12
International Grief-struck OIC decries IHK gore See on Page 12 Council instituted to eye aid inflows See on Page 12 Next PM would be from among us: Pagara See on Page 12 Zardari calls all ministers to Aiwan-e-Sadr today *Crude Oil (brent)$/bbl 79.41 *Crude Oil (WTI)$/bbl 75.17 *Cotton $/lb 95.63 *Gold $/ozs 1,275.70 *Silver $/ozs 20.71 Malaysian Palm $ 842.40 GOLD (NCEL) PKR 35,001 KHI Cotton 40Kg PKR 7,341 *Last Updated 20:00 PST Yearly(Jul, 2010 up to 14-Sep-2010) Monthly(Sep, 2010 up to 14-Sep- 2010) Daily (14-Sep-2010) Total Portfolio Invest (3 Sep-2010) 35.75 -50.13 1.20 2244 1.27 -2.07 -4.47 1.55 -0.18 3.09 0.82 SCRA(U.S $ in million) Portfolio Investment FIPI (16-Sep-2010) Local Companies (16-Sept-2010) Banks / DFI (16-Sept-2010) Mutual Funds (16-Sept-2010) NBFC (16-Sept-2010) Local Investors (16-Sept-2010) Other Organization (16-Sept-2010) (U.S $ in million) NCCPL GDR update Commodities Forex Reserves (3-Sep-10) Inflation CPI% (Jul 10-Aug 10) Exports (Jul 10-Aug 10) Imports (Jul 10-Aug 10) Trade Balance (Jul 10-Aug 10) Current A/C (Jul 10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10) Revenue (Jul 10) Foreign Debt (Jun 10) Domestic Debt (Jul 10) Repatriated Profit (Jul 10) LSM Growth (Jul 09 - Jun 10) GDP Growth FY10E Per Capita Income FY10 Population $16.07bn 12.79% $3.56bn $6.25bn $(2.69)bn $(635)mn $1.72bn $144.80mn Rs 84bn $55.63bn Rs 4705.4bn $62.10mn 4.55% 4.10% $1,051 170.54mn 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 16.95 2.00 1.70 9.90 PKR/Shares 111.35 145.18 42.83 36.40 33.92 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) 08-Sep-2010 08-Sep-2010 08-Sep-2010 30-Jul-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 12.52% 12.66% 12.79% 13.00% 12.69% 12.74% 12.88% 13.21% 13.30% 13.12% 13.20% 13.27% 13.48% 13.68% 13.83% Money Market Update Symbols Buy (Rs) Sell (Rs) Australian $ 79.50 80.60 Canadian $ 82.80 83.80 Danish Krone 14.80 15.20 Euro 110.50 112.00 Hong Kong $ 10.70 11.20 Japanese Yen 0.992 1.017 Saudi Riyal 22.67 22.90 Singapore $ 63.60 64.30 Swedish Korona 11.70 12.70 Swiss Franc 83.30 84.30 U.A.E Dirham 23.18 23.35 UK Pound 133.30 135.00 US $ 85.75 86.05 Open Mkt Currency Rates Index Close Change KSE 100 10,017.14 29.43 Nikkei 225 9,509.50 7.06 Hang Seng 21,691.45 34.19 Sensex 30 19,417.49 84.62 ADX 2,606.61 5.51 SSE COMP. 2,602.46 50.04 FTSE 100 5,540.14 15.42 *Dow Jones 10,545.34 27.39 *Last Updated 20:00 PST Global Indices Symbols Buying Selling TT Clean TT & OD Australian $ 80.13 80.32 Canadian $ 83.36 83.56 Danish Krone 14.94 14.97 Euro 111.23 111.49 Hong Kong $ 11.03 11.05 Japanese Yen 1.004 1.007 Saudi Riyal 22.84 22.89 Singapore $ 63.99 64.14 Swedish Korona 12.06 12.09 Swiss Franc 85.53 85.73 U.A.E Dirham 23.32 23.37 UK Pound 133.71 134.02 US $ 85.65 85.83 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 19°C KARACHI 34°C 26°C LAHORE 35°C 23°C FAISALABAD 34°C 21°C QUETTA 31°C 10°C RAWALPINDI 34°C 19°C Weather Forecast See on Page 12 BRUSSELS: France's President Nicolas Sarkozy talks to Germany's Chancellor Angela Merkel, Lithuania's President Dalia Grybauskaite and Finland's Prime Minister Mari Kiviniemi as they pose for a family photo during an European Union leaders summit in Brussels. -Reuters Special Correspondent/ Agencies ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has said that we want peace and sta- bility in Afghanistan as they are equally important for Pakistan, adding both Pakistan and Afghanistan have suffered immensely from terrorism and we are determined to wipe out this menace. Speaking at a luncheon hosted in the honour of Afghanistan President Hamid Karzai, PM said, “Our two countries enjoy special bonds of friendship and brotherhood. Many affinities bind us together. Our two coun- tries also share many common challenges, common aspirations and a common future. In other words, our destinies are inter- linked.” PM said that we are meeting at a time when floods of an unprecedented scale have dev- astated Pakistan and these floods have affected the lives and properties of 20 million Pakistanis. He said Pakistanis are deeply touched by the generous assis- tance extended to them by Afghanistan including one mil- lion dollars, four helicopters for relief operations, four tonnes of medicines and a medical team. This will remain an unforget- table gesture for us. PM said both Pakistan and Afghanistan have suffered immensely from terrorism and extremism. We are resolutely determined to eradicate this menace from our region. "Pakistan fully supports Karzai's efforts to promote sta- bility, peace and national recon- ciliation. The successful holding of the Afghan Peace Jirga and the Kabul Conference were a testimony to the sincere and important endeavours of Your Excellency's government to usher a new era", PM said. Earlier, Prime Minister Gilani while talking to Afghan See # 15 Page 11 Afghan stability vital to Pakistan: Gilani PM stresses on trans-regional development ISLAMABAD: Pakistan expects a shortfall of about 1.2 million tonnes of sugar after floods damaged the 2010/11 crop, officials said Thursday, meaning the country will con- tinue to import the sweetener to meet demand. The estimate was presented at a ministerial meeting to review the stocks situation, according to a statement by the Ministry of Industries and Production. "After taking the flood loss- es into account a gap of around 1.2 million tonnes was expect- ed between production and consumption of sugar in 2010/11," the statement said. No statistics were given about the expected sugar out- put but a senior official, who attended the meeting, said it was estimated at 3 million tonnes. Pakistan annually consumes about 4.2 million tonnes of sugar. The total domestic stocks See # 9 Page 11 Sugar may fall short by 1.2mn T In the wake of 2010/11 sugarcane crop damages ISLAMABAD: Chief Minister Punjab Mian Shahbaz Sharif has warned that any sort of delay in the rehabilitation efforts in the flood-affected areas of southern Punjab could incite militancy. Addressing the donors' con- ference here Thursday in Punjab House, he said, "I assure all the donor institutes and countries of the world, that funds for the victims would be disbursed transparently". He added that Punjab Government has been com- pensating the affected families preliminary with Rs20,000 that included Rs10,000 from Punjab Government and Rs10,000 from Central Government. He also informed the partici- pants that the conference has been held with the objective to See # 13 Page 11 Retarded rehab to spur militancy Shahbaz addresses donors' conference ISLAMABAD: Ministry for Petroleum and Natural Resources, on the directives of Prime Minister, has cancelled the appointment of Adnan Khwaja as the new managing director of Oil and Gas Development Company Limited. According to PM House spokesman, Prime Minister has directed the Federal Minister for Petroleum and Natural Resources Naveed Qamar to appoint the new Chairman for the OGDCL on merit. On the directives of PM the appointment notification of newly appointed MD Adnan Khwaja has been withdrawn due to his insufficient academ- ic record. -Online Govt un-appoints new OGDCL MD FX reserves unchanged at $16.07bn Staff Reporter KARACHI: Country's foreign exchange reserves stayed unal- tered at $16.07 billion for the week ending on Sept 10, the central bank said Thursday, holding firm from the previous week. Reserves held by the State Bank of Pakistan (SBP) fell to $12.34 billion from $12.35 bil- lion, while those held by com- mercial banks, rose to $3.73 bil- lion from $3.72 billion, said Syed Wasimuddin, chief spokesman of the SBP. Pakistan's forex reserves rose to a record high of $16.77 bil- lion in the week ending on July 2 thanks to foreign inflows worth $750 million received that week. No facility for India in Afghan transit trade: Pakistan ISLAMABAD: Federal Government has made it clear on the Standing Committee on Trade that till resolution of all disputes including Kashmir, export of Indian goods will not be allowed under trade pact with Afghanistan. The meeting of Standing Committee on Trade held on Thursday with Khurram Dastagir in the chair. Chairman Committee said that under the Transit Trade Afghan trucks would transport export goods to Karachi Port and travel back imported com- modities to Afghanistan but the trucks from Wagah border would leave back empty. Afghanistan, in return would allow Pakistan access to central Asian states through seventeen routes. Committee unanimously adopted that no foreign influ- ence would be accepted on the Pak-Afghan Transit Trade See # 16 Page 11 AZAKHEL: The head of the UN refugee agency, Antonio Guterres, urged the world to do more to help Pakistan recover from catastrophic floods. Pakistan is home to 1.7 mil- lion Afghan refugees -1.5 mil- lion of whom live in areas affected by the country's worst humanitarian disaster, which has affected up to 21 million people overall and hit terrain the size of England. "The government of Pakistan has guaranteed that despite this tragedy Pakistan will not force these refugees to go back to Afghanistan," Guterres said after meeting elders from the devastated northwestern village of Azakhel. Azakhel is the largest Afghan refugee camp that the floods destroyed. It had a pop- ulation of 22,000 people, who lost everything, a UN High Commissioner for Refugees (UNHCR) official said. "Some Afghan families wanted to go back and we will support their repatriation, but nobody will be forced to go back to Afghanistan," Guterres told reporters. Guterres said the floods destroyed 16 Afghan refugee villages in Pakistan and that 15 will be rebuilt. But he said there were "doubts" about See # 14 Page 11 World “aid more” for Pakistan: UN No forced return of Afghans from flood-hit Pak areas Karachi, Friday, September 17, 2010, Shawwal 7, Price Rs12 Pages 12 REHAB IN FULL SWING WITH WORLD HELP: FM BRUSSELS: European Union countries agreed Thursday to grant trade concessions to Pakistan to help it overcome the impact of floodings and maintain political stability, diplomats said. Pakistan will receive an “immediate and time-limited reduction” in duties on key exports to the European Union, taking into account industrial sensitivities in the EU, notably on textiles, they said. One diplomat said the arrangement would be worth around 300 million euros ($390 mn) to Pakistan over a year. The heads of government and state of the EU, which repre- sent the world's biggest border- free trading bloc and home to half a billion consumers, agreed to grant "significantly increased market access through the immediate reduc- tion of duties on key imports." "It's very important that we provide aid and help to Pakistan by all means possi- ble," said Finnish Foreign Minister Alexander Stubb. “To me it means humanitari- an aid, development aid and trade.” The details will be determined in the coming weeks, with the European Commission working with the World Trade Organisation to finalise how it would be implemented and ensure trade rules are not violated. The proposal is due to be completed by October, diplo- mats said. Britain and Germany have pushed the 27-nation European Union to offer Pakistan trade advantages to help the country battle flood devastation while France opposed the conces- sions to Pakistan. In a letter to EU partners, British Prime Minister David Cameron called for a "concrete political commitment from the EU to Pakistan to enhance sig- nificantly its access to the EU market.” On the other hand, French President Nicolas Sarkozy raised objections to opening up Europe's doors to Pakistan trade - because of a threat to textiles workers in the Limoges region. Limoges, best known for its porcelain and enamel, is home to a thriving bed linen and car- pet industry said to be worth more than 14 million euros a year to the country. But EU officials said that was only a quarter of the value of Germany's textiles trade with Pakistan and only a tenth that of Italy. The issue was just one of a number of allegedly "protec- tionist" objections raised to plans to speed a special trade deal through in response to the economic plight facing Pakistan. UK Prime Minister insisted the scale of the economic crisis warrants a European response way beyond the vital immedi- ate humanitarian effort already mounted by the EU. And free-trade objections raised at a one-day summit in Brussels were seen as under- mining the summit's determina- tion to reflect the EU as an international player. On a trade deal with Pakistan, one UK official at the summit said: "We want a political com- mitment to find a way to reduce tariffs on Pakistan imports in the near to medium term: we'd See # 10 Page 11 EU accords trade breaks Panel to set modus operandi of sugar import ISLAMABAD: The Economic Coordination Ministerial Committee here Thursday formed a subcom- mittee to decide within a week the details of the quan- tity, timing and modus operandi of import of raw sugar and facilitation of pri- vate sector for import of white sugar. Federal Minister for Industries and Production, Mir Hazar Khan Bijarani See # 8 Page 11 Pakistan has to endure bulk of rebuilding cost, allies won’t: US KARACHI: "Pakistan's allies will only do so much to rebuild the country after devastating floods so the government must raise tens of billions of dollars for reconstruction itself, Richard Holbrooke said Thursday. "The international community is not going to be able to raise tens of billions of dollars," US Special Representative for Afghanistan and Pakistan told a meeting of newspaper editors. "You have to figure out a way See # 11 Page 11 UK, Germany in favour; France opposes concessions Imran Farooq Killed In London Monitoring Desk LONDON: MQM senior leader Imran Farooq killed in London, Imran Farooq has been killed by the man in front of his house in London. According to Pakistani TV channels the killer uses a knife as a weapon and attack on Dr Imran Farooq consistently. After that Imran Farooq has been sent to nearest hospital but doctor con- firmed that he was dead.

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Page 1: The Financial Daily Epaper 17-09-2010

International

Grief-struck OIC decries IHK gore See on Page 12

Council instituted to eye aid inflows See on Page 12

Next PM would be from among us: Pagara See on Page 12

Zardari calls all ministers to Aiwan-e-Sadr today

*Crude Oil (brent)$/bbl 79.41

*Crude Oil (WTI)$/bbl 75.17

*Cotton $/lb 95.63

*Gold $/ozs 1,275.70

*Silver $/ozs 20.71

Malaysian Palm $ 842.40

GOLD (NCEL) PKR 35,001

KHI Cotton 40Kg PKR 7,341

*Last Updated 20:00 PST

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

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

Daily (14-Sep-2010)

Total Portfolio Invest (3 Sep-2010)

35.75

-50.13

1.20

2244

1.27

-2.07

-4.47

1.55

-0.18

3.09

0.82

SCRA(U.S $ in million)

Portfolio Investment

FIPI (16-Sep-2010)

Local Companies (16-Sept-2010)

Banks / DFI (16-Sept-2010)

Mutual Funds (16-Sept-2010)

NBFC (16-Sept-2010)

Local Investors (16-Sept-2010)

Other Organization (16-Sept-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (3-Sep-10)

Inflation CPI% (Jul 10-Aug 10)

Exports (Jul 10-Aug 10)

Imports (Jul 10-Aug 10)

Trade Balance (Jul 10-Aug 10)

Current A/C (Jul 10)

Remittances (Jul 10-Aug 10)

Foreign Invest (Jul 10)

Revenue (Jul 10)

Foreign Debt (Jun 10)

Domestic Debt (Jul 10)

Repatriated Profit (Jul 10)

LSM Growth (Jul 09 - Jun 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.07bn

12.79%

$3.56bn

$6.25bn

$(2.69)bn

$(635)mn

$1.72bn

$144.80mn

Rs 84bn

$55.63bn

Rs 4705.4bn

$62.10mn

4.55%

4.10%

$1,051

170.54mn

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

16.95

2.00

1.70

9.90

PKR/Shares

111.35

145.18

42.83

36.40

33.92

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)

08-Sep-2010

08-Sep-2010

08-Sep-2010

30-Jul-2010

16-Sep-2010

16-Sep-2010

16-Sep-2010

16-Sep-2010

16-Sep-2010

16-Sep-2010

16-Sep-2010

16-Sep-2010

16-Sep-2010

16-Sep-2010

16-Sep-2010

12.52%

12.66%

12.79%

13.00%

12.69%

12.74%

12.88%

13.21%

13.30%

13.12%

13.20%

13.27%

13.48%

13.68%

13.83%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 79.50 80.60

Canadian $ 82.80 83.80

Danish Krone 14.80 15.20

Euro 110.50 112.00

Hong Kong $ 10.70 11.20

Japanese Yen 0.992 1.017

Saudi Riyal 22.67 22.90

Singapore $ 63.60 64.30

Swedish Korona 11.70 12.70

Swiss Franc 83.30 84.30

U.A.E Dirham 23.18 23.35

UK Pound 133.30 135.00

US $ 85.75 86.05

Open Mkt Currency Rates

Index Close Change

KSE 100 10,017.14 29.43

Nikkei 225 9,509.50 7.06

Hang Seng 21,691.45 34.19

Sensex 30 19,417.49 84.62

ADX 2,606.61 5.51

SSE COMP. 2,602.46 50.04

FTSE 100 5,540.14 15.42

*Dow Jones 10,545.34 27.39

*Last Updated 20:00 PST

Global Indices

Symbols Buying Selling

TT Clean TT & OD

Australian $ 80.13 80.32

Canadian $ 83.36 83.56

Danish Krone 14.94 14.97

Euro 111.23 111.49

Hong Kong $ 11.03 11.05

Japanese Yen 1.004 1.007

Saudi Riyal 22.84 22.89

Singapore $ 63.99 64.14

Swedish Korona 12.06 12.09

Swiss Franc 85.53 85.73

U.A.E Dirham 23.32 23.37

UK Pound 133.71 134.02

US $ 85.65 85.83

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 19°C KARACHI 34°C 26°C LAHORE 35°C 23°C FAISALABAD 34°C 21°C QUETTA 31°C 10°C RAWALPINDI 34°C 19°C

Weather Forecast

See on Page 12

BRUSSELS: France's President Nicolas Sarkozy talks to Germany's Chancellor Angela Merkel,

Lithuania's President Dalia Grybauskaite and Finland's Prime Minister Mari Kiviniemi as they

pose for a family photo during an European Union leaders summit in Brussels. -Reuters

Special Correspondent/Agencies

ISLAMABAD: Prime MinisterSyed Yousuf Raza Gilani hassaid that we want peace and sta-bility in Afghanistan as they areequally important for Pakistan,adding both Pakistan andAfghanistan have sufferedimmensely from terrorism andwe are determined to wipe outthis menace.

Speaking at a luncheon hostedin the honour of Afghanistan

President Hamid Karzai, PMsaid, “Our two countries enjoyspecial bonds of friendship andbrotherhood. Many affinitiesbind us together. Our two coun-tries also share many commonchallenges, common aspirationsand a common future. In otherwords, our destinies are inter-linked.”

PM said that we are meetingat a time when floods of anunprecedented scale have dev-astated Pakistan and thesefloods have affected the lives

and properties of 20 millionPakistanis.

He said Pakistanis are deeplytouched by the generous assis-tance extended to them byAfghanistan including one mil-lion dollars, four helicopters forrelief operations, four tonnes ofmedicines and a medical team.This will remain an unforget-table gesture for us.

PM said both Pakistan andAfghanistan have sufferedimmensely from terrorism andextremism. We are resolutely

determined to eradicate thismenace from our region.

"Pakistan fully supportsKarzai's efforts to promote sta-bility, peace and national recon-ciliation. The successful holdingof the Afghan Peace Jirga andthe Kabul Conference were atestimony to the sincere andimportant endeavours of YourExcellency's government tousher a new era", PM said.

Earlier, Prime Minister Gilaniwhile talking to Afghan

See # 15 Page 11

Afghan stability vital to Pakistan: GilaniPM stresses on trans-regional development

ISLAMABAD: Pakistanexpects a shortfall of about 1.2million tonnes of sugar afterfloods damaged the 2010/11crop, officials said Thursday,meaning the country will con-tinue to import the sweetenerto meet demand.

The estimate was presentedat a ministerial meeting toreview the stocks situation,according to a statement by theMinistry of Industries andProduction.

"After taking the flood loss-es into account a gap of around1.2 million tonnes was expect-ed between production andconsumption of sugar in2010/11," the statement said.

No statistics were givenabout the expected sugar out-put but a senior official, whoattended the meeting, said itwas estimated at 3 milliontonnes.

Pakistan annually consumesabout 4.2 million tonnes of

sugar.The total domestic stocks

See # 9 Page 11

Sugar may fallshort by 1.2mn T

In the wake of 2010/11 sugarcane crop damages

ISLAMABAD: ChiefMinister Punjab Mian ShahbazSharif has warned that any sortof delay in the rehabilitationefforts in the flood-affectedareas of southern Punjab couldincite militancy.

Addressing the donors' con-ference here Thursday inPunjab House, he said, "Iassure all the donor institutesand countries of the world, thatfunds for the victims would be

disbursed transparently".He added that Punjab

Government has been com-pensating the affected familiespreliminary with Rs20,000that included Rs10,000 fromPunjab Government andRs10,000 from CentralGovernment.

He also informed the partici-pants that the conference hasbeen held with the objective to

See # 13 Page 11

Retarded rehabto spur militancy

Shahbaz addresses donors' conference

ISLAMABAD: Ministry forPetroleum and NaturalResources, on the directives ofPrime Minister, has cancelled theappointment of Adnan Khwajaas the new managing director ofOil and Gas DevelopmentCompany Limited.

According to PM Housespokesman, Prime Ministerhas directed the FederalMinister for Petroleum andNatural Resources NaveedQamar to appoint the newChairman for the OGDCL onmerit. On the directives of PMthe appointment notification

of newly appointed MD AdnanKhwaja has been withdrawndue to his insufficient academ-ic record. -Online

Govt un-appointsnew OGDCL MD

FX reservesunchangedat $16.07bn

Staff Reporter

KARACHI: Country's foreignexchange reserves stayed unal-tered at $16.07 billion for theweek ending on Sept 10, thecentral bank said Thursday,holding firm from the previousweek.

Reserves held by the StateBank of Pakistan (SBP) fell to$12.34 billion from $12.35 bil-lion, while those held by com-mercial banks, rose to $3.73 bil-lion from $3.72 billion, saidSyed Wasimuddin, chiefspokesman of the SBP.

Pakistan's forex reserves roseto a record high of $16.77 bil-lion in the week ending on July2 thanks to foreign inflowsworth $750 million receivedthat week.

No facilityfor India in

Afghan transittrade: PakistanISLAMABAD: FederalGovernment has made it clearon the Standing Committee onTrade that till resolution of alldisputes including Kashmir,export of Indian goods will notbe allowed under trade pactwith Afghanistan.

The meeting of StandingCommittee on Trade held onThursday with KhurramDastagir in the chair.

Chairman Committee saidthat under the Transit TradeAfghan trucks would transportexport goods to Karachi Portand travel back imported com-modities to Afghanistan but thetrucks from Wagah borderwould leave back empty.

Afghanistan, in return wouldallow Pakistan access to centralAsian states through seventeenroutes.

Committee unanimouslyadopted that no foreign influ-ence would be accepted on thePak-Afghan Transit Trade

See # 16 Page 11

AZAKHEL: The head of theUN refugee agency, AntonioGuterres, urged the world todo more to help Pakistanrecover from catastrophicfloods.

Pakistan is home to 1.7 mil-lion Afghan refugees -1.5 mil-lion of whom live in areasaffected by the country's worsthumanitarian disaster, whichhas affected up to 21 millionpeople overall and hit terrainthe size of England.

"The government ofPakistan has guaranteed thatdespite this tragedy Pakistanwill not force these refugees togo back to Afghanistan,"Guterres said after meetingelders from the devastated

northwestern village ofAzakhel.

Azakhel is the largestAfghan refugee camp that thefloods destroyed. It had a pop-ulation of 22,000 people, wholost everything, a UN HighCommissioner for Refugees(UNHCR) official said.

"Some Afghan familieswanted to go back and we willsupport their repatriation, butnobody will be forced to goback to Afghanistan," Guterrestold reporters.

Guterres said the floodsdestroyed 16 Afghan refugeevillages in Pakistan and that 15will be rebuilt. But he saidthere were "doubts" about

See # 14 Page 11

World “aid more”for Pakistan: UN

No forced return of Afghans from flood-hit Pak areas

Karachi, Friday, September 17, 2010, Shawwal 7, Price Rs12 Pages 12

REHAB IN FULL SWING

WITH WORLD HELP: FM

BRUSSELS: European Unioncountries agreed Thursday togrant trade concessions toPakistan to help it overcomethe impact of floodings andmaintain political stability,diplomats said.

Pakistan will receive an“immediate and time-limitedreduction” in duties on keyexports to the European Union,taking into account industrialsensitivities in the EU, notablyon textiles, they said.

One diplomat said thearrangement would be wortharound 300 million euros ($390mn) to Pakistan over a year.

The heads of government andstate of the EU, which repre-sent the world's biggest border-free trading bloc and home tohalf a billion consumers,agreed to grant "significantlyincreased market accessthrough the immediate reduc-tion of duties on key imports."

"It's very important that weprovide aid and help toPakistan by all means possi-ble," said Finnish ForeignMinister Alexander Stubb.

“To me it means humanitari-an aid, development aid and

trade.”The details will be determined

in the coming weeks, with theEuropean Commission workingwith the World TradeOrganisation to finalise how itwould be implemented andensure trade rules are not violated.

The proposal is due to becompleted by October, diplo-mats said.

Britain and Germany havepushed the 27-nation EuropeanUnion to offer Pakistan tradeadvantages to help the countrybattle flood devastation whileFrance opposed the conces-sions to Pakistan.

In a letter to EU partners,British Prime Minister DavidCameron called for a "concretepolitical commitment from theEU to Pakistan to enhance sig-nificantly its access to the EUmarket.”

On the other hand, FrenchPresident Nicolas Sarkozyraised objections to opening upEurope's doors to Pakistan trade- because of a threat to textilesworkers in the Limoges region.

Limoges, best known for itsporcelain and enamel, is hometo a thriving bed linen and car-

pet industry said to be worthmore than 14 million euros ayear to the country.

But EU officials said that wasonly a quarter of the value ofGermany's textiles trade withPakistan and only a tenth thatof Italy.

The issue was just one of anumber of allegedly "protec-tionist" objections raised toplans to speed a special tradedeal through in response to theeconomic plight facingPakistan.

UK Prime Minister insistedthe scale of the economic crisiswarrants a European responseway beyond the vital immedi-ate humanitarian effort alreadymounted by the EU.

And free-trade objectionsraised at a one-day summit inBrussels were seen as under-mining the summit's determina-tion to reflect the EU as aninternational player.

On a trade deal with Pakistan,one UK official at the summitsaid: "We want a political com-mitment to find a way to reducetariffs on Pakistan imports inthe near to medium term: we'd

See # 10 Page 11

EU accordstrade breaks

Panel to set modus

operandi ofsugar importISLAMABAD: TheEconomic CoordinationMinisterial Committee hereThursday formed a subcom-mittee to decide within aweek the details of the quan-tity, timing and modusoperandi of import of rawsugar and facilitation of pri-vate sector for import ofwhite sugar.

Federal Minister forIndustries and Production,Mir Hazar Khan Bijarani

See # 8 Page 11

Pakistan has to

endure bulk of

rebuilding cost,

allies won’t: USKARACHI: "Pakistan's allies

will only do so much to rebuild

the country after devastating

floods so the government must

raise tens of billions of dollars

for reconstruction itself, Richard

Holbrooke said Thursday.

"The international community

is not going to be able to raise

tens of billions of dollars," US

Special Representative for

Afghanistan and Pakistan told a

meeting of newspaper editors.

"You have to figure out a way

See # 11 Page 11

UK, Germany in favour; France opposes concessions

ImranFarooq

Killed InLondon

Monitoring Desk

LONDON: MQM senior leaderImran Farooq killed in London, ImranFarooq has been killed by the man infront of his house in London.

According to Pakistani TVchannels the killer uses a knife asa weapon and attack on Dr ImranFarooq consistently.

After that Imran Farooq has beensent to nearest hospital but doctor con-firmed that he was dead.

Page 2: The Financial Daily Epaper 17-09-2010

FRIDAYTime Programmes

8:00 Pakistan Aaj Raat

9:00 News

9:02 Pehla Sauda

10:00 News

10:15 Bazaar

11:00 News

11:05 Ghar Ka Kharch

12:00 News

12:05 Akhri Suada

12:30 Mang Raha Hay

Pakistan

13:02 Islamabad Say

14:05 Sara Jahan

14:30 Dilkash Pakistan

15:00 News

15:15 Power Hour

16:02 Awam Ki Awaz

17:00 News

17:05 Ghar Ka Kharch

18:05 Pegham-e-Islam

19:00 News

19:05 Islam Aur Karobar

19:30 Karobari Dunya

20:00 Headlines

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:05 Doosra Pehlu

22:02 Doosra Pehlu

23:30 Islam Aur Karobar

TV PROGRAMMES

FRIDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere Maya

ke Sath

11:00 News

12:00 News

13:10 Newsbeat (Rpt)

14:10 Tonight With

Jasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Tonight With

Jasmeen

23:00 News

23:30 24

Friday, September 17, 20102

KARACHI: Members of ‘Gift of The Givers’ (an international NGO) pose for

picture at press club after adressing a news confrence here.-Photo by S Imran Ali

KARACHI: Maj Amjad Rafiq Khan, spokesman of Sheikh Ali

Ibn-e-Abdullah Althani, member of Qatar Royal Family addressing

a press conference at Karachi Press Club. -Photo by S Imran Ali

KARACHI: Engr Tahir Saleem, Chairman IEEP Karachi Centre addressing

a press conference regarding 1st Electro fair at Expo Centre.-PR

KARACHI: EngroCorporation continuesefforts to drive its floodrelief campaign having anoutreach in areas of Sindhand Southern Punjab. It hasset up a flood relief task-force, which is responsiblefor coordinating all floodrelief efforts to providebasic necessities such asfood, water, milk, shelter,hygiene kits and facilities,utensils and medical aid forpeople and livestock.

Tahir Jawaid, Vice-President, Public Affairs andHuman Resources, high-lighted "The flood situationhas to be taken head on,especially as the misery anddevastation are escalating,sometimes on an hourlybasis. The impact of theflood is going to be felt forthe long term, and our effortshave barely begun to scrape

the surface. Engro's decisionto take on this daunting chal-lenge is driven by our pas-sion for Pakistan and its peo-ple, and our employees andpartners have shown thatanything is possible if we allwork together."

Jiwan Das, Director EngroFoundation, who is spear-heading Engro's flood reliefprojects on ground said,"Engro Foundation is work-ing with a number of part-ners to ensure the health andcontinuing productivity ofthese animals, which arevery important for liveli-hood. Our team membershave undergone urgent ani-mal aid training and havestarted work in areas ofLayyah, Jhang,Muzafargarh, Ghotki andAlipur where they havealready treated over 43,000animals."-PR

Engro extendsrelief efforts

KARACHI: The PakistanMicrofinance Network(PMN), in collaborationwith the ConsultativeGroup to Assist the Poor(CGAP) and theInternational FinanceCorporation (IFC), will behosting a Roundtable onSeptember 20 inIslamabad to examine theimpact of the recent floodson the microfinance sector.

Some of the key issues tobe discussed at theRoundtable include anassessment of damagespecifically with respect tothe microfinance sector inthe country and its impacton the clients, determiningthe needs of the sector interms of funding, technicaland advisory support anddeciding what needs to bedone in the short and longterm by different stake-holders to enable the sector

to continue to serve thelow income population. Itis hoped that theRoundtable will result inparticipants signing off onthe needs assessment andreaching an agreement onthe major activities to beundertaken by the stake-holders.

"The floods have been ahuge calamity for thewhole economy, microfi-nance is no exception,"stated Syed MohsinAhmed, Chief ExecutiveOfficer of the PMN, andthen went on the explain:"The sector's footprint cov-ers millions of hardwork-ing people from the lowincome strata who are sus-ceptible to sudden changesin their socio-economicstatus, caused by factorstotally beyond their controllike floods and other natu-ral disasters."-PR

Flood impacton microfinance

to be assessed

Staff Correspondent

KARACHI: TariqSayeed, Vice-President,Confederation of Asia-Pacific Chambers ofCommerce and Industry(CACCI) told thatPresident of CACCI,Benedicto Yujuico fromPhilippines called a tele-conference with four VicePresidents of Pakistan,Sri Lanka, Japan andAustralia to discuss issuesrelated to internationalrelations, policy advoca-cy, training, trade exhibi-tions and product toService councils.

The teleconferencewent on for an hour. TariqSayeed said that CACCIis a regional grouping ofapex national chambersof commerce and indus-try, business associationsand business enterprisesin Asia and the WesternPacific, with a total num-ber of 29 primary mem-bers from 27 countries inthe region, starting fromJapan to Turkey. It is anon-governmental organ-

isation serving as a forumfor promoting the vitalrole of businessmen in theregion, increasing region-al business interaction,and enhancing regionaleconomic growth.

CACCI is the mosteffective Chamber inAsia. Since its establish-ment in 1966 - some 44years ago, this is the firsttime that Pakistan got anopportunity to becomethe Vice President ofCACCI with the efforts ofTariq Sayeed.

Tariq Sayeed appreciat-ed the idea of holding amonthly teleconference ofCACCI Vice-Presidentswith the President CACCIto exchange ideas ofCACCI related matters foradvancing the businesssector and for promotingregional economic coop-eration, strengthening anddeveloping closer ties withmember countries of theregion. He said that it is agood inter-action to set-upour communication tohelp CACCI in projectingitself.

CACCI to fortifybilateral ties

KARACHI: The 4thPakistan SME Conference2010 organised by SHAM-ROCK ConferencesInternational, under thetheme of 'Rebuilding andRehabilitation - The Task,Responsibility andOpportunity' will be heldon September 18 (tomor-row) at a local hotel here inKarachi.

The conference is sup-ported by the IFC/WorldBank, SME BusinessSupport Fund, Ministry ofFinance and the Small &Medium EnterpriseAuthority (SMEDA).

About 200 delegateswith representations fromgovernment, State Bank ofPakistan, SMEDA,UNISAME, commercialbanks, trade associations,chambers of commerce &industry, academia and the

media will be attending thefull-day's proceedingwhich includes three ses-sions and an interactivepanel discussion.

The conference will focuson three critical areas of theSME sector, namely'Structural Reforms andSustainability, 'Facilitationand Empowerment' and'Good Governance andEffective HumanResources'. A special paneldiscussion on the theme ofthe conference will alsohighlight the post-floods sit-uation and the scope forrebuilding devastated areasand the rehabilitation of dis-placed people. The confer-ence will feature eminentchairpersons and speakers,including government func-tionaries, financial expertsand professionals from tradeand industry.-PR

Fourth SMEmoot on 18th

Jamil Siddiqui

KARACHI: The entire cus-tom clearance operation isfeared to be halted fromOctober 1 resulting inimmense problems for theexporters and importers andcould cause extensive dam-age to the economy, it hasbeen learnt.

The leaders of CustomsAgents Forum ShamsBurney and Arshad Jamalwhile talking to TheFinancial Daily disclosedthat after the FederalBoard of Revenue to dis-continue the services ofthe swift custom clearanceKuwaiti based company"Agility" being non trans-parent and in effectivefrom 30th September 2010

and no decision made todate to run this operationfrom an alternate companycustom officials and cus-tom agents are in quandaryto how to handle the swiftcustom clearance system.

They said that in order tohighlight this grave issuecustom agents held ademonstration outside thecustom house on Thursdayand are also in process toprepare an alternate sys-tem to be presented toFBR for approval andimplementation so thatpresent uncertainty andanxiety can be removed.

They alleged that in theabsence of any alternateswift custom clearancesystem there will be heavydemurrage on the imported

items and the customwarehouses will be full ofthem with the heap ofimported stuff to becleared.

They alleged that due tothe non existence of theswift custom clearancesoftware custom officialswill have free hand tomanipulate the system bycharging exorbitant cus-tom duties with the recordtempering tactics.

It is also feared that dueto long delays in the clear-ance of imported machin-ery, spare parts and othervital equipments not onlythe important mega proj-ects will be delayed butthere will be a price spiraland shortages of manyitems in the markets.

Custom clearancelikely to halt from Oct

PIAhands over

Eid giftsGAMBIT: Under Eidrelief Package sponsoredby PIA, MakhdoomMansoor HashmiChairman ShaheedMakhdoom-Rafiq Trustdistributed Eid clothes, eat-ables & other goods amongthe flood affectees' of RaziDera's Kacha, a remotearea of Khairpur district,said a handout issued hereon Thursday.

On this occasionChairman ShaheedMakhdoom Rafiq WelfareTrust said, "On this specialoccasion of Eid-ul-Fitar,we should remember thoseare in great need".-PR

NGO givesRs30mn aid

for SindhKARACHI: Following thePakistani Prime Minister'sappeal for internationalassistance, Gift of TheGivers (an internationalNGO) has responded swift-ly, distributing relief goodsworth more than Rs30 mil-lions in Sindh, said an offi-cial here on Thursday.

So far we have distrib-uted at following places;Razakabad camp, Karachi,Thatta, Sajawal, Badin,Gularchi, and LaghariDrain Area on ThattaSajawal Road, he furtheradded

As per request of thePakistani military medicalpersonnel Gift of TheGivers (GTOG) have dis-patched one million waterpurification sachets thatwill purify 10 million litersof infected water.

Chairman and founder ofGOTG Dr Imtiaz Soolimanalso visited Pakistan earlierthis month and on hisreturn he was accompaniedby German media and foot-ballers to support GOTGcampaign for PakistanFlood victims further inSouth Africa andGermany.-PR

LAHORE: On the occasion of inaugural ceremoney of 789 Activation Facility for thesubscribers of World Call Wireless Telephone. Chairman PTA Dr Muhammad Yaseen isseen cutting the ribbon at the World Call Contact Centre. CEO of World Call Babar Ali

Syed, DG Enforcement PTA Kamran Khan Gandapur and other official of World Call &PTA are also seen in the picture.-PR

LAHORE: ChairmanP a k i s t a nTe l e c o m m u n i c a t i o nAuthority (PTA) DrMuhammad Yaseen inau-gurated the call centers ofWorldcall here, in accor-dance to its plan to curbthe illegal connections.

According to a handoutissued here on Thursday,Chairman emphasised theimportance of authenticdocumentation and urgedthe WLL operators tospare no stone unturnedwhile issuing the new con-nections strictly in accor-dance with the laid downprocedures for newregime.

PTA has made extraordi-nary efforts to curb illegalissuance of SIMs and toensure authenticantecedents of mobilesubscribers, said a pressrelease issued here on

Thursday.PTA has achieved this by

implementing one of itskind "Online Verification ofMobile Subscribers'Antecedents throughNADRA's Database - 789"in February 2009, he added.

After having successful-ly implemented the sys-tem for mobile operators,PTA has extended itsefforts by brining theWLL operators under thesame umbrella.

Under the new processall WLL service providersare now linked withNADRA data base, and allWLL connections shall beactivated after its verifica-tion from NADRA. CEOof Worldcall assured hisfull compliance to the pro-cedures in order to makecertain availability ofauthentic credentials ofthe subscribers.-PR

PTA working tocurb illegal SIMs

1st teleconference held

Page 3: The Financial Daily Epaper 17-09-2010

MUMBAI: Indian rupeegained on Thursday, whileOvernight Indexed Swap (OIS)rate curve flattened after thecentral bank lifted rates moreforcefully than hoped, butexpectations that the rate hikecycle was nearing an endanchored long-term rates.

The Reserve Bank of Indialifted the repo rate, at which itlends to banks, by 25 basispoints to 6 per cent and raisedthe reverse repo rate, used toabsorb excess cash, by 50 basispoints to 5 per cent.

India has one or two interestrate increases in store for the restof the fiscal year that ends inMarch, according to a Reuterspoll conducted after the centralbank raised rates for the fifthtime this year on Thursday.

"Expect RBI to continue tohike rates though at a slowerpace than in the last sixmonths," said Manoj Swain,the chief executive officer atMorgan Stanley India PrimaryDealer in Mumbai.

Some analysts said the cen-

tral bank may pause its policytightening. "The market ispricing in no rate hikes in thenext three months," saidKumar Rachapudi, fixedincome strategist at BarclaysCapital, Singapore.

The spread between the oneand five-year OIS rates nar-rowed to 72 basis points, from79 basis points atWednesday's close. The one-year OIS rate rose faster thanthe 5-year rate, bear-flatteningthe curve. The partially con-vertible rupee ended at46.14/15 per dollar, after ris-ing to 46.1350, its strongest inmore than a month. -Reuters

Indian rupee gainsafter rate hike

3Friday, September 17, 2010

Currencies Rate

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

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 16/09/2010

A USD GBP CAD EUR JPY

O/N 0.22750 0.54875 1.05000 0.38938 SN 0.10625

1WK 0.25150 0.55016 1.07167 0.45375 0.11875

2WK 0.25181 0.55438 1.09167 0.50375 0.12750

1MO 0.25734 0.57000 1.11333 0.57656 0.14625

2MO 0.27406 0.62281 1.17500 0.67250 0.17750

3MO 0.29141 0.72719 1.23250 0.83000 0.22625

4MO 0.34625 0.81734 1.28750 0.91875 0.31375

5MO 0.41297 0.92359 1.34583 1.01188 0.37000

6MO 0.47438 1.02813 1.41250 1.11625 0.43000

7MO 0.52813 1.10344 1.48417 1.16625 0.48688

8MO 0.57900 1.18094 1.56083 1.21688 0.53250

9MO 0.62531 1.26031 1.63583 1.26813 0.58438

10MO 0.67938 1.33531 1.72083 1.31250 0.61375

11MO 0.73313 1.40406 1.81750 1.35813 0.64000

12MO 0.79400 1.46781 1.90917 1.40313 0.66625

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

U.S.A. 85.85 85.65 85.47U.K. 134.02 133.71 133.40EURO 111.49 111.23 110.98CANADA 83.56 83.36 83.14SWITZERLAND 85.73 85.53 85.31AUSTRALIA 80.32 80.13 79.92SWEDEN 12.09 12.06 12.03JAPAN 1.01 1.00 1.00NORWAY 14.04 14.01 13.97SINGAPORE 64.14 63.99 63.82DENMARK 14.97 14.94 14.90SAUDI ARABIA 22.89 22.84 22.78HONG KONG 11.05 11.03 11.00CHINA 12.75 12.72 12.69KUWAIT 298.91 298.21 297.43MALAYSIA 27.54 27.47 27.40NEW ZEALAND 62.25 62.10 61.94QATAR 23.58 23.53 23.46U.A.E. 23.37 23.32 23.26KR WON 0.07 0.07 0.07THAILAND 2.78 2.77 2.76

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3079 1.3081 1.3117 1.2976

EUR-GBP 0.8365 0.8365 0.8401 0.8311

EUR-CHF 1.3052 1.3055 1.3065 0.8311

EUR-JPY 112.03 112.05 112.38 110.66

USD-CHF 1.3247 1.3251 1.3294 1.2993

USD-CAD 1.0275 1.0280 1.0288 1.0242

GBP-USD 1.5626 1.5629 1.5648 1.5541

GBP-JPY 133.9 133.94 134.03 133.02

AUD-USD 0.9342 0.9346 0.9395 0.9332

EUR-CAD 1.3433 1.3437 1.3461 1.3336

CHF-JPY 84.53 84.59 85.59 84.22

Gold 1271.85 1272.58 1276.88 1264.11

Silver 20.77 20.80 20.81 20.49

As per 22.00 PST

Time Source Events Forecast Previous

11:00 EUR German PPI m/m 0.3% 0.5%

13:00 EUR Current Account -3.7B -4.6B

17:30 USD Core CPI m/m 0.1% 0.1%

17:30 USD CPI m/m 0.3% 0.3%

18:55 USD Prelim UoM Consumer Sentiment 70.3 68.9

18:55 USD Prelim UoM Inflation Expectations 2.7%

Source Events Actual Forecast Previous

NZD Official Cash Rate 3.00% 3.00% 3.00%

GBP Retail Sales m/m -0.5% 0.3% 0.8%

GBP Consumer Inflation Expectations 3.4% 3.3%

GBP CBI Industrial Order Expectations -17 -12 -14

CHF Libor Rate 0.25% 0.25% 0.25%

USD PPI m/m 0.4% 0.3% 0.2%

USD Unemployment Claims 450K 463K 453K

USD Core PPI m/m 0.1% 0.1% 0.3%

USD Current Account -123B -124B -109B

USD TIC Long-Term Purchases 61.2B 37.9B 44.4B

USD Philly Fed Manufacturing Index -0.7 0.9 -7.7

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada Oct 19 2010 Sep 08 2010 1%

Bank of England Oct 07 2010 Mar 05 2009 0.50%

European Central Bank Oct 07 2010 May 07 2009 1%

Federal Reserve Sep 21 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

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

Bank of Japan n/a Dec 19 2008 0.10%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, September 16,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

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

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

ABPL 11.70 12.20 11.70 12.20 12.10 12.60 12.45 12.70 12.50 12.75 12.75 13.25 12.90 13.40 13.25 13.75

ABLN 11.80 12.30 11.90 12.40 12.15 12.65 12.50 12.75 12.65 12.90 12.80 13.30 12.95 13.45 13.00 13.50

JSBL 11.75 12.25 11.85 12.35 12.25 12.75 12.60 12.85 12.70 12.95 12.70 13.20 12.70 13.20 12.90 13.40

ASPK 11.70 12.20 11.95 12.45 12.20 12.70 12.50 12.75 12.60 12.85 12.70 13.20 12.75 13.25 12.90 13.40

CIPK 11.80 12.30 11.90 12.40 12.20 12.70 12.40 12.65 12.60 12.85 12.70 13.20 12.90 13.40 13.05 13.55

DBPK 11.70 12.20 11.80 12.30 12.10 12.60 12.40 12.65 12.60 12.85 12.65 13.15 12.70 13.20 12.80 13.30

FBPK 11.65 12.15 11.85 12.35 12.10 12.60 12.45 12.70 12.55 12.80 12.60 13.10 12.70 13.20 12.95 13.45

FLAH 11.90 12.40 12.10 12.60 12.20 12.70 12.50 12.75 12.65 12.90 12.70 13.20 12.80 13.30 12.95 13.45

HBPK 11.75 12.25 11.90 12.40 12.20 12.70 12.50 12.75 12.65 12.90 12.75 13.25 12.80 13.30 12.95 13.45

HKBP 11.80 12.30 11.90 12.40 12.20 12.70 12.50 12.75 12.65 12.90 12.65 13.15 12.75 13.25 12.90 13.40

N I PK 12.00 12.50 12.25 12.75 12.50 13.00 12.75 13.00 12.85 13.10 12.95 13.45 13.00 13.50 13.05 13.55

HMBP 11.80 12.30 11.95 12.45 12.40 12.90 12.65 12.90 12.80 13.05 12.85 13.35 12.85 13.35 12.90 13.40

SAMB 11.70 12.20 11.95 12.45 12.25 12.75 12.60 12.85 12.80 13.05 12.80 13.30 12.90 13.40 13.00 13.50

MCBK 11.85 12.35 12.05 12.55 12.25 12.75 12.40 12.65 12.55 12.80 12.60 13.10 12.70 13.20 12.95 13.45

NBPK 11.75 12.25 11.95 12.45 12.00 12.50 12.50 12.75 12.65 12.90 12.75 13.25 12.80 13.30 12.90 13.40

SCPK 11.60 12.10 11.80 12.30 12.15 12.65 12.40 12.65 12.55 12.80 12.60 13.10 12.70 13.20 12.90 13.40

UBPL 11.80 12.30 12.00 12.50 12.20 12.70 12.50 12.75 12.65 12.90 12.70 13.20 12.80 13.30 12.95 13.45

AVE 11.76 12.26 11.92 12.42 12.19 12.69 12.49 12.74 12.63 12.88 12.71 13.21 12.80 13.30 12.94 13.44

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)16/09/2010

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

1 week 0.94 0.47 0.93 0.93 0.37 0.83 -0.88 -0.661 month 0.73 -0.29 -0.05 0.72 -0.52 0.67 -0.47 -0.733 months 0.02 0.40 0.60 0.35 -0.13 0.36 -0.26 0.056 months 0.41 0.81 0.89 0.68 -0.18 0.02 -0.60 0.101 year 0.38 0.91 0.91 0.86 0.53 0.36 0.18 -0.412 years -0.03 0.29 0.13 0.38 -0.40 -0.13 0.20 -0.17

Currencies CorrelationEUR/GBP

CMKA BMA INVSR GSL ICSL JSCM AvgRate

0-7days 11.90 11.80 11.90 11.70 11.90 11.90 11.85

8-15dys 12.05 12.00 12.05 12.00 12.05 12.05 12.03

16-30dys 12.30 12.25 12.20 12.30 12.25 12.30 12.27

31-60dys 12.45 12.45 12.30 12.45 12.42 12.40 12.41

61-90dys 12.55 12.55 12.40 12.61 12.54 12.55 12.53

91-120dys 12.65 12.62 12.60 12.75 12.65 12.65 12.65

121-180dys 12.75 12.80 12.74 12.80 12.75 12.74 12.76

181-270dys 12.80 12.90 12.80 12.84 12.90 12.80 12.84

271-365dys 12.85 12.91 12.92 12.88 12.93 12.92 12.90

2-- years 13.05 13.10 13.08 13.06 13.08 13.10 13.08

3-- years 13.10 13.07 13.14 13.12 13.12 13.15 13.12

4-- years 13.15 13.18 13.20 13.13 13.18 13.25 13.18

5-- years 13.15 13.18 13.25 13.14 13.20 13.28 13.20

6-- years 13.20 13.20 13.25 13.16 13.23 13.28 13.22

7-- years 13.20 13.25 13.28 13.18 13.25 13.30 13.24

8-- years 13.20 13.25 13.28 13.20 13.25 13.30 13.25

9-- years 13.25 13.25 13.25 13.24 13.28 13.25 13.25

10--years 13.25 13.25 13.25 13.30 13.30 13.25 13.27

15--years 13.50 13.45 13.50 13.50 13.40 13.50 13.48

20--years 13.70 13.60 13.70 13.70 13.65 13.70 13.68

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for September 16, 2010

NEW YORK: The yen edgedhigher against the US dollar onThursday with the Bank ofJapan staying out of currencymarkets after their massiveyen-selling operation the pre-vious day, but wariness aboutfresh selling capped gains.

The euro rose to its highest inmore than a month against thedollar and the yen after strongdemand at a Spanish bond auc-tion reinforced confidence inEurope.

Japan sold an estimated 1.8trillion yen ($21.14 billion) fordollars on Wednesday, a recordfor a single day, in a bid to helpits exporters and increase itsmoney supply to counter defla-tion. Japan's first currencyintervention in six yearsknocked the yen from a 15-year high versus the dollar, butthe yen's six month uptrend didnot look to be convincinglybroken.

"Things have been quiet onthe intervention front so far

today. Clients are hesitant atthis point to touch dollar/yen ineither direction," said AmeliaBourdeau, senior currencystrategist at UBS AG inStamford, Connecticut.

"Investors need more infor-mation. They have to watch

dollar/yen for another week ortwo just to see the frequencywith which they come in to themarket and the size (of inter-vention)," she added.

Prime Minister Naoto Kanreiterated on Thursday Japanwould take decisive steps on yenstrength, Jiji news agencyreported, while Bank of JapanGovernor Masaaki Shirakawa

said he expected interventionwould stabilize the forex market.

In mid-morning trading, thedollar was down 0.1 per centagainst the yen at 85.62 yen,but well up on 82.87 yen hit onelectronic trading platformEBS on Wednesday. Investors

said a fall under 85.00 mayprompt Japan to re-enter themarket.

The dollar earlier hit a ses-sion high of 85.84 yen on elec-tronic trading platform EBSafter stops were triggered at85.80 yen. Traders said therewere no signs of yen-selling byJapanese authorities.

"The Spanish bond auction

went very well and that'sremoved some of the debt risksattached to the euro," saidChris Turner, head of fx strate-gy at ING.

Traders in London said theeuro's initial rise after theresults took out stop-lossorders placed around $1.3047,the 61.8 per cent retracementof its sell-off in August.

It rose as high as 112.40 yen,also its highest in about amonth and adding to gainsafter dollar/yen interventiondrove it up roughly 3 per centon Wednesday.

The Swiss franc weakenedbroadly after the SwissNational Bank kept interestrates unchanged as expectedand said that it expected aslowdown in economic growthdue to strength in the currency.

The euro jumped 1.6 per centto 1.3291 francs, the biggestdaily rise since May 19. TheUS dollar gained 0.9 per centto 1.0120 francs. -Reuters

Yen edges higher versusdollar; euro climbs

SHANGHAI/HONG KONG:The yuan ended up versus thedollar on Thursday, scoring itsfastest rise of 1.03 per cent insix trading days since January2008, guided by the People'sBank of China's (PBOC)strong reference rates.

Traders said Beijing was let-ting the yuan stage a "mini-revaluation" as the dollar's per-formance in global marketshad been ignored, creatingspeculative opportunities foryuan appreciation among near-term offshore dollar/yuan for-wards up to three months.

The central bank set anotherrecord high mid-point for theyuan on Thursday even afterthe dollar rose 0.5 per cent onWednesday, a sign that theyuan's appreciation was beingdelinked from dollar move-ments for the time being.

Despite the friendly mood-music between two of theworld's biggest economies, nei-ther side said what issues werediscussed during the three daysof talks which included a meet-ing between Summers and ZhouXiaochuan, the head of China's

central bank, which steers cur-rency policy. Spot yuan closed at6.7248 against the dollar onThursday, near an intraday highof 6.7242, or the Chinese curren-cy's highest level since its land-mark revaluation in July 2005.

That compared withWednesday's close of 6.7422.The yuan is now up 1.5 per centsince the PBOC abolished theyuan's peg to the dollar on June19. Before trading started onThursday, the PBOC set theyuan's mid-point, or its referencerate from which the yuan canrise or fall 0.5 per cent each day,at 6.7181, up from 6.7250 onWednesday -- a post-revaluationhigh for the fifth day.

As measured by the PBOC'sfixing, the yuan has risen 1.08per cent in its biggest six-daygain since records of the refer-ence rate started to be kept in2007. Three-month NDFs fellto a record low of 6.7002 fromWednesday's close of 6.7250,but their implied yuan rise inthree months was only 0.27 percent compared with slight yuandepreciation they implied onWednesday. -Reuters

Yuan up; rise gatherspace, ignores $ moves

Swiss francrises vs euro

ahead of SNBZURICH: The Swiss francrose against the euro onThursday, moving brieflybeyond the psychologicallyimportant level of 1.30 per euroahead of the Swiss NationalBank's interest rate decisionlater in the day.

The SNB is expected to leaveinterest rates at ultra-low levelsat its quarterly monetary policymeeting as it grapples with therisks a strong franc could poseto the Swiss economy as wellas with a slowdown of the glob-al economy.

The Swiss governmentwarned on Thursday theSwissie could rise further andcut its growth forecast forSwitzerland for next year, citingfranc strength and the weakerglobal economy as risks to theAlpine country's economy.

At 0653 GMT, the franc was0.2 per cent stronger against theeuro compared to the New Yorkclose, trading at 1.3021 pereuro, while it was 0.2 per centfirmer against the dollar, hover-ing close to parity. -Reuters

LONDON: Sterling fell to aseven-week low against therebounding euro on Thursday,after data showed UK retail salesfell unexpectedly in August andstrong demand at an auction ofSpanish debt lifted the singlecurrency.

UK retail sales dropped 0.5 percent in August, surprising ana-lysts who had forecast a modestincrease and backtracking after

several months of solid growth. The data was seen as a sign

that UK consumers may be rein-ing in spending ahead of sub-stantial spending cuts planned bythe government later in the year.

"August's fall in retail salescould be the first sign that thesurprising resilience of con-sumer spending could be comingto an end," said Vicky Redwoodat Capital Economics.

The single currency rose ashigh as 84.02 pence, its strongestsince late July, though it strug-gled to sustain a break above84.00 pence, where technicalanalysts see stiff resistance.

"If sterling closes above 84pence then it could be in for adifficult couple of weeks," saidRBS currency strategist PaulRobson.

At 1515 GMT, the euro was up0.7 per cent at 83.81 pence, inline with broad gains followingthe Spanish debt sale resultwhich eased some of the con-cerns about whether peripheraleuro-zone countries can fund

hefty debt burdens.Traders said stop loss orders

would be triggered above 84.05pence.

Against the dollar, sterling wasflat at $1.5622, though it was offa low of $1.5536 hit just after thedata. Traders said sterling buy-ing by US and European nameshelped limit losses.

Technically, sterling was wellsupported against the dollar,staying above a number of close-ly watched moving average lev-els, including its 200-day mov-ing average currently at $1.5379and the 50-day moving averageat $1.5508. -Reuters

Sterling slips vs euro,hurt by weak data

SEOUL: The South Koreanwon and the Philippines pesofell against the dollar onThursday as caution grew overpossible intervention by localforeign exchange authorities tocurb strength in their currencies.

The won fell against the dollaras importers buy dollars for set-tlements before the Chuseokholidays and investors addeddollar positions amid heightenedcaution over further interventionby South Korean authorities.

The won also came underpressure from expected offerslinked to Hyundai HeavyIndustries purchase of a control-

ling stake in a local refiner fromAbu Dhabi-based InternationalPetroleum (IPIC).

Local dealers suspect IPIC hasstarted to sell the won.

The won ended domestic tradedown 0.30 per cent at 1,164.5per dollar from its previousdomestic close of 1,160.9.

Thai baht lost a quarter percent against the dollar as cau-tious investors remained wary ofwhat Bank of Thailand might doon FX and monetary policy anddespite central bank assuranceof no policy changes onWednesday.

Dollar/baht was bid at 30.90

against 30.83 late onWednesday.

Philippine peso fell asinvestors remained wary of pos-sible dollar-buying interventionby the central bank and coverdollar-short positions.

Dealers also consolidatedafter a volatile Wednesday ses-sion, following Japan's interven-tion to weaken the yen.

Peso slid 0.25 per cent to44.37 per dollar from its previ-ous close of 44.26.

On Wednesday, thePhilippine central bank said itwas ready to prevent sharpmoves in the peso. -Reuters

Asian currencies

Won, peso down onintervention fears

SYDNEY/WELLINGTON: The New Zealanddollar shed more than half of a US cent onThursday while bonds surged after the country'scentral bank scaled back its forecast of interestrates rises because of a soft economic recovery.

The head of the Reserve Bank of NewZealand, Alan Bollard, added insult to injury byflatly stating the kiwi's strength was not justifiedby the country's fundamentals, after downgrad-ing the bank's economic forecasts much furtherthan expected.

The kiwi slid to $0.7237 by late afternoon,from an early $0.7320. Support now was seen atlast Friday's low of $0.7228, with resistancearound Wednesday's high of $0.7357.

The Australian dollar also faded from its highsas Japan refrained from intervening to sell theyen, prompting profit-taking on that cross.

After the rate decision, all 18 economists

polled by Reuters expected rates to stay at 3.0per cent through the end of the year, comparedwith a 3.25 per cent forecast in the previous poll.

A run of upbeat Australian data has led themarket to revise up sharply the chance of furtherrate hikes form the Reserve Bank of Australia(RBA) in coming months.

As a result, the Aussie jumped to a five-monthhigh on its New Zealand neighbour atNZ$1.2921, up from NZ$1.2750 at the start ofthe week. Aussie edged back to 79.70 yen froma four-month peak of 80.64, as the Japaneseauthorities surprised by not following up onWednesday's intervention.

The resulting profit-taking also nudged itdown to $0.9340, and away from the two-yearpeaks of $0.9457 hit earlier this week. A sharpdrop in Chinese shares added to the downwardpressure. -Reuters

NZ$ dragged down bydovish cbank, Aussie fades

Taiwan $ slack

as investors

watch yenTAIPEI: The Taiwan dollarclosed nearly flat on Thursdayas investors in Asia waited tosee whether more interventionwould follow a mild rise in theJapanese yen.

The Taiwan dollar ended atT$31.800 to the US currencycompared with Wednesday'sclose of T$31.798 as marketplayers stayed sidelined toanalyse fallout from the Bankof Japan's first yen interventionin six years.

Taiwan's central bank alsosold the local currency in latetrade to cancel out mild early-session gains and limit themarket volatility of earlier ses-sions, a dealer in Taipei said.

The growth-linked Taiwandollar is expected to strengthenin the long term after the yenissue cools down. The Taiwandollar then could firm on newhints of economic recovery inmajor world markets and asolid outlook for Asia.

Upbeat economic data orearnings from the UnitedStates, Taiwan's No.2 exportmarket, would support thelocal currency as investorsfavour growth-linked assets.Signs of weakness in the USeconomy could pressure theforex market. -Reuters

Baht down 0.2pc on policy change caution

Page 4: The Financial Daily Epaper 17-09-2010

According tolatest fig-u r e s

United Kingdom(UK) has been byfar the largestShariah compliantbanking centrethan any other

European country.A report revealed

sometimes back that United KingdomIslamic banking division was largerthan that of Pakistan. It is the firstwholly Shariah compliant retail bank inthe west which was authorised by theFinancial Services Authority in 2004.

There are about 2.5 million Muslimsconstituting about 3.3 per cent of thetotal population. Currently approxi-mately 50 per cent of Muslims are liv-ing in London. Islamic financial prod-ucts in the form of current account andmortgage are available to bothMuslims and non-Muslims. London isbecome the major financial marketwhere big international firms fromSaudi Arabia and Gulf States are offer-ing attractive Islamic products. Both onthe retail and wholesale side, London isconsidered by many Islamic and non-Islamic firms, as a global centre forIslamic finance.

The Financial Services Authorityfunctions under a single piece of legis-lation that applies to all spheres, theFinancial Services & Market Act 2000.Islamic deposit is the main issue for theFinancial Services Authority. Under

the Islamic banking the customer andthe bank share the risk of any invest-ment on accorded terms and equallydivide the profits/losses between them.With a saving account the Islamicbanks offer full repayment of theinvestment by informing the customeras to how much should be therepayable to comply with the risk-shar-ing formulation.

United Kingdom has establisheditself as a fully shariah compliant bank-ing hub. At least 17 leading banksincluding Barclays, Royal Bank ofScotland, and Lloyds Banking Grouphave set up special branches or sub-sidiary firms for Muslims customers.The 12 billion pounds in assets of UKare said to excel those Muslim statessuch as Bangladesh and Egypt. Thereare 55 colleges and professional insti-tutions offering education in IslamicFinance in United Kingdom --morethan anywhere else in the world.

Islamic Bank of Britain is the firstShariah compliant bank to be approvedby United Kingdom in 2004. The bankhas set up six branches in London,Birmingham, Manchester, andLeicester. This bank operates accord-ing to Islamic principles where bothMuslims and non-Muslims are wel-come to hold accounts. It currentlyoffers a full range of retail and businessbanking services. This bank has had amajor impact in Islamic shariah mar-ket. In 2006 its customers totaled20,814. The number has increased by120 per cent as compared to the figure

a year earlier. According to recent fig-ures, the bank had over 50,000accounts and somewhat about 42,000customers. Recently the Islamic Bankof Britain has raised 20 million pounds.The net proceeds will be used to pro-vide the company with sufficient regu-lators capital to manage and grow itsbusiness. The shares are being placedwith Qatar International Islamic Bank,an existing shareholder.

Seeing the great potential of Islamicbanking in United Kingdom manybanks such as SAAB and HSBC havestarted offering Shariah banking serv-ices to Muslims customers. The banksoperating under Shariah guidelineswere not driven by the Muslim popula-tion in UK but by the high net worth ofMuslim investors from the GulfCooperation Council (GCC) countries,Malaysia, Brunei, Singapore,Indonesia, South Africa, and Turkey.

United Kingdom is the most devel-oped Islamic mortgage market. Thegovernment has abolished doublestamp duty for Islamic mortgage con-tract. The Islamic home finance marketis one of the largest components of theUK financial sector. This market onlyaccounts for 0.5 per cent of the totalmarket. In the retail sector the Islamicmortgage market is now worth an esti-mated $2 billion per annum.

In the United Kingdom Islamic mort-gages have been structured under twodifferent Shariah compliant contractsnamely Murabaha and Ijara. Murahabais a form of credit that enables the cus-

tomer to make purchases without takinginterest on loan. In this context the bankbuys goods from the customer and re-sells the merchandise to the customerson a deferred loan adding an agreedprofit margin. The customer then paysthe sale price for the goods in install-ments, effectively obtaining creditwithout paying any interest. On theother hand the Ijara is a leasing agree-ment in which the bank buys and thenleases an asset to its clients for a partic-ular rental over a specified period oftime. The bank may have the right toadjust the rental charge in accordancewith the changes in the cost of finance.

At the UK Annual World IslamicBank conference 2009 in Bahrain, UKIslamic financial leaders shared theirperceptiveness in the future of Islamicfinance at a dedicated UK roundtablediscussion. The potential for growth ofIslamic banking in both the retail andwholesale sector is there. The profes-sional and advisory services sector inUK is highly developed and can caterglobal Islamic banking and financecenter and address current challengesfor the future. The research findingshows that that there are ample oppor-tunities for development and growth ofIslamic financial system becauseMuslim community is quite eager totake such financial products. TheFinancial Services Authority of UK iswilling to play it strategic part in sup-porting these developments within itsregulatory power as well. The future ofIslamic finance is bright.

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.

Why raiseprovincesoverdraftceilings?

Reportedly the federal government has askedthe State Bank of Pakistan (SBP) to enhance theOverdraft (OD) limits of the provinces to meettheir current expenditures. Punjab has asked for araise up to Rs37.2 billion against existing limit ofRs26.9 billion, Sindh to Rs15 billion from Rs9.9billion, Khyber Pakhtunkhwa to Rs10.1 billionfrom Rs5.5 billion and Balochistan up to Rs7.1billion from its existing ceiling of Rs4.5 billion.

Two factors must have called for this move: 1)a 50 per cent increase in the salaries of the gov-ernment employees announced in the FY11budgets and 2) rescue/ rehabilitation work in theaftermath of devastating floods. However, boththe arguments seem very week. To be fair theprovinces should have worked out a plan to raiseadditional revenue to finance enhanced salaryexpenses. The distribution of foreign aid andfunds being mobilised locally should have beensufficient to meet the costs of flood relatedactivities. Federal government should have pro-rated the aid rather than requesting the centralbank to enhance the OD limits.

Experts are also of the view that the advice ofthe federal government is ill-timed and alsoundermines the autonomy of the central bank. Itis the prerogative of the Central Board ofDirectors of State Bank of Pakistan to determineand enforce, in addition to the overall expansionof liquidity, the limit of credit to be extended bythe SBP to the federal/provincial governmentsand other agencies of the same for all purposes.It is the responsibility of the governments tomeet their additional credit requirements direct-ly from commercial banks through market basedauctioning system to be conducted by the centralbank.

However, keeping in view the pace at whichpapers move in government offices and the apa-thy towards some of the most pressing issues,the federal government should have requestedfor one-off increase till disbursement of fundsfor flood related activities. In case the govern-ments want to increase the spending on certainprojects or raise current expenditures, higherfinancing needs should be met by mobilisingadditional resources to maintain financial disci-pline.

There has also been a marked shift in financialpowers from Islamabad to the provinces. Thechief ministers must hold meetings of provincialfinance commissions to strike balance betweenrevenue collection and expenditures. Anyincrease in the spending by the provincial gov-ernments is likely to further accelerate inflationand undermine efforts to bring about financialstability. The provincial governments areadvised to remain within the limits especiallyafter the recent NFC Award.

Going forward, the federal and provincial gov-ernments should also cut down the extravagan-zas, plug leakages, and bring those under tax netwho have enjoyed exemption for decades.Penalising the existing taxpayers by imposingnew taxes is proving counterproductive.

Situation demands prudence.

4Friday, September 17, 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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Email Address: [email protected]

The Financial Daily InternationalVol 4, Issue 46 Europe’s Shariah Finance Leader

There are days when it looks likedeja vu all over again for theeurozone.

But the debt crisis that shook theEuropean single currency area in Apriland May, sparking panic on globalfinancial markets, is unlikely to returnwith full force.

True, yield spreads between Greek,Portuguese and Irish bonds and bench-mark German Bunds, and the cost ofinsuring those countries' debt againstdefault, have returned to near the peaksthey reached at the height of the crisislast April and May.

Concerns about spillover of bank lia-bilities onto government balancesheets, notably in Ireland, and a slow-down in economic recovery with a con-traction in some peripheral euro areaeconomies, are weighing on bonds andthe euro.

But the creation of a financial safetynet for the whole 16-nation eurozone inMay after a IMF/eurozone bailout forGreece means there is no longer a fearof a systemic meltdown of the singleEuropean currency that existed earlierthis year.

Investors now understand that there isa German chequebook underwriting theeuro area, and that scalded governmentsacross Europe are cutting their budgetdeficits and enacting long-resistedstructural reforms.

"We have put out the main forest fire,but there are still some smaller firesaround which could flare in a strongwind," said a European official, whospoke on condition of anonymitybecause he is in the thick of financialfirefighting.

Prominent among those are revenueshortfalls in Greece and Portugal whichraise doubts about their ability to meet

deficit reduction targets this year andhuge unresolved bank liabilities inIreland, officials and market partici-pants say.

"We are still working our waythrough the last phase of the financialcrisis and the sovereign debt crisis,"said Marco Annunciata, chief econo-mist at Italian bank UniCredit. "Thereare similar concerns to what we facedin April and May, but nowhere near soserious because there has been the poli-cy response of the EFSF and countriessuch as Spain has been courageous intaking structural reforms," he said.

UNCERTAINTIES ABOUNDDespite the creation of a 440 billion

euro ($571 billion) European FinancialStability Facility (EFSF) as a backstopfor any euro country which, likeGreece, were shut out of credit markets,uncertainties still abound, makinginvestors nervous.

The premium investors demand tohold 10-year Irish government bondsrather than German benchmarksremains near record highs at around370 basis points and Portuguesespreads are only a little lower, whileGreece faces a yawning premium above900 basis points -- although it was evenhigher.

Of the so-called "peripherals", Spainseems to have re-established the mostcredibility. Its spread has narrowed sig-nificantly to around 175 basis points.

EU officials say Ireland and Portugal,the two states seen at greatest risk, aredetermined to avoid the political humil-iation of going to the EFSF, whichwould impose draconian IMF-style aus-terity in exchange for loans on toughterms.

Ireland faces a possible final bill ofmore than 25 billion euros for sorting

out nationalised failed bank Anglo Irish, but the EU officials say Dublin isinsisting it can borrow the funds itneeds in the market.

The ever-rising Irish bill and doubtsabout the reporting of sovereign debtexposure have shaken investors' faith inJuly's EU-wide bank stress tests, whichfound that the 91 biggest EU banksneeded only 3.5 billion euros in extracapital.

"There is still some residual uncer-tainty on how much more money willbe needed to recapitalise the bankingsystem. There's the risk of (public debt)restructuring in Greece, Portugal andIreland," Annunciata said.

DOWNTURNFears of a lurch back towards reces-

sion in Europe have also fuelled a flightto safety among investors, as havedoubts about the ability of governmentsto stick to austerity measures, pensionand labour market reforms as they facepublic protests.

A startling rise in German GDPgrowth in the second quarter draggedthe eurozone along with it but morerecent data suggest much slower expan-sion in Europe's largest economy in thecoming period, while its weaker peersstill languish.

EU leaders have yet to agree ontougher sanctions for deficit sinners, letalone on more contentious German pro-posals for an orderly insolvency proce-dure for states, and low growth makesausterity even harder.

Moritz Kraemer, head of sovereignratings at Standard and Poor's, notedthat Portugal, Greece, Spain, Irelandand non-euro Britain were all on nega-tive outlook, meaning there was histor-ically a 1-in-3 chance of a furtherdowngrade.

"We are certainly not in the situationof last April when sovereigns werebeing shut out of the market, but it takestime for governments to establish atrack record of being willing and able tocarry out the fiscal adjustment,"Kraemer told Reuters.

The main shock to public sector debtwould come from low economicgrowth, he said. "Consolidation is veryhard if there's no real growth," he said.

It is also unclear whether Europeangovernment debt is truly guaranteedagainst default, and for how long.

Despite Athens' vehement rejection ofthe notion, many economists believeGreece will eventually have to restruc-ture its debt, projected to reach morethan 140 per cent of national output,and force creditors to take losses.

"Investors are confused. We were toldinitially there would be no bail-out.Then when markets started pricing in adefault risk, we were told we should notbe doing that because there is 'solidari-ty' in Europe," said Annunciata.

"No wonder markets are having diffi-culty repricing risk."

All those concerns suggest while theworst of the bloc's crisis has passed dueto policy underpinning, investors stillhave numerous reasons to steer clear ofits weaker members.

A senior interest-rate trader said theGreek crisis had severely curtailedinstitutional clients' risk appetite andthis could limit demand for the bonds ofSpain, Portugal, Ireland and even Italy,as well as Greece, over the next year.

The supply of government paper torefinance maturing debt and persistenthigh budget deficits could outstripdemand, creating significant tensionsand high market volatility with possiblecontagion effects, he said.-Reuters

Eurozone crisis redux? Not really

Jagdishji Vaghela is one ofhundreds of thousands offarmers standing in the

way of India's breakneck eco-nomic expansion.

Determined not to give uphis land for an industrial parkin the western state of Gujarat,the 55-year-old farmer scornsat talk of how the benefits ofindustrialisation in Asia's third-largest economy will trickledown to people like him.

Despite a nearby plant pro-ducing what is touted as theworld's cheapest car, he point-ed to a water-logged trackleading to his village. "What isthis development they are talk-ing about? Look at the road,it's completely flooded,"Vaghela said.

"I won't give it (land) away.If we give it what do we do?We will have to search forjobs, but even they are notavailable."

As India industrialises rapid-ly, resistance from farmerssuch as Vaghela and rows overacquisition of farmland forindustry have become a sensi-tive issue in a country wheretwo-thirds of the 1.2 billionpopulation is dependent onagriculture.

But Vaghela knows hisoptions are limited.

Farm income is declining,his crops have repeatedlyfailed and if he holds out too

long, he risks having the landlose its value as it remains aland-locked enclave betweenfactories.

The uncertain future he andother farmers like him acrossthe country face has led to astring of violent protestsagainst attempts to acquireland for factories, powerplants or roads, posing a riskto India's economic ambitions.

"The bigger picture is thatland is an issue. It is one ofthose areas that India needs toup its game," Kevin Grice,senior international economistat Capital Economics inLondon, said.

"India scores relativelypoorly and it is due to microissues like land, red tape andcumbersome laws," he said,referring to India's 133 posi-tion in the World Bank's rank-ing of ease of doing business.

While few believe foreigninterest in India will taper off,these issues could delay amuch needed acceleration inthe amount of foreign invest-ment pouring into the country.BREWING DISCONTENTHow India soothes the dis-

content brewing amongst thetens of thousands of farmersmay determine the economicand political future of thecountry where the rural popu-lation is a crucial vote base forboth ruling and opposition

parties.Mindful of the social and

security concerns, top rulingpoliticians have said acquisi-tions should skirt fertile andproductive land, and farmersought to be adequately com-pensated and offered alter-nate jobs.

The issue may become apolitical hot potato this year,with the ruling Congress partychampioning farmers despiteclamour from industry andinvestors to make it easier toacquire land.

Vaghela says he and his fel-low villagers had high hopeswhen Tata Motors decided toset up in Sanand the plant thatbuilds the $2,500 Nano car,after huge protests forcedIndia's top vehicle maker torelocate in 2009 from WestBengal state.

"We had great expectationsfrom the Nano plant, thatwe'd get money, we'd getjobs. But what has come outof it? None of our peoplehave got jobs. We don't havethe qualifications."

Protests can scupper proj-ects, as Vedanta Resourcesdiscovered last month whenthe government shelved theUK-based miner's $9.6-bil-lion plan to mine bauxite onlands in the eastern state ofOrissa held sacred by indige-nous groups.

Other high profile projects,like those by top steelmakersArcelorMittal, POSCO andTata Steel to set up mills, toohave been held up as they faceproblems in getting land fromfarmers.

Under the current law, thestate can take over any land fora public purpose with littlecompensation.

Protests against land acquisi-tions are not new in India, buthave become more visiblerecently as the economy growsat its fastest pace ever and asincome inequalities widen.

But there is growing realisa-tion that compensation mustbe adequate if industrialisationhas to proceed smoothly, withthe government consideringchanges that will offer theowners market rates and evenequity stakes in the industriesbeing set up.

RISKS FOR INDUSTRY,GROWTH

Land promises to be a politi-cally charged issue in crucialstate elections this year andnext, especially after the rulingCongress party backed farmersprotesting against a highwaybeing built on their lands in thenorthern state of UttarPradesh.

At Sanand, the governmenthad initially faced protests, butmuch of it has calmed downafter it hiked compensation by

a third to nearly 4.86 millionrupees ($105,000) per acre.

While this might be a for-tune for many where annualper capita income is $3,100,the figure hides the fact thereare many people dependent onthe same plot of land andfarmers have mortgaged landand racked up debt with usuri-ous moneylenders.

In Siyawada village,Kanjibhai Parmar, the 60-year-old patriarch of a seven-mem-ber household, has just inkedhis approval for handing overnearly 13 acres of land.

Over two-thirds of that landis with a moneylender, whosedues have doubled to 600,000rupees in two years. He bor-rowed the money after hiscrops failed repeatedly.

"The government hasopened up one more way tosurvive, selling off our land.Else we would have mort-gaged it," he said. "With themoney, we will repay our debt,buy a tractor and get land else-where."

But for smaller farmers like40-year-old NanjibhaiKarsanbhai, who has 12 fami-ly members on his 7-acre plot,there will be little left over topurchase land.

"I have no other land, I won'tgive it up," he said. "What willI do with the money? Eat it?"-Reuters

Indian Farmers’ Dilemma

Mohammed

Arifeen

Page 5: The Financial Daily Epaper 17-09-2010

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)NCPL 10.45 9.25 JSCL 10.64 8.09 LOTPTA 8.56 5.69 AHSL 25.21 5.45 NPL 10.55 4.85

Symbol Close ChangeSIEM 1,131.83 9.73 FZTM 354.14 8.33 UPFL 1,020.00 7.50 INDU 228.89 3.39 LAKST 199.99 3.05

Symbol Close ChangeWYETH 899.35 -25COLG 652.50 -23.31BATA 490.00 -11NESTLE 1,850.00 -7.91EXIDE 139.55 -7.08

Plus 172Minus 171Unchanged 26

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Thai stocks recover butIndonesia falls back

Europe shares at wk-lowon economy worries

Friday, September 17, 2010 5

Dhiyan

Though MTS has been approved but till it is introduced we will see somerange bound activities in the market as other factors are not encouraging likeflood damages, inflation, circular debt issue and interest rates scenario.Investors are advised to wait and accumulate on dips in fertiliser, oil, andpower stocks while they can also invest in cement stocks once the recon-struction activities in the flood affected areas are started. Introduction ofMTS, foreign aid for flood victims, decline in inflation, clearance of circulardebt and continued foreign buying can support the market in the comingdays. Some mix activities are expected in the market today.

Siddiq Dalal, Dalal Securities

Khalid Waheed, Hum SecuritiesMarket is likely to show some positive activities in the next 1-2 ses-sions and index can touch its recent high of 10,150 points and if itmanages to sustain those levels then we can see further positive activ-ities in days to come. Investors can invest in cement stocks and inPOL, PPL from the oil sector while they should book profits at 10,150points. Continued buying by the foreign investors and launch of MTSas soon as possible will be the factors that can trigger the market.Market is expected to recover today.

ACCUMULATE ON DIPS

Opening 10,046.57

Closing 10,017.14

Change 29.43

% Change 0.29

Turnover (mn) 90.21

Opening 3,187.77 Closing 3,170.37 Change 17.40% Change 0.55Turnover (mn) 5.00

Opening 2,591.08

Closing 2,581.75

Change 9.33

% Change 0.36

Turnover (mn) 0.18

Nawaz Ali

KARACHI: Karachi StockExchange (KSE) ended littlelower on Thursday aftersome bullish activities dur-ing early hours on approvalof much awaited margintrading system (MTS) bySecurities & ExchangeCommission of Pakistan(SECP). Later on, investorsbooked profits at higher lev-els and because of uncertain-ties about amendments madein MTS and over when itwill be launched as well ason fears of rise in interestrates.

The benchmark KSE 100-index lost 29 points to closeat 10,017 points, KSE 30-index fell by 19 points to9,842 points and KSE all-share index was down by 18points to end at 6,995 points.

"After initial enthusiasmof the approval of MTS andlikely release of IMF assis-tance, institutions preferredto book profits," said anequity dealer at a local bro-kerage house.

Expectation of increase ininterest rate in the upcomingmonetary policy compelledinstitutions to trim theirholdings, he added.

The session started with aheavy gain of 83 points.Positive activities then man-aged to sustain for about twohours as investors respondedover SECP's approval ofMTS and on IMF assistanceof $450 million for the floodvictims. Therefore, index ata moment touched its intra-day high of 10,153 points(+ve 107 points).

Thereafter, investors pre-ferred to book profits athigher levels while uncer-tainty regarding the amend-ments in MTS and fears ofrise in interest rates too trig-gered the selling which

wiped off the index gains.After showing some resist-ance index mainly stayed inthe grip of bears till the clos-ing bells. At about 1:35 PST,it touched its lowest level ofthe day of 10,008 points (-ve38 points) and finally closedthe day near those levels.

Ahsan Mehanti, Directorat Arif Habib Investmentssaid that approval of margintrading system conceptpaper was taken positive byinvestors with some uncer-tainty about its launchingdate and modalities.

It should be noted thatSECP approved the concept

of MTS with additional riskmitigating measures onWednesday. The SECPapproved MTS with certainamendments to furtherstrengthen risk managementand provide measures to cur-tail systemic risk in theinterest of the market.However, the details of theamendments were notreleased which created someuncertainty among marketparticipants.

Foreign investorsremained on the buying sideas according to NCCPL datathere was a net foreign buy-ing of $1.26 million on

Thursday. On the local side,banks and companies did anet selling of $4.47 and$2.07 million respectivelywhile individual investorsand mutual funds did a netbuying of $3.08 and $1.55million respectively.

Investor participation stayedlittle lower as 90.2 millionshares traded in the overallmarket, which were 9.7 mil-lion shares less as comparedto a turnover of 99.9 millionshares a day earlier.

Out of total 369 scrips, 172advanced and 171 declinedwhile 26 issues remainedunchanged.

Uncertainty over MTSgoes against KSE gains

HONG KONG/SHANGHAI:Shanghai and Hong Kongstocks ended lower onThursday, with the Hang SengIndex pulling back from a five-month high as banks slid onreports of higher capitalrequirements in China.

A stronger yuan, which hasrisen for eight of the last 10sessions, prompted selling inmanufacturers that rely onexports.

The Shanghai CompositeIndex fell 1.89 per cent withinvestors trimming positionsahead of a holiday next week.Hang Seng Index fell 0.16 percent.

Bank shares came underpressure, with market playersciting reports that China'sbanking regulator was consid-ering a plan to raise the amountthat top banks must keep inreserve to as high as 15 percent.

An official with the ChinaBanking RegulatoryCommission, however, toldReuters that the agency had notpublished any new regulatoryrequirements.

Agricultural Bank of ChinaLtd, which has the lowest tier-1 ratio among the big fourChinese banks, fell 2.6 per centin Hong Kong and 1.9 per centin Shanghai, where it tradedbelow its IPO price for the firsttime since its mid-July listing.

"AgBank shares fell belowtheir IPO price, sending a rip-ple effect that burdened thebroader market," said ChenShaodan, analyst at ChinaDevelopment Bank Securitiesin Beijing.

Adding pressure on bankswere reports that deposit ratescould be raised to help fightinflation.

"The possibility of an interestrate increase is not large, but ifdeposit rates rise while lendingrates stay the same, it will neg-atively affect banks and prop-erty," said Guo Yanling, ana-lyst at Shanghai Securities.

The Shenzen CompositeIndex fell 2.2 per cent withexport-oriented manufacturingcompanies broadly weaker.

Midea Holding Co fell 5.1per cent. Suning Appliance CoLtd fell 2.9 per cent.

Airlines outperformed theindex for a third consecutivesession, boosted by prospectsof a stronger yuan as they buyaircraft in foreign currency.

China Southern Airlines CoLtd gained 2.1 per cent, whileAir China Ltd rose 1.1 per cent.

Weak financials and oilmajors, which have a largeweighting on the Hang SengIndex, dragged the benchmarklower, although a strong rallyby Cosco Pacific helped limitlosses.

Petrochina Co Ltd was down

1 per cent, and CNOOC Ltdclosed down 1.1 per cent. Bothwere hit as crude oil prices fellfor a third day ahead of therestart of a key NorthAmerican pipeline.

China Construction BankCorp fell 0.6 per cent, whileChina Ping An Insurance fell1.3 per cent.

New capital requirements, ifenforced, would most impactAgricultural Bank of Chinaand Bank of China Ltd, both ofwhich would require furtherfundraising in the next twoyears, said Sandra Cai, an ana-lyst at Samsung Securities.

Bank of China finished 0.3per cent lower. Bucking thebroader market, Cosco PacificLtd jumped 8.6 per cent onalmost seven times its average30-day volume after GoldmanSachs upgraded the stock to"buy" and added it to itsConviction Buy list.

The brokerage forecast thecompany to post a solid set ofthird-quarter results that wouldreflect better performance at itsnew ports, and said the stock'srecent underperformance ver-sus the index was not justified.

Foxconn InternationalHoldings Ltd succumbed toprofit-taking to close down 3.2per cent, the top loser on theindex and giving back almostall gains from the past two ses-sions. -Reuters

Weak financials hitShanghai, HK mkts

LONDON: Britain's top sharesclosed lower on Thursday,weighed by banks whichslipped after recent strength,while retailers fell on downbeatUK economic data, counteringgains in energy stocks.

The FTSE 100 closed down15.42 points or 0.3 per cent, at5,540.14, having fallen 0.2 percent in the previous session.That was its first daily declinein five sessions after hitting afour-month high of 5,567.41 onTuesday.

"I'm amazed at how resilientit (the FTSE) is ... any weak-ness and it looks like someoneis there to mop it all up,"Simon Clark, senior trader atETX Capital, said.

"We need a healthy sell-off,not massively, but a bit of prof-it-taking then we'll go again."

Retailers reversed early gainsafter data showed British retailsales volumes fell last monthfor the first time since January,raising concern that consumerdemand is starting to slip aheadof the UK government's spend-ing review in October.

Marks & Spencer, Next, and

Home Retail Group lost 0.3 to0.9 per cent.

The sector had found supportearly on as DIY firmKingfisher, up 0.4 per cent,became the latest retailer todefy macroeconomic condi-tions after its first-half profitbeat forecasts, helped by cost-cutting.

After a gain of almost nineper cent for the FTSE 100 inthe last three weeks, mostinvestors seemed happy to siton the sidelines.

Banks waned followingrecent strength, with RoyalBank of Scotland and LloydsBanking Group falling 2.5 percent and 1.3 per cent respec-tively.

The Bank of England saidinflation expectations for thenext 12 months rose to 3.4 percent last month, up from 3.3per cent in May.

And the CBI's monthlyindustrial trends surveyshowed factory orders unex-pectedly fell in September.

Wall Street was lower as job-less claims dropped to a

See # 19 Page 11

FTSE dropsas banks wane

MUMBAI: Indian sharessnapped a seven-day winningstreak and shed 0.4 per cent ina choppy Thursday session, astraders locked gains after therecent sharp run, but a fall inoutsourcers was offset by a risein financials pack, whichbrushed off key rates hike.

The 30-share BSE indexslipped 0.43 per cent or 84.62points to 19,417.49, with 19components losing ground. Ithad hit 19,636.66 points intra-day, its highest since January2008. The 50-share NSE indexshed 0.6 per cent to 5,828.70points. The market breadth wasweak, with declining shares out-pacing advancing ones in a ratioof 1.9:1 in a relatively bettervolume of 480 million shares.

India's central bank raisedinterest rates more aggressive-ly than expected on Thursday,keeping up its fight againstinflation, but signalled that itmay be nearing a pause in itscurrent tightening cycle.

The likelihood of a pause inrate tightening and hopes ofbetter September-quarter earn-ings helped the bank index

gain 0.6 per cent, and in parthelped the main index scale afresh 32-month peak for thefifth straight session.

Export-focused outsourcersled the losses as traders bookedprofits after the recent steeprun up in the pack, which sawTata Consultancy Services andInfosys Technologies touchingrecord highs on Wednesday.

"The market treated the inter-est rate hike as a non-event.Domestic funds are bookingsome profits, but FIIs (foreigninstitutional investors) areshowing strong interest," saidPrakash Diwan, head of insti-tutional business at NetworthStock Broking.

Diwan said buying in the lastfew sessions was skewedtowards frontline stocks, whilemid-caps did not participatemuch, as foreign funds typical-ly prefer large-cap stocks.

"FIIs know where the growthis. India story is definitelygoing strong with robust eco-nomic growth and corporatefundamentals."

Foreign portfolio inflowsinto India will not be impacted

by the central bank's decisionto hike policy rates, MontekSingh Ahluwalia, deputy chair-man of the PlanningCommission said in NewDelhi.

The country's focus on infra-structure investment will helpdrive growth in its stock mar-ket, Thomas Mathew, manag-ing director of state-run LifeInsurance Corporation toldReuters on Wednesday.

TCS and Infosys shed 2 percent and 2.7 per cent respec-tively while Wipro dropped 0.9per cent.

"Bankex is up because nowthere is a good possibility thatRBI may pause in its monetarytightening after this hike," saidGaurav Dua, head of researchat brokerage Sharekhan, refer-ring to the banking sectorindex. "RBI will wait andwatch global situation beforetaking the next step."

The pack also cheered newsof higher advance tax pay-ments by State Bank of Indiaand ICICI Bank, as indicatedby a government source.

See # 17 Page 11

Indian shares shed 0.4pc in choppy trade

Wall Streetdown amidtight trade

NEW YORK: US stocksslipped on Thursday as mixedeconomic data kept Wall Streetlocked in a tight trading range,while FedEx shares fell after itforecast profit below estimates.

The Dow Jones industrialaverage dipped 6.85 points, or0.06 per cent, to 10,565.88. TheStandard & Poor's 500 Index

See # 18 Page 11

Tokyostocks

end flat TOKYO: Tokyo stocks endedalmost flat after hitting a five-week high on Thursday as theyen failed to continue to weak-en as much as some marketplayers had hoped after Japanintervened in the currency mar-ket the previous day.

The benchmark Nikkei fell7.06 points to 9,509.50 aftertouching a five-week intradayhigh of 9,620.90. The broaderTopix dipped 0.5 per cent to844.71. -Reuters

ANNOUNCEMENTS

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

Safa Textile Yearly - 2.35 0.59

Abbott Laboratories 3rd Qtr - 838.13 8.56

Page 6: The Financial Daily Epaper 17-09-2010

Friday, September 17, 20106

Volume 90,210,111

Value 2,845,839,396

Trades 50,012

Advanced 172

Declined 171

Unchanged 26

Total 369

Current 6,995.05

High 7,087.47

Low 6,988.90

Change i18.61

Current 10,017.14

High 10,154.54

Low 10,007.91

Change i29.43

Current 9,842.02

High 9,986.39

Low 9,823.81

Change i19.03

Market KSE 100 Index All Share Index KSE 30 Index

Current 15,591.50

High 15,756.61

Low 15,554.49

Change i15.93

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

Kohinoor Energy Limited

KOHE closed down -1.05 at 24.10. Volume was 1,708 per cent above

average and Bollinger Bands were 10 per cent narrower than normal.

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

translates into an Earning Per Share of Rs3.43 for the nine months of

fiscal year (9MFY10).

KOHE is currently 15.8 per cent below its 200-day moving average and

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

average volatility over the last 10 trading sessions. Volume indicators

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

Trend forecasting oscillators are currently bearish on KOHE.

RSI (14-day) 41.93 Total Assets (Rs in mn) 6,921.11

MA (10-day) 24.81 Total Equity (Rs in mn) 6,703.34

MA (100-day) 25.91 Revenue (Rs in mn) 8,334.34

MA (200-day) 28.45 Interest Expense 47.80

1st Support 23.50 Profit after Taxation 905.06

2nd Support 22.85 EPS 09 (Rs) 5.341

1st Resistance 25.40 Book value / share (Rs) 39.56

2nd Resistance 26.65 PE 10 E (x) 5.27

Pivot 24.75 PBV (x) 0.61

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

PAEL closed up 1.00 at 14.08. Volume was 343 per cent above aver-

age (trending) and Bollinger Bands were 55 per cent narrower than nor-

mal. The company's profit after taxation stood at Rs275.249 million

which translates into an Earning Per Share of Rs2.34 for the half year

of fiscal year (1HFY10).

PAEL is currently 6.5 per cent below its 200-day moving average and is

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

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

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

forecasting oscillators are currently bearish on PAEL.

RSI (14-day) 60.46 Total Assets (Rs in mn) 19,070.04

MA (10-day) 13.32 Total Equity (Rs in mn) 4,007.36

MA (100-day) 13.49 Revenue (Rs in mn) 14,621.61

MA (200-day) 15.08 Interest Expense 1,372.68

1st Support 13.52 Profit after Taxation 260.55

2nd Support 12.97 EPS 09 (Rs) 2.685

1st Resistance 14.35 Book value / share (Rs) 41.29

2nd Resistance 14.63 PE 10 E (x) 3.01

Pivot 13.80 PBV (x) 0.34

Pak Elektron Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

NICL closed down -0.03 at 1.37. Volume was 31 per cent below average

and Bollinger Bands were 57 per cent narrower than normal. The compa-

ny's profit after taxation stood at Rs4.568 million which translates into an

Earning Per Share of Rs0.02 for the year ended FY10.

NICL is currently 26.5 per cent below its 200-day moving average and is

displaying a downward 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 NICL at a relatively equal pace.

Trend forecasting oscillators are currently bearish on NICL.

RSI (14-day) 41.25 Total Assets (Rs in mn) 1,674.73

MA (10-day) 1.44 Total Equity (Rs in mn) 114.34

MA (100-day) 1.75 Revenue (Rs in mn) 1,383.58

MA (200-day) 1.87 Interest Expense 88.00

1st Support 1.36 Loss after Taxation (146.72)

2nd Support 1.31 EPS 09 (Rs) (0.663)

1st Resistance 1.45 Book value / share (Rs) 0.52

2nd Resistance 1.49 PE 10 E (x) -

Pivot 1.40 PBV (x) 2.65

Nimir Industrial Chemicals Ltd

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

SEPCO closed up 0.16 at 2.60. Volume was 15 per cent below average andBollinger Bands were 57 per cent narrower than normal. The company'sprofit after taxation stood at Rs213.879 million which translates into anEarning Per Share of Rs1.56 for the nine months of fiscal year (9MFY10).SEPCO is currently 29.5 per cent below its 200-day moving average and isdisplaying a downward trend. Volatility is extremely low when compared tothe average volatility over the last 10 trading sessions. Volume indicatorsreflect volume flowing into and out of SEPCO at a relatively equal pace.Trend forecasting oscillators are currently bearish on SEPCO.

RSI (14-day) 50.62 Total Assets (Rs in mn) 9,248.54

MA (10-day) 2.50 Total Equity (Rs in mn) 2,028.39

MA (100-day) 3.25 Revenue (Rs in mn) 1,911.24

MA (200-day) 3.69 Interest Expense 766.96

1st Support 2.46 Profit after Taxation 146.76

2nd Support 2.38 EPS 09 (Rs) 1.074

1st Resistance 2.63 Book value / share (Rs) 14.84

2nd Resistance 2.72 PE 10 E (x) 1.25

Pivot 2.55 PBV (x) 0.18

Southern Electric Power Company Ltd

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,236.89 1,252.52 1,229.02 1,233.70 -3.20 -0.26

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

3,842,673 - - 65,194.15 mn 1,011,584.76 mn 1,243.15

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

11.15 4.13 37.01 68.56 6.15 1,217.78

Attock Petroleum 576 5.84 323.63 328.00 322.00 323.84 0.21 128590 328.49 281.00 250 - 100 -

Attock Refinery 853 9.14 81.52 83.30 81.07 81.51 -0.01 524844 93.60 73.47 - - - -

BYCO Petroleum 3921 - 10.79 11.23 10.65 10.72 -0.07 1805361 13.05 9.62 - - - -

Mari Gas Company 735 16.52 123.44 127.00 120.00 121.92 -1.52 83019 138.45 112.80 32.17 100B 31 -

National Refinery 800 6.10 203.00 206.00 199.50 200.07 -2.93 6169 206.99 182.01 125 - - -

Oil & Gas DevelopmentSPOT 43009 10.10 147.24 149.00 146.10 146.39 -0.85 377361 153.00 133.00 82.5 - 55 -

Pak PetroleumSPOT 9958 6.62 211.04 213.00 210.30 211.19 0.15 479535 214.00 182.00 130 20B 90 20B

Pak Oilfields 2365 6.94 234.29 237.90 234.01 235.22 0.93 1633655 238.90 209.99 180 - 80 -

Pak Refinery Limited 350 - 55.26 57.50 55.60 56.78 1.52 8535 82.00 48.26 - - - -

P.S.OSPOT 1715 4.47 264.17 268.49 262.00 264.16 -0.01 598683 289.45 233.10 50 - 80 -

Shell Gas LPG 226 14.08 31.28 32.78 30.20 31.25 -0.03 730 43.95 27.32 - - - -

Shell Pakistan XD 685 9.92 194.42 196.99 193.00 193.51 -0.91 10087 246.90 191.02 330 - 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

920.73 930.55 913.96 920.57 -0.16 -0.02

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

9,360,745 - - 47,070.70 mn 112,582.47 mn 920.89

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

5.36 0.46 8.64 16.68 3.11 917.21

Ali Asghar Textile 222 - 0.80 1.80 0.80 1.21 0.41 16002 1.80 0.20 - - - -

Amtex Limited 2415 4.79 18.10 18.29 17.85 17.92 -0.18 108310 20.45 10.42 - - 30 -

Artistic Denim 840 5.77 19.63 20.63 19.56 19.80 0.17 8701 21.59 17.55 20 - - -

Azam Textile 133 0.41 1.77 1.78 1.74 1.76 -0.01 2500 2.50 1.31 - - - -

Azgard Nine 4493 268.25 10.42 11.00 10.55 10.73 0.31 3738835 13.40 8.55 - - - -

Babri Cotton 29 2.67 10.50 11.50 11.50 11.50 1.00 9087 16.75 9.50 - - - -

Bannu Woolen 76 - 9.15 8.75 8.60 8.75 -0.40 2000 10.50 7.50 - - - -

Chakwal Spinning 400 1.19 1.20 1.79 0.80 1.20 0.00 1010 2.30 0.55 - - - -

Chenab Limited 1150 - 3.48 3.70 3.50 3.59 0.11 97544 5.10 2.85 - - - -

Colony Mills Ltd 2442 2.35 2.80 3.15 2.80 2.80 0.00 41744 5.00 2.23 - - - -

Crescent Jute 238 - 0.79 1.04 0.70 1.03 0.24 6612 2.25 0.48 - - - -

D S Ind Ltd 600 - 1.64 1.80 1.62 1.66 0.02 60880 2.73 1.50 - - - -

Dar-es-Salaam 80 - 3.00 3.40 3.30 3.30 0.30 1031 4.00 2.20 - - - -

Dawood Lawrencepur 514 10.29 41.51 43.50 42.00 43.00 1.49 3025 52.28 37.08 - - 5 -

Dewan Mushtaq Textile 34 0.82 1.60 2.60 2.60 2.60 1.00 485 3.99 1.52 - - - -

Ellcot Spinning 110 1.69 24.00 24.95 24.50 24.71 0.71 7501 25.30 18.80 7.5 - - -

Fazal Textile 62 4.75 345.81 360.00 329.00 354.14 8.33 357 410.00 290.80 15 - - -

Gadoon Textile 234 1.34 36.15 37.23 34.65 36.51 0.36 252 44.50 31.60 - - - -

Ghani Value Glass 75 11.41 37.99 37.99 37.99 37.99 0.00 650 38.64 26.00 8 400R - -

Ghazi Fabrics 326 2.31 2.01 3.01 1.13 1.13 -0.88 110 3.74 1.11 - - - -

Gul Ahmed Textile 635 3.70 20.99 19.99 19.99 19.99 -1.00 555 23.00 17.11 5 - - -

Hira Textile Mills Ltd 716 1.53 4.17 4.40 4.11 4.29 0.12 67403 4.61 2.52 - - - -

Ideal Spinning 99 0.78 4.20 4.25 3.20 4.00 -0.20 15002 4.79 1.69 - - - -

J K SpinningXDXB 74 0.48 7.00 7.24 6.00 7.16 0.16 1901 10.30 4.30 - - 20 5B

Kohinoor Ind 303 - 1.70 1.85 1.46 1.72 0.02 12047 2.00 1.10 - - - -

Kohinoor Mills 509 - 2.58 3.55 2.26 2.35 -0.23 503 4.90 1.60 - - - -

Kohinoor Textile 1455 3.58 5.65 6.09 5.65 5.77 0.12 94757 6.25 4.00 - - - -

Maqbool Textile 168 4.59 6.85 7.85 7.84 7.85 1.00 3002 11.40 3.25 - - - -

Masood Textile 600 0.96 20.55 21.30 20.01 20.35 -0.20 606 23.25 19.15 15 - - 100R

Mehmood Textile 150 2.47 65.00 65.90 62.50 63.80 -1.20 600 74.50 46.00 4050.2257B - -

Mian Textile 221 - 0.40 0.69 0.26 0.50 0.10 1002 1.40 0.05 - - - -

Mukhtar Textile 145 - 0.55 0.70 0.45 0.45 -0.10 5004 0.99 0.26 - - - -

Nagina Cotton 187 1.86 15.43 16.00 15.85 16.00 0.57 3000 16.00 10.70 - - - -

Nishat (Chunian) 1586 3.06 16.62 17.19 16.20 16.51 -0.11 2068082 19.49 14.64 - 50R - -

Nishat Mills 3516 5.48 46.77 48.15 46.53 46.62 -0.15 2738886 53.14 40.81 20 - 25 45R

Pak Synthetic 560 3.89 6.28 7.08 6.25 6.50 0.22 85485 7.90 5.50 12.5 - - -

Ravi Textile 250 5.15 2.00 2.05 1.93 2.01 0.01 15576 8.10 1.90 - - - -

Reliance Weaving 308 1.11 9.50 9.50 9.00 9.00 -0.50 31610 10.68 6.91 - - - -

Rupali Poly 341 7.79 33.50 33.75 31.83 31.85 -1.65 192 36.35 31.35 40 - - -

Samin Textile 134 22.31 6.11 6.50 6.00 6.47 0.36 23566 8.50 4.55 - - - 100R

Sana Ind 55 5.44 37.13 37.99 36.45 36.45 -0.68 7537 38.00 27.25 35 - 60 -

Service Ind 120 4.90 187.87 196.00 188.50 190.19 2.32 750 240.99 176.50 200 - - -

Shahtaj Textile 97 2.68 16.90 17.89 17.00 17.15 0.25 2711 21.50 12.51 20 - - -

Suraj Cotton 180 1.47 32.99 33.00 31.75 33.00 0.01 6742 36.20 29.50 15 - - -

Tata Textile 173 1.18 18.75 18.39 17.75 18.28 -0.47 3642 19.40 12.35 - - - -

Thal Limited XD 256 5.11 104.18 105.50 103.10 103.25 -0.93 13523 114.99 91.50 20 20B 20 -

Treet Corp 418 0.52 41.65 42.25 40.51 40.80 -0.85 43331 49.49 37.20 - - - -

Tri-Star Poly 215 - 0.54 0.52 0.51 0.51 -0.03 500 1.36 0.30 4 - - -

Yousuf Weaving 400 1.55 1.20 1.13 1.05 1.13 -0.07 6002 1.90 0.73 - - - -

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

962.16 1,020.92 947.17 1,019.27 57.11 5.94

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

873,869 - - 3,763.71 mn 5,433.53 mn 1,019.27

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

3.23 0.34 10.64 6.27 1.94 941.11

Nakshbandi Ind 1176 19.92 13.54 14.54 13.00 14.54 1.00 1008 14.70 10.00 - 57R - -

Pak Elektron 1174 3.01 13.08 14.08 13.25 14.08 1.00 852200 15.95 11.20 - 10B - 10B

Tariq Glass Ind XD 231 2.80 16.20 17.20 16.20 17.20 1.00 19545 19.12 13.50 - - 17.5 -

Towellers Ltd 170 13.10 20.00 19.00 19.00 19.00 -1.00 1102 20.01 19.00 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

1,447.26 1,464.43 1,424.44 1,445.96 -1.30 -0.09

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

127,386 - - 11,335.33 mn 186,753.59 mn 1,462.46

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

28.70 8.70 30.30 30.57 1.07 1,437.95

Abdullah Shah Ghazi Sugar 793 12.02 5.96 6.75 5.20 6.25 0.29 1170 6.99 1.12 - - - -

Adam Sugar 58 0.61 11.00 11.49 11.49 11.49 0.49 1000 14.75 10.50 10 - - -

Ansari Sugar 244 0.28 5.10 6.00 6.00 6.00 0.90 500 6.00 3.80 - - - -

Chashma Sugar 287 0.83 10.85 10.30 10.30 10.30 -0.55 5000 11.40 8.00 - - - -

Clover Pakistan 94 21.98 33.50 35.17 35.17 35.17 1.67 509 50.00 33.33 - - 15 -

Colony Sugar Mills 990 - 3.50 3.51 3.50 3.50 0.00 3300 5.00 2.40 - - - -

Habib Sugar 600 5.63 27.25 27.49 27.15 27.30 0.05 17610 27.49 22.50 35 25B - -

Habib-ADM Ltd 200 4.49 16.02 16.24 15.90 16.00 -0.02 1575 16.94 13.00 40 - 40 -

Hussein Sugar 121 - 6.10 7.10 7.10 7.10 1.00 146 8.04 4.22 - - - -

Ismail Ind 505 12.21 70.92 73.99 67.38 71.77 0.85 2973 76.90 53.64 15 - 17.5 110R

J D W Sugar 490 2.18 65.47 65.15 65.00 65.15 -0.32 17608 67.90 60.10 40 - 0 12.5R

Mehran Sugar XD 143 2.91 52.15 53.49 52.00 52.01 -0.14 510 58.74 50.07 35 30B 25 10

National Foods 414 21.15 55.01 56.00 53.00 53.50 -1.51 5816 65.29 41.35 - 25B - -

Nestle Pakistan XD 453 21.29 1857.91 1900.00 1800.00 1850.00 -7.91 22290 1937.22 1550.00 600 - 200 -

Noon Sugar 165 - 10.90 11.00 10.93 11.00 0.10 132 14.35 10.00 50 10B - -

Quice Food 107 - 1.82 2.20 2.10 2.10 0.28 11500 3.50 1.60 - - - -

Sakrand Sugar 223 - 3.00 3.00 3.00 3.00 0.00 500 3.50 2.02 - - - -

Shahmurad Sugar 211 15.22 10.04 10.75 9.80 10.50 0.46 32758 10.75 7.40 15 - - -

Shahtaj Sugar 120 - 45.60 47.88 46.00 47.88 2.28 997 93.98 45.40 100 - - -

Shakarganj Mills 695 - 3.84 4.84 3.94 3.94 0.10 201 5.16 3.02 - - - -

UniLever PakistanSPOT 665 22.79 4068.56 4100.00 4006.01 4071.00 2.44 1173 4200.00 3710.00 458 - 178 -

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

1,060.46 1,081.11 1,052.77 1,066.74 6.28 0.59

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

260,501 - - 6,768.53 mn 39,510.37 mn 1,067.15

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

4.00 1.01 25.35 20.42 5.10 1,041.41

Agriautos Ind 144 5.08 69.00 69.99 69.01 69.60 0.60 8756 78.39 63.01 40 - 90 -

Atlas BatterySPOT 84 6.88 180.80 182.50 181.90 182.50 1.70 4930 209.00 178.00 100 20B 100 20B

Dewan Motors 890 - 1.47 1.50 1.40 1.41 -0.06 5703 2.24 1.16 - - - -

General TyreSPOT 598 7.12 25.95 26.70 25.00 25.98 0.03 18181 28.80 21.10 - - 20 -

Ghandhara Nissan 450 - 5.30 6.09 5.25 5.46 0.16 72170 6.60 4.75 - - - -

Ghani Automobile Ind 200 9.41 4.35 4.45 4.00 4.14 -0.21 95393 5.70 3.65 - - - -

Honda Atlas Cars 1428 - 10.89 11.40 10.76 10.77 -0.12 2706 14.50 10.05 - - - -

Indus Motors 786 5.22 225.50 229.85 225.00 228.89 3.39 18043 287.00 212.29 100 - 150 -

Pak Suzuki 823 9.63 77.51 78.00 77.04 77.50 -0.01 5602 89.99 73.50 5 - - -

Sazgar Engineering 125 4.80 25.00 26.25 25.40 25.50 0.50 7010 27.85 23.58 - 20B - -

Transmission 117 4.02 2.00 2.25 1.62 2.25 0.25 22002 3.35 1.61 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

1,422.31 1,435.39 1,409.03 1,415.66 -6.65 -0.47

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

86,297 - - 1,336.62 mn 31,287.53 mn 1,430.57

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

8.21 3.12 38.02 131.49 16.02 1,414.40

Ados Pak 66 2.94 19.90 19.90 19.90 19.90 0.00 566 22.69 18.90 20 - - -

AL-Ghazi Tractor XD 215 5.08 214.00 216.50 211.00 213.99 -0.01 886 226.10 195.00 400 - 150 -

Bolan Casting 95 7.94 44.25 43.91 43.00 43.90 -0.35 862 45.50 35.25 - 20B - -

Ghandhara Ind 213 2.31 16.73 17.25 16.40 16.45 -0.28 4715 20.24 15.26 - - - -

KSB Pumps 132 8.35 84.00 83.88 80.00 83.88 -0.12 328 91.00 61.57 35 - - -

Millat Tractors 293 7.37 578.42 584.50 574.00 575.23 -3.19 78938 597.90 466.00 450 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

901.16 919.90 889.12 906.91 5.75 0.64

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

174,984 - - 3,043.31 mn 33,399.28 mn 906.91

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

2.62 1.15 43.91 15.55 5.94 897.38

Cherat Papersack 92 4.59 47.94 49.00 47.05 48.19 0.25 57150 51.05 28.87 - - 20 25B

ECOPACK Ltd 230 - 2.07 2.05 1.90 2.00 -0.07 707 2.89 1.90 - - - -

Ghani Glass 970 6.41 57.50 59.75 56.90 59.50 2.00 60771 59.88 54.65 30 10B - -

MACPAC Films 389 - 2.61 3.45 2.50 2.94 0.33 21359 4.69 2.21 - - - -

Merit Pack 47 - 13.76 14.50 13.76 13.76 0.00 301 20.70 11.81 - - - -

Packages Ltd 844 16.67 110.94 111.00 110.00 110.00 -0.94 26770 125.96 106.05 32.5 - - -

Tri-Pack Films 300 8.07 101.54 101.75 99.99 100.50 -1.04 7911 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

944.67 962.13 922.20 928.73 -15.94 -1.69

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

8,701,093 - - 54,792.74 mn 69,506.41 mn 955.95

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

7.84 0.56 7.10 19.04 2.43 928.73

Al-Abbas Cement 1828 - 3.79 3.90 3.56 3.58 -0.21 16532 4.69 2.82 - - - -

Attock Cement 866 4.82 68.00 68.97 67.00 68.00 0.00 149884 72.40 63.00 50 20B 17.5 -

Balochistan Glass Ltd 858 - 1.85 1.84 1.84 1.84 -0.01 500 2.10 0.91 - - - -

Berger Paints 182 - 16.90 17.12 16.30 16.32 -0.58 9563 20.00 15.42 - - - 122R

Cherat Cement 956 - 11.50 11.70 11.50 11.52 0.02 9702 12.50 8.90 - - - -

Dadabhoy Cement 982 12.46 1.65 1.68 1.53 1.62 -0.03 16008 2.74 1.50 - - - -

Dewan Cement 3574 - 1.57 1.68 1.50 1.54 -0.03 125108 2.20 1.40 - - - -

DG Khan Cement Ltd 3651 8.30 25.93 26.50 25.16 25.23 -0.70 3638818 28.74 23.02 - 20R - 20R

EMCO Ind 350 - 3.75 4.70 2.81 3.18 -0.57 353276 5.15 2.40 - - - -

Fauji Cement 6933 13.23 5.36 5.50 5.25 5.29 -0.07 1139406 5.50 4.50 - - - -

Flying Cement Ltd 1760 - 2.11 2.15 2.00 2.03 -0.08 76700 2.37 1.75 - - - -

Gharibwal Cement 2319 - 4.25 4.00 3.36 4.00 -0.25 2057 8.64 3.36 - - - -

Haydery Const 32 - 1.04 1.03 1.03 1.03 -0.01 5000 2.00 0.85 - - - -

Kohat Cement 1288 - 6.22 6.20 6.06 6.20 -0.02 25100 7.38 5.70 - - - -

Lafarge Pakistan Cement13126 - 2.95 3.10 2.88 2.92 -0.03 494171 3.53 2.60 - - - -

Lucky Cement 3234 6.45 72.27 73.88 71.32 71.80 -0.47 2259999 73.88 61.29 40 - 40 -

Maple Leaf Cement 3723 - 3.25 3.40 3.11 3.19 -0.06 173746 3.84 3.00 - - - -

Pioneer Cement 2228 - 8.00 8.39 8.02 8.03 0.03 2472 8.39 5.60 - - - -

Safe Mix Concrete 200 - 8.48 9.47 7.51 7.95 -0.53 9010 9.47 5.50 - - - -

Shabbir Tiles 361 - 10.90 10.90 10.51 10.75 -0.15 2951 12.23 8.10 - - - -

Thatta Cement 798 - 20.13 21.00 19.25 19.25 -0.88 200012 21.80 17.74 - - - -

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

1,009.98 1,031.71 994.87 1,006.58 -3.40 -0.34

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

37,565 - - 3,596.11 mn 9,678.02 mn 1,021.31

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

3.14 1.04 33.10 30.91 9.84 1,006.58

Crescent Steel XD 565 3.34 24.75 25.40 24.55 24.63 -0.12 6861 31.73 24.25 - - 30 -

Dost Steels Ltd 675 - 2.19 2.48 2.10 2.23 0.04 8937 3.22 1.90 - - - -

Huffaz Pipe 555 5.73 13.70 14.07 13.40 13.70 0.00 5124 16.00 13.05 - 30B - -

International IndXDXB 1199 5.11 53.35 53.40 52.25 52.46 -0.89 9525 70.71 48.51 - - 40 20B

Siddiqsons Tin 785 6.72 9.02 9.69 8.95 9.48 0.46 7118 11.35 8.20 10 - - -

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

1,199.64 1,235.05 1,191.83 1,198.70 -0.94 -0.08

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

269,343 - - 1,186.83 mn 3,338.57 mn 1,206.97

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

6.40 0.48 7.47 25.28 3.95 1,183.60

Century Paper 707 - 21.34 21.74 21.00 21.14 -0.20 255762 22.70 15.76 - 425R - -

Pak Paper Product 38 6.09 57.81 60.00 57.25 58.50 0.69 7893 60.12 41.21 20 - 2533.33B

Security Paper 411 4.65 39.10 40.60 39.21 39.30 0.20 5688 50.40 38.50 50 - 50 -

Paid up Last 60 days 2009 2010

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,142.12 1,161.96 1,133.58 1,142.85 0.74 0.06

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

9,804,018 - - 52,251.88 mn 258,953.88 mn 1,148.08

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

7.12 2.49 35.00 48.81 6.86 1,124.26

Agritech Limited 3924 - 23.59 23.46 22.60 23.46 -0.13 10096 27.79 21.15 - - - -

Bawany Air 68 1.21 12.45 12.80 11.45 11.89 -0.56 13890 16.78 10.06 - - - -

BOC (Pak) XD 250 8.93 71.42 72.90 70.00 70.19 -1.23 3850 83.80 66.90 90 - 15 -

Clariant Pak 273 5.63 157.10 162.00 160.00 160.00 2.90 395 174.00 146.00 125 - - -

Dawood Hercules 1203 7.89 174.06 177.99 171.05 171.08 -2.98 9071 185.88 155.38 40 10B 20 -

Descon Chemical 1996 - 2.00 2.10 2.00 2.00 0.00 4704 3.15 1.78 - - - -

Descon Oxychem Ltd 1020 - 4.10 4.30 4.03 4.15 0.05 15510 5.45 3.20 - - - -

Dewan Salman 3663 - 1.51 1.52 1.47 1.50 -0.01 800397 2.21 1.41 - - - -

Dynea Pak 94 4.29 11.52 12.45 11.50 11.50 -0.02 16502 13.60 10.85 15 - 15 -

Engro Corp LtdSPOT 3277 9.01 176.48 180.40 175.00 175.64 -0.84 950758 194.59 165.60 6010B 40R 20 -

Engro Polymer 6635 - 12.23 12.75 12.24 12.30 0.07 186125 12.75 9.57 - 27.5R - -

Fatima Fertilizer 22000 - 10.00 10.12 9.49 9.97 -0.03 888115 12.80 9.02 - - - -

Fauji Fertilizer XD 6785 7.21 105.22 106.40 104.80 106.02 0.80 621937 113.39 102.75 131.5 10B 75 -

Fauji Fertilizer Bin Qasim XD 9341 7.04 28.01 28.45 27.63 27.68 -0.33 646600 30.65 25.70 40 - 5 -

Ghani Gases Ltd 725 - 8.34 8.89 8.20 8.57 0.23 8483 11.45 7.41 - - - -

ICI Pakistan XD 1388 7.27 120.28 122.70 119.99 122.07 1.79 614852 129.30 109.50 80 - 55 -

Lotte Pakistan 15142 2.97 8.54 8.85 8.52 8.56 0.02 5694448 9.09 6.75 5 - - -

Mandviwala 74 - 1.98 2.44 1.80 1.80 -0.18 1371 3.24 1.05 - - - -

Nimir Ind Chemical 1106 68.50 1.40 1.44 1.35 1.37 -0.03 164929 1.81 1.16 - - - -

Shaffi Chemical 120 1.18 2.30 2.50 2.13 2.47 0.17 131 3.80 2.00 - - - -

Sitara Peroxide 551 - 8.56 8.94 8.65 8.71 0.15 44524 11.09 8.22 - - - -

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

821.97 833.98 809.56 816.72 -5.25 -0.64

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

252,697 - - 3,904.20 mn 27,450.95 mn 822.44

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

6.13 1.37 22.31 44.54 7.26 797.63

Abbott (Lab) 979 7.36 83.30 85.00 83.00 84.01 0.71 8859 95.50 77.00 120 - 20 -

Ferozsons (Lab) 208 9.46 114.70 113.65 108.97 109.05 -5.65 2900 124.00 96.00 10 20B - -

GlaxoSmithKline 1707 12.48 69.69 70.49 69.00 69.15 -0.54 7611 85.89 65.40 50 - - -

Highnoon (Lab) 165 6.52 24.00 24.01 23.75 23.99 -0.01 24687 25.79 22.10 25 - - -

IBL HealthCare Ltd 200 - 8.22 7.90 7.25 7.48 -0.74 8668 8.66 6.10 - - - -

Otsuka Pak 100 4.49 31.10 29.70 29.55 29.62 -1.48 1430 34.99 28.53 15 - - -

Searle Pak 306 5.67 59.81 61.98 59.52 61.20 1.39 198133 61.98 53.36 15 15B - -

Wyeth Pak 142 - 924.35 959.50 890.00 899.35 -25.00 409 1159.00 890.00 - - - -

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

721.60 731.88 708.40 711.21 -10.40 -1.44

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

28,893 - - 3,242.17 mn 12,993.08 mn 721.60

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

5.80 1.48 25.53 11.08 1.91 706.96

Pak Int Cont Terminal XD 1092 8.51 70.96 71.49 69.00 69.36 -1.60 18629 87.86 67.62 - 20B 40 -

PNSC 1321 5.32 38.49 40.00 39.00 39.00 0.51 10264 41.74 34.50 30 - 15 -

Paid up Last 60 days 2009 2010

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

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

BOOK CLOSURES

Arif Habib Investment 17-Sep 25-Sep 20(B) 9-Sep 25-SepPakistan Premier Fund 17-Sep 25-Sep 18.6(F) 8-Sep 25-SepRoyal Bank of Scotland 18-Sep 24-Sep - - -Shahpur Textile Mills # 18-Sep 24-Sep - - 24-SepJapan Power Generation 19-Sep 28-Sep - - 28-SepGeneral Tyre & Rubber 20-Sep 29-Sep 20(F) 8-Sep 29-SepPak Oman Adv Fund 20-Sep 27-Sep 1.0377 9-Sep -PICIC Inv Fund 20-Sep 27-Sep 5(F) 10-Sep -Altas Battery 21-Sep 29-Sep 100(F),20(B) 13-Sep 29-SepCentury Paper & Board 21-Sep 27-Sep - - 27-SepOil & Gas Dev Co 21-Sep 30-Sep 15(F) 13-Sep -Pakistan Petroleum 21-Sep 29-Sep 50(F),20(B) 13-Sep 29-SepUnilever Pakistan 21-Sep 27-Sep 178(I) 13-Sep -Universal Insurance # 21-Sep 27-Sep - - 23-SepHusein Sugar Mills # 22-Sep 28-Sep - - 29-SepPakistan State Oil 22-Sep 29-Sep - - -Bank of Punjab 23-Sep 29-Sep - - 30-SepEngro Corp (Consolidated) 23-Sep 30-Sep 20(I) 15-Sep -First Prudential Modaraba 23-Sep 30-Sep - - 30-SepJS Investments 23-Sep 30-Sep - - 30-SepPakistan Hotels Developments 23-Sep 30-Sep - - 30-SepStandard Chartered Modaraba 23-Sep 1-Oct 17 - 21-OctUnilever Pak Foods 23-Sep 29-Sep 350(I) 15-Sep -

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Pakistan CablesXD 53.4 55.5 51.55 52 -1.4 111TRG Pakistan Ltd. 3.74 3.99 3.67 3.7 -0.04 4011716Murree Brewery 87.1 87.4 86.7 87 -0.1 2277Lakson Tobacco 196.94 205.9 193 199.99 3.05 1031Pak Tobacco 113.46 112.75 110.03 110.03 -3.43 4709Shifa Int.Hosp. 34 35.6 34 34.52 0.52 1996P.I.A.C.(A) 2.1 2.18 2.1 2.16 0.06 19024Pak Services 148.05 148.05 148.05 148.05 0 1000AKD Capital 39.69 41.67 39.75 41.67 1.98 4810Pace (Pak) Ltd. 2.68 2.81 2.71 2.75 0.07 177993Netsol Technol. 19.06 19.6 19.11 19.18 0.12 659277

Symbols Open High Low Close Change Vol

Page 7: The Financial Daily Epaper 17-09-2010

Friday, September 17, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -29.43 points at 10,017.14. Volume

was 6 per cent above average and Bollinger Bands were 28 per cent

narrower than normal. As far as resistance level is concern, the mar-

ket will see major 1st resistance level at 10,111.80 and 2nd resist-

ance level at 10,206.50, while Index will continue to find its 1st sup-

port level at 9,965.20 and 2nd support level at 9,913.25.

KSE 100 INDEX is currently 1.5 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 ses-

sions. Volume indicators reflect moderate flows of volume into

INDEX (mildly bullish). Trend forecasting oscillators are currently

bullish on INDEX.

RSI (14-day) 57.11 Support 1 9,965.20

MA (5-day) 9,985.08 Support 2 9,913.25

MA (10-day) 9,858.10 Resistance 1 10,111.80

MA (100-day) 9,918.51 Resistance 2 10,206.50

MA (200-day) 9,870.53 Pivot 10,059.85

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed down -0.70 at 25.23. Volume was 36 per cent above aver-

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

DGKC is currently 9.1 per cent below its 200-day moving average and is

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

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

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

casting oscillators are currently bullish on DGKC.

*Arif Habib Ltd 44 Buy

AKD Securities Ltd 44.13 Buy

TFD Research 36.85 Positive

RSI (14-day) 48.09 Free Float Shares (mn) 182.55

MA (10-day) 25.75 Free Float Rs (mn) 4,605.73

MA (100-day) 25.28 ** NOI Rs (mn) 24.05

MA (200-day) 27.75 Mean 25.71

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed down -0.15 at 46.62. Volume was 26 per cent above average

and Bollinger Bands were 35 per cent narrower than normal.

NML is currently 14.5 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 NML (mildly bullish). Trend forecasting oscilla-

tors are currently bullish on NML.

*Arif Habib Ltd 65 Buy

AKD Securities Ltd 61.46 Buy

TFD Research 74.2 Positive

RSI (14-day) 55.95 Free Float Shares (mn) 175.80

MA (10-day) 44.96 Free Float Rs (mn) 8,195.79

MA (100-day) 47.50 ** NOI Rs (mn) 22.12

MA (200-day) 54.56 Mean 47.02

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

Technical Analysis Leverage Position

Lucky Cement Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

LUCK closed down -0.47 at 71.80. Volume was 92 per cent above average

and Bollinger Bands were 5 per cent wider than normal.

LUCK is currently 3.5 per cent above its 200-day moving average and is dis-

playing an upward trend. Volatility is low as compared to the average volatil-

ity over the last 10 trading sessions. Volume indicators reflect moderate

flows of volume into LUCK (mildly bullish). Trend forecasting oscillators are

currently bullish on LUCK.

*Arif Habib Ltd 83 Buy

AKD Securities Ltd 108.5 Buy

TFD Research 72.75 Neutral

RSI (14-day) 62.69 Free Float Shares (mn) 129.35

MA (10-day) 70.17 Free Float Rs (mn) 9,287.33

MA (100-day) 66.74 ** NOI Rs (mn) 7.07

MA (200-day) 69.35 Mean 72.32

* 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 -0.17 at 66.82. Volume was 4 per cent above average

and Bollinger Bands were 17 per cent narrower than normal.

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

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

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

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

oscillators are currently bearish on NBP.

*Arif Habib Ltd 78 Buy

AKD Securities Ltd 73.35 Accumulate

TFD Research 92.3 Positive

RSI (14-day) 57.99 Free Float Shares (mn) 318.37

MA (10-day) 63.90 Free Float Rs (mn) 21,273.28

MA (100-day) 66.66 ** NOI Rs (mn) 32.45

MA (200-day) 73.15 Mean 67.06

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

Technical Analysis Leverage Position

Pakistan Oilfields Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

POL closed up 0.93 at 235.22. Volume was 39 per cent above average and

Bollinger Bands were 13 per cent wider than normal.

POL is currently 2.2 per cent above 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 very strong flows of volume into POL (bullish). Trend forecasting

oscillators are currently bullish on POL.

*Arif Habib Ltd 261 Buy

AKD Securities Ltd 305.7 Buy

TFD Research 281.35 Positive

RSI (14-day) 67.25 Free Float Shares (mn) 107.94

MA (10-day) 227.51 Free Float Rs (mn) 25,388.87

MA (100-day) 225.18 ** NOI Rs (mn) 65.95

MA (200-day) 230.05 Mean 235.36

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

Technical Analysis Leverage Position

Bank Al-Falah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed up 0.10 at 8.26. Volume was 24 per cent above average and

Bollinger Bands were 60 per cent narrower than normal.

BAFL is currently 25.9 per cent below its 200-day moving average and is

displaying a downward 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 BAFL at a relatively equal pace. Trend

forecasting oscillators are currently bearish on BAFL.

*Arif Habib Ltd 14 Buy

AKD Securities Ltd 12.47 Buy

TFD Research 14.01 Positive

RSI (14-day) 46.69 Free Float Shares (mn) 674.58

MA (10-day) 8.02 Free Float Rs (mn) 5,572.02

MA (100-day) 9.32 ** NOI Rs (mn) N/A

MA (200-day) 11.15 Mean 8.26

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

Technical Analysis Leverage Position

Fauji Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FCCL closed down -0.07 at 5.29. Volume was 112 per cent above average

and Bollinger Bands were 27 per cent narrower than normal.

FCCL is currently 7.6 per cent below its 200-day moving average and is dis-

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

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

strong flows of volume into FCCL (bullish). Trend forecasting oscillators are

currently bullish on FCCL.

TFD Research 8.5 Positive

RSI (14-day) 59.12 Free Float Shares (mn) 381.31

MA (10-day) 5.09 Free Float Rs (mn) 2,017.13

MA (100-day) 5.10 ** NOI Rs (mn) N/A

MA (200-day) 5.72 Mean 5.35

* 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

997.50 1,009.74 973.56 995.42 -2.09 -0.21

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

2,716,521 - - 29,771.58 mn 17,360.63 mn 1,000.74

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

6.95 0.28 4.09 183.19 26.37 979.82

1st Fid Leasing 264 - 1.21 1.40 1.11 1.16 -0.05 1510 2.23 1.01 - - - -

AL-Meezan Mutual Fund 1375 2.61 6.70 6.80 6.65 6.75 0.05 38999 7.25 6.35 - - 18.5 -

Atlas Fund of Funds 525 2.12 3.51 3.75 3.15 3.75 0.24 1911 4.99 2.53 - - - -

B R R Guardian Mod 780 - 1.23 1.36 1.12 1.19 -0.04 16407 2.43 0.90 - - - -

Crescent St Modaraba 200 2.04 0.51 0.58 0.41 0.55 0.04 602 0.90 0.16 - - - -

Elite Cap Modaraba 113 3.10 2.85 2.20 2.20 2.20 -0.65 2042 3.59 1.60 4.5 - - -

Equity Modaraba 524 7.85 1.13 1.15 1.02 1.02 -0.11 2105 1.68 0.76 - - - -

First Dawood Mutual Fund 581 - 1.74 1.87 1.70 1.70 -0.04 885 2.09 1.00 - - - -

Golden Arrow 760 1.27 3.06 3.10 3.00 3.08 0.02 198910 3.45 2.32 - - - -

Habib Modaraba XD 1008 4.51 6.18 6.00 6.00 6.00 -0.18 5895 7.49 5.56 20 - 21 -

JS Growth Fund 3180 40.88 3.15 3.30 3.10 3.27 0.12 27773 4.39 2.70 - - 5 -

JS Value Fund 1186 - 2.99 2.99 2.85 2.93 -0.06 10155 3.98 2.31 10 - 10 -

KASB Modaraba 283 1.92 1.21 1.37 1.36 1.36 0.15 3000 2.44 0.52 - - - -

Meezan Balanced Fund 1200 3.00 6.40 6.20 6.02 6.20 -0.20 10000 7.49 6.00 - - 15.5 -

Pak Prem Fund XD 1698 3.43 7.35 7.45 7.20 7.21 -0.14 88392 9.86 7.20 - - 18.6 -

Pak Strat Fund 3000 5.27 6.65 6.75 6.50 6.75 0.10 229101 8.10 6.01 - - 11.53 -

PICIC Energy Fund 1000 2.53 4.79 4.83 4.75 4.75 -0.04 14500 6.49 4.00 - - 5 -

PICIC Growth Fund 2835 2.38 8.57 8.70 8.46 8.65 0.08 39800 10.55 7.60 - - 20 -

PICIC Inv FundSPOT 2841 2.09 4.25 4.40 4.05 4.13 -0.12 1978276 5.00 3.50 - - 10 -

Prud Modaraba 1stSPOT 872 2.79 1.17 1.19 1.03 1.06 -0.11 23935 1.20 0.70 - - 3 -

Punjab Modaraba 340 - 1.30 1.37 0.80 1.31 0.01 510 2.00 0.57 - - - -

Stand Chart ModarabaSPOT 454 5.74 10.19 10.34 10.06 10.10 -0.09 10599 10.99 8.25 16.5 - 17 -

Tri-Star Mutual 50 1.01 1.75 1.74 1.64 1.65 -0.10 5000 2.99 1.01 - - - -

U D L Modaraba 264 2.38 5.75 5.98 5.50 5.98 0.23 6001 6.00 5.00 10 - - -

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

372.91 390.81 367.22 373.30 0.39 0.10

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

14,784,028 - - 30,336.44 mn 28,332.49 mn 378.34

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

0.49 0.18 37.22 4.60 9.38 358.78

AMZ Ventures 225 - 0.74 0.91 0.64 0.66 -0.08 4205 1.19 0.55 - - - -

Arif Habib Investments XB360 7.10 14.79 15.50 14.26 15.20 0.41 7751 20.99 14.26 - - - 20B

Arif Habib Limited 375 8.12 32.24 33.40 32.25 32.56 0.32 159262 50.12 26.80 15 25B - 20B

Arif Habib SecuritiesSPOT3750 2.49 25.51 26.20 25.05 25.21 -0.30 5452281 35.65 21.76 - - 30 -

Dawood Cap Management XB1505.74 1.04 1.49 1.09 1.09 0.05 101 3.30 0.50 - - - -

Dawood Equities 250 - 1.92 2.70 1.80 2.31 0.39 43575 3.36 1.55 - - - -

First Credit & Invest Bank Ltd6508.57 2.99 3.60 3.00 3.00 0.01 4400 3.98 1.57 - - - -

IGI Investment Bank 2121 - 1.80 1.79 1.75 1.79 -0.01 5001 2.98 1.50 - - - -

Invest and Fin Sec 600 2.48 7.67 7.67 7.12 7.13 -0.54 14003 8.50 6.80 - - 11.5 -

Invest Bank 2849 - 0.65 0.79 0.60 0.73 0.08 24585 1.23 0.50 - - - -

Ist Cap Securities 2878 - 3.96 4.02 4.00 4.01 0.05 10241 5.90 3.10 - 10B - -

Jah Siddiq Co 7633 15.42 10.65 11.30 10.53 10.64 -0.01 8091485 15.47 9.36 -243.778B 10 -

JOV and CO 508 - 3.30 3.51 3.32 3.36 0.06 450014 6.48 3.00 - - - -

JS Global Cap 500 6.02 38.10 39.00 37.10 38.37 0.27 25911 42.40 33.33 100 - - -

JS Investment 1000 13.73 6.00 6.50 6.15 6.18 0.18 345839 8.65 5.40 - - - -

KASB Securities 1000 - 3.99 4.35 3.70 4.00 0.01 13911 5.49 3.20 - - - -

Orix Leasing 821 - 5.40 5.90 5.12 5.45 0.05 4502 5.99 3.66 - - - -

Pervez Ahmed Sec 775 - 1.65 1.88 1.55 1.71 0.06 99684 2.89 1.35 -231.08R - -

Stand Chart Leasing 978 5.64 2.47 2.69 2.02 2.48 0.01 1536 3.89 1.41 - - - -

Trust Inv Bank 586 - 2.50 2.50 2.50 2.50 0.00 30000 4.25 1.25 - - - -

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

826.90 851.14 814.16 826.03 -0.87 -0.11

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

16,760 - - 2,290.72 mn 8,784.18 mn 826.90

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

73.44 2.83 3.85 355.53 4.84 787.38

EFU Life Assurance XB 850 32.01 58.22 59.50 57.75 58.90 0.68 7756 85.45 51.25 5513.33B - -

New Jub Life Insurance 627 53.33 42.97 44.49 42.10 42.66 -0.31 9004 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

965.55 988.79 957.32 964.21 -1.34 -0.14

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

12,779,039 - - 257,548.02 mn 595,169.94 mn 965.55

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

6.97 0.94 13.45 34.35 4.93 929.93

Allied Bank Limited 7821 5.62 51.96 52.70 51.55 52.00 0.04 54002 59.70 48.51 40 10B 20 -Askari Bank 6427 6.11 14.82 15.20 14.68 14.78 -0.04 105728 17.46 13.99 - 20B - -Atlas Bank 5001 - 1.99 2.00 1.91 1.91 -0.08 30300 3.00 1.52 - - - -Bank Alfalah 13492 11.01 8.16 8.45 8.15 8.26 0.10 1545403 10.25 7.32 8 - - -Bank AL-Habib 7322 6.53 30.37 30.88 30.30 30.30 -0.07 4360 34.00 29.10 20 20B - -Bank Of Khyber 5004 3.17 3.17 3.29 3.15 3.17 0.00 11262 4.75 3.00 - - - -Bank Of Punjab 5288 - 8.54 9.13 8.60 8.78 0.24 3733595 11.35 7.35 - - - -BankIslami Pak 5280 - 2.99 3.15 2.96 2.98 -0.01 55611 3.90 2.31 - - - -Faysal Bank 6091 3.29 13.89 14.30 13.99 14.26 0.37 161737 15.95 12.75 - - - -Habib Bank Ltd 10019 6.32 99.94 101.50 98.00 98.29 -1.65 72676 109.10 92.00 60 10B - -Habib Metropolitan Bank 8732 5.92 19.99 20.70 20.00 20.00 0.01 12802 24.25 18.70 10 16B - -JS Bank Ltd XR 6128 - 2.18 2.25 2.02 2.14 -0.04 118625 3.00 2.00 - - - 66RKASB Bank Ltd 9509 - 2.32 2.55 2.30 2.31 -0.01 90202 4.40 2.03 - 26B - -MCB Bank Ltd XD 7602 9.01 193.52 197.70 192.62 193.07 -0.45 1095252 214.99 180.40 110 10B 55 -Meezan Bank 6983 7.01 15.00 15.15 14.45 14.45 -0.55 4177 16.50 13.80 - 5B - -Mybank Ltd 5304 - 2.32 2.37 2.20 2.26 -0.06 66973 3.28 1.62 - - - -National Bank 13455 5.61 66.99 68.40 66.03 66.82 -0.17 2256028 73.89 60.51 75 25B - -NIB Bank 40437 - 2.63 2.85 2.60 2.75 0.12 966188 3.50 2.42 - - - -Royal Bank LtdSPOT 17180 - 6.55 6.75 6.30 6.68 0.13 21522 13.71 5.65 - - - -Samba Bank 14335 - 1.98 2.08 1.83 1.96 -0.02 54497 2.90 1.55 - - -63.46RSilkbank Ltd 9003 12.27 2.73 2.89 2.65 2.70 -0.03 1847994 3.30 2.15 - - - -Soneri Bank 6023 - 5.99 6.20 5.70 5.87 -0.12 41423 8.50 5.46 - - - -Stand Chart Bank 38716 9.79 6.80 7.20 6.81 6.85 0.05 11827 8.50 6.05 - - - -Summit Bank Ltd 5000 - 2.79 3.00 2.70 2.85 0.06 60206 4.38 2.40 - - - -United Bank Ltd 12242 6.46 54.96 55.90 54.55 54.95 -0.01 416855 60.20 52.85 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

634.42 648.50 627.51 635.90 1.48 0.23

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

838,090 - - 11,111.34 mn 41,173.69 mn 635.90

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

9.33 0.48 5.20 79.54 8.53 615.46

Adamjee Insurance 1237 12.61 69.24 71.00 68.85 69.33 0.09 312951 89.90 64.00 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

1,340.44 1,350.82 1,317.77 1,330.42 -10.02 -0.75

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

632,314 - - 12,202.80 mn 30,217.03 mn 1,340.44

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

10.08 1.15 11.41 66.79 6.63 1,317.31

Sui North Gas 5491 16.91 28.75 28.97 28.45 28.75 0.00 509615 30.00 25.00 - - - -Sui South Gas 6712 - 21.78 21.95 21.31 21.50 -0.28 122699 22.00 15.57 - - - -

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

1,158.36 1,180.30 1,148.21 1,160.74 2.38 0.21

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

15,304,060 - - 95,369.29 mn 98,021.19 mn 1,173.71

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

13.08 1.22 9.35 104.13 7.96 1,154.02

Altern Energy 3426 550.00 10.00 11.00 9.75 11.00 1.00 134767 12.50 7.51 - - - -Genertech 198 - 0.85 0.98 0.85 0.94 0.09 105 1.53 0.51 - - - -Hub Power XD 11572 6.27 33.98 34.34 33.70 33.86 -0.12 411205 37.24 31.50 33.5 - 50 -Japan Power 1560 - 1.59 1.79 1.50 1.64 0.05 29501 2.38 0.70 - - - -KESC 7932 - 2.01 2.15 2.03 2.11 0.10 147548 2.63 1.92 - 31R - 7.8RKohinoor Energy 1695 4.69 25.15 26.00 24.10 24.10 -1.05 119712 27.80 23.30 45 - - -Kohinoor Power 126 3.19 5.45 5.75 5.00 5.75 0.30 2432 7.00 3.90 - - - -Kot Addu Power 8803 7.35 42.50 42.95 42.14 42.50 0.00 227549 44.85 39.51 64.5 - 50 -Nishat Chunian Power Ltd3673 - 10.25 10.56 10.33 10.45 0.20 9250047 10.56 8.60 - - - -Nishat Power Ltd 3541 75.36 10.53 11.05 10.50 10.55 0.02 4851915 11.05 9.25 - - - -S G Power 178 - 0.50 0.75 0.75 0.75 0.25 1000 1.60 0.23 - - - -Southern Electric 1367 1.25 2.44 2.64 2.47 2.60 0.16 127779 3.69 2.21 - - - -Tri-star Power XD 150 - 0.80 0.85 0.85 0.85 0.05 500 1.69 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

1,106.71 1,126.55 1,098.36 1,108.76 2.05 0.19

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

1,377,499 - - 50,077.79 mn 78,063.91 mn 1,129.18

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

6.08 0.78 12.84 62.56 10.28 1,074.04

Pak Telecomm Co A 37740 9.04 18.99 19.25 18.85 18.99 0.00 906470 20.22 17.20 15 - 17.5 -Telecard 3000 - 2.30 2.37 2.13 2.28 -0.02 71599 3.18 2.06 - - - -WorldCall Tele 8606 - 2.48 2.65 2.52 2.54 0.06 399429 3.39 2.30 - - - -Wateen Telecom Ltd 6175 - 4.28 4.40 4.15 4.25 -0.03 277373 6.75 3.80 - - - -

Paid up Last 60 days 2009 2010

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

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

Atlas Insurance 369 4.31 29.00 30.45 29.21 29.21 0.21 13100 31.00 27.10 40 10B - -

Central InsuranceXDXB 279 5.28 50.05 52.00 51.00 51.03 0.98 497 64.90 48.05 20 25B 10 10B

Century Insurance 457 6.07 10.90 11.35 10.80 10.80 -0.10 2678 11.95 8.14 - - - -

EFU General Insurance XB1250 29.90 37.78 38.30 37.00 37.68 -0.10 14055 55.20 35.52 40 8.7B - -

Habib Insurance 400 7.99 11.62 11.50 11.12 11.50 -0.12 1400 13.89 10.78 35 - - -

IGI Insurance XD 718 12.81 72.11 73.50 68.51 72.49 0.38 84135 79.10 66.02 35 - 10 20B

Pak Reinsurance 3000 - 14.60 15.15 14.50 14.56 -0.04 398693 19.40 12.50 30 - - -

Premier Insurance 303 4.94 8.85 9.49 8.90 9.49 0.64 6610 10.60 8.11 20 15B - -

Shaheen Insurance 200 - 12.51 12.20 12.01 12.10 -0.41 318 16.49 12.01 -14.28B - -

Silver Star Insurance 253 1.80 6.89 7.23 6.50 7.23 0.34 3501 10.00 6.00 - 20B - -

UPTO 100 VOLUME

NBF 3.30 3.25 3.00 3.25 -0.05 100

ARM 14.98 15.00 15.00 15.00 0.02 100

CPAL 1.61 1.50 1.50 1.50 -0.11 100

UNIC 4.91 5.00 5.00 5.00 0.09 100

COTT 1.40 1.88 1.80 1.80 0.40 100

QUET 38.28 36.37 36.37 36.37 -1.91 100

SFAT 3.00 3.00 3.00 3.00 0.00 95

BATA 501.00 490.00 475.96 490.00 -11.00 92

IDYM 233.83 244.00 224.50 234.39 0.56 70

JVDC 60.00 59.00 57.01 57.11 -2.89 65

TSML 33.24 33.98 32.90 32.90 -0.34 63

PIAB 9.10 10.10 8.10 9.78 0.68 61

SHTM 1.15 1.24 1.00 1.24 0.09 60

WAHN 44.75 45.60 44.50 44.95 0.20 60

GATI 41.99 44.05 40.80 44.05 2.06 55

UVIC 2.98 3.00 3.00 3.00 0.02 50

FNEL 10.75 11.75 9.75 10.75 0.00 31

BAFS 54.00 54.00 51.35 51.44 -2.56 31

COLG 675.81 682.99 652.00 652.50 -23.31 30

ICL 25.48 25.00 24.99 25.00 -0.48 25

SIEM 1122.10 1160.00 1101.01 1131.83 9.73 15

DIIL 16.47 17.45 15.47 17.09 0.62 13

IDRT 3.98 4.39 3.13 3.98 0.00 12

MLCFPS 6.99 7.74 7.00 7.07 0.08 11

SALT 23.10 23.90 23.90 23.90 0.80 10

SANSM 14.00 14.00 14.00 14.00 0.00 10

GRAYS 60.00 61.90 61.30 61.90 1.90 10

IBFL 35.66 37.44 35.60 36.37 0.71 9

PTEC 3.10 3.20 2.95 3.02 -0.08 7

KCL 4.50 5.50 5.50 5.50 1.00 7

CPMFI 2.19 2.55 2.55 2.55 0.36 6

FDIBL 1.40 1.69 1.35 1.65 0.25 6

UPFL 1012.50 1020.00 975.00 1020.00 7.50 6

PHDL 71.00 70.00 67.45 70.00 -1.00 6

MODAM 0.99 1.10 1.06 1.06 0.07 5

JDMT 11.95 10.95 10.95 10.95 -1.00 5

BUXL 13.93 13.93 13.93 13.93 0.00 5

LPGL 10.00 10.00 10.00 10.00 0.00 5

EXIDE 146.63 152.00 139.55 139.55 -7.08 3

SITC 122.15 125.99 117.51 120.50 -1.65 3

FNBM 7.45 7.75 7.30 7.30 -0.15 2

ESBL 2.70 2.94 2.70 2.82 0.12 2

ATLH 101.00 104.90 96.51 97.25 -3.75 2

HINO 119.18 121.95 116.00 118.98 -0.20 2

JOPP 6.18 7.18 6.51 7.18 1.00 2

ETNL 22.60 22.85 22.85 22.85 0.25 2

ZIL 37.38 39.24 35.52 37.38 0.00 2

SPLC 0.76 0.84 0.84 0.84 0.08 1

SIBL 2.70 3.11 3.10 3.10 0.40 1

PIL 1.89 2.19 2.19 2.19 0.30 1

RICL 6.50 6.70 6.62 6.62 0.12 1

DATM 0.32 0.70 0.70 0.70 0.38 1

DWTM 6.00 6.00 6.00 6.00 0.00 1

KSTM 0.75 0.85 0.80 0.80 0.05 1

SLYT 3.47 3.98 3.98 3.98 0.51 1

SRSM 1.35 1.49 1.49 1.49 0.14 1

ZTL 2.00 2.25 2.25 2.25 0.25 1

HUSI 9.50 9.90 9.50 9.50 0.00 1

LIBM 57.10 54.65 54.50 54.65 -2.45 1

ALNRS 40.82 41.00 40.99 40.99 0.17 1

DWSM 1.70 1.84 1.80 1.80 0.10 1

KOHS 7.89 8.50 7.50 7.50 -0.39 1

PNGRS 5.01 5.90 5.90 5.90 0.89 1

PMRS 36.17 37.37 37.37 37.37 1.20 1

SGMLPS 6.50 5.50 5.50 5.50 -1.00 1

PAKD 112.00 114.98 114.98 114.98 2.98 1

MFFL 70.42 72.85 72.85 72.85 2.43 1

NOPK 25.08 25.98 25.98 25.98 0.90 1

UDPL 16.55 16.55 16.55 16.55 0.00 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

DGKC-SEP 26.04 26.40 25.20 25.23 -0.81 549,000

NML-SEP 47.00 48.30 46.60 46.69 -0.31 365,500

MCB-SEP 194.05 197.70 192.25 193.15 -0.90 268,000

ANL-SEP 10.42 11.00 10.60 10.70 0.28 267,000

NBP-SEP 67.00 68.25 66.10 66.84 -0.16 265,000

POL-SEP 234.69 238.00 234.25 235.28 0.59 147,500

PSO-SEP 258.53 263.00 255.25 257.52 -1.01 142,500

ENGRO-SEP 174.85 177.49 173.32 173.97 -0.88 126,500

AICL-SEP 69.32 71.00 69.00 69.34 0.02 66,000

PPL-SEP 172.16 172.89 171.50 172.14 -0.02 59,500

LUCK-SEP 71.53 72.25 70.75 71.24 -0.29 33,500

PTC-SEP 19.01 19.06 19.00 19.00 -0.01 26,000

OGDC-SEP 145.19 146.00 144.52 144.63 -0.56 20,000

BOP-SEP 8.58 9.10 9.00 9.00 0.42 6,000

FFC-SEP 105.75 105.75 105.75 105.75 0.00 5,000

UBL-SEP 55.24 55.75 54.80 54.80 -0.44 4,000

NETSOL-SEP 19.00 19.60 19.60 19.60 0.60 500

Symbols Open High Low Close Change Vol

ZERO VOLUME

FCONM 1.95 1.79 1.79 1.79 -0.16 0

FHBM 5.98 5.97 5.97 5.97 -0.01 0

FPRM 7.35 7.45 7.45 7.45 0.10 0

FTSM 5.47 5.00 5.00 5.00 -0.47 0

NMBL 1.19 1.14 1.14 1.14 -0.05 0

AGIC 9.26 9.55 9.55 9.55 0.29 0

CSIL 5.98 5.70 5.70 5.70 -0.28 0

CFL 17.90 17.45 17.45 17.45 -0.45 0

SAIF 3.23 3.14 3.14 3.14 -0.09 0

MFTM 1.10 1.05 1.05 1.05 -0.05 0

MUBT 1.30 1.21 1.21 1.21 -0.09 0

AABS 93.35 93.00 93.00 93.00 -0.35 0

BWCL 24.44 23.99 23.99 23.99 -0.45 0

IDEN 8.51 8.50 8.50 8.50 -0.01 0

MDTL 58.00 57.90 57.90 57.90 -0.10 0

WAZIR 7.46 7.00 7.00 7.00 -0.46 0

FRCL 2.90 2.89 2.89 2.89 -0.01 0

Symbols Open High Low Close Change Vol

Al-Abbas Cement 49.23 3.45 3.35 3.80 4.00 3.70

Allied Bank Limited 46.93 51.45 50.95 52.60 53.25 52.10

Attock Cement 54.03 67.00 66.00 69.00 69.95 68.00

Arif Habib Limited 49.98 32.10 31.60 33.25 33.90 32.75

Arif Habib Securities 47.55 24.80 24.35 25.95 26.65 25.50

Adamjee Insurance 41.11 68.45 67.60 70.60 71.90 69.75

Askari Bank 50.38 14.60 14.35 15.10 15.40 14.90

Azgard Nine 55.87 10.50 10.30 10.95 11.20 10.75

Attock Petroleum 63.99 321.20 318.60 327.20 330.60 324.60

Attock Refinery 49.67 80.60 79.75 82.85 84.20 81.95

Bank Al-Falah 46.69 8.15 8.00 8.45 8.60 8.30

BankIslami Pak 47.62 2.90 2.85 3.10 3.20 3.05

Bank.Of.Punjab 57.56 8.55 8.30 9.10 9.35 8.85

Dewan Cement 46.08 1.45 1.40 1.65 1.75 1.55

D.G.K.Cement 48.09 24.75 24.30 26.10 26.95 25.65

Dewan Salman 42.88 1.45 1.40 1.55 1.60 1.50

Dost Steels Ltd 49.06 2.05 1.90 2.45 2.65 2.25

EFU General Insurance 27.65 37.00 36.35 38.30 38.95 37.65

EFU Life Assurance 36.94 57.95 56.95 59.70 60.45 58.70

Engro Chemical 50.71 173.60 171.60 179.00 182.40 177.00

Faysal Bank 57.43 14.05 13.85 14.35 14.50 14.20

Fauji Cement 59.12 5.20 5.10 5.45 5.60 5.35

Fauji Fert Bin 44.16 27.40 27.10 28.20 28.75 27.90

Fauji Fertilizer 49.98 105.10 104.15 106.70 107.35 105.75

Habib Bank Ltd 50.84 97.00 95.75 100.50 102.75 99.25

Hub Power 37.66 33.60 33.35 34.25 34.60 33.95

ICI Pakistan 55.63 120.50 118.90 123.20 124.30 121.60

Indus Motors 44.47 225.95 223.05 230.80 232.75 227.90

J.O.V.and CO 34.50 3.30 3.20 3.50 3.60 3.40

Japan Power 52.59 1.50 1.35 1.80 1.95 1.65

JS Bank Ltd 41.22 2.05 1.90 2.25 2.35 2.15

Jah Siddiq Co 44.21 10.35 10.05 11.10 11.60 10.80

Kot Addu Power 58.82 42.10 41.70 42.90 43.35 42.55

K.E.S.C 48.24 2.05 2.00 2.15 2.20 2.10

Lucky Cement 62.69 70.80 69.75 73.35 74.90 72.35

MCB Bank Ltd 52.59 191.20 189.40 196.30 199.55 194.45

Maple Leaf Cement 49.46 3.05 2.95 3.35 3.50 3.25

National Bank 57.99 65.75 64.70 68.15 69.45 67.10

Nishat (Chunian) 50.50 16.05 15.65 17.05 17.60 16.65

Netsol Technologies 39.90 19.00 18.80 19.50 19.80 19.30

NIB Bank 49.62 2.60 2.50 2.85 3.00 2.75

Nimir Ind.Chemical 41.25 1.35 1.30 1.45 1.50 1.40

Nishat Mills 55.95 46.05 45.50 47.65 48.70 47.10

Oil & Gas Dev. XD 58.47 145.30 144.25 148.20 150.05 147.15

PACE (Pakistan) Limited 48.67 2.70 2.65 2.80 2.85 2.75

Pervez Ahmed Sec 44.53 1.55 1.40 1.85 2.05 1.70

P.I.A.C.(A) 42.83 2.10 2.05 2.20 2.25 2.15

Pioneer Cement 59.65 7.90 7.80 8.30 8.50 8.15

Pak Oilfields 67.25 233.50 231.80 237.40 239.60 235.70

Pak Petroleum 63.14 210.00 208.80 212.70 214.20 211.50

Pak Suzuki 46.15 77.00 76.55 78.00 78.45 77.50

P.S.O. XD 57.51 261.25 258.40 267.75 271.35 264.90

P.T.C.L.A 55.11 18.80 18.65 19.20 19.45 19.05

Shell Pakistan 32.99 192.00 190.50 196.00 198.50 194.50

Sui North Gas 61.53 28.45 28.20 29.00 29.25 28.70

Sitara Peroxide 45.96 8.60 8.50 8.90 9.05 8.75

Sui South Gas 67.80 21.25 20.95 21.85 22.25 21.60

Telecard 46.00 2.15 2.00 2.40 2.50 2.25

TRG Pakistan 56.46 3.60 3.45 3.90 4.10 3.80

United Bank Ltd 49.15 54.35 53.80 55.70 56.50 55.15

WorldCall Tele 46.25 2.50 2.45 2.60 2.70 2.55

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

D G Khan Cement Co Ltd 17-Sep 10:30

National Foods Ltd 17-Sep 3:30

Golden Arrow Selected Stocks Ltd 18-Sep 11:30

Attock Petroleum Ltd 20-Sep 12:00

First Al-Noor Modaraba 20-Sep 4:00

First Capital Mutual Fund 20-Sep 9:00

Ghani Glass Ltd 20-Sep 11:00

Island Textile Mills Ltd 20-Sep 11:15

Salfi Textile Mills Ltd 20-Sep 10:15

Tata Textile Mills Ltd 20-Sep 12:15

Orix Leasing Pakistan Ltd 22-Sep 10:00

Rupali Polyester Ltd 22-Sep 11:00

Shield Corporation Ltd 22-Sep 11:00

Mari Gas Company Ltd 23-Sep 10:00

Shabbir Tiles & Ceramics Ltd 23-Sep 10:00

Fauji Cement Co Ltd 24-Sep 10:00

Sitara Chemical Industries Ltd 24-Sep 4:00

Pakistan Oilfields Ltd 30-Sep 12:00

(TFC) Saudi Pak Leasing Co Ltd 4-Oct 11:30

Towellers Ltd 4-Oct 11:30

BOARD MEETINGS

Company Date Time

Page 8: The Financial Daily Epaper 17-09-2010

Dubai Islamic Bankstrengthens HR practice

Bank Negara says no fee for Wa'd currency hedging

Friday, September 17, 2010 8

SBP to raiseprovinces’overdraft

ceiling soonStaff Correspondent

KARACHI: State Bank ofPakistan (SBP) will soonapprove the request ofprovinces to enhance their cur-rent ceiling of bank overdraft toprovide financial cushion forpaying the recent 50 per centincrease in the salaries of gov-ernment employees announcedin the last federal budget.

The request to enhance thebank overdraft credit ceiling oftotal of Rs69.4 billion from cur-rent Rs46.8 billion with theincrease of Rs22.6 billion.

It is pertinent to note that dueto vacant post of GovernorState Bank and delay in theapproval process there wasgreat resentment in governmentemployees in all the provinceswho were demanding theenhanced salaries along witharrears.

Nigeria cbankworried overslow loaning

LONDON: Weak bank lendingto the Nigerian economy is a"major worry" and although thecentral bank wants single-digitinflation by the end of the yearit will do nothing to jeopardisegrowth, its governor said onThursday.

Businesses and consumers insub-Saharan Africa's secondbiggest economy have com-plained of difficulty sourcinglong-term credit in the wake ofa $4 billion bank sector bailoutlast year as banks tightenedlending criteria.

Bank credit growth to the pri-vate sector was virtually stag-nant at 0.3 percent in the firsthalf of the year.

"(Bank lending) is a majorworry because we would like toget more money into the realeconomy," Central BankGovernor Lamido Sanusi toldReuters in an interview on thesidelines of a conference inLondon.

"Bank lending has not beengrowing as fast as we wouldlike it to grow. So as far asupside risk to inflation, it is notvery high," he said, speakingahead of a monetary policycommittee (MPC) meeting nextTuesday.

He noted however highergovernment spending, withelections due next January,and the establishment of anasset management company(AMCON) to soak up badbank loans should help putmore money into the system,meaning the inflation risk wasnot zero. "(The risk) is therewith an election year and withmoney likely to come in withthe asset management corpo-ration. The discussions atMPC next week will be on therelative balance of inflationand expenditure," he said.Nigeria has held interest ratesat 6.0 percent for more than ayear to try to revive lending,despite double-digit inflation.But the MPC said at its lastmeeting in July that negativemoney supply growth andweak credit were still chal-lenges. "We are hopeful ofachieving single digit infla-tion by the end of 2010 but itdepends on the indicators inthe economy. Let me assureyou that whatever we doshould not disrupt growth,"Sanusi said. "Growth is a pri-ority". Consumer inflationwas 13.0 percent year-on-yearin July, down from a revised14.1 percent in June. The cen-tral bank last year injected $4billion into nine banks judgedto be so weakly capitalisedthey posed a risk to the entirebanking system. -Reuters

ISLAMABAD: The SupremeCourt of Pakistan directedPresident of National Bank ofPakistan, Syed Ali Raza, toappear before it on September17 (today) to explain whycourt orders were not imple-mented in the retired employ-ees provident fund case.

As many as 17,221 retiredemployees have their moneystuck in the provident fund ofmore than Rs6 billion.

The 3-member bench com-prising Chief Justice IftikharMuhammad Chaudhry, JusticeTariq Pervaiz and JusticeGhulam Rabbani resumedhearing a contempt of courtpetition filed by retiredemployees Muhammad Qasimand others against the NBPmanagement for not imple-menting the court orders of2003 and 2009.

Muhammad Qasiminformed the Court that BankManagement is not imple-menting the court orders and17, 221 retired employees arewaiting for their provident

fund amounting more thanRs6 billion.

Counsel for National Bank,Waseem Sajjad told the courtthat we are making estimatefor paying these amounts, andif court orders now we wouldpay the amount to the employ-ees.

Chief Justice remarked thatcourt would not issue a neworder, and directed NBPPresident Syed Ali Raza toappear before the court andexplain why the court orderswere not being implementedsince 2003.

The Bank has held the prov-ident fund of 17,221 employ-ees since 1977, forcing theemployees to move theSupreme Court which twiceordered to NBP to pay theprovident fund to the employ-ees in 2003 and 2009.However, the bank failed toimplement the court's order,resulting in contempt of courtpetition.

The Court adjourned hear-ing till September 17. -APP

NBPchief

to faceSC today

Case of employees above Rs6bn provident fund

LAHORE: Punjab Ministerfor Finance and Planning &Development, Tanvir AshrafKaira has said that Punjabgovernment has started toreturn loan of State Bank ofPakistan (SBP) and in thisconnection Rs14 billion hasbeen re-paid, while outstand-ing amount would also bereturned in equal monthlyinstallments.

According to a handoutissued here, he expressedthese views while talking to adelegation of MPAs at his res-idence. The minister said thatPunjab government has con-verted its overdraft into loanby taking SBP facility and thisloan will be paid within fouryears. He said that install-ments of loans are being paidregularly and so far Rs14 bil-lion has been repaid.

He said that the fiscal posi-tion of the province is verysound and we are trying toreduce the non-developmentexpenditures of the govern-

ment on war-footing grounds.The minister said that it is theneed of hour that the ratio oftaxes should be rationalisedand a comprehensive strategyshould be evolved to stop thetax theft so that public moneyshould be spent on public wel-fare. Tanvir Ashraf kaira saidthat the process to payRs20,000 to flood affecteesfamilies has been startedthrough watan cards and thisearly compensation would becompleted within 30 to 40days while payment of one lacrupees per family would bestarted after the completion ofRs20.000 to affectees.

He said that all ministersand government officers alsooffered their Eid days withaffectees and expressed theirsolidarity with them on thistime of trial.

He said that the governmentwould provide seeds and fer-tiliser to affected farmers freeof cost so they could be start-ed their business. -Online

Punjab clears SBPdebt worth Rs14bn

BoK startsoperation

in HavilianHAVILIAN: The Bank ofKhyber (BoK) Havilian branchstarted functioning after formalinauguration by Bilal Mustafa,Managing Director BoK. BoKExecutive Director Mir JavedHashmat, BoK Group HeadIslamic Banking Arbab RiazAhmad, BoK Head BankingOperations Shabbeer AhmadSheikh, BoK HeadEstablishment Tariq Naseem,Head Marketing Syed AliNawaz Gilani, Head BusinessDevelopment Lal NawazKhattak were also present onthe occasion. The local business and tradingcommunity leaders also attendthe event and congratulated theBoK senior management onestablishment of this branch inHavilian which will not onlycater the customers and tradingcommunity of the area but alsonear by areas. The BoK man-agers of Abbottabad, Mansehra,Hattar and Haripur branchesalso attend the branch inaugu-ration ceremony.-PR

KABUL: Afghanistan’s cen-tral bank seized control of thetroubled Kabul Bank over con-cerns about possible financialirregularities, including thepurchase of more than $150million (Dh550.9m) of Dubaiproperty.

The central bank governoralso announced that KabulBank’s top two directors andshareholders were under inves-tigation, The National.

The two men were forced toresign on August 30 because ofnew rules preventing share-holders from holding executivepositions. A brother ofAfghanistan’s first vice presi-dent, Mohammad QasimFahim, is also a focus of the

investigation.Yesterday’s move marked a

reversal for the central bank,which last week downplayedthe controversy surroundingthe nation’s largest privatefinancial institution, saying thesituation was “normalising”.Account holders had formedlong queues outside branchesof Kabul Bank over concernsabout their deposits.

The government had alreadyfrozen the assets of the formerKabul Bank chairman,Sherkhan Farnood, and anotherexecutive, who used the bank’smoney to buy 16 properties onthe Palm Jumeirah and twoplots on Business Bay betweenDecember 2006 and October

2007. The property was signedback to the bank as a conditionof Mr Farnood’s resignation.

Separately, The Nationalreported last week thatMahmoud Karzai, a brother ofAfghanistan’s president HamidKarzai, made Dh3m after usinga Kabul Bank loan to buy hisown villa on the PalmJumeirah. Mahmoud Karzai,who owns 7 per cent of thebank, said there was “nothingwrong” with the transaction.He confirmed that he sold thevilla for about Dh10m in early2008 after buying it for Dh7mless than a year earlier. Hisassets have not been frozen andhe has not been accused ofwrongdoing. -NNI

Afghan cbank takes overscam-smeared Kabul Bank

Jamil Siddiqui

KARACHI: Following thedirectives of government,State Bank of Pakistan is con-sulting the commercial banksand all stakeholders to provide5-year interest-free loans tothe small farmers of the floodhit areas.

SBP high-official while dis-closing to The Financial Dailysaid central bank is preparingthe nitty-gritty of the schemeto provide the interest-freeloans by pooling the bankfinances and distribute them tothe small farmers having culti-vated land up to 25 acresthrough one window opera-

tion. The loan would be fur-nished on government's issuedcomputerised ID cards havingthe recommendations fromtheir elected representativesunder a fool proof mechanismto ensure the recovery of theloans.

According to the source theagri-loans will be restricted toacquire the seeds, machinery,fertiliser and related expenseswith the mandatory require-ment to maintain all therecords which will be inspect-ed by the Bank officials timeto time to avoid any misuse.

Meanwhile, government isalso working on an emergencyplan to construct the washed

away roads and bridges to re-link the small farmers cultivat-ed fruits and vegetables to thelocal markets and for theexports to bring the farmers ontheir own feet and become selfsufficient.

It was also learnt that suchschemes also have vigorousbacking from the InternationalMonetary Fund (IMF), WorldBank (WB) and AsianDevelopment Bank (ADB).

It is expected that SBP willannounce the package by theend of this month and PrimeMinister Syed Yousuf RazaGilani is likely to hand overthe loan cheques to the smallfarmers.

Interest-free loansfor farmers soon

SBP preparing plan

LALAMUSA: Pres iden t ,Zarai Taraqqiati Bank Limited(ZTBL) Chaudhry Zaka Ashrafsaid that loans of flood-hitfarmers could not be written-off but they could be re-sched-uled.

Talking to mediamen duringhis visit to ZTBL branchLalamusa, Chaudhry Zakasaid, "We will implement thegovernment's decision, if itannounces loans' write-off forthe farmers. We can not waive-

off loans on our own." ZTBL is importing modern

machinery from China andJapan to re-prepare agriculturalland for cultivation in theflood-hit areas, he said andadded, "We are providingRs10,000 to 100,000 as loan tofarmers for purchasing fertiliz-ers, seed and implements".

However, ZTBL wouldextend loans for the relief workfor the flood victims, he added.-APP

Affectees agriloans mayberescheduled

South Koreanbanking groupsuspends CEO

SEOUL: South Korea's third-largest banking group said itsboard had suspended its chiefexecutive officer amid anapparent feud among its seniorexecutives and claims ofembezzlement.

Shinhan Financial Group hadsuspended CEO Shin Sang-Hoon at a meeting of 12 boardmembers, including groupchairman Ra Eung-Chan, agroup spokesman told.

He said the board voted 10-1to suspend Shin while onemember abstained from voting.

"The board is expected totake additional measures afterawaiting the outcome of aprobe by prosecutors," thespokesman said.

The board said in a statementthat it was not in a position toverify allegations about Shinbut decided to suspend him inconsideration of growing "mar-ket concerns" about the group'smanagement. Shin toldreporters that he would respectthe board's decision. Thegroup's banking unit, ShinhanBank, earlier this month askedstate prosecutors to investigateShin for alleged embezzlementand breach of trust. The banksaid it was suspicious about 95billion won (80.4 million dol-lars) in what it called loans torelatives of Shin, who served asthe bank's president between2003 and 2009. -Agencies

HAVILIAN: Managing Director Bank of Khyber (BoK) Bilal Mustafa innaugrating

BoK’s new branch located in Main Bazaar here. -PR

GERMANY: A man walks past the headquarters of Deutsche Postbank in Bonn.-Reuters

Page 9: The Financial Daily Epaper 17-09-2010

MUMBAI: India's oilseedsand soyoil futures edged high-er on Thursday on bargain buy-ing driven by hopes of animprovement in demand, butexpectations of a bumper out-put of summer-sown oilseedsweighed, analysts said.

India's soymeal sales arelikely to double to around300,000 tonnes in Septemberfrom a month ago as buyerssnap up cargoes from the SouthAsian nation, offering compe-tition to suppliers of US andSouth American meal.

"Meal demand allowed mar-ket to erase some of the yester-day's losses. Millers are gettinggood orders for soymealexports," said AlimuhammadLakdawala, analyst at Anand

Rathi Commodities.October soybean on India's

National Commodity andDerivatives Exchange(NCDEX) ended 0.42 per centhigher at 2,003.5rupees per100 kg.

October soyoil rose 0.46 percent to 480.25 rupees per 10kg, while rapeseed for Octoberdelivery climbed 1.04 per centto 539.7 rupees per 20 kg.

Record-high edible oilimports in August also putpressure on prices, analysts

said.India imported a record 1.06

million tonnes of vegetableoils in August as buyers rebuiltdepleted stocks ahead of thefestival season, a leading tradebody said.

The country's oilmealexports in August rose 14 percent from a year earlier, its sec-ond straight monthly rise,owing to higher demand fromtraditional buyers in Japan andChina, data from a trade bodyshowed. -Reuters

India oilseeds, soyoilrise on bargain buying

9Friday, September 17, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash Buyer 1240 1160

March (3rd Wednesday) 1240 1090

April (3rd Wednesday) 1240 1090

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for September 15 2010

LME Official Prices, US$ per tonne for September 15 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2210 2117 7594.5 2196 23175 22855 2118 2060

Cash seller 2220 2117.5 7595 2196.5 23180 22860 2119 2061

3-months buyer 2130 2150 7610 2227 23170 22875 2144 2080

3-months seller 2140 2151 7610.5 2228 23175 22900 2145 2090

15-months buyer 2050 2230 7555 2245 22625 22475 2205 2090

15-months seller 2060 2235 7565 2250 22725 22525 2210 2100

27-months buyer 2050 2295 7315 2222 21725 2200 2165

27-months seller 2060 2300 7325 2227 21825 2205 2175

LONDON METAL EXCHANGE (METALS)

LONDON: Gold swept to arecord high above $1,275 perounce on Thursday, as curren-cy market jitters and broadereconomic uncertainty attract-ed more investors to themetal's safe-haven credentials.

Strong investment demandpushed spot silver, often seenas a cheap proxy for gold, to$20.75 an ounce -- its highestlevel since March2008.

Spot gold wasbid at $1,273.75 atroy ounce at1450 GMT, com-pared with$1,265.65 anounce at the closeon Wednesday.

Earlier on Thursday it hit arecord $1,277.70 an ounce.US December gold futuresalso rose to a historic high.

"It's an insurance policy atthe end of the day," said RobinBhar, analyst at CreditAgricole. "All the ingredientsare still there -- all the uncer-tainty and fear -- to keep goldunderpinned."

Analysts and traders are

looking to $1,300 an ounce asa major psychological marker,with $1,350 seen as the nextpotential target. But some aresceptical about the realstrength of the rally.

"I'm quite surprised we arehere really, gold seems to beplaying follow the leader withsilver... and the dollar's weak-ness," Simon Weeks, head of

precious metals at ScotiaMocatta, said.

The move was also notbeing confirmed in bullionpriced in other currencies suchas the euro and Swiss Franc,which would normally signala potent impulse higher, hesaid.

A potential trigger for fur-ther gains could come fromthe US Federal Reserve,

which meets on Sept. 21 andcould announce further quan-titative easing to stave off eco-nomic slowdown in theworld's largest economy.

The world's largest gold-backed exchange-traded fund,the SPDR Gold Trust, said itsholdings fell to 1,294.746tonnes by Sept. 15 from1,298.698 tonnes on Sept. 14.

But the fallfollows a six-tonne rise theprevious day.

P o s i t i v emacro data isalso partlybehind the runhigher inindustrial pre-

cious metals such as silver,platinum and palladium. Spotsilver was bid at $20.72 anounce from $20.49 late onWednesday.

Spot platinum was bid at$1,612.50 an ounce from$1,604.50 in New York late onWednesday, when it touched afour-month high of $1,619.50.Palladium was little changedat $554.50. -Reuters

Gold rushes to record;investors seek insurance

Europeanvegetable oil

pricesROTTERDAM: The follow-ing were the Thursday'sRotterdam vegetable oil price'sat 21:00 PST.

SOYOIL: EU degummedeuro tonne fob exmill Oct10790.00+0.00, Nov10/Jan11795.00+0.00, Feb11/Apr11800.00+0.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Nov10/Jan11782.00-1.00, Feb11/Apr11790.00-2.00, May11/Jul11795.00-1.00.

SUNOIL: EU dlrs tonneextank six ports optionOct10/Dec10 1110.00+20.00,Jan11/Mar11 1115.00+20.00,Apr11/Jun11 1125.00+15.00.

LINOIL: Any origin dlrstonne extank RotterdamSep10/Oct10 1255.00+5.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Afloat895.00, Sep10 895.00-5.00,Oct10 895.00+0.00, Nov10890.00+0.00, Dec10880.00+0.00, Jan11/Mar11875.00+0.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamSep10/Oct10 1240.00+5.00,Oct10/Nov10 1235.00+0.00,Nov10/Dec10 1235.00+0.00,Dec10/Jan11 1235.00+0.00,Jan11/Feb11 1235.00.

PALMKERNEL OIL:Mal/Indon dlrs tonne cifRotterdam Sep10/Oct101235.00+0.00, Oct10/Nov101230.00-5.00, Nov10/Dec101230.00-5.00, Dec10/Jan111230.00-5.00.

CASTOROIL: Any origindlrs tonne extank RotterdamOct10/Nov10 2020.00+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

16-Sep-2010 CRUDE100 OC10 US$ Per Barrel 75.00 76.03 74.80 75.12 148 75.37 75.12 86

16-Sep-2010 CRUDE100 NO10 US$ Per Barrel 76.30 76.99 76.30 76.35 34 76.61 76.35 15

16-Sep-2010 CRUDE100 DE10 US$ Per Barrel 77.95 78.03 77.68 77.84 4 78.09 77.84 1

16-Sep-2010 SILVER - SL500 NO10 US$ Per Troy Ounce 20.40 20.67 20.40 20.67 - 20.56 20.67 -

16-Sep-2010 SILVER - SL500 DE10 US$ Per Troy Ounce 20.44 20.78 20.42 20.69 62 20.57 20.69 44

16-Sep-2010 GOLD 01oz OC10 US$ Per Troy Ounce 1269.20 1278.00 1264.00 1272.90 422 1267.50 1272.90 666

16-Sep-2010 GOLD 01oz NO10 US$ Per Troy Ounce 1268.00 1278.50 1264.60 1273.60 807 1268.30 1273.60 1,889

16-Sep-2010 GOLD 01oz DE10 US$ Per Troy Ounce 1269.40 1279.10 1265.60 1274.40 571 1269.10 1274.40 839

16-Sep-2010 GOLD 100oz OC10 US$ Per Troy Ounce 1266.80 1275.00 1265.20 1272.90 9 1267.50 1272.90 10

16-Sep-2010 GOLD 100oz NO10 US$ Per Troy Ounce 1267.80 1273.60 1267.80 1273.60 - 1268.30 1273.60 -

16-Sep-2010 GOLD 100oz DE10 US$ Per Troy Ounce 1268.60 1273.60 1268.60 1273.60 - 1269.10 1274.40 1

16-Sep-2010 GOLD OC10 Per 10 grms 35012.00 35235.00 34904.00 35190.00 86 35001.00 35190.00 55

16-Sep-2010 GOLD NO10 Per 10 grms 35020.00 35199.00 35020.00 35199.00 - 35010.00 35199.00 -

16-Sep-2010 GOLD DE10 Per 10 grms 35020.00 35214.00 35020.00 35214.00 - 35025.00 35214.00 -

16-Sep-2010 Kilo GOLD OC10 Per 10 grms 34980.00 35162.00 34980.00 35162.00 - 34974.00 35162.00 -

16-Sep-2010 Tola Gold50 OC10 Per Tola 40800.00 41012.00 40800.00 41012.00 - 40792.00 41012.00 -

16-Sep-2010 Tola Gold100 OC10 Per Tola 40800.00 41012.00 40800.00 41012.00 - 40792.00 41012.00 -

16-Sep-2010 Mini Gold 1-Aug Per 10 grms 36024.00 36198.00 36024.00 36198.00 - 36007.00 36198.00 -

16-Sep-2010 Mini Gold 2-Aug Per 10 grms 36061.00 36235.00 36061.00 36235.00 - 36043.00 36235.00 -

16-Sep-2010 Mini Gold 3-Aug Per 10 grms 36073.00 36247.00 36073.00 36247.00 - 36055.00 36247.00 -

16-Sep-2010 Mini Gold 4-Aug Per 10 grms 36000.00 36259.00 36000.00 36259.00 - 36067.00 36259.00 -

16-Sep-2010 Mini Gold 5-Aug Per 10 grms 36012.00 36186.00 36012.00 36186.00 - 35995.00 36186.00 -

16-Sep-2010 TT Gold 1-Sep Per Tola 41319.00 41554.00 41217.00 41554.00 3 41332.00 41554.00 1

16-Sep-2010 IRRI6W 16SE10 Per 100 kg 2402.00 2402.00 3101.00 3150.00 - 3101.00 3150.00 -

16-Sep-2010 Rice IRRI - 6 OC10 Per 100 kg 3067.00 3182.00 3067.00 3182.00 - 3067.00 3182.00 -

16-Sep-2010 RBD Palm Olein OC10 Per Maund 4150.00 4174.00 4150.00 4174.00 - 4150.00 4174.00 -

16-Sep-2010 KIBOR3M 10-Sep Per Rs. 100 87.21 87.21 87.21 87.21 - 87.21 87.21 -

16-Sep-2010 KIBOR3M 10-Dec Per Rs. 100 86.79 86.83 86.79 86.83 - 86.79 86.83 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Indian wheat

flats; export

hopes supportMUMBAI: India's wheatfutures erased losses to end flaton Thursday as hopes the gov-ernment may ease exports laterthis year offset expectation ofbumper crop and a governmentstock release plan, analystssaid.

Analysts, however, expectwheat futures to trade underpressure on Friday.

"Selling pressure is high.Fundamentals are not support-ive. Stocks are very high andprices may continue to fall,"said Chowda Reddy, senioranalyst at JRG WealthManagement.

September wheat on theNational Commodity andDerivatives Exchange(NCDEX) edged down 0.01 percent to end at 1,202.8 rupeesper 100 kg, after hitting anintra-day low of 1,190.6 rupeesper 100 kg.

Hope of improved sowing ofrabi crops after good rainfall incentral and northern part of thecountry may also weighed onsentiment, they added.

The Indian government willfree 2.5 million tonnes ofgrains from its stocks for sale tostates, Farm Minister SharadPawar said last week.

India's latest farm departmentestimate showed the country'swheat harvest would hit arecord 80.71 million tonnes thisyear. -Reuters

AGRA - INDIA: Farmers work on their flooded vegetable field at Tihera village on theoutskirts of the northern Indian city of Agra. -Reuters

LONDON: Copper rose to anear two-week high on Thursday,lifted by a weaker dollar andfund buying, while an improve-ment in US jobless data did littleto soothe concerns about thestrength of the economy.

Benchmark copper closed at$7,700 a tonne, up from $7,620at Wednesday's close. Themetal, used extensively in con-struction and power industries,had earlier hit $7,729 -- near thefour-month high of $7,750touched earlier this month.

"Metals were firm from thebeginning...the market is pushinghigher, no real reason for it out-side of currency," Edward Meir,energy and metals analyst for MFGlobal in New York, said.

US claims for unemploymentbenefits unexpectedly fell lastweek to a two-month low,according to a governmentreport that hinted at some sta-bility in the labour market.

But Wall Street slipped after asurvey found factory activity inthe US Mid-Atlantic regioncontracted for the secondstraight month.

"The evidence is not pointingto a double dip (second legdown after the global recession)-- just a slowdown -- and it'sgoing to be like this for much ofnext year," Meir said.

Metals traders said investorinterest had picked up as fundmanagers returned from sum-mer holidays to open positionsfor the fourth quarter, but theydid not expect any fireworks

ahead of national holidays inChina, which start next week.

"We're getting some movementtoday. I'd buy copper on a stop-loss break through $7,750, and

sell at $7,850," a ring trader said.On Thursday, stocks saw

another drawdown of 2,350tonnes, bringing the total to387,150 tonnes, their lowestlevel since November. Stockshave declined more than150,000 tonnes since mid-February.

Aluminium was untraded atthe close but last bid at $2,165from $2,154 on Wednesday'sclose. Nickel closed at $23,250a tonne, versus Wednesday'sclosing bid at $23,350, whilezinc ended at $2,148 versus$2,145 and lead at $2,202 ver-sus a last bid at $2,235 onWednesday.

Steel-making ingredient nick-el earlier hit $23,390, its highestsince mid-May. Tin ended at$23,495. -Reuters

Copper rises onsofter $, US data

Shanghai copper flatsCopper drifted lower in

London on Thursday andended flat in Shanghai, withmarkets cautious after theBank of Japan sold 2 trillionyen in the previous session,sending the dollar leapingfrom 15-year lows.

Three-month copper on theLondon Metal Exchange fell$22.75 to $7,597.25 a tonne by0702 GMT. Benchmark third-month Shanghai copper lost30 yuan to end at 59,060 yuan.

NEW YORK: Cotton futuresclosed lower Wednesday onprofit-taking after hitting a 15-year top in the previous ses-sion, and most players areuncertain if the market is reallydone with its rally.

ICE Futures US keyDecember cotton contract fell0.88 cent to finish at 93.62cents per lb.

On Tuesday, the contractclosed at 94.50 cents in theloftiest finish for the bench-mark second position cottoncontract since 1995, the onlytime cotton futures traded overthe psychological $1 level.

December traded between

93.51 and 95.79 cents. Totalcotton volume traded was at21,881 lots at 1835 GMT,56.89 per cent above the 30-day average at 13,947 lots,according to preliminaryThomson Reuters data.

"It's a reversal today, but youjust have to wait and see whatit does next," said Jobe Moss,an analyst for brokers and mer-chants MCM Inc. in Lubbock,Texas.

The technical reversal mar-ket players are alluding torefers to the fact that cottonprices hit a new high duringtrading but closed down on theday. Total open interest stoodat 230,714 lots as of Sept. 14,

versus the prior tally of228,386 lots, according toexchange data.

Brokers FlanaganTrading Corp put resistancefor December futures at

94.15 and 95.10 cents, withsupport at 93 and 92.15 cents.

Total volume traded Tuesdayhit 21,561 lots, down from theprior 13,886 lots, according toICE Futures US data. -Reuters

Profit-taking deflatescotton after high hit

LONDON: Oil fell for a thirdday on Thursday ahead of theexpected reopening of a NorthAmerican pipeline that willrestore crude supplies to USrefiners.

US regulators will allow the670,000-barrel-per-day (bpd)Enbridge pipeline, which car-ries oil from Canada to theAmerican heartland, to resumeoperation on Friday followingrepairs after a one-week clo-sure, pipeline company

Enbridge Inc said. US crude futures for October,

also known as WTI, fell below$75 a barrel before recoveringto around $75.32 a barrel by1407 GMT. That level was still70 cents lower thanWednesday's close. The con-tract hit a one-month highabove $78 on Monday on con-cerns over the Enbridge outage.

European benchmark Brentcrude futures were trading 9cents higher at $79.51 a barrel.

The reopening of the pipelinewill remove a major supportfor prices, which some traderspredicted could now slip lower.

"WTI will have to find some-thing new to retest the recenthighs at $78 per barrel," saidOlivier Jakob, managing direc-

tor of consultants Petromatrixin Zug, Switzerland.

Edward Meir, senior com-modity analyst at brokers MFGlobal, said the risk of hurri-canes in the Gulf of Mexicocould provide some support fora while, but this threat wouldsoon disappear.

"For the time being, WTIprices should continue tradingwithin the $70-$80 range, but aswe exit the hurricane season,defending downside support at

$70 will become an increasinglydifficult proposition," Meir said.

Drops last week in petroleumstockpiles held by the UnitedStates, the world's top oil con-sumer, did little to ease worriesover a surplus of crude oil.

ICE Brent crude forNovember, the front monthafter October's expiry onWednesday, declined just 19cents to $79.23 by 1243 GMT,maintaining a big premiumover WTI.

Tropical Storm Karl hitMexico's Yucatan Peninsula onWednesday and could reachhurricane strength once itenters the Gulf of Mexico,where it could swing pastmajor Mexican oil installa-tions. -Reuters

Oil dips ahead ofUS pipeline restart

Sugar resumes

rally, below

6-1/2-mth topLONDON: Raw sugar futureserased earlier losses onThursday and stood at nearWednesday's 6-1/2 month peak,underpinned by worries overthe impact of drought onBrazilian yields.

ICE arabicas firmed and werewithin sight of a 13-year top.Cocoa also rose, though theupside was limited byfavourable prospects for cropsin West Africa, the world'sleading cocoa-growing region.

Fundamentally, traders areconcerned the dry spell in topgrower and exporter Brazilwould hit the cane crop thisseason and could affect produc-tion into 2011.

Liffe said on Thursday77,000 tonnes (1,540 lots) ofBrazilian white sugar were ten-dered against Wednesday'sexpiry of the October contract.

ICE October raw sugar futureswere up 0.73 cent or 3 per cent at24.55 cents a lb at 1427 GMT.London December white sugarwas up $15.20 or 2.6 per cent at$608.40 per tonne in slim vol-ume of 2,540 lots.

Arabica futures firmed inslim volumes, but traders said atest of the psychological $2 a lbmark was on the cards soon.

ICE December arabica coffeefutures were up 1.35 cents or 0.7per cent at $1.9550 a lb, withinsight of a 13-year peak of 1.9865cents touched on September 8.Liffe November robusta coffeewas up $23 or 1.4 per cent at$1,652 per tonne in modestturnover of 3,562 lots.

Cocoa futures rose in light vol-umes bolstered by a softer dollaragainst a basket of currencies,after Liffe's September cocoacontract expired on Wednesdaywith a small delivery.

ICE December cocoa was up$82 or 3 per cent at $2,771 pertonne in moderate turnover of9,279 lots. Liffe Decembercocoa was 46 pounds or 2.5 percent higher at 1,899 pounds atonne in modest turnover of7,697 lots. -Reuters

Tokyo rubberfall as oil,

stocks hurtTOKYO: Key Tokyo rubberfutures fell on Thursday as asharp drop in the nearbySeptember contract pulled theoverall market lower, whileweakness in oil, Shanghai rub-ber futures and stocks alsoweighed on investor sentiment.

The key Tokyo CommodityExchange rubber contract forFebruary delivery fell 3.1 yenor 1 per cent to settle at 292.8yen per kg.

The September contract expir-ing next week plunged 8.5 yen or2.9 per cent to settle at 289.5 yen.Traders have said supply wasincreasing on easing tightnessand concerns about deliveries,and that has weighed on thefront-month futures.

"Trading volume is decliningas participants are closing posi-tions ahead of Japan's longweekend, weakening the posi-tive impact of the yen's declineagainst the dollar on the mar-ket," said Kazuhiko Saito, chiefanalyst at trading companyFujitomi. A drop in Shanghairubber futures, stocks and oilalso highlighted investor cau-tion on taking risks. -Reuters

Silver marks fresh peak, approaches $21 an ounce

NY cotton early-tradeICE December cotton futures surged

1.90 cents to 95.52 cents per lb by

1401 GMT on volume of 4,928 lots.

Page 10: The Financial Daily Epaper 17-09-2010

10Friday, September 17, 2010

Labourers work inside one of the venues forthe Commonwealth Games 2010, in New Delhi

CENTURION: Chennai SuperKings captain Mahendra SinghDhoni heaped praise on SureshRaina and Murali Vijay for set-ting the platform for the com-fortable 97-run victory overWayamba in Group A match ofthe Champions LeagueTwenty20 cricket tournament.

Raina (87 off 44) and Vijay(68 off 48) shared a 137-runsecond wicket partnership, thatcame off just 72 deliveries, tohelp Chennai post a mammoth

200 for three and set the tonefor the convincing win at theSuperSport Park.

"We did not want to bat firstbecause in this ground it isvery hard to defend. But oncewe were sent into bat, we need-ed couple of extra runs, some-thing over 180."

"And exactly that's what thebatsmen did. They started offcautiously and after that SureshRaina and Murali Vijay battedbrilliantly.-Online

Dhoni praisesRaina, Vijay

MELBOURNE: LegendaryAustralian pacer Glen McGrathhas no immediate politicalambitions though he did not ruleout the possibility of becomingan MP in future.

"You never know what thefuture holds but it`s not some-thing I`m seriously consideringat the moment," he toldreporters.

The retired cricketer wasapproached by a New SouthWales Nationals leader AndrewStoner at a cricket match earlierthis year. "I was just chatting toAndrew Stoner over lunch dur-ing the Sydney Test and he men-tioned my thoughts on it (onbeing an MP)and whether I`d beinterested in it," McGrath said.

"He came back to me a little

while later saying if I was seri-ously considering it they`d behappy to look at it," McGrathsaid.

McGrath, who is enjoyingspending time with family anddoing other work, said, "At themoment, it`s not something I`mconsidering.I think I`m busyenough as it is, just enjoyingtime with the family."

News Ltd, a newspaper, hadquoted National Party sourcesas saying that McGrath, fromNarromine country in NewSouth Wales, has left the dooropen to a political career.

Asked about his politicalalliance with the Nationals,McGrath said, "I`m a countryboy, so I will take that into con-sideration."-Online

McGrath hasno immediatepolitical plans ISLAMABAD: Eight top erst-

while international cricketersare to take part in the DubaiSuper Sixes Corporate CricketLeague from October 1 to 15 atDubai Spots City InternationalCricket Stadium.

The tournament will featurePakistan's legendary pacerWasim Akram and wicket keep-er Moin Khan, South African allrounder Lance Klusener, SriLanka's Aravinda de Silva andRoshan Mahanama, and India'sVinod Kambli, VenkateshPrasad and Rohan Gavaskar,gulfnews.com reported onThursday.

This will be the biggest sixestournament in Dubai with 48

teams who have confirmed par-ticipation.

Vipen Sethi. Chief ExecutiveOfficer of the Landmark Group,said: "Cricket appeals to abroad segment of the people inUAE and hence we decided tosupport this event".

"Sixes is short and sweet andit will give an opportunity forthe corporate entities to cometogether," he said. "We aredelighted to have got renownedcricketers to play alongside theteams that will make it to thequarterfinals." The LandmarkGroup and CrayonsCommunications are backingthe event.

As per the rules of the tourna-

ment, each participating teammust comprise six players alongwith two substitutes. The organ-isers said they would providefive neutral fielders. The formatrequires each side to play a lim-ited five overs to be completedin 30 minutes.

Arshad Zaheer, the ManagingDirector of CrayonsCommunications, said: "Thisformat will be a permanent fix-ture of the Dubai cricket's sportscalendar".

"The winning team can walkaway with Dh20,000 and we aredelighted that some of the bestcricketers have agreed to partic-ipate in our first ever attempt,"Zaheer said.-APP

Akram, Moin to star inS6s tourney in Dubai

WELLINGTON: Umpiresfelt that Pakistan bowlerMohammad Amir had deliv-ered a deliberate no-ball duringthe fourth test against England,but had put it down to tacticsrather than spot-fixing at thetime, local media reported.

New Zealanders Tony Hilland Billy Bowden had beenconcerned by an Amir deliveryto England's Jonathon Trottduring which the teenagebowler overstepped the markbut pitched the ball short.

"We never suspected athing," Hill told the DominionPost. "There had been the bigoverstep in particular and inour minds that was more a

deliberate overstep to have ago at Trott, who had been bat-ting so well.

"Billy and I chatted aboutthat and thought it seemeddeliberate, especially as it wasdropped in short. But it allseemed to be one of thosethings that fast bowlers havebeen known to do to get anadvantage."

Amir, Salman Butt andMohammad Asif were sus-pended by the InternationalCricket Council following aBritish newspaper report thatAmir and Asif had bowledthree deliberate no-balls bypre-arrangement on the open-ing day of the fourth test.

The trio have returned toPakistan on the condition theybe available for police ques-tioning when required and arescheduled to attend an ICChearing next month.

Police in Britain have sincequestioned a fourth playerWahab Riaz over the spot-fix-ing allegations.

"It was my first test atLord's," Hill added. "It was aspecial place but it ended upbeing a game that will beremembered, but not for theright reasons."

Pakistan lost the test series 3-1 and are currently 2-0 down intheir five-match one-dayseries.-Reuters

Umpires judged Aamir’sno-ball as deliberate

NEW DELHI: TheInternational Cricket Council(ICC) is committed to main-taining the sanctity of thegame and will strive to rootout corruption, ICC PresidentSharad Pawar said Thursday.

Pawar told reporters after ameeting with PakistanCricket Board (PCB)Chairman Ijaz Butt at hisNew Delhi residence that theICC had the support of all thenational boards in its effortsto clean up the game.

Pawar's comments comeafter three Pakistani crick-eters -- Salman Butt,Mohammad Asif andMohammad Amir -- wereprovisionally suspendedamid accusations of spot-fix-ing.

"If someone has done any-thing wrong in cricket theICC, and that includes thePakistan board, will nevertolerate any nonsense or anycorruption in the game," saidPawar.

"We try to maintain thesanctity of cricket and in thisprocess... every board,including Pakistan, is fullysupporting ICC."

"Scotland Yard is in theprocess of investigating theentire episode. When theinvestigation is complete andsuppose something is estab-lished, (there will be) noquestion whether ICC or thePakistani board will takestrong, ruthless action,"Pawar said.

A fourth Pakistani player,bowler Wahab Riaz, has beenquestioned by British Policewhile his suspended col-leagues have returned homeon the condition that theywould be available for fur-ther questioning.

Butt said the PCB did notask for leniency for teenagepacer Amir.

"No demand has been given(to ICC seeking leniency).Everything depends on ifanything is found against theplayer. As far as we are con-cerned, no tolerance at all."

During the meeting, Buttalso requested Pawar, a for-mer Indian cricket boardchief and the country'sAgriculture Minister, to helpresume cricketing tiesbetween the neighbors.-Reuters

Pawar asserts ICC stance against corruption

LONDON: Arsene Wengerspoke in a calm, almost matter-of-fact fashion after hisArsenal side had torn Braga toshreds on Wednesday.

The 6-0 Champions Leaguevictory was sensational andprobably even surpassed theheights achieved by Barcelonathe previous evening whenLionel Messi ran riot againstPanathinaikos.

Wenger did not seem sur-prised by his team's perform-ance. In fact, nobody should bebecause it is exactly whatArsenal are capable of.

His faith in a brand of foot-ball that is preached from jun-ior level to first team atArsenal is unshakable despitefive trophy-less years.

"We have a big potential but

what you forget is that I alwaysbelieved in this team," Wengertold reporters. "The playersthat were here at 20 and 21 arenow 23 and they are continu-ing to grow.

"What they did at 20 wasexceptional even though somepeople can't accept that wehaven't won trophies."

On their day the Gunners arethe best footballing side inEngland and few teams couldhave lived with them onWednesday when skipper CescFabregas played a virtuosorole.

The question that remains iscan Arsenal deliver such daz-zling football when it reallymatters, when the likes ofChelsea and ManchesterUnited come to the Emirates --

or even this weekend away atSunderland?

Wenger's attacking optionsare boundless. Even withoutthe injured Theo Walcott andDutch sharp shooter Robin vanPersie they had a goal threat allover the field against Braga.

Mexican Carlos Vela hasbeen a bit-part player atArsenal since joining as ateenager in 2005, but the 21-year-old scored twice onWednesday to go with the goalhe managed against BoltonWanderers the previous week-end.

"He is an outstanding finish-er who worked very hard thissummer and he continues toimprove," Wenger said.FOOTBALL EDUCATION

Jack Wilshere, just 19, also

looks ready to deliver on hishuge potential.

The English midfielder,who recently earned his firstsenior international cap,looks bigger and strongerafter spending time on loanat Bolton last season.

"Loaning Wilshere out wasimportant because it acceler-ated his career by being con-fronted in the PremierLeague and having toughgames," Wenger said.

"Of course, Jack has beeneducated here and he wasalready an outstanding play-er when he left for Bolton.But this is the final part ofthe education of a player --to be integrated into the firstteam and play under pres-sure."

Ultimately Wenger knowsthat the success of his mis-sion will be judged on silver-ware, not the exhibition foot-ball they are capable of on apleasant September eveningin north London againstcompliant opposition.

"I'm convinced (the teamwill win trophies) but I havea problem convincing you,"Wenger said. "We have astyle at the club that every-body knows and no matterwho comes in the football isplayed the same way.

"I believe we are in the topeight in Europe for our per-formances year in, year outbut we have not won it anduntil we have won it peoplewill question the way weplay."-Reuters

Gunners getting ready to open fire, says Wenger

Flintoff saysgoodbyeto cricket

nKnee injuries end Flintoff

career

n Flamboyant all-rounder

played 79 tests

LONDON: England all-round-er Andrew Flintoff announcedhis retirement from all forms ofcricket on Thursday after yearsof battling injury.

Flintoff, 32, retired from testcricket last year following theAshes victory over Australiabut had hoped to representEngland again in one-daycricket.

"The decision to end mycareer came yesterday afterconsultation with medicaladvisers," he said in a state-ment.

"I was told that the problemsI have been trying to overcomein re-hab for the last year fol-lowing the latest in a series ofoperations would not recoversufficiently to allow a come-back."

Flintoff underwent knee sur-gery last August and needed asecond operation in January. Hehas missed the entire countyseason.

"I will now be taking a breakbefore deciding which futuredirection to take," he added.

Flintoff played 79 tests and141 one-day internationals,scoring 3,845 test runs, includ-ing five centuries at an averageof 31.77.

He took 226 test wickets andscored 3,394 runs in ODIs, tak-ing 169 wickets.-Reuters

Five FATAplayers

awardedrace cycles

PESHAWAR: The Directorateof Sports FATA handed overrace cycles to five memberscycling team here on Thursday.

Muhammad Abid Majeed,Secretary Administration andCoordination FATA was thechief guest on this occasionwho handed over five racecycles among the selectedprobables who would representFATA in the forthcoming 58thNational CyclingChampionship to be held atLahore from September 25-28.

Abid Majeed said that on thespecial directives of theGovernor KhyberPakhtunkhwa Owais AhmadGhani it was decided to provideall sports equipments and uni-form to the players of FATA.

He said initiatives have beentaken to have sports facilities inall agencies headquartersbesides facility of InternationalSports Complex which wouldhave facilities for all games. Hesaid that the Complex will havethe facility of a separate hostelfor both female and male inorder to ensure accommodationfacilities. "If we have accom-modation facilities for the play-ers we would be able to providetraining and coaching to themfor longer duration," heremarked.

"We have sent a summary,putting all proposals thatrequires for holding nationaland international tournamentsto the Governor and hopefullyit would be approved soon."Abid Majeed added.-APP

NEW DELHI: The ICC President Pawar and Pakistan's Cricket Board Chairman Butt speak in New Delhi.-Reuters

Eng playerbanned fortwitter rantLONDON: England all-rounder Dimitri Mascarenhashas been handed a two-weeksuspension starting next sea-son after pleading guilty to aTwitter outburst attackingnational selector GeoffMiller.

"The panel considered thisto be a serious breach of theregulations particularly givenhis status as a senior cricketerand club captain," theEngland and Wales CricketBoard (ECB) said in a state-ment on Wednesday.

The injured Mascarenhasposted an expletive-filledmessage on the social net-working site after the Englandsquad for the Twenty20 inter-nationals and one-day seriesagainst Pakistan wasannounced last month.

The 32-year-old, who hasplayed 20 one-day interna-tionals, pleaded guilty andapologised unreservedly forhis actions.

He was also fined 500pounds ($776) in addition tothe 1000 pounds he wasdocked by his countyHampshire.-Reuters

Page 11: The Financial Daily Epaper 17-09-2010

11Friday, September 17, 2010

International & Continuation

LONDON: British retailsales fell unexpectedly inAugust for the first time inseven months, in a sign therecovery may be stallingeven as some of the country'sbiggest stores announcedjumps in profits.

The Office for NationalStatistics said on Thursdaythat sales volumes fell 0.5per cent last month, defyingexpectations of a 0.3 per centrise and raising concern thatwaning consumer confidenceis beginning to dent retaildemand even before nextyear's planned VAT andincome tax hikes.

Still, retail bellwether JohnLewis posted a 28 per centjump in its results for the six

months to July 31. Kingfisher, Europe's largest DIY retail-er, which owns 330 stores inthe UK, saw its profits jump21.9 per cent.

But both economists andretailers warned that therecovery from the worstrecession since World War 2may already have peaked.Data on Wednesday showedthe first rise in the number ofpeople out of work andclaiming benefits sinceJanuary.

"August's fall in retail salescould be the first sign that thesurprising resilience of con-sumer spending could becoming to an end," saidVicky Redwood at CapitalEconomics. "The pressures

on consumers are clearlymounting."

Bank of England policy-makers remain on alert overwhether they may yet to haveput more stimulus into theeconomy despite inflationthat is well above its 2 percent target.

A BoE survey on Thursdayshowed inflation expecta-tions hitting a two-year highin August, suggesting above-target price rises are startingto become embedded in con-sumer psychology.

Sterling hit session lowsagainst the euro and the dol-lar after the ONS report,which also showed heftydownward revisions to July'sfigures.-Reuters

UK retail sales fall forfirst time since Jan

MUMBAI: India's centralbank raised interest rates morethan expected on Thursday,extending its fight against infla-tion, but signalled that a tight-ening cycle that has seen fiverate hikes this year may benearing an end.

The Reserve Bank of Indialifted the repo rate , at which itlends to banks, by 25 basispoints to 6 per cent and raisedthe reverse repo rate , used toabsorb excess cash, by 50 basispoints to 5 per cent. Analysts ina Reuters poll had forecastquarter per centage pointincreases in both rates.

Economists expect the RBI toraise rates once or twice morein the fiscal year that ends inMarch, according to a Reuterspoll after Thursday's rateincrease, which means theyexpect it to hold off during atleast one of its three remainingreviews this fiscal year.

Indian inflation shot up to

double digits early this year andeven though it has been comingdown since June, the centralbank said it would remain"unacceptably" high in comingmonths.

However, it also said that itspolicy tightening since October2009 had brought monetarypolicy back close to normalfrom its crisis settings duringthe global financial turmoil andthat future action would bedriven by economic conditions.

"The tightening that has beencarried out over this period hastaken the monetary situationclose to normal. Consequently,the role of normalisation as amotivation for further actions islikely to be less important," itsaid.

The RBI, which has forecasta decline in inflation to 6 percent by the end of this fiscalyear in March 2011 from 8.5per cent in August, said that itstightening cycle that began in

October 2009 was having aneffect.

Thursday's sharper-than-fore-cast rate increase sent swaprates and bond yields higher aseconomists and market playerstook the move as a sign that thecentral bank was prepared tonotch up rates further albeit lessaggressively.

"This degree of tightening bythe RBI reinforces the urgencyin tackling the key policy chal-lenge of the high and persistentinflation," said Gaurav Kapur,senior economist at RoyalBank of Scotland in Mumbai.

"The Indian central bank canstill be expected to go aheadwith further tightening, thoughat a less aggressive pace in thesecond half of the year," he said.

India's inflation remains wellabove the central bank's per-ceived comfort level of around5 per cent, keeping real interestrates stuck in negative territory.-Reuters

India raises rates,pause in tightening

seen near

CONTINUATIONThe APHC Chairman said that Indian rulers had failed to curb

the liberation movement through force and were resorting to killthe innocent and peaceful demonstrators. He denounced undemo-cratic curbs imposed by the authorities on media and urged theIndian civil society, human rights groups and international com-munity to take notice of the worsening human rights situation inthe occupied territory He also flayed the imposition of curfew inthe territory, adding that it had led to an acute shortage of essen-tial commodities.

The occupation authorities continued to impose indefinite cur-few in Srinagar, Budgam, Ganderbal, Kangan, Islamabad,Pulwama, Shopian, Pampore, Bandipore and other major towns.People of many areas complained about shortage of essentialcommodities and baby food. Hundreds of policemen and troopershave been deployed in every nook and corner of the valley to pre-vent people from venturing out of their homes. Defying curfew,people took to streets in near Nund Resh Colony in Bemina areaof Srinagar and in Khanpora locality of Baramulla. A vehicle ofIndian troops overturned after it was attacked by a mob in NundReshi Colony, resulting in injuries to five troopers.

Mirwaiz appealed to the international community to take cog-nizance of Indian state terrorism in the occupied territory.

Indian police personnel beat up a lady doctor and paramedicalstaff near Parimpore, Srinagar when they were on way to hospitalin an ambulance. Another prominent Kashmiri leader YasinMalik said New Delhi was pushing desperate Kashmiris back tothe path of gun. Leaders of India's major political parties held afive and half hour long marathon meeting at the residence ofPrime Minister Manmohan Singh on Kashmir but failed to reacha consensus and later decided to send an all-party delegation toSrinagar to assess the ground situation.

"Countless such meetings have been held in past 63 years butthey have not produced any result," Geelani said in his reaction tothe meeting. "The Prime Minister's speech has not focussed onthe core issue of Kashmir. There was no mention of the biggerproblem. I can't see anything positive coming out of this meeting,"Geelani, who is spearheading the ongoing 'Quit Kashmir' cam-paign in Kashmir, said. Terming the All Parties Meet in NewDelhi a 'joke, moderate Kashmiri leader, Mirwaiz Umer Farooqsaid Kashmiris will not accept any solution but independence, andthere could be no dialogue until a drawdown of Indian troops anda release of prisoners. -NNI

Continued from page 12No #1

The status of Jerusalem, the fate of Palestinian refugees, the bor-ders of a future Palestinian state and security arrangements are themain issues Abbas and Netanyahu would have to resolve to securea permanent peace deal.

As part of US President Barack Obama's drive for a wider peacebetween Israel and the Arab world, Mitchell planned to travel to Syriaon Thursday for talks with Syrian President Bashar al-Assad and thento Lebanon to meet Lebanese leaders.In the Hamas-run Gaza Stripovernight, Israeli aircraft carried out three air strikes against suspect-ed militant targets after rocket and mortar bomb attacks on Israel. Nocasualties were reported in the incidents. -Reuters

Continued from page 12No #2

floods in Pakistan as catastrophe and reiterated that Americawould continue assistance for flood-affected people of Pakistantill rehabilitation of affectees in flooded areas.

He also said that flood devastations in Pakistan were unprece-dented, as he has never seen such devastations during last fortyyears. Later, responding to a query, Foreign Minister Shah

Continued from page 12No #3

"A further $25 million will help the Pakistan people rebuildtheir lives, of which $5 million will be delivered throughAustralian nongovernment organisations.

"This is to help farmers replant, to allow children to return toschool and to restore health services," Rudd said. Minister Ruddmade the commitment to Foreign Minister Qureshi in Multan onThursday, after seeing firsthand the massive devastation wroughtby flooding across parts of Punjab Province.

Minister Rudd said while he was shocked to see the extent of thedisaster, he was pleased to also witness the vital assistance beingprovided by Australia at the 'Camp Cockatoo' medical facility inKot Addu, near the city of Multan. "There can be no doubt ourcivilian and military doctors, nurses and paramedics are vital inassisting the relief efforts. Managed by Aus AID and theAustralian Defense Force, the facility has now treated more than2,000 patients in difficult conditions. -Online

Continued from page 12No #4

He said that thousands of employees of various departments andcompanies under the petroleum ministry such as OGDCL, Parco,PSO and SSGC worked round-the-clock in the flood affectedareas to restore suspended oil and gas supplies due to inundatedinfrastructure and installations as well as to reinforce riverembankments. However, extraordinary efforts still need to betaken urgently for rehabilitation and bringing normalcy in theflood affected areas, he added.

Ambassador Patterson said that the United States was cognizantof the growing energy needs of Pakistan and was inclined toextend all possible support in its endeavour to bridge the yawningenergy demand-supply gap. Secretary Petroleum, Imtiaz Qaziand John Simmons, Commercial Counselor at the US embassyalso attended the meting. -NNI

Continued from page 12No #5

The statement said the Americans want to conduct the fatuouselections process with an aim of showing to the Afghans and to thepublic of the world that they are intending to put an elected govern-ment and parliament in place in Afghanistan. "In fact, in this elec-tions process, the votes of the Afghans have no value, nor it is pos-sible that the Afghans will ever be willing to cast votes for thosewho have shed their blood unjustly and occupied their country --still more under the shadow of the American invasion," it said.

The Taliban said those hopefuls who are taking part in this"American process" as representative of the people are not ableeven to protect themselves from the outrages of the Americansduring the elections campaign. "The entire Afghans saw that theAmericans attacked an election campaign convoy of a candidatefrom Takhar province in a broad day light, killing or injuring morethan 12 persons, including the candidate. Similarly, those personswho are now active members of the so-called parliament as repre-sentatives of the people, have been beaten and wounded by theAmericans more than a dozen times and their houses have beenraided frequently," said the Taliban statement.

"So when the representatives of the people (members of the par-liament) are themselves at risk of being killed and beaten by theAmericans and their houses are raided, then how the representa-tives will be able to live up to the expectations of the people andfulfill the promises which they have made to the public duringelectioneering. Can these people who call themselves representa-tives of the people and continue their elections campaigns while

Continued from page 12No #6

Pakistani army for elimination of terror and said that in order to defeat the extremist we need todevise a strategy keeping in view the ground realities. He said that Afghan government is only nego-tiating with those Taliban who do not have any link with Al-Qaeda and they want peace and stabil-ity.During the meeting views were also exchanged on enhancing security and intelligence coopera-tion to control border infiltrations.

Stress was also made on effective contact and cooperation between Pakistan and Afghanistan secu-rity forces and intelligence agencies for peaceful holding of parliamentary election in Afghanistanwhich are being held tomorrow.Matters related to new offensive against Taliban extremists inAfghanistan were also discussed. -Online

Continued from page 12No #7

Mehmood Qureshi said that Kashmir issue could be solved throughnegotiations and for this purpose India should come forward formeaningful dialogues to address the Kashmir problem. -Online

sitting in Kabul ever be able to solve problems of their voters in far-flung provinces and places ifthey won the elections?"

In view of the above realities and in a time that the country is seething with bombs and flames, theTaliban said, neither the Americans want to provide any thing to the suffering Afghans that could leadto their prosperity nor do the members of the parliament will be able to serve people while themselvesbeing in a state of powerlessness and weakness. "But only they want to gain material benefits by par-ticipating in the farce election process so that they may obtain means for their personal livelihood," saidthe statement. "Last year, presidential elections were conducted in a self-same misleading process. TheAfghans and the world witnessed the depth of the huge rigging and fraud in the voting and, in the end,the results were declared to coincide with what the Americans previous decision demanded."

The Taliban said: "The Islamic Emirate of Afghanistan has made it clear time and again that electionin a time of occupation of Afghanistan by the Americans is only subservient to the interests of theinvaders and has bitter consequences for our country and people and readily leads to prolongation of thecurrent tragedy of the country. Therefore, the Islamic Emirate of Afghanistan is striving its utmost to foilthese colonialist plans of the invaders including this deceptive process with the help of Allah and yourMuslim countrymen." The Taliban called on Afghan nationals to boycott this process and foil all foreignprocesses and drive away the invaders from the country by sticking to jihad and Islamic resistance.

"The Islamic Emirate has already chalked out certain measures on country level to frustrate thisAmerican process and will implement them on the day when the illegitimate process (of elections)is conducted. Therefore, we request all Afghan brothers with due respect through this statement tofulfill their Islamic and national responsibilities by avoiding the American process and join thestrongholds of jihad with the mujahideen instead of taking part in the elections process. Liberateyour country from the claws of the infidels via jihad and render service to your people through estab-lishment of an Islamic sovereignty in the country," the statement concluded. -NNI

SNB holdsrates, sees“marked”

growthslowdown

ZURICH: The Swiss NationalBank kept its interest rate targetsteady on Thursday, predicting asignificant slowdown as thestrength of the Swiss franc andthe cooling of the global econo-my hits the Alpine country.

The central bank raised itsgrowth forecast for 2010 toaround 2.5 per cent from 2 percent previously but said nextyear would not be so prosperous.

"For the second half of theyear, and in particular for 2011 ...the SNB now expects a markedslowdown in growth," the SNBsaid in a statement following itsinterest rate decision.

The central bank said down-side risks to the economy pre-dominated and it revised itsinflation forecasts downsharply, seeing price risesbelow its 2 per cent stabilitythreshold into 2013.

"The inflation forecast indi-cates that the expansionary mon-etary policy is currently appro-priate, although it poses long-term risks to price stability," theSNB said.

While markets had widelyexpected the central bank tokeep rates steady, the degree ofconcern about the economy andthe low inflation forecasts cameas a surprise to most observers.

"The SNB sounded muchmore dovish than we would haveexpected," Credit Suisse analystFabian Heller said. "We had sofar expected them to hike ratesthis year. The statement suggestthis will not happen until thenext."

The SNB left its target bandfor the 3-month Swiss francLIBOR unchanged at 0.00-0.75per cent, as expected by nearlyall analysts in a Reuters poll. Itcontinues to aim to keep theLIBOR around 0.25 per cent, itsgoal since March 2009.

The Swiss franc droppedsharply versus the euro as theSNB's dovish statement led mar-kets to push back rate hikeexpectations well into the secondhalf of next year.-Reuters

chaired a Ministerial Committee set up by ECC on sugar here. The meeting was apprised of the domes-tic and imported sugar stocks position.The Ministerial Committee comprising Secretary Industries andProduction, Secretary MINFA, Secretary Finance, Secretary Commerce and Chairman FBR.

The Sub Committee would submit to ECC Ministerial Committee for approval of the ECC to meetthe forecasted sugar gap.The Ministerial Committee also stressed the need for strict implementationon ban of export of sugar & gurr and to check its smuggling.The meeting was apprised of the domes-tic and imported sugar stocks position. -Agencies

Continued from page 1No #8

stood at 400,000 tonnes of sugar, the meeting was informed. The country produced little over 3 mil-lion tonnes of white sugar from the 2009/10 crop and floated several tenders this year to import a totalof 1.2 million tonnes of sugar.Anjum Bashir, the chairman of the state-run Trading Corporation ofPakistan (TCP), which issued the sugar tenders, told Reuters that a total of 423,000 tonnes of sugarhas already arrived and the remaining quantity was expected in the next few months. -Reuters

Continued from page 1No #9

like something in a matter of months." Meanwhile United Kingdom Independence Party (UKIP)has slammed French intervention in a potential UK-Pakistan trade deal.

"If David Cameron wants to open up free trade with Pakistan to help mitigate the effects of theappalling floods in that country he should just do so" said William Dartmouth, the UKIP tradespokesman today. -Agencies

Continued from page 1No #10

to raise the money," he said, added the floods are going to put government to the test. Meanwhileduring a meeting with meeting with the American Business Council Holbrooke said "I've never seenanything on the scale of this."Representatives of major US companies such as IBM and Procter &Gamble were also present on the occasion.

"This is what we need to convey to the international community. It's the reconstruction stage thatI'm most worried about." The United States has taken the lead in providing emergency aid, contribut-ing $261 million for relief and security. -Reuters

Continued from page 1No #11

In the last monetary policy review on July 30, the central bank increased its key policy rate by 50basis points to 13 per cent as inflation and fiscal weakness were overshadowing improvement in thecurrent account deficit and economic growth.

Continued from page 1No #12

finalise a plan and strategy for rehabilitation and reconstruction of the flood affected areas as approx-imately six million people have been affected in Punjab and standing crops at the area of 5.23 millionacres have been inundated and over 50,000 houses have demolished. Rehabilitation of flood-affectedpeople has been a major challenge, whereas government, NGOs, civil society, and armed forces werecontinuously working in the flooded areas to rescue the affected people, while world donor agencieswere doing great work for relief efforts in the flooded areas, Chief Minister said. -Agencies

Continued from page 1No #13

Azakhel because of its "dangerous location". "Pakistan government has already warned that pos-sible flood can again create problem in the area," Guterres told village elders."UNHCR will doeverything to support the people if this Afghan refugee camp is to be relocated." Village elders saidtheir children wanted to return to Azakhel."We want to come back to the village. Our children wantto come back because we have deep associations with it as we have been living here for the past 30years," village representative Sharafat Hussain told Guterres. -Agencies

Continued from page 1No #14

President at PM House said that Pakistan and Afghanistan must endeavor to realise the benefits oftrans-regional development cooperation. He further said that in this context both countries shouldattach particular importance to two Declarations on 'Directions of Bilateral Relations' singedbetween them as well as the 'Trilateral and Quadrilateral Process'.

Continued from page 1No #15

Agreement while raising concerns on signing APTTA in May 2009 in Washington the Committeeopined that it was internal matter of Pakistan and such agreement would be finalized keeping infocus our interests. -APP

Continued from page 1No #16

SBI rose 1.3 per cent while ICICI Bank and HDFC Bank declined 0.4 per cent and 0.8 per centrespectively.Bharti Airtel shed 2.7 per cent after data showed the company's subscriber additions inAugust were the slowest in nearly three years. Bajaj Auto closed nearly one per cent lower at 1,451.55rupees. Sterlite Industries fell 2.3 per cent to 169.70 rupees. IndusInd Bank rose 2.8 per cent to 247.75rupees. Pioneer Distilleries hit the 5-per cent upper limit for the third straight day at 79.90 rupees.

Total 18 million shares of Karuturi Global changed hands on Thursday while Shree Ashtavinayakwas on nearly 16 million shares and Suzlon Energy on 10.3 million shares. -Reuters

Continued from page 5No #17

was off 3.75 points, or 0.33 per cent, to 1,121.32. The Nasdaq Composite Index eased 6.99 points,or 0.30 per cent, to 2,294.33. Volume was on track to be on the light side again with 3.15 billionshares traded around halfway through the session. On the New York Stock Exchange, decliningshares outnumbered advancers by about 3-to-2.FedEx Corp, seen as a bellwether for the economybecause of the wide range of industries it serves, forecast profit for the current quarter below expec-tations and warned the economic recovery may slow. FedEx fell nearly four per cent to $82.73.

A drop in initial jobless claims to a two-month low last week was not enough to lift the market,while US Mid-Atlantic factory activity contracted more slowly in September. The reports furtherreduced the odds of a double-dip recession feared by financial markets.The S&P 500 has settled intothe top of a trading range and found support at its 200-day moving average around 1,115 and resist-ance at 1,130. "There are technical overhang as well as more of the same in regards to economicdata," said Chad Morganlander, a portfolio manager at Stifel Nicolaus & Co in Florham Park, NewJersey. "Albeit marginally below expectation, it continues to show signs that the economy is glacial-ly weakening."FedEx's performance spilled over to the rest of the sector. United Parcel Service Incfell 1.8 per cent to $66.41, while the S&P air freight logistics index dropped two per cent.

The FedEx report is "a clear indication that the economy is not accelerating to the upside but rathermuddling through, with cost containments a key driver in Fed Ex's numbers," said Morganlander.

On the upside, Ford Motor Co rose 4.4 per cent to $12.39 after Barclays upgraded the stock to"overweight" from "equal weight," saying the US automaker's earnings power has risen, driven by itsvehicles and US pricing.A Reuters poll of institutional investors and strategists found US stocks areexpected to make strong gains before yearend as worries about a second recession subside. -Reuters

Continued from page 5No #18

two-month low but still remained high, although most attention was reserved for Friday's US CPIreport.Britain's top share index is expected to barely rise between now until end-2010, but will bounceeight per cent by mid-2011 as support from overseas earnings offsets worries about the economy, aReuters poll showed. Among individual share movers, inter-dealer broker Icap was the top FTSE 100faller, down 3.8 per cent, with Panmure Gordon the latest broker cutting its rating for the firm.BTGroup was also knocked by a broker downgrade, shedding 3.1 per cent as Morgan Stanley cut its rat-ing to "equal-weight" from "overweight".By contrast, telecoms peer Cable & Wireless Worldwideadded 4.5 per cent as Goldman Sachs raised its rating to "buy" from "neutral", saying it could attractM&A interest. And engineer Rolls Royce fell 1.1 per cent after Boeing said on Wednesday that it hada serious problem with a Rolls-Royce engine on one of its 787 Dreamliner aircraft, requiring it to bereplaced. Energy firms provided some support, with the crude price weaker. BP gained 1.1 per cent.

Eurasian Natural Resources rose 4.4 per cent after Credit Suisse upped its rating to "outperform"from "neutral", bucking a weaker mining sector trend. -Reuters

Continued from page 5No #19

Page 12: The Financial Daily Epaper 17-09-2010

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JERUSALEM: Israel's Prime Minister Netanyahu shakes hands with Palestinian President Abbas

as US Secretary of State Clinton stands beside them. -Reuters

SRINAGAR/JEDDAH: TheOrganisation of IslamicConference (OIC) hasexpressed its deep grief and sor-row at the recent killing of inno-cent people in occupiedKashmir by Indian police andtroops.

The OIC Secretary General,Dr Ekmeleddin Ihsanoglu in astatement issued in Jeddahstrongly condemned the exces-sive use of force against theKashmiri people. He reiterated

his previous calls on the Indiangovernment to take immediatesteps for ending violenceagainst innocent Kashmiri peo-ple.

Dr Ihsanoglu also offeredcondolences to those killed dur-ing the recent violence in theoccupied territory by Indianpolice and troops.

Indian troops, in their freshacts of state terrorism, killedseven more civilian Kashmiriyouth at two different places.

The troops killed five youth atSajan-Dudkulan in Tral and twoin Gurez area of Bandipora dur-ing siege and search operations.

Another Kashmiri youth, whowas injured in police firing atMaisuma in Srinagar on August30, succumbed to his injuries ina hospital in New Delhi, lastnight.

Complete shutdown wasobserved in Rajouri against thekilling. Two motorcycles of thepolice were set ablaze at

Pampore on Srinagar-Jammuhighway.

Meanwhile, the Chairman ofAll Parties Hurriyet Conference(APHC), Mirwaiz UmarFarooq, while strongly con-demning the unprovoked policefiring on protesters at Mendharin Poonch, has said that theoccupation authorities havegiven a license to Indian policeand troops to kill innocent civil-ians in occupied Kashmir.

See # 1 Page 11

Grief-struck OICdecries IHK gore

Mirwaiz says Kashmiris will not accept any solution but independence

MULTAN: Foreign MinisterShah Mehmood Qureshi hassaid that government ofPakistan has been tacklingflood devastations across thecountry with the assistance ofworld community and rehabili-tation process in the floodedareas was going on with theconsultation of provincial gov-ernments and federal govern-ment.

Addressing a joint press con-ference here on Thursdayalong with Australian ForeignMinister Kevin Rudd and USspecial Envoy for Pakistan andAfghanistan RichardHolbrooke, Foreign MinisterShah Mehmood Qureshi saidthat Pakistan has been verygrateful to world communityand NGOs for timely help of

flood victims in the countryand also appreciated the floodrelief efforts from armed forcesand civil society for rescue andrelief efforts in the flood-hitareas.

Shah Mehmood Qureshi fur-ther stated that Pakistan hascalled for Int'l donors confer-ence for rehabilitation of flood-affected people adding thatInt'l donors conference wouldbe held in November 2010 inIslamabad, that would be par-ticipated by Arab and othercountries of the world.

He also informed that confer-ence of Friends of democraticPakistan (FoDP) has also beencalled on October 14 and 15 inBrussels to tackle the flooddevastations and rehabilitationprocess of flood victims in the

country.Shah Mehmood Qureshi fur-

ther stated that assessment offlood damages in the floodedareas would be completedwithin one month and theevery dollar out of foreigndonations would be disbursedtransparently.

While Australian ForeignMinister Kevin Rudd speakingon the occasion emphasizedthat it has been the responsibil-ity of the world community tocome forward to assistPakistan to tackle the chal-lenges of flood affected peo-ple.

US Special Envoy forAfghanistan and PakistanRichard Holbrook addressingto the press briefing termed the

See # 3 Page 11

Rehab in full swingwith world help: FM

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani has constituted 15-member National OversightDisaster Management Council(NODMC) to monitor inflowof funds for various phases ofpost-flood recovery and recon-struction.

The NODMC will be headedby UAG Isani. Other membersof the Oversight Council areEjaz Rahim, Ms Fauzia Naqvi,Ms Ameena Syed, FaridRehman, Justice (R) Mian

Allah Nawaz, AZK Sherdil,Fazalur Rehman, FazlullahQureshi, Justice (R) SardarMuhammad Raza, MuhammadAzam Khan, Justice (R) Amir-ul-Mulk Mengal, MunawwarKhan Mandokhel, GMSikandar, and Tariq Masood.

The council will reviewplans for post-flood recon-struction and monitoringprogress of implementation ofreconstruction. The councilwill also interact with authori-ties relevant to reconstruction

(Economic Affairs Division,Planning Commission, NDMAand provincial governments).The NODMC will also ensureeffective targeting and trans-parent disbursement of supportto genuine affectees.

It will also be responsibleto prepare quarterly reportsfor Council of CommonInterests. According to theterms of reference, the coun-cil will commission andsupervise audits on utilisa-tion of funds. -Online

Council instituted toeye flood aid inflows

WASHINGTON: USSecretary of State HillaryClinton said on Thursday talksbetween Israel and thePalestinians were progressingin a constructive way.However, officials close to thenegotiations said Israel hasrejected a proposal to extendby three months a West Banksettlement building freezewhose looming expirationthreatens to sink peace talks.

"I would say they're in a con-structive channel and that hasbeen very reassuring to us,"Clinton told ABC News in aninterview while traveling in theregion to help the two sidestackle the main issues of theMiddle East conflict.

Egyptian President HosniMubarak told Israel's Channel1 television on Thursday heproposed a three-month exten-sion of the moratorium in ameeting with Prime MinisterBenjamin Netanyahu onWednesday.

Netanyahu, PalestinianPresident Mahmoud Abbas andUS Secretary of State HillaryClinton attended peace talkshosted by Mubarak in Egypt'sRed Sea resort of Sharm el-Sheikh on Tuesday.

Looming over the negotia-tions is a Palestinian threat to

pull out of the nascent talks ifnew construction begins in theWest Bank settlements whenthe 10-month moratorium endson September 30.

"I spoke with him(Netanyahu) about the issueand told him to give it anotherthree months during the negoti-ations," Mubarak said in anexcerpt from the interviewaired on Israel Radio.

He said borders of aPalestinian state could benegotiated during the exten-sion. Israel has said such a dealcould entail a land swap underwhich it would keep major set-tlement blocs in the WestBank.

Once frontier lines wereagreed, Mubarak said, Israelcould build within its futureborders and Palestinians coulddo the same -- effectivelyresolving the moratorium issueand keeping the peace talksalive.

Officials close to the talkssaid the United States hadmade a similar proposal andNetanyahu, whose governingcoalition is dominated by pro-settler parties, turned it down.

In a statement, Netanyahu'sbureau said it would not com-ment on the substance of thenegotiations but that he was

standing by his position not toextend the moratorium. He hassaid, however, he intends tolimit the scope of future con-struction.

US officials traveling withClinton declined to commenton Israel's response. But theUnited States said onWednesday it believed Israeland the Palestinians were mak-ing progress on ending the set-tlement dispute.

The settlements are on terri-tory captured by Israeli forcesfrom Jordan in the 1967Middle East war and aredeemed by the World Court tobe illegal, a finding disputedby Israel. Palestinians fear thatsettlements will deny them aviable and contiguous country.

Meeting in Brussels onThursday, European leaderswill call on Israel to extend themoratorium according to adraft of the summit conclu-sions seen by Reuters.

Washington has set a one-year target for resolving majorissues dividing the two sides ina Palestinian drive for a state.US Middle East envoy GeorgeMitchell said Israeli andPalestinian negotiators wouldmeet next week and set a newdate for leaders to convene.

See # 2 Page 11

Israelo-Palestine peacetalks constructive: US

ISLAMABAD: InteriorMinister Rehman Malik saidthat Pervez Musharraf being aPakistani can return home atany time adding that there hasbeen no reality in the newsitem that "I have written a let-ter to Pervez Musharraf".

Talking to media here onThursday, he stated that formerpresident Pervez Musharrafshould return to Pakistan andface the cases against him as"we are also facing the casesin the court".

Regarding the plot to killLahore High Court ChiefJustice Khawaja SharifRehman Malik said that he isin touch with the registrars ofthe four provincial high courts

so that a Judicial Commissionshould be set up for inquiry.

He said that security ofjudges has been doubled afterthis threat and anyone who hasprepared this plot action wouldbe taken against them.

He also said that the govern-ment has been endeavoring toformulate an act to shun elec-tion violations adding that thegovernment has already sug-gested to ban display of armsin the premises of polling sta-tions and rangers should bedeputed at the polling stationsto ensure transparency in theelections and by-electionsshould be held under SOP,Rehman Malik maintained.

Interior minister also

informed that during his meet-ing with Afghan PresidentHamid Karzai, he has demand-ed to take action againstBarhamdagh Bugti, who hasreported to be present inAfghanistan.

He also stated that there hasbeen a report related to inflowof terrorists' elements and armsfrom Afghan area 'Kuntar'inside Pakistan and in this con-nection Pakistan has informedits concerns to AfghanPresident.

He also emphasised thatthe federal governmentwould fully cooperate withthe election commission toprovide security on by-elec-tions. -Online

Musharraf must returnto taste the law: Malik

ISLAMABAD: The IslamicEmirate of Afghanistan, a termused by the Taliban Movementof Afghanistan for itself, hastermed the parliamentary elec-tions in Afghanistan scheduledfor Saturday (September 18) asa misleading process, the out-come of which has beenalready determined by the US.

"The defeated Americans andthe (Kabul) stooge administra-tion want to launch a new mis-

leading process under the nameof elections on September 18.However, all financial expendi-tures, organisational structureand outcome of the electionshave already been determinedby Eikenberry, Americanambassador to Afghanistan andGeneral Petraeus, top generalof the American forces in thecountry," said a statement of theTaliban on Thursday.

See # 6 Page 11

Taliban dubs Afghanpolls as misleading

ISLAMABAD: At least 13more persons were killed inongoing clash between twotribes over water dispute inShalozan area of KurramAgency on Thursday.

A private television channelreported that the spate of vio-lence which started two weeksago has been reached to its peak.

In fresh clash, two rivalgroups used automaticweapons on each other. As aresult, 13 persons, including 10Afghan nationals, were killed

and 19 others sustained seriousinjuries.

According to some locals,the Afghan nationals were urg-ing the people for violence.

After the fresh clash betweenthe two groups, tension andfear gripped the area but con-cerned authorities were takingno action in this regard.

At least, 49 persons havebeen killed and 80 others sus-tained injuries in ongoing clashbetween two rival groups thelast two weeks. -NNI

Water feud claims13 more tribesmen

KARACHI: Chief of MuslimLeague Functional and spiritu-al head of Hurs Pir Pagara said"the next prime minister willbe ours and Bilawal Bhuttowill be my secretary.

He expressed these viewswhile talking to media aftermeeting with head of AwamiMuslim League (AML) ShaikhRasheed at Kingri House hereon Thursday. "Nawaz's futureis dark whereas ShaikhRasheed has a bright tomor-row." he prophesied.

Pagara observed that theremedial measures for control-ling flood lie with the govern-ment and irrigation departmentwhereas tradition of drowningeach other in Dadu continues.

Regarding chief of

Muttahida Muslim League hemaintained, "The one electedby Muttahida Council will leadit adding Musharraf was notfrom League but Army. "Donot talk of the feudal lords whohave passed away "now talk oftheir sons", he responded to aquery made by a journalist.

Later on, while talking tomedia Sheikh Rasheed opinedthat he had structured the partyand was there to offer Pagara tolead it. Responding to a ques-tion, he said governmentshould stay or not but countryshould step forward. Now therelief workers have pulled onbig shoes too, he underlinedadding on the other hand Armynow wears soundproof shoes. -Online

Next PM to be fromamong us: Pagara

Kabul intalks withnon-Qaeda

Taliban: KarzaiISLAMABAD: AfghanPresident Hamid Karzai who isin Pakistan on two-day visit hassaid that Kabul has been in talkswith only those Taliban groupswho are not linked with alQaeda. He said this in a meeting withChief of Army Staff Gen AshfaqParvez Kayani here Thursday.

According to sources, Isafcommander in Afghanistan GenDavid Petraeus, ISI chief Lt GenAhmed Shuja Pasha, Afghanarmy and Intelligence chief werealso present during the meeting.

Matters related to regionalsecurity, Pak-Afghan border situ-ation, and cooperation betweenPakistan, Afghanistan and Isaf inwar against terror were dis-cussed.

Sources told that AfghanPresident lauded the role andsacrifices made by the

See # 7 Page 11

Punjab rejects

ISI hand in

LHC CJ kill

plot report leakLAHORE: The Punjab govern-ment on Thursday rejectedreports that Inter-ServicesIntelligence (ISI) had any kindof involvement in the leakage ofa report pertaining to a plan toassassinate Chief Justice Lahorehigh Court Khawaja Sharif.

A spokesman of the provin-cial government in a handoutsaid that it was just an allega-tion.

He said the report came fromthe special branch and accord-ing to a set procedure theprovincial government contactsthe ISI after receiving suchkinds of reports. Therefore, theISI was contacted, but theagency had no role in the leak-age of the report to the media.

Special Branch Punjab, lead-ing provincial intelligence out-fit had generated a horrificreport about an alleged plotprepared by some top federalfigures to assassinate the ChiefJustice Lahore High CourtKhawaja Muhammad Sharif. -Online

Australia vows$40mn morefor affectees

ISLAMABAD: AustralianForeign Minister Kevin RuddThursday announced a further$40 million in aid forPakistan to support emer-gency relief and early floodrecovery.

Minister Rudd said a majorchallenge now is for thePakistani government and theinternational community tohelp with initial recovery andto plan for the longer-termreconstruction of damagedinfrastructure.

"I am pleased to announcethat Australia will more thandouble its assistance, to over$75 million." This includes$15 million to help addressurgent humanitarian needs infood, health, water and sani-tation through the WorldFood Programme, Unicef andthe World HealthOrganisation.

See # 4 Page 11

FayyazLeghari

appointedCCPO KHI

KARACHI: Sindh govern-ment has issued a notificationfor the appointment of newCCPO Karachi, FayyazLeghari on Thursday.

A senior officer of PakistanPolice Services, FayyazLeghari has been appointed thenew CCPO Karachi. He willtake charge of his office today.

Before this appointment,Leghari served many highposts, including DIG Karachiand RPO Hyderabad.

The Sindh government hasalso issued notifications toappoint DIG Prisons Sindh,Mushtaq Shah, as new RPOHyderabad.

Ramzan Channa has beenmade the new chairman of anti-corruption and the principal ofPolice Training CentreSaeedabad. CommanderShoukat has been appointed thenew RPO of Sukkur. -Online

US to extendassistance in energy sectorISLAMABAD: The UnitedStates Ambassador to PakistanAnne W Patterson called onMinister for Petroleum andNatural Resources SyedNaveed Qamar here Thursdayand discussed energy coopera-tion between the two countries.

During the meeting, the min-ister and the US ambassadoralso discussed matters of bilat-eral interest, mutual coopera-tion and regional significancewith particular emphasis onenergy cooperation, says apress release.

Naveed Qamar apprised theUS ambassador of the havocwreaked by floods in the coun-try and the relief efforts under-taken by the government, in itsaftermath, to assuage the suf-fering of the citizens.

See # 5 Page 11

Sh Rashid offers Pagara AML lead


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