12
International Drone kills most wanted TTP operative in NWA See on Page 12 All set for bye-polls in PS-94 See on Page 12 Tehran makes up mind for N-talks See on Page 12 See on Page 12 *Crude Oil (brent)$/bbl 83.38 *Crude Oil (WTI)$/bbl 82.17 *Cotton $/lb 112.49 *Gold $/ozs 1,374.40 *Silver $/ozs 24.41 Malaysian Palm $ 960.80 GOLD (NCEL) PKR 38,252 KHI Cotton 40Kg PKR 7,984 *Last Updated 20:00 PST Yearly(Jul, 2010 up to 14-Oct-2010) Monthly(Oct, 2010 up to 14-Oct-2010) Daily (14-Oct-2010) Total Portfolio Invest (8 Oct-2010) 48.35 -0.87 -0.25 2461 2.88 -1.30 -0.56 -0.26 -0.21 -0.63 0.07 SCRA(U.S $ in million) Portfolio Investment FIPI (15-Oct-2010) Local Companies (15-Oct-2010) Banks / DFI (15-Oct-2010) Mutual Funds (15-Oct-2010) NBFC (15-Oct-2010) Local Investors (15-Oct-2010) Other Organization (15-Oct-2010) (U.S $ in million) NCCPL GDR update Commodities Forex Reserves (8-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Aug10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Jul 10) GDP Growth FY10E Per Capita Income FY10 Population $16.97bn 13.77% $5.18bn $9.03bn $(3.85)bn $(944)mn $1.72bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $100.90mn 3.05% 4.10% $1,051 170.80mn Economic Indicators Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares) $.Price 2.60 21.09 2.00 1.70 9.75 PKR/Shares 111.71 181.23 42.97 36.52 33.51 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) 06-Oct-2010 06-Oct-2010 06-Oct-2010 29-Sep-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 12.83% 13.07% 13.22% 13.50% 12.72% 12.99% 13.20% 13.61% 13.71% 13.63% 13.74% 13.78% 14.24% 14.34% 14.53% Money Market Update Symbols Buy (Rs) Sell (Rs) Australian $ 84.40 84.70 Canadian $ 84.70 85.10 Danish Krone 15.85 16.55 Euro 119.00 119.50 Hong Kong $ 11.00 11.30 Japanese Yen 1.042 1.068 Saudi Riyal 22.90 23.15 Singapore $ 65.30 65.50 Swedish Korona 12.80 13.20 Swiss Franc 89.25 90.25 U.A.E Dirham 23.25 23.40 UK Pound 135.00 136.00 US $ 85.95 86.25 Open Mkt Currency Rates Symbols Buying Selling TT Clean TT & OD Australian $ 85.13 85.33 Canadian $ 85.44 85.64 Danish Krone 16.16 16.20 Euro 120.52 120.80 Hong Kong $ 11.06 11.09 Japanese Yen 1.055 1.057 Saudi Riyal 22.89 22.95 Singapore $ 66.13 66.28 Swedish Korona 13.04 13.07 Swiss Franc 89.85 90.06 U.A.E Dirham 23.37 23.43 UK Pound 137.36 137.68 US $ 85.93 86.11 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 33°C 17°C KARACHI 34°C 25°C LAHORE 35°C 22°C FAISALABAD 36°C 20°C QUETTA 31°C 10°C RAWALPINDI 33°C 20°C Weather Forecast BRUSSELS: FM Shah Mehmood Qureshi and EU High Representative Ashton hold a joint news conference after the “Friends of Democratic Pakistan” meeting in Brussels.-Reuters Reforms in the pipeline, Afghans to be assisted, Qureshi tells the world BRUSSELS: The Friends of Democratic Pakistan (FoDP) Friday in a meeting held in Brussels noted that better trade opportunities will facilitate Pakistan’s economic recovery. Hosted by the European Union High Representative for Foreign Affairs & Security Policy, Catherine Ashton, the Ministerial Meeting was co- chaired by Foreign Minister Makhdoom Shah Mehmood Qureshi. The meeting was attended by foreign ministers and senior representatives of 20 countries and four multilateral institu- tions. The Foreign Minister of Pakistan conveyed his appreci- ation and gratitude to the EU High Representative for organ- ising the FoDP Ministerial and enabling such high level atten- dance which was a clear expression of international sup- port for Pakistan. Qureshi thanked the FoDP members for their participation, as well as their support for Pakistan's development and prosperity and conveyed deep gratitude for their generous flood relief assistance. Earlier, the foreign minister pledged to continue on the road to reform and offered to facili- tate Afghan-Taliban talks to bolster regional peace 26 coun- tries and key global institutions. Reconciliation was "an Afghan initiative", said Qureshi on arriving for the con- ference, but a peaceful Afghanistan was in his coun- try's interests. "They have to own it, they have to lead it. We are there to help, we are there to facilitate," he said. Qureshi told reporters "there are more reforms in the pipeline." Talking on the occasion EU's Ashton, the host of the FoDP meeting said, "A safe secure and stable Pakistan is manifest- ly in the interests of the EU, the United States and the interna- tional community as a whole" Qureshi's pre-meeting state- ments show how keen the gov- ernment is to establish peace in the region and introduce reforms in Pakistan. Coming back to the meeting, it was also acknowledged by the Friends that socio-econom- ic challenges had been com- pounded by the devastation caused by the floods for Pakistan. Friends also appreciated the EU decision to seek a Pakistan- specific WTO waiver. The meeting welcomed the Arab Republic of Egypt as a new member of the FoDP. The FoDP members appreci- ated the steps taken by the gov- ernment in constituting the National Oversight Disaster Management Council See # 7 Page 11 Weak economy asks trade tonic FoDP urges more export facilities for Pakistan Index Close Change KSE 100 10,431.84 22.82 Nikkei 225 9,500.25 83.26 Hang Seng 23,757.63 94.54 Sensex 30 20,125.05 372.59 ADX 2,758.67 14.14 SSE COMP. 2,971.16 91.52 FTSE 100 5,703.37 23.84 *Dow Jones 11,033.76 60.81 *Last Updated 20:00 PST Global Indices Ghulam Raza Rajani KARACHI: Even at a time when uncertainty looms large over economic front --aftermath of ferocious floods-- foreigners are bent on investing in local stocks to analysts’ amazement. Not just that, they have also been net-buyers for the last 16 months in a row. According to State Bank of Pakistan (SBP) stats outlanders purchased shares worth $965 million and sold $553 million, thus net-buying $412 million stocks in 2010YTD. Data further revealed foreign- ers were holding shares valuing $2.5 billion as on October 10, 2010. Although the current holding is 8 per cent of the mar- ket cap, but in relation to free float it is at 30 per cent. Interestingly, out of total foreign holding of $2.5 billion, it is esti- mated that more than 45 per cent is invested only in 2 stocks i.e. OGDC and PPL --having a combined weight of 33 per cent in benchmark KSE 100-Index. Experts point out that it shows foreigners are keen on oil and gas sector owing to growing energy demand and sector’s nat- ural hedge against currency devaluation. On the other hand this concentration of funds in only few stocks can also be dan- gerous, they warned. One of Topline Securities See # 8 Page 11 $412mn flows into stocks in 2010YTD Offshorers head over heels into E&Ps KARACHI: Net foreign investment in Pakistan fell 28.5 per cent to $455.1 million in the first three months of the fis- cal year 2010-11, compared with $636.1 million in the same period last year, the cen- tral bank said on Friday. Out of the total foreign investment, foreign direct investment fell 9.5 per cent in July and September to $387.4 million, from $427.9 million in the same period last year, the State Bank of Pakistan (SBP) said. Foreign portfolio investment fell 67.5 per cent to $67.7 mil- lion in the first quarter ending Sept. 30, compared with $208.2 million in the same period last year. A shaky security situation, with a Taliban insurgency in the country's northwest, cou- pled with chronic power short- ages, has put off investors, ana- lysts say. An International Monetary Fund (IMF) emergency loan package agreed in November See # 9 Page 11 Foreign investment suffers tumble in 1Q BRUSSELS: Reconstruction of Pakistan's basic infrastruc- ture after floods is likely to take 2-3 years and internation- al donors should offer to finance most of it in November, the head of the Asian Development Bank (ADB) said. The ADB and the World Bank earlier said that the costs of overcoming damage from the worst natural disaster in country's history were estimat- ed at about $9.7 billion. ADB President Haruhiko Kuroda told Reuters in an interview that his institution was ready to provide $2 billion and the World Bank $1 billion while a donors' conference in November was expected to provide much of the remaining funds. "We are sure that with inter- national support, the flood- affected provinces will be quickly reconstructed. We would aim at reconstruction in two to three years, basic infra- structure should be See # 13 Page 11 Infrastructure rehab to take 2-3 years: ADB ISLAMABAD: Federal Minister for Water and Power Raja Pervaiz Ashraf Friday said that the government has to face a deficit of Rs240 bil- lion annually in the power sec- tor. He expressed these views while addressing the appoint- ment letter distribution cere- mony at Wapda Staff College. He said despite unfavorable condition we managed to bring 1700MW into the system and 1200MW would be inducted in in next four months. He said that work on Diamer Bhasha dam would start from next month, adding, the coun- try has the capacity to produce 19,000MW of electricity. See # 14 Page 11 Power sector deficit reaches Rs240mn/yr 1200MW in next 4 months: minister Pak traders in angst as India halts cotton deals ISLAMABAD: Pakistan cotton dealers facing record domestic prices are concerned about deals for nearly one million bales after India stopped regis- tering cotton exports. Pakistani traders say any can- cellation of Indian contracts or even delays in shipments would spell trouble for the textile industry, which accounts for about 60 per cent of the coun- try's total exports. Textile firms in the world's third-largest cotton consumer have looked to neighbouring India, the world's second largest producer, after massive flood damage to the domestic crop caused an estimated shortfall of about 4 million bales. Traders had booked about 1 million bales for delivery from November to January from India, industry officials say. But India this week stopped registering cotton exports appli- cations equal to the stipulated quota of 5.5 million bales, according to a statement on the Indian Textile Commissioner's Web site. "This has given an excuse to some Indian exporters who say they could not get themselves registered as they were expecting the registration process to go on for a month," said Naseem Usman, chairman of the Karachi-based Cotton Brokers Forum. See # 15 Page 11 President approves purchase of 40 new planes for PIA ISLAMABAD: Despite difficult economic situation especially in the wake of devastating floods, the gov- ernment would not cut the public sec- tor development (PSDP) funds for Balochistan, Prime Minister Syed Yousuf Raza Gilani said Friday. He said that the government was committed to the development of Balochistan so that its resources could be optimally utilised for the benefit of people living there and also for the overall development of the country. The PM expressed these views in a high level meeting with a Balochistan delegation led by Chief Minister Nawab Muhammad Aslam Raeesani. The meeting to review the situation of the overall development activities and the pace of ongoing projects in Balochistan was held at the PM House. The Prime Minister said that the equitable distribution of funds including foreign assistance for reconstruction and rehabilitation was to be ensured after damage need assessment (DNA) in consultation with all stakeholders. He added that coordinated efforts of the federal and provincial govern- ments would certainly lead to build- ing better Pakistan. The Prime Minister informed the meeting that to improve communica- tion system and building roads in Balochistan the federal government has released Rs1.5 billion to National Highway Authority. Commenting on the strategic loca- tion of Balochistan especially the Gwadar port, he said that develop- ment of communication network to link the province with other parts of the country could serve the purpose of making it a hub for economic activities which would in turn ensure better quality of life of its residents. He assured Chief Minister Balochistan of federal government's continuous assistance for different uplift projects in Balochistan. The Prime Minister also assured the CM that he would ask the feder- al minister for water and power to work out a reasonable solution for providing relief to Balochistan farmers in their tube-well electricity bills. The Prime Minister, in the meeting, ordered faster provision of National Identity Cards (NICs) to people especially in the flood-hit areas of Balochistan so that difficulties could be mitigated without any hindrance. He also issued directions to expe- dite work on the improvement and restoration of canals to provide farmers with reasonable time for coming season’s harvests . The meeting was informed that under the Aghaz-e-Haqooq-e- Balochistan initiative 4900 people See # 10 Page 11 B’stan promised full PSDP funds PM says Balochistan uplift top priority ISLAMABAD: The Supreme Court (SC) in its short order in the case regarding reports of a bid to withdraw judges' restoration notification stated that the government has failed to satisfy the Court and any attempt to remove the judges would be tantamount to trea- son, media said Friday. The court said that the exec- utive order of March 16, 2009, restoring the sacked judges has lost its effectiveness after July 31, 2009 verdict and heads of all constitutional organs must abide by the judgement. The order also restrains all the heads of constitutional organs of the country including the president from restoring it. The court also noted that the media reports were not false See # 12 Page 11 Bid to oust judges, will be treason: SC Rule of law, supremacy of Constitution to be maintained: CJ PM to address nation on Sunday; govt stands for law order : Awan Executives unwish govt-judges face-off ISLAMABAD: President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani Friday met at the Presidency to dis- cuss future course of action after the hearing of case connected to reports of an attempt to annul notification that restored the judges. Chief of the Army Staff Gen Ashfaq See # 11 Page 11 Karachi, Saturday, October 16, 2010, Zul-Qa’dah 7, Price Rs12 Pages 12 5 troops martyred in Wana area WANA: Five security person- nel were martyred and two oth- ers sustained severe injuries after militants attacked a secu- rity checkpost in South Waziristan. According to security sources, militants attacked Talab checkpost in Sararoga area and gunned down the troops. The security forces cor- doned off the area following the attack and started a search operation. Some militants were also killed in clash with the Army elsewhere, said reports.- Online ANP Chief calls on President ISLAMABAD: President Awami National Party (ANP) Asfandyar Wali Khan on Friday night called on President Asif Ali Zardari here at the Aiwan-e-Sadr. Current political situation, coalition matters and measures taken for the rehabilitation and reconstruction of flood affected people came under discussion during the meeting. -APP

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Page 1: The Financial Daily-Epaper-16-10-2010

International

Drone kills most wanted TTP operative in NWA See on Page 12

All set for bye-polls in PS-94 See on Page 12

Tehran makes up mind for N-talks See on Page 12

See on Page 12

*Crude Oil (brent)$/bbl 83.38

*Crude Oil (WTI)$/bbl 82.17

*Cotton $/lb 112.49

*Gold $/ozs 1,374.40

*Silver $/ozs 24.41

Malaysian Palm $ 960.80

GOLD (NCEL) PKR 38,252

KHI Cotton 40Kg PKR 7,984

*Last Updated 20:00 PST

Yearly(Jul, 2010 up to 14-Oct-2010)

Monthly(Oct, 2010 up to 14-Oct-2010)

Daily (14-Oct-2010)

Total Portfolio Invest (8 Oct-2010)

48.35

-0.87

-0.25

2461

2.88

-1.30

-0.56

-0.26

-0.21

-0.63

0.07

SCRA(U.S $ in million)

Portfolio Investment

FIPI (15-Oct-2010)

Local Companies (15-Oct-2010)

Banks / DFI (15-Oct-2010)

Mutual Funds (15-Oct-2010)

NBFC (15-Oct-2010)

Local Investors (15-Oct-2010)

Other Organization (15-Oct-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (8-Oct-10)

Inflation CPI% (Jul 10-Sep 10)

Exports (Jul 10-Sep 10)

Imports (Jul 10-Sep 10)

Trade Balance (Jul 10-Sep 10)

Current A/C (Jul 10- Aug10)

Remittances (Jul 10-Aug 10)

Foreign Invest (Jul 10-Sep10)

Revenue (Jul 10-Sep 10)

Foreign Debt (Jun 10)

Domestic Debt (Aug 10)

Repatriated Profit (Jul- Aug 10)

LSM Growth (Jul 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.97bn

13.77%

$5.18bn

$9.03bn

$(3.85)bn

$(944)mn

$1.72bn

$455.10mn

Rs 310bn

$55.63bn

Rs 4863bn

$100.90mn

3.05%

4.10%

$1,051

170.80mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

21.09

2.00

1.70

9.75

PKR/Shares

111.71

181.23

42.97

36.52

33.51

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)

06-Oct-2010

06-Oct-2010

06-Oct-2010

29-Sep-2010

15-Oct-2010

15-Oct-2010

15-Oct-2010

15-Oct-2010

15-Oct-2010

15-Oct-2010

15-Oct-2010

15-Oct-2010

15-Oct-2010

15-Oct-2010

15-Oct-2010

12.83%

13.07%

13.22%

13.50%

12.72%

12.99%

13.20%

13.61%

13.71%

13.63%

13.74%

13.78%

14.24%

14.34%

14.53%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 84.40 84.70

Canadian $ 84.70 85.10

Danish Krone 15.85 16.55

Euro 119.00 119.50

Hong Kong $ 11.00 11.30

Japanese Yen 1.042 1.068

Saudi Riyal 22.90 23.15

Singapore $ 65.30 65.50

Swedish Korona 12.80 13.20

Swiss Franc 89.25 90.25

U.A.E Dirham 23.25 23.40

UK Pound 135.00 136.00

US $ 85.95 86.25

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 85.13 85.33

Canadian $ 85.44 85.64

Danish Krone 16.16 16.20

Euro 120.52 120.80

Hong Kong $ 11.06 11.09

Japanese Yen 1.055 1.057

Saudi Riyal 22.89 22.95

Singapore $ 66.13 66.28

Swedish Korona 13.04 13.07

Swiss Franc 89.85 90.06

U.A.E Dirham 23.37 23.43

UK Pound 137.36 137.68

US $ 85.93 86.11

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 33°C 17°C KARACHI 34°C 25°C LAHORE 35°C 22°C FAISALABAD 36°C 20°C QUETTA 31°C 10°C RAWALPINDI 33°C 20°C

Weather Forecast

BRUSSELS: FM Shah Mehmood Qureshi and EU High Representative Ashton hold a joint news

conference after the “Friends of Democratic Pakistan” meeting in Brussels.-Reuters

Reforms

in the pipeline,

Afghans to be assisted,

Qureshi tells the world

BRUSSELS: The Friends ofDemocratic Pakistan (FoDP)Friday in a meeting held inBrussels noted that better tradeopportunities will facilitatePakistan’s economic recovery.

Hosted by the EuropeanUnion High Representative forForeign Affairs & SecurityPolicy, Catherine Ashton, theMinisterial Meeting was co-chaired by Foreign MinisterMakhdoom Shah MehmoodQureshi.

The meeting was attended byforeign ministers and seniorrepresentatives of 20 countriesand four multilateral institu-tions. The Foreign Minister ofPakistan conveyed his appreci-ation and gratitude to the EUHigh Representative for organ-ising the FoDP Ministerial and

enabling such high level atten-dance which was a clearexpression of international sup-port for Pakistan.

Qureshi thanked the FoDPmembers for their participation,as well as their support forPakistan's development andprosperity and conveyed deepgratitude for their generousflood relief assistance.

Earlier, the foreign ministerpledged to continue on the roadto reform and offered to facili-tate Afghan-Taliban talks tobolster regional peace 26 coun-tries and key global institutions.

Reconciliation was "anAfghan initiative", saidQureshi on arriving for the con-ference, but a peacefulAfghanistan was in his coun-try's interests.

"They have to own it, theyhave to lead it. We are there tohelp, we are there to facilitate,"he said.

Qureshi told reporters "thereare more reforms in thepipeline."

Talking on the occasion EU'sAshton, the host of the FoDPmeeting said, "A safe secureand stable Pakistan is manifest-ly in the interests of the EU, theUnited States and the interna-tional community as a whole"

Qureshi's pre-meeting state-ments show how keen the gov-ernment is to establish peace inthe region and introducereforms in Pakistan.

Coming back to the meeting,it was also acknowledged bythe Friends that socio-econom-ic challenges had been com-pounded by the devastationcaused by the floods forPakistan.

Friends also appreciated theEU decision to seek a Pakistan-specific WTO waiver.

The meeting welcomed theArab Republic of Egypt as anew member of the FoDP.

The FoDP members appreci-ated the steps taken by the gov-ernment in constituting theNational Oversight DisasterManagement Council

See # 7 Page 11

Weak economyasks trade tonic

FoDP urges more export facilities for Pakistan

Index Close Change

KSE 100 10,431.84 22.82

Nikkei 225 9,500.25 83.26

Hang Seng 23,757.63 94.54

Sensex 30 20,125.05 372.59

ADX 2,758.67 14.14

SSE COMP. 2,971.16 91.52

FTSE 100 5,703.37 23.84

*Dow Jones 11,033.76 60.81

*Last Updated 20:00 PST

Global Indices

Ghulam Raza Rajani

KARACHI: Even at a timewhen uncertainty looms largeover economic front --aftermathof ferocious floods-- foreignersare bent on investing in localstocks to analysts’ amazement.Not just that, they have alsobeen net-buyers for the last 16months in a row.

According to State Bank ofPakistan (SBP) stats outlanderspurchased shares worth $965million and sold $553 million,thus net-buying $412 millionstocks in 2010YTD.

Data further revealed foreign-ers were holding shares valuing$2.5 billion as on October 10,2010. Although the current

holding is 8 per cent of the mar-ket cap, but in relation to freefloat it is at 30 per cent.Interestingly, out of total foreignholding of $2.5 billion, it is esti-mated that more than 45 per centis invested only in 2 stocks i.e.OGDC and PPL --having acombined weight of 33 per centin benchmark KSE 100-Index.Experts point out that it showsforeigners are keen on oil andgas sector owing to growingenergy demand and sector’s nat-ural hedge against currencydevaluation. On the other handthis concentration of funds inonly few stocks can also be dan-gerous, they warned.

One of Topline Securities See # 8 Page 11

$412mn flows intostocks in 2010YTD

Offshorers head over heels into E&Ps

KARACHI: Net foreigninvestment in Pakistan fell 28.5per cent to $455.1 million inthe first three months of the fis-cal year 2010-11, comparedwith $636.1 million in thesame period last year, the cen-tral bank said on Friday.

Out of the total foreigninvestment, foreign directinvestment fell 9.5 per cent inJuly and September to $387.4million, from $427.9 million inthe same period last year, theState Bank of Pakistan (SBP)said.

Foreign portfolio investmentfell 67.5 per cent to $67.7 mil-lion in the first quarter endingSept. 30, compared with$208.2 million in the sameperiod last year.

A shaky security situation,with a Taliban insurgency inthe country's northwest, cou-pled with chronic power short-ages, has put off investors, ana-lysts say.

An International MonetaryFund (IMF) emergency loanpackage agreed in November

See # 9 Page 11

Foreign investmentsuffers tumble in 1Q

BRUSSELS: Reconstructionof Pakistan's basic infrastruc-ture after floods is likely totake 2-3 years and internation-al donors should offer tofinance most of it inNovember, the head of theAsian Development Bank(ADB) said.

The ADB and the WorldBank earlier said that the costsof overcoming damage fromthe worst natural disaster incountry's history were estimat-ed at about $9.7 billion.

ADB President Haruhiko

Kuroda told Reuters in aninterview that his institutionwas ready to provide $2 billionand the World Bank $1 billionwhile a donors' conference inNovember was expected toprovide much of the remainingfunds.

"We are sure that with inter-national support, the flood-affected provinces will bequickly reconstructed. Wewould aim at reconstruction intwo to three years, basic infra-structure should be

See # 13 Page 11

Infrastructure rehabto take 2-3 years: ADB

ISLAMABAD: FederalMinister for Water and PowerRaja Pervaiz Ashraf Fridaysaid that the government hasto face a deficit of Rs240 bil-lion annually in the power sec-tor.

He expressed these viewswhile addressing the appoint-ment letter distribution cere-mony at Wapda Staff College.

He said despite unfavorablecondition we managed to bring1700MW into the system and1200MW would be inducted inin next four months.

He said that work on DiamerBhasha dam would start fromnext month, adding, the coun-try has the capacity to produce19,000MW of electricity.

See # 14 Page 11

Power sector deficitreaches Rs240mn/yr

1200MW in next 4 months: minister

Pak tradersin angst asIndia halts

cotton dealsISLAMABAD: Pakistan cottondealers facing record domesticprices are concerned aboutdeals for nearly one millionbales after India stopped regis-tering cotton exports.

Pakistani traders say any can-cellation of Indian contracts oreven delays in shipments wouldspell trouble for the textileindustry, which accounts forabout 60 per cent of the coun-try's total exports.

Textile firms in the world'sthird-largest cotton consumerhave looked to neighbouringIndia, the world's second largestproducer, after massive flooddamage to the domestic cropcaused an estimated shortfall ofabout 4 million bales.

Traders had booked about 1million bales for delivery fromNovember to January fromIndia, industry officials say.

But India this week stoppedregistering cotton exports appli-cations equal to the stipulatedquota of 5.5 million bales,according to a statement on theIndian Textile Commissioner'sWeb site. "This has given anexcuse to some Indian exporterswho say they could not getthemselves registered as theywere expecting the registrationprocess to go on for a month,"said Naseem Usman, chairmanof the Karachi-based CottonBrokers Forum.

See # 15 Page 11

President approves purchaseof 40 new planes for PIA

ISLAMABAD: Despite difficulteconomic situation especially in thewake of devastating floods, the gov-ernment would not cut the public sec-tor development (PSDP) funds forBalochistan, Prime Minister SyedYousuf Raza Gilani said Friday.

He said that the government wascommitted to the development ofBalochistan so that its resourcescould be optimally utilised for thebenefit of people living there andalso for the overall development ofthe country.

The PM expressed these views in a

high level meeting with aBalochistan delegation led by ChiefMinister Nawab Muhammad AslamRaeesani. The meeting to review thesituation of the overall developmentactivities and the pace of ongoingprojects in Balochistan was held atthe PM House.

The Prime Minister said that theequitable distribution of fundsincluding foreign assistance forreconstruction and rehabilitation wasto be ensured after damage needassessment (DNA) in consultationwith all stakeholders.

He added that coordinated effortsof the federal and provincial govern-ments would certainly lead to build-ing better Pakistan.

The Prime Minister informed themeeting that to improve communica-tion system and building roads inBalochistan the federal governmenthas released Rs1.5 billion to NationalHighway Authority.

Commenting on the strategic loca-tion of Balochistan especially theGwadar port, he said that develop-ment of communication network tolink the province with other parts of

the country could serve the purposeof making it a hub for economicactivities which would in turn ensurebetter quality of life of its residents.

He assured Chief MinisterBalochistan of federal government'scontinuous assistance for differentuplift projects in Balochistan.

The Prime Minister also assuredthe CM that he would ask the feder-al minister for water and power towork out a reasonable solution forproviding relief to Balochistanfarmers in their tube-well electricitybills.

The Prime Minister, in the meeting,ordered faster provision of NationalIdentity Cards (NICs) to peopleespecially in the flood-hit areas ofBalochistan so that difficulties couldbe mitigated without any hindrance.

He also issued directions to expe-dite work on the improvement andrestoration of canals to providefarmers with reasonable time forcoming season’s harvests .

The meeting was informed thatunder the Aghaz-e-Haqooq-e-Balochistan initiative 4900 people

See # 10 Page 11

B’stan promised full PSDP fundsPM says Balochistan uplift top priority

ISLAMABAD: The SupremeCourt (SC) in its short order inthe case regarding reports of abid to withdraw judges'restoration notification statedthat the government has failedto satisfy the Court and anyattempt to remove the judgeswould be tantamount to trea-son, media said Friday.

The court said that the exec-utive order of March 16, 2009,restoring the sacked judges haslost its effectiveness after July31, 2009 verdict and heads ofall constitutional organs must

abide by the judgement.The order also restrains all

the heads of constitutionalorgans of the country including

the president from restoring it.The court also noted that the

media reports were not false See # 12 Page 11

Bid to oust judges,will be treason: SC

Rule of law, supremacy of Constitution to be maintained: CJ

PM to address nation on Sunday; govt stands for law order : Awan

Executives unwishgovt-judges face-off

ISLAMABAD: President Asif Ali Zardari and Prime MinisterSyed Yousuf Raza Gilani Friday met at the Presidency to dis-cuss future course of action after the hearing of case connectedto reports of an attempt to annul notification that restored thejudges.

Chief of the Army Staff Gen Ashfaq See # 11 Page 11

Karachi, Saturday, October 16, 2010, Zul-Qa’dah 7, Price Rs12 Pages 12

5 troopsmartyred

in Wana areaWANA: Five security person-nel were martyred and two oth-ers sustained severe injuriesafter militants attacked a secu-rity checkpost in SouthWaziristan.

According to securitysources, militants attackedTalab checkpost in Sararogaarea and gunned down thetroops. The security forces cor-doned off the area followingthe attack and started a searchoperation. Some militants werealso killed in clash with theArmy elsewhere, said reports.-Online

ANP Chief callson President

ISLAMABAD: PresidentAwami National Party (ANP)Asfandyar Wali Khan onFriday night called onPresident Asif Ali Zardari hereat the Aiwan-e-Sadr.

Current political situation,coalition matters and measurestaken for the rehabilitation andreconstruction of flood affectedpeople came under discussionduring the meeting. -APP

Page 2: The Financial Daily-Epaper-16-10-2010

2 Saturday, October 16, 2010

TV PROGRAMMES

SATURDAY

Time Programmes

7:00 News

8:00 News

9:05 Best of Subah

Savere

11:10 Mohaaz (F)

12:00 News

13:10 Newsbeat

(Rpt)

14:10 Awam Ki

Awaz

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Taxi News

20:05 The Anchor

21:00 News

22:05 Manzil

23:03 Faisla Aap Ka

ISLAMABAD: A youthdelegation of IslamabadChamber of Commerce &Industry headed by ShabanKhalid, Chairman of ICCIYouth Committee is visit-ing Poland for meetingswith chambers of com-merce, business enterprisesand to visit industrial sitesfor looking at the possibili-ties for developing busi-ness ties with the Polishcompanies.

During the visit, delega-tion has met with impor-tant enterprises and held

useful discussions withthem for developing busi-ness linkages and encour-aged them for doinginvestment ventures inPakistan. One of theobjectives of the delega-tion was also to developstrong networking withthe Polish youth forexchange of businessideas and information.

The delegation wasfocusing the sectors ofsteel, energy, hotel indus-try, food and beverages,pharmaceuticals, printing

and construction.The delegation also met

with the management, oneof the leading steel indus-tries in Poland and dis-cussed the possibilities fordoing business in steelsector.

The delegation is alsocarrying out a study aboutthe business environmentin Poland and on returnwould present a compre-hensive report to Polishembassy for further collab-oration is the sectors ofcommon interest.-Online

ICCI youth groupvisits Poland

ISLAMABAD: ForeignSecretary of Oman SheikhAhmed Bin Yousuf Al-Harthy called on PresidentAsif Ali Zardari at Aiwan-e-Sadr today.

Ambassador of OmanMohammad Al-Lawati andother senior officials wereaccompanying the ForeignSecretary. From Pak side MSalman Faruqui, SecretaryGeneral to the President,Foreign Secretary SalmanBashir and Spokespersonto the President FarhatullahBabar were also presentduring the meeting.

Pak-Oman bilateral rela-tions and mattes concern-ing economic cooperation,trade, commerce andinvestment were discussedduring the meeting.

The President thankedthe Omani Governmentand the people for their

generous assistance duringthe recent devastatingfloods.

The President also con-gratulated on 40th anniver-sary of "BlessedRenaissance". Appreciatingvisionary leadership ofSultan Qaboos, thePresident remarked thatOman has witnessedtremendous progress anddevelopment under his ableleadership.

Discussing trade andcommerce, the Presidentsaid that there was a needfor having connectivityprojects between the twocountries and also to imple-ment and utilise JointWorking Group that wasformed for promoting trade,agriculture, Fisheries &livestock and investment.The President said thatthere was a huge potential

of bilateral trade keeping inview the geographical prox-imity of the two countries.He said that the Omaniinvestment is welcome inenergy, telecom, agro-basedindustries, education andhealth sectors.

The President said thatkeeping in view the sharedcultural values, there was aneed to further promote cul-tural linkages and coopera-tion especially in the educa-tion sector. The encourage-ment of cooperationbetween the universities ofthe two countries and pro-viding new vistas of oppor-tunities to intelligentsia andprofessionals would go along way not only to furthercement bilateral relationsbut also to take maximumadvantage of the intellectualpotential, the Presidentobserved.-INP

Oman’s envoycalls on President

Staff Correspondent

KARACHI: Advisor toChief Minister Sindh onInformation, SharmilaFarooqui has expressedher determination to advo-cate for inclusion of dis-ability issues in informa-tion and media policies &program, as well as theprovision of appropriatetime and space for disabil-ity concerned and the pro-hibition of the depiction ofnegative and inaccurateimages of persons withdisabilities in performanceespecially comedies, filmsand cartoons.

She was talking to mediamen at an awareness walkheld in connection with theworld white cane day heldat Mazar-e-Quaid. Thespecial walk was arrangedby School for the blind,deaf and dumb, Karachi.

Government has setup anumber of projects for thepreservation and cure ofblindness as well as for theeducation, vocationaltraining and rehabilitationof the blind and visually

impaired people so as tomake them useful and pro-ductive members of thesociety, said Sharmila.

Sharmila urged uponprint and electronic mediato ensure regular and accu-rate coverage to generatepublic awareness and atti-tude concerning peoplewith blindness and otherdisabilities "A variety oftalk shows must focushealthy and positiveapproval towards psycho -social rehabilitation of dis-abled", she observed.

She said that Departmentof Education and SocialWelfare, in collaborationwith various NGOs andother related agencies areworking aggressively todevelop functional literacyand education material indifferent formats anddialects to include illustra-tions and references thatsupport the inclusion ofdisabled in mainstreamcommunity life"Education influentialgroups such as teachers,healthcare social/healthworkers, volunteers should

come forward and assistgovernment to encourageand facilitate students withdisabilities to receive,mainstream education andenjoy quality life, sheadded.

She also emphasizedupon efforts by Labourdepartment in promotingemployment of peoplewith disabilities by way ofawareness activities on aregular basis to enhancethe understanding ofemployers and publicabout the working capabil-ities of disabled persons.

Sharmila stressed uponpromoting all cultural andsports activities as a part ofpublic awareness cam-paigns to highlight the abil-ities and aspirations of per-sons with disabilities, bothat national and provinciallevels. "Government iscommitted to make everypossible effort to imple-ment existing 2 per centjob quota reserved for thedisabled persons so thatthey may play their part innational development", shemaintained.

Sharmilastands for

disabled’s rights

KARACHI: The leadingGerman chemical compa-ny BASF and its employ-ees in more than 20 coun-tries have together donat-ed about 0.7 million eurosfor flood victims inPakistan.

"I was impressed bywillingness of BASFemployees to make dona-tions. Through their contri-butions some of the miserycan be relieved by helpingto supply the people inPakistan with essentialgoods," said Dr. Jürgen

Hambrecht, ChairmanBoard of ExecutiveDirectors of BASF.

Aid money will be dis-tributed among UN organ-izations on the ground inaffected areas of Pakistanand Red Cross. Employeeand company donationsfrom Germany go toCERF, United NationsCentral EmergencyResponse Fund. CERFuses money to supportprojects run by UN organ-izations in Pakistan. WorldHealth Organization uses

money to provide basicmedical care or UN-HABITAT for providingpotable water.

In immediate aftermathof flooding, BASF Groupcompanies in Pakistan andlocal employees providedlocal assistance. An inter-nal aid committee pre-pared relief packages con-taining food, medicines,emergency goods, organ-ized aid distribution pointsnear BASF sites inKarachi, Lahore,Faisalabad & Sialkot.-PPI

BASF donates 0.7mneuros for affectees

KARACHI: MCB BankLimited & EngroCorporation signed anagreement appointingMCB as a distributor forEngro's RupiyaCertificates (ERC) issueof Rs4 billion. This ini-tiative was spearheadedby the Bank'sInvestment ServicesDepartment that isinvolved in the distribu-tion of various mutualfunds and investmentschemes and has grownover the last year tobecome Pakistan'slargest mutual fund dis-tributor to retail cus-tomers in terms of salesvolume.

Under this agreementMCB Bank will offerthe Engro Rupiya

Certificate to retailsavers by offering analternate investmentoption to conventionalsaving products &schemes.

According to thedetails, ERC will beavailable for subscrip-tion from October 15for3 months and willmature 3 years after theclosing date of sub-scription. The issuingamount is inclusive ofGreen Shoe Option ofRs2 billion.

The limit for minimuminvestment is Rs25,000for the subscriptionperiod of 3 months. Theprofit will be distributedon semi-annual basis ata fixed rate of 14.50 percent per annum.-PR

MCB joinshand with

Engro Rupiya

KCCI topatron

fire safetyseminar

KARACHI: KarachiChamber of Commerceand Industry (KCCI) hasassured full support andparticipation in theholding of a conferenceon "Fire Safety" to beheld on October 28.

According to anannouncement hereFriday, this assurancewas given by KCCIpresident SaeedShafique in a meetingwith the organisers ofthe conference at hisoffice. Naeem Qureshichairman Organisingcommittee, Tooba ZarifProject Director & FarazKalam from 'I ownKarachi' CDGK, TalatMehmood Sr VPresident & VP JunaidMakda was also presenton the occasion.

KCCI president alsounderlined the need forimproving arrangementsto save life and propertyfrom fire in residentialand commercial areas.He hoped that the con-ference will help inachieving the objec-tives.

The organisersinformed KCCI that theconference is jointlyorganized by CityDistrict GovernmentKarachi, Fire ProtectionAssociation of Pakistan& leading National &International fire andsafety experts will speakon various relatedimportant topics duringthe conference.

Fire and safetymachinery and equip-ment will also be on dis-played on this occa-sion.-PR

Zong to

work for

waste mgmtLAHORE: Zongannounced an initiative forprotection of metropolitanenvironment in Lahore, asa Corporate SocialResponsibility project. Inthis regard ZONG signed aMoU with the Solid WasteManagement & LahoreWaste ManagementCompany - a part of SolidWaste Management - CityDistrict GovernmentLahore, for creating aware-ness amongst citizens forenvironmental protection,with public sector invest-ment in cleanliness ofLahore city through SolidWaste Management & aprofessionally managedcompany.

According to a statementissued here, as part of theMoU, Zong will design andexecute a public awarenesscampaign focusing oncleanliness of surroundingswithin the Lahore citywhile encouraging publicto dispose off their litter ina proper way. During thesigning ceremony, officialsfrom the City DistrictGovernment Lahore, Zongand other dignitaries werealso present.

Zong will provide mobilephone connections to SolidWaste Management - CityDistrict GovernmentLahore workers & LahoreWaste ManagementCompany that will havededicated numbers for citi-zens to call in and registertheir complaints.Moreover this would be ageneration shift from sim-ple wireless to cellularsubscription, making thestaff more accessible andhence effective.-PR

Driverkilled

in attackon Nato

oil-tankerQUETTA: The driver of

a container carrying sup-plies for Nato forces waskilled while a cleaner sus-tained bullet injuries in anattack by armed men hereon RCD highway nearKalat on Friday.

According to NaibTehsildar Levis ForceKalat, MohammadRamazan, two containerscarrying logistics for ISAFforces stationed inAfghanistan were on wayfrom Karachi when gun-men opened indiscriminatefire on them in Sailabi Pularea of Mangochar.

Resultantly, the driver ofa container identified asAtta Mohammad andcleaner Sher Mohammadsustained bullet wounds.

Later, Atta Mohammadsuccumbed to his injuriesnear Mastung while theinjured were shifted toQuetta for medical treatment.

Four armed assailantsriding on a motorbike inter-cepted the containers,sprinkled them with patrolsaid the eye witness,adding the gunmen openedindiscriminate firing andfled when the driver andcleaners offered resistance.

It is 44th such attack inBalochistan on vehiclescarrying logistics for UNled allied forces inAfghanistan.

Levis force is investigat-ing into the matter.-APP

Microfinanceforum next

monthKARACHI: ShamrockConferences Internationalannounced that the 4thPakistan Micro-financeConference 2010 will beheld on November 10 at theIslamabad Club. The themeof the conference will be"Designing a Roadmap forL a r g e - S c a l eTransformation".

This forum has repeated-ly attracted prominent dele-gates representing presti-gious Pakistani & foreignMicrofinance institutions,including; experts, regula-tors, government officials,stakeholders and media.The day-long conferencewill include; four interac-tive sessions where eminentspeakers and practitionersfrom the government,Microfinance Institutions,NGOs, financial sector,academia, and internationalbodies will give an insightand make recommenda-tions on the present-dayscenario of this sector.-PR

KARACHI: MCB Bank Ltd & Engro Corporation Ltd signed an agreementappointing MCB Bank as distributor of Engro Rupiya Certificate issue of

Rs4 billion. Muhtashim Ashai Group Head Wholesale Banking and RuhailMohammed CFO Engro Corporation signing the agreement on behalf of

their respective organisations.-Staff Photo

KARACHI: Group photo of S M Munir, Malik Khuda Bux, Zafar Iqbal and DrQaiser Waheed at the occasion of Souvenir launching by Lions Club.-Staff Photo

KARACHI: Adviser to CM for Information Sharmila Farooqi, Fatima Surriya Bajia and Council General ofJapan Masaharu Sato cutting the ribbon to inaugurate the photographic exhibition by Jahangir Khan titledContemporary Japan Caught by Lens during his training at Asahi Newspaper at Japan Culture Centre.-APP

KARACHI: University students from Sindh and Balochistan posing for agroup photo after participating in training Youth capacities for rule of law

and good governance organised by CCEP.-Online

Jotunlaunches

new paintproduct

KARACHI: Jotun paintsrecently came up with anew product range called'Lady Effects' which willshowcase lot of trendytechniques for the con-sumers and also will havethe possibility to use yourimaginative colors in yoursurroundings, said a pressrelease issued here.-PR

Page 3: The Financial Daily-Epaper-16-10-2010

MUMBAI: The Indian rupeestrengthened to its highest levelin 25-½ months on Friday, ris-ing for the seventh straightweek as record portfolioinflows continued to pour intolocal shares amid a broadlyweak dollar globally.

However, dollar demandfrom importers including oilrefiners and other corporatespulled the rupee off its high.Some traders suspected thecentral bank too may havebought dollars via state-runbanks for a second day to stemthe rupee's sharp rally, but thatcould not be confirmed.

The partially convertiblerupee closed at 44.10/11 perdollar, after rising to 43.95, itshighest since Aug. 29, 2008,and little changed from44.11/12 per dollar at the closeon Thursday.

On the week, the rupeegained 0.7 per cent in its sev-enth successive weekly rise.

For the year to date, the rupeeis up 5.5 per cent on record$23.2 billion foreign fundinflows into shares.

The Reserve Bank of India willintervene in the forex market ifinflows turn lumpy and volatile,its governor reiterated on Friday.One-month offshore non-deliver-able forward contracts werequoted at 44.45, weaker than theonshore spot rate.

In the currency futures mar-ket, the most traded near-monthdollar-rupee contracts on theNational Stock Exchange,MCX-SX and United StockExchange closed at 44.21,44.2150 and 44.1950 respec-tively, with the total traded vol-ume on the three exchanges atabout $6.4 billion. -Reuters

Indian rupee hits 25-½mth high on inflows

3Saturday, October 16, 2010

Currency Rates

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

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 15/10/2010

A USD GBP CAD EUR JPY

O/N 0.22688 0.55000 1.05167 0.66500 SN 0.09500

1WK 0.25150 0.55500 1.07667 0.69250 0.10750

2WK 0.25169 0.56000 1.10333 0.69875 0.11500

1MO 0.25625 0.57125 1.13583 0.72813 0.12750

2MO 0.27297 0.62775 1.17917 0.78438 0.15500

3MO 0.28906 0.73975 1.24417 0.92938 0.19875

4MO 0.34219 0.82147 1.30333 0.98813 0.28500

5MO 0.40281 0.92438 1.36167 1.07625 0.34313

6MO 0.45250 1.02625 1.43000 1.18281 0.40313

7MO 0.50344 1.10225 1.49500 1.22750 0.46375

8MO 0.55163 1.18444 1.58500 1.27188 0.51063

9MO 0.60188 1.26500 1.64667 1.32375 0.56063

10MO 0.65513 1.33938 1.72167 1.37000 0.58938

11MO 0.70813 1.40688 1.80333 1.41781 0.61625

12MO 0.76663 1.47444 1.87500 1.46688 0.64563

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

U.S.A. 86.05 85.85 85.66

U.K. 137.68 137.36 137.05

EURO 120.80 120.52 120.23

CANADA 85.64 85.44 85.22

SWITZERLAND 90.06 89.85 89.61

AUSTRALIA 85.33 85.13 84.91

SWEDEN 13.07 13.04 13.01

JAPAN 1.06 1.05 1.05

NORWAY 14.94 14.91 14.87

SINGAPORE 66.28 66.13 65.96

DENMARK 16.20 16.16 16.12

SAUDI ARABIA 22.95 22.89 22.83

HONG KONG 11.09 11.06 11.04

CHINA 12.95 12.92 12.88

KUWAIT 305.63 304.92 304.12

MALAYSIA 27.88 27.81 27.74

NEW ZEALAND 65.18 65.03 64.86

QATAR 23.67 23.61 23.55

U.A.E. 23.43 23.37 23.31

KR WON 0.08 0.08 0.08

THAILAND 2.88 2.88 2.87

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

ABP L 11.80 12.30 11.90 12.40 12.25 12.75 12.75 13.00 12.95 13.20 13.10 13.60 13.20 13.70 13.30 13.80

ABLN 11.75 12.25 11.85 12.35 12.20 12.70 12.75 13.00 12.90 13.15 13.10 13.60 13.25 13.75 13.35 13.85

JSBL 12.20 12.70 12.25 12.75 12.30 12.80 12.80 13.05 13.10 13.35 13.20 13.70 13.30 13.80 13.50 14.00

ASPK 11.90 12.40 12.00 12.50 12.20 12.70 12.65 12.90 12.90 13.15 13.10 13.60 13.20 13.70 13.30 13.80

CIPK 12.00 12.50 12.10 12.60 12.30 12.80 12.70 12.95 12.90 13.15 13.00 13.50 13.10 13.60 13.20 13.70

DBPK 11.60 12.10 11.85 12.35 12.10 12.60 12.70 12.95 12.90 13.15 13.15 13.65 13.25 13.75 13.35 13.85

FBPK 11.80 12.30 11.90 12.40 12.00 12.50 12.60 12.85 13.00 13.25 13.10 13.60 13.15 13.65 13.40 13.90

FLAH 11.90 12.40 11.90 12.40 12.20 12.70 12.75 13.00 12.95 13.20 13.10 13.60 13.20 13.70 13.30 13.80

HBPK 11.80 12.30 11.90 12.40 12.20 12.70 12.75 13.00 13.00 13.25 13.10 13.60 13.20 13.70 13.35 13.85

HKBP 12.00 12.50 12.10 12.60 12.20 12.70 12.75 13.00 12.90 13.15 13.10 13.60 13.20 13.70 13.30 13.80

N I PK 11.85 12.35 12.20 12.70 12.65 13.15 12.85 13.10 13.00 13.25 13.10 13.60 13.20 13.70 13.30 13.80

HMBP 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

SAMB 11.75 12.25 11.90 12.40 12.25 12.75 12.80 13.05 13.00 13.25 13.15 13.65 13.25 13.75 13.35 13.85

MCBK 11.70 12.20 12.00 12.50 12.40 12.90 12.75 13.00 12.95 13.20 13.10 13.60 13.20 13.70 13.40 13.90

NBPK 12.00 12.50 12.00 12.50 12.20 12.70 12.75 13.00 12.80 13.05 13.10 13.60 13.20 13.70 13.30 13.80

SCPK 11.90 12.40 11.95 12.45 12.20 12.70 12.70 12.95 12.95 13.20 13.10 13.60 13.15 13.65 13.35 13.85

UBPL 11.80 12.30 11.80 12.30 12.20 12.70 12.65 12.90 12.95 13.20 13.15 13.65 13.25 13.75 13.35 13.85

AVE 11.85 12.35 11.96 12.46 12.22 12.72 12.74 12.99 12.95 13.20 13.11 13.61 13.21 13.71 13.33 13.83

London Inter Bank Offered Rates (LIBOR)

Karachi Inter Bank Offered Rates (KIBOR)

Name Bid Ask High Low

EUR-USD 1.4017 1.4020 1.4158 1.3974

EUR-GBP 0.8747 0.875 0.8798 0.873

USD-CHF 0.9561 0.9565 0.9593 0.9487

GBP-USD 1.6025 1.6028 1.6106 1.5975

GBP-JPY 130.23 130.29 130.69 130.03

AUD-USD 0.9903 0.9906 1.0000 0.9864

CHF-JPY 84.97 85.03 85.51 84.87

Gold 1370.60 1371.48 1384.75 1361.88

Silver 24.34 24.37 24.83 24.08

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)15/10/2010

As per 22.00 PST

CMKA BMA INVSR GSL ICSL JSCM AvgRate

0-7days 12.05 12.00 11.90 11.90 12.00 11.95 11.97

8-15dys 12.15 12.20 12.00 12.10 12.10 12.05 12.10

16-30dys 12.25 12.20 12.15 12.25 12.25 12.25 12.23

31-60dys 12.45 12.33 12.30 12.35 12.60 12.40 12.41

61-90dys 12.05 12.58 12.55 12.70 12.60 12.65 12.52

91-120dys 12.80 12.75 12.75 12.90 12.80 12.75 12.79

121-180dys 12.95 12.90 12.95 13.00 12.95 12.95 12.95

181-270dys 13.05 13.05 13.05 13.10 13.10 13.05 13.07

271-365dys 13.20 13.15 13.15 13.26 13.20 13.20 13.19

2-- years 13.40 13.40 13.38 13.40 13.35 13.35 13.38

3-- years 13.60 13.60 13.68 13.60 13.60 13.68 13.63

4-- years 13.70 13.70 13.70 13.65 13.73 13.70 13.70

5-- years 13.70 13.75 13.75 13.70 13.75 13.78 13.74

6-- years 13.75 13.75 13.78 13.75 13.75 13.80 13.76

7-- years 13.75 13.80 13.78 13.76 13.75 13.80 13.77

8-- years 13.70 13.62 13.75 13.77 13.75 13.75 13.72

9-- years 13.65 13.62 13.65 13.60 13.65 13.65 13.64

10--years 13.75 13.75 13.80 13.85 13.75 13.80 13.78

15--years 14.25 14.33 14.25 14.15 14.20 14.25 14.24

20--years 14.40 14.50 14.30 14.20 14.30 14.35 14.34

30--years 14.60 14.60 14.50 14.45 14.50 14.50 14.53

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for October 15, 2010

Source Events Actual Forecast Previous

EUR CPI y/y 1.8% 1.8% 1.8%

EUR Core CPI y/y 1.0% 1.0% 1.0%

CAD Manufacturing Sales m/m 2.0% 0.5% -1.1%

USD Core CPI m/m 0.0% 0.1% 0.0%

USD Core Retail Sales m/m 0.4% 0.4% 1.0%

USD Retail Sales m/m 0.6% 0.5% 0.7%

USD CPI m/m 0.1% 0.2% 0.3%

USD Empire State Manufacturing Index 15.7 7.1 4.1

USD Prelim UoM Consumer Sentiment 67.9 68.8 68.2

USD Business Inventories m/m 0.6% 0.5% 1.1%

USD Federal Budget Balance -32.3B -90.5B

Previous Day

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada Oct 19 2010 Sep 08 2010 1%

European Central Bank Nov 04 2010 May 07 2009 1%

Federal Reserve Nov 03 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

Bank of England n/a Mar 05 2009 0.50%

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

Bank of Japan n/a Oct 05 2010 0%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, October 15,2010 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

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

1 week 0.76 0.65 0.40 0.76 0.51 0.68 -0.57 -0.37

1 month 0.98 0.91 0.99 0.85 0.94 0.92 -0.81 -0.97

3 months 0.87 0.31 0.92 0.81 0.79 0.88 -0.81 -0.77

6 months 0.91 -0.12 0.59 0.47 0.82 0.84 -0.64 -0.79

1 year 0.52 0.77 0.84 0.90 0.89 0.57 0.24 -0.64

2 years 0.38 0.50 0.50 0.77 0.73 0.40 -0.26 -0.63

Currencies CorrelationEUR/USD

NEW YORK: The US dollarrose from a more than an 8-month low versus the euro onFriday as traders said its recentdeclines were overdone, but asustained rebound seemedunlikely given expectations offurther monetary easing.

The Australian dollar earliersurged above parity versus theUS currency for the first timesince flotation in 1983 afterFederal Reserve Chairman BenBernanke said there was causefor further policy easing givenlow inflation and high unem-ployment.

Bernanke said policymakerswere still weighing howaggressive they should be.

Analysts said the dollar is

likely to stay on the defensiveuntil the central bank's meetingon Nov. 2-3. They said thedownside may be limited asmuch of the impact from addi-

tional Fed easing has beenpriced in and bearish sentimenton the dollar has reachedextreme levels.

"A lot of the QE (quantita-tive easing) story is already

priced into the dollar valua-tion," said Omer Esiner, chiefmarket analyst atCommonwealth ForeignExchange Inc in Washington.

"The market is poised to takesome profits ahead of theweekend after a very largemove lower in the dollar."

The euro fell as low as$1.3985 on trading platform

EBS and last traded at $1.4011,down 0.5 per cent on the day.The euro had earlier climbedas high as $1.4161, thestrongest level since Jan. 26.

Declines in some major USstock indexes also hit investorsrisk appetite and providedsome safe-haven demand forthe dollar, analysts said.

Investors awaited a reportfrom the US TreasuryDepartment later on Friday onthe currency practices of othercountries.

The US administration facesa tough call on whether to labelChina a currency manipulator,a move that could throw awrench in Sino-US relations. -Reuters

US dollar rises againsteuro; Aussie hits parity

Swiss francinches off

all-time highZURICH: The Swiss francinched off the previous ses-sion's all-time high against thedollar on Friday ahead of aspeech by the Federal Reservechairman Ben Bernanke whichcould shed light on US mone-tary easing measures.

The franc was down 0.1 percent against the dollar at0.9539 per dollar at 0643GMT.

"Despite near term risk, weexpect the dollar to remainunder downward pressureahead of the expected Fed QE(quantitative easing) and also ifUS earnings continue to sur-prise positively," said CreditSuisse analysts in a researchnote.

The franc fell 0.1 per centagainst the euro compared tothe New York close, trading at1.3431 per euro. -Reuters

SHANGHAI: Spot yuan endedat its highest closing levelagainst the dollar since its land-mark revaluation in July 2005on Friday ahead of the publica-tion of a report by the USTreasury Department on tradepartners' currency practices.

The People's Bank of Chinafixed a record high mid-point asthe Obama administration isdue to say on Friday whether itbelieves China manipulates itscurrency to create an unfairtrade advantage, a decision thatcould sour ties between theworld's two biggest economies.

The Treasury Department isrequired by law to issue twice-yearly reports on the currencypractices of the major US trad-ing partners by Oct. 15 andApril 15 each year.

Dealers trading on the Chinesemarket see little chance for theUS administration to label Chinaa currency manipulator.Speaking hours before the USreport, China's Ministry ofCommerce said the United Statesshould not make the yuan ascapegoat for its own domestic

problems. Ministry spokesmanYao Jian said if the yuan appreci-ated 3 per cent, it will put greatpressure on Chinese exporters.

The yuan ended at 6.6412against the dollar, near an intra-day post-revaluation high of6.6404 hit about 10 minutesbefore the market closed and upfrom Thursday's finish of 6.6508.

Before trading started, thePBOC fixed the mid-point, orits reference rate from whichthe yuan can rise or fall 0.5 percent in a day, at a record high of6.6497 from Thursday's 6.6582.

Three-month dollar/yuanNDFs fell to a record low of6.5490 bid on Friday, implyingthe yuan will rise another 1.54per cent in the next threemonths, on top of a 3.54 percent jump implied in the short-term NDFs since the depegging.

One-year NDFs were bid atthe highest level since July2008 at 6.4187 on Friday,implying 12-month yuan appre-ciation of 3.60 per cent on topof a 4.46 per cent jump impliedin the long-term NDFs since thedepegging. -Reuters

Yuan rises ahead ofUS currency report

SYDNEY/WELLINGTON: The Australiandollar looked set to rise for the eighth straightweek on Friday, and investors were confident itsrally could last even though it was struggling tohit the landmark parity level.

In late trade, the Australian dollar traded at$0.9913, a good way under a 28-year high of$0.9994 hit offshore, but still up 0.15 per centfor the week. That meant it had been rising everyweek since the week of August 22, its longestwinning streak since June 2009. It is up 11 percent since the start of the year, the second top-performer among major currencies after the yen.

While option barriers at $1.000 had preventedit from hitting parity against the US dollar onThursday, many traders believed the barriersmerely postponed the inevitable.

Australia's 4.5 per cent interest rates, the high-est in the developed world, its commodity-driv-en economic growth, a weak US dollar and itsboost to commodity prices should combine to

lift the currency higher.Like the Aussie, the NZ dollar gave way to

profit-taking. It slipped to $0.7575, after hittinga two-year high of $0.7645 in offshore trade.

It was up 0.2 per cent for the week, its fourthconsecutive week of gains.

"The kiwi is looking a little soft and tired. It'smuch like the Aussie and the euro," said ANZ-National senior dealer Alex Sinton. "It has runan awful long way and needs to correct backfrom some of those moves."

Despite a series of disappointing data, the kiwihas risen around eight per cent since September,thanks to a global sell-down on the US currency.

Traders said profit-taking was likely to testkiwi's support around $0.7550, while resistancewas expected at the $0.7645 level.

The Aussie/kiwi was steady around NZ$1.308,after hitting a near six-month high ofNZ$1.3176 in late September as no rate hike isexpected in NZ for some more months. -Reuters

Aussie up for 8thweek; parity bets still on

SEOUL: The Singapore dollaredged down against the dollaron Friday as investors covereddollar-short positions and deal-ers spotted Thai central bankintervention.

Asian currencies overallshowed some consolidationwith the South Korean wonerasing most of its earlier lossesbefore a speech by US FederalReserve Chairman BenBernanke later in the day.

Bernanke's comments areunlikely to change expectationsof further easing by the Fed tohelp fuel the world's top econo-my, which have helped liftAsian currencies.

The Singapore dollar fellslightly against the US dollar asinvestors covered US dollar-short positions in thin tradingbefore the weekend.

On Thursday, the Singapore

currency hit a record high afterthe country widened the tradingband for the first time since justafter the 9/11 attacks on theUnited States, underlining thedepth of its concern about finan-cial markets.

"Those who oversold the dol-lar yesterday are buying backtoday to square (positions) forthe weekend. But the market isoverall quiet as we go between1.2960 and 1.2990 today," saida Singapore-based dealer.

The baht was steady with aslightly softer tone in early tradewhile its Asian peers eased onprofit-taking after recent headygains.

"The baht is being confined toa narrow 29.83-85 range bylight central bank intervention,"a dealer at a Thai bank said.

"The market is waiting to seewhether the Bank of Thailand

will do anything to check capi-tal inflows. For the policy ratereview next Wednesday, thegrowing noise from the busi-ness sector against a rate hikemeans it is now 50:50 onwhether the BOT will raise ratesor hold."

Thailand's central bank chief,Prasarn Trairatvorakul, said onFriday the Bank of Thailandwould exercise caution inadopting any additional meas-ures in dealing with the baht'sfast appreciation to avoid mar-ket disruption.

The won erased most of itsearlier losses to end flat againstthe dollar as exporters chased itfor settlements, promptinginvestors to clear dollar-longpositions. Some dealers sus-pected foreign exchange author-ities of buying dollars to checkthe won's strength. -Reuters

Asian currencies

Singapore dollar dips;consolidation before Bernanke

LONDON: Sterling rose to aneight-month high against an ail-ing dollar on Friday as USFederal Reserve Chairman BenBernanke said low inflationsuggested the case for furtheraction on the economy.

That confirmed marketexpectations the US centralbank was leaning towardincreasing asset purchases at itsnext meeting on Nov. 2-3,

although Bernanke offered nodetails on the Fed's next steps.

But the pound failed to sustaingains as the prospect of furthereasing had already been fac-tored in. "The market was quitelong going into Bernanke," oneLondon-based trader said, and alack of specifics on potentialeasing measures promptedtraders to pare gains.

The pound rose to $1.6108, itshighest since Jan. 29, as the dol-lar index traded at a year-to-datelow of 76.144. By 1504 GMT,the pound stood at $1.6022, up0.1 per cent on the day. "While

we are able to stay above yester-day's intraday pullback low at$1.5970, momentum should besustained for a move towards1.6250," said Michael Hewson,analyst at CMC Markets.

Against the euro, the poundwas underpinned by corporatedemand related to dividendpayments over the Europeanmorning, traders said.

The euro fell 0.5 per cent to

87.48 pence. Further downsidefor euro/sterling was likely tobe limited, however.

"The euro has been very well-bid generally and I wouldn'texpect much downside, though inthe bigger picture it's beenapproaching a range-top and isstarting to look expensive," saidGavin Friend, currency strategistat nabCapital. The pound slippedto a six-month low on Wednesdayat 88.39 pence per euro as weakUK data added to speculation thatthe Bank of England would needto pursue another round of quan-titative easing. -Reuters

Stg near 8-mth high;corporate demand seen

Taiwan dlreases on

cbank sellingTAIPEI: The Taiwan dollareased on Friday following sus-pected central bank interven-tion to limit sharp gains amidglobal exchange rate turbu-lence seen coming to a head atthe G20 leadership meetings.

Suspected selling by Taiwan'scentral bank pushed the Taiwandollar to T$30.793 against theUS currency, compared with itsThursday closing price ofT$30.77. Over the week theTaiwan dollar has climbedsteadily on the prospect ofquantitative easing in theUnited States, reaching its high-est level since a wave of eupho-ria over new China-Taiwan eco-nomic ties in mid-2008.

"Taiwan doesn't have a role inthe G20 or other public forums,but it's a recipient of the environ-ment around them," a regionalcurrency strategist said.

The Taiwan dollar has risen aquick 2.62 per cent since quan-titative easing began to bolsterAsian markets on Sept. 27 andnearly 1 per cent over the pastweek alone.

The authority bought about$3.2 billion over two weeksfrom Sept. 27 as the currencybegan to surge, estimates fromtraders compiled by IFRMarkets show.-Reuters

Fed Chairman Bernanke sees case for more policy easing

Page 4: The Financial Daily-Epaper-16-10-2010

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.

Gas supplyplan needs tobe revisited

Reportedly the government has prepared a gasmanagement plan for the winter to ensure max-imum gas to power plants. Under the proposedplan priority would be given to the power sec-tor to contain the rising electricity tariff. Thelogic behind this proposal is that cost of elec-tricity generation by burning gas is about 70per cent less than the cost incurred by furnaceoil based generation.

The policy decision has been taken in princi-ple not to reduce gas supply to the power sec-tor and gas distribution companies directed toenter into direct sale agreements with powergeneration companies. Fertilizer factories willbe run on furnace oil, but supplies of feedstockwill continue.

According to the proposed gas load manage-ment plan two-day gas load shedding for gen-eral industrial sector and one day closure ofCNG station closure in a week will be intro-duced to manage the huge gas shortfall. Therewill be no gas load shedding for domesticconsumers.

The decision has become necessary becausethe country faces a short fall of 1,000mmcfd.According to Ministry for Petroleum andNatural Resources gas production will be4,000mmcfd while demand would exceed5,000mmcfd. The reasons for increase indemand are stated to be increase in demand of200mmcfd by power plants and 100mmcfd byfertilizer industries.

The immediate response from the industrialsector has been rather spiky and demandedimmediate withdrawal of any such move. Theentrepreneurs have a very clear view that sincelast winter hardly any thing has been done toovercome the gas shortfall, which hasincreased despite slower economic activities.They also question the credibility of theincrease in gas demand.

The experts are also of the view that lastyear's shortfall was the outcome of gross mis-management, which has become even worsethis year. Neither the litigation regarding someof the mega gas fields have been resolved toensure commencement of production nor havethe gas marketing companies shown any signif-icant reduction in UFG. Had the two problemsbeen resolved over the year, the country wouldhave surplus gas.

It has been repeatedly pointed out in the pagesthat burning gas in power plants is the worstoption but the decision makers completely failto understand. Closing CNG stations also addsnot only to the miseries of commuters but alsoadded to oil import bill. Experts had alsoobjected to commitment of gas for rental powerplants and some of the new IPPs.

Any effort to curtail gas supply to industriesand closure of CNG stations would not onlyplunge the country deeper into recession butalso erode competitiveness of the local manu-facturers. To achieve higher GDP growth unin-terrupted supply of energy products at afford-able prices has to be ensured.

4Saturday, October 16, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

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

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 72

Lately, remit-tances havehelped Pakistan

bridging currentaccount deficit.However, it is becom-ing evident that with-out boosting exports

containing current account deficit willbecome increasingly difficult. Exportscan only be enhanced by introducingsupporting policies as well as removingthe impediments restricting flow ofmade in Pakistan goods to global buy-ers. Many of the experts have beendemanding greater access to the USand the EU markets but unlessPakistani products are offered at com-petitive prices, quality standards areimproved and shipment deadlines areadhered to achieving greater accesswould be of no consequence.

Bulk of Pakistan's exports comprisesof textiles and clothing and its tradi-

tional competitors are China, India andBangladesh. China and India beatmany exporting countries on the basisof rock bottom price and superior qual-ity and Bangladesh due to preferentialtreatment. Pakistan has graduated fromGSP and still not qualified for GSPPlus regime, which puts it at odd.

Over the years Pakistan has lost com-parative advantage because many othercountries, which do not produce cottonhave snatched Pakistan's share simplyby buying raw cotton, yarn andunprocessed cloth and converting theseinto higher value added products.Lately, the effort to contain export ofyarn was resisted by the spinners whofailed to understand that hike of yarnprices due to emerging shortage waseroding competitiveness of the localmanufacturers of textiles and clothing.

Two of the reasons for value-addedproducts manufacturers for not achiev-ing competitive advantage are lower

productivity and higher wastages.Lower productivity is because ofdeploying less efficient workers on theassembly line. It is not because work-ers do not wish to work but due toabsence of training. One of the bench-marks is 'stitches per second' and thevariance is up to 1:3, meaning outputof quality worker is three times the out-put of an average worker.

Wastages are mainly due to absenceof computer aided cutting system.Deployment of latest technology helpsin containing wastage of fabric. Withthe persistent hike in cotton prices,minimizing wastages added to profit.This could be best understood byunderstanding the equation, withoutthis system 65 per cent fabric is wastedand using the technology improve useof fabric up to 65 per cent.

Persistent hike in electricity tariff andextended hours of load shedding hasproved most detrimental for the manu-

facturers of made-ups and garments.Millions of man-hours are wasted everymonth simply because of outages, fre-quent switching over from mains tostandby generating system and viseversa. The collective loss is enormousemancipating from lost man-hours, lossof concentration and additional cost ofredoing. Worst victim of load sheddingare weaving and processing units. Sinceweaving and processing is still concen-trated in unorganized sector, most of theunits do not have stand by electricity gen-eration facilities and even if they have itsupports only the critical sections.

Boosting export of textiles is not pos-sible simply by achieving greater mar-ket access. It has to be supported byregaining the lost competitive advan-tage. The recipe includes curbingexport of cotton and yarn, improvingproductivity through uninterruptedsupply of electricity and gas at afford-able cost and reducing interest rates.

Boosting exportsthe only solution

Jonathan Spicer

The 20-minute "flashcrash" will reverberatefor quite some time to

come.For years, America's stock

markets were the envy of theworld, the model for moderntrading -- fast, stable, efficientand for the most part transparent.

But after the Dow Jonesindustrial average plungednearly 700 points on May 6before sharply rebounding, thatperception changed, possiblyfor good.

"On May 6, I recall this beau-tiful flash crash that was expe-rienced by many of you,"French Finance MinisterChristine Lagarde sardonicallytold those gathered at a WorldFederation of Exchanges con-ference in Paris this week."Well, we certainly don't wantthat to happen, and neither dowe want somebody to press thewrong key and as a resultencourage a nice algorithm toprecipitate it."

The close examination ofmarket structure in the wake ofthat stomach-churning freefallsurprised even the most griz-zled investors. They learnedthat a lone trader using comput-erised trading codes can submittens of thousands of orders in asingle second. As a result,many of the technologicaladvances that are the hallmarksof modern stock markets arenow viewed with at least a littlesuspicion.

"In the last 20 years camecomputers, electronicexchanges, dark pools, flashorders, multiple exchanges,alternative trading venues,sponsored access, OTC deriva-tives, high-frequency traders,MiFID in Europe, NMS in theUS," Thomas Peterffy, founderof Interactive Brokers Groupand a revered trading industryveteran, told the conference.

"And what we've got today isa complete mess."

The flash crash has alteredthe heated debate over how toreconstruct the EuropeanUnion's interconnected market-place. And in Asia and LatinAmerica, the aftermath isthreatening to hamstring need-ed upgrades to trading systems,several industry executives andregulators told Reuters.

In a nutshell, the crash put theworld's most sophisticated trad-ing firms, hedge funds and bro-kers on the defensive, and itstrengthened the hands of sometraditional investors and evenpoliticians who had agitated forbetter safeguards in the compli-cated marketplace.

The fallout has just begun.Regulators, playing a bigger

role, will at the very least shinea brighter spotlight on today'shigh-speed marketplace. At themost, they could try to put thebrakes on trading advances thatare now commonplace.

DENTED CONFIDENCEThe Dow was down 1,000

points when it touched bottomon May 6. Based on theWilshire 5000 total marketindex .W5000, the broadestmeasure of US equities, that

represented a brief paper lossof about $1 trillion from theday's open.

The incident muzzledexchange operators who previ-ously rarely missed an opportu-

nity to remind the world thatpublic markets were relativelyunscathed as the 2007-2009financial crisis unfolded in pri-vate over-the-counter markets.

"I think we were sort of feel-ing very confident about that,and the flash crash has to someextent dented that confidence,"Jane Diplock, executive com-mittee chairman at theInternational Organisation ofSecurities Commissions(IOSCO), said in an interview."While the flash crash, fortu-nately, did not bring about sys-temic collapse, what it did wasit showed us how important itis to understand what's happen-ing in markets."

Earlier this month, the USSecurities and ExchangeCommission and the USCommodity Futures TradingCommission issued a reportthat said a single, computer-executed sale worth $4.1 bil-lion by a money managerhelped trigger the flash crash.

The 104-page report conclud-ed that the liquidity crisis thatday was exacerbated by high-frequency traders quickly off-setting their positions betweenfutures and stocks, and by theoverall crush of sell-at-any-price orders.

Exchanges globally haveseized on the role that "marketfragmentation" played in dis-persing and sapping that liquid-ity -- that is, the availability ofbids and offers. Stocks trade on50 some venues in the UnitedStates, where the market ismore fragmented than inEurope.

"There is a balance between

market integrity and complexi-ty, and the US market, lately,seems very complex to us,"Rainer Riess, managing direc-tor of Deutsche Boerse's cashequities section, said in aninterview.

At the Paris conference,exchange executives repeatedlyurged a crackdown on the alter-native trading venues that haveproliferated, driving down trad-ing fees and eroding their mar-ket share over the last decade.

"This incident on May 6 is asymptom of market fragmenta-

tion and a call to better coordi-nate," said Dominique Cerutti,deputy CEO of NYSEEuronext. "It's a real life, sadexample that bad things canhappen if you don't take care."

The SEC opened the door toalternative trading venues in1999, and made them an inte-gral part of the national orderrouting system with so-calledRegulation NMS in 2005 -- twobig decisions to spur competi-tion that shaped today's market-place. The EU took similarsteps with its 2007 markets infinancial instruments directive,or MiFID, while these low-costhigh-tech venues have alsocropped up in Canada, Japanand elsewhere.

The European Commission'ssweeping review of MiFID,which began before the UScrash, has zeroed in on "trans-

parency" in markets.It could as early as this year

propose tighter rules for boththe alternative venues that pub-licly display prices, and for theso-called dark pools that keepprices anonymous -- venuesthat are typically owned by theworld's biggest banks includingCredit Suisse Group AG andJPMorgan Chase & Co.

BATTLE LINESWhatever the flash crash's

ultimate impact, it has thepotential to revamp the waytens of trillions of dollars circu-late through the world's stockmarkets. It could also spell sig-nificant changes to the businessmodels of banks, brokers,exchanges, funds, and theincreasingly dominant propri-etary trading firms that allinteract daily.

The biggest battles in comingyears will likely center on so-called high-frequency trading,or HFT, in which firms usecomputer codes called algo-

rithms to submit rapid-fire bidsand offers, making short-termmarkets and earning tiny prof-its on price imbalances.

Having effectively replacedthe trading floor specialists ofyears past -- and often based inoffices nowhere near WallStreet or the City of London --these operations remained quiteprofitable through the volatilemarket drop two years ago thismonth. HFT is now involved inan estimated 60 percent of USstock trading, and 40 percent ofthat in Europe.

The battle lines are nowbeing drawn.

In a July draft report, BritishEU lawmaker Kay Swinburnecalled for a full examination ofHFT's costs and benefits, aswell as "stress tests" to deter-mine how exchanges wouldhandle a European version of

the flash crash. Top EuropeanCommission member MichelBarnier went a step further onTuesday, declaring that HFTneeds new governing rulesgiven the inherent risks itposes.

"I think a number of us arecoming to the view that thishigh-frequency trading hasnegative social value, and thatit's not information discovery,"Nobel Prize winning economist

Joseph Stiglitz,a member of thejoint CFTC-SEC advisorypanel studyingthe flash crash'simplicat ions,said onSeptember 30.

"They're play-ing games.They're tryingto extract infor-mation fromi n f o r m e d

traders, people who are doingthe research," Stiglitz added ata reception hosted by ThomsonReuters in New York.

SEC Chairman MarySchapiro has said HFT strate-gies need a closer examination,and the agency is consideringsaddling such traders with mar-ket-making obligations andprivileges so that they provideliquidity when it is most need-ed. Such a move would put USmarkets at sharp odds withEurope, which has done awaywith market makers.

All this tough talk hasspooked high-frequencytraders and the exchanges thatrely on their liquidity and vol-umes. They note that HFT wasnot blamed outright in theSEC-CFTC flash crash report,and argue that its short-termstrategies have made tradingcheaper and easier for allinvestors.

Richard Balarkas, CEO ofInstinet Europe, the NomuraHoldings Inc-owned agencybrokerage and alternativevenue operator, said windingback the clock is a mistake.

"I don't think investors on thewhole want to go back to amarket where they all pay a tax,usually in the form of a widerspread, to a firm makingmonopoly profits that will inany case wave a white flag assoon as a stock has a liquidityshock," he said in an interview.

"It's crystal clear why the flashcrash happened: a lack of buyers,and unthinking selling. It waspure, simple supply and demandwithin a regulatory regime thatthe SEC had created."

AFTERSHOCKSThe soul searching in the

United States and Europe hasspawned some anxiety else-where. Exchanges in Asia andLatin America invested heavilyin recent years to install elec-tronic matching engines andorder routing systems to attractthe very kind of trading nowunder the microscope.

Executives said that whilethere are lessons to be learnedfrom the flash crash, there is adanger in overreacting.

"It's unfortunate for placeslike India, that the confidenceamong the global regulatorswas shaken in exchanges in thedeveloped countries," JamesShapiro, head of market devel-opment at Bombay StockExchange .BO, said on the side-lines of the Paris conference."India is basically now where itneeds more deregulation tosome degree. This has intro-duced an element of caution."

Atsushi Saito, CEO of theTokyo Stock Exchange, whichlaunched a $140-million super-fast "Arrowhead" stock tradingsystem in January, told the con-ference: "We are carefullywatching the report from theUnited States on this May 6event... But we are very uncom-fortable about the deionisationof high-frequency trading."

When so-called MiFID IItakes effect in 2012, it could setthe tone for any possible cross-border marketplace in EastAsia, where, as in Australia andBrazil, exchanges face theprospect of new competitionand a race to ever-faster elec-tronic trading in the near future.

It is here that the most severeaftershocks of the US flashcrash could hit, said JosephGawronski, president at NewYork-based institutional brokerRosenblatt Securities.

"Certainly the incumbentsdon't want to see fragmenta-tion," he said. "But at the sametime they do want to see high-frequency trading come toincrease their velocity. Andthat's a very fine line."-Reuters

Globally, flash crashis no flash in the pan

The flash crash hasaltered the heated debate

over how to reconstruct theEuropean Union's intercon-nected marketplace. And inAsia and Latin America, theaftermath is threatening to

hamstring needed upgradesto trading systems, several

industry executives andregulators told Reuters.

“

The fallouthas justbegun

In a nutshell, the crash put the world'smost sophisticated trading firms, hedgefunds and brokers on the defensive, andit strengthened the hands of some tradi-

tional investors and even politicians whohad agitated for better safeguards in the

complicated marketplace.

Shabbir Kazmi

Page 5: The Financial Daily-Epaper-16-10-2010

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

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

Sales (July 09 to June 10) 73,993

Production (July 10) 7,509

Sales (July 10) 4,503

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

Sales (July 09 to June 10) 50,823

Production (July 10) 5,162

Sales (July 10) 4,999

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

Sales (July 09 to June 10) 14,120

Production (July 10) 1,560

Sales (July 10) 1,272

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

Sales (July 09 to June 10) 1,371

Production (July 10) 41

Sales (July 10) 40

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

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

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

Spread (July 2010) 7.51%

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

MS (July 10) 188

Kerosene (Jul 09 to June 10) 164

Kerosene (July 10) 15

JP (Jul 09 to June 10) 1,377

JP (July 10) 129

HSD (Jul 09 to June 10) 7,435

HSD (July 10) 664

LDO (Jul 09 to June 10) 75

LDO (July 10) 7

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

Fuel Oil (July 10) 869

Others (Jul 09 to June 10) 13

Others (July 10) 1

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

MS (1 Aug 10) 41.22

MS % Chg -0.90%

Kerosene (1 Sep 10) 47.14

Kerosene (1 Aug 10) 46.55

Kerosene % Chg 1.27%

JP-1 (1 Sep 10) 47.37

JP-1 (1 Aug 10) 46.78

JP-1 % Chg 1.26%

HSD (1 Sep 10) 50.61

HSD (1 Aug 10) 49.63

HSD % Chg 1.97%

LDO (1 Sep 10) 46.37

LDO (1 Aug 10) 45.29

LDO % Chg 2.38%

Fuel Oil (1 Sep 10) 39,932

Fuel Oil (1 Aug 10) 39,723

Sector Updates

Symbol Close Vol (mn)LOTPTA 9.62 24.19 PACE 2.99 13.51 NCL 19.11 7.03 NBF 2.55 7.01 NML 50.86 5.51

Symbol Close ChangeDREL 734.00 34.01 COLG 740.00 8.00 ATBA 151.36 7.20 MARI 119.40 5.68 SRVI 185.33 4.79

Symbol Close ChangeULEVER 4,007.50 -67.5FZTM 320.00 -16.52WYETH 830.06 -12.93IDYM 213.59 -10.77NESTLE 1,941.00 -9.17

Plus 178Minus 181Unchanged 24

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

EU shares close flat; US sentiment weakens

Singapore, Thai stocks up, others pull back

Saturday, October 16, 2010 5

Opening 10,409.02

Closing 10,431.84

Change 22.82

% Change 0.22

Turnover (mn) 112.61

Opening 3,243.40 Closing 3,244.41 Change 1.01% Change 0.03Turnover (mn) 5.20

Opening 2,658.51

Closing 2,668.49

Change 9.98

% Change 0.38

Turnover (mn) 0.07

CHINA: An investor walks past an electronic board showing stock information at a brokerage house in Hengyang, Hunan province.-Reuters

ANNOUNCEMENTS

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

Latif Jute Yearly - 1.140 0.32

AL-Ghazi Tractors 3rd Qtr - 1,344.133 31.31

South East Asian stocks

HONG KONG/SHANGHAI,Shanghai shares jumped 3.2 percent, posting the biggest week-ly gains since February 2009 asbanks rallied, while HongKong's technically overboughtbenchmark eased from a 28-month high.

The Shanghai Compositeended the week at 2,971.2, itshighest level in nearly sixmonths. It is up more than 10per cent since reopening lastFriday after the Golden Weekholiday.

Momentum picked up afterthe benchmark convincinglybroke a key resistance level atthe index's 250-day movingaverage with Chinese bankspushing the index higher intothe close.

Shanghai's benchmark is stilldown 9.3 per cent this year, butis no longer Asia's worst per-former after the latest rallypushed it ahead of Japan'sNikkei for year-to-date returns.

Six of the ten most activestocks in Shanghai were banks,all higher as expectations ofstrong earnings on the back onlending growth finally enticeddomestic investors to take size-able long bets on the underper-forming sector.

ICBC, the world's most valu-able bank by market value,jumped 6.6 per cent, its biggestdaily gain in more than twoyears.

"The most important reasonfor today's rally is that bankingstocks are strong and if the dol-lar remains at a low level, bluechips will not drop," said ChenYi, an analyst at XiangcaiSecurities. "We still expect themarket has good prospects."

Bank of China rose 4.3 percent while CITIC Securitiessoard 9.6 per cent.

Analysts expect the 16 bankslisted on the mainland'sShanghai and Shenzhen stockexchanges to post an average30 per cent jump in their earn-

ings for the first nine months of2010.

China's central bank releaseddata on Wednesday showingstrong lending by Chinesebanks in September, and for-eign trade figures that showedthe country's resilient importgrowth.

HK EASESHong Kong shares slipped

from multi-month highs asinvestors took money off thetable but trading activityremained elevated and rotationwas seen into stocks that hadlagged the rally.

The Hang Seng Index fell 0.4per cent to 23,747.4 with its rel-ative strength index a measureof how overbought or oversolda security is slipping from a17-year high.

With the RSI at 80, the indexis well above the threshold 70-level, suggesting it remainsoverbought and that any nega-tive news may spark somesharp falls.

"But for the time being peo-ple are looking for excuses tobuy rather than excuses to sell,"said Ben Kwong, chief operat-ing officer at KGI Asia in HongKong, adding investors werenow going after stocks that hadlagged the rally.

Shares of Foxconn rose 7.2per cent as investors aggres-sively chased laggards in amarket that has rallied sharplyin the past six weeks on theback of a rush of funds intoAsia.

Foxconn is one of only twoHang Seng constituents, alongwith Esprit Holdings, tradingbelow its 200-day moving aver-age.

"It's like a treasure hunt,"said Peter Lai, a strategist atDBS Vickers in Hong Kong."The market is flooded withmoney and we are seeing a lotof rotation into underper-formers."

See # 6 Page 11

Shanghai at 18-month top

Nawaz Ali

KARACHI: Positive activitiescontinued at the Karachi StockExchange on the last tradingday of the week. Buying was onthe expectations of good quar-terly corporate results andexpectations of foreign pledgesin FoDP meeting. However,index didn't witness any majorgains due to profit booking bythe local investors.

The benchmark KSE 100-index increased by 22 points toclose at 10,431 points, KSE 30-index was up 17 points to closeat 10,094 points and KSE all-share index rose by 15 points toclose at 7,267 points.

"Positive activity was wit-nessed on institutional and for-eign interest ahead of majorearning announcements nextweek", said Ahsan Mehanti,Director Arif HabibInvestments.

He said that expectation arehigh regarding pledges to bemade at international donorsmeeting in Brussels today forfighting terrorism and rebuild-ing after devastating floods inPakistan and higher interna-tional oil prices close to $83 perbarrel played a catalyst in regis-tering positive activity at KSE.This was despite concerns ofrising executive-judiciary con-flict in NRO case hearings and

rising circular debt in the ener-gy sector.

Despite tension between gov-ernment and judiciary marketmanaged to take a positive startwith a gain of 4 points.Thereafter, index made gains asinvestors took positions overexpectations of good corporateresults.

Due to continued buyingmainly in the oil stocks index atabout 10:10 a.m. touched itshighest level of the day of10,473 points (+ve 64 points).Since it was the last trading dayof the week some profit takingwitnessed at higher levelswhich at a moment wiped offthe index gains. However, con-tinued support in the heavyweight OGDC, index managedto close the first session with again of 38 points.

Positive activities continuedduring the second session also.However, day end selling didn'tallow the index to end with anysignificant increase.

"Last day squaring-up didoffer resistance to the positiveopening, the main board stocksfaced off-loading mainly by thelocal corporate participants,activity by off-shore participantsin the index heavy weight keptthe numbers positive on thebenchmark", said an equity deal-er at a local brokerage house.

See # 1 Page 11

Top indexsets sights

on 10,500pts

TOKYO: Japan's Nikkei aver-age fell 0.9 per cent on Friday,hurt by broad profit-taking aftera rally the day before and asfinancial stocks tracked theirWall Street peers lower on wor-ries about a widening foreclo-sure crisis in the US.

Analysts said that marketplayers were being particularlyfickle at the moment, notadverse to taking on risk asthey did on Thursday amidexpectations that the FederalReserve will ease and bringmore liquidity to markets, butalso very quick to unwind posi-tions.

"They know the Fed is con-sidering easing policy becauseof worries about the US eco-nomic outlook, but at the sametime, it's not surprising thatthose who have put money intoglobal stocks and commoditiesmove to unwind positions atany moment," said TsuyoshiSegawa, an equity strategist atMizuho Securities.

Continued strength of yenhitting 15-year high onThursday, put pressure onexporters and sent the Nikkei

0.9 per cent lower on the week.The benchmark is now downabout 2 per cent from a high hitafter the Bank of Japanannounced bold easing meas-ures last Tuesday. The bench-mark Nikkei ended down 83.26points to 9,500.25, while thebroader Topix fell 1.3 per centto 826.38.

On Thursday, the Nikkei rose1.9 per cent, its best daily per-formance in a month, buoyedby a jump in resource stocks asdollar weakness fuelled a climbin commodity prices.

Traders said Thursday's gainswere partly due to active buy-ing by one European institu-tion, which bought Nikkeifutures possibly on behalf ofoverseas commodity tradingadvisers (CTAs) and hedgefunds which were doing short-term trades.

Technical indicators showedthe Nikkei has strong support atits 25-day moving average, nowat 9,458, while its next upwardtargets are its recent peaksaround 9,700, marked thismonth, and 9,800, hit in July.

See # 5 Page 11

Nikkei falls onprofit-making

MUMBAI: Indian shares shed1.8 per cent on Friday and fellto their lowest close for themonth, as investors opted tolock in profit ahead of state-runCoal India's up to $3.5 billionshare sale, the country's largestever, next week.

It fell for the second straightweek, but the benchmark indexis still up 15.2 per cent year-to-date on the back of robust $22.5billion foreign fund inflows.

IT bellwether InfosysTechnologies led the losses andclosed 3.4 per cent lower, afterrising as much as 2 per cent toa record high of 3,249 rupeeson forecast-beating Septemberquarter earnings.

The 30-share BSE index closed1.82 per cent or 372.59 points

lower at 20,125.05, with just oneof its components closing in thegreen. "The way the market wasgoing up, it only seemed to be aone-way journey. Profit book-ing is expected at such levels,"said Gajendra Nagpal, CEO ofUnicon Financial.

"Also, quite a few retailinvestors are lightening their posi-tions for the Coal India IPO (ini-tial public offering)." Outsourcersshed the most, even as Infosysraised its full-year guidance.

"While the near-term demandmomentum remains good, webelieve that there is limitedclarity on the CY11 tech spend-ing and appreciating rupeeremains a risk," brokerageReligare said in a note.

See # 2 Page 11

Indian shares fallto one-month low

US stocks mid-day

Nasdaq up,banks

mar DowNEW YORK: A blowoutquarter from Google lifted theNasdaq almost one per cent onFriday, while Dow fell as con-cerns about the widening fore-closure crisis again hurting thebanks.

The S&P edged higher fol-lowing the most heavily trad-ed morning for the index in atleast a month as investorsdigested mixed results fromconglomerate GE and com-ments from Federal Reservechairman Ben Bernanke thatpointed to more monetary eas-ing.

Financials declined on con-cerns the foreclosure quag-mire could not only affectbanks' profit but spread tocredit markets and the overalleconomy.

"The real downside potentialof this issue is unknowable. Itcould be a multibillion dollarproblem," said Brian Battle,Vice President of trading atthe Chicago-basedPerformance Trust CapitalPartners. "This could end upbeing a problem with thefinancial system like we sawin 2008."

The KBW Bank indexdropped 2 per cent, falling forthe third straight day. JPMorgan Chase & Co slid 3.1per cent to $37.52, while Bankof America Corp hit a new 52-week low of $11.74 beforeeasing to $12.06, off 4.3 percent. Trading volume on bothDow components eclipsedtheir 50-day averages.

Google Inc boosted theNasdaq, surging 10.6 per centto $598.66 one day after netrevenues surged 25 per cent inthe third quarter, blowing pastestimates. The AMEXInteractive Week Internetindex gained 1.4 per cent.

"Google is one of the com-panies that, no matter what, itcan get things done," Battlesaid. "But investors needbroad-based evidence thatwe're seeing growth. And wedidn't get that from GE."

The Dow Jones industrialaverage was down 41.44points, or 0.37 per cent, at11,053.13. The Standard &Poor's 500 Index was up 0.08points, or 0.01 per cent, at1,173.89. The NasdaqComposite Index added 22.24points, or 0.91 per cent, at2,457.62.

See # 3 Page 11

FTSE slips ascommodity

stocks retreatLONDON: Commodity stocksfall, after disappointing resultsfrom General Electric andweak US data, pushed Britain'stop shares lower at the close onFriday. The FTSE-100 endeddown 23.84 points at 5,703.37.It closed 0.4 per cent lower onThursday.

Energy stocks were thebiggest drag on the index, com-ing under pressured after crudeprice retreated slightly, with BPdown one per cent while CairnEnergy lost 2.6 per cent.

GE revenues came in belowforecast, overshadowing aspeech from Federal ReserveChairman Ben Bernanke point-ing to a fresh bout of moneyprinting in the US.

Analysts said that Bernanke'scomments had little impactbecause they were no surprised.

"The comments were fullyexpected and equity marketsalready risen sharply since (thesecond bout of quantitative eas-ing) was flagged," said JimWood-Smith, head of Researchat Williams de Broe.

Also pressuring equities wereUS consumer sentiment unex-pectedly dipping in earlyOctober to its weakest levelsince July, with buying planson the decline, a surveyreleased on Friday showed.

See # 4 Page 11

Summit Bankgives okay tomerger withAtlas Bank

Staff Reporter

KARACHI: The Board ofDirectors of Summit Bank Ltd(SBL), formerly Arif HabibBank Ltd has approved thedraft scheme of amalgamationwith Atlas Bank Ltd.According to a notice sent toKarachi Stock Exchange, SBLBoard has also approved valua-tion and swap ratio for the issueof 0.45 share of SBL for oneshare Atlas Bank Ltd.

Amtex stripsinvestors

cleanStaff Reporter

KARACHI: Shareholders ofAmtex Ltd, one of the largestvertically integrated textileunits did not approve paymentof Rs3 per share dividend in theAnnual General Meeting.Shareholders decided to turndown approval of Board's deci-sion surprisingly after shareprice was adjusted by Rs3, ex-dividend.

According to the ChiefFinancial Officer of theCompany, the major banks withwhom Company had availedlarge limits objected to the pay-ments of dividend withoutseeking their No ObjectionCertificate (NOC).

As per the details provided inthe notice issued the Companyis under agreement with bank toseek the NOC before announc-ing any dividend payment.

The nature of agreement ismaterial for company's finan-cial position and it cannot bereverted. The management hadseveral meetings with the bankand tried to convince it to issuethe NOC but all in vain.

Page 6: The Financial Daily-Epaper-16-10-2010

Saturday, October 16, 20106

Volume 112,609,425

Value 3,319,880,205

Trades 52,998

Advanced 178

Declined 181

Unchanged 24

Total 383

Current 7,267.31

High 7,294.31

Low 7,247.44

Change h15.57

Current 10,431.84

High 10,473.46

Low 10,402.71

Change h22.82

Current 10,094.80

High 10,135.47

Low 10,059.43

Change h17.37

Market KSE 100 Index All Share Index KSE 30 Index

Current 16,465.69

High 16,538.07

Low 16,428.30

Change h0.29

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

PACE Pakistan Limited

PACE closed up 0.25 at 2.99. Volume was 2,105 per cent above aver-

age (trending) and Bollinger Bands were 9 per cent narrower than nor-

mal. The company's profit after taxation stood at Rs633.164 million

which translates into an Earning Per Share of Rs2.37 for the year

ended FY10.

PACE is currently 32.4 per cent below its 200-day moving average and

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

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

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

forecasting oscillators are currently bullish on PACE.

RSI (14-day) 58.52 Total Assets (Rs in mn) 9,025.24

MA (10-day) 2.82 Total Equity (Rs in mn) 5,194.40

MA (100-day) 3.21 Revenue (Rs in mn) 1,261.81

MA (200-day) 4.42 Interest Expense 272.59

1st Support 2.63 Profit after Taxation 436.80

2nd Support 2.33 EPS 09 (Rs) 1.805

1st Resistance 3.20 Book value / share (Rs) 21.46

2nd Resistance 3.47 PE 10 E (x) 1.26

Pivot 2.90 PBV (x) 0.14

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

SEPCO closed up 0.40 at 2.49. Volume was 834 per cent above aver-

age (trending) and Bollinger Bands were 5 per cent wider than normal.

The company's profit after taxation stood at Rs52.682 million which

translates into an Earning Per Share of Rs0.39 for the year ended FY10.

SEPCO is currently 29.8 per cent below its 200-day moving average

and is displaying a downward trend. Volatility is extremely high when

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

Volume indicators reflect volume flowing into and out of SEPCO at a rel-

atively equal pace. Trend forecasting oscillators are currently bearish

on SEPCO.

RSI (14-day) 55.81 Total Assets (Rs in mn) 9,248.54

MA (10-day) 2.19 Total Equity (Rs in mn) 2,028.39

MA (100-day) 2.86 Revenue (Rs in mn) 1,911.24

MA (200-day) 3.55 Interest Expense 766.96

1st Support 2.17 Profit after Taxation 146.76

2nd Support 1.88 EPS 09 (Rs) 1.074

1st Resistance 2.64 Book value / share (Rs) 14.84

2nd Resistance 2.82 PE 10 E (x) 6.38

Pivot 2.35 PBV (x) 0.17

Southern Electric Power Co Ltd

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

NCL closed up 0.84 at 19.11. Volume was 432 per cent above average

(trending) and Bollinger Bands were 31 per cent wider than normal. The

company's profit after taxation stood at Rs931.473 million which trans-

lates into an Earning Per Share of Rs7.89 for the year ended FY10.

NCL is currently 1.5 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

moderate flows of volume into NCL (mildly bullish). Trend forecasting

oscillators are currently bullish on NCL.

RSI (14-day) 69.63 Total Assets (Rs in mn) 12,016.81

MA (10-day) 18.07 Total Equity (Rs in mn) 3,102.47

MA (100-day) 16.84 Revenue (Rs in mn) 9,964.55

MA (200-day) 18.83 Interest Expense 1,081.54

1st Support 18.53 Profit after Taxation 103.34

2nd Support 17.93 EPS 09 (Rs) 1.249

1st Resistance 19.50 Book value / share (Rs) 37.51

2nd Resistance 19.87 PE 10 E (x) 2.42

Pivot 18.90 PBV (x) 0.51

Nishat (Chunian) Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

DSFL closed up 0.01 at 1.46. Volume was 41 per cent below average andBollinger Bands were 53 per cent narrower than normal. The company'sloss after taxation stood at Rs10.744 billion which translates into a Loss PerShare of Rs2.93 for the nine months of fiscal year (9MFY10).DSFL is currently 21.5 per cent below its 200-day moving average andis displaying an upward trend. Volatility is relatively normal as comparedto the average volatility over the last 10 trading sessions. Volume indi-cators reflect moderate flows of volume out of DSFL (mildly bearish).Trend forecasting oscillators are currently bullish on DSFL.

RSI (14-day) 52.28 Total Assets (Rs in mn) 16,668.04

MA (10-day) 1.40 Total Equity (Rs in mn) (5,909.01)

MA (100-day) 1.62 Revenue (Rs in mn) 4,169.62

MA (200-day) 1.86 Interest Expense 2,050.22

1st Support 1.37 Loss after Taxation (6,233.79)

2nd Support 1.33 EPS 09 (Rs) (17.017)

1st Resistance 1.49 Book value / share (Rs) (16.13)

2nd Resistance 1.57 PE 10 E (x) -

Pivot 1.45 PBV (x) (0.09)

Dewan Salman Fibre Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,321.87 1,333.67 1,314.20 1,327.22 5.34 0.40

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

5,420,125 - - 65,194.15 mn 1,055,066.86 mn 1,327.22

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

11.22 4.15 37.01 68.56 6.11 1,296.56

Attock PetroleumSPOT 576 5.61 370.49 369.90 364.00 364.51 -5.98 210940 374.20 295.10 250 - 300 20

Attock Refinery 853 16.52 91.33 92.50 89.50 90.88 -0.45 1640452 92.65 73.47 - - - -

BYCO Petroleum 3921 - 10.82 10.98 10.53 10.57 -0.25 905164 12.96 9.62 - - - -

Mari Gas Company 735 16.18 113.72 119.40 111.50 119.40 5.68 336431 138.45 106.00 32.17 100B 31 -

National RefinerySPOT 800 5.64 229.54 230.75 226.00 226.39 -3.15 236879 230.84 183.25 125 - 200 -

Oil & Gas Development XD 43009 10.43 150.02 151.50 149.50 151.17 1.15 877184 153.00 133.00 82.5 - 55 -

Pak Petroleum 11950 5.84 185.34 186.80 184.50 186.37 1.03 565153 214.10 168.70 130 20B 90 20B

Pak OilfieldsSPOT 2365 6.32 247.41 250.25 246.52 248.88 1.47 792493 251.24 213.17 180 - 255 -

Pak Refinery Limited 350 - 73.39 77.05 74.00 77.02 3.63 98631 79.50 48.26 - - - -

PSO XD 1715 4.62 276.53 276.90 272.55 273.06 -3.47 649826 289.45 233.10 50 - 80 -

Shell Gas LPG 226 14.13 31.98 31.60 31.05 31.36 -0.62 1855 39.80 27.32 - - - -

Shell Pakistan XD 685 9.96 194.23 195.50 193.55 194.25 0.02 10281 244.00 188.00 330 - 40 -

Paid up Last 60 days 2009 2010

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

917.31 928.86 908.58 917.84 0.53 0.06

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

15,309,671 - - 47,070.70 mn 115,684.12 mn 917.84

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

6.36 0.55 8.64 16.68 2.62 911.83

Amtex Limited XD 2415 2.86 11.71 11.84 10.71 10.71 -1.00 905609 20.45 10.71 - - 30 -Artistic DenimSPOT 840 5.74 23.49 24.05 22.80 22.86 -0.63 6652 24.05 17.55 20 - 20 -Aruj Garments 62 7.89 4.33 4.50 4.50 4.50 0.17 5200 6.70 3.50 - - - -Azam Textile 133 0.56 2.99 3.10 2.75 3.09 0.10 57001 3.23 1.35 - - 7.5 -Azgard Nine 4493 254.75 10.43 10.70 10.10 10.19 -0.24 1092810 13.30 8.55 - - - -Babri Cotton 29 0.37 14.21 14.50 13.25 13.25 -0.96 1800 18.75 9.50 - - - 15BBannu Woolen 76 1.18 13.28 14.00 13.25 13.60 0.32 2513 14.00 7.50 - - 20 -Bata (Pak) 76 4.48 449.30 465.00 450.00 454.05 4.75 230 560.00 436.00 120 - - -Brothers Textile 98 - 0.70 0.89 0.89 0.89 0.19 501 1.50 0.10 - - - -Chenab Limited 1150 - 3.20 3.39 3.23 3.26 0.06 32282 4.98 2.93 - - - -Colony Mills Ltd 2442 2.59 2.95 3.20 2.66 2.80 -0.15 3202 5.00 2.23 - - - -D S Ind Ltd 600 - 1.67 1.73 1.62 1.65 -0.02 9398 2.49 1.44 - - - -Dawood Lawrencepur 514 9.53 40.47 40.73 39.00 39.85 -0.62 12002 51.99 37.08 - - 5 -Din TextileXDXB 204 1.19 22.00 23.10 22.50 23.10 1.10 1902 30.90 20.80 - - 20 10BEllcot SpinningSPOT 110 1.80 21.30 22.20 20.75 21.10 -0.20 15957 25.45 20.15 7.5 - 35 -Fazal Cloth 188 2.00 46.98 49.30 49.00 49.20 2.22 1500 49.30 39.23 - - - -Gadoon Textile 234 1.22 45.95 46.40 45.50 45.51 -0.44 6000 48.30 33.80 - - 70 -Ghazi FabricsSPOT 326 1.28 4.34 4.40 4.40 4.40 0.06 200 5.00 1.11 - - 10 -Gulistan Spinning 146 1.40 6.00 6.50 6.01 6.35 0.35 508 8.13 5.00 - 10B 10 -Gulshan Spinning 185 1.65 8.71 9.14 8.88 9.10 0.39 38357 9.24 5.31 - 10B 10 20BHira Textile Mills Ltd. 716 1.22 4.39 4.49 4.22 4.25 -0.14 51757 4.85 2.52 - - 10 -Ibrahim FibresSPOT 3105 3.53 36.65 38.40 35.25 38.16 1.51 20506 39.99 34.05 - - 20 -Ideal Spinning 99 0.66 3.39 3.49 3.40 3.40 0.01 941 4.79 2.02 - - - -Idrees Textile 180 2.43 4.24 4.25 4.25 4.25 0.01 1075 5.35 2.56 - - 10 -Int KnitwearSPOT 32 5.40 9.90 10.20 10.20 10.20 0.30 10000 10.90 7.00 - - 6 -Ishaq Textile 97 1.04 4.68 4.98 4.94 4.94 0.26 708 4.99 3.86 - - 8 -J A Textile 126 - 3.95 3.00 3.00 3.00 -0.95 1000 3.99 2.00 - - - -Khalid Siraj 107 - 0.71 0.69 0.52 0.69 -0.02 400 1.99 0.10 - - - -Kohinoor Ind 303 - 1.51 1.64 1.41 1.42 -0.09 84303 2.00 1.01 - - - -Kohinoor Mills 509 - 1.90 2.50 1.62 2.01 0.11 21151 3.79 1.60 - - - -Kohinoor Textile 1455 2.82 5.45 5.49 5.00 5.38 -0.07 61390 6.30 4.00 - - - -Maqbool Textile 168 2.12 11.24 11.49 10.66 11.25 0.01 3004 11.49 3.25 - - 22.5 -Masood Textile 600 1.00 19.25 20.00 18.80 19.50 0.25 1500 23.25 18.51 15 - 15 100RMehmood TextileSPOT 150 1.69 65.48 68.00 62.50 64.98 -0.50 615 74.50 59.00 4050.2257B 60 -Mian Textile 221 - 0.55 0.60 0.55 0.60 0.05 803 1.20 0.01 - - - -N P Spinning 147 3.92 22.66 23.50 22.00 22.00 -0.66 111 24.66 15.00 - - 20 -Nagina CottonSPOT 187 1.31 17.00 17.50 16.50 17.45 0.45 1338 17.50 12.00 - - 20SD -Nishat (Chunian) 1586 2.42 18.27 19.27 18.30 19.11 0.84 7034014 19.49 14.64 - 50R 15 -Nishat Mills 3516 5.98 50.18 51.12 50.00 50.86 0.68 5513821 53.14 40.81 20 - 25 45RPak Synthetic 560 5.71 5.49 5.25 5.25 5.25 -0.24 2000 7.90 5.16 12.5 - - -Premium TextileSPOT 62 0.93 29.50 29.50 28.78 29.00 -0.50 634 30.90 26.00 7.5 - 50 -ProsperitySPOT 185 2.59 18.29 19.25 17.70 17.85 -0.44 3211 21.47 15.75 20 - 30 -Quetta Textile 130 0.96 28.57 27.15 27.15 27.15 -1.42 980 52.29 27.15 - 632R 20 -Ravi Textile 250 4.59 1.83 1.97 1.76 1.79 -0.04 67730 4.69 1.38 - - - -Reliance Weaving 308 0.85 11.27 11.50 11.05 11.15 -0.12 11811 12.00 6.91 - - 25SD -Rupali PolySPOT 341 5.72 35.00 34.91 34.90 34.90 -0.10 501 36.75 31.35 40 - 40 -Saif Textile 264 1.37 3.56 4.00 3.61 4.00 0.44 472 5.44 2.01 - - - -Sally Textile 88 0.35 5.40 5.74 4.70 5.35 -0.05 9505 6.20 2.74 - - 10 -Salman Noman 40 4.43 2.50 2.26 2.26 2.26 -0.24 1000 3.11 1.30 - - - 5BSargoda Spinning 312 0.51 2.13 2.45 1.95 1.96 -0.17 5975 2.50 0.31 - - 5 -Saritow Spinning 133 0.58 2.43 2.68 2.10 2.10 -0.33 1569 2.99 1.01 - - - -Service Ind 120 4.77 180.54 188.90 177.25 185.33 4.79 7293 225.99 176.00 200 - - -Shahpur Textile 140 1.15 0.89 1.01 0.80 0.83 -0.06 20708 2.26 0.25 - - - -Shahtaj TextileSPOT 97 - 20.25 20.79 20.15 20.77 0.52 27077 21.50 14.75 20 - 45 -Shahzad TextileSPOT 136 0.62 6.26 6.50 6.49 6.49 0.23 137 9.48 3.25 - - 5 -Shield CorpSPOT 39 10.10 58.90 60.00 56.00 57.36 -1.54 437 60.00 49.60 - 30B 10 -Suraj Cotton 180 1.25 35.28 35.50 35.00 35.00 -0.28 1102 37.50 29.50 15 - 50 -Tata Textile XD 173 0.75 18.27 19.00 18.40 18.97 0.70 10000 19.70 12.75 - - 25 -Thal LimitedSPOT 256 4.14 111.56 111.85 110.10 110.51 -1.05 33389 114.99 97.00 20 20B 80 20BTreet Corp 418 7.89 38.04 38.50 37.90 38.27 0.23 65508 49.49 37.20 - - - -Yousuf Weaving 400 6.47 1.24 1.16 0.86 1.10 -0.14 8601 1.90 0.73 - - - -Zephyr Textile Ltd 594 - 3.24 3.25 3.00 3.25 0.01 25500 4.99 1.50 - - - -Zil Limited XD 53 6.58 37.20 39.00 36.00 38.42 1.22 1976 44.00 33.00 40 10B 35 -

Paid up Last 60 days 2009 2010

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,108.77 1,152.85 1,127.44 1,136.75 27.98 2.52

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

132,963 - - 3,763.71 mn 5,602.11 mn 1,136.75

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

4.27 0.45 10.64 6.27 1.47 1,082.74

AL-Abid SilkSPOT 96 3.40 33.70 35.00 32.02 35.00 1.30 202 35.00 26.60 7.5 - -20B 20R

Hussain Industries 106 - 9.99 10.89 10.79 10.79 0.80 502 11.25 7.11 - - - -

Pak Elektron 1174 2.89 13.71 13.90 13.50 13.52 -0.19 99303 15.95 12.17 - 10B - 10B

Singer Pak 341 16.79 18.15 17.80 17.30 17.80 -0.35 1500 24.14 17.04 - 10B - -

Tariq Glass Ind 231 2.77 17.16 18.15 16.75 17.03 -0.13 31433 19.12 14.45 - - 17.5 -

Paid up Last 60 days 2009 2010

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,488.12 1,501.18 1,463.57 1,479.46 -8.66 -0.58

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

135,608 - - 11,335.33 mn 189,871.26 mn 1,488.12

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

30.62 9.28 30.30 30.57 1.00 1,473.35

Abdullah Shah Ghazi Sugar 793 12.96 6.06 7.00 6.74 6.74 0.68 300 11.70 1.12 - - - -

AL-Noor Sugar 186 4.27 41.80 42.00 42.00 42.00 0.20 5000 47.35 39.25 40 - - -

Ansari Sugar 244 0.19 5.01 4.10 4.03 4.07 -0.94 1000 6.00 3.80 - - - -

Chashma Sugar 287 0.71 9.15 8.80 8.75 8.80 -0.35 500 11.40 8.00 - - - -

Colony Sugar Mills 990 - 3.90 3.90 3.10 3.47 -0.43 216 4.49 2.40 - - - -

Crescent Sugar 214 11.32 6.40 6.00 6.00 6.00 -0.40 50000 7.80 5.50 - - - -

Faran Sugar 217 3.16 19.37 20.00 19.00 19.56 0.19 13397 23.50 15.90 17.5 - - -

Habib Sugar 600 6.34 31.00 31.10 30.50 30.74 -0.26 21522 32.25 24.60 35 25B - -

Habib-ADM Ltd XD 200 3.56 12.63 12.98 12.65 12.68 0.05 339 16.98 12.20 40 - 40 -

Ismail Ind XD 505 12.59 73.41 74.00 70.50 74.00 0.59 205 76.90 53.64 15 - 17.5 110R

J D W Sugar 490 2.41 71.29 72.00 71.00 71.99 0.70 2355 72.00 60.10 40 - 0 12.5R

Mehran Sugar 143 3.09 52.77 55.40 53.00 55.22 2.45 24009 58.74 48.50 35 30B 25 10B

Mirpurkhas Sugar 70 6.22 58.90 61.84 58.89 59.17 0.27 3685 68.13 55.24 25 10B - -

Noon Pakistan 48 9.89 20.50 21.52 20.90 21.27 0.77 1470 33.06 18.95 - 10B 12 -

Premier Sugar 38 6.70 36.96 38.80 36.15 36.53 -0.43 3941 43.60 32.50 30 - - -

Sanghar Sugar 119 1.00 14.25 14.00 13.90 13.90 -0.35 112 14.90 11.50 10 - - -

Shahmurad Sugar 211 16.16 11.11 11.16 11.10 11.15 0.04 1673 11.90 7.40 15 - - -

Shakarganj Mills 695 - 4.70 4.70 4.21 4.21 -0.49 3193 5.00 3.02 - - - -

Tandlianwala 1177 290.00 30.40 31.90 28.88 31.90 1.50 1063 35.50 22.45 - - - -

Wazir Ali 80 - 5.50 5.25 4.75 5.21 -0.29 1501 8.74 4.75 - - - -

Paid up Last 60 days 2009 2010

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

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,089.13 1,098.95 1,069.82 1,081.24 -7.88 -0.72

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

85,016 - - 6,768.53 mn 38,993.67 mn 1,089.13

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

3.81 0.97 25.35 20.42 5.36 1,058.91

Agriautos IndSPOT 144 5.17 71.86 71.50 70.01 70.84 -1.02 2758 78.39 63.01 40 - 90 -

Atlas Battery 101 5.71 144.16 151.36 145.00 151.36 7.20 22895 208.25 131.00 100 20B 100 20B

Atlas Honda 626 6.69 95.53 99.99 96.00 96.02 0.49 1037 127.99 92.00 80 30B - -

Dewan Motors 890 - 1.48 1.50 1.40 1.46 -0.02 14248 2.10 1.16 - - - -

Exide (PAK) 56 4.09 142.90 142.90 142.90 142.90 0.00 217 165.00 121.10 50 - 60 -

Ghandhara Nissan 450 - 4.53 4.75 4.30 4.30 -0.23 8510 6.37 4.03 - - - -

Ghani Automobile Ind 200 3.53 4.75 4.95 4.00 4.20 -0.55 503 5.70 3.55 - - - -

Honda Atlas Cars 1428 - 11.05 11.10 10.60 10.62 -0.43 12597 13.50 9.65 - - - -

Indus Motors 786 5.23 230.81 232.20 228.25 229.25 -1.56 15110 287.00 212.29 100 - 150 -

Pak Suzuki 823 9.32 75.85 76.00 73.10 75.00 -0.85 1528 89.99 69.25 5 - - -

Sazgar EngineeringXDXB 150 5.14 20.38 20.98 19.50 19.77 -0.61 5107 27.85 19.50 - 20B 10 20B

Transmission 117 2.00 2.00 2.20 1.75 2.00 0.00 504 3.25 1.53 2 - - -

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,529.96 1,552.23 1,520.99 1,529.04 -0.92 -0.06

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

235,221 - - 1,336.62 mn 31,831.38 mn 1,529.96

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

7.51 2.86 38.02 131.49 17.50 1,447.25

Ados Pak 66 3.16 15.62 16.30 14.62 15.50 -0.12 5819 22.69 14.62 20 - - -

AL-Ghazi Tractor 215 5.05 213.00 216.00 210.01 210.71 -2.29 16549 227.45 200.26 400 - 150 -

Bolan CastingXDXB 104 5.23 45.85 46.85 44.65 45.30 -0.55 235 51.99 35.25 - 20B 25 10B

Dewan Auto Engineering 214 - 0.60 1.00 0.50 0.50 -0.10 502 1.00 0.36 - - - -

Ghandhara Ind 213 2.08 13.49 13.70 12.75 13.20 -0.29 44606 19.75 11.29 - - - -

Hinopak Motor 124 - 122.50 126.00 118.00 119.99 -2.51 203 153.90 108.11 17.15 - - -

Millat TractorsXDXB 366 6.16 481.70 488.50 478.20 480.90 -0.80 167306 597.90 390.00 450 25B 650 25B

Paid up Last 60 days 2009 2010

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

895.16 911.46 891.76 900.23 5.07 0.57

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

284,844 - - 3,043.31 mn 33,560.33 mn 900.23

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

1.59 0.70 43.91 15.55 9.81 881.25

Cherat PapersackXDXB 115 3.30 34.74 34.99 34.64 34.65 -0.09 3360 51.05 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.44 2.55 2.21 2.29 -0.15 4006 2.89 1.70 - - - -

Ghani GlassXDXB 1067 5.12 50.30 51.44 50.00 50.05 -0.25 11601 61.99 50.00 30 10B 25 10B

Hashimi Can 16 - 6.50 6.60 6.60 6.60 0.10 1000 6.60 6.00 - - - -

MACPAC Films 389 - 2.53 2.93 1.60 2.51 -0.02 216 4.69 1.60 - - - -

Packages Ltd 844 16.11 104.06 107.89 104.00 106.31 2.25 257540 125.96 98.00 32.5 - - -

Tri-Pack Films 300 8.32 104.05 105.00 103.00 103.71 -0.34 7121 105.00 91.00 100 - - -

Paid up Last 60 days 2009 2010

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

952.23 964.13 938.27 950.17 -2.07 -0.22

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

3,938,929 - - 54,792.74 mn 69,877.95 mn 953.98

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

6.92 0.49 7.10 19.04 2.75 929.32

Al-Abbas Cement 1828 - 3.34 3.50 3.01 3.10 -0.24 17388 4.20 2.80 - - - 100R

Attock CementSPOT 866 5.05 64.88 65.50 63.00 63.44 -1.44 73978 71.90 62.00 50 20B 50 -

Berger Paints 182 - 15.20 15.38 14.53 15.01 -0.19 990 20.00 14.01 - - - 122R

Buxly Paints 14 5.59 10.00 10.00 10.00 10.00 0.00 200 14.94 10.00 - - - -

Cherat Cement 956 - 11.10 11.19 10.55 10.70 -0.40 1505 12.50 8.90 - - - -

Dadabhoy Cement 982 12.00 1.60 1.70 1.51 1.56 -0.04 3001 2.74 1.30 - - - -

Dadex Eternit 108 - 26.00 27.25 24.77 24.77 -1.23 1543 32.90 22.10 - - - -

Dewan Cement 3574 - 1.66 1.99 1.51 1.55 -0.11 50232 2.20 1.30 - - - -

DG Khan Cement Ltd 3651 35.69 25.88 25.95 25.27 25.70 -0.18 1629995 28.74 23.02 - 20R - 20R

EMCO Ind 350 - 2.87 3.50 2.50 3.50 0.63 112 5.15 2.11 - - - -

Fauji Cement 6933 12.48 4.96 5.01 4.76 4.99 0.03 486209 5.50 4.50 - - - -

Flying Cement Ltd 1760 - 1.94 2.00 1.81 1.93 -0.01 54266 2.30 1.74 - - - -

Gharibwal Cement 2319 - 3.49 3.69 3.49 3.49 0.00 301 7.50 2.11 - - - -

Haydery Const 32 - 0.85 0.89 0.70 0.88 0.03 26482 2.00 0.25 - - - -

Karam Ceramics 145 9.92 7.75 8.75 8.49 8.53 0.78 2021 8.75 4.01 - - - -

Kohat Cement 1288 - 5.95 5.99 5.90 5.90 -0.05 9149 6.80 5.50 - - - -

Lafarge Pakistan Cmt. 13126 - 3.01 3.05 2.91 2.93 -0.08 583217 3.27 2.60 - - - -

Lucky CementSPOT 3234 6.58 73.01 74.00 72.93 73.29 0.28 788127 74.00 62.60 40 - 40 -

Maple Leaf Cement 5261 - 2.90 2.90 2.80 2.84 -0.06 115360 3.77 2.51 - - - -

Pioneer Cement 2228 - 8.19 8.30 7.95 8.02 -0.17 89500 8.47 6.80 - - - -

Thatta Cement 7982122.00 20.27 21.27 19.40 21.22 0.95 5303 21.80 17.74 - - - 50R

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

922.68 932.60 908.12 918.71 -3.97 -0.43

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

247,339 - - 3,596.11 mn 8,822.68 mn 935.75

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

2.91 0.96 33.10 30.91 10.61 918.29

Crescent Steel 565 3.38 24.80 25.00 24.90 24.97 0.17 10001 31.73 23.75 - - 30 -

Dost Steels Ltd 675 - 2.03 2.44 2.14 2.27 0.24 200567 3.17 1.65 - - - -

Huffaz Pipe 555 5.40 12.84 12.90 12.50 12.59 -0.25 3561 16.75 12.25 - 30B - -

International Ind 1199 4.48 46.90 47.00 45.95 45.99 -0.91 33207 70.71 45.93 - - 40 20B

Paid up Last 60 days 2009 2010

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,159.89 1,161.33 1,138.07 1,149.29 -10.60 -0.91

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

167,247 - - 1,186.83 mn 3,183.75 mn 1,159.89

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

5.94 0.44 7.47 25.28 4.25 1,145.45

Century Paper 707 - 19.30 19.35 18.50 18.88 -0.42 164924 22.70 17.31 - 425R - -

Pak Paper ProductXDXB 50 4.07 39.01 39.10 39.10 39.10 0.09 163 62.85 38.61 20 - 25 33.33B

Security Paper 411 4.73 40.00 40.00 39.90 40.00 0.00 2160 50.40 38.10 50 - 50 -

Paid up Last 60 days 2009 2010

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,183.71 1,193.56 1,172.29 1,179.27 -4.44 -0.38

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

31,418,979 - - 52,251.88 mn 266,156.94 mn 1,183.71

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

7.34 2.57 35.00 48.81 6.65 1,167.12

BOC (Pak) 250 9.67 76.00 76.74 74.75 76.00 0.00 201 82.50 66.90 90 - 15 -

Clariant Pak 273 5.67 161.39 163.00 161.00 161.01 -0.38 756 174.00 154.27 125 - - -

Dawood Hercules 1203 7.80 170.18 171.50 169.00 169.01 -1.17 11162 185.88 155.38 40 10B 20 -

Descon Chemical 1996 - 2.11 2.45 2.22 2.23 0.12 66237 2.98 1.78 - - - -

Descon Oxychem Ltd. 1020 - 4.14 4.29 4.01 4.06 -0.08 318804 5.20 3.20 - - - -

Dewan Salman 3663 - 1.45 1.53 1.41 1.46 0.01 271837 2.21 1.28 - - - -

Engro Corporation Ltd 3277 9.08 179.01 180.25 176.61 177.14 -1.87 1055462 194.59 165.60 6010B 40R 20 -

Engro Polymer 6635 - 14.38 14.45 13.91 14.00 -0.38 781326 15.20 9.57 - 27.5R - -

Fatima Fertilizer 22000 - 10.58 10.80 10.17 10.61 0.03 121219 12.46 9.02 - - - -

Fauji Fertilizer 6785 7.36 108.13 108.75 107.75 108.15 0.02 445622 113.39 102.96 131.5 10B 75 -

Fauji Fert. Bin Qasim 9341 7.49 29.97 30.08 29.03 29.43 -0.54 2181024 30.65 26.59 40 - 5 -

Ghani Gases Ltd 725 9.56 12.33 12.84 12.00 12.62 0.29 888662 13.85 7.41 - - - -

ICI Pakistan 1388 7.24 122.68 123.47 121.00 121.50 -1.18 42668 128.30 109.50 80 - 55 -

Ittehad Chemical XD 360 5.35 21.50 22.57 22.57 22.57 1.07 200 37.80 21.00 15 - 5 -

Leiner Gelatine 75 - 13.47 14.46 12.57 14.45 0.98 303 19.50 6.20 12 - - -

Lotte Pakistan 15142 3.34 9.34 9.72 9.35 9.62 0.28 24193854 9.72 6.75 5 - - -

Nimir Ind Chemical 1106 74.00 1.39 1.57 1.35 1.48 0.09 622309 1.77 1.16 - - - -

Shaffi Chemical 120 1.83 2.68 2.90 2.27 2.43 -0.25 34491 3.80 2.00 - - - -

Sitara Chem Ind SPOT 204 5.36 122.51 122.50 120.00 121.40 -1.11 8026 128.01 110.03 75 - 25 5B

Sitara Peroxide 551 - 8.90 9.65 8.85 9.37 0.47 556539 11.09 7.67 - - - -

United Distributors 92 - 10.37 10.87 10.03 10.04 -0.33 106 17.88 9.22 10 10B - -

Wah-NobleSPOT 90 5.09 42.83 43.50 42.80 43.00 0.17 5507 48.00 41.00 50 - 50 -

Paid up Last 60 days 2009 2010

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

844.59 852.97 840.37 843.96 -0.62 -0.07

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

31,016 - - 3,904.20 mn 28,072.30 mn 851.60

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

6.17 1.38 22.31 44.54 7.22 841.22

Abbott (Lab) 979 7.97 92.02 91.50 90.50 90.90 -1.12 2300 96.40 77.00 120 - 20 -

Ferozsons (Lab) XB 250 5.77 89.30 93.44 86.95 87.94 -1.36 4390 124.00 86.95 10 20B - 20B

GlaxoSmithKline 1707 12.54 68.68 69.49 69.15 69.49 0.81 101 83.39 65.00 50 - - -

IBL HealthCare Ltd 200 17.78 7.85 8.40 8.00 8.00 0.15 14257 8.66 6.10 - - - -

Searle PakSPOT 306 5.41 63.02 63.85 63.01 63.11 0.09 9892 64.19 53.36 15 15B 30 -

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

672.41 692.46 668.41 676.82 4.41 0.66

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

18,352 - - 3,242.17 mn 12,091.26 mn 680.61

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

2.63 0.67 25.53 11.08 4.22 666.65

Pak Int Cont.Terminal XD 1092 7.74 62.50 65.00 62.00 63.05 0.55 18352 87.86 60.86 - 20B 40 -

Paid up Last 60 days 2009 2010

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

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

BOOK CLOSURES

Allied Rent Mod. 16-Oct 22-Oct 22.5 08-Oct 22-OctBaluchistan Wheels 16-Oct 23-Oct 12.5 08-Oct 23-OctD.G.K Cement 16-Oct 30-Oct - - 30-OctFerozsons Lab 16-Oct 25-Oct 20(B) 08-Oct 21-OctKot Addu Power 16-Oct 25-Oct 27.50(F) 08-Oct 25-OctPakistan Synthetic 16-Oct 30-Oct - - 30-OctSazgar Engg Works 16-Oct 22-Oct 10,20(B) 08-Oct 22-OctZIL Limited 16-Oct 22-Oct 35 08-Oct 22-Oct1st Credit Investment Bank 17-Oct 25-Oct - - 25-OctFirst Credit & Investment Bank 17-Oct 25-Oct - - 25-OctMari Gas Company 17-Oct 26-Oct - - 26-OctBerger Paints Pakistan 18-Oct 26-Oct - - 26-OctPTCL 18-Oct 28-Oct - - 28-OctSigma Leasing Corporation 18-Oct 25-Oct - - 26-OctAli Asghar Textile Mills 19-Oct 27-Oct - - 27-OctArpak International 19-Oct 29-Oct - - 29-OctArtistic Dewan Mills 19-Oct 27-Oct 20 11-Oct 27-OctBiafo Industries 19-Oct 26-Oct 25 11-Oct 26-OctCentral Forest Products 19-Oct 26-Oct - - 26-OctFauji Cement Co. 19-Oct 25-Oct - - 25-OctFecto Cement 19-Oct 26-Oct - - 26-OctHuffaz Seamless Pipe Industries 19-Oct 29-Oct - - 29-Oct

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Pakistan Cables 53.81 56.5 54.5 54.5 0.69 701TRG Pakistan Ltd. 4.1 4.26 4 4.02 -0.08 2458527Murree Brewery SPOT 95.45 99 94 94.98 -0.47 18725Grays of Cambridge 50 50 47.8 48 -2 483Lakson Tobacco 349.99 367 345 353.68 3.69 6419Pak Tobacco 114.5 120 114 115.26 0.76 1153Eye Television 22.02 22.97 21.5 21.5 -0.52 796PIAC(A) 2.2 2.25 2.16 2.2 0 36003AKD Capital 60.49 63.51 62.2 63.51 3.02 17327Pace (Pak) Ltd. 2.74 3.17 2.6 2.99 0.25 13508973Netsol Technol SPOT 18.85 19.15 18.31 18.52 -0.33 405146Pak Telephone 1.51 1.98 1.5 1.6 0.09 2505

Symbols Open High Low Close Change Vol

Page 7: The Financial Daily-Epaper-16-10-2010

Saturday, October 16, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 22.82 points at 10,431.84. Volume was 63 per

cent above average and Bollinger Bands were 7 per cent narrower than

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

resistance level at 10,469.30 and 2nd resistance level at 10,506.75, while

Index will continue to find its 1st support level at 10,398.55 and 2nd sup-

port level at 10,365.25.

KSE 100 INDEX is currently 4.7 per cent above its 200-day moving average

and is displaying an upward trend. Volatility is extremely low when compared

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

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

ing oscillators are currently bullish on INDEX. Momentum oscillator is cur-

rently indicating that INDEX is currently in an overbought condition.

RSI (14-day) 73.39 Support 1 10,398.55

MA (5-day) 10,369.14 Support 2 10,365.25

MA (10-day) 10,239.71 Resistance 1 10,469.30

MA (100-day) 9,904.44 Resistance 2 10,506.75

MA (200-day) 9,965.78 Pivot 10,436.00

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed up 0.68 at 50.86. Volume was 137 per cent above average

and Bollinger Bands were 32 per cent narrower than normal.

NML is currently 3.0 per cent below its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

ing oscillators are currently bullish on NML.

*Arif Habib Ltd 65 Buy

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Positive

RSI (14-day) 68.45 Free Float Shares (mn) 175.80

MA (10-day) 48.82 Free Float Rs (mn) 8,941.18

MA (100-day) 46.47 ** NOI Rs (mn) 33.02

MA (200-day) 52.42 CFS Rs (mn) 50.54

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

Technical Analysis Leverage Position

MCB Bank Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

MCB closed up 3.31 at 200.08. Volume was 165 per cent above average

(trending) and Bollinger Bands were 21 per cent narrower than normal.

MCB is currently 2.0 per cent below its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

ing oscillators are currently bullish on MCB.

AKD Securities Ltd 189.75 Neutral

TFD Research 218.18 Neutral

RSI (14-day) 64.44 Free Float Shares (mn) 342.10

MA (10-day) 194.60 Free Float Rs (mn) 68,446.72

MA (100-day) 193.57 ** NOI Rs (mn) 210.10

MA (200-day) 204.15 CFS Rs (mn) 198.37

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed down -0.54 at 29.43. Volume was 35 per cent above average

and Bollinger Bands were 25 per cent wider than normal.

FFBL is currently 1.9 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 FFBL (mildly bullish). Trend forecasting oscilla-

tors are currently bullish on FFBL.

*Arif Habib Ltd 33 Buy

AKD Securities Ltd 32.06 Accumulate

TFD Research 29.1 Neutral

RSI (14-day) 62.98 Free Float Shares (mn) 326.94

MA (10-day) 28.69 Free Float Rs (mn) 9,621.80

MA (100-day) 27.81 ** NOI Rs (mn) 3.67

MA (200-day) 29.39 CFS Rs (mn) 29.63

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed down -0.18 at 25.70. Volume was 42 per cent below aver-

age and Bollinger Bands were 31 per cent narrower than normal.

DGKC is currently 5.8 per cent below 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 DGKC (mildly bullish). Trend forecasting oscilla-

tors are currently bullish on DGKC.

*Arif Habib Ltd 44 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 58.34 Free Float Shares (mn) 182.55

MA (10-day) 24.83 Free Float Rs (mn) 4,691.53

MA (100-day) 25.03 ** NOI Rs (mn) 31.85

MA (200-day) 27.30 CFS Rs (mn) 25.70

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed down -0.56 at 64.21. Volume was 9 per cent below average

and Bollinger Bands were 53 per cent narrower than normal.

NBP is currently 3.0 per cent below its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

forecasting oscillators are currently bullish on NBP.

*Arif Habib Ltd 78 Buy

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 50.18 Free Float Shares (mn) 318.37

MA (10-day) 63.96 Free Float Rs (mn) 20,442.34

MA (100-day) 65.33 ** NOI Rs (mn) 57.38

MA (200-day) 72.32 CFS Rs (mn) 64.58

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

Technical Analysis Leverage Position

Adamjee Insurance Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

AICL closed up 0.47 at 71.63. Volume was 201 per cent above average

(trending) and Bollinger Bands were 30 per cent narrower than normal.

AICL is currently 26.6 per cent below its 200-day moving average and is

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

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

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

oscillators are currently bullish on AICL.

AKD Securities Ltd 76 Accumulate

TFD Research 88 Positive

RSI (14-day) 60.90 Free Float Shares (mn) 74.22

MA (10-day) 66.93 Free Float Rs (mn) 5,316.57

MA (100-day) 77.63 ** NOI Rs (mn) 13.16

MA (200-day) 97.59 CFS Rs (mn) 71.67

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Fair Value Rs Recommendations

Technical Outlook

ENGRO closed down -1.87 at 177.14. Volume was 7 per cent above aver-

age and Bollinger Bands were 51 per cent narrower than normal.

ENGRO is currently 3.6 per cent below 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 ENGRO (mildly bullish). Trend forecasting oscil-

lators are currently bullish on ENGRO.

*Arif Habib Ltd 205 Buy

AKD Securities Ltd 238.8 Buy

TFD Research 208.75 Positive

RSI (14-day) 51.89 Free Float Shares (mn) 131.09

MA (10-day) 176.43 Free Float Rs (mn) 23,222.12

MA (100-day) 178.32 ** NOI Rs (mn) 112.99

MA (200-day) 186.57 CFS Rs (mn) 178.25

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,038.27 1,051.42 1,017.86 1,033.70 -4.57 -0.44

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

8,198,133 - - 29,771.58 mn 17,428.14 mn 1,038.27

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

6.91 0.28 4.09 104.19 26.53 1,027.49

1st Fid Leasing 264 - 1.38 1.35 1.20 1.35 -0.03 215 2.24 1.01 - - - -

AL-Meezan Mutual Fund XD13752.41 6.40 6.26 6.25 6.25 -0.15 3810 7.25 5.85 - - 18.5 -

Atlas Fund of Funds 525 2.08 3.43 3.74 2.70 2.70 -0.73 1002 4.20 2.53 - - 2.2 -

B R R Guardian Modaraba780 - 1.06 1.45 1.03 1.19 0.13 504 2.43 0.90 - - 0 -

Crescent St Modaraba 200 2.60 0.68 0.75 0.65 0.65 -0.03 2506 0.90 0.16 - - 1.2 -

Equity Modaraba 524 - 1.20 1.20 1.08 1.19 -0.01 3507 1.50 0.76 - - - -

First Dawood Mutual Fund581 - 1.68 1.70 1.52 1.70 0.02 371 2.09 1.36 - - - -

Golden ArrowSPOT 760 3.97 3.70 3.73 3.62 3.65 -0.05 72900 3.88 2.32 - - 17 -

H B L Modaraba XD 397 4.82 5.79 5.70 5.45 5.45 -0.34 6349 6.80 4.80 5 - 11 -

Habib Modaraba 1008 4.44 6.00 6.00 5.90 5.90 -0.10 20700 7.49 5.56 20 - 21 -

JS Growth Fund 3180 36.75 2.91 3.00 2.81 2.94 0.03 32145 4.39 2.70 - - 5 -

JS Value Fund 1186 - 2.85 3.00 2.70 2.80 -0.05 181102 3.98 2.31 10 - 10 -

Meezan Balanced Fund XD1200 2.66 5.55 5.60 5.50 5.50 -0.05 3005 7.49 5.30 - - 15.5 -

Mod Al-Mali 184 - 1.00 0.96 0.77 0.91 -0.09 241 1.25 0.56 - - - -

NAMCO Balanced Fund 1000 2.55 2.94 2.93 2.40 2.55 -0.39 7014193 3.70 2.25 5 - 15 -

Pak Modaraba 125 1.82 1.00 1.15 1.00 1.00 0.00 31491 1.40 0.25 - - 3 -

Pak Prem Fund 1698 3.82 8.00 8.20 7.95 8.02 0.02 77760 9.86 7.00 - - 18.6 -

Pak Strat Fund 3000 5.51 7.00 7.05 7.00 7.05 0.05 7012 8.10 6.01 - - 11.53 -

Paramount ModarabaSPOT 59 7.99 8.95 8.95 8.60 8.95 0.00 2001 9.45 6.55 15 - 18 -

PICIC Energy Fund 1000 2.93 5.50 5.50 5.20 5.50 0.00 53500 6.49 4.00 - - 5 -

PICIC Growth Fund 2835 2.31 8.21 8.65 8.25 8.42 0.21 537821 10.55 7.60 - - 20 -

PICIC Inv Fund XD 2841 1.91 3.71 3.80 3.62 3.79 0.08 113240 5.00 3.50 - - 10 -

Prud Modaraba 1st XD 872 2.47 1.00 0.98 0.92 0.94 -0.06 5967 1.20 0.70 - - 3 -

Punjab Modaraba 340 - 1.20 1.29 1.00 1.29 0.09 10525 2.00 0.57 - - - -

Trust ModarabaSPOT 298 3.48 2.98 3.00 2.75 2.75 -0.23 1062 4.40 1.00 - - 5 -

U D L Modaraba 264 3.48 6.61 6.69 6.51 6.68 0.07 15092 6.99 5.00 10 - 12.5 -

Paid up Last 60 days 2009 2010

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

363.29 369.18 352.91 356.16 -7.13 -1.96

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

6,635,021 - - 30,336.44 mn 25,504.06 mn 363.96

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

0.44 0.16 37.22 4.60 10.56 354.29

AMZ Ventures 225 - 0.56 0.74 0.46 0.52 -0.04 174063 1.10 0.42 - - - -

Arif Habib Invest. XB 360 7.71 16.57 16.75 16.06 16.51 -0.06 1450 20.99 13.00 - - - 20B

Arif Habib Limited XB 450 6.47 26.03 26.97 25.61 25.96 -0.07 44175 47.70 24.62 15 25B - 20B

Arif Habib Securities 3750 2.19 22.91 23.04 22.10 22.22 -0.69 2173834 34.99 20.90 - - 30 -

Dawood Cap Mangt. XB 150 - 1.21 1.30 1.11 1.20 -0.01 878 2.69 0.50 - - - -

First National Equity 575 - 10.25 10.50 9.25 10.25 0.00 102 11.75 6.86 - - - -

Grays Leasing 215 - 1.78 2.72 1.00 2.19 0.41 1498 4.00 0.32 - - - -

IGI Investment Bank 2121 - 1.91 2.06 2.00 2.01 0.10 26454 2.43 1.17 - - - -

Invest and Fin SecSPOT 600 2.84 7.92 8.49 8.05 8.14 0.22 11305 9.00 6.90 - - 11.5 -

Ist Cap Securities 2878 1.85 4.46 4.80 4.40 4.49 0.03 110303 5.40 2.54 - 10B - 10B

Ist Dawood Bank 626 0.29 1.80 1.90 1.71 1.72 -0.08 94760 2.84 1.17 - - - -

Jah Siddiq Co 7633 - 9.58 9.65 9.25 9.30 -0.28 3525503 15.47 8.80 -243.778B 10 -

JOV and CO 508 - 2.39 2.46 2.25 2.27 -0.12 173003 5.95 1.96 - - - -

JS Global Cap XD 500 - 25.65 25.96 25.13 25.31 -0.34 6448 42.00 24.25 150 - - -

JS Investment 1000 12.89 5.98 5.97 5.75 5.80 -0.18 125880 8.52 5.10 - - - -

KASB Securities 1000 - 3.75 4.19 3.76 3.78 0.03 37875 5.49 3.20 - - - -

Pervez Ahmed Sec 775 - 1.71 1.80 1.66 1.69 -0.02 126722 2.73 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.53 0.54 0.53 0.54 0.01 650 1.70 0.40 - - - -

Paid up Last 60 days 2009 2010

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

822.57 857.44 837.15 851.23 28.67 3.49

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

19,988 - - 2,290.72 mn 9,672.23 mn 851.23

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

92.54 3.56 3.85 355.53 3.84 806.43

EFU Life Assurance XB 850 38.03 66.64 69.97 69.97 69.97 3.33 8549 84.99 51.25 5513.33B - -

New Jub Life Insurance 627 54.04 42.00 43.75 42.05 43.23 1.23 11438 46.00 34.50 10 - - -

Paid up Last 60 days 2009 2010

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

993.23 1,009.09 983.11 996.01 2.78 0.28

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

9,484,300 - - 257,548.02 mn 603,637.80 mn 996.01

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

7.00 0.94 13.45 34.35 4.91 978.25

Allied Bank Limited 7821 5.78 53.48 54.00 53.40 53.51 0.03 94977 59.70 48.51 40 10B 20 -Askari Bank 6427 6.19 15.21 15.30 14.95 14.98 -0.23 759331 17.15 13.99 - 20B - -Atlas Bank 5001 - 2.26 2.20 2.05 2.17 -0.09 584888 2.84 1.52 - - - -Bank Alfalah 13492 11.80 9.10 9.23 8.81 8.85 -0.25 1044712 10.25 7.32 8 - - -Bank AL-Habib 7322 6.95 32.26 32.90 31.75 32.25 -0.01 102877 34.00 29.10 20 20B - -Bank Of Khyber 5004 3.15 3.15 3.60 3.06 3.15 0.00 7757 4.75 2.50 - - - -Bank Of Punjab 5288 - 8.20 8.30 8.09 8.10 -0.10 344061 10.97 7.35 - - - -BankIslami Pak 5280 - 3.20 3.30 3.20 3.24 0.04 208964 3.87 2.31 - - - -Faysal Bank 6091 3.14 13.88 14.14 13.55 13.62 -0.26 14853 15.58 12.75 - - - -Habib Bank Ltd 10019 6.44 100.18 101.00 99.90 100.01 -0.17 157724 109.10 92.00 60 10B - -Habib Metropolitan Bank 8732 5.85 19.70 19.80 19.50 19.77 0.07 23169 23.50 18.02 10 16B - -JS Bank Ltd 6128 - 2.39 2.40 2.30 2.38 -0.01 11205 2.92 2.00 - - - 66RKASB Bank Ltd 9509 - 2.65 2.85 2.50 2.50 -0.15 3249 3.70 2.03 - 26B - -MCB Bank Ltd 7602 9.33 196.77 200.90 195.71 200.08 3.31 2544738 214.99 180.40 110 10B 55 -Meezan Bank 6983 7.40 15.92 15.25 15.07 15.25 -0.67 4524 16.45 13.80 - 5B - -Mybank Ltd 5304 - 2.30 2.40 2.20 2.23 -0.07 153860 3.14 1.62 - - - -National Bank 13455 5.39 64.77 65.25 64.10 64.21 -0.56 1623188 73.89 60.51 75 25B - -NIB Bank 40437 - 2.90 3.00 2.82 2.83 -0.07 932674 3.50 2.42 - - - -Royal Bank Ltd 17180 - 6.01 6.20 6.02 6.14 0.13 3304 12.50 5.20 - - - -Samba Bank 14335 - 1.92 1.98 1.75 1.96 0.04 24198 2.90 1.55 - - -63.46RSilkbank Ltd 26716 12.86 2.82 2.90 2.78 2.83 0.01 485005 3.30 2.15 - - - -Soneri Bank 6023 - 6.25 6.38 6.15 6.25 0.00 18500 7.75 5.01 - - - -Stand Chart Bank 38716 9.30 6.56 6.79 6.50 6.51 -0.05 716 8.50 6.00 - - - -Summit Bank Ltd 5000 - 2.75 3.05 2.85 3.01 0.26 148154 3.95 2.30 - - - -United Bank Ltd 12242 6.24 53.07 53.44 52.85 53.03 -0.04 335816 60.20 49.90 25 10B 10 -

Paid up Last 60 days 2009 2010

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

665.72 680.64 661.34 666.15 0.43 0.06

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

2,917,567 - - 11,111.34 mn 42,088.82 mn 666.15

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

10.76 0.56 5.20 79.54 7.39 630.71

Adamjee Insurance XD 1237 13.02 71.16 72.79 71.10 71.63 0.47 1264827 89.90 63.05 30 10B 10 -

Paid up Last 60 days 2009 2010

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,666.38 1,706.18 1,655.42 1,680.18 13.80 0.83

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

1,099,702 - - 12,202.80 mn 37,203.22 mn 1,708.05

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

12.35 1.41 11.41 66.79 5.41 1,666.38

Sui North Gas 5491 18.82 32.03 32.50 31.60 32.00 -0.03 740082 33.40 25.00 - - - -Sui South Gas 6712 4.47 28.85 29.70 28.78 29.25 0.40 359620 30.70 16.00 - - 15 25B

Paid up Last 60 days 2009 2010

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,160.95 1,180.27 1,157.18 1,173.39 12.44 1.07

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

5,487,424 - - 95,369.29 mn 96,671.57 mn 1,173.39

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

12.29 1.15 9.35 104.13 8.47 1,149.39

Genertech 198 - 0.74 0.95 0.60 0.75 0.01 32234 1.53 0.51 - - - -

Hub Power 11572 6.21 33.41 33.70 33.35 33.54 0.13 600843 37.24 32.75 33.5 - 50 -

Japan Power 1560 - 1.59 1.73 1.50 1.60 0.01 54522 2.28 0.70 - - - -

KESC 7932 - 2.08 2.20 2.05 2.19 0.11 217374 2.63 1.92 - 31R - 7.8R

Kohinoor Energy 1695 5.79 23.40 23.89 23.45 23.50 0.10 1001 26.50 23.00 45 - 15 -

Kohinoor Power 126 2.49 5.20 5.50 4.50 5.00 -0.20 64734 6.70 3.90 - - - -

Kot Addu Power XD 8803 6.81 38.35 39.50 38.35 39.35 1.00 364486 44.85 38.35 64.5 - 50 -

Nishat Chunian Power Ltd 3673 - 12.54 12.75 12.30 12.49 -0.05 387688 12.75 9.50 - - - -

Nishat Power Ltd 3541 95.36 13.32 13.45 13.11 13.35 0.03 2285343 13.73 9.25 - - - -

Sitara Energy LtdSPOT 191 3.85 21.50 21.85 21.00 21.60 0.10 2803 23.49 20.00 20 - 20 -

Southern Electric 1367 6.38 2.09 2.53 2.06 2.49 0.40 1535130 3.21 2.05 - - - -

Tri-star Power XD 150 - 0.75 0.75 0.75 0.75 0.00 6000 1.60 0.33 3 - - -

Paid up Last 60 days 2009 2010

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

1,158.82 1,167.06 1,137.91 1,148.39 -10.42 -0.90

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

3,475,330 - - 50,077.79 mn 79,235.09 mn 1,158.82

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

6.19 0.79 12.84 62.56 10.11 1,130.75

Pakistan Telecomm Co A 37740 9.19 19.49 19.50 19.15 19.29 -0.20 467809 20.22 17.32 15 - 17.5 -Telecard 3000 - 2.44 2.63 2.45 2.47 0.03 1620748 3.08 1.80 - - - -WorldCall Tele 8606 - 2.87 2.98 2.77 2.82 -0.05 1386750 3.30 2.30 - - - -Wateen Telecom Ltd 6175 - 3.98 4.00 3.91 3.97 -0.01 104279 6.13 3.60 - - - -

Paid up Last 60 days 2009 2010

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

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

Ask Gen Insurance 204 6.78 11.90 11.94 10.91 11.94 0.04 501 11.95 8.45 - - - -

Central Insurance XB 279 5.18 49.50 50.00 50.00 50.00 0.50 598 64.90 47.37 20 25B 10 10B

Century Insurance 457 6.15 11.13 11.99 10.39 10.94 -0.19 2100 11.99 9.42 - - - -

Crescent Star Insurance 121 - 4.02 4.99 4.10 4.99 0.97 106 7.90 3.38 - - - -

EFU General Ins. XB 1250 31.77 38.13 40.03 40.03 40.03 1.90 14676 54.50 34.76 40 8.7B - -

Habib Insurance 400 7.56 11.00 10.89 10.31 10.89 -0.11 10119 13.89 10.04 35 - - -

IGI Insurance 718 13.71 80.91 81.00 77.60 77.60 -3.31 1754 81.50 66.02 35 - 10 20B

New Jub Insurance 791 9.18 54.90 55.99 53.11 53.77 -1.13 2339 62.50 52.21 30 20B - -

Pak Reinsurance 3000 - 14.86 15.25 14.35 14.47 -0.39 1596733 19.26 12.50 30 - - -

Pak Gen Insurance 250 1.37 6.69 6.89 5.77 5.79 -0.90 255 8.20 5.06 5 25B - -

PICIC Ins Ltd 350 59.50 2.36 2.38 2.38 2.38 0.02 14000 4.16 1.66 - - - -

Premier Insurance 303 4.84 8.76 8.98 8.94 8.95 0.19 1085 10.60 8.00 20 15B - -

Shaheen Insurance 200 - 13.35 12.35 12.35 12.35 -1.00 500 16.49 11.51 -14.28B - -

Silver Star Insurance 253 1.77 7.29 8.17 7.00 7.10 -0.19 6973 10.00 6.00 - 20B - -

Universal Insurance 210 - 2.97 3.00 3.00 3.00 0.03 1000 4.00 1.77 - - - -

UPTO 100 VOLUME

SFWF 8.01 8.49 8.49 8.49 0.48 100

TRIBL 1.96 1.26 1.24 1.26 -0.70 100

TRPOL 0.69 0.74 0.74 0.74 0.05 100

HUSS 12.45 13.40 13.40 13.40 0.95 90

WYETH 842.99 845.00 830.00 830.06 -12.93 75

IDYM 224.36 219.99 213.20 213.59 -10.77 70

BAPL 10.55 11.50 10.21 10.64 0.09 59

MWMP 1.55 1.90 1.22 1.45 -0.10 57

GATM 22.34 23.40 22.50 22.52 0.18 51

SHCM 12.00 11.00 11.00 11.00 -1.00 50

GUTM 23.25 24.40 22.20 24.40 1.15 49

PICTPS 6.41 6.50 6.50 6.50 0.09 46

STCL 8.21 8.95 8.21 8.95 0.74 28

LEUL 1.79 1.89 1.89 1.89 0.10 26

SMCPL 6.53 6.80 6.10 6.20 -0.33 23

PAKD 101.58 106.00 98.65 104.00 2.42 23

COLG 732.00 750.00 740.00 740.00 8.00 22

CRTM 22.47 23.50 22.98 23.50 1.03 21

GLPL 64.84 61.76 61.63 61.70 -3.14 20

SAPT 94.43 98.00 97.50 97.50 3.07 18

PSEL 154.00 155.00 146.78 154.58 0.58 17

ICIBL 0.64 0.70 0.67 0.69 0.05 14

DIIL 14.26 15.26 13.95 14.69 0.43 13

PAKL 5.45 5.00 4.45 4.95 -0.50 12

NESTLE 1950.17 1960.00 1926.01 1941.00 -9.17 12

JKSM 6.25 6.70 6.70 6.70 0.45 11

NMBL 1.14 1.14 1.14 1.14 0.00 10

JVDC 60.00 60.00 60.00 60.00 0.00 10

FRCL 3.35 4.00 3.90 3.90 0.55 10

RCML 27.78 29.16 29.16 29.16 1.38 9

SFL 110.00 115.50 112.00 112.00 2.00 9

SHFA 28.00 29.00 26.65 28.16 0.16 9

PNGRS 5.90 5.80 5.80 5.80 -0.10 6

SHEZ 94.80 95.96 95.00 95.00 0.20 6

SCM 8.79 8.85 8.85 8.85 0.06 5

FZTM 336.52 345.00 320.00 320.00 -16.52 5

NAKI 16.00 17.00 17.00 17.00 1.00 5

TOWL 20.00 20.00 20.00 20.00 0.00 5

MZSM 4.98 4.94 4.94 4.94 -0.04 5

FECS 39.00 40.95 40.00 40.95 1.95 4

MUKT 0.53 0.64 0.40 0.46 -0.07 3

SMTM 7.35 8.00 6.46 7.99 0.64 3

ULEVER 4075.00 4089.99 3950.01 4007.50 -67.50 3

RMPL 1370.00 1370.00 1370.00 1370.00 0.00 3

PHDL 50.47 47.95 47.95 47.95 -2.52 3

STPL 9.50 9.70 8.85 9.50 0.00 3

CPMFI 4.00 4.04 3.40 4.04 0.04 2

FANM 2.58 2.56 2.55 2.56 -0.02 2

DEL 1.81 1.99 1.97 1.99 0.18 2

CWSM 1.49 1.98 1.65 1.98 0.49 2

SNAI 29.02 29.75 29.75 29.75 0.73 2

BTL 49.00 51.25 49.00 51.25 2.25 2

FASM 33.89 34.95 33.99 34.95 1.06 2

GATI 39.89 41.80 41.80 41.80 1.91 2

SHJS 65.00 68.00 68.00 68.00 3.00 2

FECTC 5.20 5.78 5.78 5.78 0.58 2

BWHL 30.73 32.00 30.40 30.40 -0.33 2

TSMF 1.99 1.99 1.99 1.99 0.00 1

FIMM 51.00 48.65 48.65 48.65 -2.35 1

FTSM 1.71 2.70 2.70 2.70 0.99 1

OLPL 5.36 5.25 5.25 5.25 -0.11 1

ESBL 2.48 2.74 2.74 2.74 0.26 1

ALICO 18.00 18.00 18.00 18.00 0.00 1

RICL 6.90 7.38 7.38 7.38 0.48 1

KOHTM 1.45 1.49 1.49 1.49 0.04 1

LMSM 1.50 2.50 2.50 2.50 1.00 1

NATM 14.60 13.60 13.60 13.60 -1.00 1

BHAT 186.80 189.00 189.00 189.00 2.20 1

PASM 9.02 9.88 9.88 9.88 0.86 1

CJPL 0.99 1.10 0.99 0.99 0.00 1

BAFS 49.45 51.90 51.90 51.90 2.45 1

SASML 5.00 5.00 5.00 5.00 0.00 1

KSBP 74.00 77.70 77.70 77.70 3.70 1

OTSU 29.95 29.26 29.26 29.26 -0.69 1

BIFO 36.20 38.00 38.00 38.00 1.80 1

DYNO 11.81 11.84 11.84 11.84 0.03 1

GVGL 28.70 28.70 28.70 28.70 0.00 1

DREL 699.99 734.00 734.00 734.00 34.01 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

OGDC-OCT 149.84 150.60 150.00 150.21 0.37 548,000

MCB-OCT 197.20 200.90 196.00 200.17 2.97 456,500

DGKC-OCT 25.91 25.97 25.41 25.68 -0.23 284,500

ENGRO-OCT 179.62 180.50 176.75 177.34 -2.28 256,500

NML-OCT 47.95 48.90 47.90 48.68 0.73 219,000

NBP-OCT 64.96 65.35 64.26 64.45 -0.51 173,500

PSO-OCT 277.34 276.45 273.15 273.68 -3.66 154,000

AICL-OCT 71.40 72.78 71.30 71.86 0.46 107,500

PPL-OCT 185.86 186.89 184.50 186.29 0.43 85,000

POL-OCTB 232.29 234.00 231.06 233.03 0.74 83,500

ANL-OCT 10.59 10.40 10.20 10.25 -0.34 60,000

LUCK-OCT 69.40 70.30 68.70 69.71 0.31 30,000

FFBL-OCT 30.20 29.75 29.25 29.55 -0.65 28,500

UBL-OCT 53.26 53.25 53.15 53.25 -0.01 18,000

PTC-OCT 19.57 19.30 19.26 19.30 -0.27 7,500

BOP-OCT 8.20 8.00 8.00 8.00 -0.20 1,000

AICL-COCT 71.62 0.00 0.00 72.06 0.44 0

ABL-COCT 53.82 0.00 0.00 53.83 0.01 0

AKBL-COCT 15.31 0.00 0.00 15.07 -0.24 0

ATRL-COCT 91.92 0.00 0.00 91.42 -0.50 0

Symbols Open High Low Close Change Vol

ZERO VOLUME

FCONM 1.95 1.87 1.87 1.87 -0.08 0

KASBM 1.89 1.85 1.85 1.85 -0.04 0

AZTM 0.41 0.50 0.50 0.50 0.09 0

NCLNCP 23.35 22.19 22.19 22.19 -1.16 0

PUNO 35.70 37.48 37.48 37.48 1.78 0

ARPAK 11.00 12.00 12.00 12.00 1.00 0

Symbols Open High Low Close Change Vol

Al-Abbas Cement 42.97 2.90 2.70 3.40 3.70 3.20

Allied Bank Limited 60.31 53.30 53.05 53.90 54.25 53.65

Attock Cement 39.60 62.45 61.50 64.95 66.50 64.00

Arif Habib Limited 36.96 25.40 24.80 26.75 27.55 26.20

Arif Habib Securities 41.01 21.85 21.50 22.80 23.40 22.45

Adamjee Insurance 60.90 70.90 70.15 72.60 73.55 71.85

Askari Bank 55.17 14.85 14.75 15.20 15.45 15.10

Azgard Nine 48.82 9.95 9.75 10.55 10.95 10.35

Attock Petroleum 70.62 362.40 360.25 368.30 372.05 366.15

Attock Refinery 67.04 89.40 87.95 92.40 93.95 90.95

Bank Alfalah 57.68 8.70 8.55 9.10 9.40 8.95

BankIslami Pak 53.49 3.20 3.15 3.30 3.35 3.25

Bank Of Punjab 43.83 8.00 7.95 8.25 8.35 8.15

Dewan Cement 50.06 1.35 1.20 1.85 2.15 1.70

DGK Cement 58.34 25.35 24.95 26.00 26.30 25.65

Dewan Salman 52.28 1.40 1.35 1.55 1.60 1.45

Dost Steels Ltd 58.47 2.10 2.00 2.40 2.60 2.30

EFU General Insurance 60.10 39.35 38.70 41.35 42.70 40.70

EFU Life Assurance 73.45 68.80 67.65 72.30 74.65 71.15

Engro Chemical 51.89 175.75 174.35 179.40 181.65 178.00

Faysal Bank 49.27 13.40 13.20 14.00 14.35 13.75

Fauji Cement 55.08 4.85 4.65 5.10 5.15 4.90

Fauji Fert Bin 62.98 28.95 28.45 30.00 30.55 29.50

Fauji Fertilizer 61.91 107.70 107.20 108.70 109.20 108.20

Habib Bank Ltd 59.40 99.60 99.20 100.70 101.40 100.30

Hub Power 47.21 33.35 33.20 33.70 33.90 33.55

ICI Pakistan 53.61 120.50 119.50 123.00 124.45 122.00

Indus Motors 54.51 227.60 225.95 231.55 233.85 229.90

JOV and CO 32.21 2.20 2.10 2.40 2.55 2.35

Japan Power 54.60 1.50 1.40 1.70 1.85 1.60

JS Bank Ltd 48.83 2.30 2.25 2.40 2.45 2.35

Kot Addu Power 29.58 38.65 37.90 39.80 40.20 39.05

KESC 60.37 2.10 2.00 2.25 2.30 2.15

Lucky Cement 63.60 72.80 72.35 73.90 74.50 73.40

MCB Bank Ltd 64.44 196.90 193.70 202.10 204.10 198.90

Maple Leaf Cement 44.53 2.80 2.75 2.90 2.95 2.85

National Bank 50.18 63.80 63.35 64.95 65.65 64.50

Nishat (Chunian) 69.63 18.50 17.90 19.50 19.85 18.90

Netsol Technologies 48.07 18.15 17.80 19.00 19.50 18.65

NIB Bank 52.18 2.75 2.70 2.95 3.05 2.90

Nimir Ind.Chemical 56.02 1.35 1.25 1.60 1.70 1.45

Nishat Mills 68.45 50.20 49.55 51.30 51.80 50.65

Oil & Gas Dev XD 69.46 149.95 148.70 151.95 152.70 150.70

PACE (Pakistan) Ltd. 58.52 2.65 2.35 3.25 3.50 2.90

Pervez Ahmed Sec 54.57 1.65 1.60 1.80 1.85 1.70

PIAC(A) 51.88 2.15 2.10 2.25 2.30 2.20

Pioneer Cement 53.46 7.90 7.75 8.25 8.45 8.10

Pak Oilfields 71.59 246.85 244.80 250.60 252.30 248.55

Pak Petroleum 52.92 185.00 183.60 187.30 188.20 185.90

Pak Suzuki 50.42 73.40 71.80 76.30 77.60 74.70

PSO XD 56.41 271.45 269.80 275.80 278.50 274.15

PTCLA 56.86 19.10 18.95 19.45 19.65 19.30

Shell Pakistan 44.88 193.35 192.50 195.30 196.40 194.45

Sui North Gas 64.99 31.55 31.15 32.45 32.95 32.05

Sitara Peroxide 66.20 8.95 8.50 9.75 10.10 9.30

Sui South Gas 68.35 28.80 28.30 29.70 30.15 29.25

Telecard 63.92 2.40 2.35 2.60 2.70 2.50

TRG Pakistan 51.70 3.90 3.85 4.20 4.35 4.10

United Bank Ltd 52.13 52.80 52.50 53.35 53.70 53.10

WorldCall Tele 65.63 2.75 2.65 2.95 3.05 2.85

Jah Siddiq Co 44.21 9.15 9.00 9.55 9.80 9.40

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

First Prudential Modaraba 16-Oct 3:30

Allied Bank Limited 18-Oct 10:30

IGI Investment Bank Ltd 18-Oct 3:00

Pak Oman Advantage Fund 18-Oct 12:30

Pak Oman Advantage Islamic Fund 18-Oct 12:30

Pak Oman Advantage Islamic Income Fund 18-Oct 12:30

Pak Oman Advantage Stock Fund 18-Oct 12:30

Pakistan Tobacco Co Ltd 18-Oct 1:00

Sanofi-Aventis Pakistan Limited 18-Oct 11:00

Askari General Insurance Co Ltd 19-Oct 11:00

B.R.R Guardian Modaraba 19-Oct 11:00

Biafo Industries Limited 19-Oct 11:30

Crescent Standard Modaraba 19-Oct 11:00

Meezan Balanced Fund 19-Oct 4:15

Meezan Capital Protected Fund 19-Oct 4:15

Meezan Islamic Fund 19-Oct 4:15

Meezan Islamic Income Fund 19-Oct 4:15

Pakistan Petroleum Ltd 19-Oct 10:30

PICIC Growth Fund 19-Oct 11:30

PICIC Investment Fund 19-Oct 11:30

BOARD MEETINGS

Company Date Time

Page 8: The Financial Daily-Epaper-16-10-2010

Saturday, October 16, 2010 8

Winners of‘Chautay

Ustaad’ accorded

warm welcome

After illuminating world-wide the name of theirdear home land

Pakistan, the winning atten-dees of Indo-Pak joint musicalcompetition – Chautay Ustaad– have arrived here at JinnahInternational airport lateThursday to be accorded thewarmest welcome, Geo Newsreported.

Three winners from Pakistan– young singers: RoahanAbbas, Farrukh and Ahsan –won first, second and thirdprizes respectively.

The trio was accorded thewarmest welcome ever atJinnah International airportafter their arrival on Thursdayevening.

Expressing their views uponreaching Pakistan, RohanAbbas who belongs to Gujratdistrict of Punjab – also thefirst prizewinner – said: “Iname my victory to wholenation”, adding that this victo-ry belongs to Pakistan.

Farrukh Ali Moon fromFaisalabad – the secondprizewinner – said: “It was thehappiest and the most memo-rable moment in my life whenI won second prize.”

Also, Farrukh Moon – themost innocent young boy in thecompetition – gained the mostattention from Bollywood starsand music giants due to hisnaughty behavior and childlikeface expressions.

Ahsan Ali – the thirdprizewinner – belongs toPakistani metropolis city ofKarachi. He said: “I am happyon my success.” Ahasn Alionce was defeated in the com-petition and also, he was leftout from the series but on hav-ing majestic and matchlessvoice, the judges could nothelp including him into compe-tition again.

Create harmoniousschemes based on theancient tints of miner-

als, rock, and soil-- the colorsof the earth are part of our nat-ural environment and make aperfect background to every-day living.

The restful tones of earth col-ors are derived from naturallyoccurring pigments in theground -varying types of soil,minerals, and rock are part ofthe earth's structure and theircolors vary in shade and inten-sity. These chestnut browns,terra cottas, and ocher yellowsall belong in the same tonalrange, however, and so have anin-built harmony which meansthey blend well together.

Brown is central to therange, firstly as a pure color inits own right, and then as cre-ator of an enormous diversityof subtle hues, tinged withshades of red, yellow, or green- brick red, burnt orange, mus-tard brown, and khaki all fitinto the picture. Add to this allthe delicate shades of beigeand cream created by mixingin lime or chalk, and the shad-owy tones of soot and char-coal, and the strength and use-

fulness of this color groupbecome clear. These are huesthat have formed the basicpalette of life for every cultureof the world, and were used forsophisticated Roman temperamurals, Aboriginal war paint,and Celtic pottery.

In character, rooms that aredecorated with earth toneshave a gentle, welcoming feeland a sense of timelessness.These are colors that our eyesrecognize as familiar friends,even though they are often -because of their muddy, blend-ed origin - very hard to define.They are as far from the pure,

clear primary colors as youcan get, and have their originsrooted well back before syn-thetic dyeing processes madebright, dazzling colors gener-ally available.

For inspiration, look at oldAfghan rugs glowing with softochers, rusty red, and pinkybeige; take a trip to a localmuseum to soak up color ideasfrom primitive terra-cottapots, ancient mineral glazesand glass; and plunder yourlibrary for books on Africantribal decoration andAboriginal finger paintingsfor rich contrasts in burnt

umber, earthy pink, and slate.Cool Earth Tones

This is the range of tonesachieved by mixing white, orpigments from the cool sideof the spectrum such as blueand green, with the basicearth colors. Think of coolstone and slate floors, or thewashed creams, gray, andpale sand of a seashore on awinter morning, to get thefeel of the colors. They createa soothing but elegant ambi-ence of natural beauty.

Beige, putty, cream, andparchment all make perfectbackground settings, so therange of paints and papersthat falls into this category isenormous. If you choose topaint rather than wallpaper, anumber of translucent washesof different colors from thisrange will give a more naturalfinish than a flat latex; in ear-lier times these colors werefull of natural impurities andso had interesting variationsof shade and depth. You caneither continue the sametones throughout the room, oruse the walls as a canvasagainst which to set a richerseries of colors.

Decorating Home With Earth Tones

The Dabangg DVD &VCD launch functionorganised by Reliance

BIG Home Video turned outto be an exciting, interactiveand lively event. The mediaturnout was well representedacross TV, Press, Websitesand Magazines.

The evening started with theDabangg's Starcast - ArbaazKhan, Abhinav Kashyap ,Sonakshi Sinha, MaliakaArora Khan and Reliance BIGHome Video Chief OperatingOfficer - Sweta Agnihotribeing welcomed on stage.

Arbaaz announced thatDabangg 2 starring SalmanKhan & Sonakshi will go onfloors very soon.

Sweta Agnihotri then tookover and thanked Arbaaz, theentire Cast and the Landmarkteam for putting up such agreat event together.

The Home Video was thenofficial launched by the star-cast and a special capsule ofthe making was shown to theaudience and the members of

the media.Abhinav then spoke about

his experience on the film andabout the script playing a veryimportant part in the huge suc-cess of the film. He was veryconfident that the film woulddo well and thanked all theconsumers in making this filma super success.

Sonakshi speaking on theoccasion thanked the publicfor their support in making thefilm a super-hit. When thepress asked her to repeat herfamous dialogue 'Thapad sedhar nahi lagta saab, pyar selagta hai' she sportinglyrepeated the dialogue whichwas loved by the audiencewho wanted her to repeat itonce more...

Indian actor Anil Kapoor,last seen in "24" after hisHollywood breakthrough

with "Slumdog Millionaire," isexpected to join the growingcast of "Mission: ImpossibleIV."

"I was approached for theproject and I said yes," Kapoortold The Hollywood Reporter,but he didn't divulge detailsabout the role that could be the50-year-old actor's firstappearance in a majorHollywood studio production.

Kapoor is expected to closefinal negotiations soon for hisappearance in the latest install-ment of the Tom Cruise-star-ring franchise.

Kapoor was last seen in thefinal season of Fox's "24," inwhich he played presidentOmar Hassan, the leader of aMiddle Eastern country. Healso appeared in DannyBoyle's multiple Oscar winner"Slumdog Millionaire."

One of India's most popularactors, with a career spanningmore than two decades,

Kapoor will feature in upcom-ing Bollywood feature "NoProblem."

"Mission: Impossible IV" isdirected by Brad Bird ("TheIncredibles," "Ratatouille").Already confirmed as one ofthe lead villains is MichaelNyqvist, last seen in theSwedish thriller "The Girlwith the Dragon Tattoo" andits sequels. French actress LeaSeydoux will play the leadfemale villain.

"Lost" star Josh Holloway isalso joining the cast, alongwith franchise veterans VingRhames and Simon Pegg andnew faces Jeremy Renner,Paula Patton and VladimirMashkov.

"M:I-4" is produced byCruise along with J J Abrams,who worked on the story withscreenwriters Andre Nemecand Josh Appelbaum, whowrote the screenplay.

The production is scoutinglocations in Vancouver,Prague and Dubai for aDecember 2011 release.

Anil expectedto join “M:I-4”

Yash

honoured

with Kishore

Award

Prestigious National KishoreKumar Award, given by theMadhya Pradesh

Government for the year 2009-10, was conferred on YashChopra, at an investiture ceremo-ny held yesterday. This ceremonytook place at the birthplace of theLate Kishore Kumar - Khandwa,MP - on his birth anniversary.

Yash Chopra, a contemporary

legend in Hindi cinema, hasplayed a seminal role in theIndian Film Industry. With thisaward, he added yet another pres-tigious accolade to his long list ofachievements. State CulturalMinister Laxmikant Sharma pre-sented him with the award, a tra-ditional shawl and a cash prize.

State Education Minister MsArchana Tipnis and the StateTribal Welfare Minister, VijayShah, were also present at theoccasion. "By agreeing to acceptthis award Yash Chopra hasadded to the reputation of MP asa state. He is one such greatDirector whose films have beensocially relevant since more than50 years", said Cultural MinisterLaxmikant Sharma.

Yash Chopra was over-whelmed at receiving this awardand thanked the Madhya Pradeshgovernment for the same. Hefondly recalled his associationwith the Late Kishore Kumarwhile appreciating the great workdone by the Madhya Pradeshgovernment in Kishore Kumar'shonour. The Kishore Kumaraward, instituted by the MadhyaPradesh government in 1997, isgiven away for direction, acting,script writing and lyrics everyyear. Past recipients of the presti-gious award have includedHrishikesh Mukherjee, Gulzar,Shyam Benegal and AmitabhBachchan.

MUMBAI: Indian Bollywood film actress and Tissot brand ambassador, DeepikaPadukone launches the new model Tissot PRS-516 watch in Mumbai. -Reuters

Arbaaz announces

Dabangg sequel

Actor John Abrahamwas convicted for rashand negligent driving

and injuring two people andsentenced to 15 days’ simpleimprisonment on Thursday.

The Bandra MetropolitanMagistrate’s court, however,granted him bail immediately.

“John Abraham was convict-ed and was sentenced to 15days’ imprisonment but wasgranted bail after he moved abail application,” saidMangesh Pote, senior inspec-tor of police, Khar police sta-tion.

Pote said the court has notimpounded or suspendedAbraham’s licence. NeitherJohn nor his lawyer was avail-able for comment.

The court also imposed a

fine of Rs1,500 on Abraham,Pote said, and given him amonth to appeal against thedecision in the sessions court.“There were five witnesses inthe case including both thevictims,” Pote said.

The incident occurred onApril 8, 2006. Abraham hadhit a bicycle with his YamahaHayabusa at 11:15 pm onCarter Road in Bandra (West),injuring the two men ridingthe bicycle.

Abraham had taken the vic-tims, Shyam Kasbe, 22, andTanmay Majhi, 19, employeesof Judo Wine shop at PaliNaka, to the nearby BhabhaHospital.

The actor, who was alsohurt, later got himself admit-ted to Lilavati Hospital. He

had hurt his ankle and hisknee.

The preliminary medicalreport from the hospital hadsaid that Abraham had notconsumed any alcohol.

The police said Abrahamwas returning from theGladrags show while the vic-tims were returning homeafter closing the shop.

The police had booked theactor under sections 279 (rashdriving or riding on a publicway) and 337 (causing hurt byact endangering life or person-al safety of others) of theIndian Penal Code.

One of the victims had ini-tially alleged that Abrahamhad hit him on the way to thehospital, but later denied thisclaim.

John sentenced to 15-dayjail for rash driving

MUMBAI: Bollywood actress

Mallika Sherawat gestures

during a press conference.

MUMBAI: Bollywood actress Aishwarya presents a creation by Indian designer ManishMalhotra during India Couture Week in Mumbai. Reuters

Page 9: The Financial Daily-Epaper-16-10-2010

9Saturday, October 16, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1300 1165

October (3rd Wednesday) 1305 1140

November (3rd Wednesday) 1295 1145

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for October 14 2010

LME Official Prices, US$ per tonne for October 14 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2224 2401.5 8411.5 2401 24350 27550 2398 2300

Cash seller 2226 2402 8412 2402 24355 27600 2399 2301

3-months buyer 2215 2433 8415 2432 24495 27325 2427 2330

3-months seller 2225 2434 8415.5 2432.5 24500 27350 2428 2340

15-months buyer 2175 2440 8190 2425 23800 26625 2463 2340

15-months seller 2185 2445 8200 2430 23900 26675 2468 2350

27-months buyer 2175 2470 7770 2398 22700 2442 2390

27-months seller 2185 2475 7780 2403 22800 2447 2400

LONDON METAL EXCHANGE (METALS)

LONDON: Oil fell towards $82a barrel in volatile trade onFriday as investors digestedcomments from US FederalReserve Chairman that pointedto another round of monetaryeasing but lacked details.

The dollar weakened follow-ing Bernanke's statement butlater rallied as analysts said thecomments on quantitative eas-ing had alreadybeen priced in.

"The market isstill very jitteryand everyone istrying to secondguess the Fed,"said OlivierJakob, oil analystat Petromatrix..."There is noth-ing really new in what he(Bernanke) said and the marketwas fully anticipating morequantitative easing already."

US crude for November wasdown 44 cents to $82.25 a barrelby 1412 GMT, having jumpedabove $83 after Bernanke'scomments. December ICE Brent

lost 83 cents to $83.37.Bernanke said in his speech

that high unemployment andlow inflation pointed to a needfor a further easing of mone-tary policy, which may help tobolster the economy of theworld's largest fuel consumer.

He said a prolonged period ofhigh unemployment could posea risk to the recovery's sustain-

ability and said the low level ofinflation meant the risk of a dan-gerous slide in prices wasgreater than desirable.

Data on Friday showed USinflation unexpectedly slowedin September despite a pick-upin retail sales, keeping pressureon the Federal Reserve to actsoon to lessen the risk of a

downward price spiral.Meanwhile, US consumer sen-

timent unexpectedly dipped inearly October to its weakestlevel since July, with buyingplans on the decline, a surveyreleased Friday showed.

On a brighter note, a gauge ofmanufacturing in New YorkState jumped in October, liftedby improvements in new orders

and shipments,the New YorkF e d e r a lReserve said ina report.

OPEC's sec-retary generalsaid on Fridayoil prices of

$75-$85 a barrel would nothold back the global economy,even as some members havecalled for higher prices to com-pensate for a weak US dollar.

OPEC decided on Thursdayto leave its oil output policyunchanged, as it has done sinceagreeing to a record output cutin December 2008. -Reuters

Oil falls towards $82after Bernanke, US data

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Friday'sRotterdam vegetable oil pricesat 21:00 PST.

SOYOIL: EU degummedeuro tonne fob exmillNov10/Dec10 830.00,Jan11/Mar11 840.00,Apr11/Jun11 842.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Nov10/Jan11850.00+25.00, Feb11/Apr11837.00+7.00, May11/Jul11840.00+5.00, Aug11/Oct11825.00+5.00.

SUNOIL: EU dlrs tonneextank six ports optionJan11/Mar11 1300.00+10.00,Apr11/Jun11 1290.00+10.00,Jul11/Sep11 1300.00+0.00.

LINOIL: Any origin dlrstonne extank RotterdamOct10/Nov10 1332.50-5.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Oct101005.00+5.00, Nov101002.50+7.50, Dec10997.50+7.50, Jan11/Mar11992.50+2.50, Apr11/Jun11995.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Dec10 1040.00,Jan11/Mar11 1035.00.

PALMOIL: RBD dlrs tonnefob Malaysia Dec10992.50+7.50, Jan11/Mar11987.50+5.00.

PALM OLEIN: RBD dlrstonne fob Malaysia Dec101000.00+5.00, Jan11/Mar11995.00+2.50, Apr11/Jun11997.50+2.50.

PALM STEARIN: Dlrs tonnefob Malaysia Nov10985.00+10.00.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Nov10 845.00-5.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamOct10/Nov10 1415.00+15.00,Nov10/Dec10 1410.00+10.00,Dec10/Jan11 1410.00+10.00.

CASTOROIL: Any origindlrs tonne extank RotterdamOct10/Nov10 2000.00+0.00. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

15-Oct-2010 CRUDE100 NO10 US$ Per Barrel 83.30 83.84 82.35 82.45 166 82.85 82.45 31

15-Oct-2010 CRUDE100 DE10 US$ Per Barrel 84.00 84.50 83.00 83.12 89 83.55 83.12 30

15-Oct-2010 CRUDE100 JA11 US$ Per Barrel 84.93 84.93 83.78 83.78 - 84.22 83.78 -

15-Oct-2010 SILVER - SL500 NO10 US$ Per Troy Ounce 24.36 24.37 24.36 24.37 - 24.80 24.37 -

15-Oct-2010 SILVER - SL500 DE10 US$ Per Troy Ounce 24.37 24.70 24.20 24.38 30 24.81 24.38 38

15-Oct-2010 GOLD 01oz NO10 US$ Per Troy Ounce 1375.70 1385.00 1370.00 1371.20 423 1380.50 1371.20 656

15-Oct-2010 GOLD 01oz DE10 US$ Per Troy Ounce 1377.90 1386.00 1370.00 1371.70 2,459 1381.10 1371.70 702

15-Oct-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1378.50 1387.30 1371.00 1372.60 1,580 1382.00 1372.60 1,044

15-Oct-2010 GOLD 100oz NO10 US$ Per Troy Ounce 1376.70 1376.70 1371.20 1371.20 - 1380.50 1371.20 -

15-Oct-2010 GOLD 100oz DE10 US$ Per Troy Ounce 1376.50 1385.00 1371.00 1371.70 27 1381.10 1371.70 10

15-Oct-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1378.30 1378.30 1371.70 1371.70 - 1382.00 1372.60 -

15-Oct-2010 GOLD OC10 Per 10 grms 38140.00 38348.00 37937.00 37986.00 8 38252.00 37986.00 47

15-Oct-2010 GOLD NO10 Per 10 grms 38377.00 38377.00 38090.00 37995.00 3 38261.00 37995.00 1

15-Oct-2010 GOLD DE10 Per 10 grms 38165.00 38165.00 38009.00 38009.00 - 38275.00 38009.00 -

15-Oct-2010 Kilo GOLD OC10 Per 10 grms 38114.00 38114.00 37959.00 37959.00 - 38225.00 37959.00 3

15-Oct-2010 Tola Gold50 OC10 Per Tola 44455.00 44455.00 44274.00 44274.00 - 44584.00 44274.00 -

15-Oct-2010 Tola Gold100 OC10 Per Tola 44455.00 44455.00 44274.00 44274.00 - 44584.00 44274.00 -

15-Oct-2010 Mini Gold 1-Aug Per 10 grms 39194.00 39194.00 39024.00 39024.00 - 39293.00 39024.00 -

15-Oct-2010 Mini Gold 2-Aug Per 10 grms 39233.00 39233.00 39063.00 39063.00 - 39332.00 39063.00 -

15-Oct-2010 Mini Gold 3-Aug Per 10 grms 39246.00 39246.00 39077.00 39077.00 - 39345.00 39077.00 -

15-Oct-2010 Mini Gold 4-Aug Per 10 grms 39259.00 39259.00 39090.00 39090.00 - 39358.00 39090.00 -

15-Oct-2010 Mini Gold 5-Aug Per 10 grms 39181.00 39181.00 39103.00 39103.00 - 39371.00 39103.00 -

15-Oct-2010 TT Gold 1-Sep Per Tola 45046.00 45046.00 44849.00 44849.00 - 45162.00 44849.00 2

15-Oct-2010 TT Gold 2-Sep Per Tola 45186.00 45186.00 44894.00 44894.00 1 45207.00 44894.00 1

15-Oct-2010 IRRI6W 21OC10 Per 100 kg 2402.00 2402.00 3075.00 3181.00 - 3075.00 3181.00 -

15-Oct-2010 Rice IRRI - 6 OC10 Per 100 kg 3076.00 3133.00 3076.00 3133.00 - 3076.00 3133.00 -

15-Oct-2010 RBD Palm Olein OC10 Per Maund 4401.00 4401.00 4400.00 4400.00 - 4401.00 4400.00 -

15-Oct-2010 KIBOR3M 10-Dec Per Rs. 100 86.72 86.72 86.70 86.70 - 86.72 86.70 -

15-Oct-2010 KIBOR3M 11-Mar Per Rs. 100 86.18 86.18 85.67 85.67 - 85.64 85.67 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Indian sugar

remains steady

for 2nd dayMUMBAI: India's spot sugarprice remained steady for a sec-ond straight day on Friday asmillers were unwilling to cutprices despite weak demand,expecting an improvement inpurchases in coming weeks dueto festivals, dealers said.

"Millers were firm aboutprices. They were not cuttingprices despite poor demandfrom stockists," said a memberof Bombay Sugar MerchantsAssociation (BSMA).

Demand for sugar usuallygoes up ahead of Diwali, theHindu festival of lights, whichfalls in the first week ofNovember.

In Kolhapur, a key market intop-producing Maharashtrastate, the most traded S-varietynudged down 0.12 per cent to2,575 rupees ($58.38) per 100kg.

Fresh showers in India's keysugar producing states ofMaharashtra and Karnataka arelikely to delay cane crushing bya month, industry and govern-ment officials told Reuters lastweek. -Reuters

AHMEDABAD - INDIA: A jeweller weighs gold jewellery at a shop in Ahmedabad. -Agencies

KUALA LUMPUR: Globalvegetable oil markets hit freshtwo-year highs on Friday withpalm oil hovering near a keyresistance level as markets con-tinued to price in a possible sup-ply shortfall and a weaker dollar.

China's most active May soy-oil contract which jumped 7 percent in this week touched anintraday high of 9,132 yuan -- alevel unseen since September2008. "The US trimming its soyand corn production still shad-ows China's market," said anoil analyst with Shanghai-basedlocal brokerage.

"Soyoil prices might climb to9,150 yuan with the additionaleffects from firmer US soy thatincreased on strong demand."

The US soy complex gainedin Asian hours, with soyoilfutures revisiting the highestlevel in two years from the pre-vious day and soy futuresbreaching a 14-month high onstronger crush demand and

robust imports from China.Malaysian palm oil futures

ended 0.5 per cent higher at2,930 ringgit, hovering below amore than two-year high hit theprevious day and still withinstriking distance of the key3,000 ringgit resistance level.

"Palm oil is very likely tobreak 3,000 ringgit with all thesupportive elements in globalvegetable oil markets asMalaysia's market moves intandem with soyoil markets,"said a Malaysian trader with aforeign broker.

But a Reuters technical analy-sis showed that palm oil isexpected to retrace to 2,880 ring-git per tonne, as a bearish engulf-ing pattern is observed on itsdaily chart. Cargo surveyorsIntertek Testing Services andSociete Generale de Surveillanceshowed exports of Malaysianpalm oil products fell as much as9.6 per cent in the first half ofthis month. -Reuters

Palm oil hoversnear 3,000 ringgit

NEW YORK: US cotton hit afresh 15-year high on Thursdayand could soon pierce the all-time high set in 1995 on buyingspurred by a rally in Chinese cot-ton prices and the US dollar sink-ing to a 2010 low, analysts said.

Cotton traded limit-up for thethird time in four ses-sions, with prices ris-ing over 50 per centsince late July, makingit the best-performingcommodity in the CRBindex so far this year.

The key December cottoncontract increased the 4-centdaily limit to finish at $1.1487per lb, up 3.6 per cent.

"This is a dollar and Chinarally," said Mike Stevens, anindependent cotton analyst inMandeville, Louisiana.

Cotton prices in China rosethe 4.0 per cent limit up onThursday as China tries to curbwhat it describes as excessive

speculation amid tight stocksand strong demand. The bench-mark May 2011 cotton futuresclosed at 24,480 yuan($3,674/tonne), up 3.7 per centfrom the previous close.

The rally was matched by theICE Futures US cotton market.

Under exchange rules, thedaily limit in the US cottonmarket will increase to 5 centson Friday.

Prices in the options ring roseso much that options trading washalted at 1716 GMT. In theoptions market, cotton was trad-ing at a synthetic price equal todouble the daily price limit of thefutures market, or up 8 cents at$1.1887 per lb. -Reuters

NY cotton ends at15-yr high on weak dlr

LONDON: Copper rose onFriday after Federal ReserveChairman Ben Bernanke saidfurther monetary policy easingin the United States was neces-sary to lift growth, while focusshifted to Chinese economicdata due next week.

Benchmark copper on theLondon Metal Exchange tradedat $8,448 a tonne at 1537 GMTversus Thursday's close of$8,400. It touched a session highof $8,484, just below Thursday'speak of $8,490 a tonne, its high-est since July 2008. The metalhas rallied nearly 40 per centsince its June lows.

All of the metals have risenthis week with tin hitting a suc-cession of record highs, five-month peaks for zinc and alu-minium, while lead touched itshighest since January. Bernanke

said high unemployment andlow inflation point to a need fora further easing, but said poli-cymakers were still weighing

how aggressive they should be.Copper has benefited from a

tightening market. That can beseen in falling stocks of copperin LME warehouses, downmore than 30 per cent sinceFebruary when they touched

around 555,000. Latest datashowed LME stocks down 475tonnes to 371,025 tonnes.

However, copper inventoriesin warehouses monitored by theShanghai Futures Exchangerose 9.9 per cent from a weekearlier, the exchange said onFriday. Tin traded at $26,750versus $26,950 at the close onThursday when it hit a recordhigh of $27,338.50 a tonne.

Aluminium traded down at$2,401 a tonne from $2,410.Zinc, used in galvanising, trad-ed at $2,425 versus $2,415 pertonne, having earlier touched$2,451 a tonne, its highest sincelate April. Lead was traded$2,418.50 a tonne. It had beenbid at $2,411 at Thursday'sclose. Nickel traded at $24,080versus Thursday's close of$24,305 per tonne. -Reuters

Copper up as Fedundermines dollar

LONDON: Gold fell 1 percent in volatile trade on Friday,having earlier jumped to with-in a few dollars of the previousday's record high, as the dollarrebounded from earlier lossesamid concerns the unit's slidehad been over-done.

The dollarslipped versus theeuro after FederalReserve chair BenBernanke saidthere was a casefor further mone-tary policy action, given low USinflation and high unemploy-ment. However, it quickly recov-ered and rallied, knocking gold.

Spot gold was bid at $1,369.30an ounce at 1502 GMT against$1,376.75 late in New York onThursday, having earlier slippedas low as $1,362.20. US gold

futures for December deliveryfell $7.70 to $1,369.90.

"(We are) building up to aprofit-taking Friday -- proba-bly healthy, given the recentrun-up," said Saxo Bank seniormanager Ole Hansen.

"The question is for howmuch longer the market is pre-pared to run just on the quantita-tive easing story. I think themarket at these levels wants tosee the facts before committingadditional capital to the upside."

Investment in gold exchange-traded funds picked up, with

holdings of the world's largest,New York's SPDR Gold Trust,edging higher on Thursdayafter falling by almost 20tonnes in early October.

In India, the world's biggestgold consumer, wholesale gold

buying rose onFriday after-noon after ther u p e estrengthenedto its highestlevel in 25months, mak-ing the dollar-

quoted yellow metal cheaperfor local buyers, dealers said.

Among other precious met-als, silver was at $24.28 anounce against $24.61, platinumat $1,695.50 an ounce versus$1,704.15 and palladium at$590.50 versus $597.45. -Reuters

Gold slips below$1,365 after Bernanke

Cocoa easeson weak Q3grind data

LONDON: Cocoa futures fellon Friday after grindings datafrom Europe and NorthAmerica showed weakdemand, while sugar and arabi-ca coffee were also lower.

North American cocoa grind-ings in the third quarter of 2010rose 1.71 per cent from 2009,while European grindings weredown 4 per cent on the year,data showed on Thursday.

ICE March cocoa tradeddown $60 or 2 per cent at$2,848 per tonne, while LiffeMarch cocoa was 23 poundslower at 1,903 pounds a tonne,at 1422 GMT.

Sugar futures traded lower,with tight global supplies and asoft dollar limiting the downsidemove, as prices remained near 8-month highs hit earlier this week.ICE benchmark March raw sugarfutures traded down 0.76 cent at27.18 cents a lb.

London December whitesugar was down $18.20 or 2.6per cent at $693.50 per tonne.

Arabica coffee was lower buttight supplies of high quality ara-bica beans kept prices near the13-year high of $1.9865 hit lastmonth. ICE March arabica coffeefutures traded down 3.4 cent or1.8 per cent at $1.8600 a lb.

Liffe January robusta coffeewas down $6 or 0.4 per cent at$1,676 per tonne. -Reuters

Tokyo rubber

hits 2-year highSINGAPORE: Tokyo rubberfutures surged to the strongestlevels in more than two years onlingering production concerns inkey countries and strong appetitefor tyre grade supplies in Asia.

The rally, also inspired byrecord high Shanghai rubberfutures and the prospect of a 13-per cent increase in globaldemand in 2010, pushed upphysical prices in Southeast Asia,where tyre grade traded rubber atall time high this week.

TOCOM's most active rubbercontract, currently March, added4.1 yen a kg at 342.8 on Fridayafter rising as high as 343 yen --its highest level since mid-2008.

Tokyo futures trade volumehave also dropped around halfsince reaching a peak around21,000 lots in April even thoughTOCOM has extended its hoursto boost liquidity. -Reuters

NY cotton mid-dayThe key December US cotton contract hit

an all-time high of $1.198 per lb within min-

utes of opening on Friday in early Asian

trade. But it could go no higher, trading down

2.82 cents at $1.1205 per lb at 1517 GMT.

Shanghai copper fallsShanghai copper fell on Friday,

while its London counterpart head-

ing for a fifth weekly rise, pulled by

an undertow of tight supply and

appetite for hard assets.

Third-month Shanghai copper fell

0.25 per cent to 63,600 yuan, but

with expiry just a couple of days

away, the fourth month, January,

saw more activity, trading just over

430,000 tonnes of metal, down 10

yuan at 63,890 yuan.

OPEC says $75-$85 oil won't hurt global economy

Page 10: The Financial Daily-Epaper-16-10-2010

Sabina Rizwan Khan

The heat is on. The animalsare back in action. Andthe game everyone loves

is on the high as Faysal Bank'sT20 tournament continuous toroll with thrill and excitement inLahore's Qaddafi CricketStadium where hundreds ofspectators gather to cheer andsupport their favourite team.

With politics at Pakistan crick-et Board (PCB), nerve rackingcontroversies at England's tourand overall cricket team's per-formance, brought in an impres-sion that maybe cricket inPakistan is on its most low. Butthe recent occurrence of T20tournament has shown that thePakistani people are still craving

to watch entertaining cricket. 13county teams from 11 cities,with star captains each fromPakistani national team, exhibit-ing some fine first class cricketat its disposal.

It is amazing to see that amassive count of families areturning up to see these match-es. The event also showed asign of unity as at the end of theday spectators were not sup-porting their cities or states buttheir favorite players. Somewere happy to see Younis Khanin action after a long time.Whereas, others loved the greatbowling of Shoaib Akhtar andAbdur Razzaq. Umar Akmaland Fawad Alam continued todominate the ground area. Thereal influence of star power

showed when spectators wereseen leaving for homes as soonas 'Lala' Afridi got out. Much to

everyone's expectations, BoomBoom Afridi also did not disap-point his fans either. His sixestouched the skies contributingto stack a highest team total of243 runs so far in the history ofT20 cricket.

With great bowling to amaz-

ing batting, excellent fieldingto smart wicket keeping, onecan see young future of

Pakistan at its best. Some play-ers that were once again ironi-cally failed to make theirplaces in the national team forthe coming South Africa tour,has so far played some greatcricket in this T20 tournament.

Shahzaib Hasan's unbeaten

century made his team KarachiDolphins reach into semi finalsof the tournament. SarfarazAhmed's excellent work withgloves and Khalid Lateef'sastounding batting receivedappreciation. Good captaincy byAzeem Ghumman and AhmedShehzad's improvement with batactually showed how talentedthe young blood is.

Here rises an important ques-tion, how such immense talentgot missed by our selectors thatthey still gave chance to manyplayers that did nothing in previ-ous matches. Secondly, this T20tournament should have beenheld earlier to put a good audi-tion for these young talentedlads before the selection wasfinalised for South Africa tour.

Why not to give a chance tothese emerging players so thattheir skills can be polished, notfor now but for the upcomingICC World Cup next year.

Well, there will be some ques-tions that will always remainunanswered. However, what isgood that in amidst of so muchdespair, people have a chance toenjoy positive entrainmentthrough. This T20 is a stronganswer to all those queries, say-ing that international cricketevents should not be held inPakistan. If, with so many mis-managements, security lapses,tragedies and infrastructureissues, Common Wealth Gamescan be held in India, Pakistanpresents a far better picture onlyif someone can see it.

10Saturday, October 16, 2010

Lafeber of Nederland hits a shot during 2ndround of Portugal Masters golf tournament

Andersonlikely to

play Ashesfirst test

LONDON: England bowlerJames Anderson is expected tobe fit for the first Ashes testagainst Australia on Nov. 25,despite cracking a rib in atraining camp in Germany, theEngland and Wales CricketBoard (ECB) said on Friday.

In a statement the ECB saidAnderson, England's leadingstrike bowler, would fly toAustralia with the test squadon Oct. 29.

"It is anticipated that he willbe fit and available for selec-tion for the first test matchagainst Australia in Brisbane,"the statement said.-Reuters

Liverpoolcleared forchange ofownership

LONDON: Liverpool headedfor victory on Friday in a battleto shake off their unlovedAmerican owners and secure atakeover by the companybehind Major LeagueBaseball's Boston Red Sox.

A Texas judge provided thebreakthrough by lifting arestraining order that had pre-vented New England SportsVentures (NESV) ousting theEnglish Premier League club'sco-owners Tom Hicks andGeorge Gillett.

Liverpool, the five-timesEuropean champions who areone of England's greatest clubsand possess a brand of globalstature, still face a protractedlegal battle in a saga that hasovershadowed their troubledstart to the season.

Lawyers for Hicks and Gillettvowed to fight on "with all oftheir legal energies" in a claimfor damages of $1.6 billion(997.1 million pounds) after asale the owners slammed as"illegal" and "an extraordinaryswindle." A statement also saidthat the pair had offered to payoutstanding debt to the RoyalBank of Scotland (RBS) butthat attempt was rejected. Aspokesman for the bank was notimmediately available for com-ment.

"This outcome not onlydevalues the Club but it alsowill result in long-term uncer-tainty for the fans, players andeveryone who loves this sportbecause all legal recourses willbe pursued," said their Texaslawyer Steve Stodghill in astatement.

The pair had been granted thetemporary restraining order onWednesday, pouring cold wateron euphoric fans who had beencelebrating a High Court rulingthat the owners could not blockthe sale by sacking board mem-bers.-Reuters

CWG heroesarrive today

ISLAMABAD: National con-tingent attending the CommonWealth Games (CWG) in Indiawould return home today(Saturday). Both CWG goldmedalist wrestlers AzharHussain and Muhammad Inamwould be given a warm wel-come.

According to details the con-tingent would reach at AllamaIqbal airport Lahore in secondphase and all arrangementshave been finalized for a warmwelcome of players, who wongold medal in CWGs forPakistan.

Director General of PakistanSports Board Syed AmerHamza Gilani, President ofPakistan Wrestling FederationSyed Aqil Shah and officials ofPakistan Olympic Associationwould also be present at air-port to welcome the nationalheroes.

Pakistan obtained 17th posi-tion in CWG games by win-ning two gold medals, one sil-ver and two bronzes. It is per-tinent to mention that Nationalwrestlers won two gold and asilver medal for country withtheir best performance ingames.-Online

Imran urgesrevamp ofPak cricket

KARACHI: Former Pakistancaptain Imran Khan has calledfor an overhaul of the country'scricket set-up after the ICCwarned the Pakistan CricketBoard (PCB) to improve itsgovernance and enforce anti-corruption measures.

"For years now our playershave been linked to corrup-tion," the cricketer turnedpolitician told the Geo Newschannel on Thursday after theInternational Cricket Council'swarning.

"When the spot fixing alle-gations first came out againstour players in the News of theWorld newspaper, the PCBitself should have taken actionagainst the players instead ofwaiting for the ICC to step in,"Imran added.

The ICC suspended Pakistantest captain Salman Butt andpace bowlers MohammadAmir and Mohammad Asifafter the Sunday newspaperclaimed they had been bribedto do spot fixing during thefourth test against England atLords in August.

The three players havedenied any wrongdoing.

PCB chairman Ijaz Butt alsohad to withdraw allegations hemade against the Englandteam that they were involvedin taking bribes to lose thethird one-dayer at the Oval onSept 17.

"The ICC move to warn usand put us on notice is ashameful day for everyPakistani. It is a shame forPakistan cricket and the rea-son is we don't have any crick-et institution in Pakistan,"Imran said.-APP

Faysal Bank reviving cricket spirit

SYDNEY: Ricky Ponting sayshe is still the man to leadAustralia in next month's Ashesseries with England amid callsfor his sacking and questionsover his tactics.

Ponting arrived home lateThursday from a 2-0 Test seriesloss to India to be greeted bycalls from former Test pacemanGeoff Lawson for him to stepaside as skipper.

Ponting was also publicly crit-icised by former Test teammateShane Warne for his field set-tings for spinner NathanHauritz's bowling during thisweek's second Test loss to Indiain Bangalore.

Pressure has mounted onPonting's leadership ahead ofthe five-Test home series againstEngland after Australia lostthree consecutive Tests for thefirst time since 1988.

Asked by reporters if he wasthe right man to captainAustralia this summer, Ponting

declared: "Absolutely, I've gotno doubt about that at all."

"It was disappointing overthere (India) but that's the gameof cricket.

"I'm still learning about myown game and my captaincyand if the other players can learna bit from that trip then it shouldhold us in good stead for thesummer."

Ponting said he always gavehis absolute best when heplayed for his country.

"I'm trying to do my best ascaptain to help some of theseguys through some difficulttimes," he said.

"That's all I can continue todo. I give my absolute best asalways, ever since I've been theAustralian captain, to be the bestleader I can be and be the bestplayer I can be and if I get criti-cised for that along the way thenI can't do anything about that."

Lawson has called for deputyMichael Clarke to lead Australia

against England at the Gabbafrom November 25.

Lawson said Ponting, 35, hadnow lost five series as skipper,and relieving him of the captain-cy would allow him to focusmore on his batting.

"I mean he's now lost fiveseries, it may be time to say,'Look mate, we've got MichaelClarke ready to go with a nicefresh young mind," Lawson toldFriday's Daily Telegraph.

"'He (Clarke) can be the cap-tain and you focus on your bat-ting and try to restore yourself tothe level we know you're capa-ble'." But Clarke has his ownproblems and scored just 35runs from four innings in theIndian Test series.

Ponting said he had toldWarne directly of his feelingsabout his controversial remarkson Twitter.

It was Hauritz, in fact, Pontingemphasised to reporters, who sethis own fields.-APP

Ponting claims to beMr Right for Australia

NEW DELHI: Miffed withAustralia's worst series defeatto India in the recently con-cluded cricket Test series atBangalore, some Australianathletes destroyed electrical fit-tings and furniture in theirtower in the Games Village.

According to a newspaperreport, the athletes shouted slo-gans against Indian ace bats-man Sachin Tendulkar, whowas named 'Man of the match'and ensured India's victory inthe Bangalore match, andtossed a washing machinedown from the eighth floor oftheir tower.

According to Delhi police,

this hooliganism by Australianathletes started on Tuesdaywhen Tendulkar scored a dou-ble century to force Australiaout of the match. Irked by thismatch-winning performance,they first damaged electrical fit-tings and fixtures in their block.

The report also says thatDelhi Police, which received acomplaint about this vandal-ism, has downplayed the inci-dents to prevent them fromgrowing into a diplomaticembarrassment for Australia.

Meanwhile, confirming thesevandalism reports, Australia'sCommonwealth Games bossPerry Cross white on Friday

denied involvement of anyAustralian athlete in the incidentat the Games Village. Accordingto 'Herald Sun', "Crosswhite con-firmed that a washing machinewas thrown off the eighth floorof an Australian residential towerin the athletes village."

Cross white also revealedthat an Australian athlete hasbeen sent home from theCommonwealth Games in dis-grace for late-night partying.

There have been accusationsof all-night drinking sessionsamong the some Australianathletes, with some leaving thevillage at night against teamrules.-Online

Oz athletes vandaliseCommonwealth village

LAHORE: Karachi Dolphinswill meet Lahore Lions todayin the final of Faysal BankT20 tournament after KarachiDolphins defeated RawalpindiRamps by five wickets, sour-tesy some blistering perform-ance by Shahzaib Hassan.

Earlier Lahore Lions, aidedby a superb unbeaten half cen-tury from test batsman,Muhammad Yousaf, movedinto the final of Faysal Banknational T-20 cup final, with athumping 6 wicket win overIslamabad Leopards here onFriday at Gadaffi stadim.

The home team chasing amodest winning target of 133,raced through the victory with134 for 4 in 16.2 overs, beforeIslamabad captain ShoaibAkhtar won the toss and elect-ed to bat on a placid wicket.

Stylish batsman,Muhammad Yousaf starred in

Lahore's success with aunbeaten breezy 57 andextended maximum punish-ment to Islamabad bowlerstowering two sixes and six hitsthrough the fence, off 48 balls.Yousaf signaled Lahore suc-cess with a huge six at long onoff Rao Iftikhar Man of thematch, Yousaf led from thefront and kept the side on righttrack with his run hunt, battingwith sheer concentration,opining second top scorer.Ahmed Shahzad (44) to pro-duce 103 runs for the thirdwicket before losing openerNasir Jamshed (15) and UmarAkmal(0) who failed to rise tooccasion and to the expecta-tions of the crowd who wasexpecting a blistering knockfrom the young batsman.Ahmed stroked two sixeslaced with four boundariesafter facing 38 balls.-APP

Lahore to meetKarachi in FaysalBank T-20 final

SHANGHAI: Britain's AndyMurray brushed aside burlyFrenchman Jo-WilfriedTsonga 6-2 6-2 to reach theShanghai Masters semi-finalson Friday, while Serb NovakDjokovic also reached the lastfour.

Fourth-seeded Murray looksto be returning to form after arecent illness, taking com-mand early in the first set andwas hardly troubled in the sec-ond as he advanced to last fourin just 54 minutes.

"He struggled a little bit onhis serve and wasn't serving asbig as usual, so I managed toget into a lot of the returngames," said Murray.

"I served well and didn'tgive him any chances on myserve. I was hitting the ballreally cleanly from the back ofthe court, so it was a goodstart," he added.

The error-prone Tsonga wasno match for the 23-year-oldworld number four, whosestinging backhand returnsforced the 12th seed into sub-mission.

Murray will meet JuanMonaco in the last four afterthe Argentine battled to a 6-77-5 6-2 win over Austria'sJuergen Melzer, the 13th seedwho knocked out world num-ber one Rafa Nadal onThursaday.

World number two Djokovicalso eased into the semis bytrouncing unseeded GuillermoGarcia-Lopez 6-2 6-3.

The Serb broke theSpaniard's serve to take thefirst set with ease but had towork a little harder in the sec-ond to complete the victory.

Roger Federer takes onRobin Soderling for the lastsemi-final spot.-Reuters

Murray,Djokovic into

Shanghai semis

Warne criticises Ponting's field placement

SHANGHAI: Juan Monaco of Argentina serves against Jurgen Melzer of Austria at the Shanghai Masters tennis.-Reuters

KARACHI: On the occasion of 5th Throw Ball Champion,Administrator Habib Girls School Almas Bana is presenting

Shield to Chief Guest Commodore Muhammad Ishaq.-PR

This T20 tournament should havebeen held earlier by PCB to put a

good audition for these youngtalented lads before the selection

was finalised for South Africa tour

Page 11: The Financial Daily-Epaper-16-10-2010

11Saturday, October 16, 2010

International & Continuation

CONTINUATION

BOSTON: US FederalReserve Chairman BenBernanke said on Friday therewas a case for further monetaryeasing given high unemploy-ment and low inflation, but heoffered no details on the cen-tral bank's next step.

It was the most explicit sig-nal yet from Bernanke that theUS central bank is likely toease as soon as its next meetingin November. He also suggest-ed the Fed could indicate awillingness to hold interestrates low for longer than cur-rently expected.

"There would appear -- allelse being equal -- to be a casefor further action," Bernankesaid at a conference sponsoredby the Boston Federal ReserveBank.

Stocks edged higher and thedollar hit an eight month lowagainst the euro as investorsbet any further asset purchaseswould help the economy, butwould require more money tobe printed, debasing the green-back.

Prices of longer-dated USTreasury securities fell in partbecause the speech led tradersto believe the US central bankwould try to create inflation.

The dollar's sharp drop inrecent weeks on expectationsof further Fed easing hascaused discomfort around theworld, with emergingeconomies complaining thestrength of their currenciescould undercut their exports.

US officials, however, arguethe world stands to benefitfrom a healthier US economy.

Bernanke said a prolonged

period of high unemploymentcould choke off the US recov-ery and that the low level ofinflation meant the risk ofdeflation -- a dangerous down-ward slide in prices -- wasgreater than desirable.

However, he said policymak-ers were still weighing howaggressive they should be ifthey decide to pursue a furtherround of asset buying, or quan-titative easing, to push borrow-ing costs lower.

"The only question left is thesize and scope of QE," saidBoris Schlossberg of GFTForex in New York.

STILL WEIGHINGTHE COSTS

The Fed pushed overnightinterest rates to zero inDecember 2008 and thenbought $1.7 trillion in govern-ment and mortgage-linkedbonds to offer more support forthe economy.

Policymakers have said fur-ther purchases of US Treasurydebt would be the course theywould most likely pursue tobolster the recovery, and mosteconomists look for a new buy-ing program on the magnitudeof $500 billion.

Bernanke said that while thecentral bank has the tools toease financial conditions fur-ther, it still needed to proceedcautiously, adding that it washard to calibrate the scope ofpurchases that might be neces-sary.

"Nonconventional policieshave costs and limitations thatmust be taken into account injudging whether and howaggressively they should be

used," he said.Financial markets expect the

Fed to launch a new round ofasset purchases at its nextmeeting on Nov. 2-3.

The Fed's easy monetary pol-icy, which pushed the dollar toa 10-month low against a broadbasket of currencies on Friday,has drawn the ire of emergingmarket economies contendingwith a flood of capital asinvestors chase higher yields.

Many countries, worriedabout potential asset bubbles aswell as weak exports, havetaken steps to temper the rise intheir currencies, sparking fearsof a series of competing deval-uations.

Even though the deep USrecession ended in June 2009,unemployment still hovers at alofty 9.6 per cent, andBernanke noted that core infla-tion, as measured by the Fed'sfavorite gauge, has risen at justa 1.1 per cent annual rate thisyear.

He emphasized that Fed offi-cials would like to see inflationat about 2 per cent or a bitbelow.

The government said onFriday that the core consumerprice index, a more popularinflation gauge, had risen just0.8 per cent over the 12 monthsthrough September, the small-est annual gain since 1961.

At the Fed's last policy-set-ting meeting on Sept. 21, offi-cials debated the possibility ofintroducing an explicit infla-tion target and other ways inwhich they could lift inflationexpectations to spur economicactivity.-Reuters

Bernanke sees casefor more FederalReserve easing

CanadaAugust

factory salesjump 2 pct

OTTAWA: Canadian manufac-turing sales rose in August at thefastest rate in over a year,Statistics Canada said on Fridayin a report that suggested the sec-tor is recovering despite having tocontend with a strong currencyand a shaky US market.

Factory sales jumped 2 per centdue to bigger shipments of motorvehicles and petroleum and coalproducts, beating market expecta-tions of a 0.4 per cent gain andputting in the most robust per-formance since June 2009.

"This was undoubtedly a strongreport for the manufacturing sec-tor," said Francis Fong, econo-mist at TD Economics.

"In spite of the elevatedCanadian dollar and tepid state ofUS demand, the sector continuesto forge ahead in its recoveryeven continuing to build on itsinventory stock for three consec-utive months," Fong said.

The Canadian dollar, whichbriefly pushed past parity with theUS dollar on Thursday for thefirst time since April, touched asession high against the US dollarafter the release of the domesticdata and US inflation numbers.

The currency hit C$1.0012 ver-sus the greenback, or 99.88 UScents, before retreating again.

Statscan revised its estimate ofJuly sales to a 1.1 per cent declinefrom its earlier estimate of a 0.9per cent drop.

Factory sales in August were up10.3 per cent from a year earlierbut were still well below 2008'spre-recession peak.

The data suggests the economyis on track to grow modestly inAugust following a slight con-traction in July. But analysts stilleconomic growth in the thirdquarter to come in at an uninspir-ing 1.5 per cent to 1.8 per centrange on an annual basis.-Reuters

A technical indicator suggested that the index looked over-bought, Wood-Smith said. "The 14-day relative strength index isat around 70 which is fairly rare and a good short term indicatorthat an index is stretched."

The FTSE 100 is up around 9 per cent since the start ofSeptember. Miners which are sitting on sharp gains since the startof September retreated. Xstrata and Kazakhmys both fell 2.3 percent.

Old Mutual registered the sharpest faller, down 4.8 per cent afterHSBC ended talks to pay the insurer $8 billion for a majoritystake in South African lender Nedbank.

Sector peers were also under pressure as Citigroup downgradedthe UK life insurance sector to "underweight" from "neutral" in astrategy note, with Standard Life and Legal and General, off 3.2and 1 per cent, respectively.

BT Group was the star performer on the blue-chip index, up 2.9per cent after telecom provider said it had managed to retain con-

Continued from page 5No #4

Nomura Holdings lost 6.2 per cent to 427 yen after a newspaperreported that Ashikaga Bank, a regional bank affiliated withNomura, will postpone re-listing on the Tokyo Stock Exchangebecause of sluggish stock market conditions. Analysts said thatwhile US foreclosure worries were undermining sentiment onFriday, Japanese banks were unlikely to be directly affected andthe impact should be limited.

But, the market was relatively resilient despite the yen'sstrength, and analysts said markets seemed to have already pricedin quantitative easing by the Fed and the dollar's broad declinemay soon run its course. "The yen is strong, but it's not as if theJapanese currency is the only one that's gained against the dollar,"said Hajime Nakajima, deputy general manager at CosmoSecurities. "There's the view in the market that dollar/yen mayrebound once the US Federal Reserve announces much expectedeasing policy, and investors appear to be moving to factor that in."

About 1.89 billion shares changed hands on the Tokyoexchange's first section, down from a five-month high of 2.88 bil-lion booked last Wednesday. Declining stocks outnumberedadvancers by more than 5 to 1.-Reuters

Continued from page 5No #5

Foxconn has fallen 32 per cent this year amid labour unrest atits factories, wage pressures and faltering demand for mobilephones and is by far the worst performer on the Hang Seng whichhas risen 8.6 per cent. The top drag on the index, were shares ofheavyweight HSBC which slipped 1.3 per cent after reports that itwas close to dropping its $8 billion bid for South Africa'sNedbank. Also lower was footwear retailer Belle Internationalwhich slumped 5.6 per cent. Its shares had a hit a record high ear-lier this month. Shares of Hong Kong Exchanges & Clearing Ltdcontinued their advance, rising 0.9 per cent to a near three-yearhigh on the back of another day of high turnover in Hong Kong.

Turnover on the exchange touched HK$123.3 billion, the firsttime turnover clocked in at about HK$100 billion for three suc-cessive days since February 2008.-Reuters

Continued from page 5No #6

Foreigners' interest remained intact in the market. According toNCCPL there was a net foreign buying of $2.87 million on Fridaywhile on the local side; companies and individual investorsremained net seller with $1.3 million and $0.62 million respec-tively. Volumes witnessed a little decline with 112.6 millionshares traded during the day which was 2.7 million shares loweras compared to a turnover of 115.3 million shares exchanginghands on Thursday.

Though, market closed positive, most of the issues ended nega-tive as out of total 383 active issues; prices of 181 declined, 178advanced while 24 scrips remained unchanged.

Continued from page 5No #1

"The stock (Infosys) was pricing in most near-term positives. Ithad run up a lot on expectations and such a reaction is expected,"said Prakash Diwan, head of institutional business at NetworthStock Broking, adding he would not read much into the fall.

While some market participants find Infosys shares attractiveand are placing their bets on growth outlook, others find theupside limited as the stock trades near record highs and worryabout the strengthening of the rupee.

The IT sector index dropped 3.3 per cent, but is still up 17.1 percent so far this year. Sector leader Tata Consultancy Servicesclosed 3.5 per cent lower after rising as much as 2.5 per cent to anall-time high of 1,010 rupees. Rival Wipro dropped 3.6 per cent to473.50 rupees. Financials declined as annual headline inflation inAsia's third-largest economy accelerated slightly in September,reinforcing pressure on the central bank to raise rates at itsNovember 2 policy review. Leading lender State Bank of Indiadropped 3 per cent, while rivals ICICI Bank and HDFC Bank shed1.1 per cent and 1.5 per cent respectively.In the broader market,more than two shares fell for every share that gained on a moder-ate volume of 477 million shares. The 50-share NSE indexdeclined 1.9 per cent to 6,062.65 points. MSCI world equity indexwas down 0.2 per cent by 1032 GMT, while the more volatileemerging markets index declined 0.4 per cent.-Reuters

Continued from page 5No #2

The weakness in GE and financials erased initial gains thatcame after Bernanke said high unemployment and low inflationpointed to a need for further monetary easing. He said policymak-ers were still deciding how aggressive to be.

Markets have advanced in recent weeks, with the S&P 500 up11.6 per cent since September 01. The expectation for furtheraccommodative policies from the Fed has helped feed the rally.

Both Mattel Inc and Gannett Co Inc tumbled after their quarter-ly revenues missed expectations. Mattel dropped 7.3 per cent to$22.24, while Gannett slumped 8.4 per cent to $12.90.

Charles Schwab Corp rose 2 per cent to $14.37 after its quarter-ly profit topped estimates. On the economic front, consumerprices edged up 0.1 per cent in September, while retail sales rosemore than expected. Separately, an early reading on October con-sumer sentiment unexpectedly weakened, according to aThomson Reuters/University of Michigan survey.-Reuters

Continued from page 5No #3

tracts with the British Government. The shares had fallen earlierin the week after a review of Government spending by retailtycoon Philip Green found fixed-line telecoms were the "bestexample of where the government fails to leverage its scale".

Elsewhere, aircraft engine maker Rolls-Royce rose 1.1 per centafter Goldman Sachs upgraded the firm to "buy" from "neutral".

Mid cap Belgium-based gearbox maker Hansen Transmissionsjumped 8.1 per cent after it received a 75 million euro offer for itsindustrial gearbox unit from Japan's Sumitomo Heavy Industries,and planned to focus solely on wind energy.-Reuters

(NODMC) and the government's commitment to ensure trans-parency, accountability and effective utilisation of resources.

Pakistan's energy needs were considered in the context of theIntegrated Energy Sector Recovery Report and Plan. The meetingthanked the government of Pakistan and the Asian Development Bankfor the excellent work carried out by the Energy Sector Task Force. Themeeting endorsed the report and underlined that implementation of itsrecommendations would help stabilise the energy sector in Pakistan.

It was agreed that the success of Pakistan's experience in devel-oping a strong democratic system, the welfare and well-being ofits people combating extremism and terrorism and Pakistan's eco-nomic prosperity and stability were critical for regional and glob-al peace and stability. The FODP members noted progress on theMalakand Development Strategy and considered the Post-CrisisNeeds Assessment (PCNA). They endorsed the PCNA and con-firmed their commitment to support all its recommendations wel-coming the government of Pakistan's commitment to lead onurgent implementation of the report.

The meeting noted the intention of the Government of Pakistanto hold the second Public-Private Partnership conference inIslamabad sometime next year and expressed its full support forits success. It was agreed that more regular meetings among offi-cials should be organised in Islamabad to review progress ofFoDP activities. The meeting agreed that a work plan of activitiesunder the FoDP process will be useful. The FoDP members wel-

Continued from page 1No #7

analyst explained that offshore investors now hold 80-83 per cent of free float. He added, accordingto recent audited accounts, these investors who had had 300 million shares of OGDC, that is to say 48per cent of free float as on June 2009, increased their holding to 496 million shares till June 2010.Moreover with $132 million net-buying in FY11 to date, it is expected they must be holding more than500-520 million shares (80-83 per cent of free float) right now, he added.

Similarly, during last one year foreigners also remained aggressive in country's second biggestenergy explorer PPL. Offshorers, who owned 67 million shares (32 per cent of free float) last yearheld 89 million shares as at June 2010. However, after adjusting 20 per cent bonuses and foreignflows in FY11 to date, their holding might be around 110 million shares (45 per cent of the freefloat). Thus, foreigners now own 9 per cent of their total investment in PPL.

Continued from page 1No #8

2008 helped the country avert a balance of payments crisis and shore up reserves.It received the fifth tranche of $1.13 billion of the IMF loan of $11 billion in May and Pakistan

and IMF authorities are going to meet this month to discuss the release of the sixth tranche.The IMF last month gave $451 million in emergency funding to help the country rebuild from dev-

astating floods. This was separate from the $11 billion IMF programme.-Reuters

Continued from page 1No #9

have been provided employment in various government departments and process is continuing tofill all the remaining vacancies. The members of delegation included Senior Minister MaulanaAbdul Wasay, Minister for Finance Mir Mohammad Asim Kurd, Minister for Youth Affairs Capt(Retd) Abul Khaliq, Minister for Revenue, Engr Zamark Khan, Minister for C&W, Mir Saidiq AliUmrani, and Chief Secretary Balochistan.Federal Minister for Finance Dr Abdul Hafeez Sheikh,Deputy Chairman Planning Commission, Dr Ndeem ul Haq, Secretary Finance, and other seniorofficial were also present in the meeting.-NNI

Continued from page 1No #10

Parvez Kayani was also present on the occasion.According to President House Sources, meeting was prescheduled. Presidency sources say that the

meeting between the two heads of the state including Chief of the Army Staff lasted for quite awhile.President and PM were stunned over the suo moto notice of reports regarding withdrawal ofnotification and denied any such move terming the reports as fabricated. They told the Army chiefthat government respects the judiciary and all its decisions are being implemented in letter and spir-it, while they have no intentions to clash with the judiciary. They said that the government will sat-isfy the Supreme Court of their intentions of respecting judicial orders.-Online

Continued from page 1No #11

and asked the government to probe into the matter and submit the report on October 18, 2010.Later, the hearing was adjourned till October 18 with the instruction that a clear-cut policy state-

ment must be submitted on the day. Chief Justice Iftikhar Muhammad Chaudhry during the courseof hearing observed that he pledged to uphold the rule of law and supremacy of the Constitution inthe country. Earlier, the government sought more time to reply to the Supreme Court's explanationregarding government's policy regarding notification of restoration of judges.

On the other hand Law Minister Dr Babar Awan has held out a categorical assurance that theGovernment would not take any illegal or unconstitutional measure as it is committed to rule of lawand the constitution. He was addressing a news conference here Friday along with InformationMinister Qamar Zaman Kaira to explain the point of view of the Government about rumours relat-ing to possible withdrawal of executive order reinstating the deposed judges.

The Law Minister said that no less than the chief executive of the country himself has termed such reportsas baseless and the Prime Minister would also address the nation on Sunday to explain the position further.He pointed out that a stay order on the issue already exists and the apex court has now issued another stayorder. He explained that judicial verdicts do not need executive cover in any country.-Agencies

Continued from page 1No #12

reconstructed in two years," he said. Kuroda was in Brussels, the headquarters of the EuropeanUnion, to attend a "Friends of Democratic Pakistan" conference, which was to feature many of theEU's 27 foreign ministers. "From now on, from the meeting on Friday, to the next meeting inNovember, the international community will consult with one another and come up with appropri-ate funding," he said. The floods, which began in late July, left more than 10 million people home-less and affected 20 million. It devastated an economy that was already fragile before one of thecountry's worst natural disasters. Kuroda said it was important for Pakistan to keep good ties withthe International Monetary Fund and push ahead with reforms mandated by the Fund, so as to boostthe government's fiscal position and be able to finance part of the reconstruction.

"The IMF is the international institution which will provide the balance of payments support... Ithink good discussions between the IMF and the Pakistani government are crucial," he said.

"Part of the reconstruction would be funded by the government itself. But the government's fiscal posi-tion is weak and it must be strengthened, but it may take years." He said he was confident that facedwith such a big disaster the Pakistan would handle any international aid in transparent way.-Reuters

Continued from page 1No #13

He said after self sufficiency of distribution companies and revamping no worker would be sackedbut distribution companies should reduce line losses by 10 per cent.-Online

Continued from page 1No #14

comed the offer by Turkey to host a meeting of the FoDP Working Group on Institution-CapacityBuilding at a mutually agreed date in the near future.

The next Ministerial Meeting of the FoDP will be held in the first half of 2011.-Agenceis

"Now some people are saying that we may get only 25 per cent of the total contracts booked orthe shipments may be delayed." The uncertainty about the Indian deals sent cotton prices soaring inthe domestic market. Usman said domestic prices hit a record high of 7,600 rupees (about $88) permaund (37.32 kg) on Friday. "Some Indian exporters are saying they want to deliver the orders butare facing difficulties from their government," said S.M. Imran, a senior textile official whose millimports Indian cotton. He said it appeared Indian exporters were looking to escape their contractsand some Karachi-based traders said it was because of rising international cotton prices.

US cotton climbed to a record high in early Asian trade on Friday, climbing to $1.198 per pound,buoyed by a rally in Chinese cotton prices and a wider weakening trend in the US dollar. "If we don'treceive the cotton at this time, prices of cotton will go higher and that will create further problems,"Imran said. Pakistan in April hoped to produce 14 million bales of cotton in the 2010/11 season,compared with about 12.7 million bales the previous season, when the country had to import about2 million bales. Because of August's floods, government and industry officials now estimate outputof about 11.6 million bales of 170 kg (374.8lb) each.-Reuters

Continued from page 1No #15

He says a greater variety of countries should be involved, the parties must say whether they seekfriendship or hostility with Iran, and must express a view on Israel's alleged nuclear arsenal.

Western officials are wary of what they see as Iranian efforts to dodge the main issue in talks, pos-sibly buying time for advances in nuclear enrichment.

There was no indication that Mottaki and Ashton would discuss the resumption of talks during hisstay in Brussels but the Briton confirmed she had not received a formal response to her proposal toresume talks next month. "I've always said we want to see negotiations. We do believe a solutioncan be found and we'd like to get on with it," Ashton told reporters before the international talks onPakistan. She said the major powers would press on with a twin-track approach of keeping pressureon Tehran while pursuing dialogue. "It's the dialogue that will resolve it," she said.-Reuters

Continued from page 12No #16

has been practicing law since 53 years. The petitioner maintained his earlier stance that the NABChairman's appointment had been made on political grounds. During the tenure of Nawaz Sharifand Benazir Bhutto, the appointment of police inspectors were made by taking Rs200,000-400,000and the practice still continues, Jaffery said.-Online

Continued from page 12No #17

and Balakot."The recent floods have affected the pace of rehabilitation work in earthquakedamaged areas, however, government is determined to complete all rebuilding plans to providemodern facilities to the public", he further said.Addressing the meeting MNA Marvi Memonsaid that every necessary step would be taken for public benefit."The immediate resolution ofpeople's problems is my priority and I don't have any personal agenda", she maintained.

She opined that government should address the rightful demands of citizens of affectedareas who are suffering due the delay of reconstruction work.She hoped that the approvedamount would be disbursed within a week to all affected ERRA contractors.The meeting washeld as follow-up of commitments made by the government to fulfill the demands of AJK andKPK citizens who demonstrated last week in Islamabad about the delay of rehabilitationprocess.-Online

Continued from page 12No #18

He also talked about the coastal assets, both military and infrastructural, that were critical forthe country's development and said securing them too was of primary importance. In thisregard, he noted that India's peninsular projection into the Indian Ocean had provided a gate-way for attacks and the country's subjugation in the past.Though the Army Chief did not namethe Maoists, Singh said "internal dissent" and insurgencies in Jammu and Kashmir and theNorth East were the other threats that needed attention. He also cautioned about the challengesposed by nuclear proliferation in India's neighbourhood, but did not name any country in thisregard. He said the armed forces' role in India was to contribute to and ensure its "independ-ence, strategic role, autonomy and deterrence." -Online

Continued from page 12No #19

the plan would be adopted at the alliance's summit. "I think we should at the same time, giveRussia the possibility to cooperate with us and share the fruits of this cooperation," he said. TheSecretary General has proposed to expand Nato's existing missile defence system, which only cov-ers deployed troops, to protect citizens of all member states by linking up anti-missile systems ofmember states. As for the new strategy, Fogh Rasmussen said the ministers' debate focused on:Reform is also a focus of Thursday's meeting. Fogh Rasmussen said the ministers had "a clear man-date for reform, and a clear idea of what reform will look like." NNI

Continued from page 12No #20

Page 12: The Financial Daily-Epaper-16-10-2010

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BRUSSELS: Protesters asking to drop the Pakistan’s debt stand outside the

“Friends of Democratic Pakistan” meeting at the EU Council.-Reuters

ISLAMABAD: The Federalgovernment has approved Rs12billion for the execution ofrebuilding plans in earthquakeaffected areas of Azad JammuKashmir (AJK) and Khyber-Pakhunkhwa (KPK).

Interior Minister Rehman Malikannounced this in a meetingwhich was held to review theongoing development projects inearthquake-hit areas. The meetingwas attended by MemberNational Assembly MarviMemon, Additional ChiefSecretary AJK Tariq Khan,Deputy Chairman EarthquakeReconstruction and RehabilitationAuthority (ERRA) HaroonAslam, Director General StateEarthquake Reconstruction and

Rehabilitation Agency (SERRA)Liaquat Ali and officials ofTahreek- e-Tameer Nau (TTN)Colonel Yaqoob, Raja Wasim,Asif Mustafai, and others.

According to press releaseissued by Tahreek-e-Tameer-e-Nau (TTN) the ministerinformed the meeting that thegovernment has approved anamount of Rs12 billion for thepayment of arrears to the con-tractors working on the projectsof rehabilitation in AJK andKhyber-Pakthunkhwa.

He said that the governmentwould complete all designedand approved schemes of CityDevelopment Projects inMuzafarabad, Bagh, Rawalakot

See # 18 Page 11

Rs12bn to rebuildquake-razed areas

Interior minister vows complete rehab

ISLAMABAD: President Asif

Ali Zardari Friday gave formal

approval for immediate pur-

chase of 40 latest and sophisti-

cated aircraft to make Pakistan

International Air Line (PIA)

more profitable.

Presidency sources told

Online that President Zardari

wants to pull PIA out of finan-

cial crises, hence he gave

approval to purchase of 40

new aeroplanes.

President also directed

Ministry of Defence to imple-

ment the approval forthwith.

According to Presidency

sources the President also said

that he wants PIA to fly with

its own wings like before, thus

he would not terminate any

government employee who

was either appointed by the

present or by the earlier gov-

ernment.

Presidency sources also

added that the government has

decided to bolster the produc-

tion capability of Pakistan

Steel Mills (PSM) seven fold

and joint ventures under pub-

lic private partnership would

be started in this regard.

Finally, the sources said, he

added that a new agreement

will be inked with Russia and

will provide sufficient funds

and investment to enhance

PSM capability.-Online

Zardariorders new

wings for PIA

BRUSSELS: Foreign and defence min-isters from 28 Nato countries met hereto discuss details of the alliance's newstrategic concept, which aims toreshape the alliance in the next decadeto meet emerging threats.

Analysts believe Nato countries aretrying through the new strategy to reju-venate the 61-year-old organisation inthe face of a changing world.

U.S. Secretary of State HillaryClinton told a news conference the newstrategic concept was to ensure "Natoevolves as the world evolves. Natobegan as a regional alliance, but thethreats we now face are global and ourperspectives must therefore be global aswell."

"To be a security alliance in the 21stcentury, to remain relevant and effec-tive, Nato must have the capacity toanticipate and protect against shiftingsecurity challenges from terrorism toballistic missiles, from cyber attacks tothe proliferation of nuclear, chemical,

and biological weapons. Relying on thestrategies of the past simply will notsuffice," she told journalists.

The new strategy, once adopted at thealliance's next summit in Lisbon,Portugal on Nov. 19-20, will becomeNato 's third since the Cold War ended.The last two were adopted in 1991 asthe Soviet Union was unravelling, andin 1999 before the Sept. 11 2001 terror-ist attacks on the United States and thefollowing war in Afghanistan.

Clinton's remarks were echoed byNato Secretary General Anders FoghRasmussen, who has stressed thatNato's core mission, to protect the 900million citizens of Nato countries fromattack, must never change - but it mustbe "modern defence, against modernthreats."

He told journalists that Nato ministershad reached broad agreement on theanti-missile shield covering all Natomembers and he was "quite optimistic"

See # 20 Page 11

Nato questinga new strategy

NEW DELHI: Describing Pakistanand China as "two major irritants" forIndia's security, Army chief Gen V KSingh Friday said the armed forcesshould ensure the country has a "sub-stantial" conventional war capability tofight in a nuclear scenario.

"We have two major irritants. One,there is a problem of governance inPakistan where terror outfits receivesupport and where internal situation isnot very good. And, therefore, it canhave a fallout in terms of how thesethings impact India, reported PTI.

"Till the time the terrorist infrastruc-ture remains intact on the other side, wehave something to worry," he said inau-gurating a seminar on 'Indian Army:Emerging Roles and Tasks' here.

He also referred to the threat posed byChina which was rising both economi-cally and militarily.

"Although we have a very stableborder, yet we have a border dispute.And, therefore, the intentions need tobe looked at along with this addition-al capability that is coming out," hesaid.

The Army chief said, "It impacts theway we will task our army and the rolethat we will give to it so that it can dothe task that the nation wants. So, with

this, let's also see what are some of thethreats that we face or the challengesthat we have."

He said, "Even though we have a sta-ble border with China, we cannot takechances". He told the seminar organisedby Centre for Land Warfare Studies(CLAWS), an Army-sponsored thinktank, that an all-out conventional warwith China was "not not certain", butskirmishes were "certainly possible."

"We must have a substantial conven-tional-war-fighting-capability with theability to fight in a nuclear scenario," hestressed.

Noting that India had no "extra-terri-torial ambitions," the Army Chief saidIndia needed to be watchful of China'sintentions in building up its militaryinfrastructure.

Singh's remarks come close on theheels of Defence Minister A K Antony'sstating that China was exhibiting"assertiveness" in its military posturingin the region and asked the armedforces to remain vigilant to counter anythreat.

Listing the future threats to India'snational security, Singh said the islandterritories were vulnerable and theseneeded to be defended well.

See # 19 Page 11

China, Pakistan, bigsecurity pains: India

BRUSSELS: Iran welcomedon Friday a proposal to restarttalks with six major powers onits nuclear programme nextmonth and called for a date tobe agreed for the first suchmeeting in a year.

European Union foreign poli-cy chief Catherine Ashton sug-gested Vienna on Thursday asthe venue for three-day talksinvolving the United States,Germany, Russia, France,Britain and China.

"As you are fully aware,recently I announced thatOctober or November from ourpoint of view is a good time torestart talks between Iran and

the 5+1 (major powers),"Iranian Foreign MinisterManouchehr Mottaki toldreporters in Brussels.

"It is good news that authori-ties here are following the mat-ter. This is the way to coordi-nate some specific, fixed datefor starting talks," he saidbefore international talks on theeconomic development ofPakistan and fighting terrorism.

The United States and itsEuropean allies fear Iran's civil-ian nuclear energy programme isa cover to develop the capabilityfor producing nuclear weapons.

Iran, a major oil producer,says it needs nuclear fuel-mak-

ing technology to generateelectricity and denies it isdeveloping atomic arms.

Talks between Iran and thefive permanent members of theU.N. Security Council andGermany stalled in October lastyear, leading to a toughening ofinternational sanctions onTehran.

Ashton and Iranian chiefnuclear negotiator Saeed Jalilihave exchanged letters aboutresuming talks, but no date hasbeen agreed for a meeting andIranian President MahmoudAhmadinejad has set conditionsfor further talks.

See # 16 Page 11

Tehran makes upmind for N-talks

All set forbye-polls in PS-94

KARACHI: All is set forthe bye-election in SindhAssembly's constituencyPS-94 (Orangi Town,Karachi) on Oct 17, theDeputy Chief ElectionCommissioner (CEC),Sindh, Mohammed Najeebsaid.

The seat of provincialassembly fell vacant afterthe murder of MQM MPARaza Haider. The late MPAwas gunned down on August2 last, along with his policeguard, in the Jamia Masjidin Nazimabad.

The Deputy CEC said thatfive candidates are contest-ing the by-election namely,Riaz Gul of ANP, SiafuddinKhalid (MQM), and threeindependent candidatesZeenat Yasmeen, Abdul Haqand Masood Alam.

The polling will be con-ducted without any breakfrom 8am to 5pm, he saidand added that 86 pollingstations have been estab-lished which will accommo-date 287 polling booths.

He said that DistrictReturning Officer TanvirZaki and Returning OfficerNadeem Haider will super-vise the polling.-APP

Court reservesruling on pleaagainst NABchief naming

LAHORE: The Lahore HighCourt Friday reserved its ver-dict on the petition againstRetired Supreme Court JusticeDeedar Hussain Shah'sappointment as Chairman ofthe National AccountabilityBureau (NAB).

According to media reports,the court has reserved the ver-dict to determine whether thecase requires a hearing.

The petitioner Javed IqbalJaffery claimed that he is morequalified than Deedar HussainShah for this post.

Jaffery further said that he See # 17 Page 11

Altaf fallsgravely ill,

MQM leaderdenies newsLONDON: MuttahidaQaumi Movement ChiefAltaf Hussain has onceagain fallen ill and the doc-tors have advised him two-month bed rest.

According to close MQMsources, Altaf Hussain hasnot recovered from the griefand shock of killing of DrImran Farooq and due to thishealth is deteriorating.

The doctors have advisedhim two months completebed rest.

In this regard when MQMdeputy Parliamentary leaderHaider Abbas Rizvi wascontacted he said that he hasno knowledge of Altaf Bhaibeing sick and he refutedsuch news.-Online

US dronekills topTTP manin NWA

MIRAMSHAH: QariHussain, the most wantedman associated with bannedTehreek-e-Taliban Pakistan,has been killed by a USdrone strike in NorthWaziristan, intelligencesources confirmed Friday.

Qari Hussain, who carrieda headmoney of Rs50 mil-lion, was the main TTP oper-ative who trained children toexecute suicide attacks.-Agencies


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