12
International Reporter Wali Khan shot dead in Khi Khosa sworn in as Governor Punjab See on Page 12 Pull the trigger on NWA, US tells Pak See on Page 12 Yearly(Jul, 2010--12-Jan-2011) Monthly(Dec, 2010--12-Jan-2011) Daily (12-Dec-2011) Total Portfolio Inv (7 Jan-2010) 187.17 -8.22 2.28 3057 11.72 -6.20 -0.47 1.14 -0.78 -4.75 -0.67 SCRA(U.S $ in million) Portfolio Investment FIPI (13-Jan-2011) Local Companies (13-Jan-2011) Banks / DFI (13-Jan-2011) Mutual Funds (13-Jan-2011) NBFC (13-Jan-2011) Local Investors (13-Jan-2011) Other Organization (13-Jan-2011) (U.S $ in million) NCCPL Forex Reserves (8-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- Nov 10) Remittances (Jul 10-Dec 10) Foreign Invest (Jul 10-Nov 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Nov 10) Repatriated Profit (Jul- Nov 10) LSM Growth (Nov 10) GDP Growth FY10E Per Capita Income FY10 Population $17.09bn 14.61% $10.98bn $19.13bn $(8.15)bn $(504)mn $5.29bn $746mn Rs 495bn $58.41bn Rs 5348.6bn $287.9mn -4.69% 4.10% $1,051 174.86mn Economic Indicators Index Close Change KSE 100 12,459.44 178.20 Nikkei 225 10,589.76 76.96 Hang Seng 24,238.98 113.37 Sensex 30 19,182.82 351.28 ADX 2,737.65 2.19 SSE COMP. 2,827.71 6.41 FTSE 100 6,028.00 22.72 *Dow Jones 11,739.01 16.43 *Last Updated 20:00 PST Global Indices Special Correspondent ISLAMABAD: The Economic Coordination Committee of the Cabinet here Thursday allowed WAPDA to raise Rs20 billion for the Diamer Bhasha Dam project, whereas the summa- ry regarding the restoration of gas supply to fertiliser sec- tor has been rejected. The ECC met here under the chairmanship of Federal Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh. The Committee, on the proposal in a summary moved by the Ministry of Water and Power allowed Wapda to raise Rs20 billion for the Diamer Bhasha Dam project. The Diamer-Bhasha Dam would add 4500 MW of hydro power with live stor- age capacity of 6.4 million acres foot of water for the irrigation purposes. The Minister for Water and Power has informed the committee that Wapda has already raised Rs8 billion in 2006 and Rs8 billion in 2007 and is currently servic- ing them. The Rs20 billion funds to be raised by Wapda shall be under the Government of Pakistan guarantee from the market and shall repay to See # 6 Page 11 ECC OKs Rs20bn for Bhasha Dam Summary to restore gas to fertiliser cos rejected Dam to add 4500 megawatts into national grid Pak says will decide NWA onset exclusively ISLAMABAD: Pakistan has emphasised that all regional countries should work towards maintaining state-to-state relations with Afghanistan and not try to play any great game in that country. "All regional countries need to adhere to the policy of non-interference and non-intervention in Afghanistan. People of Afghanistan have suffered heavily so has Pakistan and there is no room for a new great game pertaining to Afghanistan." Responding to questions at the weekly news brief- ing in Islamabad Thursday, Foreign Office spokesman Abdul Basit said being immediate neighbour; Pakistan understands its See # 12 Page 11 Industrial output slips 5pc in Nov Ghulam Raza Rajani KARACHI: Pakistan's industrial output continued to show downward trend and contracted by 4.69 per cent in the month of November 2010, taking the average contraction to 2.3 per cent in the first five- month of fiscal year 2010- 11, according to data from the Federal Bureau of Statistics (FBS). During November, two sub-sectors decline in pro- duction as Ministry of Industries reported 7.41 per cent drop and Provincial Bureau of Statistics down by 1.29 per cent, while, Oil Companies Advisory Committee (OCAC) showed a growth in its production by 3.15 per cent in petroleum prod- ucts. Large scale manufactur- ing sector broadly con- tributes 12 per cent in the See # 17 Page 11 Law Ministry approves MTS concept Nawaz Ali KARACHI: The Ministry of Law has finally approved the proposed leverage product for the stock market i.e. Margin Trading System (MTS) and now it is likely that the much-awaited leverage product would be launched in a couple of weeks. According to a reliable source, the law ministry has approved the concept paper and has probably sent it to the secretary See # 18 Page 11 FX reserves decline to $17.09bn Staff Reporter KARACHI: Country's for- eign exchange reserves fell to $17.09 billion in the week ending January 8, down from a record $17.20 billion in the previous one, the cen- tral bank said on Thursday. See # 8 Page 11 Political consultation PM forms 5-man body ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Thursday consti- tuted a five-member com- mittee to establish contact with the leadership of all the political parties in the Parliament to obtain pro- posals for resolving nation- al issues raised on the floor of both the houses of Parliament. The members of the committee are Abdul Hafeez Sheikh, Minister for Finance, Raja Pervez See # 9 Page 11 Obama meets Zardari today WASHINGTON: US President Barack Obama will meet Pakistan's President Asif Ali Zardari in Washington on Friday, the White House said on Thursday. Zardari will be in Washington to attend a memorial service on Friday for Richard Holbrooke who died last month. -Reuters LAHORE: Chief Justice Lahore High Court Ejaz Chaudhry administering oath to Sardar Latif Khan Khosa as Punjab Governor during a ceremony at Governor House. APP ISLAMABAD: The meet- ing of the National Assembly Standing Committee on Railways was held here on Thursday with its Chairman Sardar Ayaz Sadiq in the chair demanded of the Prime Minister Syed Yousuf Raza Gilani through a unani- mously passed resolution to release 11.5 billion bail-out package as soon as possible in order to continue its operation. The Committee in the meeting took serious notice of the absence of Director Legal Railways, warning, if he failed to attend the next meeting then the committee will issue summon notice to Director Legal, Railways as per Rules of Procedure of National Assembly. The meeting also passed on instructions to General Manager, Railways to the effect that all the Divisional Superintendents Railways be directed to have detailed meetings with the Members of Parliament to workout the schedule of trains as to take them into confidence before closure of any pas- senger trains. The meeting was attend- ed, among others by MNAs Begum Nasim Akhtar Chaudhry, Dr Talat Mahesar, Rahela Baloch, Tariq Mehmood Bajwa, Ramesh Lal, Malik Ibrar Ahmed, Dewan Ashiq Hussain Bokhari, Pir Muhammad Aslam Bodla, Farzana Mushtaq Ghani, Dr Muhammad Ayub Sheikh, Haji Rozuddin, Rana Tanveer Hussain and senior See # 10 Page 11 Railways seeks Rs12bn bailout ISLAMABAD: US Ambassador to Pakistan, Cameron Munter here Thursday said US govern- ment was supporting Pakistan in using the power of international trade as an engine for economic growth. He stated this while open- ing a roundtable conference that brought together pri- vate and public sector lead- ers to discuss ways to improve trade policy and performance in order to boost the country's See # 7 Page 11 US deliberates Pak trade push US supports Isb for economic growth: Munter Ministry decides to raise fares by 25pc ISLAMABAD: Supreme Court of Pakistan Thursday directed the third rental power plant (RPPs) to return the advance money taken in advance from the government of Pakistan at the earliest, media reported. Chief Justice Iftikhar Muhammad Chaudhry while hearing the case, remarked that the compa- nies, who have not initiated the projects, should return the advance money at the earliest, otherwise, cases would be forwarded to FIA. He stated that loot and plunder in rental power projects would not be allowed. Lawyer of the Wapda Khawaja Tariq informed the court that two rental power plants Naudero-II and Guddu Power Projects have deposited Rs2.25 billion in the bank, adding another power plant has also deposited Rs1.26 billion in the national exchequer. The court while summon- ing the owner of Techno Power Plant near Sahiwal, issued orders to return the advance money with markup. Later, the court adjourned the hearing till Jan 14 and 24. -Agencies 3rd RPP comes under fire in SC Techno Power told to return advance Gilani urges trade roadmap with Iran See on Page 12 Karachi, Friday, January 14, 2011, Safar-ul-Muzaffar 9, Price Rs12 Pages 12 *Crude Oil (brent)$/bbl 98.17 *Crude Oil (WTI)$/bbl 91.82 *Cotton $/lb 150.46 *Gold $/ozs 1,389.50 *Silver $/ozs 29.62 Malaysian Palm $ 1,206 GOLD (NCEL) PKR 38,365 KHI Cotton 40Kg PKR 10,610 *Last Updated 20:00 PST GDR update Commodities 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 24.11 2.00 1.70 11.48 PKR/Shares 111.29 206.41 42.81 36.38 39.31 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 13-Jan-2011 13-Jan-2011 13-Jan-2011 13-Jan-2011 13-Jan-2011 13-Jan-2011 13-Jan-2011 13-Jan-2011 13-Jan-2011 13-Jan-2011 13-Jan-2011 13.37% 13.50% 13.73% 14.00% 13.28% 13.57% 13.74% 14.07% 14.18% 14.23% 14.25% 14.27% 14.60% 14.79% 14.96% Money Market Update Symbols Buy (Rs) Sell (Rs) Australian $ 85.90 86.10 Canadian $ 85.90 86.30 Danish Krone 14.00 14.60 Euro 111.90 112.50 Hong Kong $ 10.80 10.90 Japanese Yen 1.042 1.017 Saudi Riyal 22.80 23.00 Singapore $ 65.60 65.70 Swedish Korona 12.50 12.60 Swiss Franc 86.90 87.50 U.A.E Dirham 23.15 23.30 UK Pound 132.10 133.80 US $ 85.80 86.10 Open Mkt Currency Rates Symbols Buying Selling TT Clean TT & OD Australian $ 85.07 85.27 Canadian $ 86.74 86.95 Danish Krone 15.05 15.08 Euro 112.11 112.38 Hong Kong $ 11.00 11.03 Japanese Yen 1.030 1.032 Saudi Riyal 22.81 22.87 Singapore $ 66.41 66.56 Swedish Korona 12.64 12.67 Swiss Franc 88.34 88.55 U.A.E Dirham 23.29 23.35 UK Pound 134.70 135.02 US $ 85.61 85.80 Inter-Bank Currency Rates Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com www.thefinancialdaily.com CITIES MAX-TEMP MIN ISLAMABAD 21°C 3°C KARACHI 27°C 15°C LAHORE 20°C 2°C FAISALABAD 21°C 3°C QUETTA 12°C -3°C RAWALPINDI 22°C 4°C Weather Forecast ISLAMABAD: Pakistan has resumed wheat exports for the first time in three years, selling cargoes to Bangladesh and Myanmar and more deals are likely as the country takes advantage of rising global prices and surplus stocks at home, fol- lowing last year's bumper harvest. The deals come as fears of global food inflation grow, with devastating floods damaging crops in Australia, forecasts of US corn inventories sliding to uncomfortable levels and dry weather hampering pro- duction in Argentina. Asia's third largest wheat producer, Pakistan has sold 200,000-500,000 tonnes mainly to Bangladesh and Myanmar and international traders are taking positions for more deals after Islamabad lifted a ban on overseas sales last month. "Pakistani wheat is now competitive, they are actively selling cargoes for the last one week or 10 days," said one trader with an international trading company in Singapore. "Traders are taking posi- tions in the domestic market to corner more supplies for exports." US stockpiles of corn and soybeans will be drawn down to uncomfortably thin levels this year, according to a government report on Wednesday that sent grain prices soaring and added to See # 11 Page 11 Pak resumes wheat export Sells wheat in int'l mkt after 3yrs

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Page 1: The Financial Daily-Epaper-14-01-2011

International

Reporter Wali Khan shot dead in Khi

Khosa sworn in as Governor Punjab See on Page 12

Pull the trigger on NWA, US tells Pak See on Page 12

Yearly(Jul, 2010--12-Jan-2011)

Monthly(Dec, 2010--12-Jan-2011)

Daily (12-Dec-2011)

Total Portfolio Inv (7 Jan-2010)

187.17

-8.22

2.28

3057

11.72

-6.20

-0.47

1.14

-0.78

-4.75

-0.67

SCRA(U.S $ in million)

Portfolio Investment

FIPI (13-Jan-2011)

Local Companies (13-Jan-2011)

Banks / DFI (13-Jan-2011)

Mutual Funds (13-Jan-2011)

NBFC (13-Jan-2011)

Local Investors (13-Jan-2011)

Other Organization (13-Jan-2011)

(U.S $ in million)

NCCPL

Forex Reserves (8-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- Nov 10)

Remittances (Jul 10-Dec 10)

Foreign Invest (Jul 10-Nov 10)

Revenue (Jul 10-Nov 10)

Foreign Debt (Sep 10)

Domestic Debt (Nov 10)

Repatriated Profit (Jul- Nov 10)

LSM Growth (Nov 10)

GDP Growth FY10EPer Capita Income FY10Population

$17.09bn

14.61%

$10.98bn

$19.13bn

$(8.15)bn

$(504)mn

$5.29bn

$746mn

Rs 495bn

$58.41bn

Rs 5348.6bn

$287.9mn

-4.69%

4.10%

$1,051

174.86mn

Economic Indicators

Index Close Change

KSE 100 12,459.44 178.20

Nikkei 225 10,589.76 76.96

Hang Seng 24,238.98 113.37

Sensex 30 19,182.82 351.28

ADX 2,737.65 2.19

SSE COMP. 2,827.71 6.41

FTSE 100 6,028.00 22.72

*Dow Jones 11,739.01 16.43

*Last Updated 20:00 PST

Global Indices

Special Correspondent

ISLAMABAD: TheEconomic CoordinationCommittee of the Cabinethere Thursday allowedWAPDA to raise Rs20 billionfor the Diamer Bhasha Damproject, whereas the summa-ry regarding the restorationof gas supply to fertiliser sec-tor has been rejected. The ECC met here under thechairmanship of FederalMinister for Finance and

Economic Affairs, Dr AbdulHafeez Shaikh.

The Committee, on theproposal in a summarymoved by the Ministry ofWater and Power allowedWapda to raise Rs20 billionfor the Diamer Bhasha Damproject.

The Diamer-Bhasha Damwould add 4500 MW ofhydro power with live stor-age capacity of 6.4 millionacres foot of water for the

irrigation purposes.The Minister for Water

and Power has informed thecommittee that Wapda hasalready raised Rs8 billion in2006 and Rs8 billion in2007 and is currently servic-ing them.

The Rs20 billion funds tobe raised by Wapda shall beunder the Government ofPakistan guarantee from themarket and shall repay to

See # 6 Page 11

ECC OKs Rs20bnfor Bhasha Dam

Summary to restore gas to fertiliser cos rejected

Dam to add 4500 megawatts into national grid

Pak says will decideNWA onsetexclusively

ISLAMABAD: Pakistanhas emphasised that allregional countries shouldwork towards maintainingstate-to-state relations withAfghanistan and not try toplay any great game in thatcountry.

"All regional countriesneed to adhere to the policyof non-interference andnon-intervention inAfghanistan. People ofAfghanistan have sufferedheavily so has Pakistan andthere is no room for a newgreat game pertaining toAfghanistan."

Responding to questionsat the weekly news brief-ing in Islamabad Thursday,Foreign Office spokesmanAbdul Basit said beingimmediate neighbour;Pakistan understands its

See # 12 Page 11

Industrialoutput slips5pc in NovGhulam Raza Rajani

KARACHI: Pakistan'sindustrial output continuedto show downward trendand contracted by 4.69 percent in the month ofNovember 2010, taking theaverage contraction to 2.3per cent in the first five-month of fiscal year 2010-11, according to data fromthe Federal Bureau ofStatistics (FBS).

During November, twosub-sectors decline in pro-duction as Ministry ofIndustries reported 7.41per cent drop andProvincial Bureau ofStatistics down by 1.29 percent, while, Oil CompaniesAdvisory Committee(OCAC) showed a growthin its production by 3.15per cent in petroleum prod-ucts.

Large scale manufactur-ing sector broadly con-tributes 12 per cent in the

See # 17 Page 11

LawMinistryapproves

MTS conceptNawaz Ali

KARACHI: The Ministryof Law has finallyapproved the proposedleverage product for thestock market i.e. MarginTrading System (MTS) andnow it is likely that themuch-awaited leverageproduct would be launchedin a couple of weeks.

According to a reliablesource, the law ministryhas approved the conceptpaper and has probablysent it to the secretary

See # 18 Page 11

FX reservesdecline to$17.09bn

Staff Reporter

KARACHI: Country's for-eign exchange reserves fellto $17.09 billion in the weekending January 8, downfrom a record $17.20 billionin the previous one, the cen-tral bank said on Thursday.

See # 8 Page 11

Political consultation

PM forms5-manbody

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani on Thursday consti-tuted a five-member com-mittee to establish contactwith the leadership of allthe political parties in theParliament to obtain pro-posals for resolving nation-al issues raised on the floorof both the houses ofParliament.

The members of thecommittee are AbdulHafeez Sheikh, Ministerfor Finance, Raja Pervez

See # 9 Page 11

Obama meetsZardaritoday

WA S H I N G T O N : U SPresident Barack Obamawill meet Pakistan'sPresident Asif Ali Zardariin Washington on Friday,the White House said onThursday.

Zardari will be inWashington to attend amemorial service onFriday for RichardHolbrooke who died lastmonth. -Reuters

LAHORE: Chief Justice Lahore High Court Ejaz Chaudhry administering oath to SardarLatif Khan Khosa as Punjab Governor during a ceremony at Governor House. APP

ISLAMABAD: The meet-ing of the NationalAssembly StandingCommittee on Railwayswas held here on Thursdaywith its Chairman SardarAyaz Sadiq in the chairdemanded of the PrimeMinister Syed Yousuf RazaGilani through a unani-mously passed resolution torelease 11.5 billion bail-outpackage as soon as possiblein order to continue itsoperation.

The Committee in themeeting took serious noticeof the absence of DirectorLegal Railways, warning, ifhe failed to attend the nextmeeting then the committeewill issue summon notice toDirector Legal, Railways asper Rules of Procedure ofNational Assembly.

The meeting also passed

on instructions to GeneralManager, Railways to theeffect that all the DivisionalSuperintendents Railwaysbe directed to have detailedmeetings with the Membersof Parliament to workoutthe schedule of trains as totake them into confidencebefore closure of any pas-senger trains.

The meeting was attend-ed, among others by MNAsBegum Nasim AkhtarChaudhry, Dr TalatMahesar, Rahela Baloch,Tariq Mehmood Bajwa,Ramesh Lal, Malik IbrarAhmed, Dewan AshiqHussain Bokhari, PirMuhammad Aslam Bodla,Farzana Mushtaq Ghani, DrMuhammad Ayub Sheikh,Haji Rozuddin, RanaTanveer Hussain and senior

See # 10 Page 11

Railways seeksRs12bn bailout

ISLAMABAD: USAmbassador to Pakistan,Cameron Munter hereThursday said US govern-ment was supportingPakistan in using the powerof international trade as anengine for economicgrowth.

He stated this while open-ing a roundtable conferencethat brought together pri-vate and public sector lead-ers to discuss ways toimprove trade policy andperformance in order toboost the country's

See # 7 Page 11

US deliberatesPak trade push

US supports Isb for economic growth: Munter

Ministry decides to raise fares by 25pc

ISLAMABAD: SupremeCourt of Pakistan Thursdaydirected the third rentalpower plant (RPPs) toreturn the advance moneytaken in advance from thegovernment of Pakistan atthe earliest, media reported.

Chief Justice IftikharMuhammad Chaudhrywhile hearing the case,remarked that the compa-nies, who have not initiatedthe projects, should returnthe advance money at theearliest, otherwise, caseswould be forwarded to FIA.

He stated that loot andplunder in rental powerprojects would not be

allowed.Lawyer of the Wapda

Khawaja Tariq informed thecourt that two rental powerplants Naudero-II andGuddu Power Projects havedeposited Rs2.25 billion inthe bank, adding anotherpower plant has alsodeposited Rs1.26 billion inthe national exchequer.

The court while summon-ing the owner of TechnoPower Plant near Sahiwal,issued orders to return theadvance money withmarkup.

Later, the court adjournedthe hearing till Jan 14 and24. -Agencies

3rd RPP comesunder fire in SC

Techno Power told to return advance

Gilani urges traderoadmap with Iran

See on Page 12

Karachi, Friday, January 14, 2011, Safar-ul-Muzaffar 9, Price Rs12 Pages 12

*Crude Oil (brent)$/bbl 98.17

*Crude Oil (WTI)$/bbl 91.82

*Cotton $/lb 150.46

*Gold $/ozs 1,389.50

*Silver $/ozs 29.62

Malaysian Palm $ 1,206

GOLD (NCEL) PKR 38,365

KHI Cotton 40Kg PKR 10,610

*Last Updated 20:00 PST

GDR update

Commodities

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

24.11

2.00

1.70

11.48

PKR/Shares

111.29

206.41

42.81

36.38

39.31

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

13-Jan-2011

13-Jan-2011

13-Jan-2011

13-Jan-2011

13-Jan-2011

13-Jan-2011

13-Jan-2011

13-Jan-2011

13-Jan-2011

13-Jan-2011

13-Jan-2011

13.37%

13.50%

13.73%

14.00%

13.28%

13.57%

13.74%

14.07%

14.18%

14.23%

14.25%

14.27%

14.60%

14.79%

14.96%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 85.90 86.10

Canadian $ 85.90 86.30

Danish Krone 14.00 14.60

Euro 111.90 112.50

Hong Kong $ 10.80 10.90

Japanese Yen 1.042 1.017

Saudi Riyal 22.80 23.00

Singapore $ 65.60 65.70

Swedish Korona 12.50 12.60

Swiss Franc 86.90 87.50

U.A.E Dirham 23.15 23.30

UK Pound 132.10 133.80

US $ 85.80 86.10

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 85.07 85.27

Canadian $ 86.74 86.95

Danish Krone 15.05 15.08

Euro 112.11 112.38

Hong Kong $ 11.00 11.03

Japanese Yen 1.030 1.032

Saudi Riyal 22.81 22.87

Singapore $ 66.41 66.56

Swedish Korona 12.64 12.67

Swiss Franc 88.34 88.55

U.A.E Dirham 23.29 23.35

UK Pound 134.70 135.02

US $ 85.61 85.80

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 21°C 3°C

KARACHI 27°C 15°C

LAHORE 20°C 2°C

FAISALABAD 21°C 3°C

QUETTA 12°C -3°C

RAWALPINDI 22°C 4°C

Weather Forecast

ISLAMABAD: Pakistanhas resumed wheat exportsfor the first time in threeyears, selling cargoes toBangladesh and Myanmarand more deals are likely asthe country takes advantageof rising global prices andsurplus stocks at home, fol-lowing last year's bumperharvest.

The deals come as fears ofglobal food inflation grow,with devastating floodsdamaging crops inAustralia, forecasts of UScorn inventories sliding touncomfortable levels anddry weather hampering pro-duction in Argentina.

Asia's third largest wheatproducer, Pakistan has sold200,000-500,000 tonnesmainly to Bangladesh and

Myanmar and internationaltraders are taking positionsfor more deals afterIslamabad lifted a ban onoverseas sales last month.

"Pakistani wheat is nowcompetitive, they areactively selling cargoes forthe last one week or 10days," said one trader withan international tradingcompany in Singapore.

"Traders are taking posi-tions in the domestic marketto corner more supplies forexports."

US stockpiles of corn andsoybeans will be drawndown to uncomfortably thinlevels this year, accordingto a government report onWednesday that sent grainprices soaring and added to

See # 11 Page 11

Pak resumeswheat export

Sells wheat in int'l mkt after 3yrs

Page 2: The Financial Daily-Epaper-14-01-2011

2 Friday, January 14, 2011

TV PROGRAMMES

FRIDAY

Time Programmes

7:00 News

8:00 News

9:00 News

11:00 News

11:05 Headlines

13:10 Newsbeat (Rpt)

14:10 Tonight With

Jasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Awam Ki Awaz

23:00 News

23:30 24

KARACHI: Advisor toSindh Chief Minister onInformation SharmilaFarooqui has said thatpresent democratic gov-ernment has decided firm-ly to eradicate the terror-ists and terrorism from thesociety and will teach sucha lesson to these enemiesof peace and democracythat they will never forget.

Strongly condemningsuicide attack at theMasjid of Bannu PoliceStation, she said that thosewho attempted suicide

attacks on religious build-ings and those who sentattackers could not becalled Muslims.

She said no Muslimcould think of attacking amosque and those who didthat were the worst enemyof Islam and Pakistan.

The Provincial Advisorrequested all religiousscholars and party leadersto come forward and con-demn the religious fanati-cism and save the peopleand the country from theseextremists.-NNI

Sharmila saysgovt firm tocheck terror

KARACHI: LeadingPakistan and UAE basedtraining and developmentorganization Timelendershas signed a two year train-ing contract with UAE's nat-ural and petroleum gas oper-ator ADGAS (Abu DhabiGas Liquefaction Company)in Abu Dhabi.

According to this contract,Timelenders will train theofficers of ADGAS in nexttwo years on its flagshipStrategic Time Managementcourse and it is another mile-stone after adding value toover 400 officers at region'sleading telecom operatorEtisalat in the recent past,says Yameenuddin Ahmed,Head of InternationalOperations at Timelenders.

Yameenuddin fromTimelenders and Hussain

Ali Daiban (LearningResources Team LeaderADGAS) signed the con-tract, while. SabeerKohinoor was also presentin the meeting.

Hussain and Yameenbelieve that Timelenderscourses will bring positivechanges in the ADGAS offi-cers and the trainings willcontribute to the vision ofADGAS of having capable,efficient and highly qualifiedpeople to sustain its years ofsuccessful operations.

The agreement is inlinewith the Timelenders visionof facilitating individualsand organizations to unleashtheir potential through wor-thy and powerful visions,says Suleman Ahmer, thefounder and CEO ofTimelenders.-PR

ADGAS, Timelenders

enter into pact

TFD Report

KARACHI: EtihadAirways has reported 29.2per cent rise in revenues in2010 to US$ 2,951 million(2009: US$ 2,285 million),significantly outpacing itscapacity growth, which sawavailable seat kilometres(ASKs) rise 19.5 per cent to45.1 billion (2009: 37.8 bil-lion). The result marked con-tinued progress towards theairline's goal of break-evenin 2011 and profitability in2012.

Passenger numbers toppedseven million for the firsttime, up 13.1 per cent to7.099 million, while seat fac-tors increased by 0.5 percent-age points, to 74.0 per cent.The airline confirmed that, aspreviously forecast, it hadreported a positive EBIT-DAR (earnings before inter-est, taxation, depreciation,amortisation and rentals) forthe full year, the first time it

had achieved this since it wasformed in 2003.

James Hogan, EtihadAirways' Chief ExecutiveOfficer said: "We continuedto invest in routes and infra-structure, adding seven newdestinations during the year,as well as welcoming morethan 800 new employees tothe Etihad family. Yet despitethis, we brought our costsdown whilst increasing pas-senger numbers and yield.

"On top of all of this, wewere delighted when ourinvestment in product andcustomer service was recog-nised when we were namedthe World's Leading Airlinefor the second year running."

Etihad launched servicesto Alexandria, Baghdad,Colombo, Erbil, Nagoya,Seoul and Tokyo in 2010, aswell as opening new premi-um lounges in Dublin andManchester. Its fleetincreased by six to 57 air-craft.

Etihad Airwaysreports revenue,capacity growth

ISLAMABAD: PrimeMinister Syed YousufRaza Gilani on Thursdayasked the management ofPakistan InternationalAirlines to improve itsservices and strictlyobserve punctuality offlight operations.

Chairing a meeting hereto discuss the matters ofPIA, the Prime Ministersaid he would like to seePIA to regain past distinc-tion among the interna-tional carriers.

The Prime Ministerurged upon the PIA man-agement to adopt modernmanagement techniques tohelp improve its services.

He observed that though

the modernization of thefleet is quite important yetimage of any airline heavi-ly depends mainly on care,courtesy and efficiency ofthe staff as well as themanagement.

He said the governmentwas cognizant of the finan-cial constraints of the cor-poration, adding the man-agement could popularizeand enhance the businessof the airline by improvingthe passengers' care andimproving the services.

The Prime Ministerstressed upon the need toreview the working of theCorporation to introducecost efficient measures toreduce the expenditure.

He mentioned that thegovernment had alreadylaunched a number ofschemes including housingschemes for the welfare ofPIA employees.

He said now it wasresponsibility of the employ-ees to work with dedicationto make the Pakistan flagcarrier as a recognized air-line in the world.

Earlier, the managementgave a detailed briefing onissues concerning theCorporation. They alsoapprised the PrimeMinister about proposalsregarding joint venturesand cooperation with othercarriers to enhance airlinebusiness.-APP

Nat’l carrier told to get its

affairs in order

ISLAMABAD: NationalProductivity Organization(NPO) has announced thefirst ever Prime MinisterQuality Award for indus-trialists, showing excel-lence in their businesses.

The announcement tothis effect was made byMinister for Industries andProduction Mir HazarKhan Bijrani at a functionorganized by Federation ofPakistan Chambers ofCommence and Industries.

President of FPCCISenator Ghulam Ali,Secretary Industries AbdulGhaffar Somoro, heads ofvarious associations and

leading members of busi-ness community were alsopresent.

Minister and Secretaryin their brief addresspraised the NPO and anumber of projects theyhad undertaken includingthe ones aimed at conserv-ing energy and enhancingthe agriculture production.

Former President ofNPO, S.M. Munir praisedthe performance of thedepartment and gave anumber of suggestions toenhance and improve thequality of various industri-al products, it was report-ed Thursday.-APP

Quality Awardfor industrialists

announced

ISLAMABAD: PrimeMinister Syed Yusuf RazaGilani has approved estab-lishment of an ArtificialLimb Centre at Lahore in ameeting with the FederalMinister for Social Welfareand Special Education,Samina Khalid Ghurki atPrime Minister's Househere on Thursday.

The Prime Minister hassaid that welfare of theneglected, disadvantagedand underprivileged is pri-ority of his Government.

He further said the

Government has launcheda number of schemes likeBenazir Income SupportProgramme, Child supportProgramme and Bait-ul-Mal stipends for the poorstudents to help the down-trodden of the society.

During the meeting, thePrime Minister mentionedthat Pakistan MuslimLeague- Nawaz (PML -N)which was a second majornational party has alsostressed in their 10 pointsagenda to focus on relief tothe common man.-NNI

Artificial LimbCentre at Lahore

Staff Reporter

KARACHI: To increasebilateral travel trade rela-tions and tourism betweenPakistan and USA, thedepartment of U.SCommercial Service, U.SConsulate General,Karachi, is going toorganize a Trade Showunder the name and styleof International Pow Wowfrom May 21 - 25, 2011 atthe Moscone ConventionCentre in San Francisco,USA. This was stated bySohrab Jang andMohammad Aamir, theCommercial Specialists ofUS Consulate Karachi in abriefing held at the officeof Travel AgentsAssociation of Pakistan,

(TAAP) KarachiThursday. Seventy coun-tries will be participatingin this Trade Show and theU.S Consulate General iseager that a delegation ofTravel Agents Associationof Pakistan should partici-pate in this Trade Show,U.S. officials added.

The reason to invitePakistani delegates ofTravel Agents in thisshow is basically to pro-mote Tourism between thetwo countries and also thesaid visit of Pakistani del-egation shall be coincidedwith the various B2B dis-cussions with the dele-gates of other participat-ing countries, so that thetravel trade of Pakistancan be benefited with all

the edges, Sohrab added.During the briefing, US

officials also stated that inSan Francisco there areumpteenth places for thetourists and of course theinfrastructure is also verygood for the tourists inSan Francisco, which willbe highlighted during theshow. This InternationalPow Wow show has fullsupport from the U.SGovernment as well asthe department of U.SCommercial Service,Karachi will also providefullest support and coop-eration to the Pakistanidelegates, the status ofthe Pakistani delegationduring the show, wouldbe VVIP, US officialsadded.

Efforts to enhancePak-US two-way

travel, trade

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

15:05 Siyasat Mana Hai

(Rpt)

16:00 News

16:02 Akhri Suada

16:30 Karobari Dunya

17:00 News

17:05 Ghar Ka Kharch

(Rpt)

18:00 News

18:05 Chai Time

19:00 Headlines

19:30 Mang Raha Hai

Pakistan

20:00 Headlines

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:00 Headlines

22:05 Dosra Pehlu

23:00 News

23:05 Siyasat Mana Hai

(Rpt)

0:00 News

PRGMEAhails release

of duesStaff Reporter

KARACHI: The ZonalChairman of PakistanReadymade GarmentsManufacturers andExporters Association(PRGMEA), MohammadJawed Chinoy ,in his state-ment ,has appreciated thetextile ministry's initiativeby asking State Bank for theearly disbursement ofRs4.825 billion subsidies tothe textile sector.

This is a welcome step bythe ministry which willhelp exporters overcomethe lingering financialcrunch, he said.

"If the SBP complies withthis request this will help toreduce the price of locallymanufactured products andmaking them competitive ininternational market and wehope that SBP will releasethese funds soon", he added.

He said that the textileindustry has not done anysubstantial investment onmodernization of machin-ery due to the impendingcash crisis and high interestrates but despite all theseobstacles the sector hasbeen making significantgains by increase in exports.

Textile export have wit-nessed an increase of22.37 per cent during theperiod from July to Dec,2010 as compared to thesame period last yearwhich is a clear sign of ourcompetitiveness in theglobal market, he said.

Mirza seeksdetails offelonies

KARACHI: HomeMinister Sindh Dr. ZulfiqarAli Mirza has sought outthe detailed progress reportfrom Inspector General(IG) Sindh pertaining tocases registered in 2010about terrorism, targetkillings and other high pro-file cases.

According to details, hedirected in his orders thatreport must include alldetails pertaining to inci-dents, their dates, casenumbers, credentials oftheir respective police sta-tions, deceased or injured,their names, addresses,weapons used, inspections,evidences, their statements,all details of suspects,investigating officers andothers..-OnlineWarning

on illegalincrease of

gas pressureKARACHI: Apropos to anews item appearing in cer-tain English and Urdu news-papers wherein it was report-ed that some industrial andhousehold gas consumers areusing compressors toincrease gas pressure. Thesenewspapers have also citedthis method as inexpensiveyet safe. Sui Northern GasPipelines Limited warns itsconsumers that increasinggas pressure by any methodis highly dangerous, can alsobe life threatening.Furthermore, it is in violationof the terms and conditions ofthe Gas connection contract,on the basis of which theCompany can impose heavyfines or even disconnect thegas connections. -PR

ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani talking with Samina Khalid Ghurki, Minister forSocial Welfare at PM House.-Staff Photo

KARACHI: Travel Agents Association of Pakistan (TAAP) hosted a reception inhonor of commercial specialists of US Consulate Karachi Sohrab Jang and

Mohammad Aamir. Chairman, Travel Agents Association of Pakistan (TAAP),Yahya Polani, Parvez Hussain, Dr. Sharif, Anwar Rashid, Nadeem Sharif, Hanif

Rinch, Col (R) Akbar Sharif, Amin Wali Muhammad, Naeem Sharif andTafseer-Ul-Islam are seen in the group photograph.-Staff Photo

Turkish Airlines

eyes 11 new

destinations ISTANBUL: Europe's

fastest growing airline,

Turkish Airlines will add

new destinations on its

rapidly expanding net-

work this year. The

world's 8th biggest carrier,

Turkish Airlines is plan-

ning to launch flights to

11 new destinations.

According to the flight

program confirmed by the

Directorate General of

Civil Aviation, Ministry of

Transport, Turkish

Airlines will begin to

operate 3 weekly flights to

Guangzhou (China) from

Jan 30, 4 weekly flights to

Los Angeles (USA) from

March 3and 4 weekly

flights to Shiraz (Iran)

from March 14, 2011. -PR

EOBI to revise

registrationsystem Staff Reporter

KARACHI: EmployeesOld Age Benefit Institution(EOBI) Scheme has beenextended to every adultworker of the country andnow unorganized sectorand even self-employedworkers can get benefit ofold age from EOBI, thiswas announced by theChairman, EOBI, ZafarIqbal Gondal.

Addressing a luncheonmeeting with the industrial-ists at Korangi Association ofTrade and Industry (KATI),EOBI chief informed thestakeholders to carry out reg-istration process of all theworkers in the industries andcommercial organizations inorder to have transparencyand get the workers in theEOBI network those are yetto be registered or were notmentioned by the employerswith the connivance ofEOBI's corrupt officials.

Page 3: The Financial Daily-Epaper-14-01-2011

MUMBAI: The Indian rupeeretreated from one-and-halfweek highs on Thursday assharp losses in local sharesraised worries over sustainedforeign fund outflows, whiledefence-related dollar demandalso weighed.

The partially convertiblerupee closed at 45.24/25 perdollar, 0.2 per cent below its45.13/14 close on Wednesday.The rupee rose as much as45.04, its strongest since Jan.4, in early trade.

"What we saw in the forexmarket today was a directreflection of the weakness inthe stock market," saidAshutosh Khajuria, head oftreasury at IDBI Bank.

"In the near term, at leastuntil March, the rupee willcontinue to be under pressureas flows have slowed downand we need capital inflows tofund the current accountdeficit. So I see the rupeearound 45.75 in three-months'time."

Foreign funds are net sellersof $520 million worth of shares

this year until Wednesday,pushing the rupee down 1.2 percent. In 2010, record inflows of$29.3 billion had helped therupee gain 4.1 per cent.

One-month offshore non-deliverable forward contractswere quoted at 45.53, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange and MCX-SX bothclosed at 45.2525, while thoseon the United Stock Exchangeended at 45.25, with the totaltraded volume on the threeexchanges at about $5.4 bil-lion. -Reuters

Indian rupee retreatsas stocks slide

3Friday, January 14, 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 13/01/2011

A USD GBP CAD EUR JPY

O/N 0.24000 0.55813 0.93667 0.33500 SN 0.09375

1WK 0.25438 0.57063 1.00000 0.54500 0.10288

2WK 0.25656 0.57563 1.04417 0.57750 0.10938

1MO 0.26125 0.59563 1.09833 0.69563 0.12063

2MO 0.28250 0.65313 1.15250 0.80500 0.15000

3MO 0.30313 0.76688 1.24167 0.93188 0.18875

4MO 0.34500 0.84938 1.31667 1.00000 0.24313

5MO 0.40125 0.95438 1.37500 1.08688 0.30000

6MO 0.45656 1.06375 1.44833 1.18000 0.34750

7MO 0.51000 1.14038 1.51333 1.23125 0.39750

8MO 0.56188 1.22375 1.58917 1.28500 0.44313

9MO 0.61656 1.30563 1.65833 1.33250 0.48750

10MO 0.66969 1.38500 1.73833 1.38375 0.51438

11MO 0.72469 1.45250 1.82333 1.42875 0.54000

12MO 0.78375 1.51938 1.90500 1.47000 0.56750

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

U.S.A. 85.75 85.55 85.37U.K. 135.02 134.70 134.39EURO 112.38 112.11 111.86CANADA 86.95 86.74 86.51SWITZERLAND 88.55 88.34 88.11AUSTRALIA 85.27 85.07 84.84SWEDEN 12.67 12.64 12.61JAPAN 1.03 1.03 1.03NORWAY 14.49 14.46 14.42SINGAPORE 66.56 66.41 66.23DENMARK 15.08 15.05 15.01SAUDI ARABIA 22.87 22.81 22.75HONG KONG 11.03 11.00 10.98CHINA 13.00 12.97 12.93KUWAIT 304.16 303.45 302.66MALAYSIA 28.06 28.00 27.93NEW ZEALAND 65.32 65.17 65.00QATAR 23.56 23.50 23.44U.A.E. 23.35 23.29 23.23KR WON 0.08 0.08 0.08THAILAND 2.82 2.82 2.81

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3301 1.3304 1.3322 1.3090

USD-CHF 0.9671 0.9675 0.9766 0.9620

GBP-USD 1.5848 1.5852 1.5856 1.5721

USD-CAD 0.9884 0.9889 0.9905 0.9856

AUD-USD 0.9990 0.9994 1.0018 0.9919

EUR-JPY 110.3500 110.3900 110.3500 108.6900

EUR-GBP 0.8408 0.8412 0.8408 0.8316

EUR-CHF 1.2881 1.2883 1.2884 1.2690

GBP-JPY 131.3400 131.3900 131.3500 130.5300

CHF-JPY 85.7900 85.8500 85.9800 85.1000

CAD-CHF 0.9724 0.9731 0.9763 0.9627

Gold 1383.0300 1383.3000 1393.0400 1378.4100

Silver - - - -

As per 22.00 PST

Time Source Events Forecast Previous

12:00 EUR German Final CPI m/m 1.0% 1.0%

14:30 GBP PPI Input m/m 1.6% 0.9%

15:00 EUR CPI y/y 2.2% 2.2%

15:00 EUR Core CPI y/y 1.1% 1.1%

15:00 EUR Trade Balance 1.9B 3.6B

18:30 USD Core CPI m/m 0.1% 0.1%

18:30 USD Core Retail Sales m/m 0.7% 1.2%

18:30 USD Retail Sales m/m 0.8% 0.8%

18:30 USD CPI m/m 0.4% 0.1%

19:15 USD Capacity Utilization Rate 75.6% 75.2%

19:15 USD Industrial Production m/m 0.5% 0.4%

Source Events Actual Forecast Previous

USD Federal Budget Balance -80.0B -81.1B -150.4B

JPY Core Machinery Orders m/m -3.0% 2.1% -1.4%

AUD Employment Change 2.3K 25.2K 54.6K

AUD Unemployment Rate 5.0% 5.1% 5.2%

GBP Manufacturing Production m/m 0.6% 0.5% 0.6%

GBP Industrial Production m/m 0.4% 0.5% -0.1%

GBP Asset Purchase Facility 200B 200B 200B

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada January 18, 2011 September 8, 2010 1%

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

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

Bank of England n/a March 5, 2009 0.50%

Federal Reserve n/a December 16, 2008 0.25%

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

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

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, January 13,2011 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

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

ABLN 12.40 12.90 12.60 13.10 12.75 13.25 13.30 13.55 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 12.60 13.10 12.85 13.35 13.25 13.50 13.45 13.70 13.50 14.00 13.60 14.10 13.70 14.20

CIPK 12.40 12.90 12.55 13.05 12.75 13.25 13.45 13.70 13.55 13.80 13.60 14.10 13.75 14.25 14.00 14.50

DBPK 12.50 13.00 12.60 13.10 12.70 13.20 13.15 13.40 13.30 13.55 13.50 14.00 13.55 14.05 13.60 14.10

FBPK 12.35 12.85 12.50 13.00 12.75 13.25 13.40 13.65 13.55 13.80 13.65 14.15 13.80 14.30 13.90 14.40

FLAH 12.30 12.80 12.50 13.00 12.75 13.25 13.25 13.50 13.45 13.70 13.55 14.05 13.65 14.15 13.75 14.25

HBPK 12.35 12.85 12.60 13.10 12.80 13.30 13.30 13.55 13.45 13.70 13.60 14.10 13.70 14.20 13.80 14.30

HKBP 12.50 13.00 12.75 13.25 12.80 13.30 13.45 13.70 13.65 13.90 13.75 14.25 13.85 14.35 13.90 14.40

NIPK 12.65 13.15 12.75 13.25 13.10 13.60 13.50 13.75 13.65 13.90 13.70 14.20 13.75 14.25 13.85 14.35

HMBP 12.35 12.85 12.60 13.10 12.85 13.35 13.35 13.60 13.50 13.75 13.55 14.05 13.60 14.10 13.70 14.20

SAMB 12.40 12.90 12.60 13.10 12.80 13.30 13.30 13.55 13.50 13.75 13.50 14.00 13.65 14.15 13.75 14.25

MCBK 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

NBPK 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

SCPK 12.50 13.00 12.60 13.10 12.70 13.20 13.20 13.45 13.35 13.60 13.50 14.00 13.55 14.05 13.75 14.25

UBPL 12.25 12.75 12.50 13.00 12.65 13.15 13.20 13.45 13.40 13.65 13.50 14.00 13.70 14.20 13.70 14.20

AVE 12.41 12.91 12.59 13.09 12.78 13.28 13.32 13.57 13.49 13.74 13.57 14.07 13.68 14.18 13.78 14.28

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)13/01/2011

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

1 week 0.68 0.87 0.98 0.98 -0.33 0.26 0.91 -0.811 month 0.67 -0.07 0.23 0.80 -0.20 0.22 0.20 -0.753 months 0.11 0.61 0.62 0.86 0.38 0.14 0.40 -0.206 months 0.69 0.21 0.61 0.92 0.52 0.65 -0.51 -0.701 year 0.20 0.63 0.77 0.72 0.10 0.01 -0.20 -0.032 years -0.36 0.67 0.58 0.49 -0.12 -0.36 0.44 0.21

Currencies CorrelationEUR/GBP

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.65 12.55 12.55 12.60 12.65 12.60 12.60

8-15dys 12.75 12.75 12.65 12.70 12.80 12.75 12.73

16-30dys 12.90 12.80 12.85 12.80 12.90 12.80 12.84

31-60dys 13.05 12.95 12.95 13.15 13.10 13.15 13.06

61-90dys 13.38 13.40 13.40 13.41 13.30 13.30 13.37

91-120dys 13.45 13.35 13.47 13.44 13.35 13.40 13.41

121-180dys 13.52 13.51 13.50 13.47 13.40 13.52 13.49

181-270dys 13.62 13.55 13.62 13.65 13.55 13.60 13.60

271-365dys 13.75 13.72 13.72 13.77 13.70 13.75 13.74

2-- years 14.10 14.00 14.00 14.00 13.95 14.00 14.01

3-- years 14.22 14.21 14.23 14.23 14.25 14.25 14.23

4-- years 14.24 14.23 14.24 14.24 14.22 14.25 14.24

5-- years 14.25 14.23 14.26 14.25 14.23 14.28 14.25

6-- years 14.25 14.35 14.35 14.28 14.30 14.30 14.31

7-- years 14.26 14.37 14.37 14.30 14.35 14.35 14.33

8-- years 14.26 14.25 14.24 14.30 14.25 14.40 14.28

9-- years 14.24 14.15 14.15 14.15 14.20 14.10 14.17

10--years 14.27 14.26 14.28 14.25 14.25 14.28 14.27

15--years 14.55 14.60 14.55 14.65 14.55 14.70 14.60

20--years 14.70 14.75 14.75 14.90 14.75 14.90 14.79

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for January 13, 2011

NEW YORK: The euro rose against thedollar for a fourth straight day onThursday in a rally that could continueafter solid Spanish and Portuguese bondauctions eased concerns about an escala-tion of the euro-zone debt crisis.

The euro jumped more than 1 per centto trade well above $1.33 as the singlecurrency's rebound prompted many mar-ket players to cover short positions toavoid further losses. Comments fromEuropean Central Bank President Jean-Claude Trichet that the euro-zone facesshort-term inflationary pressures helpedraised expectations of interest rate hikesand further supported the euro.

Strong demand at the Spanish auction,one day after a solid Portuguese debt sale,helped ease pressure on peripheral bondmarkets. Analysts cautioned, however,that the sales represented a very small

percentage of supply from those countriesthis year.

"We remain skeptical overall," saidM a r kM c C o r m i c k ,currency strate-gist at BrownB r o t h e r sHarriman inNew York. "Wedon't see anystrong momen-tum behind these moves. We think it's justa short-term move and the euro is goingto continue to suffer for the remainder ofthe quarter." The euro climbed as high as$1.3326 on trading platform EBS, wellabove the day's low at $1.3088. It lasttraded up 1 per cent at $1.3274.

Traders cited steady buying from Asiancentral banks and demand from momen-

tum players, options players and invest-ment funds.

The euro climbed to a one-month high

of 1.2837 Swiss francs ahead of an emer-gency meeting of Swiss unions and indus-try representatives, with the subjectexpected to be the record-strong Swisscurrency.

Analysts said the euro may see somesupport on speculation that a solution tothe debt crisis may come soon. TopEuropean Union officials are pushing for

the bloc to increase the size and scope ofthe 440 billion euro ($574 billion) rescuefund.

German Finance Minister WolfgangSchaeuble said Wednesday that euro-zonecountries are working on a "comprehen-sive package", which may be agreed byFebruary or March, to solve the crisis.

The dollar fell 0.2 per cent to 82.80 yenafter data showing a jump in US joblessclaims to their highest level since Octoberdented optimism about the US economy.

"I'd say the data was considerablyworse than the recent run of economicnews we've had. It comes at a time whenthe dollar was already under some pres-sure overnight, and it's exacerbated someof those losses for the greenback," saidOmer Esiner, market analyst atCommonwealth Foreign Exchange inWashington. -Reuters

Euro rallies for 4th dayafter auctions, Trichet

SHANGHAI: China's centralbank set the yuan's mid-pointabove 6.60 per dollar for thefirst time on Thursday, breach-ing an important barrier justdays before Chinese PresidentHu Jintao travels to Washington.

The yuan's rise in the last fewdays, on the back of successiverecord highs in its daily mid-point, reflects a long-held pat-tern of Beijing allowing appre-ciation of the currency aheadof big political meetings,where it often faces calls forthe yuan to strengthen further.

US Treasury SecretaryTimothy Geithner ratcheted upthat pressure on Wednesday,saying China needed to let theyuan strengthen more quickly,while adding that quickerappreciation could open upaccess to US "dual-use" tech-nology that is currentlyrestricted for export.

While analysts were some-what sceptical over what mightbe achieved on the currencyissue during the Jan. 19 summitbetween Hu and US PresidentBarack Obama, the yuan'smove beyond 6.6 per dollar issignificant.

"The breach of the 6.6 levelmay not be as exciting an eventas many market playersbelieve, but its significance

must not be underestimated:The central bank has allowed anew round of yuan apprecia-tion," said Liu Dongliang, sen-ior currency strategist at ChinaMerchants Bank in Shenzhen.

"Recently, the central bank hasstated its intention of strengthen-ing its anti-inflation fight, givingthe market confidence that over-all yuan appreciation will bequickened in 2011." ThePeople's Bank of China (PBOC)set the tone for a strong day forthe currency by setting the mid-point for daily trading againstthe dollar at 6.5997.

That marked the first time ithad been set stronger than 6.60.In spot trading, the yuan rose toas high as 6.5931 versus the dol-lar in early trade but pulled backslightly to end at 6.6046, a rise of3.4 per cent since last June.

China-based currency traderssaid they expected the yuan tocontinue to gain in the next weekor two as Beijing looks to lay apositive foundation for Hu's talkswith Obama, but that its risecould slow again afterwards. Bythe end of the year though, Chinais seen allowing the yuan to rise5.4 per cent to around 6.3 per dol-lar as part of its efforts to quellinflation, a Reuters poll of morethan 40 economists and strate-gists showed this week. -Reuters

Yuan hits record highahead of US summit

LONDON: Sterling fellsharply against a broadlyfirmer euro on Thursday butrose to a one-month high ver-sus the dollar, helped by specu-lation UK interest rates mayrise sooner than expected andon weaker US data.

The Bank of England keptrates at a record low of 0.5 percent as expected on Thursday,but many expect that consistently

high inflation may pressure thecentral bank into raising rates.

Money markets are pricing ina rate hike by the end of theyear but with a growing chanceit could be as early as May andthe minutes of the BoE's meet-ing, due on Jan. 26, will bewatched closely.

Meanwhile, a solid Spanishdebt auction and comments byEuropean Central BankPresident Jean-Claude Trichetthat the euro-zone faces short-term inflationary pressuresadded fuel to a short-coveringrally in the euro, including

against the pound."Sterling is being dragged up

against the dollar on the backof a stronger euro after hawk-ish comments from Trichet anda positive auction result," saidNeil Mellor, currency strategistat Bank of New York Mellon.

"There are quite a few opin-ions in the market on the BoEand the focus has definitelyshifted to inflation and away

from deflation risks," he added.Sterling rose more than half a

per cent to a high of $1.5885versus the dollar, its strongestsince Dec. 14. Traders saidstop-loss orders were triggeredon the break of $1.5800 andthen $1.5850.

Sterling ceded more than 1per cent against the euro,which rose to 84.25 pence, itsstrongest in nearly a week.

"The euro/sterling squeezehas taken out 84.00, with84.25/30 resistance capping forthe moment," a London-basedtrader said. -Reuters

Sterling at 1mth high

vs $; slides vs euro

HONG KONG: The Koreanwon and the Thai baht ledgainers in Asia on Thursdaywith the help of this week'sinterest rate increases.

Central banks in Bangkokand Seoul raised policy ratesby a quarter point. Thai raterise had been widely anticipat-ed, but Bank of Korea's movecame a month earlier thanmany economists had expectedand analysts said Asian author-ities seemed increasingly will-ing to let currency gains helpcurb price rises.

"Asian policymakers are get-ting more pragmatic of usingcurrency appreciation as aninflation management tool andthis shift in thinking will be akey theme this year," said

Adam McCabe who helpsmanage nearly $6 billion inAsia-focused funds atAberdeen Asset Management.

Most Asian currencies postedstrong gains in 2010 driven byforeign capital attracted to theregion by its swift recoveryfrom the global financial crisisand prospects for higherreturns than offered by slug-gish developed economies.

With growth still seen strongthis year too, these flows areexpected to continue.According to latest EPFR data,Global-tracked equity fundsabsorbed a net $9.2 billion dur-ing the first week of January,of which emerging marketsequity funds accounted for$3.3 billion.

In 2010, a record $92 billionflowed into emerging marketstock portfolios. "Asiangrowth will be resilient and itwill be more soundly placedthan in the past," McCabe saidat an outlook briefing.

The rupiah fell to withinsight of a six-month low as ris-ing dollar/rupiah NDFsspooked investors. Fundsremained good buyers in theNDFs, with the one month lastup to 9135-9155 per dollar.

Some small outflows fromthe bond market also pressuredthe rupiah lower. Foreignerstook out nearly two trillionrupiah from the bond market inthe first two days of the weektrimming net foreign ownershipto 197 trillion rupiah. -Reuters

Asian currencies

Won, baht get a leg up fromrate hikes, outlook rosy

SYDNEY/WELLINGTON: The Australiandollar slid then rebounded on Thursday after asurprisingly small rise in employment initiallysparked a selloff before underlying strength inthe numbers put a solid floor under the currency.

A choppy session saw the Aussie drop almosthalf a US cent to $0.9917 in reaction to disap-pointing headline data before bouncing back towhere it started in early trade at around $0.9950.

The slip followed weak data showing a slim2,300 increase in employment in December,well short of forecasts of 25,000, but on the backof a massive increase the previous month.

Yet, the jobless rate also surprised by droppingto a two-year trough of 5.0 per cent, nearingwhat analysts regard as full employment.

On reflection, investors bought the Aussie backup to around$0.9951, which still marked a sharpturnaround from Wednesday's low of $0.9803when investors were concerned about the impact ofQueenslands floods on the economy.

Resistance is seen at $0.9993, then $1.0027 itsDec. 14 high with support at around $0.9900.

The currency is seemingly less subject to con-cerns about the floods in Queensland as watersin Brisbane peaked less than feared.

The New Zealand was steady around $0.7620,little changed from late Wednesday levels, aftera thin trading range of $0.7610-$0.7639.

Much of its recent trading has been trapped with-in $0.7550 and $0.7650 range and that is expectedto continue, with support seen around $0.7554, the21-day moving average, and resistance at the Jan10 high of $0.7645 and then $0.7665.

The euro remained firm against theAntipodean currencies, at A$1.3171 after hittinga one-week high of A$1.3230 in early trade. Thesingle currency was also firm on the kiwi atNZ$1.7197.

After the job data, the Aussie held onto earlygains at NZ$1.3052 after it had hit six-weeklows at NZ$1.2909. -Reuters

Aussie dlr whiplashed byjob surprise, NZ$ steady

Swiss francfalls sharply

ZURICH: The Swiss franc fellsharply against the euro onThursday as traders cut shorteuro positions ahead of Spanishand Italian debt auctions afterPortugal's successful debt auc-tion on Wednesday buoyed thesingle currency.

In volatile trading, the francwas also down heavily againstthe dollar after rising riskappetites boosted equities mar-kets, taking some of the shine offthe franc as a safe haven.

"Yesterday's auction has liftedsentiment on the euro and today'sauctions could provide more ofthe same," said Sarasin foreignexchange strategist Ursina Kubli.

"However, despite the positivenews that the Portuguese issuewas oversubscribed, the interestrate was set very high and couldmean Portugal will need help inthe first half of 2011. Pressure onthe euro could return quickly,"Kubli said.

A weaker franc will be wel-comed by Swiss National Bankvice chairman Thomas Jordan,who said on Wednesday thefranc's strength could dampenSwitzerland's economicgrowth. The franc fell 0.8 percent against the euro comparedto the New York close, tradingat 1.2788 francs per euro at0758 GMT.

The franc was 0.8 per centlower against the dollar at 0.9736francs per dollar. -Reuters

Rupiah weakens on extended rise in NDFs

Dollar slides vs yen as US jobless claims jump

Page 4: The Financial Daily-Epaper-14-01-2011

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.

Sky isthe limit,

inflation says Whatever the numbers maybe, the fact is

that price of virtually everything is skyrock-eting in the country, from eatables to luxurygoods and from electricity to POL products.With each passing day more and more peo-ple are being pushed below the poverty line.Suspension of productive activities due toload shedding of electricity and gas isaffecting production and productivity.However, a very small percentage of popu-lation seems least affected by the price spi-ral mainly because of the proliferatingundocumented economy, tax exemptionsand above all the dubiety of the whole affair.

Over the last couple of years electricitytariff has been persistently increased in thename of recovery of full cost. While thetariff has been on the rise outages havebecome more frequent and of longer dura-tion. Similarly, efforts are going on toincrease the rates of duties and taxes onevery item including the basic necessities.High speed diesel mostly used in publictransport has become more expensive thanmotor gasoline. Price of LPG used athomes, where natural gas is not available,is touching new highs.

The basic rule that says "market forcesdetermine prices" does not seem to be inplace as either the local prices are driven bythe global prices or due to rising cost ofdoing business. The phenomenon common-ly termed 'cost-pushed-inflation' seems to befully operative. Added to these are impru-dent policies and the most blatant exampleis hike in price of onion. In the aftermath ofdevastating floods, prices of all the vegeta-bles went up but receded as soon as theirimport from India was allowed. As the newcrop came, huge quantities were exported toIndia. Unchecked export once again cata-pulted onion price in the local markets.Despite resistance put up by certain quartersgovernment has once again allowed exportof onion to India and local prices will soonbe adjusted accordingly.

It seems that something has gone grosslywrong with the regime responsible for main-taining prices in the retail markets. The mostunmanaged issue has been recent increase inprices of sugar and urea. Despite ample avail-ability of the two commodities in the countryhoarders and profiteers made a fortune.These commodities were duly imported andgovernment also paid billions of rupees assubsidy but prices hardly came down.

It may not be wrong that supply constraintsare not the sole reason for hike in prices, itis the failure of government to ensure sale ofcommodities at stipulated prices. Maybe thegroups indulging in such activities also putthe regulators and law enforcers in theirpockets.

4Friday, January 14, 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: [email protected]

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

Email Address: [email protected]

The Financial Daily InternationalVol 4, Issue 153

Muhammad Arif

New Year has arrived with lot ofhopes and fears. Year 2010 was not agood year specifically for Pakistanand accordingly People have gonefurther skeptical on economic aswell on political fronts. It may be onTV screens or some public place,every body is looking passive. Thisis highly thought provoking time andpeople on forefront in every walk oflife needs to come forward withsome alternates and solutions other-wise the things would move towardsfurther and bigger disaster.

First we take political front. In cur-rent situation parties on helm ofaffairs or in opposition are lookingtoo fragile in front of establishmentwho has ruled the country explicitlyfor more than 45 years and implicit-ly for remaining period, since 1947.However this transition in which weare travelling right now was over dueand every country in the world hasgone through such pain staking peri-ods after getting away from somedespotic system. Take the example ofGreece and Spain in Europe. ManyLatin American countries have gonethrough such phases and many coun-tries belonging to Asean have seensuch days after getting away frommilitary rule.

One should remember that nopolitical system is ideal and one canpinpoint lot of shortcomings in eachsystem but since Plato's era beforeChrist to this date, democratic sys-tems have been found more friendlyto the common man and that hasbeen adopted everywhere for onwardand smooth progress. Islam also pro-vides a system that is required to berun through brotherhood and cooper-ation. But whether we are followingthese basic principles is any body'sguess. Political parties providinginfrastructure to the democratic sys-tems normally differ with each otherbut basically they are the bastion of atolerant society that is the need ofthe time in our part of the world.

Issues of governance and corrup-tion would continue and may precip-itate in 2011 but without politicalsupport they can not be set right.

WikiLeaks in 2010 also exposedevery one in Pakistan but one stepforward they have also exposedestablishment as well. This is a newphenomenon in case of Pakistanwhere establishment have alwaysbeen treated as a sacred cow.

As an independent view, politicalfront would remain fragile inPakistan in 2011. Religious extrem-ism would further rise and can forcemoderate and liberal parties to uniteagainst religious extremists. Militaryestablishment which nourished suchviews in Pakistan to use them in theirown interest would move one stepback. Such mood would have thebacking of judiciary, media and civilsociety which would be a blessingfor the actions to eradicate suchextremism that has now startedkilling its own people. Remember, in1970 Religious parties lost the elec-tion but they rehabilitated them-selves in Ziaul Haq and Mushrraf erathrough a chain of madaris.Madarsah system needs seriousreforms to make them a place foreducation and not for any otheractivity and not to repeat incidentlike Lal Masjid.

With complexities and realignmentthat may come if half of 2011 ispassed through without any majorpolitical change than the system

would start getting some strengthonward. Processes and not wishescan strengthen any system, so let ushope for better as without politicalstability we can not achieve econom-ic stability which is the concerningpart for a common man in Pakistan.

Now coming to the economic front,Year 2011 is going to witness 6 mon-etary policy statements, one budgetthat can be further tied up with somesupplementary budgets. Howeverthese documents are part of normalschedule as was followed in 2010.

Slow GDP growth within the rangeof 2-3% and head line inflation rang-ing above 15% would remain alarm-ing points for our economy.Especially SPI covering low incomegroup would witness higher surge.Food items and energy bills may sur-mount above 60-100%. PSDPalready been cut drastically maycome down to zero. Tax revenuesmay not reach to their targets. Butapart from these flip sides exportrevenue is on rise (mainly due to bet-

ter international cotton prices) alongwith inward remittances. ThoughIMF has its reservations for furtherrelease of funds but ultimately thatwould melt down. So better perform-ance from external sector with lesscurrent account deficit can be a goodsign for the Fiscal policy.

Apart from this, Reformed GeneralSales Tax (RGST) remained part ofmain headlines in 2010. All politicalparties except People party opposedimplementation of RGST. This skir-mish would continue in 2011. This isbeing propagated that it is beingimplemented on behest of IMF.However apart from this charge, theparties in Pakistan should look in to

this matter seriously. RGST wouldbe an extension of indirect tax andwould cover services, wholesale andretail sector. Already importers andmanufactures are in net of GST. Themain argument against this levy isthat immediately it would not fetchenough funds and secondly it wouldpush inflation further. In fact thesearguments are faulty and are for-warded by PML- N on behalf ofchambers in Punjab, MQM on behalfof chambers in Karachi and ANP onbehalf of chambers in Peshawar.Truly speaking no one either

Industrialists or Agriculturists areready to join tax net that is whynobody likes to register themselvesas tax payer. This has resulted in tolowest Tax to GDP ratio in the regioni.e. less than 9% of GDP. As regardsRGST, practically speaking, theprices charged by theServices/Wholesale/Retail side arealready being shouldered by thecommon man. RGST is consumerbased tax. Say for example importersadds its cost in some product, saymakes it Rs 50. Now comes manu-factures he further adds the cost to75. Than comes whole seller, hemakes the cost to 100. Thereaftercomes retailer, he makes the cost to120. Finally consumer gets the prod-uct at 120. But in this processimporters and manufactures areobliged to deposit their part as Taxbut whole seller and retailer do notdo it. Taking example of Servicessectors, hotels, restaurants, hospi-tals, Doctors, Engineers, Lawyerscharge from their customers but do

not pay their part of tax. We learnmany stories that Nawaz Sharif orGilani do not pay enough taxes.However argument comes from theirside that on their businesses they paycorporate taxes. In fact on corporatetax, rates are quite high but missinglink is that industrialists and agricul-turists do not pay any tax on theirpersonal incomes. This requires doc-umentation and without doing so wecan not move towards increase inoverall tax revenue. Through RGSTwe can move towards process ofdocumentation and that can be themain benefit of RGST.

Another bright side is the upwardmovement of KSE that has already

crossed 12000 against KSE 100index after touching floor of 5500 in2008. Though portfolio investmenthas remained negative in FY09 andFY10 but in FY11 it has picked upmarginally. FDI during this periodhas gone down i.e. $573 millionagainst $ 730 million last year. Soone can view mixed movements ofcorporate activities in 2011.

On monetary policy the surge indiscount rate would seem to continuein order to cap inflation. Inflationwould not be contained due to supplyside factors and withdrawal of subsi-

dies, so raise in discount rate canhelp only in supporting its $/PKRparity. Another view can be to holddiscount rate only to support realsector where credit off take is on risebut has not picked up satisfactorily.Up till Dec 31, 2010, it has reachedRs 162 billion as compared toRs.109 billion last year. This viewhas its own merit and SBP needs tolook in to this view just to make outof box decisions so as to kick startPakistan's economy.

Regarding IMF support there is lotof confusion and very strangelyGovernment does not even try to nul-lify these apprehensions. Politicianshave made a hell about IMF support.To say simply that by removing cor-ruption we can get rid of IMF sup-port is to live in fool's paradise.Whether corruption can be removedovernight is nothing but a politicalstatement. This can be done but forits result we have to wait for sometime. Secondly for any bilateral sup-port i.e. through debt or grant, youneed Paris club certification that isbased on IMF clearance. So basical-ly IMF loan carries two prongedobjectives i.e. to get Balance ofPayment support and secondly to getclearance from Paris Club.

Apart from above discussion thanwhat can be the plans for making oureconomy better off in 2011. To me orany independent analyst it is thestructural changes that are verymuch required. We know our pitfallsbut to remove them we need institu-tional changes based on legislation.There can be a long list of agendabut for simplicity sake they can be:-

1. New SBP Act (already withthe Parliament) that would makegovernment borrowing from SBP notmore than 10% of its revenues. Suchkinds of legislation already exist inmany countries. This would help incontrolling inflation

2. New Government SecuritiesAct to replace Current Public DebtAct framed in 1944. New Act wouldprovide balance sheet approach forgovernment domestic as well exter-nal borrowings further by addingdepository /Swap/Buy back/Sukukissuance arrangements.

3. Legislation making it possi-ble for Provincial/Local govern-ments to access capital markets formaking their funding arrangements.

4. Legislation making it possi-ble to monitor financing under infra-structure projects.

5. To complete process ofdemutualization of Stock Exchanges.

6. To discontinue reintroduceddeliverable futures that basicallybrought fall of KSE in 2005.

7. Inviting IFC (corporate armof World Bank) and ADB to floattheir instruments in Pakistan and usethem to raise money for infrastruc-ture financing. That would providefurther depth to corporate bondinstruments.

8. Making Fund managementretail based. For this they should bedirected to access funds from retailside by at least 40% of their totalportfolio.

9. Introduction of marginFinancing (already approved by theKSE) by elevating risk managementframework of banking sector and notto replicate any financing arrangementon Badla or Mark I or Mark II basis.

10. To dispense with usingKIBOR (currently KIBOR carriesBID ask spread of 100 bps and 50bps for lending above 4 weeks. InLibor such spread varies in between5-10 bps. Such spread makes theKIBOR pricing as non transparent)as benchmark for corporate lendingand to adopt prime rate (used by theworldwide) for each bank to makecorporate lending more competitiveand transparent..

The writer is visiting lecturer at

Sheikh Zayed Sultan Institute

University of Karachi and KASBIT.

(E-mail [email protected])

Expectations 2011

Apart from this, Reformed GeneralSales Tax (RGST) remained part of

main headlines in 2010. All political par-ties except Peoples Party opposed imple-

mentation of RGST. This skirmish wouldcontinue in 2011. This is being propagated

that it is being implemented on behestof IMF. However apart from this charge,the parties in Pakistan should look into

this matter seriously. RGST would be anextension of indirect tax and would

cover services, wholesale and retail sector.

“

Taking example of Services sector, hotels,restaurants, hospitals, doctors, engineers,

lawyers charge from their customers but donot pay their part of tax. We learn many stories

that Nawaz Sharif or Gilani do not payenough taxes. However argument comes

from their side that on their businesses theypay corporate taxes. In fact on corporate tax,rates are quite high but missing link is thatindustrialists and agriculturists do not pay

any tax on their personal incomes.

A common man has access to printand electronic media or listening topeople if has interaction with them inworkplace or on streets. There is lesscommunication of sitting at nights anddiscussing issues. The media in allforms has become an important aspectin everyday life. It has gradually takenthe role of forming and shaping theopinions of people towards issueswhich later on become trends of socie-ty. Freedom and introduction of somany channels is a blessing if utilizedproperly and to its optimum. To shoul-der heavy responsibilities needs a care-ful planning from objectives to theachievement of mission. It is a team

work based on monitoring the pulse ofthe latest situation and the emergingtrends in the society due to outside andinside influences. Education and expe-rience matters a lot in this field.Specially programmes dealing with thenational issues need scrutiny at all lev-els. What, when how and to whom tocommunicate the actual ground reali-ties with what desired outcomes.Awareness and qualification can give alayout and techniques to handle theissues. Who is communicating andhow delivering the message, having agrip on the situation and an eye on thesensitivities is very important. Herecomes maturity and experience.

Running a show for the sake of gettingattention and creating an environmentof allegations/counter allegations isnot all what people want. The mainemphasis is to make people aware ofthe problems the country is goingthrough. Comprehension of issuesand finding amicable and positivesolutions is must. Making the audiencementally strong is also the responsibil-ity of the media, so that people do notfall prey to negative propaganda. Theyhave a sense and vision to differentiatebetween right and wrong when itcomes to national and sensitive issues.Their resilience to negative propagan-da be strengthened. People are more

concerned about their own role as citi-zens. They need to be apprised abouttheir contributions in all forms when itcomes to protecting the national hon-our, showing solidarity and fightingterrorism. People need direction andline of action from their leadership.Awareness into such issues would leadto more practical steps from not onlypolitical leadership but all influentialmembers of society. Freedom of mediais not only a concept but a revolutionwhich can bring a positive change andovercome the turmoil in society. Mediahas to keep a balance when it comes toresponsibilities and commercialism.

Anwar Perveen, Islamabad

Freedom of Media

Page 5: The Financial Daily-Epaper-14-01-2011

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 15.50 59.42 DGKC 31.02 25.48 FFBL 39.12 12.94 AHCL 27.19 9.74 NBP 79.24 6.96

Symbol Close ChangeNESTLE 2,500.50 45.40

ULEVER 4,439.50 23.33

APL 383.24 18.22

COLG 960.24 10.24

MTL 541.10 9.94

Symbol Close ChangeRMPL 2,062.00 -16.98IDYM 216.57 -11.13PECO 180.12 -8.81ILTM 166.00 -8SIEM 1,212.41 -7.99

Plus 215Minus 169Unchanged 25

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Friday, January 14, 2011 5

Dhiyan

Market is in overbought zone and a technical correction is overdueas a result index can fall as low as 11,500 points down the line.However, from that point onwards we can see result-based rally in themarket. Investors better avoid taking new positions and wait for dips.At lower levels they can invest in fertiliser, OMC, and power sectors.The launch of MTS and upcoming corporate results would spark offfresh bullishness, however, a likely increase in the interest rate wouldprove otherwise. Market would remain positive in the first sessiontoday, however, we might see some correction in the second half.

Hamad Aslam, Head of Research BMA Capital

Salman Naqvi, Head of Sales Aba Ali Habib SecuritiesThe bullish activities are likely to sustain in the market due to

continued foreign buying, higher international oil prices, expecta-tions of better corporate results, and hopes of early launch ofleverage product. Therefore the main index can soon touch 12,800level. Investors are recommended to take positions in oil, gas, andfertiliser sectors as well as selective stocks of the banking andcement sectors. Market would remain positive today.

2ND HALF MAYBE BITTER HALF

Opening 12,281.24

Closing 12,459.44

Change 178.20

% Change 1.45

Turnover (mn) 229.46

Opening 3,843.67

Closing 3,936.50

Change 92.83

% Change 2.42

Turnover (mn) 7.57

Opening 3,055.54

Closing 3,103.90

Change 48.36

% Change 1.58

Turnover (mn) 0.24

NEW YORK: CEO of Sirius XM Radio Mel Karmazin, Beth Ostrosky Stern and Executive VicePresident of NASDAQ Bruce Aust ring the NASDAQ closing bell at NASDAQ.-Reuters

HONG KONG/SHANGHAI:Hong Kong shares rose onThursday, extending theirweekly gains to over 5 per centas broad buying of large caps,in particular laggard financials,by funds helped lift the market.

Hong Kong's benchmarkHang Seng rose 0.5 per cent,supported for a second day byheavyweight HSBC HoldingsPlc, which climbed 1.4 per centon nearly four times its average30-day traded volume.

"We're seeing large pro-gramme inflows into theregion," said a Hong Kong-based trader at a large USinvestment bank, referring totrading in an entire portfolio ofstocks rather single stocks,often done electronically.

Mainland banking counters,which have lagged the broadermarket, were seen catching upas healthy turnover on theHong Kong stock exchangesuggested the latest gains hadmomentum.

While HSBC provided thebiggest boost to the broadermarket, China ConstructionBank Corp rose 1.4 per cent,and ICBC, gained 1.5 per cent,helping the financial sub-indexoutperform the benchmark.

China's largest lender, ICBC,said it would not conduct fur-ther fundraising from the capi-tal markets within three years,the Securities Times reported,citing the bank's chairman.

Still, concerns about theexposure of mainland banks tolocal government funding vehi-cles and the impact of weak-ness in the property market arelikely to keep the sector underpressure. China's key stockindex closed 0.2 per cent high-er supported by strength in oilfirms as US crude extendedgains to under $92 a barrel, butthin volumes showed investorswere cautious ahead of a seriesof upcoming economic data.

The benchmark ShanghaiComposite Index rose to

2,827.7 points, extending a 0.6per cent rise on Wednesday.The index is nearing the keytechnical 250-day moving aver-age level at 2,831 points.

Petrochina Co, the largestcompany on the Shanghai stockexchange by market value, rose1.3 per cent while ChinaPetroleum & Chemical Corpgained 2 per cent.

Software companies also out-performed after China's statecouncil said it was planningnew measures to promote thesoftware and integrated circuitindustries.

SVA Information Industry Co, the biggest gainer on theShanghai market, jumped near-ly its 10 per cent daily limit,while Shanghai BaosightSoftware Co rose 7.1 per cent.

Analyst said a 9.6 per centfall in Sinovel Wind Group Coshares in its Shanghai tradingdebut weighed on sentiment. Itwas the biggest loser in theShanghai market.-Reuters

HK advances as financialsplay catch-up; China rises

Nawaz Ali

KARACHI: Bulls, onThursday, stampeded theKarachi Stock Exchange (KSE)over the news of MarginTrading System (MTS) conceptpaper approval piling up gainsworth 1.45 per cent.

Intense foreign buying wasalso the highlight of the day.

The benchmark KSE 100-Index closed at 12,459 pointsafter gaining 178 points whileKSE 30-Index jumped by 223points -1.86 per cent-- and KSEAll-Share index rose by 114points -1.34 per cent-- to closeat 12,238 and 8,638 pointsrespectively.

"Aggressive buying was wit-nessed as investor sentimentturned buoyant on news ofapproval of the leverage prod-uct by the law ministry", saidMurtaza Jafar, equity dealer atJS Global Capital.

Bulls were there since theopening bells as the sessionstarted with 33 points on. Afterthat gains kept on multiplyingas investors took positions

mainly in oil, banking, andcement stocks over news thatthe law ministry has approvedthe concept paper of MarginTrading System (MTS) whichcreated hopes that the muchawaited leverage productwould be launched soon.

It should be noted that thestock markets are functioningwithout any leverage productsfor a long time thereforeexperts think that launch ofsuch a product would definitelybe a sentiment-booster.

Further, expectations of somegood corporate results alongwith continued interest of for-eign investors and higher inter-national oil prices heated up thebullish activities and index nearclosing bells touched the high-est level of the day at 12,479points (+ve 198 points) andfinally called it a day there-about.

According to NCCPL data,foreign investors did a net-buy-ing of $11.72 million onThursday which totaled $34million so far this month.

See # 13 Page 11

MTS hopeslet bullslug KSE

mighty up

MUMBAI: Indian shares fellfor the seventh day in eight ses-sions on Thursday, with disap-pointing results from softwareservices bellwether InfosysTechnologies adding toinvestor gloom over risingprices and the prospect oftighter monetary policy.

Food inflation in the world'ssecond-fastest growing majoreconomy eased marginallyfrom a one-year peak in earlyJanuary, but remained highenough to keep pressure onannual headline inflation in

December and reinforce expec-tations of an interest rate risethis month.

Infosys Technologies fell 4.8per cent in its biggest one-dayslide in 20 months, after itmissed estimates for profit andfuture sales growth and warnedof sluggish global economicgrowth.

The 30-share BSE index fell1.8 per cent, or 351.28 points to19,182.82, its lowest close inseven weeks and the outlookremained subdued.

See # 14 Page 11

Indian shares at7-wk closing low

TOKYO: The Nikkei averagerose to its highest close in eightmonths on Thursday, buoyed bygains in undervalued financialshares and advances in Europeanand US stocks after a successfulbond auction in Portugal easedfears over the euro zone debt crisis.

Financials, which fuelled theNikkei's climb the day before,extended gains as foreigninvestors added underweightbanking stocks to their portfolios.Mitsubishi UFJ Financial Group,Japan's biggest bank by assets,gained 1.3 per cent.

"The financial sector may bebuoyed further in the coming ses-sions if earnings figures from theUS financial sector showstrength," said Hidenori Suezawa,chief strategist at Nikko CordialSecurities.

The banking sector, which hasgained 25 per cent sinceNovember, is still consideredundervalued as its price-to-bookratio stands around 0.7, underper-forming the average PBR of 1.2for the Nikkei 225 components. Ashare is seen as undervalued if thePBR is below 1.0.

The rally in the financial sectorcould spill over into other sectors,analysts said.

"After looking into financialfirms and confirming recovery inthe corporate sector, the next sec-tor investors may look at could beleasing if companies decide to

increase capital spending,"Chisato Haganuma, chief strate-gist at Mitsubishi UFJ MorganStanley Securities, wrote in areport.

The property sector was alsoamong the top gainers, adding 2.2per cent, as foreign funds piledinto real estate shares supportedby the Bank of Japan's asset buy-ing scheme and as vacancy ratesin high-grade buildings in Tokyofell in the October-Decemberquarter.

The property sector has gainedaround 20 per cent since thescheme was launched in October,outperforming the Nikkei's 13 percent rise over the same period.

The benchmark Nikkei endedup 0.7 per cent or 76.96 points at10,589.76. Immediate resistancelooms at the May 13, 2010, highof 10,638.23. The next targeteyed by investors is the 10,847.90mark recorded on May 6.

The broader Topix added 0.9per cent to 937.74.

Nikko Cordial's Suezawa saidthat, if US earnings show briskdemand for consumer goods,investor interest in exportingmanufacturers such auto and elec-tronics makers could continuelifting the Nikkei.

"There are hopes that theNikkei is on track to rise to11,000 in the medium term and12,000 by the end of the year," hesaid.-Reuters

Nikkei at 8-mth highon financials, realty

US stocks late-morning

Marketflat, pares

losses fromjobless claimsNEW YORK: US stocks werelittle changed on Thursday, par-ing losses after weaker-than-expected jobless claims andhelped by a rise in MarathonOil.

Contributing to the weaknesswas a sharp drop in shares ofMerck on disappointing drugtrial news. The drugmaker wasthe biggest per centage declineron the S&P 500.

Weekly initial claims forunemployment benefits rosethe most in six months, theLabor Department said, sug-gesting the jobs market stillfaces headwinds.

"Profit taking correctionsoften happen when there is anegative piece of news, and thisjob claims news could be onenegative event that those mar-ket traders were looking for,"said Tim Ghriskey, chiefinvestment officer of SolarisAsset Management in BedfordHills, New York.

Marathon Oil Corp rose 9 percent to $44.08 after it said itwould spin off its refinery andpipeline operations into astand-alone company.

See # 16 Page 11

Tesco,tobaccos

smoke outFTSE points

LONDON: The leading shareindex fell on Thursday, as a dis-appointing trading update fromTesco upset food retailers andtobacco stocks were hit by abroker's downgrade.

At the close, the FTSE 100was down 26.84 points, or 0.4per cent, at 6,023.88, after hit-ting a 31-month closing peakon Wednesday.

Tesco was the biggest FTSE100 faller, down 4.3 per centafter the world's third-biggestretailer missed Christmas salesforecasts.

"Tesco's figures are proof thatbigger is not always best andwhile it has managed to hold itsshare of the UK grocery market... further gains are likely to belimited," said Manoj Ladwa, asenior trader at ETX Capital.

Weakness in tobacco issueswas a big drag on UK bluechips, as negative broker

See # 15 Page 11

Thai stocks lead region higher but in low volume

South East Asian stocks

European shares end lower onECB rate rise concerns

Page 6: The Financial Daily-Epaper-14-01-2011

Friday, January 14, 20116

Volume 229,463,724

Value 11,649,856,824

Trades 98,160

Advanced 215

Decline 169

Unchanged 25

Total 409

Current 8,638.23

High 8,652.16

Low 8,523.72

Change h114.51

Current 12,459.44

High 12,481.06

Low 12,281.24

Change h178.20

Current 12,238.23

High 12,262.57

Low 12,014.57

Change h223.66

Market KSE 100 Index All Share Index KSE 30 Index

Current 20,130.03

High 20,143.22

Low 19,880.67

Change h249.36

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Ghandhara Industries Limited

GHNI closed down -0.11 at 13.02 Volume was 116 per cent above aver-

age and Bollinger Bands were 13 per cent narrower than normal. The

company's profit after taxation stood at Rs5.766 million which trans-

lates into an Earning Per Share of Rs0.27 for the 1st quarter of current

fiscal year (1QFY11).

GHNI is currently 9.5 per cent below its 200-day moving average and

is displaying an upward trend. Volatility is relatively normal as com-

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

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

forecasting oscillators are currently bullish on GHNI.

RSI (14-day) 68.40 Total Assets (Rs in mn) 2,832.00

MA (10-day) 12.17 Total Equity (Rs in mn) 222.64

MA (100-day) 13.23 Revenue (Rs in mn) 2,086.52

MA (200-day) 14.39 Interest Expense 57.78

1st Support 12.85 Profit after Taxation 135.56

2nd Support 12.71 EPS 10 (Rs) 6.363

1st Resistance 13.19 Book value / share (Rs) 10.45

2nd Resistance 13.39 PE 11 E (x) 12.16

Pivot 13.05 PBV (x) 1.26

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

FDIBL closed down -0.090 at 1.84 Volume was 70 per cent below aver-

age (consolidating) and Bollinger Bands were 50 per cent narrower

than normal. The company's profit after taxation stood at Rs43.733 mil-

lion which translates into an Earning Per Share of Rs0.70 for the 1st

quarter of current fiscal year (1QFY11).

FDIBL is currently 3.6 per cent above its 200-day moving average and is

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

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

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

trend forecasting oscillators are currently bearish on FDIBL.

RSI (14-day) 56.80 Total Assets (Rs in mn) 3,148.11

MA (10-day) 1.84 Total Equity (Rs in mn) 688.56

MA (100-day) 1.78 Revenue (Rs in mn) 292.79

MA (200-day) 1.78 Interest Expense 123.89

1st Support 1.81 Profit after Taxation 377.68

2nd Support 1.72 EPS 10 (Rs) 6.028

1st Resistance 1.99 Book value / share (Rs) 10.99

2nd Resistance 2.08 PE 11 E (x) 0.69

Pivot 1.90 PBV (x) 0.18

First Dawood Investment Bank Ltd

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

CJPL closed up 0.07 at 1.12 Volume was 115 per cent above average and

Bollinger Bands were 19 per cent narrower than normal. The company's

loss after taxation stood at Rs34.802 million which translates into a Loss

Per Share of Rs1.46 for the 1st quarter of current fiscal year (1QFY11).

CJPL is currently 1.3 per cent above its 200-day moving average and

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

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

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

forecasting oscillators are currently bullish on CJPL.

RSI (14-day) 55.48 Total Assets (Rs in mn) 1,287.92

MA (10-day) 0.98 Total Equity (Rs in mn) (132.33)

MA (100-day) 0.87 Revenue (Rs in mn) 566.00

MA (200-day) 1.07 Interest Expense 39.18

1st Support 0.95 Loss after Taxation (82.76)

2nd Support 0.76 EPS 10 (Rs) (3.483)

1st Resistance 1.29 Book value / share (Rs) (5.57)

2nd Resistance 1.44 PE 11 E (x) -

Pivot 1.10 PBV (x) (0.19)

Crescent Jute Products Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

SSML closed up 0.52 at 2.48 Volume was 100 per cent below average(consolidating) and Bollinger Bands were 19 per cent wider than normal.The company's profit after taxation stood at Rs20.226 million which trans-lates into an Earning Per Share of Rs1.52 for the 1st quarter of current fis-cal year (1QFY11).SSML is currently 20.3 per cent above its 200-day moving average and isdisplaying a downward trend. Volatility is extremely high when comparedto the average volatility over the last 10 trading sessions. Volume indica-tors reflect volume flowing into and out of SSML at a relatively equal pace.Trend forecasting oscillators are currently bearish on SSML.

RSI (14-day) 45.17 Total Assets (Rs in mn) 520.47

MA (10-day) 1.98 Total Equity (Rs in mn) 50.76

MA (100-day) 2.22 Revenue (Rs in mn) 716.58

MA (200-day) 2.04 Interest Expense 39.64

1st Support 2.00 Profit after Taxation 48.15

2nd Support 1.57 EPS 10 (Rs) 3.627

1st Resistance 2.68 Book value / share (Rs) 3.82

2nd Resistance 2.93 PE 11 E (x) 0.32

Pivot 2.25 PBV (x) 0.51

Saritow Spinning Mills Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,590.91 1,624.98 1,591.53 1,616.78 25.87 1.63

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

16,150,997 - - 65,194.15 mn 1,243,798.83 mn 1,628.77

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

11.57 3.76 32.54 55.94 4.84 1,590.91

Attock Petroleum 691 6.64 365.02 383.27 370.90 383.24 18.22 1173103 383.27 287.99 300 20B - -

Attock Refinery 853 7.71 138.87 140.75 135.00 137.61 -1.26 4411260 140.75 88.32 - - - -

BYCO Petroleum 3921 - 11.53 11.65 11.35 11.42 -0.11 733594 12.49 10.49 - - - -

Mari Gas Company 735 17.87 128.80 132.98 129.03 131.90 3.10 314443 136.48 111.50 31 - - -

National Refinery 800 4.69 311.18 320.50 312.00 316.59 5.41 433320 320.50 203.00 200 - - -

Oil & Gas Development 43009 11.81 171.13 174.99 171.25 174.62 3.49 1717373 185.00 149.50 55 - 15.00 -

Pak Petroleum 11950 9.08 221.09 224.75 220.90 223.31 2.22 1665113 228.88 184.00 90 20B - -

Pak Oilfields 2365 7.84 327.44 335.25 328.05 332.10 4.66 4143367 335.25 231.01 255 - - -

Pak Refinery Limited 350 - 107.25 108.99 107.06 107.50 0.25 84548 114.50 72.05 - - - -

P.S.O 1715 5.04 293.73 298.51 294.10 297.65 3.92 2027736 300.53 262.00 80 - - -

Shell Gas LPG 226 - 32.89 33.14 32.00 32.99 0.10 20313 40.28 31.05 - - - -

Shell Pakistan 685 10.55 205.19 208.00 204.50 205.66 0.47 160421 209.89 182.05 40 - - -

Paid up Last 60 days 2010 2011

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

1,007.46 1,016.38 1,004.59 1,010.49 3.03 0.30

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

13,320,429 - - 47,070.70 mn 138,372.44 mn 1,013.09

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

7.29 0.63 8.64 16.68 2.29 1,007.46

(Colony) Thal 56 - 1.01 1.29 0.85 1.24 0.23 10011 1.99 0.52 - - - -Ahmed Hassan 144 2.65 17.50 17.50 16.50 16.52 -0.98 500 17.95 16.50 - - - -Amtex Limited 2594 9.41 4.08 4.23 4.05 4.14 0.06 166181 11.85 4.00 30 - - -Artistic Denim 840 6.54 23.19 23.80 23.10 23.53 0.34 1958 24.59 19.10 20 - - -Azgard Nine 4493 - 9.38 9.75 9.38 9.66 0.28 5158201 12.32 9.20 - - - -Babri Cotton 33 0.50 13.35 14.00 12.35 12.35 -1.00 28585 17.85 8.10 - 15B - -Bannu Woolen XD 76 0.51 14.40 14.84 14.11 14.50 0.10 2165 14.84 10.82 20 - - -Bata (Pak) 76 5.28 640.00 645.00 625.00 637.01 -2.99 1211 747.48 446.00 - - - -Bilal Fibres 141 0.27 1.05 1.00 1.00 1.00 -0.05 500 2.80 0.61 - - - -Blessed Tex Mills 64 0.82 52.09 54.69 54.50 54.69 2.60 10550 54.69 45.25 50 - - -Chenab Limited 1150 - 3.11 3.15 3.05 3.06 -0.05 11004 3.90 2.94 - - - -Colgate Palm 316 36.05 950.00 966.00 949.99 960.24 10.24 287 966.00 723.00 - - - -Colony Mills Ltd 2442 3.89 2.35 2.49 2.48 2.49 0.14 1462 3.33 2.16 - - - -Crescent Jute 238 - 1.05 1.25 0.91 1.12 0.07 39483 1.38 0.16 - - - -D S Ind Ltd 600 - 1.70 1.74 1.70 1.74 0.04 60681 2.37 1.52 - - - -Dawood Lawrencepur 514 50.88 43.47 43.25 42.91 43.25 -0.22 1601 47.00 36.10 5 - - -Dewan Farooque Spin. 600 3.06 3.99 3.86 3.80 3.80 -0.19 1500 8.00 3.00 - - - -Dewan Mushtaq Textile 34 0.16 5.05 5.80 5.10 5.10 0.05 5004 7.44 1.80 - - - -Din Textile 204 0.57 25.43 26.70 26.50 26.60 1.17 689 27.54 21.50 20 10B - -Ellcot Spinning 110 0.63 20.95 21.78 20.75 20.75 -0.20 1918 22.20 17.21 35 - - -Faisal Spinning 100 0.86 33.40 35.05 34.79 34.98 1.58 700 36.75 29.00 50 - - -Gadoon Textile XD 234 0.76 69.64 69.90 69.00 69.58 -0.06 2922 71.40 38.30 70 - - -Gul Ahmed Textile 635 4.33 31.00 32.00 30.11 30.11 -0.89 1092 32.00 22.00 12.5 - - -Gulistan Spinning 146 1.27 6.60 7.45 6.65 6.65 0.05 103 8.86 5.01 10 - - -Gulshan Spinning 222 0.91 7.50 7.48 6.95 7.48 -0.02 501 10.30 6.30 10 20B - -Hajra Textile 138 - 0.59 0.50 0.44 0.50 -0.09 1001 1.10 0.30 - - - -Hira Textile Mills Ltd. 716 0.73 3.92 3.99 3.91 3.91 -0.01 8448 4.88 3.35 10 - - -Ibrahim Fibres 3105 3.69 45.99 47.00 45.75 46.89 0.90 138720 47.50 34.98 20 - - -ICC Textile 100 - 1.20 1.60 0.32 1.14 -0.06 10517 2.70 0.30 - - - -Idrees Textile 180 4.11 3.55 3.80 3.60 3.78 0.23 27027 4.45 2.60 10 - - -J K Spinning 184 0.91 6.10 6.00 6.00 6.00 -0.10 626 9.50 4.05 20 5B - -Janana D Mal 43 0.27 17.00 18.00 16.00 16.35 -0.65 6569 19.40 13.25 - - - -Kohat Textile 208 0.53 0.99 1.00 0.99 1.00 0.01 700 1.50 0.51 - - - -Kohinoor Ind 303 - 1.64 1.69 1.46 1.56 -0.08 3314 2.00 1.10 - - - -Kohinoor Textile 1455 3.57 5.00 5.24 4.90 5.00 0.00 59001 5.97 4.82 - - - -Masood Textile 600 2.04 20.25 20.74 19.25 19.32 -0.93 10490 21.40 18.01 15 100R - -Mohd Farooq 189 - 1.33 1.30 1.08 1.11 -0.22 12150 2.08 0.50 - - - -Mukhtar Textile 145 - 0.47 0.73 0.40 0.45 -0.02 268 0.95 0.14 - - - -Nishat (Chunian) 1596 1.96 23.26 23.78 23.15 23.63 0.37 1959940 25.14 18.19 15 - - -Nishat Mills 3516 5.98 68.04 70.00 68.20 69.71 1.67 5307185 70.00 49.65 25 45R - -Pak Synthetic 560 3.24 9.70 10.35 9.60 9.60 -0.10 9104 10.50 5.25 - - - -Paramount Spinning 174 0.73 10.00 10.00 10.00 10.00 0.00 2000 11.25 8.00 10 10B - -Premium Textile 62 0.44 29.50 29.00 28.03 28.03 -1.47 7505 31.03 25.00 50 - - -Ravi Textile 250 - 1.50 1.50 1.35 1.49 -0.01 8030 1.99 1.26 - - - -Rupali Poly 341 4.87 37.76 38.78 37.51 38.78 1.02 1384 39.00 31.25 40 - - -Saif Textile 264 0.38 4.51 4.75 4.56 4.70 0.19 5667 6.85 3.10 - - - -Sally Textile 88 0.21 4.28 4.25 3.90 4.23 -0.05 11191 5.75 3.57 10 - - -Salman Noman 42 2.38 5.68 5.69 5.15 5.61 -0.07 3320 6.00 2.01 - 5B - -Sana Ind 55 3.56 46.95 47.00 46.05 46.88 -0.07 230 48.95 28.40 60 - - -Sapphire Textile 201 0.85 104.04 100.00 100.00 100.00 -4.04 500 109.00 89.80 50 - - -Sargodha Spinning 312 0.48 2.45 2.60 2.50 2.50 0.05 201 3.43 1.50 5 - - -Service Fabrics 158 - 0.16 0.38 0.38 0.38 0.22 500 0.48 0.16 - - - -Service Ind 120 7.91 229.70 232.70 229.50 231.00 1.30 897 276.50 169.00 - - - -Shadab Textile 30 0.37 13.30 13.20 13.20 13.20 -0.10 3000 15.09 7.56 10 - - -Shahpur Textile 140 0.67 0.33 0.70 0.47 0.48 0.15 101 1.01 0.18 - - - -Shahtaj Textile 97 - 19.41 19.90 19.50 19.65 0.24 2286 21.90 15.61 45 - - -Suraj Cotton 180 0.90 40.00 40.00 39.85 40.00 0.00 20000 40.00 29.00 50 - - -Thal Limited 307 5.48 126.61 129.95 127.11 128.30 1.69 111851 132.00 86.50 80 20B - -Treet Corp 418 9.47 59.87 60.20 59.35 59.49 -0.38 54721 63.30 37.50 - - - -ZahidJee Textile 341 0.51 3.80 3.80 3.80 3.80 0.00 10000 4.87 2.00 - - - -Zil Limited 53 3.75 53.34 56.00 54.31 56.00 2.66 12834 58.99 36.00 35 - - -

Paid up Last 60 days 2010 2011

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,127.50 1,169.75 1,110.25 1,159.76 32.27 2.86

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

1,264,371 - - 3,763.71 mn 5,308.80 mn 1,160.62

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

3.18 0.34 10.64 6.27 1.97 1,127.50

AL-Abid Silk 134 3.42 33.44 31.84 31.77 31.77 -1.67 427 40.00 23.00 -20B 20R - -Diamond Ind 90 - 11.68 10.71 10.70 10.70 -0.98 1500 15.84 7.55 - - - -Hussain Industries 106 - 7.24 7.39 6.41 6.42 -0.82 1502 11.49 6.10 - - - -Pak Elektron 1174 3.87 14.52 15.52 14.42 15.36 0.84 1190040 15.62 12.90 - 10B - -Tariq Glass Ind 231 2.63 20.92 21.96 20.80 21.96 1.04 70901 21.96 15.90 17.5 - - -

Paid up Last 60 days 2010 2011

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,695.79 1,716.43 1,667.72 1,701.61 5.82 0.34

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

560,644 - - 11,335.33 mn 230,933.35 mn 1,701.61

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

37.91 11.49 30.30 30.57 0.81 1,669.92

Adam Sugar 58 1.21 19.50 20.30 19.13 19.50 0.00 803 20.50 12.46 25 - - -AL-Noor Sugar 186 3.62 51.21 51.00 49.01 49.55 -1.66 3625 53.02 41.00 50 - - -Baba Farid 95 - 59.95 60.90 60.50 60.50 0.55 131 68.20 49.45 - - - -Bawany Sugar 87 - 5.00 5.50 5.00 5.01 0.01 1991 6.73 1.21 - - - -Chashma Sugar 287 1.08 10.74 10.75 10.50 10.70 -0.04 8351 15.47 8.50 10 - - -Clover Pakistan 94 11.65 74.11 71.61 71.00 71.27 -2.84 690 78.40 46.15 15 - - -Colony Sugar Mills 990 2.87 3.60 3.77 3.31 3.41 -0.19 1459 5.70 2.60 - - - -Crescent Sugar 214 - 6.78 6.49 5.78 6.05 -0.73 11001 7.00 5.00 - - - -Faran Sugar 217 4.23 20.75 21.50 20.50 21.06 0.31 1736 21.73 19.00 25 - - -Habib SugarSPOT 600 6.86 31.04 31.30 30.30 30.52 -0.52 297686 36.50 29.00 25 25B - -Habib-ADM Ltd 200 11.31 12.40 12.37 12.20 12.22 -0.18 4100 13.10 11.69 40 - - -J D W Sugar 490 3.19 89.86 91.95 88.71 90.02 0.16 7721 92.50 69.51 7010B 12.5R - -Mehran SugarXDXB 157 3.19 53.20 54.00 52.60 53.99 0.79 18463 68.49 50.50 35 20B - -Mirza Sugar 141 0.63 6.29 6.29 6.00 6.22 -0.07 3474 7.18 4.20 10 - - -Mithchells Fruit 50 8.73 83.03 86.85 80.00 80.50 -2.53 293 89.90 61.50 40 - - -Nestle Pakistan 453 27.47 2455.10 2550.00 2457.00 2500.50 45.40 519 2550.00 1830.00 450 - - -Noon Sugar 165 - 9.85 10.24 9.30 10.00 0.15 2843 14.84 9.00 - - - -Pangrio Sugar 109 0.91 6.20 6.25 6.00 6.22 0.02 1700 6.99 4.25 10 - - -Premier Sugar 38 4.33 43.69 44.50 41.51 44.50 0.81 140 53.81 34.29 10 - - -Quice Food 107 6.68 2.91 3.00 2.77 2.94 0.03 171000 3.20 2.02 - - - -S S Oil 57 0.27 3.20 3.50 3.20 3.20 0.00 2500 3.89 3.00 - - - -Sakrand Sugar 223 1.35 2.80 2.81 2.80 2.81 0.01 1000 3.90 2.11 - - - -Sanghar SugarSPOT 119 1.27 14.46 15.00 14.25 14.26 -0.20 6957 15.00 13.00 15 - - -Shahmurad Sugar 211 7.50 11.00 11.50 11.05 11.47 0.47 10365 13.50 9.85 10 - - -Shakarganj Mills 695 - 5.40 5.99 5.05 5.50 0.10 115 7.88 4.06 - - - -Sind AbadgarSPOT 104 5.29 11.15 11.10 11.00 11.00 -0.15 191 11.20 4.75 10 - - -Tandlianwala 1177 351.64 36.86 38.70 38.60 38.68 1.82 564 38.70 28.88 - - - -Thal Industries 150 7.09 59.11 56.20 56.20 56.20 -2.91 500 98.70 56.20 15 - - -Wazir Ali 80 - 7.99 7.01 6.99 7.01 -0.98 500 8.89 4.75 - - - -

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

1,263.13 1,306.10 1,269.07 1,288.16 25.04 1.98

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

337,659 - - 6,768.53 mn 47,057.76 mn 1,288.16

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

4.71 1.19 25.35 20.42 4.34 1,227.71

Agriautos Ind 144 5.99 77.00 80.00 77.40 79.01 2.01 17440 80.00 65.75 90 - - -Atlas Battery 101 6.00 196.14 201.90 195.00 201.03 4.89 18552 201.90 141.00 100 20B - -Atlas Engineering Ltd 247 19.86 21.19 22.24 22.24 22.24 1.05 101 22.24 15.00 - - - -Atlas Honda 626 9.78 136.36 136.95 135.00 135.00 -1.36 580 143.80 95.25 - - - -Dewan Motors 890 - 2.27 2.36 2.20 2.30 0.03 99877 2.89 1.20 - - - -Exide (PAK) 56 4.84 203.19 205.19 200.01 204.99 1.80 118 217.44 142.90 60 - - -General Tyre 598 21.96 25.00 26.25 25.26 25.47 0.47 13174 26.25 21.00 20 - - -Ghandhara Nissan 450 3.46 5.05 5.36 4.95 4.98 -0.07 14754 5.67 4.12 - - - -Ghani Automobile Ind 200 6.88 4.35 4.44 4.07 4.40 0.05 607 5.75 4.00 - - - -Honda Atlas Cars 1428 - 11.72 12.00 11.72 11.89 0.17 38602 13.40 10.60 - - - -Indus Motors 786 6.45 274.55 286.98 278.75 282.71 8.16 63581 286.98 227.00 150 - - -Pak Suzuki 823 11.32 70.85 72.00 70.01 71.07 0.22 69025 77.90 66.75 - - - -Sazgar Engineering 150 3.98 21.68 21.70 21.11 21.35 -0.33 1247 26.00 17.92 10 20B - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,564.47 1,591.48 1,564.96 1,586.18 21.71 1.39

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

206,551 - - 1,336.62 mn 34,312.48 mn 1,586.18

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

8.61 3.27 38.02 131.49 15.28 1,549.21

Ados Pak 66 1.05 16.03 16.25 16.25 16.25 0.22 150 18.20 14.12 - - - -

AL-Ghazi Tractor 215 5.68 236.49 238.00 236.00 237.34 0.85 1369 240.00 200.00 150 - - -

Dewan Auto Engineering 214 - 1.27 1.59 1.17 1.46 0.19 2577 2.40 0.21 - - - -

Ghandhara Ind 213 12.06 13.13 13.25 12.91 13.02 -0.11 83908 14.80 10.55 - - - -

Hinopak Motor 124 - 127.02 126.00 124.00 126.00 -1.02 1400 147.89 114.01 - - - -

KSB Pumps 132 7.19 59.55 60.78 59.99 60.01 0.46 4688 78.90 58.55 - - - -

Millat Tractors XB 366 7.08 531.16 542.75 533.00 541.10 9.94 113630 542.75 443.00 650 25B - -

Pak Engineering 57 500.33 188.93 181.00 179.50 180.12 -8.81 1387 310.00 179.50 100 - - -

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

1,052.34 1,061.57 1,036.83 1,049.44 -2.90 -0.28

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

152,710 - - 3,043.31 mn 39,591.10 mn 1,052.34

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

2.91 1.28 43.91 15.55 5.34 1,046.14

Cherat Papersack 115 2.78 78.66 79.40 78.00 78.20 -0.46 37592 83.23 34.00 20 25B - -

ECOPACK Ltd 230 - 2.71 2.84 2.64 2.66 -0.05 8503 3.30 1.82 - - - -

Ghani Glass 1067 5.04 54.42 56.45 54.00 54.85 0.43 16864 56.45 45.30 25 10B - -

MACPAC Films 389 - 3.49 3.70 2.93 3.10 -0.39 691 4.05 1.60 - - - -

Merit Pack 47 58.63 22.50 23.60 22.90 23.45 0.95 4656 25.90 15.10 - - - -

Packages Ltd 844 65.40 128.63 129.00 125.10 127.53 -1.10 72343 136.74 101.00 - - - -

Tri-Pack Films 300 9.39 127.10 129.00 127.00 128.79 1.69 11964 129.90 100.00 - - - -

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

993.61 1,019.87 989.58 1,009.82 16.21 1.63

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

32,948,971 - - 54,792.74 mn 71,748.31 mn 1,009.82

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

8.06 0.57 7.10 19.04 2.36 991.31

Al-Abbas Cement 1828 - 3.10 3.19 3.02 3.05 -0.05 9808 3.98 2.80 - 100R - -

Attock Cement 866 6.61 62.48 63.35 62.05 62.76 0.28 52172 65.99 57.60 50 - - -

Balochistan Glass Ltd 858 - 2.43 2.90 2.41 2.45 0.02 8539 4.24 1.10 - - - -

Berger Paints 182 - 21.44 21.70 21.25 21.40 -0.04 23644 24.16 14.53 - 122R - -

Bestway Cement 3257 - 18.10 17.55 17.50 17.51 -0.59 1300 24.80 17.10 - - - -

Cherat Cement 956 24.30 10.60 10.70 10.51 10.69 0.09 18089 12.75 10.00 - - - -

Dadabhoy Cement 982 13.23 1.75 1.75 1.66 1.72 -0.03 12020 2.49 1.31 - - - -

Dandot Cement 948 - 2.59 2.26 2.25 2.26 -0.33 4500 3.49 1.11 - - - -

Dewan Cement 3891 - 2.13 2.20 2.09 2.13 0.00 145062 3.10 1.40 - - - -

DG Khan Cement Ltd 3651 129.25 30.33 31.45 30.36 31.02 0.69 25483061 32.10 25.27 - 20R - -

Fauji Cement 6933 15.24 4.92 5.05 4.93 5.03 0.11 900963 5.55 4.72 - - - -

Fecto Cement 502 3.75 7.05 7.20 7.00 7.20 0.15 16151 8.20 4.85 - - - -

Flying Cement Ltd 1760 - 1.77 1.86 1.70 1.76 -0.01 89096 2.25 1.60 - - - -

Frontier Ceramics 77 - 1.56 2.40 1.51 1.70 0.14 42424 5.00 1.18 - - - -

Gharibwal Cement 2319 - 7.50 7.77 6.55 6.60 -0.90 699 9.19 2.70 - - - -

Kohat Cement 1288 - 6.41 6.60 6.36 6.50 0.09 16816 8.70 5.80 - - - -

Lafarge Pakistan Cmt. 13126 - 3.20 3.43 3.16 3.36 0.16 1058767 3.79 2.79 - - - -

Lucky Cement 3234 6.85 74.68 76.55 74.75 76.27 1.59 4268155 79.98 69.20 40 - - -

Maple Leaf Cement 5261 1.30 2.77 2.81 2.73 2.79 0.02 192387 3.30 2.66 - - - -

Pioneer Cement 2228 - 7.02 7.17 6.94 7.13 0.11 89285 8.58 6.52 - - - -

Safe Mix Concrete 200 - 7.00 7.00 6.50 7.00 0.00 515 7.50 5.25 - - - -

Shabbir Tiles 361 - 8.50 8.70 8.35 8.52 0.02 999 9.60 6.30 - - - -

Thatta Cement 798 443.75 17.48 17.90 17.50 17.75 0.27 515000 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

1,060.80 1,103.15 1,062.18 1,085.71 24.91 2.35

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

536,575 - - 3,596.11 mn 10,559.66 mn 1,085.71

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

3.42 1.13 33.10 30.91 9.04 1,060.80

Crescent Steel 565 4.35 26.99 28.24 26.71 27.81 0.82 242302 28.45 24.00 30 - - -

Dost Steels Ltd 675 - 2.55 2.72 2.51 2.56 0.01 82303 3.39 2.00 - - - -

Huffaz Pipe 555 9.71 15.52 15.65 15.40 15.53 0.01 24107 16.51 12.50 - - - -

International Ind 1199 12.09 56.28 59.09 57.00 58.03 1.75 187763 62.20 44.00 40 20B - -

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

1,227.44 1,236.75 1,215.21 1,233.80 6.37 0.52

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

60,110 - - 1,186.83 mn 3,419.18 mn 1,235.13

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

6.29 0.47 7.47 25.28 4.02 1,226.02

Century Paper 707 - 18.60 19.05 18.50 18.99 0.39 51095 19.69 15.28 - - - -

Pak Paper Product 50 8.84 45.80 45.99 45.90 45.95 0.15 200 48.90 38.75 2533.33B - -

Security Paper 411 6.90 44.96 44.79 44.30 44.70 -0.26 8815 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

1,493.57 1,521.88 1,481.87 1,511.18 17.61 1.18

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

85,455,999 - - 52,251.88 mn 339,782.54 mn 1,511.18

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

9.28 3.25 35.00 48.81 5.26 1,464.06

Agritech Limited 3924 8.06 22.65 22.70 22.25 22.25 -0.40 6100 24.85 20.26 - - - -

Biafo Ind 200 5.23 48.75 48.50 46.75 48.15 -0.60 115 59.20 36.10 45 - 12.50 -

BOC (Pak) 250 13.74 100.00 102.00 99.51 100.01 0.01 15861 103.94 74.00 15 - - -

Clariant Pak 273 7.20 195.11 195.00 187.00 188.25 -6.86 143692 209.98 149.72 - - - -

Dawood Hercules 1203 8.40 200.43 204.00 200.00 202.61 2.18 57585 204.98 165.73 40 - - -

Descon Chemical 1996 - 3.16 3.37 3.10 3.11 -0.05 2511 3.74 2.10 - - - -

Descon Oxychem Ltd. 1020 - 8.41 8.54 8.35 8.36 -0.05 61755 9.25 3.92 - - - -

Dewan Salman 3663 - 3.16 3.29 3.09 3.16 0.00 2250045 4.24 1.39 - - - -

Engro Corporation Ltd 3277 11.50 205.25 210.90 203.15 209.31 4.06 4584221 210.99 174.65 40 - - -

Engro Polymer 6635 - 15.05 15.22 14.65 14.75 -0.30 1676627 15.87 12.90 - - - -

Fatima Fertilizer 22000 - 11.66 11.67 11.37 11.51 -0.15 1421032 11.80 9.16 - - - -

Fauji Fertilizer 6785 9.97 136.59 138.20 135.84 137.65 1.06 2862419 138.20 106.01 95 - - -

Fauji Fert. Bin Qasim 9341 7.38 39.19 39.50 38.76 39.12 -0.07 12940966 39.51 29.03 17.5 - - -

Ghani Gases Ltd 725 9.52 12.60 12.70 12.40 12.56 -0.04 23208 13.07 11.00 - - - -

ICI Pakistan 1388 8.76 153.31 156.89 153.47 155.45 2.14 665387 156.89 121.00 55 - - -

Leiner Gelatine 75 - 14.00 13.00 13.00 13.00 -1.00 200 24.00 12.57 - - - -

Lotte Pakistan 15142 5.54 14.54 15.54 14.44 15.50 0.96 59415110 15.54 8.90 - - - -

Mandviwala 74 - 1.61 1.76 1.54 1.63 0.02 40396 2.50 0.80 - - - -

Nimir Ind Chemical 1106 - 1.93 1.99 1.88 1.93 0.00 579428 2.74 1.35 - - - -

Pak Gum 42 - 26.51 25.19 25.19 25.19 -1.32 301 27.40 17.01 - - - -

Shaffi Chemical 120 - 2.35 2.45 2.40 2.40 0.05 935 3.40 1.80 - - - -

Sitara Chem Ind 214 10.21 124.00 124.95 121.25 124.62 0.62 5008 139.40 101.00 25 5B - -

Sitara Peroxide 551 14.63 13.50 13.68 13.30 13.46 -0.04 106598 14.69 8.35 - - - -

United Distributors 92 - 9.75 8.81 8.76 8.76 -0.99 2690 11.75 8.51 - - - -

Wah-Noble 90 7.81 39.71 41.40 39.50 40.60 0.89 17269 43.75 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

979.88 991.94 971.49 984.67 4.79 0.49

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

178,323 - - 3,904.20 mn 32,982.47 mn 989.01

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

7.74 1.73 22.31 44.54 5.75 979.88

Abbott (Lab) 979 9.46 107.04 108.00 107.10 107.90 0.86 4379 112.50 89.88 20 - - -Ferozsons (Lab) 250 6.80 88.02 90.00 89.00 90.00 1.98 4695 113.00 82.20 - 20B - -GlaxoSmithKline 1707 15.11 84.38 84.89 83.85 84.01 -0.37 13415 89.98 68.50 - - - -Highnoon (Lab) 165 8.10 29.66 29.25 28.51 29.25 -0.41 7801 30.48 23.50 - - - -IBL HealthCare Ltd 200 6.64 8.44 8.50 7.70 8.23 -0.21 38123 9.00 7.16 - - - -Otsuka Pak 100 7.91 35.69 35.50 34.00 35.45 -0.24 2182 35.70 29.26 - - 15.00 -Sanofi-Aventis 96 11.38 142.50 143.00 141.38 143.00 0.50 915 146.40 116.00 - - - -Searle Pak 306 5.72 62.05 65.00 61.00 63.65 1.60 106781 65.00 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

716.27 737.35 714.35 732.48 16.20 2.26

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

83,238 - - 3,242.17 mn 12,915.83 mn 732.48

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

5.61 1.43 25.53 11.08 1.97 716.27

Pak Int Cont.Terminal 1092 7.04 69.30 71.00 68.75 70.39 1.09 38050 77.77 60.05 40 - - -

PNSC 1321 40.98 35.91 37.70 36.50 37.70 1.79 45188 40.42 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

Ellcot Spinning Mills# 14-Jan 20-Jan - - 20-Jan

Prosperity Weaving Mills# 14-Jan 20-Jan - - 20-Jan

Mehran Sugar Mills 14-Jan 21-Jan 10,10(B) 06-Jan 21-Jan

Habib Sugar Mills 15-Jan 29-Jan 25,25(B) 07-Jan 29-Jan

Dawood Lawrencepur 15-Jan 21-Jan - - 21-Jan

Lakson Tobacco 18-Jan 25-Jan - - 25-Jan

Haseeb Waqas Sugar Mills 18-Jan 25-Jan 10 10-Jan 25-Jan

Sanghar Sugar Mills 19-Jan 31-Jan 15 11-Jan 31-Jan

Nagina Cotton Mills 19-Jan 25-Jan - - 25-Jan

(TFC) Standard Chartered Bank 19-Jan 01-Feb - - -

Sindh Abadgar's Sugar Mills 19-Jan 28-Jan 10 12-Jan 28-Jan

Shahtaj Sugar Mills 20-Jan 01-Feb - - 27-Jan

Shashma Sugar Mills 21-Jan 30-Jan 10 - 31-Jan

The Premier Sugar Mills 21-Jan 30-Jan 10 - 31-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

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

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

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Climax Eng. 5 4.1 4.1 4.1 -0.9 1000

Pakistan Cables 54 56.7 54.05 55 1 13466

TRG Pakistan Ltd. 3.25 3.4 3.22 3.37 0.12 2049141

Shezan International 136.66 138.8 134.5 136.01 -0.65 87521

Pak Tobacco 115.9 117.95 111.56 111.56 -4.34 806

Shifa Int.Hospitals 32.53 33.75 31.5 32 -0.53 1851

Eye Television 23 23.5 21.85 22.32 -0.68 138910

Media Times Ltd 41.07 39.02 39.02 39.02 -2.05 156

P.I.A.C.(A) 2.53 2.64 2.45 2.5 -0.03 345199

AKD Capital Limited 48.93 49.29 47.51 48.99 0.06 1601

Pace (Pak) Ltd. 2.41 2.44 2.32 2.37 -0.04 1170448

Netsol Technologies 21.42 22.49 21.45 22.49 1.07 1268981

Symbols Open High Low Close Change Vol

Page 7: The Financial Daily-Epaper-14-01-2011

Friday, January 14, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 178.20 point at 12,459.44. Volume was 152 per

cent above average (trending) and Bollinger Bands were 19 per cent wider

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

major 1st resistance level at 12,533.25 and 2nd resistance level at

12,607.05, while Index will continue to find its 1st support level at

12,333.45 and 2nd support level at 12,207.45.

KSE 100 INDEX is currently 19.6 per cent above its 200-day moving average

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

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

erate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators

are currently bullish on INDEX. Momentum oscillator is currently indicating that

INDEX is currently in an overbought condition.

RSI (14-day) 75.09 Support 1 12,333.45

MA (5-day) 12,340.73 Support 2 12,207.45

MA (10-day) 12,215.01 Resistance 1 12,533.25

MA (100-day) 10,763.32 Resistance 2 12,607.05

MA (200-day) 10,418.30 Pivot 12,407.25

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed up 0.69 at 31.02 Volume was 426 per cent above average

(trending) and Bollinger Bands were 49 per cent narrower than normal.

DGKC is currently 15.3 per cent above its 200-day moving average and is

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

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

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

tors are currently bearish on DGKC.

*Arif Habib Ltd 42 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 59.27 Free Float Shares (mn) 182.55

MA (10-day) 30.05 Free Float Rs (mn) 5,662.69

MA (100-day) 27.33 ** NOI Rs (mn) 50.01

MA (200-day) 26.92 Mean 30.75

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed down -0.07 at 39.12 Volume was 290 per cent above aver-

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

FFBL is currently 29.0 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.

*Arif Habib Ltd 34.7 Sell

AKD Securities Ltd 32.06 Accumulate

TFD Research 29.1 Negative

RSI (14-day) 69.58 Free Float Shares (mn) 326.94

MA (10-day) 37.21 Free Float Rs (mn) 12,789.83

MA (100-day) 31.56 ** NOI Rs (mn) 123.77

MA (200-day) 30.30 Mean 39.14

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed up 1.28 at 79.24 Volume was 72 per cent above average and

Bollinger Bands were 54 per cent wider than normal.

NBP is currently 16.5 per cent above its 200-day moving average and is

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

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

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

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

ing that NBP is currently in an overbought condition.

*Arif Habib Ltd 82.1 Buy

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 73.57 Free Float Shares (mn) 318.44

MA (10-day) 76.75 Free Float Rs (mn) 25,233.52

MA (100-day) 67.11 ** NOI Rs (mn) 107.54

MA (200-day) 67.94 Mean 78.58

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed up 1.67 at 69.71 Volume was 22 per cent above average and

Bollinger Bands were 46 per cent wider than normal.

NML is currently 34.7 per cent above its 200-day moving average and is

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

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

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

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

ing that NML is currently in an overbought condition.

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Neutral

RSI (14-day) 74.47 Free Float Shares (mn) 175.80

MA (10-day) 66.23 Free Float Rs (mn) 12,255.01

MA (100-day) 53.20 ** NOI Rs (mn) 76.61

MA (200-day) 51.70 Mean 68.98

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

Technical Analysis Leverage Position

Kot Addu Power Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

KAPCO closed down -0.13 at 45.25. Volume was 675 per cent above aver-

age (trending) and Bollinger Bands were 201 per cent wider than normal.

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

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

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

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

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

ly indicating that KAPCO is currently in an overbought condition.

*Arif Habib Ltd 47 Buy

AKD Securities Ltd 48.7 Buy

TFD Research 46.05 Neutral

RSI (14-day) 80.68 Free Float Shares (mn) 176.05

MA (10-day) 42.60 Free Float Rs (mn) 7,966.29

MA (100-day) 40.75 ** NOI Rs (mn) 0.00

MA (200-day) 41.92 Mean 45.34

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Fair Value Rs Recommendations

Technical Outlook

ENGRO closed up 4.06 at 209.31 Volume was 190 per cent above aver-

age (trending) and Bollinger Bands were 77 per cent wider than normal.

ENGRO is currently 12.7 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 ENGRO (mildly bullish). Trend forecasting oscil-

lators are currently bullish on ENGRO.

*Arif Habib Ltd 176 Sell

AKD Securities Ltd 238.8 Buy

TFD Research 208.75 Neutral

RSI (14-day) 68.11 Free Float Shares (mn) 147.48

MA (10-day) 199.05 Free Float Rs (mn) 30,869.37

MA (100-day) 181.34 ** NOI Rs (mn) 231.42

MA (200-day) 185.59 Mean 207.15

* 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 up 0.55 at 39.49 Volume was 137 per cent above average

and Bollinger Bands were 18 per cent wider than normal.

HUBC is currently 14.0 per cent above its 200-day moving average and is

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

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

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

casting oscillators are currently bullish on HUBC. Momentum oscillator is

currently indicating that HUBC is currently in an overbought condition.

*Arif Habib Ltd 45.7 Buy

AKD Securities Ltd 44 Buy

TFD Research 44.9 Positive

RSI (14-day) 75.36 Free Float Shares (mn) 810.01

MA (10-day) 38.01 Free Float Rs (mn) 31,987.22

MA (100-day) 35.34 ** NOI Rs (mn) 0.87

MA (200-day) 34.61 Mean 39.20

* 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

1,351.61 1,376.29 1,333.17 1,359.42 7.81 0.58

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

2,028,679 - - 29,771.58 mn 18,305.52 mn 1,359.42

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

19.63 0.43 2.21 104.74 8.29 1,338.84

Allied Rental 600 3.18 15.50 15.00 15.00 15.00 -0.50 1000 16.00 14.01 22.5 - - -

AL-Meezan Mutual F. 1375 7.32 8.83 8.83 8.76 8.78 -0.05 38341 9.15 6.05 18.5 - - -

AL-Noor Modaraba 210 5.08 3.01 3.18 3.05 3.05 0.04 1200 3.80 2.10 5 - - -

B R R Guardian Mod. 780 3.89 1.72 1.75 1.70 1.71 -0.01 311 2.79 0.90 0 - - -

Crescent St Modaraba 200 1.50 0.57 0.60 0.55 0.60 0.03 1108 1.10 0.16 1.2 - - -

Elite Cap Modaraba 113 3.81 3.10 3.05 2.75 3.05 -0.05 1015 3.49 1.73 5 - - -

Equity Modaraba 524 12.75 1.95 2.08 1.95 2.04 0.09 185328 2.37 1.05 - - - -

First Dawood Mutual F. 581 0.68 2.17 2.25 2.15 2.15 -0.02 1142 2.28 1.30 - - - -

Golden Arrow 760 2.21 3.10 3.14 3.05 3.09 -0.01 28817 3.80 2.56 17 - - -

H B L Modaraba 397 2.66 7.85 8.00 7.95 7.98 0.13 15161 8.49 5.11 11 - - -

Habib Modaraba 1008 6.05 6.87 7.10 6.80 7.02 0.15 605000 7.10 5.80 21 - - -

JS Growth Fund 3180 69.50 5.60 5.68 5.31 5.56 -0.04 208497 5.89 2.65 5 - - -

JS Value Fund 1186 18.57 5.35 5.30 5.18 5.20 -0.15 114285 5.40 2.31 10 - - -

KASB Modaraba 283 1.34 1.60 2.24 1.52 1.82 0.22 4522 2.24 1.26 2.8 - - -

Meezan Balanced Fund 1200 7.45 7.70 7.75 7.69 7.75 0.05 14076 8.25 5.15 15.5 - - -

Mod Al-Mali 184 19.20 1.52 1.95 1.60 1.92 0.40 307 2.50 0.56 - - - -

Nat Bank Modaraba 250 6.20 6.73 7.00 6.60 6.70 -0.03 10100 7.74 4.50 10 - - -

PICIC Energy Fund 1000 2.08 6.94 7.15 6.82 7.15 0.21 119600 7.18 5.00 10 - - -

PICIC Growth Fund 2835 8.75 13.30 13.65 13.35 13.65 0.35 548749 13.71 7.90 20 - - -

PICIC Inv Fund 2841 7.27 6.35 6.53 6.30 6.40 0.05 115507 6.74 3.52 10 - - -

Prud Modaraba 1st 872 2.34 1.00 1.07 0.95 1.03 0.03 7909 1.19 0.81 3 - - -

Punjab Modaraba 340 - 1.30 1.60 1.21 1.25 -0.05 1004 2.54 0.50 1 - - -

U D L Modaraba 264 1.75 6.15 6.15 6.14 6.15 0.00 5599 6.99 4.71 12.5 - - -

Paid up Last 60 days 2010 2011

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

399.05 412.25 395.77 406.36 7.31 1.83

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

4,096,304 - - 30,336.44 mn 18,868.63 mn 406.36

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

10.68 0.26 0.91 99.56 3.47 398.11

AMZ Ventures 225 1.41 0.60 0.65 0.51 0.62 0.02 12212 0.95 0.33 - - - -

Arif Habib Investments 360 3.51 17.75 18.38 17.55 17.82 0.07 46692 19.98 15.90 - 20B - -

Arif Habib Limited 450 13.33 25.98 26.60 25.70 26.13 0.15 109608 28.95 24.40 - 20B - -

Arif Habib Corp 3750 5.00 26.50 27.36 26.65 27.19 0.69 9739854 27.36 22.10 30 - - -

Dawood Cap Mangt. XB 150 1.32 1.60 1.50 1.47 1.48 -0.12 10369 2.14 1.10 - - - -

Dawood Equities 250 - 2.10 2.34 2.03 2.06 -0.04 33841 2.75 1.28 - - - -

First Credit & Invest Bank Ltd 650 13.33 3.25 3.20 3.20 3.20 -0.05 1000 4.50 2.15 - - - -

IGI Investment Bank 2121 17.88 2.77 2.90 2.70 2.86 0.09 3996 3.90 1.50 - - - -

Invest and Fin Sec 600 717.00 7.17 7.20 7.00 7.17 0.00 10980 8.88 6.16 11.5 - - -

Invest Bank 2849 - 0.70 0.70 0.60 0.69 -0.01 220 0.97 0.53 - - - -

Ist Cap Securities 3166 - 3.02 3.34 2.95 3.03 0.01 25914 4.80 2.95 - 10B - -

Ist Dawood Bank 626 0.66 1.93 1.99 1.81 1.84 -0.09 32099 2.40 1.05 - - - -

Jah Siddiq Co 7633 - 10.78 11.19 10.81 11.12 0.34 3459944 14.05 9.13 10 - - -

JOV and CO 508 - 3.99 4.09 3.82 3.94 -0.05 167960 5.38 2.16 - - - -

JS Global Cap 500 7.37 27.74 27.97 27.00 27.40 -0.34 5944 32.37 24.50 - - - -

JS Investment 1000 28.25 6.64 6.79 6.60 6.78 0.14 65640 7.59 5.63 - - - -

KASB Securities 1000 - 4.71 4.89 4.62 4.79 0.08 20138 5.43 3.61 - - - -

Orix Leasing 821 4.55 6.46 6.19 6.12 6.19 -0.27 145 7.29 4.70 - - - -

Pervez Ahmed Sec 775 - 1.93 2.07 1.90 1.98 0.05 56735 2.70 1.61 - - - -

Sec Inv Bank 514 14.00 3.74 3.50 3.50 3.50 -0.24 2500 4.99 1.67 - - - -

Stand Chart Leasing 978 4.71 2.58 2.55 2.26 2.26 -0.32 15229 3.00 2.25 - - - -

Trust Brokerage 100 - 2.93 2.47 2.00 2.42 -0.51 15004 3.75 1.70 - - - -

Trust Inv Bank 586 3.11 1.72 1.99 1.71 1.99 0.27 1106 2.98 1.24 - - - -

Paid up Last 60 days 2010 2011

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

829.67 849.02 830.21 848.60 18.93 2.28

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

9,013 - - 2,290.72 mn 9,900.92 mn 856.93

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

5.13 3.59 3.85 355.53 3.82 829.67

EFU Life Assurance 850 41.19 71.13 72.50 71.01 72.50 1.37 4654 86.95 62.75 - - - -

New Jub Life Insurance 627 28.79 41.70 42.99 41.50 42.90 1.20 4358 49.31 39.95 - - - -

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

1,216.39 1,255.31 1,209.42 1,242.05 25.66 2.11

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

29,531,860 - - 257,548.02 mn 744,169.72 mn 1,242.05

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

8.69 1.21 13.94 40.49 4.66 1,185.01

Allied Bank Limited 7821 7.04 70.91 72.80 70.50 72.44 1.53 255031 72.99 52.65 20 - - -

Askari Bank 6427 8.40 17.63 17.90 17.40 17.64 0.01 1569109 18.10 14.65 - - - -

Bank Alfalah 13492 14.13 11.00 11.15 10.93 11.02 0.02 1392277 11.52 8.70 - - - -

Bank AL-Habib 7322 8.31 38.19 38.85 38.00 38.55 0.36 580156 39.49 31.44 - - - -

Bank Of Khyber 5004 5.48 4.14 4.31 4.10 4.11 -0.03 5484 4.70 2.76 - - - -

Bank Of Punjab 5288 - 9.21 9.39 9.03 9.30 0.09 3412239 10.59 8.04 - - - -

Bankislami Pak 52801020.00 3.90 4.25 3.82 4.08 0.18 647228 4.25 2.77 - - - -

Faysal Bank 7309 4.79 14.77 15.00 14.45 14.85 0.08 607043 17.10 13.55 - 20B - -

Habib Bank Ltd 10019 7.97 127.87 128.97 126.25 127.60 -0.27 156709 128.97 98.51 - - - -

Habib Metropolitan Bank 8732 8.49 27.91 28.40 27.74 27.75 -0.16 48604 29.28 19.01 - - - -

JS Bank Ltd 8150 - 2.57 2.59 2.51 2.56 -0.01 70681 3.00 2.25 - 66R - -

KASB Bank Ltd 9509 - 2.45 2.53 2.45 2.53 0.08 4453 2.85 2.16 - - - -

MCB Bank Ltd 7602 11.01 238.68 250.48 238.50 248.46 9.78 3835913 250.48 195.71 55 - - -

Meezan Bank 6983 10.04 18.54 19.19 18.60 18.98 0.44 38477 20.30 14.50 - - - -

Mybank Ltd 5304 - 2.67 2.89 2.70 2.73 0.06 227814 3.10 1.90 - - - -

National Bank 13455 6.92 77.96 79.48 77.66 79.24 1.28 6961865 79.48 63.53 - - - -

NIB Bank 40437 - 2.98 3.18 2.93 3.02 0.04 3128685 3.35 2.59 - - - -

Samba Bank 14335 - 2.00 2.03 1.98 2.00 0.00 54354 2.65 1.51 -63.46R - -

Silkbank Ltd 26716 - 2.79 2.83 2.72 2.75 -0.04 2205239 3.05 2.50 - - - -

Soneri Bank 6023 - 7.70 7.69 7.00 7.11 -0.59 906270 8.48 5.80 - - - -

Stand Chart Bank 38716 13.06 8.37 8.50 8.26 8.49 0.12 13152 9.04 6.15 - - - -

Summit Bank Ltd 5000 - 3.74 3.85 3.50 3.83 0.09 290314 4.23 2.67 - - - -

United Bank Ltd 12242 8.12 67.55 69.39 67.65 69.10 1.55 3411077 70.65 52.15 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

798.53 812.71 790.94 804.34 5.81 0.73

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

4,142,274 - - 11,111.34 mn 49,344.14 mn 804.34

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

13.17 0.68 5.20 79.54 6.04 785.61

Adamjee Insurance 1237 26.90 91.93 93.40 91.90 92.79 0.86 1352600 93.40 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

1,555.52 1,561.21 1,526.40 1,543.24 -12.28 -0.79

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

702,042 - - 12,202.80 mn 32,981.72 mn 1,563.94

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

9.78 1.12 11.41 66.79 6.83 1,543.24

Sui North Gas 5491 8.02 27.02 27.09 26.63 26.94 -0.08 40874 34.75 25.71 20 - - -Sui South Gas 8390 3.27 21.99 22.10 21.46 21.68 -0.31 661168 29.70 19.95 15 25B - -

Paid up Last 60 days 2010 2011

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,355.88 1,382.83 1,349.70 1,371.03 15.15 1.12

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

16,452,121 - - 95,369.29 mn 112,989.85 mn 1,371.03

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

15.50 1.45 9.35 104.13 6.72 1,326.22

Genertech 198 - 0.75 0.90 0.75 0.88 0.13 20009 1.45 0.60 - - - -

Hub Power 11572 7.23 38.94 39.54 38.85 39.49 0.55 4284723 39.54 33.15 50 - - -

Japan Power 1560 - 1.72 1.84 1.64 1.64 -0.08 120048 2.25 1.40 - - - -

KESC 7932 - 3.00 3.24 2.98 3.07 0.07 3419740 3.55 2.04 - 7.8R - -

Kohinoor Energy 1695 10.13 18.67 19.40 18.00 18.23 -0.44 51296 25.25 17.95 15 - - -

Kot Addu Power 8803 5.50 45.38 45.85 44.89 45.25 -0.13 4609689 45.85 38.35 50 - - -

Nishat Chunian Power Ltd 3673 3.77 17.00 17.25 16.90 17.20 0.20 2495837 17.50 11.60 - - - -

Nishat Power Ltd 3541 28.55 17.47 17.80 17.30 17.70 0.23 1380131 17.80 12.80 - - - -

Sitara Energy Ltd 191 3.59 19.15 19.25 18.77 19.24 0.09 2199 21.85 17.98 20 - - -

Southern Electric 1367 - 2.18 2.28 2.19 2.24 0.06 68432 2.80 2.05 - - - -

Paid up Last 60 days 2010 2011

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

1,127.55 1,141.51 1,126.99 1,137.75 10.21 0.91

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

3,914,182 - - 50,077.79 mn 78,601.03 mn 1,147.68

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

6.17 0.79 12.84 62.56 10.14 1,127.55

Pak Datacom 78 5.07 80.50 82.20 81.00 82.20 1.70 101 106.00 76.50 80 - - -

Pakistan Telecomm Co A 37740 12.87 19.19 19.35 19.18 19.30 0.11 2972597 20.12 18.21 17.5 - - -

Telecard 3000 0.65 2.16 2.21 2.15 2.19 0.03 342993 2.69 2.12 1 - - -

WorldCall Tele 8606 - 2.55 2.71 2.55 2.68 0.13 598491 3.45 2.40 - - - -

Wateen Telecom Ltd 6175 - 3.52 3.58 3.47 3.49 -0.03 55352 4.25 3.35 - - - -

Paid up Last 60 days 2010 2011

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

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

Ask Gen Insurance 204 6.46 10.85 10.66 10.66 10.66 -0.19 1846 12.75 10.00 - 25R - -

Atlas Insurance 369 6.32 39.02 39.93 38.75 39.75 0.73 14680 39.93 29.12 - - - -

Century Insurance 457 6.76 10.79 11.35 10.75 10.81 0.02 21102 12.00 9.65 - - - -

EFU General Insurance 1250 - 42.09 42.70 41.70 41.86 -0.23 105868 48.63 36.32 - - - -

Habib Insurance 400 3.50 14.90 14.70 14.61 14.70 -0.20 2500 15.39 10.31 - - - -

IGI Insurance 718 17.16 93.50 95.00 90.10 92.50 -1.00 3105 99.88 77.50 10 20B - -

New Jub Insurance 791 15.50 58.47 57.68 56.51 57.49 -0.98 9191 60.90 53.11 - - - -

Pak Reinsurance 3000 44.92 16.52 17.52 16.60 17.52 1.00 2568445 17.52 13.91 - - - -

Pak Gen Insurance 250 1.73 7.32 8.30 7.32 7.32 0.00 1872 8.50 5.56 - - - -

PICIC Ins Ltd 350 - 10.56 10.60 9.95 10.59 0.03 1178 10.75 2.10 - - - -

Premier Insurance 303 6.51 12.51 12.51 12.00 12.05 -0.46 39100 12.93 8.33 - - - -

Silver Star Insurance 253 4.47 7.10 8.10 7.06 7.19 0.09 15901 8.17 6.01 - - - -

United Insurance XB 400 2.21 7.25 7.29 6.71 6.74 -0.51 3131 7.40 4.71 - - - -

Universal Insurance 263 - 3.94 3.12 3.00 3.04 -0.90 1750 4.00 2.21 - - - -

UPTO 100 VOLUME

STPL 9.75 9.50 9.50 9.50 -0.25 100

SIEM 1220.40 1215.01 1210.00 1212.41 -7.99 97

MUREB 89.24 91.90 89.13 91.85 2.61 93

HUSS 11.98 11.00 11.00 11.00 -0.98 83

BAPL 8.19 9.00 8.44 8.44 0.25 53

MOON 13.01 12.01 12.01 12.01 -1.00 51

SMTM 6.04 6.00 5.99 5.99 -0.05 50

LIBM 62.88 65.75 65.75 65.75 2.87 50

GRAYS 48.50 49.00 49.00 49.00 0.50 47

FCONM 1.28 1.99 1.21 1.47 0.19 32

WYETH 1054.67 1055.00 1010.00 1055.00 0.33 32

HWQS 22.14 22.10 22.10 22.10 -0.04 30

RMPL 2078.98 2124.98 2021.55 2062.00 -16.98 27

MIRKS 52.18 53.75 50.00 53.00 0.82 26

FFLM 1.60 1.70 1.60 1.60 0.00 25

GATI 48.00 50.40 48.00 48.05 0.05 24

FECS 41.00 38.95 38.95 38.95 -2.05 24

HADC 0.69 0.96 0.61 0.69 0.00 24

SSML 1.96 2.50 1.82 2.48 0.52 23

PRWM 14.85 14.60 14.60 14.60 -0.25 20

SCL 90.48 90.80 90.80 90.80 0.32 20

SPLC 0.69 0.69 0.68 0.68 -0.01 19

BCL 43.33 44.00 44.00 44.00 0.67 19

FIBLM 1.77 2.50 1.50 1.66 -0.11 17

ULEVER 4416.17 4439.50 4325.03 4439.50 23.33 17

JUBS 3.25 4.19 4.19 4.19 0.94 15

REWM 9.20 9.85 9.30 9.30 0.10 12

MQTM 9.10 9.89 9.15 9.15 0.05 11

CPMFI 4.10 4.50 4.15 4.15 0.05 10

FIMM 62.50 65.60 62.50 62.50 0.00 10

AATM 0.95 1.13 1.13 1.13 0.18 10

BROT 0.51 0.58 0.51 0.51 0.00 10

CWSM 1.43 1.44 1.40 1.40 -0.03 10

CFL 13.61 14.60 14.60 14.60 0.99 10

ILTM 174.00 166.00 166.00 166.00 -8.00 10

JVDC 59.00 59.99 59.00 59.00 0.00 10

KOHP 4.49 4.50 4.45 4.45 -0.04 10

SJTM 1.50 2.50 1.00 1.53 0.03 9

DWSM 3.64 3.93 3.52 3.59 -0.05 9

GRYL 2.10 1.76 1.21 1.76 -0.34 8

LAKST 291.99 296.99 293.49 293.49 1.50 8

IDSM 7.10 7.10 7.00 7.10 0.00 6

ICL 31.31 32.85 32.85 32.85 1.54 6

PAKMI 0.96 1.14 1.10 1.10 0.14 5

KOSM 0.93 1.58 1.25 1.25 0.32 5

IDEN 14.00 14.00 14.00 14.00 0.00 5

LEUL 1.90 1.90 1.90 1.90 0.00 5

KOHS 3.80 4.80 3.45 3.80 0.00 4

CSIL 4.01 4.80 3.11 3.91 -0.10 3

TSMF 1.34 1.49 1.29 1.29 -0.05 2

CICL 78.25 80.00 79.50 79.50 1.25 2

DSML 3.48 2.53 2.53 2.53 -0.95 2

QUET 41.90 43.99 43.99 43.99 2.09 2

AABS 97.20 98.50 98.50 98.50 1.30 2

SHJS 59.98 62.90 62.90 62.90 2.92 2

GVGL 27.55 26.50 26.25 26.50 -1.05 2

PHDL 32.30 33.91 30.69 33.91 1.61 2

ESBL 2.79 2.90 2.80 2.80 0.01 1

ALICO 17.50 18.25 18.25 18.25 0.75 1

DATM 0.49 0.41 0.41 0.41 -0.08 1

FZTM 405.13 409.00 405.00 405.00 -0.13 1

HMIM 0.61 1.09 0.87 0.87 0.26 1

IDYM 227.70 216.57 216.57 216.57 -11.13 1

RCML 37.45 39.30 39.30 39.30 1.85 1

YOUW 1.64 1.64 1.64 1.64 0.00 1

CRTM 21.22 20.30 20.30 20.30 -0.92 1

MEHT 63.51 65.00 65.00 65.00 1.49 1

STML 24.99 25.90 25.90 25.90 0.91 1

TOWL 6.00 5.55 5.55 5.55 -0.45 1

SGMLPS 4.78 3.80 3.80 3.80 -0.98 1

ALTN 10.37 10.74 10.74 10.74 0.37 1

TSPL 0.88 0.99 0.99 0.99 0.11 1

BWHL 33.00 33.00 33.00 33.00 0.00 1

JOPP 9.00 8.10 8.10 8.10 -0.90 1

PTEC 2.00 2.28 2.23 2.23 0.23 1

NATF 60.30 61.04 61.04 61.04 0.74 1

PSEL 173.23 177.89 177.89 177.89 4.66 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

ENGRO-JAN 206.23 211.50 204.05 210.23 4.00 1671500

FFBL-JAN 39.42 39.65 38.95 39.34 -0.08 1322000

DGKC-JAN 30.38 31.55 30.50 31.21 0.83 1169000

POL-JAN 329.03 335.50 329.90 333.33 4.30 1024000

NBP-JAN 78.38 79.90 78.00 79.69 1.31 752500

MCB-JAN 239.53 250.00 239.00 248.56 9.03 601500

NML-JAN 68.25 70.15 68.21 69.65 1.40 601000

FFC-JAN 137.27 139.00 136.51 138.22 0.95 580500

ANL-JAN 9.43 9.77 9.45 9.70 0.27 274000

PPL-JAN 222.21 225.00 221.56 224.01 1.80 175500

PSO-JAN 295.24 299.80 296.00 298.97 3.73 161000

OGDC-JAN 172.02 174.95 172.00 174.62 2.60 130500

AICL-JAN 92.33 93.80 92.05 93.08 0.75 115500

UBL-JAN 68.09 69.50 68.18 69.39 1.30 94500

LUCK-JAN 75.00 76.80 75.10 76.50 1.50 60500

NETSOL-JAN 21.42 22.49 22.00 22.44 1.02 39000

NCL-JAN 23.46 23.50 23.50 23.50 0.04 29000

BOP-JAN 9.25 9.47 9.10 9.47 0.22 21500

HUBC-JAN 39.27 39.27 39.27 39.27 0.00 10000

PTC-JAN 19.35 19.40 19.40 19.40 0.05 1000

Symbols Open High Low Close Change Vol

ZERO VOLUME

ANNT 12.75 12.70 12.70 12.70 -0.05 0.00

ATFF 4.75 4.73 4.73 4.73 -0.02 0.00

BUXL 14.25 14.00 14.00 14.00 -0.25 0.00

DADX 20.01 20.02 20.02 20.02 0.01 0.00

DKTM 2.78 2.66 2.66 2.66 -0.12 0.00

EMCO 3.30 2.90 2.90 2.90 -0.40 0.00

KML 2.05 2.12 2.12 2.12 0.07 0.00

LATM 8.00 7.90 7.90 7.90 -0.10 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 41.30 3.00 2.90 3.15 3.25 3.10

Allied Bank Limited 71.93 71.00 69.60 73.30 74.20 71.90

Attock Cement 49.85 62.10 61.40 63.40 64.00 62.70

Arif Habib Corp 64.62 26.80 26.35 27.50 27.80 27.05

Arif Habib Limited 49.41 25.70 25.25 26.60 27.05 26.15

Adamjee Insurance 68.84 92.00 91.20 93.50 94.20 92.70

Askari Bank 59.44 17.40 17.15 17.90 18.15 17.65

Azgard Nine 44.36 9.45 9.25 9.80 9.95 9.60

Attock Petroleum 83.42 375.00 366.75 387.40 391.50 379.15

Attock Refinery 70.50 134.85 132.05 140.60 143.55 137.80

Bank Alfalah 56.01 10.90 10.80 11.15 11.25 11.05

Bankislami Pak 69.68 3.85 3.60 4.30 4.50 4.05

Bank.Of.Punjab 41.82 9.10 8.90 9.45 9.60 9.25

Dewan Cement 48.30 2.10 2.05 2.20 2.25 2.15

D.G.K.Cement 59.27 30.45 29.85 31.50 32.05 30.95

Dewan Salman 56.71 3.05 3.00 3.25 3.40 3.20

Dost Steels Ltd 35.18 2.50 2.40 2.70 2.80 2.60

EFU General Insurance 38.21 41.50 41.10 42.50 43.10 42.10

EFU Life Assurance 41.85 71.50 70.50 73.00 73.50 72.00

Engro Chemical 68.11 204.70 200.05 212.45 215.55 207.80

Faysal Bank 47.17 14.55 14.20 15.10 15.30 14.75

Fauji Cement 49.99 4.95 4.90 5.05 5.10 5.00

Fauji Fert Bin 69.58 38.75 38.40 39.50 39.85 39.15

Fauji Fertilizer 81.76 136.25 134.85 138.60 139.60 137.25

Habib Bank Ltd 68.36 126.25 124.90 128.95 130.35 127.60

Hub Power 75.36 39.05 38.60 39.75 40.00 39.30

ICI Pakistan 71.87 153.65 151.85 157.05 158.70 155.25

Indus Motors 77.92 278.65 274.60 286.85 291.05 282.80

J.O.V.and CO 48.83 3.80 3.70 4.10 4.20 3.95

Japan Power 44.11 1.60 1.50 1.80 1.90 1.70

JS Bank Ltd 49.77 2.50 2.45 2.60 2.65 2.55

Jah Siddiq Co 44.21 10.90 10.65 11.25 11.40 11.05

Kot Addu Power 80.68 44.80 44.35 45.75 46.30 45.35

K.E.S.C 60.05 2.95 2.85 3.20 3.35 3.10

Lotte Pakistan 76.82 14.80 14.05 15.90 16.25 15.15

Lucky Cement 54.92 75.15 74.05 76.95 77.65 75.85

MCB Bank Ltd 79.63 241.15 233.85 253.10 257.80 245.80

Maple Leaf Cement 41.68 2.75 2.70 2.85 2.90 2.80

National Bank 73.57 78.10 76.95 79.90 80.60 78.80

Nishat (Chunian) 58.49 23.25 22.90 23.90 24.15 23.50

Netsol Technologies 83.94 21.80 21.10 22.85 23.20 22.15

NIB Bank 53.37 2.90 2.80 3.15 3.30 3.05

Nimir Ind.Chemical 50.12 1.85 1.80 2.00 2.05 1.95

Nishat Mills 74.47 68.60 67.50 70.40 71.10 69.30

Oil & Gas Dev. XD 58.54 172.25 169.90 176.00 177.35 173.60

PACE (Pakistan) Ltd. 28.43 2.30 2.25 2.45 2.50 2.40

Pervez Ahmed Sec 39.86 1.90 1.80 2.05 2.15 2.00

P.I.A.C.(A) 59.52 2.40 2.35 2.60 2.70 2.55

Pioneer Cement 56.71 7.00 6.85 7.20 7.30 7.10

Pak Oilfields 82.58 328.35 324.60 335.55 339.00 331.80

Pak Petroleum 64.69 221.25 219.15 225.10 226.85 223.00

Pak Suzuki 50.31 70.05 69.05 72.05 73.00 71.05

P.S.O. XD 62.22 295.00 292.35 299.40 301.15 296.75

P.T.C.L.A 48.83 19.20 19.10 19.40 19.45 19.30

Shell Pakistan 53.25 204.10 202.55 207.60 209.55 206.05

Sui North Gas 43.95 26.70 26.45 27.15 27.35 26.90

Sitara Peroxide 52.52 13.30 13.10 13.65 13.85 13.50

Sui South Gas 50.33 21.40 21.10 22.05 22.40 21.75

Telecard 44.93 2.15 2.10 2.25 2.30 2.20

TRG Pakistan 37.48 3.25 3.15 3.45 3.50 3.35

United Bank Ltd 66.55 68.05 66.95 69.75 70.45 68.70

WorldCall Tele 46.21 2.60 2.50 2.75 2.80 2.65

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Olympia Spinning & Weaving Mills Ltd 15-Jan 10:00

Shadman Cotton Mills Ltd 15-Jan 6:30

Husein Industries Ltd 15-Jan 3:00

Byco Petroleum Pakistan Ltd 17-Jan 3:00

Shaheen Insurance Company Ltd 17-Jan 10:00

Invest Capital Investment Bank Ltd 19-Jan 11:00

Siemens (Pakistan) Engineering Company Ltd 23-Jan 3:30

Pakistan Petroleum Ltd 24-Jan 10:00

Fauji Fertiliser Bin Qasim Ltd 25-Jan 10:30

Unilever Pakistan Limited 14-Feb 2:30

Kot Addu Power Company Ltd 16-Feb 12:30

Unilever Pakistan Foods Ltd 17-Feb 2:30

BOARD MEETINGS

Company Date Time

Page 8: The Financial Daily-Epaper-14-01-2011

United Arab Bank opens newbranch in Sharjah Industrial

Top honour forBritish Islamic bank

Friday, January 14, 2011 8

Interview by: Qutubuddin

Islamic banking, a couple ofyears back, blasted off inKenya following the com-

mencement of operations bythe country's first fully fledgedIslamic bank targeting Kenya'sestimated nine millionMuslims.

Back in the day the launch ofGulf African Bank brought anend to months of waiting andspeculation surrounding thelicensing of an Islamic bank inthe Kenyan banking system.Its arrival also raged the debateon the viability of an Islamicbank in the banking systemwhere interest is charged by allplayers, a prohibited practicein Islam.

With more expansion plansunderway that will see GulfAfrican Bank step up its oper-ations in Kenya as well as theregion, the bank is confidentthat its model is a sure success.

Najmul Hassan, ChiefExecutive Officer Gulf AfricanBank Kenya, who is highlyupbeat on the future of Islamic,ranged the whole gamut of hisbank's plans in an exclusivedialogue, here are some high-lights of that talk.

The Financial Daily:Congratulations on makingIslamic banking a successstory in Kenya. What are themain factors that attributed tothe Bank's success in Kenya'sbanking Industry?

Najmul Hassan: GulfAfrican Bank has, since incep-tion, maintained a sustainablebusiness model based on rapidcustomer acquisition andretention, a calculated expan-sion strategy and staying com-mitted to our vision, mission,and core values. We have alsooffered a solid banking optionto those of us who practiceIslam to have a faith compliantbanking solution.

We pride ourselves in havingquality customer care practicesthat give us the edge whendealing with our customers.

Gulf African Bank was award-ed for its quality customerservice in 2009 in the annualBanking awards.

We have also been involvedin corporate social responsibil-ity in areas where we have setup business and this buildsgoodwill from the communi-ties.

Training various stakehold-ers in Islamic banking has alsobeen instrumental in growingour business since Islamicbanking is more of a knowl-edge based business. We holdconferences, leaders' forumsand open days to disseminatethe knowledge on Islamicbanking.

TFD: What were the chal-lenges you faced achieving thisfeat, and how did you over-come them?

HASSAN: When we startedout, the business environmentwas not the best. In early 2008,Kenya went through a time ofchaos and violence which hitbusiness really hard. Gettingstarted at that particular timewas a challenge per se. Thepolitical atmosphere was notconducive to the business andin addition there was a droughtgoing on at the same time.Since no business can operatein isolation of the prevailingeconomic atmosphere, we hada rough time going throughthat period.

You may remember that theglobal financial crisis was alsostarting to hit at that time andthe ripple effect was felt allover the world.

The cost of setting up thebusiness was quite high. Thetask of breaking even was noteasy considering we werestarting to acquire customers atthat point. We were, however,able to overcome all thosechallenges and the most sur-prising bit is that we brokeeven in 18 months.

TFD: As the pioneer in theIslamic finance industry inKenya, how are you competingwith the heavyweights?

HASSAN: We have very

unique products which arefully Shariah compliant. Theinstitutions referred to asheavyweights have Islamicwindows which are still strug-gling with the perception thatthey are not fully Shariah com-pliant. Over and above that,our service delivery standardshave set us apart and has givenus the business edge we need-ed to get this far. Our growthrecord in such a short span of

time speaks volumes of oursuccess in delivering on ourcommitment to our biggestasset, our customers.

The products we have in themarket are cutting edge. Lastyear we won an award forproduct innovation for ourDiminishing Musharaka HomeMortgage product. This under-lines the fact that we are rightup there with the best in theindustry.

We also participated in theKenya Government infrastruc-ture bond issue on a sukukinvestment plan and this was afirst for us and has given us alot of insight into the market.

TFD: The bank has beenactively involved in providingcomprehensive business solu-tions to the corporate sector.What's the reason behindactively pursuing this sector?What other sectors does thebank hope to take a crack atand why?

HASSAN: I totally agreethat we have provided cuttingedge solutions to our corporateclients. We do offer both short-term and long-term facilities tocorporates. The reason is thatit's easier to build the assetsand liabilities books with the

corporate segment due to thevolumes involved.

The same standards havebeen put in place in our retailand SME business segmentwhich are equally successful.We strive to strike the rightbalance in all our business seg-ments and I am proud to saythat I consider Gulf AfricanBank an all-round bank andour success can be attributed toall our business lines.

TFD: What are the greatestachievements of your Bank in2009 -10?

HASSAN: Our bank turnedprofitable in the last quarter of2009, just 18 months after thisjourney started. That is hugefor any business enterprise.Currently we are consideredamongst the fastest growingbanks in Kenya.

In 2010, our deposits hit Ksh8 billion (US$100mn) markand our assets stood at Ksh 6.2billion (US$77.5mn). We alsoearned recognition as the mar-ket leader in Islamic bankingin the region due to the head-ways we made then.

We have received severalawards on customer satisfac-tion and innovation and we arevery proud and grateful for allour achievements. We havealso been able to put togetheran exceptional team to achievethis much and we are excitedabout what future has to offer.

TFD: Many people stillbelieve that Islamic banking isa transformation of conven-tional banking and does notcomply with Shariah princi-ples. Is that true?

HASSAN: Not at all. Islamicbanking is fully based on theShariah principles of fairnessand ethics in business. Theproduct structure and develop-ment of products are fullybased on Shariah principles. Inaddition to that, the risk levelin Islamic banking is lowerbecause of the principle ofusing tangible assets for trad-ing and securities.

TFD: What exciting plansdoes the bank has in store for2011? Is there any plan tointroduce new products?

HASSAN: 2011 is going tobe quite busy for us. We areopening a few more branchesand we are bringing in a wholerange of products. As wespeak, we are in the process ofrolling out our internet andSMS banking solutions which

will obviously enhance ourcustomer experience and bringflexible banking right to ourcustomers' desktops and cellphones. We are also expandinginto Uganda and Tanzaniawhich will effectively make usa regional player.

We also have debit prepaidcards on the way so as to makeit easier for our customers whotravel a lot or do a lot of inter-national business carry outtheir transactions with ease.

The bank will also be partic-ipating in the cheque trunca-tion project which is expectedto drastically reduce the clear-ing time.

TFD: Is the current environ-ment in Kenya suitable to pro-mote the growth of IslamicFinance? Have the Regulatorsdone enough to promote IF?What more can be improvedby the regulators?

HASSAN: The environmenthas never been better. Creatingit didn't come easy though. Wehad to invest a lot in creatingawareness on the products andservices offered. The CentralBank of Kenya has been verysupportive and the interest inIslamic banking continues togrow. We may not have water-tight regulations by the regula-tors as Islamic banking inKenya is not an old phenome-non but we are getting there.

We still do not have Shari'ahcompliant treasury instrumentsand managing liquidity can bea challenge at times but wehope this will change withtime.

TFD: Do you think peopleare aware of the concept ofIslamic banking or do theyneed to be educated on it?

HASSAN: It's work inprogress. We are cracking theglass ceiling every day. Thisbeing knowledge based indus-try; we still have some way togo because the building ofknowledge cannot happen in aday. It took most of us quite along while to understand thismodel of banking to the pointwe are at today.

Spearheading Islamic Finance in Kenya Najmul Hassan Chief Executive Officer Gulf African Bank Kenya

Careerscape

Najmul Hassan is Chief Executive Officer of Gulf AfricanBank currently. Prior to joining Gulf African Bank,Hassan worked as General Manager Corporate and

Business Development in Meezan Bank Limited (MBL), the firstand largest Islamic commercial bank in Pakistan, with over 160branches and nearly 3000 employees. He was one of the foundermembers of the bank and has played an instrumental role in lead-ing the successful conversion of the operations of the Bank intofull fledged Islamic Commercial bank upon the acquisition ofSociety General in 2002.

He is one of the key protagonists behind the development andlaunch of core Islamic transactional and term deposit products,establishment of corporate and structured finance business ,launch of Islamic consumer banking in Pakistan with nation's firstAuto and Housing finance business lines, and establishing thebanks brand and building corporate equity through continuousawareness measures. He has participated as a speaker in numer-ous workshops and seminars on topics related to Islamic Finance.

Before joining MBL, he worked as Managing Director, DelphiDiesel systems (Pakistan), prior to that as Managing Director inAgro Auto Industries, which is one of the largest automotive partsmanufacturing company in Pakistan.

Hassan started his carrier with Pakistan Air Force inMaintenance and Technical branch. He is Master of BusinessAdministration (MBA) and holds a Bachelors Degree inAeronautical Engineering as well.

Interview

Staff Reporter

KARACHI: Meezan BankLimited (MBL), Pakistan's firstand largest Islamic bank, hasbeen awarded 'Best IslamicBank in Pakistan' for 2010 byIslamic Finance News ofREDmoney Group, Malaysia.Meezan Bank has won thisaward consecutively for the last6 years said a handout issued

here. It said the award brings tolight a highly successful andrecord-breaking year forMeezan Bank. With a branchnetwork of 222 branches in 63cities across Pakistan, MeezanBank continues to be the largestIslamic bank in Pakistan.

The bank demonstrated robustbusiness growth in 2010, clos-ing the year with a deposit fig-ure of Rs131 billion and

Import/Export business ofRs143 billion, said the state-ment.

It also added that the bank'sstrategy to continue expandingits branch network is driven byits vision to "Establish IslamicBanking as Banking of FirstChoice" by making Islamicbanking facilities available toeach and every citizen ofPakistan.

MBL, ‘Best IslamicBank in Pak’ for 2010

TOKYO: Japanese lenders likeMitsubishi UFJ Financial Groupare aggressively pursuing proj-ect financing deals around theworld, intensifying competitionwith traditional French rivals aswell as local players in hot newmarkets like India.

The push by Japanese banks,which are scrambling to put tril-lions of yen in deposits to work

outside their sluggish homemarket, comes as loan demandrebounds from the global finan-cial crisis and as infrastructureprojects in developingeconomies surge.

MUFG, Japan's top lender,grabbed headlines in Novemberwhen it agreed to buy projectfinance loans worth some $5billion from the Royal Bank of

Scotland and it has told Reutersit is open to taking over moreportfolios.

Rivals Mizuho FinancialGroup and Sumitomo MitsuiFinancial Group have also posi-tioned project finance as a keydriver of overseas growth,along with investment banking,and retail banking and corporatelending in Asia. -Reuters

Japan banks doingglobal, eying India

KARACHI: Advisor to SindhChief Minister, SharmilaFarooqui has said that the SindhBank would provide loans foragriculture, livestock, and fish-eries on easy terms besides offer-ing other financing facilities.

Talking to media she said thatthe farmers would be facilitatedto obtain agricultural loans oneasy terms and each farmerwould be provided with an ATMcard, which could be used towithdraw cash from an ATM upto 20 per cent of the loan. TheAdvisor stated that the farmerswould also be given facility toorder commodities, seeds andfertilisers through SMS from

designated suppliers. "The sup-pliers upon receiving theSMS/Instructions from theSindh Bank will ensure the prop-er delivery of goods at the farm-ers' door step.

"Suppliers account with SindhBank will be automatically cred-ited upon delivery/confirmationthrough SMS," she said.

Sharmila added that during theyear 2011 the bank's expectedloan disbursement has been setat Rs12 billion in various sectorswhile unskilled and semi-skilledworkers --at least 6,000-will beemployed.

"It is assumed that the borrow-ers in the small scale industry

availing loan of up to Rs10 mil-lion will employ at least five per-sons who would support theirfamilies to a large extent," shesaid. The Advisor stated that theSindh government was going tosubsidise the purchase of tractors to4,000 farmers through balloting."Total cost of a tractor beingRs900,000 including a subsidyof Rs300,000 out of which 10per cent, that is, 400 tractors willbe given to women applicants.

The Bank may finance 25 percent to 50 per cent of the appli-cant's share of Rs600,000against registration of the tractorin the bank's name duly insured.-APP

Sindh Bank set toget growers going

LONDON: A man uses an ATM at a Royal Bank of Scotland (RBS) branch. -Reuters

ZTBL branchlends Rs1bnto farmers

ISLAMABAD: Zarai TaraqiatiBank Limited (ZTBL)Hafizabad branch had providedRs1 billion loans to cultivatorsto maximise food productionduring 2010.

This was stated by ManagerZTBL, Malik Ghulam HussainAwan here.

He said that the bank alsoissued loans to farmers to pur-chase 400 tractors.

He said, 94 per cent loanrecovery had been affected andcases of chronic defaulterswere being sent to the bankingcourts for adjudication.

President of Zarai TaraqiatiBank Limited (ZTBL), ZakaAshraf said agricultural growthis vital for the overall econom-ic stability and meeting thefood security challenges.

He stated this during a meet-ing with Faisal Karim Kundi,Deputy Speaker of the NationalAssembly here.

He apprised the DeputySpeaker about the bank's opera-tional activities and variousnew initiatives for the develop-ment of agriculture sector in thecountry. The bank was financ-ing entire value added chain ofagriculture sector and focusingon innovative technology direlyneeded for alleviating ruralpoverty through increase infarmer's income, he added. -APP

Page 9: The Financial Daily-Epaper-14-01-2011

NEW YORK: US cottonfutures closed higher

Wednesday on investor buy-ing, boosted by a strong

grains complex, a weak dol-lar and a rally in equities

after a strong debt sale by

Portugal, analysts said.The key March cotton con-

tract on ICE Futures US rose

0.72 cent to settle at $1.4797

per lb, having briefly hit the

5-cent trading limit at

$1.5225. The session lowwas at $1.477.

Volume traded was around29,000 lots, more than 60 per

cent above the 30-day norm,

Thomson Reuters prelimi-nary data showed. 'Cotton

got caught up in the bullish

enthusiasm of corn and soy-beans, strong stock markets

and weakness in the US dol-lar,' said Mike Stevens, anindependent cotton analyst

in Mandeville, Louisiana.Global stocks and the euro

rallied after healthy demand

for Portugal's debt eased

concern over euro-zone debt.There was little reaction

from cotton market players

to the US AgricultureDepartment's monthly sup-ply/demand report. USDA

reduced its estimate for

2010/11 world cotton ending

stocks to 42.84 million (480-

lb) bales, from 43.39 million

in last month's report.Stevens said the data

'merely confirmed' cotton's

bullish fundamentals.

Rebalancing by index funds

of their positions in the cot-ton market depressed values

midway through trading,

dealers said.The market will now be

looking toward the USDA's

weekly export sales report

on Thursday.Brokers said they expected

total US cotton sales to range

from 100,000 to 200,000

(500-lb) running bales, com-

pared with 169,100 RBs in

the last USDA report.The market is now waiting

to see if demand is destroyed

by the strong cotton futures

price going into the spring. -

Reuters

US cotton up as grains,dollar, stocks inspire

9Friday, January 14, 2011

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1320 1260

January (3rd Wednesday) 1320 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for January 12 2011

LME Official Prices, US$ per tonne for January 12 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2290 2484 9620 2657 25060 26790 2434.5 2381

Cash seller 2300 2484.5 9625 2662 25065 26795 2435 2381.5

3-months buyer 2250 2495.5 9617 2638 25120 26775 2444 2410

3-months seller 2260 2496 9618 2639 25135 26825 2445 2411

15-months buyer 2180 2550 9385 2570 24700 26275 2462 2430

15-months seller 2190 2555 9395 2575 24800 26325 2467 2440

27-months buyer 2180 2583 8980 2517 23875 2425 2485

27-months seller 2190 2588 8990 2522 23975 2430 2495

LONDON METAL EXCHANGE (METALS)

NEW YORK: Oil rose onThursday as markets weigheddisappointing US jobs data andOPEC comments the groupwould only hold an emergencymeeting if oil makes an extend-ed break above $100 a barrel.

In London, ICE Brent crudefor February rose30 cents to $98.42at 1627 GMT inseesaw trade, off27-month highshit on Wednesday.US crude rose 30cents to $92.16 abarrel.

Brent's premi-um against US crude remainedwide and headed towards $7again after ending at $6.36 onWednesday.

A delegate from a GulfOPEC member state said onThursday OPEC will only hold

an emergency meeting if oilclimbs above $100 and staysthere, although the group'sGulf members could informal-ly add supply if needed.

"OPEC will only have anextraordinary meeting if oilprices exceed $100 and stay

there. We don't want the mar-ket to panic," the delegate toldReuters.

"And if the prices reach $100and we see that there is a needof supply from our customers,Gulf countries will start pro-

ducing above their quotas, butthis has not happened yet."

US weekly initial unemploy-ment claims showed theirbiggest increased in sixmonths, suggesting that, evenwith recent signs of economicimprovement, the labor market

still faces atough roadahead.

"The joblessclaims num-ber was verydisappointingand under-scores thelooming ques-

tion of how long the dimin-ished US consumer can handle$3.00 plus per gallon gasoline.The answer would appear to benot for long," said JohnKilduff, partner, Again CapitalLLC in New York. -Reuters

Crude oil rises, eyesOPEC as $100 looms

Europeanvegetable oil prices

ROTTERDAM: The follow-ing were the Thursday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmillFeb11/Apr11 1050.00,May11/Jul11 1050.00.

RAPEOIL: Dutch/EU eurotonne fob exmill May11/Jul111085.00-5.00, Aug11/Oct111015.00-10.00, Nov11/Jan121020.00-5.00, Feb12/Apr121025.00.

SUNOIL: EU dlrs tonneextank six ports optionFeb11/Mar11 1485.00-15.00,Apr11/Jun11 1460.00-20.00,Jul11/Sep11 1480.00-20.00,Oct11/Dec11 1390.00-10.00.

LINOIL: Any origin dlrstonne extank RotterdamFeb11/Mar11 1495.00+32.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Jan111267.50-2.50, Feb11 1265.00-7.50, Mar11 1265.00-7.50,Apr11/Jun11 1247.50-2.50,Jul11/Sep11 1242.50.

PALMOIL: RBD dlrs tonnecif Rotterdam Feb11 1297.50,Mar11 1290.00, Apr11/Jun111277.50.

PALMOIL: RBD dlrs tonnefob Malaysia Feb11 1242.50,Mar11 1235.00-5.00,Apr11/Jun11 1222.50-7.50.

PALM OLEIN: RBD dlrstonne fob Malaysia Feb111250.00, Mar11 1242.50-5.00,Apr11/Jun11 1230.00-7.50,Jul11/Sep11 1210.00-7.50,Oct11/Dec11 1197.50.

PALM STEARIN: Dlrs tonnefob Malaysia Jan11 1205.00-20.00, Feb11 1205.00-20.00.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Jan11 1015.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamFeb11/Mar11 1925.00+15.00,Mar11/Apr11 1915.00+15.00,Apr11/May11 1905.00+5.00. -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

13-Jan-2011 CRUDE100 FE11 US$ Per Barrel 91.12 92.35 91.09 91.93 142 91.94 91.93 167

13-Jan-2011 CRUDE100 MA11 US$ Per Barrel 92.19 93.31 92.19 92.88 57 92.90 92.88 40

13-Jan-2011 CRUDE100 AP11 US$ Per Barrel 93.43 94.30 93.16 93.74 45 93.76 93.74 25

13-Jan-2011 SILVER - SL500 MA11 US$ Per Troy Ounce 29.55 29.72 29.18 29.41 230 29.71 29.41 117

13-Jan-2011 SILVER - SL500 AP11 US$ Per Troy Ounce 29.57 29.57 29.43 29.43 - 29.73 29.43 -

13-Jan-2011 GOLD 01oz FE11 US$ Per Troy Ounce 1379.50 1388.50 1376.70 1382.30 2,010 1386.00 1382.30 1,071

13-Jan-2011 GOLD 01oz MA11 US$ Per Troy Ounce 1379.00 1389.50 1377.40 1383.10 1,760 1387.00 1383.10 1,866

13-Jan-2011 GOLD 01oz AP11 US$ Per Troy Ounce 1381.40 1390.30 1379.00 1384.00 2,033 1388.00 1384.00 1,195

13-Jan-2011 GOLD 100oz FE11 US$ Per Troy Ounce 1379.00 1388.50 1377.00 1382.30 54 1386.00 1382.30 9

13-Jan-2011 GOLD 100oz MA11 US$ Per Troy Ounce 1380.50 1383.10 1380.50 1383.10 - 1387.00 1383.10 -

13-Jan-2011 GOLD 100oz AP11 US$ Per Troy Ounce 1381.50 1383.10 1381.50 1383.10 - 1388.00 1384.00 -

13-Jan-2011 GOLD JA11 Per 10 grms 38189.00 38291.00 38189.00 38291.00 - 38365.00 38291.00 30

13-Jan-2011 GOLD FE11 Per 10 grms 38188.00 38400.00 38125.00 38300.00 13 38374.00 38300.00 12

13-Jan-2011 GOLD MA11 Per 10 grms 38212.00 38314.00 38212.00 38314.00 - 38388.00 38314.00 1

13-Jan-2011 KILOGOLD JA11 Per 10 grms 38161.00 38263.00 38161.00 38263.00 - 38337.00 38263.00 2

13-Jan-2011 KILOGOLD FE11 Per 10 grms 38170.00 38272.00 38170.00 38272.00 - 38346.00 38272.00 -

13-Jan-2011 TOLAGOLD50 JA11 Per Tola 44511.00 44630.00 44511.00 44630.00 - 44715.00 44630.00 -

13-Jan-2011 TOLAGOLD100 JA11 Per Tola 44511.00 44630.00 44511.00 44630.00 - 44715.00 44630.00 -

13-Jan-2011 MINIGOLD MON Per 10 grms 39255.00 39345.00 39255.00 39345.00 - 39419.00 39345.00 -

13-Jan-2011 MINIGOLD TUE Per 10 grms 39296.00 39387.00 39296.00 39387.00 - 39460.00 39387.00 -

13-Jan-2011 MINIGOLD WED Per 10 grms 39310.00 39401.00 39310.00 39401.00 - 39474.00 39401.00 -

13-Jan-2011 MINIGOLD THU Per 10 grms 39227.00 39415.00 39227.00 39415.00 - 39488.00 39415.00 -

13-Jan-2011 MINIGOLD FRI Per 10 grms 39241.00 39331.00 39241.00 39331.00 - 39405.00 39331.00 -

13-Jan-2011 TOLAGOLD MON Per Tola 45118.00 45224.00 45118.00 45224.00 - 45310.00 45224.00 -

13-Jan-2011 TOLAGOLD TUE Per Tola 45792.00 45792.00 45166.00 45272.00 10 45358.00 45272.00 10

13-Jan-2011 TOLAGOLD WED Per Tola 45504.00 45504.00 45182.00 45288.00 1 45374.00 45288.00 1

13-Jan-2011 TOLAGOLD THU Per Tola 45673.00 45673.00 45087.00 45304.00 2 45389.00 45304.00 -

13-Jan-2011 TOLAGOLD FRI Per Tola 45693.00 45693.00 45103.00 45208.00 10 45294.00 45208.00 54

13-Jan-2011 IRRI6W 13JA11 Per 100 kg 3326.00 3350.00 3326.00 3350.00 - 3326.00 3350.00 -

13-Jan-2011 RICEIRRI - 6 JA11 Per 100 kg 3331.00 3355.00 3331.00 3355.00 - 3331.00 3355.00 -

13-Jan-2011 RBD PALMOLEIN JA11 Per Maund 5159.00 5207.00 5159.00 5207.00 - 5159.00 5207.00 -

13-Jan-2011 KIBOR3M 11-Mar Per Rs. 100 86.22 86.22 86.15 86.15 - 86.22 86.15 -

13-Jan-2011 KIBOR3M 11-Jun Per Rs. 100 85.40 85.40 85.36 85.36 - 85.40 85.36 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Tokyo rubber

slips after

hitting

record highBANGKOK: Key Tokyo rub-ber futures hit another recordhigh on Thursday, then slippedback as players took profits,dealers said.

"TOCOM rubber rose in linewith other commodities, butfinally succumbed to profit-taking as players realised thatthe market was overbought,"one dealer said.

The benchmark rubber con-tract on the Tokyo CommodityExchange for June delivery fell0.7 yen to settle at 448.4 yen($5.40) per kg. It rose to anintra-day high of 454.4 yen perkg, the highest ever, beforeprofit-taking set in.

Oil extended gains onThursday to rise above $92 abarrel; the day before, produc-tion shutdowns, falling USinventories and growingdemand sent Brent crudetoward $100 a barrel for thefirst time since 2008.

Dealers said TOCOM rubbercould rise further on theprospect of strong demand at atime when supply remains thin.-Reuters

JAMMU: Farmers work in a vegetable field in Jammu. India's food price index rose 16.91 per

cent, driven mainly by high vegetable prices, and the fuel price index climbed 11.53 per cent in

the year to Jan. 1, government data on Thursday showed. -Reuters

LONDON: Copper fell onThursday, after two days ofgains, on concerns that demandmay wane in China because thetop metals consumer isapproaching its New Year holi-day and also may further tightenmonetary policy.

Benchmark copper on theLondon Metal Exchange closedat $9,620 a tonne, down from$9,685 at the close onWednesday. The metal used inpower and construction hit arecord high of $9,754 a tonne onJan. 4.

"People are in state of confu-sion at the moment about thegeneral trend in risk appetite,"Standard Chartered analystDaniel Smith said, referring toeuro-zone debt fears, whicheased after a successful Spanishbond auction on Thursday.

He cited two concerns for themonths ahead -- the potential forslower growth in China as wellas a stronger dollar.

On China, he said, "2010 wasthe very strong rebound in termsof growth, and certainly thingswill get a lot slower going for-ward."

Other analysts also cited asoftening from Asia in the nearterm as the Chinese New Year,at the beginning of February,approaches.

Concerns about further mone-tary tightening in China alsoremain, with investors worryingany moves to rein in inflationcould limit the country'sdemand.

The outlook for copper

remains positive due to expecta-tions of a supply deficit thisyear.

Stocks of copper in LondonMetal Exchange fell 825 tonnesto to 377,350 tonnes. Since Dec.

9 they have risen about 30,000tonnes, raising some concernsover demand. Looking furtherback, however, analysts under-lined that stocks were down 30per cent since they hit a 6-1/2year high in mid-February 2010.

Aluminium stocks, on theother hand, continued a recentrise and last reached 4,434,950tonnes after an inflow of 26,600tonnes into LME warehouses.Aluminium ended at $2,482from $2,505 a tonne.

Zinc closed at $2,462 a tonnefrom $2,479 and battery materi-al lead was at $2,635 a tonnefrom $2,661.

Tin was at $26,850 a tonnefrom $27,000. Nickel was at$25,550 a tonne from $25,800. -Reuters

Copper softens onChina demand woes

Sugar dips;Coffee

edges lowerLONDON: Raw sugar futureson ICE dipped on Thursday ashigh prices deterred physicalbuyers, while cocoa fell slight-ly as steady shipments contin-ued from top grower IvoryCoast despite a standoffbetween rival governments.

Coffee futures fell in a tech-nical correction to earliermulti-year peaks followingtight supply forecasts onWednesday.

India, the second-biggest sugarproducer after Brazil, has said itwill export at least 500,000tonnes, but there are concernsexports could be delayed becauseof food inflation.

Uncertainty about Indian sup-ply has kept sugar prices near a30-year peak, touched in lateDecember, curtailing demandin the physical market, dealerssaid. ICE March raw sugar wasdown 0.27 cent or 0.9 per centat 31.74 cents a lb, whileLondon March white sugar wasup $6.50 at $787.50 per tonne.

Cocoa futures dipped as astrong flow of new crop out ofWest Africa kept the market onthe defensive, but they remainedunderpinned by concerns aboutcontinued political turmoil inIvory Coast after a disputed Nov.28 presidential election.

ICE May cocoa traded down$28 or 0.9 per cent at $2,952 atonne after three consecutivedays of gains, while London'sMay cocoa contract was 35pounds or 180 per cent lower at1,950 pounds per tonne.

Coffee traded slightly lowerin a technical correction afterhitting multi-year peaks in theprevious day's session.

ICE March arabicas fell 1.3cents or 0.5 per cent to $2.3935per lb after rising to a 13-1/2-year high on Wednesday.

Liffe robusta coffee fell withMarch down $17 or 0.8 per centat $2,150 per tonne, after hitting$2,185, the highest level for thesecond month since Sept. 2008,on Wednesday. -Reuters

LONDON: Gold fell onThursday, succumbing to a flurryof profit-taking after surprisinglyweak US jobs data briefly sentthe price to one-week highs,although persistent concern overthe euro-zone helped contain theslide.

Palladium rallied to fresh 10-year highs above $800 an ounce,having risen by 8 per cent so farthis week, driven by expecta-tions of faster global growth, sta-ble investment demand and opti-mism stemming from the Detroit

auto show.Debt sales by some of the

euro-zone's most economicallyfragile members such asPortugal and Spain have metwith better demand from bondinvestors and tempered some ofthe concern that Lisbon and pos-sibly even Madrid may need totap into an international rescuefund for cash.

Offsetting some of the reliefwas an unexpected jump inweekly US jobless claims, whichstaged their largest rise in sixmonths. This lifted gold to a ses-sion peak of $1,392.80 an ounce,its highest since January 4.

By 1535 GMT spot gold hadsurrendered these gains and wasdown 0.5 per cent on the day at$1,380.10 an ounce, falling forthe first time after three consecu-

tive days of rallies after a short-covering rally ran out of steam.

US gold futures for Februarydelivery were last down 0.2 percent at $1,382.60 an ounce.

Reflecting the retrenchment ininvestment demand for gold,holdings of gold in the world'slargest gold exchange-tradedfund, the SPDR Gold Trust, wereunchanged around their lowestsince June, while ETF Securities'London-listed gold fund sawredemptions on Wednesday.

In the physical market, dealers

noted purchases from main con-sumer India as well as China,which could offer support forcash gold. Premiums for goldbars were at two-year highs inSingapore and Hong Kong.

Palladium is trading around itshighest since March 2001, above$800 an ounce. The spot pricewas last up 0.7 per cent at$813.22 an ounce, having hit a10-year high of $821.47 earlierin the day.

Platinum meanwhile rose 0.9per cent to $1,814.50, havingalso reached its highest sinceJuly 2008 at $1,826.74.

Silver fell 1.0 per cent to$29.33 an ounce, echoing thesoftness in the gold price,while the gold/silver ratioticked up to 47.3 from 46.7 theday before. -Reuters

Gold underminedby US data, EU debt

Indian sugarrecovers on

bargain-huntingMUMBAI: Indian sugarfutures rose on Thursday due tobargain-buying, while spotmarket nudged higher on animprovement in demand atlower levels, analysts said.

"There was a slight improve-ment in demand due to sharpfall in prices in the last few ses-sions," said a member ofBombay Sugar MerchantsAssociation (BSMA).

The most-traded M-gradesugar contract for Februarydelivery on India's NationalCommodity and DerivativesExchange (NCDEX) rose 1.41per cent to 2,867 rupees per100 kg, after hitting a contractlow of 2,818 rupees earlier inthe session.

In Kolhapur, a key market intop-producing Maharashtrastate, the most traded S-varietyedged up by 3 rupees to 2,760rupees ($61) per 100 kg.

A panel of Indian ministerswill review 500,000 tonnes ofsugar permitted for overseassales, two government sourcessaid on Tuesday, a day after thecountry's farm minister saidplans to allow the exports werein place. -Reuters

Shanghai copper gainsShanghai copper firmed a

notch on Thursday, followingLondon's gains in the previoussession on an improved eco-nomic outlook, but the slug-gish spot market and tightlending in the Chinese marketcapped the momentum.

Shanghai's benchmark third-month copper futures contractrose to a one-week high of71,940 yuan a tonne, andeased to close at 71,300 yuan,up 0.4 per cent from the previ-ous close.

KUALA LUMPUR:

Malaysian crude palm oilbounced on Thursday fromthree-week lows hit the pre-vious day after key reportshowed a deeper-than-expected cut for US soystocks, signalling fooddemand was still strong.

A dry spell in SouthAmerica also prompted theUS Department ofAgriculture to slash its fore-cast of Argentina's soy pro-duction by 3 per cent fromlast month, fanning fears of asupply shortage.

"The palm oil market hasstopped its correction for themoment. It remains to beseen if this signals the start ofa new rally or a pause beforethe market retraces again,"said a trader with a foreigncommodities brokerage.

"There is only purely spec-ulative buying now," the trad-er added. Benchmark March2011 crude palm oil ended up1.2 per cent to 3,694Malaysian ringgit($1,206)per tonne after goingas high as 3,724 ringgit.Overall traded volume stood

at 30,330 lots of 25 tonneseach, compared to the usual15,000 lots.

Malaysian palm oil is expect-ed to be range bound between3,625 ringgit and 3,728 ringgitper tonne, as a rebound hasstarted, Reuters technical ana-lyst Wang Tao said.

US soyoil for Januarydelivery edged higher inAsian trade, extending gainsfrom the previous session.The most active soyoil onChina's Dalian CommodityExchange rose 0.3 per cent. -Reuters

Palm oil bounceson USDA report

OPEC could hike output with extended $100 run: Source

Page 10: The Financial Daily-Epaper-14-01-2011

10Friday, January 14, 2011

Workers adjust an entrance sign for theupcoming Men's Handball World

Championship in Malmo

China’sLi Na

lands inSydney final

Monitoring Desk

SYDNEY: China's Li Na wonthrough to the final of theSydney International with astraight sets win over BojanaJovanovski on Thursday.

Li, who will be defending herrankings points from last year'ssemifinal appearance at nextweek's Australian Open, over-came the Serbian qualifier, 7-6(7/5), 6-3 in 1hr 40min.

The eighth seeded Li will bebidding for her fourth careertitle in Friday's final againsteither two-time champion KimClijsters of Belgium or unseed-ed Russian Alisa Kleybanova.

Li trailed after a service breakin the third game but tradedfour service breaks withJovanovski before breaking theSerb's serve again in the 12thgame to force a tiebreaker.

She won the tiebreaker 7-5 totake the set and controlled thelast set with three more servicebreaks to wrap up victory.

She is making her fourthappearance at the SydneyInternational and reached the2007 semi-finals where she lostto Clijsters in three sets.

"Australia is always thebeginning of the season," Lisaid. "So sometimes I do well atthe Gold Coast and sometimes Ido well in Melbourne andsometimes I do well in Sydney.

"I always do well inAustralia. I don't know why.Maybe because of my wintertraining back home. So maybe Ishould move here," shelaughed.

Monitorring Desk

DURBAN: South Africa'sfast bowlers struck early toset up a comprehensive 135-run win in the first one-dayinternational against India atKingsmead on Wednesday.

Chasing a target of 290,India's hopes were effectivelyended when they werereduced to 43 for four in the11th over. Despite a half-century by Virat Kohli theywere bowled out for 154.

"We were outplayed com-pletely," admitted Indian cap-tain Mahendra Singh Dhoni.

"We are a side that banks ona good start and having wick-ets in hand to chase eight or

nine runs an over . . . it neverhappened."

Dhoni said the one-day spe-cialists in his team had beenrestricted in their practiceopportunities because of rain.

"As we go into the serieswe will get acclimatised moreand hopefully make the seriesmore interesting."

South African captainGraeme Smith, meanwhile,hailed 'a pretty complete' per-formance in the openingmatch of a five-game series,with particular praise for thebowlers.

"We were superb with theball," he said.

Dale Steyn dismissedMurali Vijay in the first over

and left-arm bowler and manof the match LonwaboTsotsobe picked up the keywicket of Sachin Tendulkarthree overs later.

Morne Morkel, who cameon as first change, took twowickets in one over as theIndian batsmen failed tocome to terms with the paceand bounce of a Kingsmeadpitch with a reputation forbeing more lively in the sec-ond innings of day-nightgames.

Tsotsobe went on to claimfour wickets for 31 runs,while fellow pacemen Steynand Morkel took two eachand left-arm fast bowlerWayne Parnell took one.

SA crush India by135 pounding runs

WELLINGTON: Mr and MrsAkmal can be mightily proudof their contribution toPakistan cricket, in particularthe nation's wicketkeepingstocks.

They produced seven sonsand three have gone on to playfor Pakistan, the latest beingwicketkeeper and son No 5Adnan, who replaced son No 1Kamran in the test team latelast year.

Kamran was today recalledto one-day team for the six-match series against NewZealand, replacing Adnan onthe tour.

He will be joined in thesquad by son No 7 Umar, thedashing young batsman whoscored 129 and 75 on test debut

against New Zealand atDunedin last summer but was12th man in the first test victo-ry at Hamilton last weekend.

Remarkably, Umar alsokeeps wickets at internationallevel, mainly in Twenty20matches, raising questionsabout whether, in the mad rushfor the gloves, anybody actual-ly remembered to pick up thebat and tennis ball on the wayto their family matches eachSunday growing up in Lahore.

Someone must have, becauseall three are accomplishedbatsmen who are attractive towatch and able to punish anybowling attack.

Adnan, 25, has no hesitationin rating Kamran, 29, whoaverages 30.79 from 53 tests,

as the best batsmen but Umar,still just 20, is one of the mostexciting prospects in worldcricket.

Adnan has the least impres-sive record of the trio, averag-ing just 22.70 from 76 firstclass matches, but his elegant44 in the first test at Hamilton -his third at that level - suggest-ed the statistics did not tell thefull story.

He is working hard on hisbatting skills but it appearskeeping comes naturally.

"He was the boy ball in1996-97 and I was involvedwith Pakistan at that time,"current team manager and for-mer test player and coach,Intikhab Alam, says of Adnan.-Reuters

Akmals far more thanjust a pair of gloves

SYDNEY: Kim Clijsters camethrough a major test of herearly season form to reach theSydney International final witha 4-6 6-3 7-6 victory over AlisaKleybanova on Thursday.

The 27-year-old Belgian isfavourite for the AustralianOpen but required all of herexpertise at winning clutchpoints in a ding-dong battlewith the big-hitting Russian ata windy Sydney Olympic Park.

The U.S. Open championclinched her place in the finalin the third set tiebreak after ahard-fought two hours and 38minutes, maintaining herrecord of not having lost asemi-final or final since com-ing out of retirement in 2009.

"It probably wasn't my besttennis but I had to work for it

really hard," said Clijsters, theSydney champion in 2003 and2007.

"I think that's somethingthat's also part the of prepara-tion ...

"Play that work tennis, whereyou have to just keep fighting,and even if you're not playingyour best, or if you're notalways able to play your owngame, or the way that youwould like to play ... and justtry to work your way throughpoints and through matcheslike that."

In Friday's final, Clijsterswill meet China's Li Na, whocontinues to suggest she mightmatch or even better last year'sbreakthrough at MelbournePark.

The 28-year-old, who made

it to the semi-finals at theyear's first grand slam in 2010,came back from a break downin the first set to beat Serbianteenager Bojana Jovanovski 7-6 6-3.

"It wasn't easy, she's youngbut she's playing well," said Li,who was at a loss to explainher great start to the year.

"I just came in, and thenfinally I was in the final. I wassurprised. I always play well inAustralia. I don't know why."

Former top 10 player GillesSimon continued his battleback from a serious knee injuryto reach the last four in themen's tournament with a 6-4 6-3 win over Ukrainian AlexandrDolgopolov on a windy day atthe Sydney Olympic Park.-Reuters

Clijsters reaches finalafter tough Sydney test

WELLINGTON: ThePakistan cricket team is look-ing to back up its first testdrubbing against the BlackCaps in Wellington this week-end.

The last time the two sidesmet at the Basin Reserve,Mohammad Amir andMohammad Asif played keyroles, but this time it will be upto the others as they watchfrom Doha.

But aside from few facesmissing from the last time theyhit the Basin Reserve nets, butUmar Gul is confident his teamwill get the same result.

"We are confident and we areplaying good cricket," he says.

In Pakistan's last test at theBasin Mohammad Asif andMohammad Amir were stand-outs, grabbing five wicketsbetween them and helping thetail end to 264 - a score theBlack Caps fell 141 runs shy of.

"I think in the last match wewin very well and we wereconfident and they are confi-dent and we were on a moralhigh and we are looking for-ward to win this match also andwe will try and win the series2-0."

That said, Gul wasn't takingthe Black Caps lightly.

"I think they will bounceback strongly and we are readyfor the second test."-Reuters

Pak missing keyplayers against NZ

Standingpanel asks

BCCI aboutthe cheergirls

Monitoring Desk

NEW DELHI: How do cheer-girls promote the cause ofcricket? Why are players auc-tioned like "gladiators" in IPLsystem of cricket?

These were some of the ques-tions that members of theParliamentary standing com-mittee on finance posed to topBCCI officials, including itspresident Shashank Manohar,secretary N Srinivasan and IPLcommissioner Chirayu Aminduring a hearing on financialtransactions related to the con-duct of IPL.

While the BCCI top brassclaimed that IPL would help thecause of cricket and attractmore talent, it was at loss toexplain the role of cheergirls,sources said.

It is learnt that the BCCI offi-cials put the onus of introduc-ing the concept on sacked IPLchief Lalit Modi.

Some of the members of thecommittee, headed by BJP MPYashwant Sinha, also ques-tioned the concept of auction-ing the players like "gladia-tors". They said it remindedthem of the Roman empirewhen men were sold to bidderson the basis of their physicalstrength.

Manohar, Srinivasan andAmin were quizzed by the MPsfor about two-and-a-half hoursabout the alleged FEMA viola-tions.

The BCCI was asked about

the funding pattern of the high-

ly popular IPL and the methods

adopted for payment to foreign

and Indian players. The committee also sought

details of the expenses incurredon the conduct of the secondedition of the Twenty20 tourna-ment in South Africa in 2009.-Reuters

Aus pacerMcKay outof ICC WCreckoning

MELBOURNE: Australia'sfast bowling stock has takenanother significant blowbefore next month's WorldCup in the subcontinent withpaceman Clint Mckay beingdiagnosed with a stress frac-ture in his left foot.With injury to 27-year-oldMckay, the current world No1 side in ODIs will now go tothe World Cup without two ofits top three wicket-takers forthe past year with other beingRyan Harris, who is nursing astress fracture in his foot thatemerged during the BoxingDay Test. The foot soreness McKay feltduring Victoria's Big Bashwin over Queensland onJanuary 3 has been revealedas a stress fracture of the nav-icular bone in his left foot.-Online

WELLINGTON: Pakistanwill set aside off-field contro-versies to chase their firstseries win for four years whenthe second test begins inWellington on Saturday, ashosts New Zealand strugglefor form.

Unable to hold internationalmatches at home due to secu-rity concerns and beset bycorruption allegations,Pakistan have not won a testseries since defeating theWest Indies in early 2007.

But after crushing the BlackCaps by 10 wickets in the firsttest, the tourists are in primeposition to go 2-0 up andrecord a clean sweep in thetwo-match series.

Coach Waqar Younis paidtribute to his players formaintaining their focus on thepitch as teammates SalmanButt, Mohammad Asif andMohammad Amir faced cor-ruption hearings in Doha.

"It's not that we've beenplaying bad cricket, it's justthat the controversy has justbeen following us," he said.

"It's very, very hard for theboys to keep going and keephearing this but I'm veryproud of these boys, they'vestuck to the task and everymorning they get up and keeppositive."

Butt, Asif and Amir are setto learn their fate when ananti-corruption tribunal into

spot-fixing allegationsresumes hearings on February5.

New Zealand coach JohnWright has labelled as "unac-ceptable" the Black Caps' per-formance in his first test incharge in Hamilton, when thebatting line-up was dismissedfor a paltry second inningstotal of 110.

Critics, including formertest opener Mark Richardson,expressed concern that thefocus on Twenty20 had turnedNew Zealand's batsmen intoone-dimensional playersprone to wild shots and poordecision making.

Skipper Daniel Vettoridenied the accusation in the

wake of the Hamilton loss butWright later conceded theemphasis on short-form crick-et could be a factor behind thebatting failure.

"The talent's there but we'vereally got a bit of teaching todo," he told Radio Sport.

"I think the reality is that ifyou look at learning to bat,particularly in a test match,we've probably been moreexposed in other forms of thegame."

Wright, a former test bats-man known for grinding outan innings, said his playersshould be desperate to occupythe crease and not give theirwickets away cheaply.

Vice-captain Ross Taylor

said New Zealand's batsmen"need to have a good look atthemselves, myself included",suggesting Wright's passionfor test cricket made him agood role model.

"The way that John coachesand the way he comes across,he's very big on test cricket,"Taylor said.

"He had a very successfultest career for New Zealandand he was a very hard player,so hopefully that can rub offon us."

The test series has beenreduced to two matches,down from the customarythree, to allow for an extend-ed six-match one day series,which will provide a warm-up

for next month's World Cup inIndia.

Test squads: New Zealand: Daniel Vettori(captain), BrendonMcCullum, Tim McIntosh,Martin Guptill, Ross Taylor,Jesse Ryder, KaneWilliamson, Reece Young,Tim Southee, Brent Arnel,Chris Martin, James Franklin,Daryl Tuffey.

Pakistan: Misbah-ul-Haq(captain), MohammadHafeez, Taufeeq Umar, AzharAli, Younis Khan, AsadShafiq, Umar Akmal, AdnanAkmal, Saeed Ajmal, AbdurRehman, Umar Gul, TanvirAhmed, Sohail Tanvir, WahabRiaz.-Online

Pakistan eye series win over NZ

South Africa lead series 1-0

Dhoni saysbad startbustedIndia

DURBAN: Chasing 290 onthe bouncy Kingsmead trackwas always going to be a toughtask, said Indian skipperMahendra Singh Dhoni afterthe humiliating 135-run loss toSouth Africa in the first ODIbut insisted that the target wasgettable had the visitors notlost early wickets.

"We could have done better.When you are playing withfour bowlers, you are under abit of pressure, that if one ofthe bowler don't bowl wellthen you have to make thoseovers with the part timers.Fortunately in this game ourpart timers bowled really welland they brought us back intothe game," Dhoni toldreporters on Wednesday.

DURBAN: South Africa's Johan Botha, Lonwabo Tsotsobe , Wayne Parnell , Graeme Smithand David Miller celebrate the wicket of India's Harbhajan Singh during the one day

international cricket match at Kingsmead Stadium.-Reuters

MELBOURNE: Maria Sharapova of Russia practices herserve during a training session for the upcoming Australian

Open tennis tournament.-Reuters

Page 11: The Financial Daily-Epaper-14-01-2011

11Friday, January 14, 2011

International & Continuation

CONTINUATION

UK factoryoutput strong,

industrygrowth

slowsLONDON: British industrialoutput grew at its slowest annualpace in four months inNovember, dragged down byweakness in the oil and gas sec-tor, despite strength in manufac-turing, official data showed onThursday.

The figures drew no lastingmarket reaction as the key manu-facturing component was broad-ly in line with recent private sec-tor surveys, and did little to influ-ence the debate about when UKinterest rates would rise.

Industrial output rose 0.4 percent on the month after October's0.1 per cent decline. However,that was a smaller rebound thanthe 0.6 per cent analysts hadexpected, and annual outputgrowth slowed to 3.3 per centfrom 3.5 per cent in October.

Manufacturing output grewslightly faster than forecast,helped by strong growth in carproduction and food processing.The 0.6 per cent monthly risematched October growth thatwas the strongest since March.

The strong manufacturing fig-ures chime with recent industrysurveys showing exports gavethe sector a strong boost at theend of last year, although leadingindicators have suggested theeconomy is now slowingsharply.

"It is heartening to seedynamism in this sector of theeconomy," said Brian Hilliard,UK economist at SocieteGenerale.

"It doesn't indicate any actionat the Bank of England rate deci-sion today. It is encouraging andit is genuine, but it is not enoughto guarantee strong growth."

Surveys suggest Britain's serv-ice sector -- which makes upabout three-quarters of output --slowed at the end of 2010 and islikely to face further headwindsin 2011 as higher taxes and pub-lic spending cuts take their toll.-Reuters

WASHINGTON: US joblessclaims jumped to their highestlevel since October last weekwhile food and energy costs lift-ed producer prices in December,pointing to headwinds for aneconomy that has shown freshvigor.

However, a surge in exports totheir highest level in two yearshelped narrow the US tradedeficit in November, an encour-aging sign for fourth-quarter eco-nomic growth.

Despite a string of recent datathat had signaled a pickup in theeconomy's momentum, the fig-ures on Thursday showed the jobmarket continues to struggle.

The number of Americans fil-

ing for first-time unemploymentbenefits rose unexpectedly to445,000 from 410,000 in theprior week, a Labor Departmentreport showed. It was the biggestone-week jump in about sixmonths and confounded analystforecasts for a small drop to405,000.

The jobs data weighed on USstocks, which were off slightly inlate morning. Government debtprices were trading little changedas concerns about Europe's debtstruggles helped support the mar-ket.

"The jobless number highlightsthe patchy recovery we've seenin the job market and reinforcesthat it will be a slow process

bringing down the jobless rate,"said Omer Esiner, market analystat Commonwealth ForeignExchange in Washington.

The rebound in benefit claimscame in the wake of the holidays,which may have hindered newapplications and created a back-log. Claims, which peakedaround 650,000 in April of 2009,had been on a downward trajec-tory, dipping below 400,000 forthe first time in two years duringthe week of Christmas.

The four-week moving aver-age of new claims, which stripsout short-term volatility to pro-vide a better sense of underlyingtrends, rose by 5,500 last week to416,500.-Reuters

US jobless claimsjump, wholesalefood costs surge

FRANKFURT: The euro zonefaces short-term price pressureswhich could linger, theEuropean Central Bank said onThursday, showing it couldraise interest rates to containinflation even while the bloc isgripped by a debt crisis.

ECB President Jean-ClaudeTrichet said prices needed to bemonitored very closely aftereuro zone inflation jumped lastmonth to 2.2 per cent, the firsttime in two years it has risenabove the central bank's targetof just below 2 per cent.

The ECB left rates on hold ata record low of 1 per cent -- alevel Trichet said was "stillappropriate". Risks to the medi-um-term outlook for pricedevelopments were still broad-ly balanced, "but could move tothe upside", he added.

"We see evidence of short-term upward pressure on over-all inflation, mainly owing toenergy prices, which has not sofar affected our assessment thatprice developments will remainin line with price stability overthe policy-relevant horizon,"Trichet told a news conference.

"We are permanently alert.We are never pre-committednot to move interest rates andour level of interest rates isdesigned to permit to deliverprice stability."

The euro extended its gainsversus the dollar in response tohis remarks and short-datedbond yields rose.

"He sent a mild warning tomarkets that the ECB's assess-ment on interest rates couldchange," said Commerzbankeconomist Michael Schubert.

"What was more striking wasthat he emphasised that theECB raised rates in July 2008,which stresses that the ECBcould still raise rates in very

uncertain times."In 2008, the ECB hiked rates

due to oil price-fuelled inflationjust ahead of the Lehman bank-ruptcy that tipped the globalfinancial system into full-blown crisis.

Trichet made a point ofreminding reporters of that butsaid that while inflation couldremain above target for a while,it was likely to subside towardsthe end of the year.

With inflation taking off,most notably in fast-growingemerging economies, severalcountries are already raisingrates. South Korea andThailand were the latest Asianeconomies this week to tightenas policymakers battle theimpact of surging prices offood and other commodities.

"There is maybe a bit of ashift but I would not overdo it,"Goldman Sachs economistDirk Schumacher said of theECB's stance on inflation. "Onemeeting is not enough to signala major shift considering howvolatile the situation is likely toremain."

The Bank of England alsokept its interest rates on hold onThursday at a record-low levelof 0.5 per cent. Markets arestarting to price in a UK hikeby the summer rather than nearthe year's end given inflationthere has been above target formuch of the last three years.

Trichet put the onus firmly oneuro zone governments to puttheir own houses in order todraw a line under the euro zonedebt crisis which has forcedGreece and Ireland to seekbailouts.

Successful bond auctions bySpain and Portugal this weekeased some of the fears theymay be next to seek outside aid.

"In view of the ongoing vul-

nerability to adverse marketreactions, countries need to dotheir utmost to meet theirdeficit targets and put govern-ment debt and GDP ratios firm-ly on a downward trajectory,"Trichet said.

He reaffirmed his support forthe size and scope of the 440billion euro ($574 billion) res-cue fund to be increased, some-thing top EU officials are push-ing for, although Germany saysit is opposed.

"We thought that this stabili-sation fund should be improvedquantitatively and qualitative-ly," Trichet said.

Investors wonder whether theECB can increase its bond pur-chase programme to supportPortugal, the latest governmentunder pressure in a crisis whichpolicymakers want to haltbefore it reaches the much big-ger Spanish economy.

The pressure on the ECB tobuy bonds may have beeneased by Portugal's success inan auction of its benchmark 10-year bond on Wednesday, asimilarly solid debt sale bySpain on Thursday and a callfrom the EU's top economicofficial for a stronger Europeanfinancial safety net.

It did, however, buyPortuguese bonds to ease thepath to its auction this week.

Trichet merely said the pro-gramme was "ongoing".

The programme, which hasleft the ECB exposed to poten-tial losses, has divided opinionwithin the bank, withGermany's Bundesbank chiefAxel Weber voicing his opposi-tion publicly.

Keeping its bond buyingplans ambiguous affords theECB an element of surprisewhen it acts, generating moreimpact.-Reuters

ECB says readyto act on inflation

if needed

Russian counterpart --you know; the neighbours in the area, toinclude India."I think we all have responsibility and we all wantto see this resolved as rapidly as possible," the official added.

US Chairman Joint Chiefs of Staff asserted that reservations ofPakistan would be considered in resolving the Afghan dispute.

In an exclusive interview with a Pakistani news channel, Mullensaid US would not let Afghanistan alone, adding like Pakistanimilitary chief, US also believe that stable Afghanistan couldresolve many problem. He appreciated the role of Pak Army iseliminating safe havens of militants, and reiterated the US stancefor eliminating the menace. Referring to Pak-India relations, USAdmiral was of view that better relations between two SouthAsian countries would ensure security in the region. -Agencies

Continued from page 12No #1

He, however, mentioned that impediments to benefit from FTAneed to be removed to further enhance trade relations. Businesstransactions between the two countries through Asian ClearingUnion (ACU) take more time as compared to normal L/Cs, headded. Opening of L/Cs through Iran's sister companies in Dubaialso adds to total cost, he said and stressed upon the opening ofbranches of Banks in each others countries.

The Iranian Minister of Commerce mentioned that at presentIran has trade with the world to the tune of $150 billion mainlywith the western countries including USA and EU. The trade withUAE has reached $15 billion while with India it has increased toUS $12 billion, he added. -Agencies

Continued from page 12No #2

corruption. The court adjourned the hearing till January 19.Latif Khosa took the post of Salman Taseer, who was murdered by

his own bodyguard last week for giving out statements against theblasphemy law. Khosa is the 27th Governor of the Punjab and isconsidered to be a close ally of President Asif Ali Zardari.-Agencies

Continued from page 12No #3

The US public does not appear to be in the mood for new orextended overseas military ventures, and US Republicans, whowon control of the House of Representatives in November, havepromised to cut government spending and debt.

Biden's visit follows stops in Afghanistan and Pakistan and ishis seventh to Iraq since January 2009. His last visit was inSeptember, when he urged Iraq to overcome a political logjamthat had prevented agreement on a new government months aftera March election. Biden's meeting with Maliki began with a scuf-fle among journalists determined to get in to the audience cham-ber. "It's very good to be back. I see your press is still healthy andgood and strong," Biden said to Maliki. Biden was also expectedto meet Allawi. -Reuters

Continued from page 12No #4

Obama, who as president has sometimes had difficulty makingan emotional connection with Americans, faced the challenge ofcomforting Americans, helping the community heal and bringingpeople together. "I want us to live up to her expectations," Obamasaid. "I want our democracy to be as good as she imagined it."

The president leaped firmly into the political debate that brokeout shortly after the gunfire ended last Saturday -- whether harshpolitical rhetoric from last year's acrimonious congressional elec-tions had anything to do with inspiring the gunman to shoot."What we can't do is use this tragedy as one more occasion to turnon one another," Obama said. Obama began his visit to Arizona bystopping at University Medical Center to see Giffords, who sur-vived a gunshot to the head that traveled the length of her brain onthe left side. He also visited four other patients wounded in theattack. "Gabby opened her eyes," Obama said. "So I can tell youshe knows we are here, she knows we love her and she knows that

Continued from page 12No #5

we are rooting for her through what is undoubtedly going to be adifficult journey." University of Virginia political science profes-sor Larry Sabato said Obama achieved his goal.

"He did exactly what he was supposed to do. He stayed out ofpartisan politics and kept the focus on the victims and the fami-lies," he said.-Agencies

the Government of Pakistan. The committee further took thepresentation on Pakistan Poverty Alleviation Fund on its institu-tional framework, engagements with the Government of Pakistan,operational framework, its Outreach and Output and ResourceDeployment and its Outcome and Impact.

The Chairman of the committee said that since the Governmentof Pakistan is the principal contributor to the fund, therefore, theECC members also be made aware of the Reach and Range of theactivities of the fund. He also asked to give a comprehensiveanalysis of the present and past picture of the poverty alleviationin the country, and in this regard set up a committee headed byDeputy Chairman Planning Commission, Dr Nadeem-ul-Haquewith members Hina Rabbani Khar, Minister of State for Finance,Shahnaz Wazir Ali, Special Assistant to the Prime Minister onSocial Sector Development so that the projects of the fund bemade more tangible in terms of alleviation of poverty in the coun-try. The Committee also had presentation on the National RuralSupport Programme on Social Mobilization leading toCommunity Development in rural areas.

The Pakistan Poverty Alleviation Fund and National RuralSupport Programme are inter-related the sub-committee constitut-ed by the Chairman, headed by DCPC shall look into the both theprogrammes and submit its report in the coming ECC meetings.

The committee earlier had a glimpse of the economic situationin term of the prices situation in the country, with current econom-ic indicators, review of the stock position of edibles, POL product,and implementation status of the decisions taken in the last ECCmeeting. Among others who attended the ECC meeting were,Federal Ministers for Food and Agriculture, Water and Power,Petroleum and Natural Resources, Minister of State for Finance,Textiles and Railways Deputy Chairman Planning Commissionand concerned high officials of the Finance, EAD, Commerce,FBR, Statistics and newly appointed chairman of the SECP.

Continued from page 1No #6

economic growth. The event was organised by the USAID'sPakistan Trade Project in collaboration with Ministry ofCommerce to promote economic growth through legitimatedomestic, international and transit trade.

"The decisions you make will have a deep and lasting impact onPakistan's immediate prospects for economic growth. You willcreate the environment for expanded economic opportunities forfuture generations", he added.Senior representatives from theMinistries of Commerce, Industries, and Railways as well as fromthe Federal Board of Revenue, Customs and key chambers ofcommerce besides industry associations participated in the meet-ing. The meeting discussed key issues like reducing the cost oftrade and doing business in Pakistan, supporting a level playingfield for authorised trade, expanding regional trade, and accessingexport opportunities in a more effective manner.

The private sector representatives presented recommendationsand proposed an implementation roadmap to policy-makers.

The roundtable meeting also established a forum for regularpublic-private sector consultation under the aegis of the NationalTrade and Transport Facilitation Commission. -APP

Continued from page 1No #7

Reserves held by the State Bank of Pakistan (SBP) fell to $13.44billion from $13.53 billion in the week ending Jan 8, while thoseheld by commercial banks also fell to $3.65 billion from $3.67 bil-

Continued from page 1No #8

Ashraf, Minister for Water and Power, Dr Zaheeruddin Babar Awan, Minister for Law, Justice andParliamentary Affairs, Syed Naveed Qamar, Minister for Petroleum and Natural Resources andMian Raza Rabbani, Advisor to the Prime Minister. Muhammad Ishaq Dar, leader of PML-N con-tacted the Prime Minister this afternoon and apprised him of the formation of the committee by hisparty Quaid Mian Muhammad Nawaz Sharif, for dialogue on national issues. The Prime Ministerassured him that both the committees would meet soon to open up dialogue on national issuesincluding the economic challenges. Ishaq Dar, the leader of the PML (N) Committee conveyed thedesire to meet the representatives of the government soon to initiate the discussions. -APP

Continued from page 1No #9

officers of Railways. Furthermore, government has allowed 30 per cent increase in trains fares,while the axing of some 20,000 employees is also under consideration, media reported on Thursday.

GM Railways Operations Ashfaq Khattak, while briefing National Assembly Standing Committeeon Railways, said that Federal Cabinet has approved 10-30 per cent hike in train fares, which wouldbe enforced within 10 days. He said that 10 per cent hike in passenger trains fares while 15 per centin intercity trains would be made; 20 per cent raise in Express trains while Non-stop trains' farewould be risen by 25 per cent.-Agencies

Continued from page 1No #10

concerns over surging world food prices. But Pakistan decided to allow the private sector to exportwheat last month, lifting a three-year ban after a bumper crop led to a market surplus.

Traders have said that despite damages from summer floods, Pakistan still has a surplus for exportafter a bumper crop of 23.86 million tonnes in 2009/10 added to a carryover of 4.2 million tonnesfrom the previous crop. A Karachi-based trader said Pakistan has booked orders for about 500,000tonnes of wheat and shipments had already started. "Our traders have made deals for about 500,000tonnes for January-March shipment, and we expect more orders," Javed Thara said.-Reuters

Continued from page 1No #11

lion, said Syed Wasimuddin, chief spokesman of the central bank. It had previously hit a record highof $17.10 billion in the week ending October 15 because of an increase in remittances from over-seas Pakistanis and a narrowing trade deficit. Earlier the reserves got a boost in September after theIMF sent Pakistan $450 million and said that the money would go toward the budget to help withadditional spending for flood relief and immediate foreign exchange needs.

implications and consequences not only for Afghanistan and Pakistan but for the entire region.The spokesman said Pakistan has always desired for peace and tranquility in the region and along

the borders. Pakistan is firmly committed to sovereignty and territorial integrity of Afghanistan andis working closely for normal state to state relations with its neighbour.

Continued from page 1No #12

Volumes too remained significantly higher witnessing a remarkable increase as 229.4 millionshares traded during the day which is 86.3 million more than a turnover of 143.1 million a day ear-lier. Lotte Pakistan stood as the volume leader with 59.42 million shares as international PTA priceshit $1,325/tonne. Other volume leaders included DG Khan Cement with 25.48 million shares andFauji Fertiliser Bin Qasim with 12.94 million shares.

Out of total 409 active issues 215 advanced and 169 declined while 25 issues remained unchanged.

Continued from page 5No #13

Twenty-four of its components declined. Foreign funds have sold around $500 million of Indianequities since the new year began and the BSE index has shed 6.5 per cent, spooked by inflation con-cerns that are also hurting other Asian emerging economies. Leading lenders State Bank of India,ICICI Bank and HDFC Bank dropped between 2.9 per cent and 3.9 per cent on worries the centralbank would take a hawkish monetary stance at its policy on Jan. 25. The Reserve Bank of India,which raised interest rates six times in 2010, is expected to increase rates by at least 25 basis pointsat the policy, a Reuters poll showed. Infosys' results sparked concerns about the outlook for India'sshowpiece outsourcing sector and sent rivals Tata Consultancy Services and Wipro down 1 per centand 2.7 per cent respectively. "The valuations and forex woes get me worried.-Reuters

Continued from page 5No #14

comment hit both British American Tobacco and Imperial Tobacco, down 3.6 and 1.3 per cent respec-tively BofA Merrill Lynch downgraded its ratings for the two cigarette makers to "neutral" from "buy."Utilities were also fallers as defensively perceived stocks retreated, with United Utilities down 2.7 percent. Miners were lower, led by Antofagasta down 2 per cent as copper fell, with the metal's price paus-ing after two days of gains as investors worried about demand waning in China as the top metals con-sumer approaches its New Year holiday. And energy issues were led down by Royal Dutch Shell, off 0.4per cent, with traders citing talk that the oil major was guiding analysts lower on its earnings outlook.

Part-nationalised lenders Royal Bank of Scotland and Lloyds Banking Group gained 3.5 per centand 1.2 per cent respectively, as domestic banks bounced back with eurozone debt concerns seeingsome relief. After Portugal's debt auction on Wednesday, Spain and Italy successfully sold a com-bined 9 billion euros ($11.83 billion) of debt on Thursday, underpinned by hopes that policymakersmay soon shore up the region's fiscal defences. Among other financials, insurers also saw good sup-port with Resolution standing out, ahead 3.7 per cent. Engineer IMI was the top blue-chip performer,up 4.2 per cent, after BofA Merrill Lynch upgraded its rating to "buy." "We have clung on to the6,000 level but are making fairly heavy weather of it, with two steps forward and one step back,"said David Morrison, market strategist at GFT Global.-Reuters

Continued from page 5No #15

The Dow Jones industrial average declined 13.10 points, or 0.11 per cent, to 11,742.34. TheStandard & Poor's 500 Index rose 0.19 point, or 0.01 per cent, to 1,286.15, and the NasdaqComposite Index added 4.36 points, or 0.16 per cent, to 2,741.69.Shares of drugmaker Merck & Cofell 6 per cent to $34.86 after it said it would pull a blood clot drug from one study and not give itto some patients in a late-stage trial. Vorapaxar, seen as having large sales potential, was deemedinappropriate for stroke patients. Merck's drop took a toll. The S&P Health Care index .GSPAdeclined 0.67 per cent and the ARCA Pharmaceutical index .DRG fell 0.88 per cent.

In a potentially encouraging sign, however, continuing claims retreated sharply to 3.88 millionfrom 4.13 million. Producer prices rose more than expected in December as energy and food costssurged, but underlying inflation remained subdued. Traders were focused on the next major compa-ny due to report earnings, chipmaker Intel Corp, whose results were expected after the market clos-es. Its shares dipped 0.2 per cent to $21.25.-Reuters

Continued from page 5No #16

country's GDP. With better performance posted during FY10 (4.4 per cent YoY growth), recenttrend suggest a sharp downturn once again. As per the analyst -- heavyweight contributor to indus-trial production -- textile sector is expected to take a hit in terms damage to domestic cotton output,high cotton prices and structural issues in maintaining competitiveness, which could lead to loweroutput by the sector amid higher interest costs, he added. We expect the group to witness a declineof 4 to 5 per cent YoY during FY11 while its impact on LSM would be the most severe.

Continued from page 1No #17

finance now the finance ministry would return it to the apex regulator shortly. It should be notedthat few months back Securities & Exchange Commission of Pakistan (SECP) has forwarded theconcept paper of MTS to the finance ministry for the approval. MTS has already been approved bythe board of Karachi Stock Exchange (KSE), SECP, National Clearing Company of PakistanLimited (NCCPL) and Central Depository Company (CDC). According to a senior member KSE,after the said approval MTS is likely to be launched at the stock markets in a couple of weeks.

It is worth mentioning that stock market has been functioning without leverage products sincemore than a year after the earlier system CFS MK-II was rolled back. In the absence of leverageproduct the market volumes remained lackluster and brokers' earnings too witnessed a substantialdecline therefore market participants were anxiously waiting for a leverage product.

Continued from page 1No #18

Page 12: The Financial Daily-Epaper-14-01-2011

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WASHINGTON: TermingPakistan as the "epicenter" forglobal terrorism, the US mili-tary's topmost official has saidextremism cannot be defeatedwithout eliminating the safehavens in the North WaziristanAgency.

"I've said it before and I'll sayit again: It is the epicenter ofterrorism in the world rightnow, and it deserves the atten-tion of everybody to do asmuch as we can to eliminatethat threat," Admiral MikeMullen, Chairman of the USJoint Chiefs of Staff toldWashington-based foreign jour-nalists at a news briefing.

Mullen said progress inPakistan was critical in terms ofthe region."Since I've had this

job, I have never talked orwanted to leave the impressionthat it was about one country oranother, because it's about theregion. And I think progressthere is critical as well.

"Obviously the recent assas-sination, the political chal-lenges that we've seen withMQM leaving and returning tothe coalition -- to ensure thatthat government doesn't fall, Ithink that political aspect thereis something that I keep an eyeon all the time," he said.

Mullen emphasised it wasimportant for Pakistan to shutdown all those safe heavens inits boundary."It is absolutelycritical that the safe havens inPakistan get shut down.

We cannot succeed in

Afghanistan without that," hesaid."I've had many meetingswith Pak Army GeneralAshfaq Parvez Kayani on thissubject, and he has evolved hismilitary against this threat,and this threat is evolving aswell, because it's not justHaqqani anymore, al Qaeda orTTP, the Afghan Taliban orLeT."

It was all of them workingtogether in ways that two yearsago they absolutely did not,Mullen said in response to aquestion."

And when I talk about theregion, it isn't just Afghanistanand Pakistan. We had a ques-tion earlier about Iran. I willtalk about this with my

See # 1 Page 11

Pull the trigger onNWA, US tells Pak

Pak 'epicenter' of terrorism, says Mullen

ISLAMABAD: TheIslamabad High Court (IHC)Thursday issued notices toGovernor State Bank ofPakistan, SecretaryEstablishment, SecretaryFinance and President of Zarai-e-Taraqiati Bank Limited(ZTBL) over observance ofrules and regulations on theappointments made to highoffices of ZTBL.

A single-member bench com-prising Justice Anwar Kasiresumed hearing of a petitionof Ghazanfar Ali, AssistantVice President ZTBL, againstalleged violation of relevantrules.

Qazi Ahmed Naeem Qureshi,the counsel, claimed thatPresident ZTBL hired servicesof eleven blue-eyed on highsalaries by neglecting bank

rules and regulations andEstablishment Division.

He said the eleven personsincluded Roohi R Khan as achief operating officer, DIGTahir Anwar Pasha and GhulamHaider Marth Waheed Raza asa executive vice presidents,Aurangzeb Mohsin, LT Col (R)KB Aleem, Abdul GhafoorBhatti Senior vice president,Farrukh Muhammad Gondal,Ch. Maqbool Sukhera, Asad AliChaudhry, Maj (R) MuhammadMasood, vice presidents andHumera Rasheed Assistant asvice President.

After hearing his arguments,the bench adjourned hearingtill January 20 with direction toZTBL management not to takeany adverse action against thepetitioner till the disposal ofthe case. -APP

SC strikes blowagainst cronyism

SBP head, Secy Finance, ZTBL chief summoned

ISLAMABAD: NA standing committeeon petroleum has convened its crucialmeeting on January 17, to approve theaction-plan against the elementsinvolved in distribution of LPG quota onpolitical basis in the light of recommen-dations contained in special committeereport.

Committee will meet under its chair-man Sheikh Waqas Akram and its 11-point agenda has been issued.

Inquiry report worked out by specialcommittee on LPG scam will be high onthe agenda of the meeting.

Special committee chairman BarjeesTahir will present this report. He has rec-

ommended initiating action againstthose who have obtained LPG quotaagainst rules and regulations besidesintroducing new system of distributionof quota.

Sources told Online the ministry ofpetroleum had been asked to explain asto why oil prices are not reduced inPakistan when they decline in interna-tional market. The prices on the otherhand are increased in the country.Committee has also sought details ofOGDCL and PSO assets.

Report with regard to ongoing gas loadshedding in the country will also be soughtfrom the ministry in the meeting. -Online

Action-plan onNA panel anvil

LPG quota distribution scandal

ISLAMABAD: Prime MinisterSyed Yousuf Raza GilaniThursday emphasised thatprospects to exploit tradeopportunities between Pakistanand Iran need to be looked intowith a positive approach com-mensurate with our close broth-erly relations.

A roadmap with timelines topromote trade between the twocountries could greatly help inthis regard, he added.

Prime Minister was talking toIranian Minister for CommerceMehdi Ghazanfari who called

on him here at the PM Houseon Thursday.

Prime Minister appreciatedthe increase in the tradebetween Pakistan and Iran dueto bilateral tariff concessionson more than 600 items underPreferential Trade Agreement(PTA) signed in 2004.

The trade relations betweenthe two countries, he observed,do not match with the opportu-nities available.

Prime Minister highlightedthe importance of deepeningand broadening of trade and

economic cooperation in themutual interest of the two coun-tries by increasing product cov-erage and lowering of tariff.

He said that for expanding thetrade volume between the twocountries measures like eco-nomic integration, reduction intransaction cost and creation ofa business friendly environ-ment were equally essential.

The Iranian Minister ofCommerce considered hismeeting with the Pakistani offi-cials, as fruitful.

See # 2 Page 11

Gilani urges traderoadmap with Iran

TUCSON: President Barack Obamamourned victims of an Arizona shootingspree on Wednesday and urgedAmericans not to let a political debateover the tragedy be used as "one moreoccasion to turn on one another."

In an emotional address to thousandsof people who packed a Tucson memo-rial service, Obama said no one knewwhat prompted a gunman to go on arampage that killed six people and criti-cally wounded Representative GabrielleGiffords.

He warned against seeking "simpleexplanations" and cautioned Americans

not to place blame."None of us can know with any cer-

tainty what might have stopped thoseshots from being fired, or what thoughtslurked in the inner recesses of a violentman's mind," Obama said.

Jared Lee Loughner, 22, has beencharged with firing at Giffords and oth-ers gathered in a Tucson shopping centerparking lot last Saturday where the 40-year-old Democrat Giffords was hostinga meet-and-greet for constituents.Among those killed were a federal judgeand an aide of Giffords.

See # 5 Page 11

Obama consolesArizona grievers

ISLAMABAD: Cement manufacturershere Thursday assured the governmentthat cement requirements of the publicsector infrastructure projects for smalldams and canal lining would be metwith the current production capacity.

A meeting with cement manufacturerswas held here under the Chairmanshipof Federal Minister for Industries andProduction in the Ministry of Industriesand Production.

The meeting was attended by theMinister for Finance Sindh, representa-tives Ministry of Finance, Ministry ofPetroleum and Natural Resources and

the Ministry of Industries andProduction along with representatives ofthe All Pakistan Cement ManufacturersAssociation including Lucky Cement,Best way Cement, Fauji Cement andKohat Cement, says a statement issuedhere.

The next meeting would includedetails of annual requirement of cementfrom the four provinces, AJK and GB.

The cement manufacturers would pro-vide details of possibility of deferredpayment. The Ministry of Industrieswould also explore other funding possi-bilities. -APP

Cement cos vowto meet demand

TUCSON: President Barack Obama comforts his wife first lady Michelle Obamaat the memorial event for Arizona victims. -Reuters

Khosasworn in

as Governorof Punjab

LAHORE: Former Senatorand Attorney General ofPakistan, Sardar MuhammadLatif Khan Khosa took oathThursday as Governor ofPunjab.

Lahore High Court (LHC)Chief Justice, Justice AijazChaudhry administered oath toSardar Latif Khosa in animposing ceremony here atGovernor House.

Leading stalwarts from thePakistan Peoples Party, office-bearers of Peoples' LawyersForum and other important per-sonalities attended the oath-taking ceremony.

It should be mentioned herethat Khosa was scheduled totake oath on Wednesday but theceremony was postponedowing to the murder of JusticeJaved Iqbal's parents.

Khosa was appointed as theGovernor of Punjab byPresident Asif Ali Zardari on11th January.

An important point to notehere is that his appointmentwas challenged in the LahoreHigh Court the next day when acitizen filed a petition againsthim.

It said that he was not eligiblefor the post under the articles62 and 63 of the constitutionbecause he was removed fromthe office of Attorney Generalin 2009 under charges of

See # 3 Page 11

Biden inIraq for talksBAGHDAD: US VicePresident Joe Biden flew intoIraq on Thursday for his firstvisit since Prime Minister Nurial-Maliki was reappointed for asecond-term and cost-cuttingRepublicans took over theHouse of Representatives.

Biden picked by PresidentBarack Obama as his point per-son for Iraq, met Maliki fortalks as the US military pre-pares for a full withdrawaleight years after oustingSaddam Hussein.

Fewer than 50,000 US troopsremain in Iraq, compared with144,000 in January 2009, whenObama and Biden took office.They have been focused sincethe end of August on advisingand assisting Iraqi forces asthey take the lead in the fightagainst a weakened yet resilientinsurgency.

As Biden prepared to set offfor meetings, three roadsidebombs planted near two Sunniand one Shi'ite Muslim mosquein Baghdad killed two peopleand wounded around 13.

A senior administration offi-cial said the United States wasadhering to the agreedtimetable for full withdrawalby December 31, 2011.

However, if Maliki asked theUnited States to stay, theObama administration wouldbe open to doing so in someform.

Maliki is under pressure notto extend the US military pres-ence beyond the end of the yeareven though Iraqi and US offi-cials say Iraq will not be able todefend its borders on its own. Itwill not have a fully functionalair force by then.

See # 4 Page 11

Engro RupiyaCertificate

collectsRs4bn

Ahmed SiddiqueKARACHI: EngroCorporation-has received Rs4billon, inclusive of greenshoeoption amount of Rs 2 billionwith more than 2,000 retailinvestors to its offer of RupiahCertificate.

Proceeds from the issuewould be distributed to EngroFertilizers and Foods withFertilizer getting Rs3 billion asdebt while Foods will receivean equity injection of Rs 1 bil-lion from Engro Corp.

The issue has tenure of 3 yearswith a fixed coupon rate of 14.5per cent. Coupon payments willbe distributed on a semiannualbasis while the principal (99.9per cent of the issue) will be viabullet payment in the 36thmonth of the issue.

The instrument has beenrated as AA by PACRA.

China visapolicy irks

IndiaNEW DELHI: China hasangered India by issuingunorthodox visas to twoIndians from a border stateclaimed by Beijing, the latestflare-up of a territorial disputefestering between the Asiangiants.

India's foreign ministry saidThursday it had seen reportsthat an Indian athlete and hiscoach from the remote north-eastern state of ArunachalPradesh, on the Chinese border,were issued visas on papers sta-pled to their passports. Chinesevisas are normally stamped intoIndian passports. -Reuters


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