-months buyer 2225 2467 9755.5 2617 26195 27055 2442 2445

3-months seller 2230 2468 9756 2618 26200 27060 2442.5 2450

15-months buyer 2155 2522 9475 2535 25475 26475 2465 2470

15-months seller 2165 2527 9485 2540 25575 26525 2470 2480

27-months buyer 2155 2560 9040 2480 24575 2440 2525

27-months seller 2165 2565 9050 2485 24675 2445 2535

LONDON METAL EXCHANGE (METALS)

LONDON: Oil prices fell to aslow as $88 a barrel for the firsttime in 10 days, sliding by over$2 as concerns about high USinventories and Chinese infla-tion outweighed positive USjobless data.

US crude futures fell by near-ly around $2.35 per barrel to$88.51 per barrel by 1649 GMT,while ICE Brentfutures for Marchwere down by$1.80 at $96.36per barrel.

The Marchspread betweenthe two gradeshovered close to$7 as the unusually wide Brentpremium persisted following fig-ures from the Energy InformationAdministration (EIA).

US crude stocks unexpected-ly rose 2.62 million barrels inthe week to Jan. 14, the EIAreport showed, against expecta-tions of a 600,000 barrel draw.

But the surprise increase wassmaller than reported by theAmerican Petroleum Institute(API) after the close onWednesday. The API reported a3.5 million barrel rise in crudeinventories, against an expect-ed draw of 600,000 barrels.

US oil prices pared lossesfollowing the EIA release,recovering by around 50 centsfrom lows of $88 per barrel.

The market was in negativeterritory for most of the day,but losses were modest untilafter the start of US tradinghours when crude began plung-ing. "What we are seeing now

is the impact of the US marketopening after the release of theChinese statistics during thenight," said Christophe Barretfrom Credit Agricole.

"A very strong impact incrude stocks was relativelybearish. The Transatlanticpipeline (outage) is finished, sothere is room to pressure themarket to go down," he added.

St ronger- than-expec tedChinese growth data spurredconcern on Thursday abouttighter monetary policy,prompting a sell-off in equitiesled by emerging markets.

Worries about China over-shadowed a positive US initialjobless claims report, showingclaims had fallen more thanexpected last week. Thedecline was the widest sinceFebruary last year, erasing aholiday-related spike to show atrend toward a healthier labourmarket remained intact.

The unex-pected stockbuild in boththe API andEIA reports hasc o m p o u n d e dbearish senti-ment aboutglobal demand,

and analysts have argued therecent oil market rally mayhave run out of steam.

Analysts say a persistentlyweak US dollar has helped off-set bearish signals from theworld economy and global sup-ply. But the US dollar was up bymore than 0.5 per cent versusother currencies following thejobless report, helping to spuroil prices lower. The potentialfor measures to slow Chinesegrowth resulting in a hard land-ing for investors is one of themajor worries cited by analystsheading into 2011. -Reuters

Oil falls over $2 on USstocks, China inflation

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Thursday'sRotterdam vegetable oilprices at 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmill Jan111005.00-20.00, Feb111005.00-20.00, Mar111015.00-10.00, Apr111018.00-15.00, May11/Jul111023.00-14.00.

RAPEOIL: Dutch/EU eurotonne fob exmillFeb11/Apr11 1075.00-5.00,May11/Jul11 1060.00-15.00,Aug11/Oct11 995.00-10.00,Nov11/Jan12 1000.00-10.00,Feb12/Apr12 1010.00-5.00.

SUNOIL: EU dlrs tonneextank six ports optionFeb11/Mar11 1480.00-10.00,Apr11/Jun11 1465.00-5.00,Jul11/Sep11 1470.00-20.00,Oct11/Dec11 1380.00+0.00.

LINOIL: Any origin dlrstonne extank RotterdamFeb11/Mar11 1540.00+0.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Jan111265.00-5.00, Feb111265.00-5.00, Mar111265.00-5.00, Apr111260.00, Apr11/Jun111252.50-7.50, Jul11/Sep111230.00-10.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Mar111295.00, Apr11/Jun111277.50.

PALMOIL: RBD dlrs tonnefob Malaysia Mar11 1240.00-5.00, Apr11/Jun11 1222.50-7.50.

PALM OLEIN: RBD dlrstonne fob Malaysia Mar111250.00-5.00, Apr11/Jun111232.50-7.50, Jul11/Sep111207.50-7.50.

PALM STEARIN: Dlrstonne fob Malaysia Jan111210.00-10.00, Feb111210.00-10.00.

COCONUT OIL:Phil/Indon dlrs tonne cifRotterdam Dec10/Jan112300.00+0.00, Jan11/Feb112200.00-50.00, Feb11/Mar112170.00+20.00, Mar11/Apr112160.00+20.00.

PALMKERNEL OIL:Mal/Indon dlrs tonne cifRotterdam Dec10/Jan112250.00, Jan11/Feb112200.00+10.00, Feb11/Mar112170.00+0.00, Mar11/Apr112165.00. -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

20-Jan-2011 CRUDE100 MA11 US$ Per Barrel 92.80 93.00 90.85 90.92 400 91.62 90.92 83

20-Jan-2011 CRUDE100 AP11 US$ Per Barrel 93.92 93.92 92.15 92.20 87 92.81 92.20 31

20-Jan-2011 CRUDE100 MY11 US$ Per Barrel 93.94 93.94 93.29 93.29 - 93.84 93.29 -

20-Jan-2011 SILVER - SL500 MA11 US$ Per Troy Ounce 29.39 29.46 28.18 28.18 297 28.60 28.18 69

20-Jan-2011 SILVER - SL500 AP11 US$ Per Troy Ounce 29.39 29.39 28.19 28.19 - 28.61 28.19 -

20-Jan-2011 GOLD 01oz FE11 US$ Per Troy Ounce 1373.10 1379.10 1357.70 1357.20 1,882 1367.10 1357.20 1,259

20-Jan-2011 GOLD 01oz MA11 US$ Per Troy Ounce 1376.20 1379.50 1357.90 1357.80 3,353 1367.90 1357.80 3,362

20-Jan-2011 GOLD 01oz AP11 US$ Per Troy Ounce 1376.60 1380.30 1359.00 1358.50 2,883 1368.80 1358.50 2,612

20-Jan-2011 GOLD 100oz FE11 US$ Per Troy Ounce 1374.50 1378.50 1358.10 1357.20 139 1367.10 1357.20 17

20-Jan-2011 GOLD 100oz MA11 US$ Per Troy Ounce 1376.50 1376.50 1357.80 1357.80 - 1367.90 1357.80 -

20-Jan-2011 GOLD 100oz AP11 US$ Per Troy Ounce 1377.40 1377.40 1357.80 1357.80 - 1368.80 1358.50 -

20-Jan-2011 GOLD FE11 Per 10 grms 38250.00 38272.00 37708.00 37627.00 29 37965.00 37627.00 28

20-Jan-2011 GOLD MA11 Per 10 grms 38204.00 38204.00 37637.00 37637.00 - 37974.00 37637.00 1

20-Jan-2011 GOLD AP11 Per 10 grms 38218.00 38218.00 37655.00 37655.00 - 37993.00 37655.00 -

20-Jan-2011 KILOGOLD FE11 Per 10 grms 38057.00 38057.00 37600.00 37600.00 - 37937.00 37600.00 2

20-Jan-2011 KILOGOLD MA11 Per 10 grms 38176.00 38176.00 37609.00 37609.00 - 37946.00 37609.00 -

20-Jan-2011 TOLAGOLD50 FE11 Per Tola 44389.00 44389.00 43856.00 43856.00 - 44249.00 43856.00 -

20-Jan-2011 TOLAGOLD100 FE11 Per Tola 44389.00 44389.00 43856.00 43856.00 - 44249.00 43856.00 -

20-Jan-2011 MINIGOLD MON Per 10 grms 39265.00 39265.00 38668.00 38668.00 - 39010.00 38668.00 -

20-Jan-2011 MINIGOLD TUE Per 10 grms 39307.00 39307.00 38708.00 38708.00 - 39052.00 38708.00 -

20-Jan-2011 MINIGOLD WED Per 10 grms 39321.00 39321.00 38722.00 38722.00 - 39066.00 38722.00 -

20-Jan-2011 MINIGOLD THU Per 10 grms 39237.00 39237.00 38736.00 38736.00 - 39080.00 38736.00 -

20-Jan-2011 MINIGOLD FRI Per 10 grms 39251.00 39251.00 38654.00 38654.00 - 38996.00 38654.00 -

20-Jan-2011 TOLAGOLD MON Per Tola 45057.00 45129.00 44433.00 44433.00 3 44832.00 44433.00 3

20-Jan-2011 TOLAGOLD TUE Per Tola 45146.00 45178.00 44480.00 44480.00 3 44880.00 44480.00 11

20-Jan-2011 TOLAGOLD WED Per Tola 45000.00 45194.00 44496.00 44496.00 1 44896.00 44496.00 -

20-Jan-2011 TOLAGOLD THU Per Tola 45075.00 45097.00 44512.00 44512.00 6 44912.00 44512.00 5

20-Jan-2011 TOLAGOLD FRI Per Tola 45175.00 45175.00 44418.00 44418.00 20 44816.00 44418.00 45

20-Jan-2011 IRRI6W 20JA11 Per 100 kg 3331.00 3340.00 3331.00 3340.00 - 3331.00 3340.00 -

20-Jan-2011 RICEIRRI - 6 FE11 Per 100 kg 3363.00 3372.00 3363.00 3372.00 - 3363.00 3372.00 -

20-Jan-2011 RBD PALMOLEIN FE11 Per Maund 5181.00 5181.00 5178.00 5178.00 - 5181.00 5178.00 -

20-Jan-2011 KIBOR3M 11-Mar Per Rs. 100 86.14 86.18 86.14 86.18 - 86.14 86.18 -

20-Jan-2011 KIBOR3M 11-Jun Per Rs. 100 85.39 85.39 85.37 85.37 - 85.39 85.37 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

HYDERABAD: Farmers and business traders dealing onions at

the wholesale market in Hyderabad. -Agencies

LONDON: Gold prices extend-ed early losses to fall below$1,350 an ounce on Thursday,hitting their lowest in twomonths, as the euro surrenderedgains to turn negative versus thedollar, and as investmentdemand waned.

Gold's slide and losses in othercommodities also weighed onsilver, which slipped nearly 5 per

cent to a seven-week low.Spot gold fell as low as

$1,342.65 an ounce, its weakestsince Nov. 19, and was bid at$1,346.45 an ounce at 1605GMT, against $1,370.05 late inNew York on Wednesday. USgold futures for February deliv-ery fell $24.00 to $1,346.20.

The precious metal fell in earlytrade after Chinese inflation datashowed price pressures weregrowing more than expected andcould prompt the government tostep up its approach to tighteningmonetary policy.

This also sparked losses inindustrial commodities like oiland copper and rattled the stockmarkets, with equities falling onboth sides of the Atlantic.

"Gold is struggling, very muchso," said Saxo Bank senior man-ager Ole Hansen. "ETF positionscontinue to be scaled back.

"We have forgotten the impor-

tance of the US stock marketduring this relentless rally overthe last couple of months. If wesee a deeper correction now, Ithink that almost all asset classeswill struggle to make any upsideprogress."

Holdings in the SPDR GoldTrust, the world's largest gold-backed exchange-traded fund,continued to decline, falling to

1,251.433 tonnes on Jan, 19, itslowest since May 2010.

Elsewhere silver, which roseby more than 80 per cent in pricelast year due largely to continu-ous investment, also came underpressure following another out-flow of metal from top silverETF iShares Silver Trust.

Silver was last down 4.1 percent at $27.58 an ounce and hasfallen around 11 per cent so farthis month, putting it on track forits largest monthly slide sinceJune 2009.

The metal is tracking gold'slosses, as both suffer from adearth of investment demandand gains in the dollar. Platinummeanwhile fell after two consec-utive days of rallies that took theprice to its highest since July2008. Platinum was at $1,797.99an ounce against $1,830.99,while palladium was at $800.47against $811.97. -Reuters

Gold slides to 2-mthlow as USD recovers

ICE cocoaclimbs on

supply woesLONDON: Cocoa futuresjumped to 5-1/2-month peakson Thursday after failed medi-ations in top grower IvoryCoast and a fire in a Dutchcocoa factory added to fearsabout possible supply disrup-tions.

Coffee and sugar slumped,tracking a setback in manyother commodity marketsafter stronger-than-expectedChinese growth data raised theprospect of tighter monetarypolicy in the world's second-largest economy.

Cocoa traders were watch-ing developments in IvoryCoast where a mediator saidtalks to resolve a disputedelection had failed, raising thepossibility of harsher sanc-tions or military force thatcould disrupt cocoa ship-ments.

ICE May cocoa rose $46 or1.5 per cent to $3,161 a tonneat 1614 GMT after touching$3,186, the highest level forthe second month contractsince Aug. 4.

May cocoa on Liffe was up42 pounds or 2.1 per cent to2,084 pounds per tonne, afterhitting 2,095 pounds a tonne,the peak since Aug. 10.

Raw sugar slumped to a 21-day low as the potential fortighter Chinese monetary poli-cy knocked crude oil and othercommodity markets.

ICE March raw sugar wasdown 0.7 cent or 2.1 per centat 30.53 cents a lb, after dip-ping to 30.04 cents per lb, itslowest since Dec. 30.

London March white sugarfell $13.00 to $758.60 pertonne, the lowest in 13 days.

Traders said sugar wouldremain range-bound as long asconcerns about the crop out-look in key producers Indiaand Australia persisted.

Coffee futures followedcommodities lower, with theMarch contract on ICE dip-ping to a trough of $2.2635per lb, its lowest since Dec.21. It stood down 1.85 cents or0.8 per cent at $2.3065 a lb.

Liffe robusta coffee futureswere off $24 or 1.1 per cent at$2,095 a tonne, but were stillclose to $2,185, the highestfor the benchmark secondmonth since Sept. 2008.

Traders predicted the marketwas poised to go higher givenunderlying tight supplies ofarabicas. -Reuters

MUMBAI: India sugar pricesextended losses for a fifth ses-sion on Thursday, weighed byhigher supplies from millers,analysts and dealers said.

The most-traded M-gradesugar contract for Februarydelivery on India's NationalCommodity and DerivativesExchange (NCDEX) closeddown 0.67 per cent at 2,784rupees per 100 kg, after hittingcontract low of 2,767 rupees.

The contract had shed 2.5 percent in the previous four ses-sions. "Supply side is good asthis is a crushing season, andbasically outlook is weak due tohigher production estimates,"

said Chowda Reddy, chief ana-lyst with JRG WealthManagement. Sugar may tradein the range of 2,770-2,805rupees, said Reddy.

In Kolhapur, a key market intop producing Maharashtra state,the most traded S-variety fell 0.3per cent to 2,717.25 rupees per100 kg. India has made available1.7 million tonnes of non-levysugar for January, higher than1.5 million tonnes it had releasedfor December, the governmentsaid in a statement last month.

Non-levy, or free-sale sugar, issold by millers in the open mar-ket, but the quantity each millcan sell is fixed by the federal

government on a monthly basis.Mills usually pay farmers a

large chunk of the cane priceimmediately after harvesting orwithin a fortnight.

The Indian Sugar MillsAssociation, a producers' body,had forecast 2010/11 output at25.5 million tonnes, up from18.8 million tonnes in the pre-vious year.

India's sugar output is seen at8.4 million tonnes as at Jan. 15in the current season fromOctober, a senior governmentofficial said reinforcing expec-tations of a higher output fol-lowing a good cane harvest. -Reuters

Indian sugar extendslosses for a 5th day

NEW YORK: US cottonfutures finished higherWednesday on investor andspeculative buying inspiredin part by a weak dollar, deal-ers said.

Fiber contracts also seem-ingly tracked the earlystrength and late weakness ofgrains prices as playersawaited a US governmentreport on cotton export sales,they said.

The key March cotton con-tract on ICE Futures USclimbed 3.50 cents to settle at$1.4894 per lb, dealing from$1.4776 to up its 5.00-centlimit at $1.5044.

Trading volume of around22,200 lots was about 15 percent above the 30-day norm,Thomson Reuters prelimi-nary data showed.

Jobe Moss, an analyst forbrokers and merchants MCMInc in Lubbock, Texas, saidhe feels there is more down-side risk to cotton prices inthe weeks ahead although theMarch contract 'seems con-

tent' to stay in a band for nowbetween $1.40 and $1.50.

Sharon Johnson, senior cot-ton analyst at Penson Futuresin Atlanta, said cottonappeared to track initialstrength in corn futures inChicago but weakened whenthe corn market slid.

Traders said the marketmay have also derived someinspiration from strongerChinese cotton prices.

May cotton futures on theZhengzhou CommodityExchange last traded at29,390 yuan per tonne, up510 yuan on the day. OnThursday, the market will belooking at the US AgricultureDepartment's weekly exportsales report to see if therecent robust pace of Chinesecotton buying has slackened.

Cotton brokers expect totalUS cotton sales to rangebetween 300,000 and400,000 running bales (RBs,500-lbs each), against salesin last week's report of357,600 RBs. -Reuters

US cotton higher,but off session peak

Tokyo,Shanghairubbers at

record highTOKYO: Key Tokyo andShanghai rubber futures hit recordhighs on Thursday as speculatorsbet heavily on strong demand andsupply shortages in the future.

The key Tokyo CommodityExchange rubber contract forJune delivery settled down 0.4 percent, or 1.7 yen, at 465.7 yen perkg after striking a record high of470.4 yen.

The most active Shanghai rub-ber futures contract for May deliv-ery climbed as high as 40,220yuan ($6,110) per tonne onThursday, exceeding the previouspeak of 39,980 yuan hit the daybefore. The contract closed up 210yuan at 40,130 yuan, with volumeinching up to 788,972 lots.Japanese traders have saidTOCOM futures could hit 500 yenin the next month as the winteringseason begins in producing coun-tries, causing reduced output. Badweather over the past few monthshas delayed the stocking of rubberneeded during the wintering sea-son, adding to supply concerns,they have said. -Reuters

Shanghai copper

declines

Shanghai's benchmark

third-month copper

futures contract fell

1,290 yuan to 71,610

yuan a tonne.

Unexpected EIA, API stock build fuels bearish sentiment

10Friday, January 21, 2011

Switzerland's Gruenenfelder speeds down thefamous Streif downhill course during downhill

World Cup race in Kitzbuehel

Nadal blowsSweetingaway at

Oz OpenMELBOURNE: Rafael Nadalstretched his Grand Slam win-ning streak to 23 matches as heoverpowered American quali-fier Ryan Sweeting to reachthe third round at theAustralian Open on Thursday.

The world number onecruised through 6-2, 6-1, 6-1 in1hr 42min to set up a thirdround encounter with eitherSpanish Davis Cup teammateFeliciano Lopez or Australianteenager Bernard Tomic.

The Spanish left-hander'sserve was much improvedfrom his opening round winover Brazilian Marcos Danieland he came up with 36 win-ners, 21 of them off the fore-hand.

Nadal's Grand Slam streakgoes back to his victory at theFrench Open last June andtakes in his wins at Wimbledonand the US Open.

The Spanish top seed is bid-ding for his fourth straightmajor title to complete a non-calendar year Grand Slam.Only Don Budge and RodLaver have held all four titlesat the same time.

Nadal is also chasing his sec-ond Australian Open title and10th Grand Slam title overall.At last September's US Openhe became the youngest manin the Open Era to achieve acareer Grand Slam.

Nadal broke Sweeting twiceto take the opening set in 29minutes, sealing the set with a209 kilometres (130 miles) perhour ace.

The world number one main-tained the pressure on Sweeting,breaking him three times in thesecond set.-Agencies

Monitoring Desk

LONDON: Former Pakistaniwicketkeeper ZulqarnainHaider, who fled the team hotelin Dubai hours before the finalone-day international againstSouth Africa last year, said onThursday that he has run out ofmoney.

Haider told the British mediathat the Pakistan Cricket Board(PCB) is withholding 15,000pounds in wages from him.

The cricketer had fled fromDubai to the UK due to deaththreats he received while thePakistan cricket team were

playing a series against SouthAfrica in November 2010.

Haider arrived in Englandand immediately claimed asy-lum in order to gain entry tothe country.

“This country is veryhumane, very co-operative,and there are very nice peoplehere and there are very goodrules here for my safety. That’swhy I came here,” he said.

Later in a press conferencewith the media, the ex wicket-keeper claimed he wasapproached by a person whohad asked throw the fourth andthe fifth ODIs between the two

playing countries.He also insisted that he had

no knowledge of any otherplayers being involved inmatch fixing or if they hadbeen approached like him. “Ithink the best way is to recordall the players’ phones and alltheir activities,” he added.

He also expressed content-ment that his wife Shazia anddaughters, Zahra and Fizza,will be joining him soon.

The player is currently inprocess of a deal with theKent-based Lashings Worldeleven and is hopeful that itwill come through.

Runaway glovemanHaider says cashless

ISLAMABAD: Pakistanifemale tennis players will par-ticipate in the forthcoming FedCup to be held at Thailand afterthe gap of more than onedecade.

President Pakistan TennisFederation (PTF) Syed KaleemImam and Secretary PTF theMumtaz Yousaf have nmade adetailed programme for young-sters in grooming them to anextent that they are able tomatch the finest players in thegame at international level.

Last women team which par-ticipated in the Fed cup was

way back in 1999 and there-after no heed was paid by theprevious administration ingrooming the female tennisplayers particularly at the grassroot level, says a press releaseissued here.

PTF has brought a radicalchange in PTF and after decadewomen tennis is scheduled toparticipate in the forthcomingFed Cup.

Pakistan youngsters U-14team is also being sent toMyanmar for participation inthe ITF 14 and Under AsianTennis Championships 2011

from where the potential play-ers are selected by ITF forgrooming and all this beingdone within a short span oftime of about a month or soand that too with meager mon-itory resources.

PTF has made public a fouryears plan schedule towardspromotion of the gameenabling the players to preparethemselves accordingly for thecompetitions.

Pakistan team compriseUshna Suhail, Sara Mehboob,Sara Manzoor and Saba Aziz.-APP

Pak players enterFed Tennis Cupafter a decade

Monitoring Desk

MELBOURNE: FormerEngland captain NasserHussain has said Ricky Pontingcan still make runs and regainhis lost form like SachinTendulkar if he gives upAustralia's captaincy.

Ponting failed with the batduring Australia's recent Asheshumiliation, returning a dismal113 runs at an average of 16.14,including a highest score of 51not out in the second innings ofthe first Test at the Gabba.

The figures compare poorlyboth with his Test career fig-ures of 12,363 runs at 53.51,including 39 centuries, and hiscareer return against England.

"He has given so much toAustralian cricket that hedeserves the chance to show hecan score runs again withoutthe burden of captaincy,"Hussain writes of Ponting inthe February Ashes Souvenirissue of The Wisden Cricketermagazine.

"This must have taken somuch out of him - not just onthe field, where he went fromleading one of the greatest sidesof all time to captaining anordinary team, but also off it,"he said.

Hussain suggests thatPonting will be a driven man inthe Test arena, FOX Sportsreports.

"I don't think he would want

to go out on this note. He had abad couple of months: he failedto regain the Ashes, didn't getany runs and had an argumentwith an umpire. It's not how hewould want to finish," Hussainwrites in The Wisden Cricketer.

Hussain likens Ponting's situ-ation to that of SachinTendulkar, who has been incareer-best form after a leanperiod with the bat.

"Ricky's batting record in thelast year was not great, and itmay be, of course, that age hassimply caught up with him. ButI would like to see him play onfor a while and try to performthe way Tendulkar has over thepast two years after his dip inform," he writes.

Ricky should give upcaptaincy: Hussain

RAWLAPINDI: The trails toselect the Rawalpindi districtwomen cricket team to contestinter-district women cricketchampionship due today(Friday) will be held at PindiCricket Stadium Rawalpindi.

All participants have beenadvised to report to coachShahid Javed and Sajid shahat 3:00 pm, while week longtraining camp will also beheld of selected players.-Online

Rawalpindi womencricket trials today

BERNE: FIFA has quashedtalk of a winter World Cup in2022, saying it has no plans tochange the international calen-dar and that any switch of dateswould have to be proposed bythe Qatari hosts.

Qatar has already said itwants to stage the tournamentin the summer as presented inits bid.

"Any potential move of the2022 FIFA World Cup from asummer to a winter periodwould have to be initiated bythe football association ofQatar and would have to bepresented to the FIFAExecutive Committee," FIFAsaid in a statement.

"At this stage there are noconcrete plans to change theinternational match calendar."

The statement appeared tomark a U-turn by football'sgoverning body as FIFA presi-dent Sepp Blatter said thismonth that he expected thetournament to be staged in thewinter.

Blatter's comments echoedthose of other leading figuresincluding UEFA presidentMichel Platini, who even sug-gested that Qatar could co-hostthe event with some of itsneighbours.

But Mohammed BinHammam, the Qatari presidentof the Asian FootballConfederation, said the 2022World Cup hosts would resistefforts to reschedule the tour-nament.

"We submitted a bid suggest-ing we are going to be ready inJune and July. And we said weare going to face all the chal-lenges and we are going tomeet all the requirements," BinHammam told Sky News lastweek.

"Our focus is June, July. It isnever our interest to changeone week beyond June andJuly."

Blatter's comment led to sug-gestions that FIFA was effec-tively changing the rules as thecontest for the 2022 WorldCup, in which Qatar beatAustralia, the United States,Japan and South Korea, wasbased around a June-July tour-nament.

U.S. media called for thecontest to be staged again if thetournament was moved fromits original spot.

Qatar has insisted that thefierce summer heat will not bea problem as all its stadiumswill be air-conditioned.-Reuters

FIFA quasheswinter WC talk

Bagai to leadall-greenCanadian

side in WCLONDON: Ashish Bagai willlead a young 16-memberCanadian squad to the 2011World Cup, and RizwanCheema will be his deputy.Apart from Bagai, seamerHenry Osinde and allrounderJohn Davison are the two otherplayers in the side with priorWorld Cup experience.

The team features seven play-ers who have come throughCanada's youth programs,including six who have repre-sented the country at the under-19 level - Zubin Surkari, NitishKumar, Hiral Patel, RuvinduGunaskera, Parth Desai, andHamza Tariq. -Reuters

Inter arefavourites,

says RanieriROME: Following a fifthstraight victory under newboss Leonardo, Inter Milanmust be considered thefavourites to win the Italianleague title, according to Romacoach Claudio Ranieri.

The 3-2 success over Cesenaon Wednesday moved Interabove Roma on goal differencein fourth place in the league.

They trail leaders and archcity rivals AC Milan by sixpoints but have a game in handon all the other title con-tenders.

Added to their two wins atthe Club World Cup withRafael Benitez at the helm, itis now seven wins in a row forthe reigning treble holders, andthat is enough for Ranieri toconsider them and not Milanthe team to beat.

"Inter are the scudettofavourites, all the others have tomeasure themselves againstthem," he said after his sidedumped Roman neighboursLazio out of the Italian Cup.-APP

SYDNEY: Michael Clarke,Australia's stand-in captain,has defended the way he bat-ted during the first one-dayinternational against Englandat the MCG. Australia wonthe match by six wickets withShane Watson hitting anunbeaten 161, but Clarke's57-ball 36 threatened to stallthe run chase and increasedthe pressure on his partner.

The home supporters wereclearly unimpressed as theybooed Clarke when he playeda dot ball and cheered whenhe got off strike. It continueda difficult summer forClarke, whose popularity hastaken a severe hit followingoff-field issues and a slumpin form. Following the Ashesseries, where he scored 193

runs at 21.44, and made hisTest captaincy debut atSydney, he retired fromTwenty20 cricket so he couldfocus on his batting in thelonger formats.

Clarke is currently fillingthe No. 3 role that will beRicky Ponting's when herecovers from a broken fin-ger, and he stood by his per-formance. "What's importantfor me as the captain of thisteam right now is to do what-ever it takes to help Australiawin every game of cricket weplay," Clarke said. "I thoughtthroughout that period whenI was batting with Watto thatit was important to get a part-nership.

"We thought in those condi-tions both Swann and Yardy

were going to be quite toughto score off, so we had to bepatient throughout that mid-dle period. When I firstwalked out to bat, the ballwas reverse-swinging a littlebit.

"It wasn't the easiest ofconditions to walk out andjust smack it. Watto wasplaying an amazing knockand my role was to get up theother end and try not to losewickets, try to build a part-nership. We put on a hun-dred-run partnership whichhelped us set up the game."

The first ODI followed twoTwenty20 matches wherequick scoring was far moreevident and Clarke suggestedthe fans needed to adjust to achange in tempo. -Reuters

Clarke stands byhis ‘steady’ batting

Triumph ahuge boost,Waqar says

KARACHI: Pakistan coachWaqar Younis has termed theTest-series win against NewZealand a huge boost for hisside after the recent onslaughtof scandals and poor perform-ances. The former captain saidthe team is coming to the righttrack and the victory will bol-ster his side’s confidenceahead of the One-DayInternational (ODI) seriesagainst New Zealand and theWorld Cup.

Pakistan cricket has been inthe headlines for all the wrongreasons ever since the spot-fix-ing scandal surfaced last year.The team also lost againstEngland in all formats, andwicket-keeper ZulqarnainHaider running away in Dubaiadded to the side’s miseries.

“The team has suffered a lotin the past few days and theTest-series victory, after such along time, has come as a hugeboost,” Younis told TheExpress Tribune. “All the play-ers showed responsibility andtheir positive body languagedesigned the victory.”

Younis also showered praiseon captain Misbahul Haq say-ing the seasoned batsman ledthe team from the front. “Heperformed both as a captainand batsman for which hedeserves all praise. I aminspired with his decision mak-ing during the series.”

“Now our performance in theupcoming ODI series will setour tone for the World Cup.”

Team manager IntikhabAlam said Misbah’s perform-ance as captain set a precedentfor the team. “The players allconducted themselves withcare but the captain’s perform-ance was simply exemplary,”said Alam while defending theteam’s defensive strategy onthe final day. “Winning theseries was our top priority sothe cautious strategy was key.”

MELBOURNE: Vera Dushevina of Russia plays a stroke during her second round women'ssingles match against Samantha Stosur of Australia on the fourth day of the

Australian Open tennis tournament.-Reuters

MELBOURNE: Caroline Wozniacki of Denmark poses withAustralian cricketers Peter Siddle and Aaron Finch after

receiving a cricket lesson during day four ofthe 2011 Australian Open .-Reuters

Aisam-part-ner in 2ndround of

Australianopen

LAHORE: Pakistan top tennisstar, Aisam ul Haq togetherwith Indian Rohan Bophannamoved into doubles secondround of Australian Open 2011Grand Slam TennisChampionship en route to asimple 6-3,6-0 win overBrazilian pair of Andre Sa andFrance Ferreiro on Thursday.

Pak-Indian duo struck excel-lent tennis with coordinationand planning to outplay theirrivals in all departments of thegame, said the informationmade available here.-APP

11Friday, January 21, 2011

International & Continuation

CONTINUATION

India foodinflation falls

but RBIaction seen

NEW DELHI: India's foodinflation eased for the secondstraight week in January,tracking lower fruit and veg-etable prices, but acceleratingheadline inflation inDecember is likely to putpressure on the central bank toraise rates at a policy reviewnext week.

India's food inflation quick-ened to a one-year high latelast month as unseasonal rainshurt the summer harvest ofvegetables such as onions,potatoes and tomatoes.

The country battled double-digit food inflation throughmost of 2010, the highest rateof any major Asian economy.Spiralling food and fuelprices, a political minefield,have damaged voter confi-dence in the government,threatening its prospects inupcoming state elections thisyear.

The food price index rose15.52 per cent and the fuelprice index climbed 11.53 percent in the year to Jan. 8, gov-ernment data on Thursdayshowed.

In the prior week, annualfood and fuel inflation stoodat 16.91 per cent and 11.53per cent. The primary articlesprice index was up 17.03 percent in the latest week, com-pared with an annual rise of17.58 per cent a week earlier.

The 5-year swap rate wasdown 2 basis points to 8 percent following the latest infla-tion figures, but rose back toprevious levels as rate hikeconcerns and a hawkish poli-cy stance weighed.

Analysts expect food pricesto moderate by February, butthey would still remain high.

"The build-up of food infla-tion will take two months todissipate. So, it will moderatein January and February andwe expect food inflation at10-12 per cent by March,"said Abheek Barua, chiefeconomist at HDFC Bank.

"I expect the RBI (ReserveBank of India) to continue tobe hawkish and continue withits rate hikes as non-food pri-mary product inflation issticky and can have passthrough effect into wages andgeneral prices," Barua said.-Reuters

WASHINGTON: US homeresales jumped more thanexpected in December despitebad weather as sellers cutprices while jobless claims fellsharply last week, offeringsome hope for the economy'stwo key trouble spots.

Existing home sales soared12.3 per cent to an annual rateof 5.28 million units, theNational Association ofRealtors said on Thursday, farsurpassing forecasts for a riseto 4.85 million. However, saleswere down 2.9 per cent from ayear earlier.

In another report, applica-tions for new jobless benefitsposted their biggest decline innearly a year, erasing a holi-day-related spike to show asteady if slow improvement inthe labor market. Claimsretreated to 404,000 from441,000 in the prior week, theLabor Department said.

"Most of the reports todaywere fairly good. For anyoneskeptical about the US recov-ery, these should ease con-cern," said Kathy Lien, directorof research at GTF Forex inNew York.

A report on Mid-Atlantic

manufacturing showed a mod-est pullback, but its detailsshowed some underlyingstrength. The Phiadelphia Fed'sindex of regional factory activ-ity dipped to 19.3 in Januaryfrom 20.8 in December. Pricespaid jumped sharply as globalcommodity prices remainedhigh.

The new orders index morethan doubled to 23.6, while thesurvey's employment index,though still soft, reached itshighest level since April 2006.

Yet another report showed anindex of leading economicindicators spiking up 1 percent, above forecasts for a 0.6per cent gain.

US stocks pared losses whilebond prices extended theirlosses after the surprisinglyupbeat housing data.

The rebound in home salescame despite a bout of badwinter weather across manyparts of the country last month.

A jump in mortgage ratesmay have forced some buyersinto the market by raisingconcern of even furtherincreases, said Lawrence Yun,chief economist at the NAR.Yun said he expects 2011

sales to total around 5.2 mil-lion units, with prices remain-ing stable.

Sales in September 2005peaked above an annual rateof 7 million units, as the hous-ing bubble reached feverpitch. They hit a 15-year lowbelow 4 million units in mid-2010 after the market col-lapsed, triggering a wide-spread financial crisis.

Median home prices inDecember fell to $168,800,down from $170,200 inNovember and the lowest sinceFebruary 2010. That was inpart because properties consid-ered "distressed" accounted for36 per cent of sales, up from 33per cent in November.

The US economy has beengrowing for over a year, havingemerged in the summer of2009 from its deepest recessionin generations. Gross domesticproduct expanded 2.6 per centin the third quarter, not enoughto put a significant dent on thenation's elevated 9.4 per centjobless rate.

A weak job market couldthwart housing activity furtherby denting consumer confi-dence.-Reuters

US home sales surge,jobless claims decline

LONDON: British manufac-turers expect to raise prices attheir fastest rate since beforethe recession despite a fall inorders, raising concerns infla-tion will remain high formonths to come, a surveyshowed on Thursday.

The Confederation of BritishIndustry survey will worry theBank of England after data thisweek showed consumer infla-tion accelerated to almost dou-ble the bank's 2 per cent target,as well as fuelling calls forhigher rates.

CBI chief economic advisorIan McCafferty said the BoEfaced one of the toughest chal-lenges in its history as it tries tosustain the fragile recovery andconvince the public that highinflation will not last forever.

Inflation has been more thana per centage point above theBoE's target throughout 2010,and is not forecast to return totarget until early 2012.

Asked if this had under-mined the bank's credibility,he said: "There are clearlysome concerns. The Bank ofEngland probably faces themost difficult set of decisionsof its life.

"We do need to see themexplain exactly, and perhaps inmore detail, the challenges thatthey are facing," he told anews conference. "The morecommunication we see fromthe bank explaining these

issues, the greater its credibili-ty will be."

Despite inflationary pres-sures, McCafferty said heexpected wage deals to remainrelatively low in 2011, avoid-ing the risk of a wage-pricespiral at a time of tax rises andpublic cuts.

"We are likely to see an edg-ing up in the average earningsdata as we go through thisyear," he said. "Wage growthwill remain relatively sub-dued." EXPORT ORDER SLOW-

DOWN The pick-up in price expec-

tations came despite a surprisefall in the total orders balanceto -16 in January from -3 inDecember, the CBI IndustrialTrends survey showed.

The decline was driven by aslowdown in export orders, butthe CBI said the balanceremained above its long-runaverage of -18. In addition,firms still expected to raiseoutput in the coming months.

Moreover, companiesexpected to ramp up prices inthe coming three months attheir fastest pace since August2008, with a domestic pricesexpectations balance of +31.

"Manufacturers seem to behaving considerable success inpassing on chunky price risesto customers," said SamuelTombs of Capital Economics,who reckons that translates

into factory gate inflation ofaround 6 per cent in the com-ing months.

"The survey will no doubtadd to fears that CPI inflationwill be slow to fall from itshigh rate later this year."

UK consumer price inflationleapt to an 8-month high of 3.7per cent in December, fuellingspeculation the BoE will beforced to raise rates from arecord low of 0.5 per cent asearly as May.

The CBI's more comprehen-sive quarterly survey of firms,published at the same time,showed that firms expectedtheir unit costs to rise andplanned to raise prices evenfaster.

Unit costs and domesticprices were expected to rise attheir fastest pace since 2008,with export prices seen goingup at their fastest since 1995.

There was little market reac-tion to the survey and analystssaid the future looked less cer-tain after a period where stock-building and export demandhad supported factory output.

"The concern is that manu-facturers will find life moredifficult in 2011 as stockrebuilding draws to a close,tighter fiscal policy weighsdown on domestic demand,and problems in the euro zonethreaten foreign orders," saidHoward Archer, economist atIHS Global Insight.-Reuters

UK factory price hikesfuel inflation fears

BEIJING: China finished2010 with a bang, its growthsoaring past forecasts andinflation slowing less thanexpected, numbers that couldprod the government to intensi-fy its easy-does-it approach totightening.

Evidence of robust growthmay give officials confidenceto take more aggressive stepsto quell price pressures, fromstricter lending curbs to inter-est rate rises, as rising foodcosts in recent weeks suggestinflation will rebound in com-ing months.

China's annual gross domes-tic product growth sped up inthe fourth quarter to 9.8 percent from 9.6 per cent in thethird quarter, the NationalBureau of Statistics (NBS) saidon Thursday, defying expecta-tions for a slowdown to 9.2 percent.

"Inflation pressure is intensi-fying into January and thetightening pressure will inten-sify, especially considering thestronger-than-expected fourth-quarter GDP growth," saidIsaac Meng, economist withBNP Paribas in Beijing.

Full-year growth picked upto 10.3 per cent from 9.2 percent in 2009.

With President Hu Jintao ona state visit to the UnitedStates, the figures served as apowerful reminder that despitecontroversy about China's vasttrade surplus, its economy isfar from dependent on exports.

Domestic investment andconsumption contributed 9.5per centage points to its growthlast year, while net exportsadded just 0.8 per centagepoint.

Consumer prices inDecember rose 4.6 per centfrom a year earlier, slowingfrom a 28-month high of 5.1per cent in November but stay-ing above forecasts for a steep-er fall to 4.4 per cent.

Other important data forDecember, from factory outputto investment, painted a pictureof stable expansion, showingthat the world's second-largest

economy was not overheatingdespite the surprise jump ingrowth.

Although the growth andinflation figures had been pub-lished in advance by localmedia, China's main stockindex shed 2.9 per cent asinvestors viewed the strong setof data as bolstering the casefor tightening.

China has officially raisedbanks' required reserves seventimes since the start of lastyear, with its most recentincrease taking effect onThursday.

But it has increased interestrates only twice during thattime and some analysts warnthat more forceful moves areneeded.

The government is stilldebating the extent of creditcurbs, and reports in recentdays have pointed to Beijingimposing a lower ceiling onbank lending than someinvestors had expected.

"Beijing still has more workto do to keep the economy onan even keel," said BrianJackson, an economist withRoyal Bank of Canada in HongKong. "Risks are skewed tomore aggressive action."

A Reuters poll showed thateconomists expect two interestrate rises in the first half of2011.

To keep banks from skirtingrestrictions on credit growth,the Chinese banking regulatorsaid on Thursday that lendersmust bring all of their off-bal-ance-sheet loans sold to trustsback onto their books this year.

In a sign that the variousstabs at tightening are startingto bite, China's benchmarkshort-term money market ratespiked 194 basis points onThursday, heading for itsbiggest single-day rise onrecord as the latest requiredreserves increase took effect.

To ease the tight market liq-uidity, the central bank con-ducted reverse repurchaseagreements with selectedbanks, sources told Reuters.

Weekly food price move-

ments had long pointed to adecline in inflationary pressurein December, but many ana-lysts also reckoned that anyslowdown in inflation could betemporary.

December's data showed aclear slackening in price pres-sures as monthly inflationeased to 0.5 per cent from 1.1per cent in November.

A drop in food price inflationto an annual rate of 9.6 per centin December from 11.7 percent in November was themain reason for the decline.

But price pressures couldpick up in January, becauseharsh winter weather couldcompound a surge in demandwith the Lunar New Year holi-day falling earlier in the calen-dar this year than in 2010.

Indeed, food price data com-piled by the commerce min-istry shows vegetables andmeat have become moreexpensive since the start of theyear.

"Growth momentum remainsstrong. However, inflation isthe key focus of the market. Itwill be a challenging year forChina to battle inflation," saidDongming Xie, China econo-mist at OCBC Bank inSingapore.

Currency appreciation isanother potential tool inBeijing's tightening kit.

It has nudged the yuan high-er against the dollar over thepast week, but dealers see themini-burst of appreciation aspolitically motivated to try tosoften US criticism of China'scurrency policy during Hu'sstate visit.

Analysts expect appreciationof just 5 per cent this year, withHu himself saying that infla-tion was hardly the mostimportant factor in determiningthe exchange rate.

Ma Jiantang, chief of China'sstatistics agency, said he wasconfident that China would beable to control inflation in 2011and that steps to limit theamount of cash in the economywould be instrumental to tam-ing price pressures.-Reuters

China's sizzlingend to 2010 callsfor tighter policy

Prime Minister of Pakistan Syed Yousuf Raza Gilani in resolv-ing the political and law & order issues. The meeting wasinformed that all the said provincial and federal components ofadministration are working in full harmony. Furthermore,Rehman Malik said that terrorists are destabilising the countryand he will not allow anyone to disturb the Karachi peace. Talkingto host of journalists, he said that some religious groups are sup-porting the terrorists and dividing the nation.

He opined that anti-Pakistan elements are targeting Pakistansince last 63 years. He said that security forces foiled the plan ofterrorism in Sindh Assembly. Malik said that he came to Karachion the directives of President and Prime Minister. InteriorMinister said he and Home Minister Sindh Zulfiqar Mirza are notaware from recent running operation in Karachi. On the otherhand, Sindh Home Minister Dr Zulfiqar Mirza said Rangers didnot consult with the Government of Sindh for an operation inKarachi. Mirza said while replying to a question in SindhAssembly that the Chief Minister nor to himself in the capacity ofprovincial Home Minister was taken into confidence by Rangersfor the recent operation in Karachi. Sindh Home Minister addedthat all Rangers operations in Karachi are being conducted with-out any consultation with the provincial government.

Continued from page 12No #1

Court further said that our eyes are not closed. The court orderedthe secretary establishment division to present details of contractemployees appointed on key posts. The court adjourned the casehearing to Jan 27. -Agencies

Continued from page 12No #2

Rs284.00 million.The Committee after due scrutiny recommended the accept-

ance of the lowest bid to the Chairman, Capital DevelopmentAuthority who approved the same being the competent authori-ty in this case. -APP

Continued from page 12No #3

statement that the report from a private intelligence-gatheringcompany was unfounded. He calls the story "more propaganda,part of the rumor-war launched by the enemy." He says Talibanleader Mullah Mohammad Omar has no heart issues. -Online

Continued from page 12No #4

Opposition parties, and even some members of the ruling coali-tion, fiercely oppose IMF-recommended reforms, saying they willhurt ordinary Pakistanis. But that will only prolong their suffer-ing. Pakistanis have watched the price of tomatoes jump 30 . 21per cent in December. Cooking oil was up 4.17 per cent andeggs rose by 10 per cent over the previous month , official fig-ures show. Mrs. Ashraf walked through an Islamabad market car-rying a plastic bag with a few chicken breasts, now a luxury itemfor the mother of five married to a government employee "We canonly afford to buy this once a month. The government should raisemy husband's salary," she said, a move that would further drainstate coffers. The IMF -- which is keeping Pakistan's economyafloat with a $11 billion loan that averted a balance of paymentscrisis in 2008 -- says only bold reforms can really help Pakistanis,by strengthening the economy in the long run.-Agencies

Continued from page 12No #5

challenges but has been able to confront the same because of itspolicy of political reconciliation as well as representation of PPPin all the four provinces and regions of the country. The leader ofthe Fata delegation, Haji Munir Khan Orakzai, MNA said that theelected representatives from FATA had supported and would con-tinue to support the government on its efforts to improve the con-ditions of the people in the backward areas.-Agencies

Continued from page 12No #6

daily service for more than 100 destinations in Europe, the USand South America. He said that PIA staff will be present inTurkey to help and assist passengers. Haroon said the passengerswill continue their journey on one ticket and will not need to getanother ticket at Turkey. He said the national flag carrier's man-agement will take every step for the best interest of the Airline andthe country. Captain Haroon said he has always preferred to pro-tect the employees' rights, adding he was also working for regu-larization of daily wages employees. He alleged that vested ele-ments were trying to create issues from non-issues to gain politi-cal mileage. -Agencies

Continued from page 1No #7

Bids must be submitted by May and a winner and final invest-ment decision is expected by July or August, Khattak said. But theexisting pricing regime in Pakistan discourages the constructionof new refineries and the gasoline deficit may keep growing,Khattak said. "The prices are determined by the government, sothe pricing mechanism does not give enough return on investmentto the potential investors in the refinery," he said. "We are havingnegotiations with the government for some positive change in theprice mechanism. Unless that happens, I don't expect any newinvestment to come into new refinery projects." -Reuters

Continued from page 1No #8

million tonnes of utility fuel oil, for January to March delivery,traders said this week. -Reuters

Continued from page 1No #9

as well", PM stated. Sources told PM had directed RehmanMalik that he should immediately ascertain from Chief MinisterSindh and provincial interior minister Zulfiqar Mirza as to whyhouse of member of CEC was raided.

Sources stated PM had asked Gabol to immediately reachIslamabad and contact him and apprise him of his reservations.Meanwhile Federal Minister for Petroleum and Natural Resources,Syed Naveed Qamar is expected to be given the additional chargeof Ports and Shipping portfolio, after resignations of Babar Ghourias the Federal Minister and Nabil Gabol as the State Minister.

Continued from page 1No #10

the voluntary separation scheme is to make the organizationefficient and financially viable by closing non productive sec-tions. Peoples Workers Union said that they would continue toraise their voice against forcible action taken by the administra-tion. Earlier, Karachi Electric Supply Company (KESC) hasdecided to forcibly lay off at least 4000 employees as a cost-slash-ing move to make the utility more viable.

According to spokesman, the company offered its employees

Continued from page 1No #11

and added that the branchless banking certainly will help people to take better advantage of thebanking facilities at affordable cost.He said that Pakistan's financial sector was experiencing adynamic transition led by the increasing uptake of branchless banking solutions and this was thenew frontier and the only affordable solution for the financial inclusion.

He was of the view that it would be outlandish to regard physical establishment of branch-es i.e. bricks and water as the way forward to provide financial services to the poor. This tran-sition can be witnessed through a basic comparison of number of bank branches versusbranchless banking outlets, he said and added that existing network of 13,000 branchlessbanking outlets has already surpassed the total branch network of around 10,000 bank branch-es in less than two years.

There are hundred million mobile phone users in a country in which almost half the populationis literate, is evidence enough that even such disadvantaged sections are adept at using this tech-nology. Therefore, it will only be the poverty and limitation of our imagination to provide prod-ucts and services that will be the constraints, given the versatility of technology and the rapidshrinking of the costs of information and communication technology, SBP Governor added.

Kardar pointed that cost of setting up of a conventional banking branch was 76 times higherthan using third party agents to bring the unbanked into the financial system while using mobilephones halves costs further. He stressed upon the commercial banks to focus and devise newbranchless banking products as it would not only help them improve their market share but alsoserve a larger portion of the population living in rural and far-flung areas.-Agencies

Continued from page 1No #12

environment and two projects in Higher Education Commission for the province. The sourcesadded that some of the projects would be approved for Balochistan on Friday included provision offisheries infrastructure on Balochistan coast, poverty alleviation through enhancement of agricultureproductivity (Progressive replacement of 100 bulldozers for land development work in Balochistan),construction of 50-bed hospital at Pasni including cost of medical equipment, operationalization ofShaikh Khalifa Bin Zayed Federal Hospital (SKBZFH) Quetta, Bostan industrial estate BostanPhase-I, Expansion/improvement of industrial estate, Dera Murad Jamali, construction ofExpressway on East bay of Gwadar and establishment of Castor oil solvent extraction plant withrefinery to convert the commercial grade castor oil to BSS grade at Uthal district Lasbela, construc-tion of delay action dam in Balochistan and provision of ground water for development of industri-al sector in the province. -Agencies

Continued from page 1No #13

voluntary separation scheme (VSS); however, they declined to comply. Consequent upon this, theseemployees were forced out of the employment, reported a private TV channel. These sackedemployees are non-core workers. The spokesman said over 3500 employees have gone over fulllength of 25-year term of their employment.

Ahmad Bilour, Minister for Law Dr Babar Awan, Minister for Industries and Production MirHazar Khan Bijrani, Minister of State for Finance Hina Rabbani Khar, Deputy Chairman PlanningCommission, Secretary Finance, Secretary Water and Power, General Manager Railways and otherconcerned officials of the ministries and divisions attended the meeting.

Continued from page 1No #14

www.asharys.net

tel: 92(42)5694061-2

Italian KitchensLahore

tel: 92(21)5860794-5

KarachiFriday, January 21, 201112

1.Classic News AgencyAbdul Mutalib Ph: 0333 -230 07 66

2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838

4. Contact Phone: 35 31 18 93 - 6

RIAZ NEWS AGENCY

Cell # 0333-5373137SHAKIL NEWS AGENCY

Cell # 0333-4400472

Manager Circulation

Ahmad OmerFor Subscription

Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.

ISLAMABAD: Chief JusticeIftikhar Mohammad Chaudhrysaid Karachi's deteriorating sit-uation is due to absence ofcommand, adding that is IGSindh on contract, as only inthe month of January 75 peoplewere killed in Karachi.

The CJP made these remarksduring the hearing of Hajj cor-ruption case on Thursday. A 6-member bench led by CJPheard the hearing.

During the course of the hear-

ing CJP reprimanded the FIAofficials for not probing theHajj corruption case transpar-ently and summoned AttorneyGeneral and FIA authorities.

The court told the AttorneyGeneral that the appointmentnotification of head of investiga-tion team is illegal and he is apowerless man. During the hear-ing the court again asked the fed-eral govt to conduct a transpar-ent probe into the Hajj scandal.

Court said that DG FIA

Waseem Ahmed has damaged thecase as he is not a regular employ-ee but is a contract employee.

CJ during the hearing con-versing with the AttorneyGeneral asked have you seenthe deteriorating situation inKarachi; it is due to absence ofcommand. He asked is IGSindh on contract, has he beengiving the contract to kill as 75people have been killed inmonth of January alone.

See # 2 Page 11

Top judge questionslawlessness in Khi

CFP asks whether IG Sindh on contract to kill

Staff Reporter/ Agencies

KARACHI: A high-levelmeeting was held to review thelaw and order of the provinceparticularly Karachi which wasattended by Chief MinisterSindh Syed Qaim Ali Shah,Federal Interior MinisterRehman Malik and SindhHome Minister Dr ZulfiqarMirza at Chief Minister House.

The meeting discussed thecurrent law and order situationprevailing particularly inKarachi and expressed satisfac-tion of measures so far adoptedand results being achieved.

The meeting reviewed thedecisions and actions forimprovement of law and orderand decided to make furtherconcerted and strict measuresto combat the activities of crim-inals, terrorists and anti-stateelements.

Chief Minister Sindh andHome Minister Sindh laudedthe assistance being extended

by Federal Government forcombating the situation andensure the law and order in allparts of the Karachi in letterand spirit, particularly theefforts of Rehman Malik.

It was decided that All PartiesConference (APC) on provin-cial level will be held onJanuary 26 at Chief MinisterHouse to ascertain and discussthe law and order situation ofthe province particularly inKarachi which is economic hubof the country and gateway toPakistan.

The Conference will discussall aspects to this effect and willsuggest way and means forimproving the atmosphere andlaw and order conditions partic-ularly in Karachi.

The meeting lauded andappreciated the role of policeand Rangers and InteriorMinistry in this regard particu-larly the efforts being made bySindh Home Minister andSindh Police for crushing the

criminal activities of anti-socialelements and maintaining thepeace in prompt ways.

It was also decided that therewill be close coordination andliaison among Chief MinisterSindh, Interior Minister andSindh Home Minister who willregularly meet after every fort-night.

Interior Minister said thatFederal Government depart-ment agencies and Rangers willpromptly coordinate the SindhHome Department and SindhGovernment for measuresbeing following and imple-mented in the province.

The three leaders resolved tokeep peace in Sindh particular-ly the Karachi at every cornerand strict action will be takenagainst the culprits, which willcontinue without any discrimi-nation.

They also appreciated theguidance of the President ofPakistan Asif Ali Zardari and

See # 1 Page 11

Trio moot Khilaw & order,

operation

Malik, Mirza, Qaim

Terrorists destabilising country, says Malik

Sindh govt not consulted for operation: Mirza

ISLAMABAD: NationalAssembly StandingCommittee on SAFRON wastold that Pakistan Army isreceiving illegally sum ofRs35000 per container fromNato for clearing containers onTorkham border. The commit-tee expressing its anger hassummoned IG FC in this con-nection.

The meeting of NationalAssembly StandingCommittee for SAFRON, heldhere on Thursday, waspresided by the CommitteeChairman Sajid Hussain.

Additional Secretary FataHabibullah told the committeethat the regular transportationof Nato containers is badlydamaging the road system inFata while the government hasno funds for reconstruction ofthe roads. He said that if theroads are not repaired immedi-ately the road system would bedestroyed completely.

He further said that on aver-

age 220 Nato truck are enter-ing in Afghanistan daily viaTorkham border and the com-mittee recommended toimpose toll tax on Nato con-tainers so that the amountcould be expend on recon-struction of roads.

The Committee was told thatthere is no jail in Fata and theprisoners are being kept injudicial lock up. The buildingof the lock up is in dilapidatedcondition and could collapseanytime.

The committee has been toldthat proper legislation is need-ed for construction of the jailwhile Fata Secretariat has nofunds for the project.

Secretary Fata deliveredbriefing about educationalactivities in Fata. He said thatCadet College is being estab-lished in Wana and FataSecretariat has rented a build-ing in this connection andclasses would be started inApril. -Agencies

Nato pays Rs35kper vehicle to Pak

NA body summons IG FC to explain

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani has approved provisionof Rs30 million for each MNArepresenting Fata for identifica-tion of public welfare projectswhich should directly benefitthe common man in the region.

He asked the Fata MNAs towork out the details of specificprojects along with their exactfinancial implications.

Prime Minister was talking toa delegation of Fata MNAs ledby Haji Munir Khan Orakzaiwhich called on him at the PMHouse here on Thursday.

Prime Minister assured theFata delegation that theGovernment would streamlinethe procedure of prompt dis-bursement of funds for thedevelopment projects of Fataregion.

As regards long over duedemand of the elected represen-tatives of Fata for the construc-tion of Fata House inIslamabad, the Prime Ministerannounced that he would him-

self lay down the foundationstone at the earliest.

The Prime Minister stressedupon the MNAs from Fata toextend complete support to thegovernment with respect toeradication of Polio from theFata region.

He asked them to createawareness among the peopleabout this fatal decease affect-ing the children in the area.

Prime Minister reiteratedgovernment's intention to inter-act with all the parties andgroups in the Parliament onnational challenges confrontingthe country prior to the nextSession of the Assembly.

He further assured that hewould direct the financial teamof the government to brief theMembers of the Parliamentfrom Fata on the financial situ-ation and due considerationwould be accorded to their pro-posals.

The Government, he added,is continuously confronting the

See # 6 Page 11

Fata lawmakersget uplift funds

Gilani announces Rs30mn for every member

KARACHI: Due to the blow-ing up of 18-inch high pressuretransmission gas pipeline nearHajano village in the Tangwaniarea of District Kashmoreabout 34 kilometers down-stream from Sui, the gas supplyto Balochistan would remainsuspended for 2-3 days.

According to SSGCspokesman, the pipeline wascarrying 110 million cubic feetgas daily (mmcfd) from Sui gasfield to SSGC's pipeline systemat Shikarpur, for its onwardtransmission to the entireBalochistan.

Subsequent to incident, theeffected section was isolated

immediately. At the same time,an emergency response teamrushed to the site fromShikarpur to inspect the situa-tion.

SSGC is managing the smoothand uninterrupted gas supply toBalochistan but a shortfall ofabout 30 mmcfd gas would befaced, as a result of the incident,resultantly the gas supply inBalochistan will be curtailed toall customers, except domesticfor 2-3 days, he said.

The recent sabotage activitytook place just after 7 days,when on last Thursday i.e.January 13, 2011 another blastoccurred on the same gas

pipeline near Jafarabad.Four sabotage incidents had

occurred at the same place i.e.'Tangwani' area, since 2003.

He said SSGC condemnssuch acts of insurgency whichare clearly against the interestof the people of Balochistanresulting in too many hardshipsfor the inhabitants during anextremely cold weather.

As a model utility, committedto provide world-class serviceSSGC reiterates that it willspare no effort to maintainuninterrupted supply of naturalgas to its valued domestic,commercial and industrial cus-tomers. -Online

B’stan to remaingas-less for 3 days

18-inch pipeline blown up

ISLAMABAD: Pakistan'scrippling inflation rate has lefttrader Mohammad Farouk witha painful task at the end of eachday -- throwing out a largequantity of his fruits and veg-etables because it's too expen-sive to sell.

Soaring prices also mean heoften has to purchase stocks oncredit from wholesalers.

"We can't make money any-more because prices have beenhigh for so long," said Farouk,sitting beside other idle mer-chants, warming their handsover a fire burning in a large

can."We are losing big profits. I

wish the government wouldhelp. They are just stuffingtheir pockets with the country'smoney."

Pakistan is saddled with along list of troubles. A Talibaninsurgency, rampant poverty,corruption and power cuts arejust a few. Inflation is fastbecoming one of the mostpotentially explosive problemsfor the unpopular government.

Pakistan's central bankincreased its key policy rate to14 percent in November, its

third consecutive hike in sixmonths because of persistentinflation due primarily to gov-ernment borrowing from theState Bank of Pakistan.

Other factors fuelling pricesinclude the damage caused bythe summer floods, estimated ataround $10 billion, to crops andrelated industries.

At the same time, wages havenot kept pace with prices rises,making it harder for ordinaryPakistanis to survive.According to some statistics,more than 60 pct of the popula-tion lives on less than $2 a day.

It's not just ordinaryPakistanis who are frustrated.Pakistan's economic lifeline --the International MonetaryFund (IMF) -- is losingpatience with what it sees as anintransigent political leader-ship.

Inflation stood at single digitsfor many years. But Pakistanishave been hit with an averageinflation rate of 15 percent overthe past three fiscal years .Economists say reckless gov-ernment policies are likely tokeep it high.

Cash-strapped Pakistan

finances its deficit throughheavy borrowing from the cen-tral bank, which is then forcedto print money.

Uncontrollable forces, like aspike in global commoditiesprices, add to inflationary pres-sures. Pakistan's consumerprice index rose 15.46 percentin December from a year earli-er.

The Pakistan Peoples Party(PPP)-led government doesn'thave the political courage totake measures such as imposinga new sales tax demanded bythe IMF to ease the fiscal

deficit, analysts and economistssay, making it impossible totame inflation.

The administration set a dan-gerous precedent this month.

To lure back an estranged rul-ing coalition partner andappease opposition parties, itreversed a fuel price hike,angering ally Washington,which says Pakistan must haveeconomic and political stabilityto support its global war in mil-itancy.

The decision will force thegovernment to fund subsidiesby again borrowing from the

central bank. That will fuelinflation and further expose thegovernment to criticism fromits political enemies, who sensean opportunity for scoringpoints but who have offered noalternatives.

"The opposition and some ofthe PPP's coalition partnershave now woken up to the real-ity that economic issues arevery popular populist issues inPakistan and are very usefulsticking points against the cur-rent government," said EurasiaGroup analyst Maria Kuusisto.

See # 5 Page 11

Rising inflation adds to list of Pak woes

KARACHI: Governor Sindh Dr Ishrat-ul-Ebad, Sindh Chief Minister Syed Qaim Ali Shah, Interior Minister Rehman A Malik

chairing a meeting of PPP & MQM at CM House here on Thursday.-APP

MPAs lodgings

CDA says tenderprocessed

transparentlyISLAMABAD: The spokesmanof the Capital DevelopmentAuthority has strongly contra-dicted a media report relating toan award of contract of the proj-ect "Construction of 104 addi-tional suites for members of theParliament".

The spokesman said that theaspersion that Prime MinisterGilani got this contract award-ed to a friend is totally baseless,malicious and an effort tomalign the exalted office of thePrime Minister.

While laying down the factsof the case, the spokesman stat-ed that the PC-1 of the saidproject was approved by theEcnec in its meeting of January21, 2010 for Rs2908.369 mil-lion.

The applications for pre-qual-ifications of the engineeringconstruction firms registered inno limit with PEC were invitedthrough leading newspapers aswell as through CDA andPPRA websites. As a result 38construction firms applied forpre-qualification.

After the scrutiny by theCommittee, five firms namelyHabib Rafiq Ltd, MughalsPakistan Ltd, Shahzaman PvtLtd, Guarantee Engineers andAssociated Constructor werepre-qualified.

The Committee keeping inview the nature of the projectwas particular in ensuring thatthe firms having requisite expe-rience, expertise and financialsoundness are pre-qualified.

The pre-qualification processand the results were also sharedwith the House and LibraryCommittee headed by DeputySpeaker National Assembly.

The tenders were invited fromamongst the pre-qualified firmsout of which four firms namelyHabib Rafiq (Pvt) Ltd, MughalsPakistan, Shahzaman Pvt Ltd.and Guarantee Engineers partic-ipated in the bid.

The spokesman said thatHabib Rafiq (Pvt) Ltd was thelowest bidder followed byanother internationally reputedfirm Mughals Pakistan Pvt Ltd,which was the second lowestbidder and the cost differencebetween the first and the sec-ond bidder had been of

See # 3 Page 11

Omar in Khi

ISI rejectsTWP report

RAWALPINDI/ KABUL:Pakistan Army and Talibanhave rejected The WashingtonPost report of medical treat-ment of Afghan-TalibanMullah Mohammad Omar atKarachi.

An ISPR spokesman stronglycontradicted the news itemappeared in local and interna-tional media about the medicaltreatment of Afghan TalibanMullah Omar at Karachi.

In a statement, he said newsis unfounded and concocted toserve vested interests.

The Washington Post hadreported on Wednesday citingthe intelligence network, whichruns under the auspices of a pri-vate company The EclipseGroup as saying that Omar was"rushed" to a hospital inKarachi by the ISI after suffer-ing from a heart attack on Jan 7.

Meanwhile a Talibanspokesman has also rejected areport that the group's one-eyedleader was treated for a heartattack in a Pakistani hospital.

Zabiullah Mujahid said in a See # 4 Page 11

APML Symbol

Musharraffails to get

'Eagle'ISLAMABAD: ElectionCommission of Pakistan hasrejected to allot the symbol'eagle' to former PresidentPervez Musharraf politicalparty All Pakistan MuslimLeague (APML) as his partysymbol.

According to sources, PervezMusharraf had submitted theapplication in ECP after hisparty was registered andrequested it to allot him eagleas his party symbol.

However before the ECPcould allot the symbol,President Musharraf had start-ed using the symbol on theparty flag and for his publicitycampaign. Sources furtherrevealed that ECP had alreadyallotted eagle as party sign to alittle known (Freedom) politi-cal party and thus had rejectedMusharraf's application.

ECP has decided to takeaction against Musharraf Partyunder the section 5 of order2002 of ECP. -Online