International

Sharif seeks political mileage: Musharraf See on Page 12

SECP imposes Rs0.2mn fine See on Page 12

Pak, Oman to moot trade ties See on Page 12

*Crude Oil (brent)$/bbl 93.46

*Crude Oil (WTI)$/bbl 90.95

*Cotton $/lb 142.12

*Gold $/ozs 1,383.20

*Silver $/ozs 29.22

Malaysian Palm $ 1,217

GOLD (NCEL) PKR 38,102

KHI Cotton 40Kg PKR 9,645

Yearly(Jul, 2010 up to 24-Dec-2010)

Monthly(Nov, 2010 up to-24-Dec-2010)

Daily (24-Dec-2010)

Total Portfolio Invest (17 Dec-2010)

198.76

36.03

2.51

2783

-0.59

-8.30

8.44

3.25

-1.63

-1.14

-0.04

SCRA(U.S $ in million)

Portfolio Investment

FIPI (27-Dec-2010)

Local Companies (27-Dec-2010)

Banks / DFI (27-Dec-2010)

Mutual Funds (27-Dec-2010)

NBFC (27-Dec-2010)

Local Investors (27-Dec-2010)

Other Organization (27-Dec-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (18-Dec-10)

Inflation CPI% (Jul 10-Nov 10)

Exports (Jul 10-Nov 10)

Imports (Jul 10-Nov 10)

Trade Balance (Jul 10-Nov 10)

Current A/C (Jul 10- Nov 10)

Remittances (Jul 10 - Nov 10)

Foreign Invest (Jul 10-Nov 10)

Revenue (Jul 10-Nov 10)

Foreign Debt (Sep 10)

Domestic Debt (Oct 10)

Repatriated Profit (Jul- Nov 10)

LSM Growth (Sep 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.39bn

14.44%

$8.88bn

$15.37bn

$(6.49)bn

$(504)mn

$4.43bn

$746mn

Rs 495bn

$58.41bn

Rs 5234.9bn

$287.9mn

-2.58%

4.10%

$1,051

171.39mn

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

23.01

2.00

1.70

10.78

PKR/Shares

111.45

197.26

42.87

36.44

36.97

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)

15-Dec-2010

15-Dec-2010

15-Dec-2010

29-Nov-2010

27-Dec-2010

27-Dec-2010

27-Dec-2010

27-Dec-2010

27-Dec-2010

27-Dec-2010

27-Dec-2010

27-Dec-2010

27-Dec-2010

27-Dec-2010

27-Dec-2010

13.17%

13.39%

13.69%

14.00%

13.31%

13.43%

13.61%

13.95%

14.11%

14.14%

14.21%

14.24%

14.53%

14.73%

14.90%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 85.60 86.60

Canadian $ 84.60 85.60

Danish Krone 15.10 15.20

Euro 112.20 114.20

Hong Kong $ 10.90 11.00

Japanese Yen 1.011 1.037

Saudi Riyal 22.78 22.95

Singapore $ 65.60 66.50

Swedish Korona 12.60 12.80

Swiss Franc 87.00 87.20

U.A.E Dirham 23.28 23.48

UK Pound 132.20 134.00

US $ 85.70 86.00

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 85.96 86.16

Canadian $ 84.99 85.19

Danish Krone 15.09 15.12

Euro 112.45 112.71

Hong Kong $ 11.01 11.03

Japanese Yen 1.033 1.035

Saudi Riyal 22.84 22.89

Singapore $ 65.96 66.11

Swedish Korona 12.50 12.53

Swiss Franc 89.11 89.32

U.A.E Dirham 23.32 23.37

UK Pound 132.09 132.40

US $ 85.73 85.91

Inter-Bank Currency Rates

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CITIES MAX-TEMP MIN

ISLAMABAD 20°C -1°C KARACHI 26°C 11°C LAHORE 19°C 2°C FAISALABAD 19°C 3°C QUETTA 13°C -8°C RAWALPINDI 21°C 1°C

Weather Forecast

Index Close Change

KSE 100 11,909.73 51.56

Nikkei 225 10,355.99 76.80

Hang Seng 22,833.80 69.17

Sensex 30 20,028.93 44.73

ADX 2,693.89 10.19

SSE COMP. 2,781.40 53.76

FTSE 100 6,008.92 12.85

*Dow Jones 11,573.49 45.78

Global Indices

India seizes Adnan Sami's

property; fines Rs2 mnSee on Page 12

NAUDERO: President Asif Ali Zardari, Bilawal, Bakhtawar and Asifa Bhutto Zardari

offering dua during the death anniversary of Shaheed Benazir Bhutto. -APP

Staff Reporter

KARACHI: Muttahida QaumiMovement (MQM) has decidedto sever ties with Federal Cabinet,on Monday night.

According to the details,MQM's Central RabitaCommittee held its simultaneousmeetings in London and Karachi.

According to RabitaCommittee decision, two MQMministers will tender their resig-nation in first phase.

Federal Ports and ShippingMinister Babar Ghauri anddeputy convener of the MQM,Dr Farooq Sattar are abroad andwill tender their resignationstoday (Tuesday). A decisionregarding quitting Sindh cabinetwill be made soon.

However, MQM said that itwill sit on treasury benches.

It is relevant to note here that ear-lier MQM has given Government10-day time-frame regarding thestatements of Zulfiqar Mirza, whowhile addressing the traders point-ed fingers at MQM over variousmischievous activities.

In return, MQM met withPrime Minister Syed YousufRaza Gilani and President AsifAli Zardari some days backwhere MQM delegation apprisedthe government high-ups regard-ing their reservations and it wassaid that both President andPrime Minister assured MQM the

resolution of their grievances.MQM leader Faisal Sabzwari

while talking to the media saidthat MQM never wanted toderail the democratic process inthe country, that's why MQMwill sit on the treasury benches,while they are quitting over gov-ernment's policies and not fulfill-ing MQM's demand.

Sabzwari said that if govern-ment is serious in resolvingmasses issues then MQM willdefinitively support it, otherwiseit has become very difficult forMQM to go hand-in-hand withgovernment.

On the other hand, PresidentAsif Ali Zardari has immediatelysummoned Interior MinisterRehman Malik and ChiefMinister Syed Qaim Ali Shah todiscuss the situation arises out ofthe MQM departure.

PPP leader and Minister forLabour and Manpower SyedKhursheed Shah said that gov-ernment is carefully analysingthe MQM decision.

MQM outofFed Cabinet

Decision to quit Sindh Cabinet to be taken soon

Farooq Sattar, Babar Ghauri resign today

Ghulam Raza Rajani

KARACHI: Government islikely to increase oil prices ofdifferent petroleum productsby 4 to 6 rupees per litre from1st January 2011.

As per sources, Ogra wouldsurge the price of high speeddiesel by Rs4.3 to Rs82.63 andMogas by Rs5.5 per liter.

Similarly, petrol price wouldsurge by Rs5.5 per litre toRs78.46 per litre from Rs72.96per litre. Likewise keroseneprice likely to be raised Rs3.90to Rs74.85 per litre fromRs70.95 per litre.

TFD analyst also agrees thathike in prices is in line with

rise of oil prices in the interna-tional market as averagemonthly price of crude oil like-ly to remain at $87.95 per bar-rel (Arab Light) in December2010 against $83.7 per barrelin November -- surged 5.1 percent on MoM.

He said that price computa-tion is carried out by Ogra inaccordance with the formulaprescribed by the Government.

It include the price be basedon average Arab Gulf pricesfor the last month for Naphtha,Kerosene, gas oil and HSFO.

Furthermore, governmentlevies viz Petroleum levy andsales tax is added, to arrive at

See # 6 Page 11

POL prices seenrising next year

Ogra may raise prices by Rs4-6

KARACHI: Pakistan's fiscaldeficit may exceed 7 per centof economic output, endanger-ing its standing with interna-tional donors, due to a delay inimplementing a reformed gen-eral sales tax, analysts said onMonday.

The RGST, which is sup-posed to replace the currentgeneral sales tax, was original-ly scheduled for implementa-tion in July but has beendelayed several times sincethen. Even its latest implemen-tation date, Jan 1, seemsunlikely now.

The delays will squeeze rev-enue while Pakistan's spendingis surging to deal with theaftermath of floods that causedalmost $10 billion worth indamage.

The revenue shortfall couldpush the budget deficit above 7per cent of gross domesticproduct (GDP), analysts esti-mate, compared with the 4.7per cent target agreed with theInternational Monetary Fundfor fiscal year 2010/11.

"The rising fiscal deficit issquarely against one of the

See # 7 Page 11

Fiscal shortfallmay reach 7pc

Govt mulls 'Plan B' to raise revenue

Staff Reporter

KARACHI: Karachi StockExchange has recomposedKSE-Meezan 30 index byreplacing four companieswith new ones, according to anotice issued by the KSE.

The notice said that the re-composition exercise hasbeen based on the selectioncriteria of KMI-30 Index. Therevised Index will be imple-mented from 31st December2010.

According to the list of theincoming companies, KotAddu Power CompanyLimited, Nishat MillsLimited, Shell Pakistan limit-ed, and The Hub PowerCompany Limited.

On the other hand, the listof the outgoing companiesincludes Attock Petroleumlimited, Altos Battery limit-ed, Siemens PakistanEngineering CompanyLimited and SitaraParaoxide limited.

KSE recomposesMeezan 30 Index

Shell, Kapco, Hubco & NML included

MUMBAI: India's Bombay

Stock Exchange launched a

share index of Sharia-compli-

ant companies on Monday in

an attempt to open stock-trad-

ing to more Muslims.

The BSE TASIS Sharia 50

consists of the largest and most

liquid Sharia-compliant stocks

within the BSE 500 index.

All the companies have been

vetted to ensure they comply

with Islamic law, which does

not allow investors to put

money into firms that benefit

from interest or the sale of sin-

ful goods such as alcohol,

See # 11 Page 11

India launches Sharia Index

BankislamipurchasesCitibank's

housings unitKARACHI: Bankislami hassigned first of its kind deal toacquire Citibank Pakistan'sHouse Financing portfolioamounting to Rs953 million.

This is the first time a Bankhas acquired mortgage assets ofanother Bank.

It is expected that this trans-action will open door for othersimilar transactions enablingbanks to acquire entire businessor product lines.

The added significance of thetransaction is that this is thefirst time an Islamic bank hasacquired business of a conven-tional bank.

The transaction will beviewed closely by Islamicbanks and regulators aroundthe world, as globally Islamicbanking Industry is more liquidthan their conventional coun-terparts, there by creating analternate route of deploymentof liquidity and further

See # 9 Page 11

21 dead in NWA

drone attackMIRANSHAH: US missileskilled 21 militants in NorthWaziristan tribal belt where theUnited Nations announcedMonday it was suspendingfood handouts in one districtafter a suicide attack.

The missiles destroyed avehicle and compound in NorthWaziristan.

Local security officials saidunmanned US aircraft fired atleast six missiles at the targetsin Mir Ali village, 25-kilometreeast of Miranshah.

"At least 15 militants werekilled in a US missile strike,which targeted a vehicle and acompound," a senior securityofficial told.

"Four missiles hit the vehicle See # 10 Page 11

Summit Bank

nods mergerwith Mybank

KARACHI: The board ofdirectors of Mybank Ltd hasapproved the draft scheme ofamalgamation with SummitBank Ltd (SBL), formerly ArifHabib Bank Ltd.

According to informationdespatched to Karachi StockExchange here Monday, thebank said that the board hasalso approved valuation andswap ratio for the issuance of0.80 share of SBL for one shareMybank Ltd.

It may be noted that SBL hadalready acquired Atlas BankLtd last week through merger,sanctioned by State Bank ofPakistan. -APP

PPP workersdemand BBmurderers

apprehendedGARHI KHUDA BAKHSH:Thousands of PPP activistsencircled provincial interiorminister Zulfiqar Mirza andprovincial minister Agha SirajDurrani inside mausoleum ofBenazir Bhutto chanting slogans"we want neither roti, nor kapraor makan and only want themurderers of Benazir Bhutto.

These activists said amid sup-plications that "This is thirdanniversary of Benazir Bhuttobut killers of Benazir Bhuttohave not been arrested so far. ForGods' sake arrest them. We neednothing else than the arrest ofassassins."

Zulfiqar Mirza while consol-ing these activists said the daywas not far off when the

See # 12 Page 11

MQMdelegation

visits BB'smausoleum

GARHI KHUDA BAKSH:Delegation of Muttahida QaumiMovement (MQM) under theleadership of Provincial MinisterRaza Haroon visited the tomb ofShaheed Benazir Bhutto on thethird death anniversary of theinternational leader and laid flo-ral wreath and offered Fateha forthe departed soul.

During a quick chat with jour-nalists, Raza Haroon saidundoubtedly Shaheed BB was aninternational leader and she gaveher life for Pakistan, adding that

See # 13 Page 11

Mirza toldto watch his words

NAUDERO: President AsifAli Zardari has directed SindhHome Minister ZulfiqarMirza to refrain from issuingany statement against coali-tion partners, media reportedon Monday.

President Zardari, who isalso the co-chairman of PPP,directed Mirza in the meetingof CEC on Saturday, thesources said.

'The policy of reconciliationin vision of Shaheed BenazirBhutto should not be affected

See # 16 Page 11

Karachi, Tuesday, December 28, 2010, Muharram-ul-Haram 21, Price Rs12 Pages 12

Ahmed Siddique

KARACHI: With only oneweek to go, Pakistan marketnearly gained 26 per cent ($24per cent) in calendar year2010.

Amongst the local investorsthere were very few winners.That is few investors haveminted money due to low vol-umes and due to the fact thatindex gain was mainly drivenby heavy-weight OGDC.

OGDC, with more than 80per cent of float is estimated tobe owned by foreigners, its

share in KSE 100-Index hasjumped to 25 per cent nowfrom 19 per cent at start of theyear and is distorting the so-called representative KSE 100-Index.

The stock that used to be thetop traded stocks has fallen tonumber 5 in 2010 as localinvestors don't have largequantity of this stock to trade.

As per the Mohammed Sohailof Topline Securities, one thingthat was missing fromPakistan's largest exchange in2010 was "volume".

See # 18 Page 11

100-Index up 26pc in CY10

Volumes at 9-year low

Aamir Abidi

KARACHI: Fertiliser offtakedepicted a surge of 37.8 centYoY in November 2010 to 1.21million tonnes compared with877k tonnes in same period lastyear mainly due to dealers pile-up inventories on expectationof RGST on fertiliser, andgrowing demand of farmers aswater recede, revealed therecent data of NationalFertilizer Development Centre(NDFC).

According to the latest fer-tiliser data, urea sales signifi-cantly rose by 75.6 per cent to879k tonnes against 501ktonnes of identical period lastyear.

On the other hand, Di-

ammonium phosphate (DAP)offtake remained on lower sideas its offtake witnessed fall by36.1 per cent on a YOY basis.

DAP sales remained at 180ktonnes compared with 282ktonnes in November 2009.

Average retail prices of ureawere recorded at Rs867 perbag, showing surge of 1.6 percent MoM against price of Rs853 per bag recorded inOctober 2010.

However, average retail priceof DAP during November2010 stood at Rs3085 per bagcompared to Rs2713 per bagduring September 2010 -- anincrease of 12.1 per cent inMoM. On the other hand,cumulative offtake of urea

See # 17 Page 11

Fertiliser sales up38pc in Nov YoY

Urea prices up Rs190/bag on gas curtailment

Gas supply to fertilizer cos to be suspended for 45-day

2 Tuesday, December 28, 2010

TV PROGRAMMES

TUESDAY

Time Programmes7:00 News8:00 News9:05 Subah Savere

Maya ke Sath11:00 News12:00 News13:10 Newsbeat (Rpt)14:10 Tonight With

Jasmeen (Rpt)15:00 News16:00 News17:30 Samaa Metro18:00 News18:30 Samaa Sports19:30 Crime Scene20:03 Newsbeat21:00 News22:03 Tonight With

Jasmeen23:00 News23:30 24

KARACHI: SupremeCourtof Pakistan onMonday issued notice tosChairman Anti-CorruptionEstablishment Sindh forDecember 29, 2010 overallegedly unlawfully initi-ating criminal proceedingsagainst a businessman.

Applicant GulMuhammad of Al-HaramAssociates approachedapex court, seeking quash-ment of criminal proceed-ings against him by Anti-Corruption Establishmentallegedly at the behest ofrespondent GhulamMustafa Jatoi.

His counsel submittedapplicant Gul Muhammadhad purchased a plot No.FP-3/4 in Frere Town,Karachi, in 1994. Later,respondent GhulamMustafa Jatoi fraudulentlytried to obtain loan Rs 800million on basis of forgeddocuments of said proper-ty. Applicant intimatedbank concerned and alsomoved SHC, which passedorder in petitioner's favorin 2008. Later this orderwas also upheld bySupreme Court.

Counsel stated nowrespondent Ghulam Mustafa

Jatoi in collusion with Anti-Corruption officials got reg-istered FIR of same propertyagainst the applicant. Hecontended it was unlawfulas high court and the apexcourt had already decidedcase in favor of his client. Heprayed to order quashmentof proceedings by Anti-Corruption.

A Supreme Court bench,comprising Chief JusticeIftikhar MuhammadChaudhry and Justice JawadS. Khawaja issued notices toChairman Anti-CorruptionEstablishment Sindh forDecember 29.-PPI

SC summons SindhAnti-Corruptionchief tomorrow

RAWALPINDI: FederalMinister for Water andPower, Raja Pervaiz AshrafMonday said that PakistanPeople Party (PPP) couldnot be weakened throughconspiracies and propagan-da campaign and its candi-dates still emerge victoriousin the by-elections.

Addressing a big publicgathering on the occasion ofthird death anniversary ofShaheed Benazir Bhutto ather memorial here at historicLiaqat Bagh, he said, theanti-PPP elements have mis-erably failed to wipe out theParty founded by ShaheedZulfiqar Ali Bhutto.

He said the present gov-ernment is fulfilling thepromises made by ShaheedBenazir Bhutto with thepeople of Pakistan adding,President Asif Ali Zardari isfollowing the vision and

mission of Benazir Bhuttoin real spirit.

Paying glowing tributes toShaheed Benazir Bhutto, hesaid she was the politicianof international stature andher services for brining areal democracy andstrengthening democraticinstitutions will be longremembered.

The Minister said thatShaheed Benazir Bhuttowas a brave leader whoknew that her live was indanger but she decided toreturn homeland to serve thecountry and countrymen.

Shaheed Benazir Bhuttonot only fought with thedictator for the sake of realdemocracy but also raisedvoice in support of thepoor people of Pakistan.Leader of House in Senate,Nayyar Bokhari addressingthe gathering termed

Shaheed Benazir Bhutto asthe most visionary leaderof the Sub-Continent.

Mohtarma BenazirBhutto introduced policyof reconciliation andbrought all the politicianson one platform against thedictatorial rule, he added.

President Asif Ali Zardarialso believed in reconcilia-tion policy and took bolddecisions for the bettermentof the country.

Managing Director, Bait-ul-Maal, Zumard Khan saidthat despite several

threats to her life,Mohtarma Benazir Bhuttodid not leave the countryand decided to live amongthe people of Pakistan.

He said that under theleadership of President AsifAli Zardari, the governmentmaking efforts for the bet-terment of poor and down-

trodden. He said no one would be

allowed to disrupt peacefulatmosphere and PPP is fullydetermined to serve thenation particularly the poorsegments of the society.

Member of CentralExecutive Committee(CEC) of PPP, Qazi SultanMehmood said ShaheedBenazir Bhutto's unprece-dented services for thedemocracy and democraticinstitutions will always beremembered.

He said Benazir Bhuttowas the asset of the countyhaving great vision andstrong command over inter-national issues.

Appreciating the reconcil-iation policy of PresidentAsif Ali Zardari, he said thePresident is following thevision and mission ofShaheed Benazir.-APP

Conspiracies can’tweaken PPP, says Ashraf

Staff Correspondent

LAHORE: LahoreChamber of Commerce andIndustry again Mondayurged the government toinitiate dialogue onReformed General SalesTax as its deferment,though quite in line withLCCI demands and a stepin desired direction, wouldnot serve the very purposeof turning the economyaround through an enablingbusiness atmosphere.

In a statement issued here,the LCCI PresidentShahzad Ali Malik took astrong exception to the gov-ernment for observingcomplete silence over LCCIdemand for formation ofcommittees for consultationover the issue of ReformedGeneral Sales Tax as wasraised by the LCCI at ameeting held in Islamabadon December 1. "The LCCI

was the only chamber ofcommerce in the countrythat had called for defer-ment of the implementationof RGST and demanded theformation of committees fordeliberations on the subject.It's very good that one partof LCCI demand has beenaccepted by the governmentand deferred a decision onthis very controversial issueof the country's history butat the same time it wasunfortunate that govern-ment has adopted the policyof wait and see on the issueof formation of commit-tees."

"It would have been bet-ter if the StandingCommittee on Finance hadaccepted the LCCI stancefully vis a vis formation ofcommittees of the stake-holders from trade andindustry for the discussionon the issue of RGST withFBR,"he added.

LCCI urgesgovt to initiate

dialog on RGST

LAHORE: ChiefMinister Punjab ShahbazSharif has embarked onhis 3-day tour of Turkey,where he would be sign-ing many urban develop-ment accords with theTurkish government.

Talking to media, at theAllama IqbalInternational Airport,before his departure, hesaid that a solid waste

management accord withthe Istanbul mayor,regarding sanitation forPunjab paired with that ofexemplary Istanbul,would be signed.

Among others, coopera-tion in developing a trans-portation system wouldalso be contemplatedwhich would further boostthe already brotherly tieswith Turkey.-Online

Shahbaz to signaccords in Turkey

Staff Correspondent

KARACHI: Over 6.53million children will beadministered polio dropsacross Sindh from Dec 28-30 under Micro-Plan 2010,said Sindh Minister forHuman Rights, NadiaGabol.

Talking to media on

Sunday, she said herdepartment would keep aclose liaison with theprovincial HealthDepartment during thethree-day campaign.

Gabol said all the less-income areas would be cov-ered with due coordinationof the officials of the HealthDepartment, the Human

Rights Department andsought full cooperation ofall the town health officersand their field officials andvolunteers in this regard.

Referring to detailedplans of polio campaign,she said there was a plan tocover over 2.2 millionunder 5-year age children inKarachi alone.

Polio drive to coverover 6.5mn infants

KARACHI: The provin-cial health departmentand City DistrictGovernment Karachi hasset up isolation wards inthe Civil HospitalKarachi (CHK) andAbbassi ShaheedHosptial (ASH)respec-tively while the federalgovernment run JinnahPostgraduate MedicalCenter (JPMC) has yet toestablish such a ward.

Swine Flu Surveillance

Cell Incharge Dr SureshKumar said a 16-bed iso-lation ward has been setup in the CHK, while amodern virology laborato-ry also set up in the facili-ty for testing swine fluvirus. He said free of costtests would be conductedin this labs of patientsthroughout the province.

EDO Health Karachi DrNasir Javed said that asix-room isolation wardfor the swine flu patients

has been set up in theAbbassi ShaheedHospital. He said the doc-tors and paramedics havebeen alerted while medi-cines for treatment of theswine flu are present.

However, administra-tive officials in the JMPCsaid so far no separateisolation wards for theswine flu patients hasbeen set up in this largesthealthcare facility ofSindh province.-Agencies

Isolation wardsset up in CHK, ASH

Swine Flue Risk

TUESDAY

Time Programmes8:00 Chai Time (Rpt)9:00 News9:15 Pehla Sauda10:00 News 10:15 Bazaar11:00 News11:05 Ghar Ka Kharch12:00 News12:15 Power Lunch13:00 News13:05 Islamabad Say

(Rpt)14:00 News15:02 Akhri Sauda15:30 Dilkash Pakistan(Rpt)16:15 Karobari Dunya17:05 Ghar Ka Kharch(Rpt)18:05 Chai Time19:00 News19:05 Aap Ka Paisa19:30 Mang Raha Hai

Pakistan 20:00 News20:05 Islamabad Say 21:00 Pakistan Aaj Raat22:00 News22:05 Doosra Pehlu23:00 News23:05 Kamyab (Rpt)0:00 News

Ibad fetesKPC, ArtsCouncilbodiesStaff Reporter

Karachi: Sindh GovernorDr. Ishratul Ibad Khan hascongratulated the newlyelected office-bearers ofKarachi Press Club andArts Council of PakistanKarachi.

In a message he said bothKPC and Arts Council areimportant institutions. Hehoped their elected repre-sentatives would work fortheir further betterment. Heassured them full supportfrom the government.

DHAboard

reviewsprojects

Staff Reporter

KARACHI: DHA'sExecutive Board meetingchaired by its President,Commander 5 Corps Lt.Gen Zahir Ul Islam was heldat Corps Headquarters hereMonday.

The new CorpsCommander in capacity ofPresident Executive Board(PEB) DHA took oath of hisoffice and later presided theExecutive Board meeting toreview the pace of progressof DHA's mega projects andother policy/administrativematters.

PEB termed the ExecutiveBoard as an important policymaking organ formulated totake prudent and appropriatedecisions which should con-tribute to the overallimprovement of living stan-dards and provision of bettercivic amenities to the resi-dents. He also stressed uponthe need to take residents onboard while undertaking anymega development cuminfrastructural improvementventure in DHA for the resi-dents. He said that residents'associations should work intandem with DHA toachieve the goals of effi-cient, vibrant and dynamiccivic life.

The Executive Board tookserious notice of non func-tional status of DHA CogenPower & Desalination Plantsince a prolonged period oftime thus exacerbating theproblem of water scarcity inDHA. Defence HousingAuthority informed thehouse that despite having norole in the management ofthe plant, DHA has adopteda proactive role since the lasttwo months and a number ofmeetings have been heldwith all stake holders. DHAis looking for all possibleoptions to revive the projectat the earliest.

Big Bird,PBIT

MoU tocreate jobs

Staff Correspondent

LAHORE: A memorandumof Understanding signedbetween Big Bird and PunjabBoard of Investment andTrade (PBIT) would not onlyenhance production of poul-try products in the countrybut it would also help paveway of their exports as itenvisages establishment of anew meat processing plantnear Lahore.

The Memorandum ofUnderstanding in this regardwas signed with Punjab Boardof Investment and Trade in thepresence of Chief MinisterPunjab Mian Shahbaz Sharifand Senator Ishaq Dar. TheChief Executive Officer BigBird Abdul Basit inked theMoU on behalf of his groupwhile Vice Chairman PBITRizwan Khan representedPunjab Board of Investmentand Trade.

Speaking on the occasion,the CEO Big Bird said thatthe MoU would have farreaching impact on the poul-try sector because on the onehand it would create new jobopportunities while on theother the country would beable to earn much needed for-eign exchange.

PTAcondemns

closureof gas toindutries

Special Correspondant

LAHORE: Mr. KhurshidAlam, Chairman, PakistanTanners Association in apress statement Mondaystrongly condemned theannouncement for the clo-sure of Gas supply toPunjab till Dec. 31.

He said that on recom-mendation of ShehbazSharif, Chief Minister,Punjab, Prime MinisterYousuf Raza Gilani hasalready issued directives toall quarters concerned offrequent gass supply toPunjab specially to theLeather Industry to averttheir severe grievancesconfronting in the execu-tion of export orders intime to fulfill their commit-ments made by PTA'smembers with their for-eign buyers/customers.

Chairman PTA, furtherstated that the recentannouncement for the com-plete closure of gas supplyin Punjab particularly toLeather Industry located atPunjab is certainly beyondto the directives of thePrime Minister for imme-diate restoration of gas sup-ply to Punjab.

Khurshid Alam appre-hended that complete clo-sure of gas in Punjab maybe the great cause of ham-pering export activities fur-ther of PTA's members fail-ing in execution of exportorders in time and result inloos of precious foreignexchange.

LAHORE: Workers of Pakistan People’s Party reciting Holy Quran on the eve of3rd death anniversiry of Benazir Bhutto, at Governor House.-Online

ISLAMABAD: A woman lighting candles in memory of Shaheed Benazir Bhutto on the eve of her deathanniversary at Super Market.-Online

KARACHI: Workers busy in construction of apedestrian bridge near Jail Chowrangi.-Online

KARACHI: Masood Hashmi, President, Marketing Association of Pakistanpresenting a memento to Prof Ehsan-ul-Haque of LUMPS and co-author of therecently launched Marketing Guru-Kotler’s book. Dr Ishrat Hussain, Dean &

Director of IBA was chief guest on the occasion. Also seen in the picture are AliAkber of Engro Foods and Talib of IoBM.-Staff Photo

MUMBAI: The Indian rupeereversed early gains andslipped on Monday as dollardemand from oil firms andimporters outweighed the posi-tive sentiment due to weaknessin the US unit versus majorcurrencies overseas.

The partially convertiblerupee closed at 45.24/25 perdollar, off its high of 45.0750and 0.3 per cent weaker than itsclose of 45.11/12 on Friday.

"Dull markets today, did nothear of any major outflows.Market was quite illiquid butthere was small amount of oilrelated dollar buying," saidAshtosh Raina, head of foreignexchange trading at HDFCBank.

"Markets should continue tobe rangebound through theweek, but cannot really put aparticular band, as market isquite choppy," Raina added.

Most Asian currencies gainedversus the dollar which helpedlimit sharp losses in the rupee.

In this month until Friday,foreign funds had pulled out anet $558.55 million fromIndian equities. They have,however, pumped in a net$28.4 billion so far this year ontop of the $17.5 billion invest-ed last year.

"I think thin year-end liquidi-ty is leading to an exaggerationin moves as oil firms buy dol-lars. I am broadly looking at a45.00-45.50 band this weekwith a bias for 45.50, but chop-py trade is likely," said a seniorforeign exchange dealer with aprivate bank.

One-month offshore non-deliverable forward contractswere quoted at 45.43, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange, MCX-SX andUnited Stock Exchange closedat 45.2525, 45.2575 and45.2550 respectively, with thetotal traded volume on thethree exchanges at a low $3.9billion versus an average of $7billion. -Reuters

3Tuesday, December 28, 2010

Currencies Rate

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

U.S.A. 85.85 85.65 85.46

U.K. 132.40 132.09 131.79

EURO 112.71 112.45 112.19

CANADA 85.19 84.99 84.76

SWITZERLAND 89.32 89.11 88.88

AUSTRALIA 86.16 85.96 85.73

SWEDEN 12.53 12.50 12.47

JAPAN 1.04 1.03 1.03

NORWAY 14.39 14.36 14.32

SINGAPORE 66.11 65.96 65.79

DENMARK 15.12 15.09 15.05

SAUDI ARABIA 22.89 22.84 22.78

HONG KONG 11.03 11.01 10.98

CHINA 12.96 12.93 12.89

KUWAIT 305.14 304.43 303.62

MALAYSIA 27.75 27.68 27.61

NEW ZEALAND 64.23 64.08 63.91

QATAR 23.58 23.52 23.46

U.A.E. 23.37 23.32 23.26

KR WON 0.07 0.07 0.07

THAILAND 2.84 2.84 2.83

Name Bid Ask High Low

EUR-USD 1.3153 1.3156 1.3167 1.3074

USD-CHF 0.9596 0.9599 0.9643 0.9576

GBP-USD 1.5415 1.5419 1.5456 1.5398

USD-CAD 1.0083 1.0087 1.0109 1.0062

AUD-USD 1.0020 1.0024 1.0057 1.9992

EUR-JPY 108.9700 109.0100 109.0500 108.4600

EUR-GBP 0.8531 0.8535 0.8536 0.8482

EUR-CHF 1.2628 1.2633 1.2696 1.2598

GBP-JPY 127.6800 127.7400 128.0000 127.5800

CHF-JPY 86.2400 86.2900 86.3400 85.8800

CAD-CHF 0.9516 0.9525 0.9578 0.9518

Gold 1381.6500 1382.7000 1386.1000 1373.2000

Silver 29.1300 29.2400 29.2900 28.8300

As per 22.00 PST

Time Source Events Forecast Previous

All Day NZD Bank Holiday

All Day AUD Bank Holiday

4:30 JPY National Core CPI y/y -0.5% -0.6%

4:30 JPY Unemployment Rate 5.1% 5.1%

4:50 JPY Prelim Industrial Production m/m 1.0% -2.0%

4:50 JPY Retail Sales y/y 0.4% -0.2%

6:30 JPY Average Cash Earnings y/y 0.6% 0.5%

12:00 CHF UBS Consumption Indicator 1.72

All Day GBP Bank Holiday

All Day CAD Bank Holiday

19:00 USD S&P/CS Composite-20 HPI y/y -0.1% 0.6%

20:00 USD CB Consumer Confidence 56.3 54.1

Source Events Actual Forecast Previous

NZD Bank Holiday

AUD Bank Holiday

JPY CSPI y/y -1.1% -1.1% -1.3%

JPY Housing Starts y/y 6.8% 5.0% 6.4%

GBP Bank Holiday

CAD Bank Holiday

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of England January 13, 2011 March 5, 2009 0.50%

European Central Bank January 13, 2011 May 7, 2009 1%

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

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

Bank of Canada n/a September 8, 2010 1%

Federal Reserve n/a December 16, 2008 0.25%

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

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, December 27,2010 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

ABLN 12.65 13.15 12.65 13.15 12.80 13.30 13.15 13.40 13.40 13.65 13.45 13.95 13.60 14.10 13.70 14.20

JSBL 12.90 13.40 12.80 13.30 12.85 13.35 13.15 13.40 13.40 13.65 13.45 13.95 13.70 14.20 14.00 14.50

ASPK 12.65 13.15 12.70 13.20 12.80 13.30 13.15 13.40 13.35 13.60 13.45 13.95 13.60 14.10 13.70 14.20

CIPK 12.75 13.25 12.80 13.30 12.80 13.30 13.20 13.45 13.45 13.70 13.50 14.00 13.70 14.20 13.80 14.30

DBPK 12.60 13.10 12.70 13.20 12.75 13.25 13.05 13.30 13.25 13.50 13.35 13.85 13.50 14.00 13.60 14.10

FBPK 12.85 13.35 12.85 13.35 12.80 13.30 13.25 13.50 13.45 13.70 13.50 14.00 13.75 14.25 13.85 14.35

FLAH 12.70 13.20 12.75 13.25 12.80 13.30 13.20 13.45 13.40 13.65 13.45 13.95 13.60 14.10 13.70 14.20

HBPK 12.70 13.20 12.80 13.30 12.85 13.35 13.20 13.45 13.35 13.60 13.45 13.95 13.60 14.10 13.70 14.20

HKBP 12.75 13.25 12.80 13.30 12.90 13.40 13.15 13.40 13.30 13.55 13.40 13.90 13.60 14.10 13.65 14.15

NIPK 13.00 13.50 13.00 13.50 13.25 13.75 13.40 13.65 13.55 13.80 13.60 14.10 13.65 14.15 13.70 14.20

HMBP 12.90 13.40 12.90 13.40 12.90 13.40 13.25 13.50 13.35 13.60 13.50 14.00 13.60 14.10 13.70 14.20

SAMB 12.75 13.25 12.80 13.30 12.85 13.35 13.30 13.55 13.45 13.70 13.45 13.95 13.65 14.15 13.75 14.25

MCBK 12.70 13.20 12.70 13.20 12.70 13.20 13.15 13.40 13.30 13.55 13.40 13.90 13.50 14.00 13.75 14.25

NBPK 12.65 13.15 12.75 13.25 12.80 13.30 13.10 13.35 13.25 13.50 13.40 13.90 13.60 14.10 13.70 14.20

SCPK 12.60 13.10 12.65 13.15 12.70 13.20 13.10 13.35 13.25 13.50 13.45 13.95 13.50 14.00 13.70 4.20

UBPL 12.60 13.10 12.70 13.20 12.75 13.25 13.15 13.40 13.30 13.55 13.45 13.95 13.60 14.10 13.70 14.20

AVE 12.72 13.22 12.76 13.26 12.81 13.31 13.18 13.43 13.36 13.61 13.45 13.95 13.61 14.11 13.71 14.21

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)27/12/2010

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

1 week -0.95 0.59 -0.75 0.98 0.74 0.82 -0.92 0.821 month -0.55 0.17 -0.38 0.43 -0.38 -0.08 -0.70 0.543 months -0.44 -0.65 -0.78 -0.41 -0.84 -0.56 -0.45 0.096 months -0.87 0.03 -0.75 -0.25 -0.84 -0.75 -0.79 0.671 year -0.65 0.76 0.32 0.66 -0.11 -0.47 -0.68 0.212 years -0.69 0.76 0.33 0.70 0.03 -0.20 -0.66 0.61

Currencies CorrelationUSD/JPY

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.75 13.15 12.85 13.00 12.60 13.10 12.91

8-15dys 12.95 12.95 12.90 13.00 12.80 13.00 12.93

16-30dys 13.05 13.05 13.00 13.00 12.90 13.05 13.01

31-60dys 14.14 13.10 13.08 12.99 13.05 13.10 13.24

61-90dys 13.17 13.17 13.15 13.19 13.15 13.18 13.17

91-120dys 13.30 13.33 13.26 13.22 13.20 13.30 13.27

121-180dys 13.36 13.38 13.33 13.36 13.30 13.35 13.35

181-270dys 13.50 13.47 13.49 13.52 13.45 13.50 13.49

271-365dys 13.65 13.65 13.65 13.65 13.65 13.65 13.65

2-- years 14.00 14.00 13.95 13.95 13.90 13.90 13.95

3-- years 14.15 14.16 14.15 14.15 14.11 14.13 14.14

4-- years 14.16 14.17 14.21 14.16 14.20 14.15 14.18

5-- years 14.18 14.20 14.25 14.20 14.21 14.20 14.21

6-- years 14.20 14.27 14.27 14.22 14.30 14.25 14.25

7-- years 14.22 14.34 14.30 14.23 14.35 14.30 14.29

8-- years 14.22 14.05 14.12 14.23 14.00 14.10 14.12

9-- years 14.23 14.14 14.06 14.24 14.20 14.18 14.18

10--years 14.23 14.25 14.24 14.25 14.22 14.25 14.24

15--years 14.50 14.50 14.50 4.60 14.55 14.55 14.53

20--years 14.60 14.75 14.65 14.90 14.75 14.75 14.73

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for December 27, 2010

NEW YORK: The Australiandollar dipped briefly onMonday after the Chinese cen-tral bank's weekend interest ratehike, while the euro roseagainst the dollar after breakingabove its 200-day moving aver-age.

Trading ranks were extremelythin. London was closed onMonday and Tuesday for holi-days and a blizzard in NewYork limited activity, ensuringonly minor price fluctuations.

The Australian currency wasthe biggest mover out of thegate, falling as low as $0.9987after China's Christmas Dayinterest rate hike on Saturday,though it had clawed back to$1.0020 early in New York,down 0.1 per cent. The curren-cy hit a six-week high of$1.0067 last week.

The euro managed to riseafter falling below its 200-day

moving average, a drop that isusually indicative of more loss-es.

While fears that a euro-zonedebt crisis could spread havepushed the euro below the 200-

day moving average --$1.3087,according to Reuters data -- infive of the last six sessions, ithas rebounded swiftly eachtime. It was last up 0.2 per centat $1.3146.

"With no economic news,we're focusing on these techni-cal factors, and that push abovethe 200-day average has been acatalyst for the euro," said

Omer Esiner, strategist atCommonwealth ForeignExchange in Washington. "Andwith London off and the bliz-zard in New York, things arevery subdued."

The euro hit a three-week lowof $1.3055 last week, and itsoutlook is still clouded bySpain and Portugal, whichinvestors fear may have troublerefinancing their debt in thenew year.

Australia's economy has ben-efited from strong Chinesedemand, and markets fearChina's attempts to dampen

inflation with higher interestrates could hurt domesticChinese demand.

But traders said earlierAustralian dollar losses hadmore to do with the timing ofthe hike, than the move itself.

"There was a knee-jerk sell-off in the Aussie but investorsknew this China move wascoming eventually," saidGeoffrey Yu, currency strategistat UBS. "Providing Chinesedata holds up in 2011, theAussie should stay supported."

Danske Bank analysts saidthey expect three more Chineserate hikes in 2011, with all like-ly coming in the first half.

The dollar was flat at 82.88yen, near the lower end of arecent 82.50-to-84.50 yenrange. An auction of $35 billionin two-year US Treasuries lateron Monday will be watchedclosely. -Reuters

Euro rises vs dollar; Chinarate hike hits Aussie

BEIJING: China was Grinch-like in raising interest rates onChristmas Day, but in factinvestors have good reasons to begrateful.

The government providedmuch-needed reassurance that itwas determined to rein in pricepressures -- and a salutaryreminder that more yuan appreci-ation than the market expectscould be in the offing.

The key take-away from therate increase, China's second injust over two months, is thatBeijing is softly, softly pullingevery tightening lever within itsreach.

"The central bank will onlyraise rates in small and steadyincrements in the comingmonths," said E Yongjian, an ana-lyst at Bank of Communicationsin Shanghai.

"The yuan will also steadilyclimb next year, serving as onetool to alleviate the inflationarypressure," he said.

Ba Shusong, an economist withthe Development ResearchCenter, a think-tank under thecabinet, provided a neat summaryof the government's strategy fortaming consumer prices, whichrose 5.1 per cent in the year toNovember, a 28-month high.

"The rhythm of policies willbecome regular, something wecall the simultaneous implemen-tation of the three rates: banks'required reserve ratios, interestrates and the exchange rate," hesaid in comments published inthe Economic Information Daily,a Chinese-language newspaper,on Monday.

Even as a move on ChristmasDay was a surprise, the 25-basispoint increase in benchmark one-year interest rates announced onSaturday was in line with amajority view in a Reuters pollearlier this month. Most econo-

mists had predicted that Chinawould raise rates by the end ofthis year and the consensus wasfor two more increases in the firsthalf of 2011.

Normally apprehensive oftightening, investors had begunto worry about the opposite inChina -- that the government wasdelaying the inevitable for toolong and that the ultimate reckon-ing with inflation would be morepainful as a result.

"As long as tightening is nottoo much lagged behind thecurve, market sentiment shouldimprove gradually in the first halfof 2011," Shen Minggao, aneconomist with Citigroup, said ina research note.

Shen echoed Ba in saying thatfaster yuan appreciation wouldplay a bigger role in the cam-paign against inflation.

That view has been notable byits absence in financial marketsof late. Investors are pricing injust a 2.4 per cent rise in the yuanversus the dollar over the nextyear, according to offshore for-wards. In 2007-08, when Chinawas last battling inflation, thegovernment let the currencyclimb more than 7 per cent in sixmonths.

Although price pressures areless serious now, it would not besurprising to see a mini burst ofyuan appreciation in the comingmonths. In fact, an informal pollof onshore currency dealers overthe last week, showed many ofthem expect the yuan to gainroughly 6 per cent over the nextyear, hitting 6.25 per dollar by theend of 2011.

Some traders thought the cen-tral bank hinted at this onMonday by nudging the yuan upagainst the dollar.

"Letting the yuan rise rightafter a monetary tightening stepis a rare phenomenon, as the gov-

ernment typically hopes to curbspeculation of yuan appreciationright after such a step," said asenior trader at a major Asianbank in Shanghai.

"The government appears thusto be giving a signal that it willuse both interest rates and theexchange rate to fight inflation,including imported inflation."

In its gradual tightening overthe past year, the central bank hasmade little use of currency appre-ciation and interest rates, relyingmainly on quantitative controls.It has restricted commercial lend-ing and officially increasedbanks' required reserves sixtimes.

Now, both the currency andinterest rates may be about to getsomewhat greater prominence.

Required reserves are alreadyat a record high of 19 per cent forbig banks and can only go up somuch higher. Moreover, the cen-tral bank has struggled to sellbills in regular open-market oper-ations in recent weeks because ofrising yields. "Inflationary pres-sure is high and the scope forother measures is limited, so it'snormal for them to raise interestrates," said Wang Hu, an econo-mist at Guotai Junan Securities inShanghai. "Raising rates willhelp curb inflation expectations.If the central bank resists raisingrates, more bank deposits willflow into asset markets," he said.

Whatever the method of tight-ening, the implementation is sureto conform to the gradualism thathas been the hallmark of China'spolicy setting over the past threedecades. Although it has threat-ened to impose price controls ifnecessary, the government isincreasingly confident of itschances against inflation. Foodprices, the root of the problem,have ebbed in recent weeks. -Reuters

As China raises rates,don’t forget the yuanInterest rate increase eases investors' fear of inaction

London holiday, New York blizzard keep trading light

Swiss franc

climbs back

towards

record vs euroZURICH: The Swiss francrose against the euro onMonday, climbing backtowards the previous week'srecord high and some strate-gists forecast further gains ver-sus the common currency aseuro-zone debt woes lingered.

Against the greenback, thefranc gained a touch onMonday.

The franc rose as much as 15per cent against the euro thisyear, as worries about euro-zone debts prompted investorsto seek out safer bets. TheSwissie soared to an all-timepeak of 1.2435 per euro onDec. 22, according to Reutersdata.

"The Swiss franc has reachednew historic highs amid euro-zone woes and demand for fun-damentally strong currencies,"UBS wrote in a research note."Overall positioning does notlook extreme yet but your flowdata indicates hedge funds havebeen buying near recordamounts." "While the strongtrend points to further short-term gains, positioning sug-gests rising risks for the aggres-sive longs," UBS also said.

The franc was up 0.1 per centagainst the euro compared toFriday's New York close, trad-ing at 1.2608 per euro at 0736GMT. The franc was up 0.4 percent against the dollar at 0.9581per dollar.

Technical analysts at Danskesaid they were looking to selleuro-Swiss, with the first keysupport for the cross at 1.2457and then 1.2440. They also saidto stay short on dollar-Swiss orsell rallies for a drop to 0.8250.

The rallying franc is, howev-er, posing a challenge to Swissbusiness, many of whomdepend on exports. The euro-zone is Switzerland's biggesttrading partner.

Swatch Group chief NickHayek told Reuters last weekthe franc threatened to hamperindustry and tourism.

Meanwhile, the Swiss gov-ernment and heads of the coun-try's top banks have met to dis-cuss ways to safeguard exports,Swiss newspaper Sonntagreported on Sunday.

The aim of the talks was toencourage the banks to have acurrency risk insurance, thepaper said without citing anysources. -Reuters

SEOUL: The Taiwan dollargave up most of its early gainson Monday after the central banktightened limits on trading innon-deliverable forwards(NDF), while other emergingAsian currencies consolidated insubdued year-end trading.

Currency dealers told Reutersthat under the new rules NDFtrades would be capped at onefifth of a bank's total foreignexchange trading, down fromone third previously.

The impact of the rule changewould be limited as it onlyaffected banks based in Taiwan,dealers and analysts said.

Several Asian economies havebeen struggling to contain theupward pressure on their curren-cies and asset markets from ris-ing capital inflows attracted bythe region's better growthprospects and higher potentialreturns than in major developedeconomies.

Other emerging Asian curren-cies showed muted reactions toChina's interest rate hike on

Saturday as Asian shares edgedup as investors bet China's latestinterest rate hike would notchange the optimistic outlook forthe global economy in 2011.

China's central bank raisedinterest rates on Saturday for thesecond time in just over twomonths as it stepped up its battleto rein in stubbornly high infla-tion. Earlier, the Taiwan dollarjumped as much as 3.4 per centto hit 29.481 per dollar, thestrongest since Oct 1997.

A central bank deputy gover-nor said the central bank wouldnot force the Taiwan dollar tostay on the weaker side T$30 perdollar following recent gains.

The South Korean won edgedup on exporters' demand for set-tlements and as foreign investorskept buying local stocks and bondfutures. But trading was thinwith dollar/won spot trading vol-ume sliding to $3.02 billion, thelowest in 2010, according to datafrom Seoul Money BrokerageServices Ltd and Korea MoneyBroker Corp. -Reuters

Asian currencies

Taiwan $ cuts gainsafter tightening

NDF rules

SHANGHAI: China's yuanfell slightly against the US dol-lar late Monday, after rising toa six-week high Friday, asheavy year-end dollar demandfrom trading companies set-tling accounts more than offsetthe effect of a lower dollar-yuan central parity rate.

But traders said the Chinesecurrency will likely continuerising in the medium term asthe central bank uses a strongeryuan to help rein in inflationarypressure, complementing itssurprise interest rate hikeSaturday. On the over-the-counter market, the dollar wasat 6.6308 around 0830 GMT,up from Friday's close of6.6270. It traded between6.6262 and 6.6348

The People's Bank of Chinaset the dollar-yuan central pari-ty rate at 6.6305, down from6.6371 Friday.

"There has been heavy

demand for dollars from bankcustomers," said a Shanghai-based trader at a Europeanbank. "But we are very cau-tious in building long dollarpositions, because the marketsentiment overall is for theyuan to appreciate further inthe medium term."

She said the dollar will findstrong support around 6.6200as traders will seek to lock inthe yuan's gains at that level.

The PBOC on Saturdayraised interest rates for the sec-ond time this year.

"The rate hike indicates thecentral bank wants to controlinflation expectations, and theyuan can be used as one of thepolicy tools to counter inflation,"said a Shanghai-based trader at aJapanese bank. Offshore, one-year dollar-yuan nondeliverableforwards fell to 6.6330/6.6430from 6.4970/6.5020 late Friday. -Agencies

Yuan weakens onyr-end dlr demand

Indian rupee slipsin thin trade

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.

The Stairs& snakes of

wheat exportThere are growing indications that with the

active solicitations of business local business-men may succeed in getting wheat exportorders, much above the permitted quantity ofone million tonnes. Sellers have been over-whelmed and anticipate orders to exceedthree million tonnes. Experts have warned thegovernment to be very cautious and to ensurethat exporters do not book orders beyond thestipulated quantity.

At present Punjab provincial governmentseems to be most desperate because carryingaround six million tonne wheat stocks onwhich it is paying Rs70 million per day inter-est charges alone. Similarly, Sindh provincialgovernment is carrying around one milliontonnes stock and paying Rs10 million interesta day. Therefore, it is feared that Punjab gov-ernment may encourage the exporters to bookorders above the stipulated quantity.

As against per tonne procurement price ofaround $275 fixed by the government the cur-rent international price of wheat is hoveringaround $350 and offers incentives for itssmuggling to the neighboring countries.Afghanistan faces an acute shortage of wheatparticularly during the winter when logisticsare hampered. There is specific need to mon-itor highly porous Pak-Afghan border.

Since Russia has imposed ban on exportof wheat and Central Asian countries arecurrently facing limited access to the glob-al sources due to frozen seas Pakistan hasan opportunity to sell wheat to the overseasbuyers.

While Punjab can cater to the needs ofAfghanistan and even CIS states, Sindhenjoys better access to the Middle East andSri Lankan markets. Sindh has proximity totwo of Pakistan's sea ports equipped withbulk wheat handling facilities.

It is suggested once again that special atten-tion should be paid to selling wheat toAfghanistan, which is desperately in need ofthe most important staple food. India hasoffered to supply free of cost wheat toAfghanistan but its transportation cost seemsprohibitive unless it passes through Pakistan.

Pakistan has achieved wheat sowing targetand next crop should be ready around Aprilnext year and expectations are actual produc-tion will most likely exceed the target.Therefore, the government can also fix wheatexport target for next year. However, it willbe better if focus is zoomed on export ofvalue-added products rather than wheat.

The bakery and confectionery items pro-duced in Pakistan meet the international qual-ity standards. Government of Pakistan shouldhelp the private sector exporters in solicitingexport orders for bakery products due tohigher value-addition. Impediments, if any,must be removed at the earliest to enhanceexport of confectionery products fromPakistan.

4Tuesday, December 28, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

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Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 137

Shazia Marri Sindh Minister for Tourism

Three years ago on December27, 2007 Pakistanis and theirand their children were bru-

tally robbed of their hopes, dreams,and aspirations. On this day anassassin attacked their very sur-vival and snatched the best hope.Our leader, our sister, our future -Shaheed Mohtarma Benazir Bhuttowas assassinated before millions.Mere words cannot convey thedepth and magnitude of our lossand our grief, so stark was the feel-ing of losing her - the woman whofor years courageously bore the tor-tures inflicted upon her by those ofinferior strength and mind. She hadbecome the symbol of hope to mil-lions across the country. She stoodup to fight when many otherscowed down. She was unquestion-ably a matchless leader. Since thatcatastrophic day three years ago,during all the trials, the tribula-tions, the fears, the challenges;every step of the way, every roadon every journey, her memory hasbeen so sharp that she became atangible force, with great potencyof her persona.

But even in the midst of the pain,the grief, we were ever mindful ofthe task with which she left us. Apromise made, is a debt unpaid -and it is this thought that pushed thePakistan Peoples Party governmentto strive towards fulfillment of thepromises made by ShaheedMohtarma. The desire to repay thedebt; To deliver on her promises; Torealize her dreams - Her dreams forthis land, its people, and its future."My dream," she said, "is for myland and my people to cease fight-ing and allow our children to reachtheir full potential regardless of sex,status, or belief." It is the realiza-tion of this dream that has been thedriving force of our actions.

Mohtarma was an advocate ofpeace, both within and outsidePakistan. And to achieve this peace,she gave her life fighting the exist-ing norms that challenged hervision. Fighting for the people ofher country, for their emancipation,

their rights, their progress sheendured countless tortures, and sawthe murders of her father and broth-ers. She bore, in a few years, whatmost don't see in a lifetime. But herresilience and fortitude saw herthrough the darkest of hours, thebleakest of times. It is thisresilience, this courage, this lovefor her country that is her legacy tous - her nation.

Mohtarma was determined whenit came to leading fight for democ-racy in Pakistan. With legendaryfar-sight and vision, she recognizedthat true leadership required daringaction and necessitated the need tochallenge status quo. She appreci-

ated the fact that ultimately leader-ship was all about the strength ofyour convictions - and her convic-tion to stand by the people ofPakistan, to strive for their better-ment, their emancipation, and theiraspirations - was unyielding. AsMohtarma herself said "You canimprison a man, but not an idea.You can exile a man, but not anidea. You can kill a man, but not anidea." Indeed, the tyrants impris-oned her, exiled her, and finallykilled her, but what they couldn'tharm was the idea she stood for -the idea of an egalitarian Pakistan,without the constraints of bigotry,intolerance and inflexible tradition;the idea of a democratic Pakistan,without the fear of tyrannicaloppressors; the idea of a safePakistan, where children can growto their full potential regardless ofsex, status and beliefs. Just whenshe crossed the line from being aleader to being what she was - anideology and a vision - is dis-putable. But that was what she was,and what she continues to be - factis, although she may no longer bewith us, her vision for her belovedPakistan and the spirit she hasinfused in us, continue to live on inher hearts and minds.

There is no doubt about the factthat no one can ever replace thekind of leadership she possessed.Her abilities and charisma cannever be forgotten. People acrossthe world have keenly felt her loss.

Her absence has made people real-ize who she really was! a woman, amindset, an institution standing forthe rights of the people, steadfastand resilient against tyrants. Andwhat does one say of cowardlytyrants who seek to sabotage theroad that martyrs have paved withtheir lives, and kill the hope thatthey watered with their blood. Suchpathetic cowardly parasites mustknow and understand that neveragain will the people andGovernment of Pakistan allowthem to resurface and work againstthe interests of Pakistan.

Today Pakistan is blessed to be ademocracy - a state reached after so

many and such heavy sacrifices. Itis today, the duty of every Pakistanito work together to strengthen thisdemocracy. To ensure that the dem-ocratic process is not derailed, andthat Pakistan does not ever again,fall victim to treacherous conspira-cies. In the words of our dear sister,Shaheed Mohtarma Benazir Bhutto,"It is imperative for all of us tofight to save Pakistan by savingdemocracy. Democracy bringsdevelopment and marginalizes theanti-people forces. We must save

Pakistan, save democracy and savethe fundamental rights of the peo-ple." It is these fundamental rightsfor which today's democratic gov-ernment is working, and will con-tinue to strive to ensure and tosecure.

I wish with all my heart that thisday had never come. If only therewas nothing to commemorate onDecember 27th. If only this waslike any other day. But alas, wish-ing does not make it so. We com-memorate the day assassins extin-guished Pakistan's best hope. Theday when the entire country, nay,the entire world, was plunged into a

vortex of despair and grief, as wemourned an irreparable loss. Butthose who martyred that coura-geous, selfless leader, grosslyunderestimated the strength of herconvictions, and the single-minded-ness of her followers.

On that fateful day, three yearsago, when Pakistan was in chaosafter losing our leader, one manrose to be the voice of reason.When a nation was wailing fromthe deep wounds it had sustained,one man chose to dress the woundsand ease the hurt. When the entirecountry was going up in flames,one man stood up to douse the fire.It was this man, who had, on thatday, lost the most. And yet he gave.He gave solace, hope, and directionto a nation reeling from the shockof losing its beloved sister.

The Talmud says "There are peo-ple whose remembrance gives lightin this world, long after they havepassed away. This light shines inour darkest nights on the road wemust follow." Indeed, the nightsafter Bibi's assassination were thedarkest ever. Yet, it was herthoughts, words, and vision whichguided us at that crucial time, andcontinue to do so. Today, her spiritlives on in us all, impelling us to doour best for her country, and herpeople. To fulfill the dream shesaw, the future she envisioned.

Today, three years after she wasmartyred, her Government followsher footsteps. It remains committedto providing for her people, andwith single-minded determination,works to realize her dreams.Sometimes the decisions taken arenot popular. Sometimes the critics

choose to turn towards the negativeand become prophets of doom. Andyet the Government perseveres. Itperseveres because behind itsactions is the force and the spirit ofShaheed Mohtarma Benazir Bhuttowho said that "leadership requiresaction: daring to take steps that arenecessary but unpopular, challeng-ing the status quo in order to reacha brighter future." And in her foot-steps, today's Government contin-ues to take those steps and chal-lenge the existing norms, secure inthe belief that she is and will con-tinue to be our guiding light - todayand for tomorrows to come.

In pursuit of her dream

Kim Soo Hyun

For the leaders andauthorities of anysociety, it is essential

to maintain social peace.This is only possible if theymake sure that everything isunder their control. To keepeverything in control, theyimplement laws and makesure that those who attemptor break these laws must beput to punishment, so thatthe criminal does not com-mit the crime and others,who see the punished, donot attempt to break laws.

But sometimes, withoutrealization things get out ofcontrol. Welcome to NorthKorea. Let me tell you thatNorth Korea has been in thewar since ages now. Andthis makes it difficult for theKorean leaders to keep an

eye open for criminals andoffenders that are present inthe Korean state. What is abit extreme is somethingvery usual for North Korea.

Here, public executionsare means to build a wall ofdread to maintain socialcontrol. The executions areonly and only in the nation'sbest interest as perceived bythe authorities.

Before the decade of1990's, these public execu-tions took place every nowand then for offenders whowere found guilty of localintelligence for some othercountry or loathsomecrimes like murder, robberyor political rebellion.During the mid-1990s theeconomic crisis brought inmore crimes to the society.Due to this hazard, NorthKorea started to execute

those also who were foundinvolved in economic - likestealing grains- and socialcorruption - like prostitu-tion or distributing obscenematerials.

While later in the decade(January, 1997), AmnestyInternational released the"Special Report on PublicExecutions in North Korea".After the report, due tomounting international pres-sures, this was the only timewhen public execution start-ed to diminish a bit. But forthe North Koreans, it couldnot last for long. After thebriefest period, since themid-2000s, these publicexecutions have begun tosurface more frequentlyagain as the governmentswants to tighten social con-trol and censorship.

As a result of flopped cur-

rency reforms, it is since2009 that potential threatsto North Korean systemhave been emerging. Thesethreats include even thepublic resistance in thecountry. According to therecords, 16 people werebutchered from January toNovember 2009, while thisnumber took a flight with52 being executed fromDecember 2009 tillNovember 2010.

With the declaration the"Execution of IllegalDistributors of ForeignCurrency" introduced in2009 by the Department ofPeople's Security, moreKorean nationals sufferedfrom the capital punish-ment. The sphere of publicexecution was broadenedwith another such decreeentitled as the "Execution

by Firing Squad for LeakingConfidential Detailsthrough Cellphones" This

time it was from the StateSecurity Department amonth later, in January2010. Later in March 2010,Director of Planning andFinance of the party PakNam-ki and Deputy DirectorRi Tae-il who had led thecurrency revaluation wereexecuted as scapegoats as away to maintain the regime.

The North Koreans dorealize the importance ofmaintaining control over thepublic in order to restoresocial harmony. But thenwhat they really don't real-ize is the extremes theyreach out to every time theypunish someone. Thisdichotomy persists and putsthe peace always at stakefor them.

Social Peace Amissin North Korea

There is no doubt about the factthat no one can ever replace the

kind of leadership she possessed. Herabilities and charisma can never beforgotten. People across the world

have keenly felt her loss

“

those who martyred that courageous,selfless leader, grossly underestimatedthe strength of her convictions, and the

single-mindedness of her followers

Stock market in Pakistan in particular and fron-tier markets in general come under trouble biannu-ally or even after few years in some indifferentcases and environments. The phenomenon is quitenatural following widely taught segments of busi-ness cycle from boom to recession and its effectsare multiplied by political and economical factors.When market gains lot of inflow comes from with-in and abroad investors but when falling all techni-cals and fundamentals becomes a story with no

reality.General perception of people in Pakistani stock

exchange is that market can not go for a big crashin the absence of leverage product but this percep-tion is incorrect and wrong.

During last one year lot of investment has beenmade in few index heavy weight items multiplyingstock prices double to triple adding bonus and div-idends given in same period. Some of these bluechips companies came under consistent controver-

sies with regard to political interference, misman-agement and malpractices but still are headingnorthward.

Imagine a case when these blue chips start find-ing disinvestment, panic caused amongst investors.Investors should not forget this issue and partici-pate in market taking into account that in theabsence of MTS if market gets into trouble whererescue figure will come.

Ali Baba Jee, Karachi

If Market Crashes in 2011

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

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

Sales (July 10 to Nov 10) 32,092

Production (Nov 10) 7,087

Sales (Nov 10) 6,813

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

Sales (July 10 to Nov 10) 20,375

Production (Nov 10) 3,974

Sales (Nov 10) 3,753

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

Sales (July 10 to Nov 10) 6,247

Production (Nov 10) 1,145

Sales (Nov 10) 1,075

DEWAN FAROOQ MOTORSProduction (July 10 to Nov 10) 186

Sales (July 10 to Nov 10) 70

Production (Nov 10) 0

Sales (Nov 10) 0

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

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

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

Spread (October 10) 7.49%

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

MS (Nov 10) 186

Kerosene (Jul 10 to Nov 10) 66

Kerosene (Nov 10) 12

JP (Jul 10 to Nov 10) 589

JP (Nov 10) 124

HSD (Jul 10 to Nov 10) 2,792

HSD (Nov 10) 612

LDO (Jul 10 to Nov 10)) 26

LDO (Nov 10) 4

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

Fuel Oil (Nov 10) 572

Others (Jul 10 to Nov 10) 3

Others (Nov 10) 1

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

MS (1 Nov 10) 44.53

MS % Chg 1.39%

Kerosene (1 Dec 10) 52.04

Kerosene (1 Nov 10) 51.25

Kerosene % Chg 1.54%

JP-1 (1 Dec 10) 52.27

JP-1 (1 Nov 10) 51.48

JP-1 % Chg 1.53%

HSD (1 Dec 10) 55.20

HSD (1 Nov 10) 54.24

HSD % Chg 1.77%

LDO (1 Dec 10) 50.52

LDO (1 Nov 10) 49.51

LDO % Chg 2.04%

Fuel Oil (1 Dec 10) 43,019

Fuel Oil (1 Nov 10) 42,046

Sector Updates

Symbol Close Vol (mn)DGKC 30.27 6.38 FFBL 37.31 6.29 LOTPTA 13.59 5.48 FATIMA 10.80 4.49 AHCL 25.02 4.21

Symbol Close ChangeULEVER 4,390.01 27.77

DAWH 196.04 7.85

SHEZ 113.40 5.40

SFL 129.25 5.40

NRL 267.19 4.52

Symbol Close ChangeRMPL 2,127.82 -62.17COLG 925.54 -18.96UPFL 1,100.00 -18.04IDYM 308.48 -16.23SIEM 1,229.00 -13.5

Plus 236Minus 144Unchanged 23

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Tuesday, December 28, 2010 5

Dhiyan

The rising international oil prices, continued foreign buying, andexpectations of better corporate results would keep market senti-ments bullish. However by the end of December we would see range-boundness due to the absence of holidaying foreign investors. Butfrom the beginning of New Year we would witness some bullishactivities which can lead the index to breach 12,300 level by the midof January. Those investors which have investments in oil and 1st tierbanking stocks are advised to remain invested there while fresh buy-ing in fertiliser and 1st tier banking stocks is recommended.

Kashif Mustafa, NAMCO

Mohammad Imran, Vice President Arif Habib LimitedMarket is likely to show some rangebound activities this week mov-ing between 11,800 and 12,100 points. Higher international oil pricesbode well for the oil sector while recent increase in local fertiliserprices will draw investors into the sector. External account is improv-ing on a continuous basis, however, there are some challenges on thefiscal side which are likely to be resolved to some extent once RGSTis implemented. Investors are advised to accumulate fundamentallystrong scrips in oil, fertiliser and banking sectors.

RANGEBOUNDNESS MAY RULE

Opening 11,858.17

Closing 11,909.73

Change 51.56

% Change 0.43

Turnover (mn) 85.16

Opening 3,671.84

Closing 3,681.69

Change 9.85

% Change 0.27

Turnover (mn) 2.61

Opening 2,980.36

Closing 2,985.61

Change 5.25

% Change 0.18

Turnover (mn) 0.19

SHANGHAI: Chineseinvestors went from relief toapprehension of more tighten-ing ahead on Monday after thecentral bank's surpriseChristmas Day interest raterise, pushing the stock marketdown 1.9 per cent after earliergains.

The 25-basis-point increasein benchmark lending anddeposit rates by the People'sBank of China (PBOC) camesomewhat earlier than manyinvestors had expected, sug-gesting authorities may befront-loading their tighteningmeasures and triggering specu-lation that yuan strength maybe employed to fight price pres-sures.

Stock market punters initiallypiled into sectors seen as poten-tially benefiting from higherinterest rates, including banksand insurers, but those betsreversed in the last hour oftrade, while offshore yuan for-wards reflected expectationsfor greater appreciation in com-

ing months. The benchmark Shanghai

Composite Index ended upclosing at 2,781.4 points, easilybelow the 250-day movingaverage, a closely watchedtechnical level in the Chinesemarket.

"There was intense stir-fry-ing in the morning," saidChen Shaodan, an analyst atChina Development BankSecurities in Beijing, using aChinese phrase to describespeculation.

"But the market did notshow an increase in turnoverin the morning rally, sotogether with weak sentimentamid concern over furthertightening, there was little elseto be expected other than areversal of the trend in theafternoon."

The yuan fell slightly in thespot market, but non-deliver-able forwards moved to implymore appreciation in threemonths and a year's time.

One-year dollar-yuan non-

deliverable forwards (NDFs)fell to 6.4750 bid on Mondayfrom Friday's close of 6.500,with implied yuan appreciationin a year's time rising to 2.4 percent from 2.0 per cent shownon Friday.

Mid-sized banks and propertyfirms, among investors'favourite policy outlook plays,led the zig-zagging trade.

Still, analysts said that thejury was still out on the stockmarket's direction in the medi-um term, as tighter monetarypolicy could bite into compa-nies' margins.

"The market dropped morethan we expected, with the onlyreason being that the market isshort of liquidity toward year-end," said Lu Yi, managingdirector of hedge fundShanghai Qide Investment.

"The mid-term outlook of themarket is not optimistic, asChina faces the risk of stagfla-tion -- characterised by highinflation and stagnant econom-ic growth," Lu said.-Reuters

Shanghai shares fall asrate rise reality sets in

Nawaz Ali

KARACHI: Karachi StockExchange (KSE) Mondaystarted the week on a bull-ish note finishing above11,900 level after two-and-a-half years as buying infertiliser stocks --spurredby urea price hike-- coupledwith high hopes pinned oncorporate results keptinvestor morale well up thestairs.

The benchmark KSE 100-Index gained 51 points toclose at 11,909 points, KSE30-Index jumped by 71

points to close at 11,463points and KSE All-ShareIndex hopped by 40 pointsto close at 8,282 points.

"Bullish activity contin-ued across the board onstrong valuations led by fer-tiliser scrips after ureamak-ers hiked prices 23 per centover gas curtailment andabove $91 oil in interna-tional markets", said AhsanMehanti, Director ArifHabib Investments.

Investor sentimentremained positive through-out the trading session onhopes for early launch of

leverage products afterSECP appoints new chair-man, he added.

The session began on apositive note with 20 pluspoints. Gains then graduallyincreased as buying waswitnessed particularly infertiliser sector as Engroincreased urea prices.Impressive growth in ureaoff-take numbers inNovember and expectationsof some better than expect-ed December-end corporateresults also came handy toboost the sentiments.

Further, the recent

appointment of an Ex-bro-ker Mohammad Ali as theChairman of Securities &Exchange Commission ofPakistan (SECP) toofanned investors' interestas they are expecting anearly launch of muchawaited leverage product.On the other hand,investors' interest was alsoseen in energy sectors ascircular debt concerns haveeased a bit.

Therefore due to contin-ued buying index at onemoment touched an intra-day high of 11,943 points

(+ve 85 points). Thoughsome profit-taking at higherlevels pared some gains butindex managed to end theday above 11,900 level.

Foreign investment wasslow as according toNCCPL data there was anet-foreign selling of $0.58million on Monday. On thelocal side, banks and mutu-al funds net-bought equitiesworth $8.44 and $3.25 mil-lion respectively whilecompanies, NBFCs andindividual investors did anet-selling of $8.3, $1.62and $1.13 million respec-

tively.Volumes remained on the

lower side as 85.1 millionshares traded during the daywhich is 1.9 million less ascompared to a turnover of87 million on Friday.

DG Khan stayed as thevolume leader with 6.38million shares followed byFauji Fertiliser Bin Qasimwith 6.29 million shares andLotte Pakistan with 5.48million shares.

Out of total 403 activeissues 236 advanced and144 declined while 23issues remained unchanged.

Two-and-a-half-year highshines on the board at KSE

NEW DELHI: The BSESensex closed 0.2 per centlower on Monday as investorslocked in some gains, riding onan early rise in a market thathad hit a six-week closing highlast week, with little directioncoming from world marketsahead of the year end.

Metal producer SterliteIndustries, top mobile phoneoperator Bharti Airtel andIndia's most valuable firmReliance Industries led the loss-es.

Shares in billionaire AnilAmbani's RelianceCommunications closeddown 3.6 per cent at 136.85rupees, after elder brotherMukesh Ambani's RelianceIndustries on Friday deniedmarket talk it was planning toinvest in India's No. 2 mobileoperator.

Reliance Comm stock hadrisen 10.5 per cent on Friday,helped by the market rumour.

The 30-share main BSE indexclosed down 0.22 per cent, or44.73 points, at 20,028.93, with

19 of its components falling.The index had risen as much as0.6 per cent in early trade.

The main index is up about15 per cent so far this year onrobust foreign fund inflow intoIndian equities that stands at$28.4 billion, set to be the high-est yearly inflow. A stronggrowth outlook for India, mak-ing it an attractive investmentdestination, has most marketplayers upbeat about the out-look for domestic equities in2011.

"People are expecting nextyear's allocation to India to behigher, with specific sectorssuch as banks and infrastruc-ture benefitting" said GajendraNagpal, chief executive ofUnicon FinancialIntermediaries.

On Monday, dealers saidmetal producers declined asbase metal prices were pres-sured after China's central bankraised interest rates over theweekend in an effort to curbinflation.

Sterlite shares fell 3 per cent

to 179.25 rupees, whileHindalco lost nearly 1 per cent,and Tata Steel fell 1.4 per cent.

Bharti Airtel lost 2 per cent toclose at 341.60 rupees.Reliance Industries, whichaccounts for a weightage ofnearly 12 per cent in the mainindex, closed 0.4 per cent lowerat 1,055.10 rupees.

In the broader market, 1,494gainers were marginally aheadof 1,442 losers on relativelylower volume of 286 millionshares. The 50-share NSEindex closed 0.2 per cent downat 5,998.10 points.

Chinese shares slid andEuropean stocks followed suiton Monday as the impact ofChina's Christmas Day interestrate rise sunk in to thin markets.

The MSCI's measure ofAsian markets other thanJapan was little changed, whileJapan's Nikkei rose 0.8 percent. By 1053 GMT, Europeanshares were down 0.7 per centand the MSCI world equityindex was trading 0.04 percent lower.-Reuters

Indian shares fall;metals, telcos lose

TOKYO: Japan's Nikkei aver-age rose 0.8 per cent on Mondayin thin trade as increasedappetite for lagging Tokyostocks in recent weeks helped tooffset concerns over China'sweekend interest rate hike.

Global stocks and commodi-ties are hovering near multiyearhighs on renewed confidence inglobal growth and investors havebeen particularly keen onJapanese stocks, which stilldown 2 per cent in the year todate, are seen as relatively cheap.

Investors are raising equityholdings to a 10-month high,increasing exposure to high-yield credit and cutting back ongovernment debt, Reuters pollsshowed last week. Several ana-lysts expect the Nikkei to gainabout 20 per cent in 2011.

This underlying robust senti-ment helped keep the Nikkei ona firm footing despite a volatileday for the ShanghaiComposite Index which endeddown 1.9 per cent after risingmore than 1 per cent at onepoint in the morning session.

Other riskier assets like theAustralian dollar dipped on therate hike. "Sentiment for theNikkei is strong. In the nextfew days the market may try totest 10,500-10,600 and see if itcan finish the year higher fromthe previous year's close," saidYutaka Miura, senior technicalanalyst at Mizuho Securities.

The benchmark Nikkei fin-

ished 0.8 per cent or 76.80points higher at 10,355.99,some 40 points shy of a seven-month high reached lastWednesday. It closed at10,546.44 in 2009.

The broader Topix indexgained 0.3 per cent to 904.68.

The People's Bank of Chinaincreased its benchmark lend-ing rate by 25 basis points to5.81 per cent and the bench-mark deposit rate by 25 basispoints to 2.75 per cent.

"Market players knew that therate hike was coming and theoverall consensus is that Chinawill continue with money tight-ening into the next year, so thenegative reaction is limited,"said Mitsushige Akino, generalmanager at IchiyoshiInvestment Management.

Other investors said, howev-er, that with major Asian mar-kets such as Hong Kong andAustralia closed on Monday forthe holidays, more time wasneeded to see the full marketreaction to the rate increase.

Shares of PC memory makerElpida Memory rose 1.6 percent after a newspaper reportthat it will start talks on equitytie-ups with two Taiwanesechipmakers. Volume dropped to1.25 billion shares on the TokyoStock Exchange's first section.It was the lowest level sinceAug. 9 and well below lastweek's daily average of around1.6 billion shares. -Reuters

Nikkei up, shrugsChinese rate hike

US stocks morning trade

Wall Stdips after

Chinarate hike

NEW YORK: US stocksslipped on Monday as a sur-prise interest rate hike fromChina's central bank over theweekend prompted investors,worried about demand, to sellequities.

China's central bank raisedinterest rates on Saturday forthe second time in just over twomonths as it stepped up its bat-tle to rein in stubbornly highinflation. The People's Bank ofChina said it will raise thebenchmark lending rate by 25basis points to 5.81 per centand lift the benchmark depositrate by 25 basis points to 2.75per cent.

"In the long run, this is goingto be healthy for the Chineseeconomy, but the instinctivemarket reaction is that this isgoing to be bad for globaldemand, giving investors a rea-son to sell off equities," saidQuincy Krosby, market strate-gist with Prudential Financialin Newark, New Jersey.

Trading volumes, alreadylight for the holiday season, areexpected to be even thinner as awinter blizzard moved acrossthe northeastern United Stateson Monday. The storm and itsaftermath disrupted air and railtravel and forced motorists todeal with blowing snow and icyroads after the busy Christmasweekend.-Reuters

S'pore near 2-week high; palm oil firms in demand

South East Asian stocks

Bombay Stock Exchangelaunches Islamic index

ANNOUNCEMENTS

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

Sind Abadgar Yearly 10%D 21.70 2.08

Tuesday, December 28, 20106

Volume 85,156,545

Value 4,019,547,981

Trades 56,724

Advanced 236

Declined 144

Unchanged 23

Total 403

Current 8,282.36

High 8,303.75

Low 8,242.14

Change h40.22

Current 11,909.73

High 11,943.96

Low 11,858.17

Change h51.56

Current 11,463.27

High 11,501.61

Low 11,391.57

Change h71.70

Market KSE 100 Index All Share Index KSE 30 Index

Current 18,950.43

High 19,003.51

Low 18,816.29

Change h134.14

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

Hayderi Construction Company Limited

HADC closed down -0.06 at 0.62. Volume was 575 per cent above

average (trending) and Bollinger Bands were 12 per cent narrower than

normal. The company's loss after taxation stood at Rs0.073 million

which translates into a Loss Per Share of Rs0.01 for the 1st quarter of

current fiscal year (1QFY11).

HADC is currently 34.3 per cent below its 200-day moving average and

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

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

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

equal pace. Trend forecasting oscillators are currently bullish on HADC.

RSI (14-day) 41.59 Total Assets (Rs in mn) 26.22

MA (10-day) 0.74 Total Equity (Rs in mn) 18.45

MA (100-day) 0.88 Revenue (Rs in mn) 0.00

MA (200-day) 0.94 Interest Expense 0.00

1st Support 0.52 Loss after Taxation (0.05)

2nd Support 0.42 EPS 09 (Rs) (0.008)

1st Resistance 0.80 Book value / share (Rs) 2.88

2nd Resistance 0.98 PE 10 E (x) -

Pivot 0.70 PBV (x) 0.22

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

HIRAT closed down -0.01 at 4.00. Volume was 16 per cent above aver-

age and Bollinger Bands were 56 per cent narrower than normal. The

company's profit after taxation stood at Rs94.915 million which trans-

lates into an Earning Per Share of Rs1.33 for the 1st quarter of current

fiscal year (1QFY11).

HIRAT is currently 0.4 per cent above its 200-day moving average and

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

to the average volatility over the last 10 trading sessions. Volume indi-

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

Trend forecasting oscillators are currently bullish on HIRAT.

RSI (14-day) 47.55 Total Assets (Rs in mn) 3,356.84

MA (10-day) 4.06 Total Equity (Rs in mn) 1,312.24

MA (100-day) 3.97 Revenue (Rs in mn) 3,116.91

MA (200-day) 3.98 Interest Expense 263.53

1st Support 3.96 Profit after Taxation 248.83

2nd Support 3.86 EPS 10 (Rs) 3.478

1st Resistance 4.20 Book value / share (Rs) 18.34

2nd Resistance 4.34 PE 11 E (x) 0.75

Pivot 4.10 PBV (x) 0.22

Hira Textile Mills Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

INIL closed up 2.83 at 59.55. Volume was 469 per cent above average

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

The company's profit after taxation stood at Rs144.059 million which

translates into an Earning Per Share of Rs1.20 for the 1st quarter of

current fiscal year (1QFY11).

INIL is currently 6.9 per cent above its 200-day moving average and is

displaying an upward trend. Volatility is extremely high when compared

to the average volatility over the last 10 trading sessions. Volume indi-

cators reflect very strong flows of volume into INIL (bullish). Trend fore-

casting oscillators are currently bullish on INIL. Momentum oscillator is

currently indicating that INIL is currently in an overbought condition.

RSI (14-day) 88.48 Total Assets (Rs in mn) 18,758.17

MA (10-day) 53.12 Total Equity (Rs in mn) 3,323.60

MA (100-day) 52.87 Revenue (Rs in mn) 13,471.78

MA (200-day) 55.71 Interest Expense 257.09

1st Support 57.35 Profit after Taxation 1,026.27

2nd Support 55.20 EPS 10 (Rs) 10.272

1st Resistance 60.60 Book value / share (Rs) 33.27

2nd Resistance 61.70 PE 11 E (x) 12.41

Pivot 58.45 PBV (x) 1.79

International Industries Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

PACE closed down -0.04 at 2.83. Volume was 25 per cent above

average and Bollinger Bands were 44 per cent narrower than nor-

mal. The company's loss after taxation stood at Rs108.886 million

which translates into a Loss Per Share of Rs0.39 for the 1st quarter

of current fiscal year (1QFY11).

PACE is currently 24.5 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 volume flowing into and out of PACE at a

relatively equal pace. Trend forecasting oscillators are currently bull-

ish on PACE.

RSI (14-day) 43.72 Total Assets (Rs in mn) 10,559.36

MA (10-day) 2.96 Total Equity (Rs in mn) 6,486.15

MA (100-day) 2.87 Revenue (Rs in mn) 1,649.34

MA (200-day) 3.75 Interest Expense 211.21

1st Support 2.72 Profit after Taxation 633.16

2nd Support 2.67 EPS 10 (Rs) 2.370

1st Resistance 2.90 Book value / share (Rs) 23.26

2nd Resistance 3.03 PE 11 E (x) -

Pivot 2.85 PBV (x) 0.12

PACE Pakistan Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,531.25 1,543.44 1,527.49 1,535.49 4.24 0.28

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

5,643,229 - - 65,194.15 mn 1,191,816.58 mn 1,535.49

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

11.23 3.65 32.54 55.94 4.98 1,522.92

Attock Petroleum 691 5.73 327.94 333.70 328.25 331.08 3.14 319487 374.20 287.99 300 20B - -

Attock Refinery 853 6.82 119.56 122.31 119.50 121.73 2.17 1579872 137.20 78.51 - - - -

BYCO Petroleum 3921 - 11.26 11.42 11.25 11.31 0.05 504380 12.49 10.00 - - - -

Mari Gas Company 735 16.94 124.58 126.25 124.25 125.03 0.45 65076 128.90 106.00 31 - - -

National Refinery 800 3.96 262.67 269.00 263.50 267.19 4.52 114668 275.40 192.25 200 - - -

Oil & Gas Development XD 43009 11.44 169.32 169.50 168.32 169.08 -0.24 171889 171.40 143.30 55 - 15.00 -

Pak Petroleum 11950 8.76 214.33 217.20 214.50 215.35 1.02 727573 221.75 169.50 90 20B - -

Pak Oilfields 2365 6.92 291.23 293.84 291.02 292.86 1.63 1183609 299.00 230.50 255 - - -

Pak Refinery Limited 350 - 110.15 114.50 106.51 110.63 0.48 104283 114.50 55.00 - - - -

P.S.O 1715 5.01 294.04 299.20 295.25 295.95 1.91 1350112 299.20 261.51 80 - - -

Shell Gas LPG 226 - 35.57 35.73 35.00 35.49 -0.08 7752 40.28 29.10 - - - -

Shell Pakistan 685 10.71 207.56 209.89 207.90 208.91 1.35 18908 209.89 182.05 40 - - -

Paid up Last 60 days 2010 2011

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

1,008.66 1,019.34 1,003.92 1,012.37 3.72 0.37

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

9,211,679 - - 47,070.70 mn 133,911.76 mn 1,012.37

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

7.21 0.62 8.64 16.68 2.31 1,004.15

Ali Asghar Textile 222 25.50 0.95 1.50 1.01 1.02 0.07 7000 1.90 0.61 - - - -Amtex Limited 2415 9.30 4.11 4.22 4.03 4.09 -0.02 129350 17.39 4.00 30 - - -Artistic Denim 840 6.68 23.75 24.20 23.31 24.03 0.28 3149 24.20 18.50 20 - - -Azam Textile 133 0.31 2.27 2.35 2.15 2.20 -0.07 1956 3.45 1.32 7.5 - - -Azgard Nine 4493 - 10.15 10.43 10.10 10.19 0.04 3852975 12.32 9.50 - - - -Babri Cotton 33 0.53 12.00 12.99 12.99 12.99 0.99 200 18.75 8.10 - 15B - -Bannu Woolen XD 76 0.46 12.94 13.01 13.00 13.01 0.07 2213 14.50 9.05 20 - - -Bata (Pak) 76 5.69 687.14 685.99 673.00 685.99 -1.15 959 747.48 436.00 - - - -Blessed Tex Mills 64 0.72 46.50 48.00 47.95 47.99 1.49 2900 52.05 44.98 50 - - -Chenab Limited 1150 - 3.24 3.40 3.21 3.25 0.01 28605 3.90 3.00 - - - -Colgate Palm 316 34.74 944.50 958.00 925.00 925.54-18.96 203 958.00 673.01 - - - -Colony Mills Ltd 2442 3.83 2.38 2.84 2.40 2.45 0.07 19755 3.33 2.26 - - - -Crescent Textile 492 4.04 20.00 21.00 21.00 21.00 1.00 8481 23.90 17.89 15 - - -D S Ind Ltd 600 - 1.99 2.04 1.76 1.88 -0.11 2203552 2.37 1.44 - - - -Dar-es-Salaam 80 - 2.35 3.30 2.70 3.30 0.95 10000 4.50 1.75 - - - -Dawood Lawrencepur 514 52.52 44.49 45.50 44.55 44.64 0.15 8227 47.00 36.10 5 - - -Dewan Khalid Textile 57 0.20 2.50 2.60 2.60 2.60 0.10 200 3.75 0.26 - - - -Dewan Mushtaq Textile 34 0.16 4.47 5.47 3.47 5.09 0.62 6652 7.44 1.80 - - - -Ellcot Spinning 110 0.65 20.45 21.46 20.20 21.40 0.95 4999 24.99 17.21 35 - - -Gadoon Textile XD 234 0.78 68.85 71.40 68.00 71.00 2.15 753 71.40 38.30 70 - - -Gillette Pakistan 192 - 61.08 62.50 62.50 62.50 1.42 1020 73.00 58.75 - - - -H M Ismail 120 - 0.90 0.98 0.72 0.72 -0.18 1001 1.39 0.27 - - - -Hira Textile Mills Ltd. 716 0.75 4.01 4.24 4.00 4.00 -0.01 190002 4.88 3.35 10 - - -Ibrahim Fibres 3105 3.02 38.84 38.50 37.56 38.47 -0.37 5906 40.77 34.05 20 - - -Ideal Spinning 99 0.54 6.48 6.90 5.80 6.35 -0.13 2683 7.29 2.02 - - - -Idrees Textile 180 3.80 3.49 3.50 3.20 3.50 0.01 102 5.35 2.60 10 - - -Indus Dyeing 181 3.00 324.71 339.99 308.48 308.48-16.23 176 350.15 209.03 50 - - -J K Spinning 184 0.95 6.20 6.25 5.20 6.20 0.00 5003 9.50 4.05 20 5B - -Janana D Mal 43 0.26 16.01 17.00 15.01 15.96 -0.05 1031 20.50 13.25 - - - -Khalid Siraj 107 - 0.89 0.70 0.66 0.70 -0.19 1001 1.25 0.26 - - - -Khurshid Spinning 132 - 1.99 1.60 1.60 1.60 -0.39 1500 3.00 1.00 - - - -Kohat Textile 208 0.74 1.40 1.40 1.40 1.40 0.00 49000 1.50 0.51 - - - -Kohinoor Ind 303 - 1.62 1.80 1.58 1.66 0.04 49527 2.00 1.01 - - - -Kohinoor Mills 509 - 2.29 2.97 2.39 2.40 0.11 1501 3.68 1.52 - - - -Kohinoor Textile 1455 3.84 5.21 5.49 5.15 5.38 0.17 323 6.10 4.51 - - - -Maqbool Textile 168 2.56 8.25 9.25 8.30 9.21 0.96 1554 11.55 6.10 22.5 - - -Mehmood Textile 150 0.71 59.00 58.25 58.25 58.25 -0.75 2550 68.80 51.46 60 - - -Mukhtar Textile 145 - 0.49 0.64 0.45 0.55 0.06 5502 0.95 0.14 - - - -Nishat (Chunian) 1596 1.89 22.65 23.04 22.63 22.80 0.15 305705 25.14 15.66 15 - - -Nishat Mills 3516 5.38 61.70 62.90 61.85 62.66 0.96 1882974 64.44 45.81 25 45R - -Pak Synthetic 560 3.13 9.17 9.35 9.10 9.25 0.08 1004 10.45 5.16 - - - -Paramount Spinning 174 0.77 10.50 10.51 10.50 10.50 0.00 1002 11.25 7.65 10 10B - -Premium Textile 62 0.40 25.00 26.00 25.00 25.09 0.09 5500 31.03 25.00 50 - - -Prosperity 185 1.13 14.34 15.00 14.60 14.84 0.50 11100 19.75 12.51 30 - - -Quetta Textile 130 0.62 36.21 38.02 37.80 38.02 1.81 1230 47.00 25.80 20 - - -Ravi Textile 250 - 1.56 1.71 1.52 1.54 -0.02 51440 2.30 1.29 - - - -Reliance Weaving 308 0.66 9.10 9.40 9.00 9.38 0.28 1867 12.00 8.01 25SD - - -Rupali Poly 341 4.59 37.00 37.00 36.25 36.56 -0.44 328 38.10 31.25 40 - - -Saif Textile 264 0.36 4.16 4.46 4.05 4.46 0.30 69500 6.85 2.20 - - - -Salman Noman 42 1.27 3.00 3.00 3.00 3.00 0.00 500 4.74 1.30 - 5B - -Samin Textile 134 4.84 6.69 5.81 5.81 5.81 -0.88 500 8.69 5.08 - 100R - -Sana Ind 55 3.65 47.88 48.95 46.60 47.99 0.11 534 48.95 27.50 60 - - -Sargodha Spinning 312 0.48 2.20 2.60 2.40 2.47 0.27 6506 3.00 1.04 5 - - -Service Ind 120 8.01 233.33 235.70 228.00 234.00 0.67 2330 276.50 169.00 - - - -Shahtaj Textile 97 - 19.00 19.95 19.10 19.94 0.94 2073 21.90 15.61 45 - - -Suraj Cotton 180 0.81 37.50 37.50 36.00 36.03 -1.47 2602 38.52 29.00 50 - - -Thal Limited 307 5.39 123.95 126.75 123.50 126.17 2.22 28593 126.75 86.50 80 20B - -Treet Corp 418 9.88 60.61 63.30 60.50 62.02 1.41 215354 63.30 37.25 - - - -Yousuf Weaving 400 0.59 1.74 1.70 1.35 1.70 -0.04 515 2.00 0.86 - - - -Zephyr Textile Ltd 594 5.58 4.24 4.25 4.15 4.24 0.00 6000 4.90 1.76 - - - -Zil Limited 53 3.78 56.19 57.00 55.05 56.40 0.21 2732 58.99 36.00 35 - - -

Paid up Last 60 days 2010 2011

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,113.91 1,123.47 1,103.33 1,113.59 -0.33 -0.03

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

337,424 - - 3,763.71 mn 5,154.90 mn 1,113.91

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

3.09 0.33 10.64 6.27 2.03 1,102.25

AL-Abid Silk 115 2.98 27.72 29.10 27.50 27.64 -0.08 1100 35.00 23.00 -20B 20R - -

Gauhar Engineering Ltd 22 - 0.67 0.78 0.74 0.74 0.07 12500 0.78 0.15 - - - -

Pak Elektron 1174 3.57 14.19 14.40 14.08 14.18 -0.01 294012 15.09 12.90 - 10B - -

Singer Pak 341 21.35 19.88 19.00 19.00 19.00 -0.88 5915 20.45 16.51 - - - -

Tariq Glass Ind 231 2.48 20.25 20.95 20.10 20.73 0.48 23775 21.40 15.90 17.5 - - -

Towellers Ltd 170 - 8.10 8.00 7.10 7.32 -0.78 111 20.00 7.10 - - - -

Paid up Last 60 days 2010 2011

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,714.09 1,755.10 1,678.74 1,720.04 5.95 0.35

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

386,473 - - 11,335.33 mn 229,323.56 mn 1,725.83

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

38.48 11.66 30.30 30.57 0.79 1,714.09

Ansari Sugar 244 0.24 5.00 5.00 5.00 5.00 0.00 1500 6.99 4.03 - - - -Crescent Sugar 214 11.60 5.16 6.16 5.05 6.15 0.99 3001 6.65 5.00 - - - -Dewan Sugar 365 - 3.53 4.20 3.71 3.89 0.36 214591 5.59 1.11 - - - -Faran Sugar 217 3.12 20.00 20.90 19.31 19.31 -0.69 115 21.50 18.30 - - - -Habib Sugar 600 7.55 32.92 33.70 33.00 33.58 0.66 77192 36.50 28.50 25 25B - -Habib-ADM Ltd 200 11.58 12.74 12.70 12.40 12.51 -0.23 2026 16.50 11.90 40 - - -Hussein Sugar 121 - 12.40 11.40 11.40 11.40 -1.00 1072 14.00 9.00 - - - -Ismail Ind 505 34.18 80.60 77.77 76.57 76.57 -4.03 246 81.12 68.60 17.5 110R - -J D W Sugar 490 2.93 87.86 87.50 85.00 87.49 -0.37 2033 89.89 64.12 0 12.5R - -Mehran Sugar 143 3.49 57.96 59.15 59.00 59.08 1.12 551 68.49 48.50 35 20B - -Mirpurkhas SugarXDXB 84 4.26 51.25 53.05 51.01 51.08 -0.17 177 68.22 51.01 15 20B - -Mirza Sugar 141 0.62 5.91 6.10 5.95 6.10 0.19 3407 7.18 4.20 10 - - -National Foods 414 23.18 59.18 62.13 59.50 62.13 2.95 24666 62.13 39.01 12 - - -Nestle Pakistan 453 26.91 2450.00 2493.00 2450.00 2450.03 0.03 175 2550.00 1800.00 450 - - -Noon Pakistan 48 3.51 25.89 26.90 24.60 24.60 -1.29 2025 27.30 17.51 12 - - -Noon Sugar 165 - 12.51 13.00 12.00 13.00 0.49 13000 14.84 11.05 - - - -Pangrio Sugar 109 0.88 6.00 6.25 5.90 6.00 0.00 1499 6.99 4.00 10 - - -Premier Sugar 38 8.35 46.57 48.89 45.50 45.50 -1.07 105 53.81 32.50 - - - -Quice Food 107 - 2.16 2.10 2.10 2.10 -0.06 500 3.40 2.02 - - - -Rafhan Maize 92 3.37 2189.99 2260.00 2080.50 2127.82 -62.17 23532 2298.00 1233.34 600 - - -Shahmurad Sugar 211 16.70 11.40 11.90 11.50 11.52 0.12 3675 13.50 9.93 - - - -Shakarganj Mills 695 - 6.40 6.38 5.67 6.00 -0.40 6012 7.88 3.21 - - - -Sindh Abadgar 104 3.80 7.10 7.90 7.90 7.90 0.80 101 7.90 4.75 10 - - -UniLever Pakistan 665 20.49 4362.24 4493.00 4220.01 4390.01 27.77 5019 4610.00 3825.00 178 - - -

Paid up Last 60 days 2010 2011

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

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,166.33 1,186.33 1,162.17 1,175.69 9.35 0.80

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

365,113 - - 6,768.53 mn 43,230.98 mn 1,175.69

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

4.26 1.08 25.35 20.42 4.79 1,166.33

Agriautos Ind 144 5.69 74.26 75.25 73.50 75.06 0.80 1800 75.99 65.75 90 - - -Atlas Battery 101 5.37 175.63 182.00 176.25 179.92 4.29 14363 182.00 132.00 100 20B - -Atlas Engineering Ltd 247 16.06 17.01 18.00 17.95 17.99 0.98 3898 19.88 15.00 - - - -Atlas Honda 626 9.01 122.76 125.75 122.10 124.27 1.51 1858 128.90 92.50 - - - -Dewan Motors 890 - 2.40 2.46 2.37 2.40 0.00 278627 2.89 1.20 - - - -Exide (PAK) 56 4.75 198.50 206.80 197.01 201.03 2.53 611 206.80 136.00 60 - - -General Tyre 598 18.97 22.40 22.00 22.00 22.00 -0.40 3104 25.24 21.00 20 - - -Ghandhara Nissan 450 3.31 4.58 4.86 4.72 4.76 0.18 7502 5.67 4.03 - - - -Honda Atlas Cars 1428 - 11.14 11.40 11.05 11.15 0.01 15703 13.40 9.65 - - - -Indus Motors 786 5.82 252.67 258.00 252.50 255.10 2.43 20670 282.45 215.99 150 - - -Pak Suzuki 823 10.99 69.10 69.10 68.50 69.01 -0.09 12536 77.90 66.75 - - - -Sazgar Engineering 150 3.82 20.50 20.89 20.50 20.50 0.00 4441 26.00 17.92 10 20B - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,537.58 1,550.86 1,539.00 1,542.05 4.47 0.29

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

119,026 - - 1,336.62 mn 32,887.37 mn 1,542.22

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

8.44 3.21 38.02 131.49 15.58 1,535.46

Ados Pak 66 1.10 16.71 17.71 17.00 17.00 0.29 2501 20.85 14.12 - - - -

AL-Ghazi Tractor 215 5.54 232.94 234.94 230.03 231.22 -1.72 1058 238.99 200.00 150 - - -

Dewan Auto Engineering 214 - 1.54 1.76 1.33 1.59 0.05 2612 2.40 0.21 - - - -

Ghandhara Ind 213 11.05 11.41 11.95 11.50 11.93 0.52 19652 14.89 10.55 - - - -

Hinopak Motor 124 - 131.41 134.89 132.00 132.05 0.64 313 147.89 110.05 - - - -

KSB Pumps 132 7.54 62.77 64.00 62.56 63.00 0.23 17960 87.15 60.00 - - - -

Millat Tractors XB 366 6.49 494.29 498.89 495.50 496.26 1.97 75243 587.00 390.00 650 25B - -

Paid up Last 60 days 2010 2011

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

1,039.76 1,057.38 1,030.63 1,044.18 4.42 0.42

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

318,326 - - 3,043.31 mn 39,261.51 mn 1,045.30

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

2.89 1.27 43.91 15.55 5.37 1,009.32

Cherat Papersack 115 2.74 76.60 78.45 76.75 77.03 0.43 40968 83.23 34.00 20 25B - -

ECOPACK Ltd 230 - 2.71 2.84 2.52 2.63 -0.08 9054 3.30 1.70 - - - -

Ghani Glass 1067 4.55 48.89 49.60 49.06 49.47 0.58 7810 61.99 45.30 25 10B - -

Merit Pack 47 60.00 23.60 24.69 24.00 24.00 0.40 101 25.90 13.93 - - - -

Packages Ltd 844 67.38 129.39 133.50 130.00 131.40 2.01 164328 136.74 98.00 - - - -

Siemens Engineering XD 82 10.14 1242.50 1239.00 1202.00 1229.00-13.50 547 1381.00 1068.75 900 - - -

Tri-Pack Films 300 9.19 125.85 128.70 125.30 126.04 0.19 95511 128.70 97.50 - - - -

Paid up Last 60 days 2010 2011

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

1,013.64 1,030.14 1,010.39 1,018.65 5.01 0.49

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

10,093,790 - - 54,792.74 mn 73,663.50 mn 1,034.23

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

7.80 0.55 7.10 19.04 2.44 1,013.64

Al-Abbas Cement 1828 - 3.22 3.30 3.21 3.27 0.05 20706 3.98 2.80 - 100R - -

Attock Cement 866 6.63 63.00 63.00 62.60 62.96 -0.04 7899 67.00 57.60 50 - - -

Balochistan Glass Ltd 858 - 3.30 4.24 2.75 3.03 -0.27 1391681 4.24 1.10 - - - -

Berger Paints 182 - 23.01 24.16 23.25 24.06 1.05 95382 24.16 14.01 - 122R - -

Bestway Cement 3257 - 21.15 22.20 22.20 22.20 1.05 389 27.43 21.15 - - - -

Buxly Paints 14 - 14.86 14.90 14.00 14.50 -0.36 1105 15.50 7.91 - - - -

Cherat Cement 956 25.52 11.00 11.25 11.15 11.23 0.23 500 12.75 9.51 - - - -

Dadabhoy Cement 982 14.31 1.75 2.03 1.63 1.86 0.11 84012 2.49 1.31 - - - -

Dewan Cement 3574 - 2.33 2.40 2.25 2.27 -0.06 126342 3.10 1.30 - - - -

DG Khan Cement Ltd 3651 126.13 29.94 30.61 29.91 30.27 0.33 6377477 32.10 23.40 - 20R - -

Fauji Cement 6933 15.48 5.13 5.16 5.10 5.11 -0.02 288300 5.55 4.52 - - - -

Flying Cement Ltd 1760 - 1.85 1.90 1.82 1.88 0.03 73142 2.25 1.70 - - - -

Gharibwal Cement 2319 - 7.87 8.50 7.27 7.84 -0.03 1303 9.19 2.70 - - - -

Haydery Const 32 - 0.68 0.88 0.60 0.62 -0.06 157791 1.08 0.25 - - - -

Karam Ceramics 145 13.50 10.50 11.50 9.50 10.80 0.30 3090 11.50 4.80 - - - -

Kohat Cement 1288 - 6.60 6.75 6.56 6.61 0.01 10831 8.70 5.50 - - - -

Lafarge Pakistan Cmt. 13126 - 3.46 3.59 3.35 3.36 -0.10 226499 3.79 2.71 - - - -

Lucky Cement 3234 6.87 75.80 76.75 75.80 76.44 0.64 1124277 79.98 67.70 40 - - -

Maple Leaf Cement 5261 1.37 2.97 3.00 2.90 2.95 -0.02 56704 3.30 2.51 - - - -

Maple Leaf(Pref) 541 3.29 4.01 4.50 4.35 4.47 0.46 1001 8.89 3.21 - - - -

Pioneer Cement 2228 - 6.78 6.94 6.70 6.73 -0.05 38651 8.58 6.56 - - - -

Safe Mix Concrete 200 - 6.35 6.37 5.75 6.18 -0.17 512 7.90 5.25 - - - -

Shabbir Tiles 361 - 8.80 8.45 8.15 8.33 -0.47 6585 10.98 6.30 - - - -

Thatta Cement 798 450.00 18.00 18.45 18.00 18.00 0.00 102 22.24 17.71 - 50R - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

1,045.25 1,078.37 1,038.92 1,072.06 26.81 2.57

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

472,358 - - 3,596.11 mn 10,641.94 mn 1,072.06

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

3.35 1.11 33.10 30.91 9.24 982.73

Crescent Steel 565 4.07 26.06 26.40 25.80 26.06 0.00 27353 27.10 24.00 30 - - -

Dost Steels Ltd 675 - 2.76 2.98 2.81 2.85 0.09 9704 3.39 1.85 - - - -

Huffaz Pipe 555 9.91 15.78 16.00 15.50 15.85 0.07 24974 16.75 12.25 - - - -

International Ind 1199 12.41 56.72 59.55 56.30 59.55 2.83 407329 59.55 44.00 40 20B - -

Siddiqsons Tin 785 10.24 8.91 9.01 9.01 9.01 0.10 2998 10.07 8.00 7.5 - - -

Paid up Last 60 days 2010 2011

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,217.12 1,232.05 1,180.15 1,217.35 0.23 0.02

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

439,969 - - 1,186.83 mn 3,373.86 mn 1,217.35

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

6.06 0.45 7.47 25.28 4.17 1,165.38

Century Paper 707 - 16.67 17.60 16.55 17.26 0.59 427313 20.50 15.28 - - - -

Pak Paper Product 50 8.90 44.77 47.00 45.00 46.28 1.51 11935 62.24 38.61 25 33.33B - -

Security Paper 411 7.18 47.70 46.85 45.40 46.53 -1.17 721 47.70 38.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,378.80 1,413.91 1,387.26 1,399.39 20.59 1.49

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

19,625,506 - - 52,251.88 mn 308,185.96 mn 1,399.39

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

8.71 3.05 35.00 48.81 5.60 1,346.12

Bawany Air 68 81.75 9.43 9.85 9.00 9.81 0.38 1296 13.99 7.73 5 10R - -

Biafo Ind 200 6.02 54.81 57.55 55.40 55.40 0.59 111 57.55 36.00 45 - 12.50 -

BOC (Pak) 250 12.23 89.28 90.80 89.01 89.05 -0.23 13210 94.20 72.00 15 - - -

Clariant Pak 273 6.60 171.08 175.75 171.00 172.65 1.57 17517 178.20 149.72 - - - -

Dawood Hercules 1203 8.13 188.19 197.55 189.49 196.04 7.85 205245 197.55 163.55 40 - - -

Descon Chemical 1996 - 3.05 3.14 2.96 3.08 0.03 7245 3.74 1.90 - - - -

Descon Oxychem Ltd. 1020 - 8.90 9.10 8.76 8.78 -0.12 120736 9.25 3.41 - - - -

Dewan Salman 3663 - 3.36 3.47 3.31 3.34 -0.02 1056834 4.24 1.28 - - - -

Dynea Pak 94 - 10.94 11.49 10.94 11.38 0.44 12391 13.79 9.15 15 - - -

Engro Corporation Ltd 3277 10.96 197.13 200.88 198.00 199.56 2.43 2325860 200.88 171.55 40 - - -

Engro Polymer 6635 - 14.58 14.75 14.25 14.34 -0.24 521626 15.20 11.61 - - - -

Fatima Fertilizer 22000 - 9.98 10.89 10.01 10.80 0.82 4489379 11.50 9.16 - - - -

Fauji Fertilizer 6785 8.91 121.39 124.40 122.60 123.02 1.63 2185559 124.40 104.50 95 - - -

Fauji Fert.Bin Qasim 9341 7.04 36.45 37.65 36.61 37.31 0.86 6285042 37.65 26.59 17.5 - - -

Gatron Ind 384 2.41 44.94 45.20 44.26 44.86 -0.08 577 46.59 38.03 20 - - -

Ghani Gases Ltd 725 8.81 11.52 11.70 11.50 11.63 0.11 86357 13.85 10.06 - - - -

ICI Pakistan 1388 8.10 142.09 145.75 142.75 143.70 1.61 868203 145.75 116.00 55 - - -

Leiner Gelatine 75 - 15.50 16.00 14.50 14.61 -0.89 230 24.00 7.10 - - - -

Lotte Pakistan 15142 4.85 13.50 13.67 13.50 13.59 0.09 5481468 13.83 8.17 - - - -

Nimir Ind Chemical 1106 - 2.06 2.12 2.01 2.02 -0.04 242701 2.74 1.30 - - - -

Pak Gum 42 - 18.40 19.35 18.99 19.14 0.74 250 22.29 17.01 - - - -

Sitara Chem Ind 214 10.57 127.11 131.00 128.60 128.99 1.88 3031 139.40 101.00 25 5B - -

Sitara Peroxide 551 15.13 14.05 14.15 13.81 13.92 -0.13 179421 14.69 7.67 - - - -

Wah-Noble 90 7.28 36.43 38.25 35.80 37.85 1.42 17768 46.25 32.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

969.92 995.72 966.88 992.96 23.03 2.37

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

187,199 - - 3,904.20 mn 33,477.64 mn 996.68

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

7.28 1.62 22.31 44.54 6.12 969.92

Abbott (Lab) 979 9.64 107.90 110.22 107.30 110.00 2.10 24988 110.99 85.10 20 - - -

Ferozsons (Lab) 250 6.76 89.08 90.00 89.10 89.54 0.46 7898 113.00 82.20 - 20B - -

GlaxoSmithKline 1707 15.51 82.28 86.39 82.25 86.25 3.97 149632 87.98 66.30 - - - -

Highnoon (Lab) 165 7.51 27.36 27.50 27.05 27.10 -0.26 2252 27.90 22.60 - - - -

IBL HealthCare Ltd 200 6.81 8.30 8.49 8.44 8.45 0.15 500 9.00 6.81 - - - -

Searle Pak 306 5.43 61.00 60.51 60.00 60.40 -0.60 1918 64.50 59.50 30 - - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

743.37 750.88 715.47 738.03 -5.34 -0.72

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

8,363 - - 3,242.17 mn 12,726.18 mn 743.57

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

5.47 1.40 25.53 11.08 2.02 736.50

Pak Int Cont. Terminal 1092 7.25 73.50 73.93 70.01 72.50 -1.00 2579 77.77 60.05 40 - - -

PNSC 1321 37.52 33.88 34.85 33.90 34.52 0.64 5784 41.00 32.36 15 - - -

Paid up Last 60 days 2010 2011

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

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

INDICATIONS

# Extraordinary General Meeting

OTHER SECTORS

Pakistan Cables 53.95 55 54.01 55 1.05 1399

TRG Pakistan Ltd. 3.7 3.86 3.7 3.74 0.04 830909

Murree Brewery Co. 90.1 92 90 91.5 1.4 7336

Shezan International 108 113.4 108 113.4 5.4 354

Lakson Tobacco 319.24 326 305.01 313.1 -6.14 1346

Pak Tobacco 112.18 115.93 112 112.09 -0.09 2189

Shifa Int.Hospitals 28.6 29.95 28 29.5 0.9 466

Eye Television 21.39 21.48 20.6 20.85 -0.54 63964

P.I.A.C.(A) 2.27 2.39 2.3 2.38 0.11 39483

Pak Services 177 168.25 168.16 168.25 -8.75 223

AKD Capital XD 47.4 48.99 47.55 48.5 1.1 1154

Pace (Pak) Ltd. 2.87 2.98 2.8 2.83 -0.04 986827

Netsol Technologies 18.45 18.79 18.45 18.49 0.04 166736

Symbols Open High Low Close Change Vol

BOOK CLOSURES

Husein Industries 28-12-2010 04-01-2011 - - 31-12-2010

Balochistan Glass# 28-12-2010 04-01-2011 - - 04-01-2011

Adil Textile 01-01-2011 07-01-2011 - - 07-01-2011

Summit Bank 01-02-2011 08-02-2011 20(R) - -

Atlas Bank 03-01-2011 10-01-2011 - - -

BOC Pakistan# 11-01-2011 17-01-2011 - - 17-01-2011

Pangrio Sugar 22-01-2011 31-01-2011 10 - 31-01-2011

Mirza Sugar 22-01-2011 31-01-2010 10 - 31-01-2011

Arif Habib Inv# 01-02-2011 07-02-2011 - - 07-02-2011

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

Tuesday, December 28, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 51.56 points at 11,909.73. Volume was 16 per cent

below average and Bollinger Bands were 26 per cent wider than normal. As far

as resistance level is concern, the market will see major 1st resistance level at

11,949.75 and 2nd resistance level at 11,989.75, while Index will continue to

find its 1st support level at 11,863.95 and 2nd support level at 11,818.15.

KSE 100 INDEX is currently 15.9 per cent above its 200-day moving aver-

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

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

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

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

Momentum oscillator is currently indicating that INDEX is currently in an

overbought condition.

RSI (14-day) 79.28 Support 1 11,863.95

MA (5-day) 11,846.88 Support 2 11,818.15

MA (10-day) 11,775.36 Resistance 1 11,949.75

MA (100-day) 10,502.21 Resistance 2 11,989.75

MA (200-day) 10,279.86 Pivot 11,903.95

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed up 0.33 at 30.27. Volume was 56 per cent above average

and Bollinger Bands were 5 per cent wider than normal.

DGKC is currently 12.2 per cent above its 200-day moving average and is

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

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

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

casting oscillators are currently bullish on DGKC.

*Arif Habib Ltd 42 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 53.76 Free Float Shares (mn) 182.55

MA (10-day) 30.66 Free Float Rs (mn) 5,525.78

MA (100-day) 26.89 ** NOI Rs (mn) 48.71

MA (200-day) 26.98 Mean 30.18

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed up 0.86 at 37.31. Volume was 215 per cent above average

(trending) and Bollinger Bands were 3 per cent narrower than normal.

FFBL is currently 24.6 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on FFBL. Momentum oscillator is currently

indicating that FFBL is currently in an overbought condition.

*Arif Habib Ltd 34.7 Sell

AKD Securities Ltd 32.06 Accumulate

TFD Research 29.1 Negative

RSI (14-day) 70.00 Free Float Shares (mn) 326.94

MA (10-day) 35.91 Free Float Rs (mn) 12,198.08

MA (100-day) 30.59 ** NOI Rs (mn) 63.20

MA (200-day) 29.98 Mean 37.01

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Fair Value Rs Recommendations

Technical Outlook

ENGRO closed up 2.43 at 199.56. Volume was 110 per cent above aver-

age and Bollinger Bands were 58 per cent wider than normal.

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

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

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

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

casting oscillators are currently bullish on ENGRO. Momentum oscillator is

currently indicating that ENGRO is currently in an overbought condition.

*Arif Habib Ltd 176 Sell

AKD Securities Ltd 238.8 Buy

TFD Research 208.75 Neutral

RSI (14-day) 72.19 Free Float Shares (mn) 147.48

MA (10-day) 192.88 Free Float Rs (mn) 29,431.42

MA (100-day) 179.87 ** NOI Rs (mn) 130.71

MA (200-day) 184.97 Mean 198.89

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

Technical Analysis Leverage Position

Fauji Fertiliser Co

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFC closed up 1.63 at 123.02. Volume was 230 per cent above average

(trending) and Bollinger Bands were 88 per cent wider than normal.

FFC is currently 12.7 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on FFC. Momentum oscillator is currently

indicating that FFC is currently in an overbought condition.

*Arif Habib Ltd 127.8 Hold

AKD Securities Ltd 122.1 Accumulate

TFD Research 114.33 Neutral

RSI (14-day) 77.06 Free Float Shares (mn) 373.19

MA (10-day) 118.42 Free Float Rs (mn) 45,909.82

MA (100-day) 109.21 ** NOI Rs (mn) 13.80

MA (200-day) 109.12 Mean 122.85

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed up 0.96 at 62.66. Volume was 52 per cent below average (con-

solidating) and Bollinger Bands were 16 per cent narrower than normal.

NML is currently 22.5 per cent above its 200-day moving average and is

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

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

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

ing oscillators are currently bullish on NML.

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Positive

RSI (14-day) 63.16 Free Float Shares (mn) 175.80

MA (10-day) 61.27 Free Float Rs (mn) 11,015.62

MA (100-day) 51.21 ** NOI Rs (mn) 98.01

MA (200-day) 51.16 Mean 62.28

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed up 0.20 at 72.25. Volume was 49 per cent below average

(consolidating) and Bollinger Bands were 23 per cent wider than normal.

NBP is currently 6.8 per cent above its 200-day moving average and is dis-

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

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

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

tors are currently bullish on NBP.

*Arif Habib Ltd 82.1 Buy

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 66.02 Free Float Shares (mn) 318.44

MA (10-day) 71.53 Free Float Rs (mn) 23,007.60

MA (100-day) 66.38 ** NOI Rs (mn) 169.99

MA (200-day) 68.79 Mean 72.30

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

Technical Analysis Leverage Position

Pakistan State Oil Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

PSO closed up 1.91 at 295.95. Volume was 79 per cent above average

and Bollinger Bands were 36 per cent narrower than normal.

PSO is currently 5.6 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 moderate flows of volume into PSO (mildly bullish). Trend forecast-

ing oscillators are currently bullish on PSO.

*Arif Habib Ltd 365.4 Buy

AKD Securities Ltd 276.6 Neutral

TFD Research 360.05 Positive

RSI (14-day) 66.86 Free Float Shares (mn) 74.16

MA (10-day) 289.98 Free Float Rs (mn) 21,948.56

MA (100-day) 270.84 ** NOI Rs (mn) 183.77

MA (200-day) 280.19 Mean 296.11

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,304.15 1,324.46 1,295.20 1,312.30 8.15 0.62

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

6,192,589 - - 29,771.58 mn 17,597.79 mn 1,313.67

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

19.92 0.44 2.21 104.74 8.17 1,301.92

1st Fid Leasing 264 10.19 1.41 1.84 1.43 1.63 0.22 142 2.24 1.05 - - - -

AL-Meezan Mutual F. 1375 6.81 8.04 8.17 8.01 8.17 0.13 137074 8.59 5.85 18.5 - - -

AL-Noor Modaraba 210 5.00 3.25 3.15 2.76 3.00 -0.25 2600 3.80 2.10 5 - - -

Atlas Fund of Funds 525 1.64 4.30 4.06 3.84 4.06 -0.24 4001 4.50 2.70 2.2 - - -

B R R Guardian Mod. 780 3.95 1.75 1.74 1.70 1.74 -0.01 1521 2.37 0.90 0 - - -

Crescent St Modaraba 200 1.70 0.62 0.70 0.60 0.68 0.06 23388 1.10 0.16 1.2 - - -

Equity Modaraba 524 10.56 1.68 1.75 1.51 1.69 0.01 35874 2.37 0.86 - - - -

First Dawood Mutual F. 581 0.64 2.00 2.03 1.98 2.03 0.03 12565 2.28 1.30 - - - -

Golden Arrow 760 2.27 3.13 3.20 3.01 3.18 0.05 50767 3.88 2.56 17 - - -

H B L Modaraba 397 2.58 8.09 7.94 7.50 7.75 -0.34 7031 8.24 5.11 11 - - -

Habib Modaraba 1008 5.83 6.64 6.76 6.70 6.76 0.12 2000001 6.90 5.80 21 - - -

I B L Modaraba XD 202 18.36 2.35 3.30 2.02 2.02 -0.33 502 3.69 1.06 3 - - -

JS Growth Fund 3180 66.88 5.21 5.43 5.20 5.35 0.14 3129550 5.43 2.65 5 - - -

JS Value Fund 1186 16.57 4.62 4.66 4.58 4.64 0.02 19468 4.73 2.31 10 - - -

Meezan Balanced Fund 1200 7.21 7.28 7.50 7.30 7.50 0.22 135760 8.25 5.15 15.5 - - -

NAMCO Balanced Fund 1000 6.20 3.70 3.98 3.95 3.97 0.27 30002 4.00 2.26 15 - - -

Paramount Modaraba 59 7.03 9.23 9.00 9.00 9.00 -0.23 800 9.45 7.51 18 - - -

PICIC Energy Fund 1000 1.90 6.60 6.87 6.50 6.53 -0.07 28515 7.18 4.50 10 - - -

PICIC Growth Fund 2835 8.08 12.55 12.80 12.58 12.61 0.06 139589 12.94 7.90 20 - - -

PICIC Inv Fund 2841 7.01 6.09 6.24 6.07 6.17 0.08 303510 6.50 3.50 10 - - -

Prud Modaraba 1st 872 2.27 1.00 1.05 1.00 1.00 0.00 127003 1.19 0.79 3 - - -

Stand Chart Modaraba 454 4.65 9.20 9.50 9.20 9.49 0.29 527 10.00 7.75 17 - - -

U D L Modaraba 264 1.73 5.90 6.20 6.10 6.10 0.20 2300 6.99 4.71 12.5 - - -

Paid up Last 60 days 2010 2011

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

410.74 421.73 407.85 413.63 2.89 0.70

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

4,330,673 - - 30,336.44 mn 28,842.14 mn 417.55

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

10.30 0.27 0.91 99.56 3.29 410.74

AMZ Ventures 225 1.59 0.70 0.80 0.66 0.70 0.00 3138 0.95 0.45 - - - -

Arif Habib Investments 360 3.46 16.85 17.69 17.29 17.57 0.72 3475 19.98 13.00 - 20B - -

Arif Habib Limited 450 13.99 26.37 27.58 25.51 27.43 1.06 121816 28.95 24.40 - 20B - -

Arif Habib Corp 3750 4.60 23.83 25.02 24.14 25.02 1.19 4212651 27.02 20.90 30 - - -

Dawood Cap Mngmnt XB 150 1.63 1.71 1.99 1.36 1.82 0.11 314 2.14 1.05 - - - -

Dawood Equities 250 - 1.95 2.00 1.78 2.00 0.05 502 2.69 1.51 - - - -

Grays Leasing 215 - 1.12 1.73 1.11 1.50 0.38 3802 2.90 0.18 - - - -

IGI Investment Bank 2121 18.38 2.89 2.98 2.80 2.94 0.05 90015 2.98 1.32 - - - -

Invest Bank 2849 - 0.83 0.95 0.61 0.71 -0.12 17794 0.97 0.44 - - - -

Ist Cap Securities 3166 - 3.50 3.77 3.54 3.58 0.08 11604 4.80 2.70 - 10B - -

Ist Dawood Bank 626 0.64 1.80 1.79 1.66 1.79 -0.01 64757 2.84 1.05 - - - -

Jah Siddiq Co 7633 - 11.22 11.59 11.17 11.34 0.12 3442810 14.05 8.80 10 - - -

JOV and CO 508 - 3.93 4.10 3.91 4.01 0.08 80050 5.38 1.96 - - - -

JS Global Cap 500 7.53 28.19 29.00 28.00 28.02 -0.17 304 36.49 24.25 - - - -

JS Investment 1000 27.88 6.60 6.78 6.60 6.69 0.09 69187 7.59 5.10 - - - -

KASB Securities 1000 - 4.48 4.70 4.44 4.59 0.11 4603 4.90 3.50 - - - -

Orix Leasing 821 4.93 6.67 7.09 6.64 6.70 0.03 1259 7.29 4.52 - - - -

Pervez Ahmed Sec 775 - 2.25 2.28 2.15 2.17 -0.08 344212 2.70 1.35 - - - -

Saudi Pak Leasing 452 - 0.81 0.70 0.60 0.70 -0.11 9095 0.90 0.46 - - - -

Sec Inv Bank 514 17.76 4.58 4.99 4.07 4.44 -0.14 46001 4.99 1.65 - - - -

Trust Inv Bank 586 2.75 1.90 1.80 1.75 1.76 -0.14 15900 2.98 1.24 - - - -

Paid up Last 60 days 2010 2011

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

907.65 930.28 885.42 924.19 16.54 1.82

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

28,766 - - 2,290.72 mn 10,445.76 mn 924.19

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

13.50 3.83 3.85 355.53 3.57 907.65

East West Life 455 - 2.65 2.75 2.40 2.75 0.10 2440 4.62 2.05 - 20R - -

EFU Life Assurance 850 42.61 75.00 76.45 74.51 75.00 0.00 25280 86.95 57.15 - - - -

New Jub Life Insurance 627 31.71 46.00 47.25 44.25 47.25 1.25 1045 49.31 39.95 - - - -

Paid up Last 60 days 2010 2011

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,150.65 1,173.35 1,145.87 1,158.68 8.03 0.70

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

8,181,278 - - 257,548.02 mn 702,439.30 mn 1,158.68

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

8.30 1.16 13.94 40.49 4.88 1,143.35

Allied Bank Limited 7821 6.38 64.25 66.00 64.00 65.65 1.40 319436 66.49 50.00 20 - - -Askari Bank 6427 8.27 17.40 17.60 17.31 17.37 -0.03 267947 18.10 14.23 - - - -Atlas BankSPOT 5001 - 1.73 1.75 1.65 1.67 -0.06 237510 2.55 1.50 - - - -Bank Alfalah 13492 13.81 10.74 10.86 10.56 10.77 0.03 1128292 11.10 7.66 - - - -Bank AL-Habib 7322 7.70 35.12 36.00 35.02 35.73 0.61 207554 36.40 30.52 - - - -Bank Of Khyber 5004 5.87 4.08 4.49 4.20 4.40 0.32 29669 4.70 2.50 - - - -Bank Of Punjab 5288 - 9.75 9.97 9.71 9.77 0.02 759689 10.59 8.00 - - - -BankIslami Pak 5280 820.00 3.28 3.35 3.13 3.28 0.00 148815 3.88 2.77 - - - -Faysal Bank 7309 4.74 14.54 14.74 14.55 14.70 0.16 33976 17.10 13.01 - 20B - -Habib Bank Ltd 10019 7.37 116.41 118.50 116.40 118.03 1.62 136648 121.99 92.55 - - - -Habib Metropolitan Bank 8732 8.62 27.80 29.19 27.30 28.18 0.38 115266 29.19 18.02 - - - -JS Bank Ltd 8150 - 2.57 2.60 2.50 2.50 -0.07 52395 3.00 2.25 - 66R - -KASB Bank Ltd 9509 - 2.42 2.45 2.44 2.45 0.03 37171 2.90 2.16 - - - -MCB Bank Ltd 7602 9.98 224.32 228.39 223.52 225.18 0.86 531723 228.39 183.35 55 - - -Meezan Bank 6983 8.68 16.19 16.49 15.30 16.41 0.22 20585 16.70 14.05 - - - -Mybank Ltd 5304 - 2.48 2.68 2.40 2.65 0.17 476703 2.95 1.90 - - - -National Bank 13455 6.31 72.05 72.69 72.20 72.25 0.20 1680220 73.20 62.15 - - - -Network Mic Bank 300 - 1.60 1.63 1.63 1.63 0.03 5000 2.40 0.62 - - - -NIB Bank 40437 - 2.91 3.00 2.85 2.88 -0.03 407365 3.18 2.50 - - - -Royal Bank Ltd 17180 - 4.84 4.90 4.70 4.81 -0.03 38726 8.10 3.91 - - - -Samba Bank 14335 - 1.99 2.05 1.97 2.04 0.05 38723 2.65 1.51 -63.46R - -Silkbank Ltd 26716 - 2.67 2.79 2.63 2.67 0.00 335045 3.08 2.50 - - - -Soneri Bank 6023 - 7.80 8.00 7.75 7.79 -0.01 58606 8.30 5.05 - - - -Stand Chart Bank 38716 12.98 8.30 8.49 8.25 8.44 0.14 11478 9.04 6.00 - - - -Summit Bank Ltd 5000 - 3.37 3.85 3.40 3.75 0.38 332333 3.90 2.30 - - - -United Bank Ltd 12242 7.74 65.28 66.50 65.42 65.88 0.60 1102736 67.39 50.50 10 - - -

Paid up Last 60 days 2010 2011

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

772.42 789.51 771.56 777.88 5.46 0.71

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

950,966 - - 11,111.34 mn 48,157.08 mn 777.88

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

12.83 0.67 5.20 79.54 6.20 772.42

Adamjee Insurance 1237 25.25 86.32 88.39 86.61 87.11 0.79 562153 91.75 63.05 10 - - -

Paid up Last 60 days 2010 2011

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,532.78 1,558.81 1,526.96 1,532.75 -0.04 0.00

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

322,996 - - 12,202.80 mn 32,826.42 mn 1,538.84

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

9.83 1.12 11.41 66.79 6.80 1,493.50

Sui North Gas XD 5491 8.14 27.27 27.79 27.33 27.36 0.09 179376 34.75 26.35 20 - - -Sui South Gas 8390 3.20 21.27 21.60 21.10 21.22 -0.05 143620 30.70 19.95 15 25B - -

Paid up Last 60 days 2010 2011

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,267.85 1,289.68 1,263.14 1,270.28 2.43 0.19

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

4,284,047 - - 95,369.29 mn 103,508.83 mn 1,283.40

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

14.30 1.34 9.35 104.13 7.28 1,257.44

Altern Energy 3426 20.68 9.00 10.00 9.10 9.10 0.10 40500 11.25 9.00 - - - -Genertech 198 - 0.87 1.00 0.85 0.96 0.09 176 1.45 0.60 - - - -Hub Power 11572 6.78 36.90 37.39 36.82 37.00 0.10 1294154 38.10 32.75 50 - - -Japan Power 1560 - 1.77 1.79 1.69 1.69 -0.08 148920 2.25 1.20 - - - -KESC 7932 - 2.71 2.84 2.70 2.71 0.00 950240 3.29 1.95 - 7.8R - -Kohinoor Energy 1695 11.54 20.49 21.50 20.00 20.77 0.28 62569 25.89 17.95 15 - - -Kohinoor Power 126 2.70 4.83 4.99 4.41 4.42 -0.41 5528 5.70 4.01 - - - -Kot Addu Power 8803 4.92 40.48 40.70 40.41 40.52 0.04 113418 41.96 38.35 50 - - -Nishat Chunian Power Ltd 3673 3.34 15.41 15.50 15.20 15.24 -0.17 85195 16.00 10.51 - - - -Nishat Power Ltd 3541 24.90 15.44 15.70 15.30 15.44 0.00 1375412 16.70 11.01 - - - -Southern Electric 1367 - 2.30 2.35 2.20 2.29 -0.01 193207 2.80 2.05 - - - -Tri-star Power XD 150 - 1.11 1.07 0.87 1.07 -0.04 14702 1.75 0.65 - - - -a

Paid up Last 60 days 2010 2011

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

1,143.89 1,154.12 1,137.18 1,146.66 2.78 0.24

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

1,133,422 - - 50,077.79 mn 79,006.24 mn 1,149.68

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

6.19 0.79 12.84 62.56 10.11 1,133.57

Pak Datacom 78 4.94 81.49 81.00 80.05 80.10 -1.39 1001 116.00 76.50 80 - - -Pakistan Telecomm Co A 37740 12.88 19.27 19.40 19.18 19.32 0.05 177653 20.12 18.21 17.5 - - -Telecard 3000 0.69 2.25 2.33 2.22 2.31 0.06 480103 2.69 1.92 1 - - -WorldCall Tele 8606 - 2.96 3.04 2.92 2.94 -0.02 474665 3.45 2.32 - - - -Wateen Telecom Ltd 6175 - 3.61 3.68 3.53 3.63 0.02 269986 4.25 3.35 - - - -

Paid up Last 60 days 2010 2011

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

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

Ask Gen Insurance 204 6.67 10.93 11.54 10.66 11.00 0.07 11319 12.75 9.75 - 25R - -

Atlas Insurance 369 6.08 38.48 38.50 37.44 38.25 -0.23 1970 38.88 27.56 - - - -

Central Insurance XB 279 7.04 62.04 62.46 61.52 61.91 -0.13 1935 64.80 47.50 10 10B - -

Century Insurance 457 6.87 11.14 11.20 10.82 10.99 -0.15 4720 12.00 9.42 - - - -

Crescent Star Insurance 121 - 4.00 4.86 3.91 4.68 0.68 777 7.00 3.10 - - - -

EFU General Insurance 1250 - 43.47 44.45 43.75 44.00 0.53 30982 48.63 34.76 - - - -

Habib Insurance 400 3.33 14.09 14.40 14.00 14.00 -0.09 6152 14.45 10.04 - - - -

IGI Insurance 718 17.90 97.14 99.88 95.56 96.47 -0.67 17983 99.88 70.30 10 20B - -

Pak Reinsurance 3000 41.36 16.02 16.44 16.10 16.13 0.11 281089 17.20 12.80 - - - -

Pak Gen Insurance 250 1.67 7.10 7.10 7.05 7.05 -0.05 1001 8.45 5.06 - - - -

Premier Insurance 303 6.48 11.49 12.00 11.50 11.98 0.49 23398 12.00 8.00 - - - -

Shaheen Insurance 200 - 12.10 12.80 12.02 12.07 -0.03 971 14.53 11.51 - - - -

Silver Star Insurance 253 4.35 7.05 7.00 7.00 7.00 -0.05 5000 8.17 6.01 - - - -

United Insurance XB 400 2.23 6.95 6.88 6.36 6.80 -0.15 1462 7.35 4.50 - - - -

UP TO 100 VOLUME

CHAS 12.12 12.30 12.30 12.30 0.18 100

GSPM 7.06 7.48 7.10 7.15 0.09 87

MWMP 1.84 1.90 1.71 1.89 0.05 59

NJICL 58.00 58.94 57.11 58.93 0.93 54

HWQS 18.35 19.00 17.40 18.90 0.55 51

GUTM 23.99 24.00 22.80 22.80 -1.19 48

MOON 6.49 5.60 5.60 5.60 -0.89 44

PAKMI 1.23 1.99 1.20 1.24 0.01 37

MFFL 66.13 68.00 68.00 68.00 1.87 32

SEL 18.75 18.99 18.75 18.75 0.00 26

UPFL 1118.04 1105.01 1062.14 1100.00 -18.04 24

CJPL 1.00 1.15 1.09 1.09 0.09 22

SHJS 93.71 95.00 89.07 93.67 -0.04 22

IFSL 6.80 7.60 6.76 6.98 0.18 20

KASBM 1.85 1.88 1.88 1.88 0.03 17

BFMOD 3.50 3.50 3.50 3.50 0.00 16

SCL 87.73 87.73 87.73 87.73 0.00 16

EMCO 2.95 3.40 2.70 3.04 0.09 12

GATM 27.09 27.50 27.00 27.49 0.40 11

SAPL 139.56 145.40 143.10 143.10 3.54 11

SFWF 6.28 5.37 5.37 5.37 -0.91 10

FECM 2.80 2.90 2.90 2.90 0.10 10

FNEL 8.50 8.75 8.75 8.75 0.25 10

BROT 0.84 0.70 0.62 0.63 -0.21 10

ICCT 1.74 1.75 1.75 1.75 0.01 10

SANSM 14.40 14.30 14.30 14.30 -0.10 10

SHCI 2.45 2.74 2.63 2.63 0.18 10

HUSI 7.02 7.89 7.44 7.44 0.42 8

MACFL 3.47 3.59 3.25 3.25 -0.22 7

CLOV 69.00 70.99 70.00 70.00 1.00 6

FRCL 2.15 2.48 1.71 1.71 -0.44 6

SCLL 2.85 2.88 2.84 2.84 -0.01 5

DATM 0.48 0.40 0.40 0.40 -0.08 5

FZTM 401.90 410.00 382.00 404.00 2.10 5

KOSM 1.02 1.51 1.19 1.19 0.17 5

CWSM 1.11 1.40 1.10 1.17 0.06 4

BAWS 5.50 5.80 5.79 5.80 0.30 4

DIIL 10.55 11.00 9.62 11.00 0.45 3

FCONM 1.09 1.59 1.46 1.46 0.37 2

MODAM 1.29 1.40 1.40 1.40 0.11 2

FPJM 1.95 2.00 1.60 1.60 -0.35 2

FTSM 1.65 1.06 1.06 1.06 -0.59 2

RCML 35.00 35.90 35.90 35.90 0.90 2

DNCC 2.87 2.85 2.85 2.85 -0.02 2

ICL 34.34 36.00 34.50 34.50 0.16 2

TSMF 1.88 1.79 1.79 1.79 -0.09 1

ALICO 18.95 19.65 19.65 19.65 0.70 1

DWTM 7.78 8.77 8.77 8.77 0.99 1

SJTM 1.48 0.49 0.49 0.49 -0.99 1

SLYT 4.00 4.00 4.00 4.00 0.00 1

SHTM 0.49 0.50 0.50 0.50 0.01 1

COTT 0.61 1.29 1.29 1.29 0.68 1

MFTM 1.01 1.23 1.20 1.20 0.19 1

SFL 123.85 129.25 129.25 129.25 5.40 1

STML 22.08 23.05 23.05 23.05 0.97 1

FASM 33.50 32.65 32.30 32.65 -0.85 1

SAPT 100.00 104.35 104.35 104.35 4.35 1

AGL 24.24 24.47 24.47 24.47 0.23 1

ALNRS 47.75 49.00 48.90 48.90 1.15 1

KOHS 4.50 5.40 5.35 5.35 0.85 1

TICL 90.00 94.47 94.00 94.00 4.00 1

DADX 21.01 20.21 20.21 20.21 -0.80 1

JOPP 8.02 7.51 7.51 7.51 -0.51 1

PTEC 2.20 2.35 2.35 2.35 0.15 1

WAZIR 8.75 8.00 8.00 8.00 -0.75 1

GRAYS 51.97 51.75 51.75 51.75 -0.22 1

UDPL 10.47 10.10 10.09 10.09 -0.38 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

FFBL-JAN 36.53 37.90 36.70 37.55 1.02 951500

NML-DEC 61.79 62.90 61.75 62.75 0.96 765000

FFBL-DEC 36.53 37.65 36.60 37.30 0.77 687000

NML-JAN 61.79 63.25 62.00 63.13 1.34 626500

POL-DEC 291.68 293.97 291.50 293.44 1.76 312500

DGKC-DEC 30.02 30.60 30.00 30.35 0.33 299500

ANL-JAN 10.20 10.55 10.25 10.31 0.11 289500

POL-JAN 291.68 295.50 292.20 294.51 2.83 269000

ENGRO-DEC 197.49 201.25 198.25 199.87 2.38 223500

PSO-DEC 294.85 299.35 295.35 296.56 1.71 220500

NBP-DEC 72.13 72.70 72.16 72.30 0.17 220500

ANL-DEC 10.20 10.45 10.10 10.23 0.03 175000

NBP-JAN 72.13 73.30 72.76 72.87 0.74 164500

ENGRO-JAN 197.49 202.40 199.15 200.67 3.18 140000

DGKC-JAN 30.02 30.80 30.10 30.50 0.48 131000

PPL-DEC 214.70 217.37 214.70 215.88 1.18 121000

MCB-DEC 224.22 227.60 224.90 225.56 1.34 108000

LUCK-DEC 76.00 76.40 75.50 75.68 -0.32 80500

PSO-JAN 294.85 301.10 297.99 298.13 3.28 78500

AICL-DEC 86.54 88.40 87.20 87.37 0.83 76000

AICL-JAN 86.54 89.00 87.82 87.94 1.40 70500

MCB-JAN 224.22 227.20 225.06 225.78 1.56 49000

PPL-JAN 214.70 217.50 215.00 216.34 1.64 43500

OGDC-JAN 169.07 169.00 168.10 168.50 -0.57 39000

FFC-DEC 121.47 124.00 122.50 123.51 2.04 38500

OGDC-DEC 169.07 169.10 168.50 169.00 -0.07 35000

LUCK-JAN 76.00 76.11 75.01 76.10 0.10 34000

FFC-JAN 121.47 124.26 124.00 124.15 2.68 17000

UBL-DEC 65.39 66.25 65.71 66.19 0.80 16000

UBL-JAN 65.39 68.05 66.00 67.53 2.14 3000

Symbols Open High Low Close Change Vol

ZERO VOLUME

BCL 43.00 43.10 43.10 43.10 0.10 0.00

BHAT 269.99 268.00 268.00 268.00 -1.99 0.00

CLCPS 2.95 2.45 2.45 2.45 -0.50 0.00

CSUML 4.25 4.00 4.00 4.00 -0.25 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 47.68 3.20 3.15 3.30 3.35 3.25

Allied Bank Limited 73.27 64.45 63.20 66.45 67.20 65.20

Attock Cement 49.65 62.70 62.45 63.10 63.25 62.85

Arif Habib Corp 55.56 24.45 23.85 25.30 25.60 24.75

Arif Habib Limited 59.40 26.10 24.75 28.15 28.90 26.85

Adamjee Insurance 60.65 86.35 85.60 88.15 89.15 87.35

Askari Bank 64.29 17.25 17.15 17.55 17.70 17.45

Azgard Nine 45.12 10.05 9.90 10.40 10.55 10.25

Attock Petroleum 62.48 328.30 325.55 333.75 336.45 331.00

Attock Refinery 55.05 120.05 118.35 122.85 124.00 121.20

Bank Al-Falah 62.31 10.60 10.45 10.90 11.05 10.75

BankIslami Pak 49.33 3.15 3.05 3.35 3.45 3.25

Bank.Of.Punjab 51.64 9.65 9.55 9.95 10.10 9.80

Dewan Cement 55.07 2.20 2.15 2.35 2.45 2.30

D.G.K.Cement 53.76 29.90 29.55 30.60 30.95 30.25

Dewan Salman 67.14 3.25 3.20 3.45 3.55 3.35

Dost Steels Ltd 49.23 2.80 2.70 2.95 3.05 2.90

EFU General Insurance 49.12 43.70 43.35 44.40 44.75 44.05

EFU Life Assurance 41.86 74.20 73.40 76.15 77.25 75.30

Engro Chemical 72.19 198.10 196.60 200.95 202.35 199.50

Faysal Bank 48.55 14.60 14.45 14.75 14.85 14.65

Fauji Cement 52.27 5.05 5.00 5.15 5.20 5.10

Fauji Fert Bin 70.00 36.75 36.15 37.75 38.25 37.20

Fauji Fertilizer 77.06 122.30 121.55 124.10 125.15 123.35

Habib Bank Ltd 65.45 116.80 115.55 118.90 119.75 117.65

Hub Power 60.59 36.75 36.50 37.30 37.65 37.05

ICI Pakistan 70.01 142.40 141.05 145.40 147.05 144.05

Indus Motors 52.21 252.40 249.70 257.90 260.70 255.20

J.O.V.and CO 51.87 3.90 3.80 4.10 4.20 4.00

Japan Power 46.40 1.65 1.60 1.75 1.80 1.70

JS Bank Ltd 42.62 2.50 2.45 2.60 2.65 2.55

Jah Siddiq Co 44.21 11.15 10.95 11.55 11.80 11.35

Kot Addu Power 57.02 40.40 40.25 40.65 40.85 40.55

K.E.S.C 58.46 2.65 2.60 2.80 2.90 2.75

Lotte Pakistan 69.45 13.50 13.40 13.70 13.75 13.60

Lucky Cement 54.58 75.90 75.40 76.85 77.30 76.35

MCB Bank Ltd 68.82 223.00 220.85 227.90 230.55 225.70

Maple Leaf Cement 48.88 2.90 2.85 3.00 3.05 2.95

National Bank 66.02 72.05 71.90 72.55 72.85 72.40

Nishat (Chunian) 54.72 22.60 22.40 23.00 23.25 22.80

Netsol Technologies 42.52 18.35 18.25 18.70 18.90 18.60

NIB Bank 47.75 2.80 2.75 2.95 3.05 2.90

Nimir Ind.Chemical 58.55 2.00 1.95 2.10 2.15 2.05

Nishat Mills 63.16 62.05 61.40 63.10 63.50 62.45

Oil & Gas Dev. XD 65.48 168.45 167.80 169.60 170.15 168.95

PACE (Pakistan) Ltd. 43.72 2.75 2.70 2.95 3.05 2.85

Pervez Ahmed Sec 46.30 2.10 2.05 2.25 2.35 2.20

P.I.A.C.(A) 55.24 2.35 2.25 2.40 2.45 2.35

Pioneer Cement 33.82 6.65 6.55 6.90 7.05 6.80

Pak Oilfields 67.67 291.30 289.75 294.10 295.40 292.55

Pak Petroleum 65.68 214.15 213.00 216.85 218.40 215.70

Pak Suzuki 35.62 68.65 68.25 69.25 69.45 68.85

P.S.O. XD 66.86 294.40 292.85 298.35 300.75 296.80

P.T.C.L.A 50.94 19.20 19.10 19.40 19.50 19.30

Shell Pakistan 69.86 207.90 206.90 209.90 210.90 208.90

Sui North Gas 40.52 27.20 27.05 27.65 27.95 27.50

Sitara Peroxide 61.65 13.75 13.60 14.10 14.30 13.95

Sui South Gas 43.64 21.00 20.80 21.50 21.80 21.30

Telecard 49.26 2.25 2.20 2.35 2.40 2.30

TRG Pakistan 40.54 3.70 3.60 3.85 3.95 3.75

United Bank Ltd 67.47 65.35 64.85 66.45 67.00 65.95

WorldCall Tele 55.12 2.90 2.85 3.00 3.10 2.95

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Fecto Sugar Mills Ltd 28-12-2010 11.30

Kohinoor Sugar Mills Ltd 28-12-2010 11.30

The Thal Industries Corporation Ltd 28-12-2010 10.30

Khairpur Sugar Mills Ltd 29-12-2010 2:30

Shahtaj Sugar Mills Ltd 29-12-2010 11:30

Al-Noor Sugar Mills Ltd 30-12-2010 11:00

Faran Sugar Mills Ltd 30-12-2010 3.30

Shahmurad Sugar Mills Ltd 30-12-2010 3:00

Unilever Pakistan Limited 24-02-2011 2:30

Unilever Pakistan Foods Ltd 28-02-2011 2:30

BOARD MEETINGS

Company Date Time

Tuesday, December 28, 2010 8

HELSINKI : A girl tests out the new Nokia N8 mobile phone at the Nokia flagship store in Helsinki.-Reuters

Specialchildren

smile withMobilinkers

ISLAMABAD: PakistanInternational Airlines (PIA)organised an exciting cricketmatch at the PIA CricketAcademy in Karachi in col-labration with MobilinkPakistan, part of OrascomTelecom.

Volunteering Mobilink andPIA employees collaborated tobring smiles to the students oftwo prominent special educa-tion institutions, Al-Shifaschool, which runs under thesupervision of PIA, andEstanara Think-Tank School,said a press release issuedhere.

Cricket legend and MobilinkBrand-Ambassador, WasimAkram was also there to pro-vide tips to the young players.

Divided into two teams, theyoung souls enjoyed a funfilled day with their peers andMobilink and PIA employees.

At the end of the match,miniature cricket bats, person-ally signed by Wasim Akram,were distributed as souvenirsamong the players of the win-ning team.

Wasim also went out on theground and played a fewfriendly overs with the stu-dents, who were overjoyed tosee this world-class fastbowler amongst them.

Praising the efforts of theparticipating children Wasimshared, "I find it delightful tosee so much talent and spiritamong these children who areboldly meeting all the chal-lenges of life with so muchcourage and passion.

It is a commendable initia-tive by Mobilink and PIA andI am grateful for getting theopportunity to spend sometime with them."

Corporate SocialResponsibility is a core valueat Mobilink and the companyactively contributes to giveback to the community it oper-ates in.

Corporate SocialResponsibility is a core value atMobilink and the companyactively contributes to giveback to the community it oper-ates in. The Al-Shifa School forSpecial Children's Team wonthe match by 30 runs.-APP

Mexico's2 telcos

face fine MEXICO CITY: A companycontrolled by billionaireCarlos Slim as well as an affil-iate of broadcaster Televisacould be lightly fined for pro-viding poor service, aMexican regulator said here.

In a report, telecommunica-tions watchdog Cofetel alsosaid it will ask lawmakers tochange the law to boost suchsanctions.

Cofetel said it found thatmore than half of all the callshandled by Telcel, the com-mercial brand under whichSlim's America Movil oper-ates in Mexico, failed to con-nect.

Telcel's cell phone network,which is by far the largest inMexico, "suffered a glitch thathurt customer service" inNovember and did not reportit promptly, Cofetel said.

The regulator also saidTelevisa's cable affiliateCablevision did not get per-mission to carry out a networkoverhaul that left thousands ofcustomers with no cable tele-vision or Internet servicesacross Mexico City betweenOctober and November.

Cofetel will hand the com-munications ministry a reporton the problems. The ministrywill ultimately decide whetherto apply fines that could rangebetween $93,000 and$187,000. America Movil had$1.85 billion in third-quarterearnings and Televisa posted aprofit of $174 million in thesame period. -Reuters

ISLAMABAD: PakistanTelecommunication CompanyLTD (PTCL) has upgraded itscontact centers for the maxi-mum facilitation of its cus-tomers.

PTCL Contact Centers whichpreviously were man-relianthave now been advanced anddeveloped into a process-ori-ented Contact Centers withmulti-segmented approach tohandle both in-bound and out-bound customers according totheir needs by using state-of-the-art technology.

The Contact Centers havebeen improvised by settlingguidelines together for effi-ciencies and effectiveness andkeeping in mind the aim to pro-vide First Call Resolution andbetter customer services, said apress release issued hereMonday.

PTCL is also in the processof developing an effectiveonline interface through whichcustomers would be able toorder PTCL's products.

This unique web portal willenable customers to managetheir accounts and billing asper convenience of their timeand location.

Customers will be facilitatedto submit their suggestions andfeedback regarding all servicesprovided by PTCL.

Furthermore, an online com-plaint form would enable cus-tomers to register their com-plaints using web-based serv-ices.

The four Contact Centers,two in Lahore, one in Karachiand one in Rawalpindi workround the clock 24/7, 365 daysa year ensuring support to thecustomers at all times with astaff of 1200.

To ensure that quality servic-es are provided to our cus-tomers regular training are alsogiven at the Contact Centersand today PTCL has becomethe obvious choice for peopleand this upgradation wouldfurther enhance PTCL imageas a customer oriented organi-sation.

To provide improved cus-tomer care in the Regions,PTCL has also establishedService Support Centers(SSCs) throughout the country.

These centers perform corefunctions such as communica-tion with customers, analysisand follow service provision-ing regarding all PTCL servic-es.

The SSCs also coordinateswith local exchanges for expe-diting Customer Serviceissues.

Hamid Farooq SEVPBusiness Development on theup gradation of customers con-tact centers said that, PTCL hasalways strived for providing itsvaluable customers with thebest services and offers major-ity of its services through itscontact centers gives cus-tomers the convenience of util-ising PTCL services and prod-ucts without leaving theirhomes or offices.

Mohammad Kamran MalikEVP Customer Care said thatthis step will have a very posi-tive impact on our performanceall over the country.

PTCL as per the need of timeand keeping in mind the needsof customers will also keep onupgrading the customers con-tact centers in future, so thatthe concerns and needs of ourcustomers are met instantly.-APP

PTCL’s newtouch to up‘connection’with loyalists

ISLAMABAD: To sensitisestakeholders on importance of3G technology, PakistanTelecommunication Authority(PTA) is organising a seminarwith the collaboration of ZTECorporation (ZhongxingTelecom) in Lahore onDecember, 28, 2010 Tuesday(today).

The theme of seminar is “Tobe or not to be is not the ques-tion: 3G is coming".

This high-tech seminarwould aim to highlight variousaspects of 3G mobile broad-band services and 3G spectrumauction in Pakistan, said apress release issued onMonday.

During the seminar, speakersof national and internationalfame will focus on the benefitsof 3G to businesses, education,government, national econo-my, urban/rural populace,indigenous software houses

and local contents develop-ment.

Live Mobile TV and 3Gvideo call scenarios would bedemonstrated.

It may be mentioned thatmost of telecom operatorsworld-wide have alreadyembraced 3G technology,enabling them to provide theircustomers with diverse andrich voice and data services,thereby sparking social andeconomic growth and increas-ing their revenues.

3G networks can act as segueto proliferation of broadband in

Pakistan. 3G MobileBroadband will ensure avail-ability of number of data inten-sive value added services suchas real-time access to medicalrecords, on demand TV, e-edu-cation, cloud computing, videocalls, real-time weather fore-casts, advisory for farmers etc.-APP

Mooters to talk“3G Coming”

PTA, ZTE holding seminar today

KARACHI: There will be aninvestment to the tune of$12.1 million in the IT infra-structure.

This was announced by theProfessionals NetworkPakistan on Monday.

It said that with this invest-ment, the Network will estab-lish business centres in thecountry.

The first such centre willbecome operational inKarachi in a week's time.

The statement said that theProfessionals NetworkPakistan Private Limited, a

subsidiary of Washington, DCbased Professionals NetworkLLC, has secured $12.1 mil-lion from a syndicate of highnet worth individual investorsin Karachi.

Professionals Network iscommonly known as ResbaseGroup globally.

The funds will be exclusive-ly channeled into the compa-ny's new Hexaoffice brand.

Hexaoffice operates on amodel similar to that ofRegus, a company listed onthe London Stock Exchange.

According to Abdul Aziz, a

board member atProfessionals NetworkPakistan, although the invest-ment is spread over two years,the company has been condi-tionally committed additional$21 million by late 2011,based on how sales pick up inthe first two quarters of thenext year.

As the investment is in thePakistan operations alone,Resbase Group retains fullownership and rights outsidePakistan, including rights forthe Hexaoffice brand, thestatement added.-APP

US-based IT coto invest $12.1mn

Professionals Network Pakistan

NEW DELHI: Indian federalinvestigators questioned aformer minister at the heartof one of the biggest corrup-tion cases in the country'shistory.

Ex-telecom minister A.Raja quit last month over the2008 cut-price sale of sec-ond-generation (2G) mobilephone licences that India'sgovernment audit watchdogsaid cost the treasury as muchas 40 billion dollars.

A spokesman for theCentral Bureau ofInvestigation (CBI) said Raja

was being questioned at itsheadquarters in New Delhi.

Raja, who has denied anywrongdoing, is accused ofchanging rules to help certaincompanies, many of which,according to the auditor, wereineligible to apply for wire-less permits.

His lawyer said his clientfeared he already stood "con-demned, charge-sheeted,tried and convicted by themedia."

The questioning came afterpolice raided Raja's home andoffices along with those of

current and retired telecomministry officials and a high-profile corporate lobbyist.

The CBI has said thesearches recovered allegedly"incriminating documents".Indian media reports say theCBI is probing the possibilityof kickbacks being paid bysome of the firms bidding for2G licences.

The scandal paralysed par-liament for the entire wintersession and has broughtopposition calls for PrimeMinister Manmohan Singh'sresignation. -Agencies

India 2G scam landsex-min in cop-query

KARACHI: Ufone hasbecome the first in Pakistan tointroduce the much anticipatedand latest BlackBerry Torch9800 smartphone for its valu-able customers, said a handoutissued here.

This is Ufone's 8th consecu-tive feat to be the first tolaunch the latest BlackBerryhandsets in the country. TheTorch 9800 is Pakistan's first

slider plus QWERTY padBlackBerry smartphone whichis loaded with the new Version6 BlackBerry operating systemand a 5 mega pixel camera.The handset allows multi tabbrowsing, it supports multiplevideo and audio formats andhas an integrated social net-works & RSS feeds in one sim-ple view.

Unlike the previous 512 MB

on board memory the 9800smartphone comes with an 8GB storage memory which isexpandable to 32 GB. Ufone'sexclusive and dynamicBlackBerry services arepacked with a dedicated 24/7helpline service, the largestinternational roaming data net-work, the largest applicationportal offering a one stop shopand genuine accessories.-PR

Ufone debuts BlackBerry Torch 9800

KARACHI: Mobilink in col-laboration with SamsungElectronics, a global marketleader and award-winninginnovator in consumer elec-tronics, semiconductors andtelecommunications, launchedthe Samsung Galaxy Tab, acompact tablet computer inPakistan.

Available through Mobilinksales and service centers in

major Pakistani metropolitancities, the Samsung GalaxyTab comes with free GPRS for3 months on the Mobilink net-work as well as a complimen-tary leather book cover.

The Tab supports AdobeFlash 10.1 offering varyingmultimedia content accessi-bility to the user, DivX,MPEG-4, WMV and Xvid(H.263, H.264). IT also fea-

tures a calendar, email andinstant messaging applica-tions. A launcher for e-read-ing applications starts PressDisplay (an online newspa-per kiosk) when readingnewspapers, Kobo (e-bookreader) when reading e-books, and Zinio (a publish-ing technology and servicescompany) when readingmagazines.-PR

Mobilink, Samsung prescribe Galaxy Tab

SKoreaTelecom

to undergoboss-changeSEOUL: SK Telecom CoLtd, South Korea's topmobile operator, has saidthat it plans to replace itschief executive in a reshuffleaimed at boosting its newbusinesses.

SK Telecom said it hasappointed Ha Sung-min andSo Jin-woo to lead the com-pany and take over fromJung Man-won who has beenappointed vice-chairman ofparent SK Group.

Ha is a former president ofSK Telecom's wireless busi-ness, while So is ex-presi-dent of SK Telecom's con-vergence and internet busi-nesses.

SK Telecom's board willdecide on new managementin the first quarter of nextyear, a spokesperson said.

The reshuffle comes as SKTelecom, which controlsabout half of the country'snearly saturated mobile mar-ket, faces challenge of devel-oping new growth engines.

The major seller ofSamsung Electronics CoLtd's Galaxy S smartphonealso faces intensifying com-petition in the fast-growingsmartphone segment againstKT Corp, the exclusive sell-er of Apple Inc's iPhone.-Reuters

NokiaSiemens

in deal withIndian Idea

MUMBAI: Idea Cellular,India's No 6 mobile phoneoperator, said here it has com-missioned Nokia SiemensNetwork to build and manageits 3G network in four tele-com zones and supply equip-ment.

Under the contract, NSNwill deploy its base stations,provide network implementa-tion, project management,care and maintenance servic-es, and give support to theoperator in managing its 3Gnetwork.

Idea did not disclose thefinancial details of the deal.

Idea spent $1.3 billion thisyear to acquire 3G wirelessradio spectrum in 11 of India's22 telecoms zones, and hasearlier said it would spend$675 million over the next 12to 15 months to rollout thepremium services.-Reuters

LAHORE: Irfan Akram, Vice President Customer Care

Mobilink (R) handing over Rs1 million cheque to

Muhammad Naveed Sarwar (L), the first monthly winner of

Mobilink Jazz SMS Khazana Round IV from Lahore.-Staff Photo

SINGAPORE: Shanghai basemetals futures fell half a percent on a volume weightedaverage basis on Monday, butprices closed off their earlylows struck following China'sChristmas Day interest raterise, underpinned by a positivefundamental outlook.

The three-month copper con-tract on the Shanghai FuturesExchange ended 240 yuanlower at 68,710 yuan per tonne,having slipped as low as68,310 yuan at the start oftrade.

Zinc dropped 165 yuan to18,695 and aluminium shed 45yuan to 16,695 yuan.

A late fall in Shanghai's equi-ty market , which closed 1.9per cent lower, promptedinvestors to sell metals that hadcrept back into positive territo-ry in the afternoon after theearly losses.

China's central bank raisedinterest rates on Saturday forthe second time in just over twomonths as it stepped up its bat-tle to rein in stubbornly highinflation.

"Our economists had expect-ed a rate rise before the end ofthe year, but releasing the newson Christmas Day itself cameas a little surprise to the mar-ket," said Chen Xin Yi, associ-ate vice president at BarclaysCapital in Singapore.

"Nevertheless, we believethat the well-calibrated timingreflects consideration for mini-mizing unwanted financialmarket volatility and reducingpotential capital movement tothe extent possible," she said.

"Overall, this is actually quitepositive. The rate rise beforethe end of the year shows thatthere seems to be some consen-sus building that Beijing willengage interest rate hikes tocontrol inflation risks."

The London Metal Exchangewas closed on Monday forChristmas holidays and trade

will only resume onWednesday.

When Shanghai closed onFriday, LME copper stood at$9,345 a tonne.

US copper futures rose 0.7per cent on Monday to 428.95cents per lb ($9,457 a tonne)from Thursday's settlement. Atthat time, LME copper stood at$9,300.

In the short term, an accidentat a key export port in Chilewas likely to underpin senti-ment, with disruptions to ship-ments expected to last for overa month, Anglo AmericanChile CEO Miguel AngelDuran said on Thursday.

Longer term, expectations ofa supply deficit in 2010, esti-mated by Barclays Capital atmore than 800,000 tonnes, wasexpected to keep prices up near$10,000 a tonne. -Reuters

TOKYO: Key Tokyo rubberfutures hit a record high onMonday to reverse earlier loss-es, helped by back of firmShanghai rubber futures andstrong demand at a time whensupply is limited, dealers said.

The key Tokyo CommodityExchange rubber contract forJune delivery rose to a record419.3 yen per kg before settlingat 417.6 yen, up 1 yen or 0.2per cent.

The contract fell as much as7.7 yen or 1.8 per cent to 408.9yen in early trade, when othercommodities markets were hitby the rate rise announced byChina's central bank on

Saturday.Traders said the fall offered

bargain-hunting opportunitiesfor investors.

The most active ShanghaiMay rubber futures contractclosed at 37,110 yuan per tonneon Monday, down 190 yuanfrom Friday's close. Volumestood at 858,082 lots, downfrom Friday's 998,258 lots.

Asian physical rubber priceswere offered higher onMonday, supported by risingTOCOM futures prices andlimited supply.

US crude prices rose to anintraday high of $91.88 a barrelon Monday, the highest level

since October 2008, on freez-ing weather in the USNortheast.

The tight natural rubber sup-ply situation in the world mar-ket "is likely to be aggravatedfurther" in February-May 2011,the group responsible for 92per cent of global output said,as it is seasonally the lean peri-od for tapping.

Japan's Nikkei average rose0.8 per cent on Monday in thintrade as an increased appetitefor global equities in recentweeks lent support and helpedto offset concerns over China'sinterest rate hike at the week-end. -Reuters

Tokyo rubber hits recordhigh on bargain-hunting

9Tuesday, December 28, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1320 1260

January (3rd Wednesday) 1320 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for December 24 2010

LME Official Prices, US$ per tonne for December 24 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2250 2401 9390 2435 23850 26850 2272 2280

Cash seller 2260 2402 9391 2440 23855 26900 2272.5 2290

3-months buyer 2205 2413 9331 2435 23850 26825 2286 2340

3-months seller 2215 2413.5 9332 2436 23875 26850 2287 2350

15-months buyer 2160 2462 9040 2378 23375 26375 2315 2365

15-months seller 2170 2467 9050 2383 23475 26425 2320 2375

27-months buyer 2160 2495 8585 2325 22600 2290 2420

27-months seller 2170 2500 8595 2330 22700 2295 2430

LONDON METAL EXCHANGE (METALS)

LONDON: Oil fell onMonday, unraveling gains thattook it to a 26-month high,after uncertainty aboutChinese fuel demand follow-ing a surprise interest rate risecountered the impact of a bliz-zard in the US Northeast.

US crude for February trad-ed down 55 centsat $90.96 a barrelby 1444 GMT,after hitting anintraday peak of$91.88 -- thehighest sinceOctober 2008.ICE Brent crudeeased 26 cents to$93.51 a barrel.

Floor trading on the NewYork Mercantile Exchangewas delayed until 11 a.m.EST after a snowstormsnarled travel in the USNortheast.

Oil prices have climbed 35per cent since this year's lowin May, driven by the combi-nation of a weakened US dol-lar and then unusually coldweather in Europe and theUnited States that has boostedheating fuel demand and erod-ed inventories.

The rise in the price of oiland other commodities hasraised concerns of inflation inmajor fuel-importing coun-tries.

As it strives to prevent itseconomy overheating, China,the world's second-biggest oilburner after the United States,on Saturday raised interestrates for the second time in

just over two months. Marketshad expected a rate rise, butthe timing came as a surprise.

When China last raisedinterest rates in mid-October, oil fell 4 per cent,although the market soonrecovered.

Analysts said this time the

immediate impact was diffi-cult to judge because trade isvery thin over the year-endholiday period, but in generala slower Chinese economyimplied reduced oil consump-tion.

"What it does show is thatChina is serious when it says2011 is going to be the year ofprudent fiscal policy," saidOlivier Jakob of Petromatrix.

"Further Chinese interestrate hikes will now be expect-ed for 2011."

Longer-term and especiallyfor other commodities withmore fundamental strengththan oil, analysts predicted araw materials rally had furtherto run.

"This certainly doesn't spellthe end of the commoditiesboom or the strong Chinastory. It's a smart move thatmay have caught the marketoff guard," said Mark Pervan,

senior commodities analyst atANZ.

Any real increase in demandand a subsequent drop ininventories could eventuallypersuade oil producers' groupOPEC to act. But at a confer-ence in Quito earlier inDecember, OPEC left existing

output targetsunchanged.

M i n i s t e r shave said theywould notincrease out-put if a pricerally werebased onspecula t ion

rather than fundamentals ofsupply and demand.

Arab members of theOrganization of the PetroleumExporting Countries met atthe weekend in Cairo whenKuwait's oil minister said theglobal economy could with-stand an oil price of $100 abarrel.

Other exporters indicatedOPEC might decide againstincreasing output throughout2011 as the market was wellsupplied.

Regardless of OPEC outputpolicy, production could risefrom Iraq, which is excludedfrom OPEC's system of sup-ply curbs as it recovers fromwar and sanctions.

Iraq's new Oil MinisterAbdul Kareem Luaibi onMonday said the nation's pro-duction exceeded 2.6 millionbarrels per day for the firsttime in 20 years. -Reuters

Oil eases after 26-monthhigh, China action weighs

Europeanvegetable oil

pricesROTTERDAM: The follow-ing were the Monday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmillJan11/Mar11 1045.00,Apr11/Jun11 1048.00.

RAPEOIL: Dutch/EU eurotonne fob exmill May11/Jul111085.00+12.00, Aug11/Oct111000.00-5.00, Nov11/Jan121005.00-3.00, Feb12/Apr121010.00.

SUNOIL: EU dlrs tonneextank six ports optionFeb11/Mar11 1465.00+10.00,Apr11/Jun11 1440.00+10.00,Jul11/Sep11 1470.00+30.00,Oct11/Dec11 1370.00+20.00.

LINOIL: Any origin dlrstonne extank RotterdamDec11/Jan12 1362.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Feb111280.00+35.00, Mar111275.00+30.00, Apr11/Jun111250.00+30.00, Jul11/Sep111240.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Feb11 1285.00,Mar11 1280.00.

PALMOIL: RBD dlrs tonnefob Malaysia Feb111240.00+30.00, Mar111235.00+25.00.

PALM OLEIN: RBD dlrstonne fob Malaysia Feb111250.00+30.00, Mar111245.00+25.00, Apr11/Jun111230.00+32.50, Jul11/Sep111212.50+32.50.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Jan111050.00+15.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamJan11/Feb11 1880.00+50.00,Feb11/Mar11 1880.00+50.00,Mar11/Apr11 1880.00.

CASTOROIL: Any origindlrs tonne extank RotterdamFeb11/Mar11 1925.00+0.00. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

27-Dec-2010 CRUDE100 FE11 US$ Per Barrel 91.51 91.91 91.05 91.13 110 91.18 91.13 135

27-Dec-2010 CRUDE100 MA11 US$ Per Barrel 92.12 92.43 91.70 91.80 31 91.86 91.80 23

27-Dec-2010 CRUDE100 AP11 US$ Per Barrel 92.79 92.79 92.41 92.41 - 92.47 92.41 -

27-Dec-2010 SILVER - SL500 JA11 US$ Per Troy Ounce 29.24 29.26 29.24 29.14 3 29.08 29.14 8

27-Dec-2010 SILVER - SL500 MA11 US$ Per Troy Ounce 29.26 29.32 29.19 29.15 36 29.09 29.15 43

27-Dec-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1383.00 1386.30 1381.00 1380.50 95 1379.50 1380.50 290

27-Dec-2010 GOLD 01oz FE11 US$ Per Troy Ounce 1380.00 1387.00 1380.00 1380.90 692 1380.00 1380.90 1,145

27-Dec-2010 GOLD 01oz MA11 US$ Per Troy Ounce 1383.50 1388.20 1381.50 1382.00 791 1381.00 1382.00 1,483

27-Dec-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1384.90 1384.90 1380.50 1380.50 - 1379.50 1380.50 -

27-Dec-2010 GOLD 100oz FE11 US$ Per Troy Ounce 1384.40 1385.40 1381.80 1380.90 6 1380.00 1380.90 8

27-Dec-2010 GOLD 100oz MA11 US$ Per Troy Ounce 1386.20 1386.20 1380.90 1380.90 - 1381.00 1382.00 -

27-Dec-2010 GOLD JA11 Per 10 grms 38181.00 38254.00 38162.00 38121.00 10 38102.00 38121.00 34

27-Dec-2010 GOLD FE11 Per 10 grms 38228.00 38250.00 38127.00 38131.00 4 38111.00 38131.00 14

27-Dec-2010 GOLD MA11 Per 10 grms 38260.00 38260.00 38146.00 38146.00 - 38127.00 38146.00 1

27-Dec-2010 KILOGOLD JA11 Per 10 grms 38161.00 38208.00 38161.00 38094.00 1 38074.00 38094.00 -

27-Dec-2010 KILOGOLD FE11 Per 10 grms 38217.00 38217.00 38103.00 38103.00 - 38084.00 38103.00 -

27-Dec-2010 TOLAGOLD50 JA11 Per Tola 44565.00 44565.00 44432.00 44432.00 - 44409.00 44432.00 -

27-Dec-2010 TOLAGOLD100 JA11 Per Tola 44565.00 44565.00 44432.00 44432.00 - 44409.00 44432.00 -

27-Dec-2010 MINIGOLD MON Per 10 grms 39267.00 39267.00 39209.00 39209.00 - 39189.00 39209.00 -

27-Dec-2010 MINIGOLD TUE Per 10 grms 39309.00 39309.00 39153.00 39153.00 - 39133.00 39153.00 -

27-Dec-2010 MINIGOLD WED Per 10 grms 39323.00 39323.00 39167.00 39167.00 - 39147.00 39167.00 -

27-Dec-2010 MINIGOLD THU Per 10 grms 39337.00 39337.00 39181.00 39181.00 - 39161.00 39181.00 -

27-Dec-2010 MINIGOLD FRI Per 10 grms 39351.00 39351.00 39195.00 39195.00 - 39175.00 39195.00 -

27-Dec-2010 TOLAGOLD MON Per Tola 45135.00 45135.00 45067.00 45067.00 - 45043.00 45067.00 -

27-Dec-2010 TOLAGOLD TUE Per Tola 45343.00 45343.00 45002.00 45002.00 7 44979.00 45002.00 7

27-Dec-2010 TOLAGOLD WED Per Tola 45200.00 45200.00 45018.00 45018.00 - 44995.00 45018.00 -

27-Dec-2010 TOLAGOLD THU Per Tola 45413.00 45413.00 45034.00 45034.00 1 45011.00 45034.00 5

27-Dec-2010 TOLAGOLD FRI Per Tola 45232.00 45232.00 45051.00 45051.00 - 45027.00 45051.00 -

27-Dec-2010 IRRI6W 30DE10 Per 100 kg 2402.00 2402.00 3347.00 3354.00 - 3347.00 3354.00 -

27-Dec-2010 RICEIRRI - 6 JA11 Per 100 kg 3369.00 3376.00 3369.00 3376.00 - 3369.00 3376.00 -

27-Dec-2010 RBD PALMOLEIN JA11 Per Maund 5145.00 5265.00 5145.00 5265.00 - 5145.00 5265.00 -

27-Dec-2010 KIBOR3M 10-Dec Per Rs. 100 86.54 86.55 86.54 86.55 - 86.54 86.55 -

27-Dec-2010 KIBOR3M 11-Mar Per Rs. 100 85.42 86.19 85.42 86.19 - 86.15 86.19 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Softs market

slip thin tradeNEW YORK: Soft commoditymarkets were marginally easierin slow, post-Christmas tradeon Monday and business maystay slow because many play-ers are away through the year-end holidays, analysts said.

New York soft commoditymarkets were shut Friday forChristmas.

With the white sugar, robustacoffee and cocoa markets inLondon closed throughTuesday, Smith said New Yorksoft commodities would likelyremain "directionless" andchoppy.

On a macroeconomic level,traders said the soft marketsmay have run into a little pres-sure from news of a Chineseinterest rate increase aimed atcombating inflation.

The benchmark March rawsugar contract on ICE FuturesUS was down 0.53 cent at33.45 cents per lb at around1510 GMT.

On the year, sugar is up about25 per cent year to date in theReuters-Jefferies commodityindex, with most of the gainschalked up when the marketrallied over the past month. Thebenchmark March cocoa con-tract slipped $5 to $3,015 pertonne. The March arabica cof-fee contract fell 0.95 cent to$2.3495 per lb. -Reuters

SWAT VALLEY: Farmers pack oranges at a shop in Barkot. -Agencies

NEW YORK: Spot goldregained lost ground on Monday,as bargain hunting trickled inafter prices dropped about 1 percent in early trade in response toChina's interest rate increase onSaturday.

Spot gold slipped $2.85 anounce to $1,381.40 by 1646GMT, sticking within the narrowrange of the past two weeks afterthis year's over 26 per cent rally

to a series of record highs beganto run out of steam.

US gold futures pulled backfrom a 0.4-per cent decline torise by 0.14 per cent to$1,382.40.

"Gold continues better eventhough China raised rates as atthe same time they now have aprogram allowing retail accumu-lation of gold-retail sales...and assome people look at treasuriesagain lower rates mean cheaperholding of gold is possible," saidGeorge Gero of RBC WealthManagement.

With liquidity reduced both byLondon holidays on Monday andTuesday as well as a massivesnowstorm in the US easternseaboard that disrupted NewYork area transit, most financialmarkets saw thin trade and small

moves. US Treasury debt pricesweakened on Monday, and two-year note yields broke aboverecent technical supports as deal-ers set up for a $35 billion auc-tion, which analysts expect willneed to price at a concession togenerate interest.

The day's main news point wasthe Chinese central bank's deci-sion to raise interest rates onSaturday for the second time in

just over two months as it stepsup its battle to rein in stubbornlyhigh inflation.

Commodity markets paredearly losses after the initial sell-ing-off, focusing instead on pos-itive fundamentals and threats tosupply. "The market had beenworried about more tighteningmoves from China. Now that thenews is out, it almost came as arelief," said Li Ning, an analystat Shanghai CIFCO Futures.

Spot gold is technically neutralas it is rangebound between$1,360 and $1,392 per ounce,but the bias seems to be with thebulls, Reuters market analystWang Tao said.

Robust physical demand in theregion was seen supporting thesentiment in the precious metalsmarket.-Reuters

Gold recovers afterdip on China rate rise

Sugar contracts

re-list on India

exchanges;

spot flatMUMBAI: Sugar futures tookoff at their relaunch on India'sNational Commodity andDerivatives Exchange(NCDEX) on Monday, withinterest from end-users andinstitutions pushing volumesnearer to the levels seen in2009 when they last traded.

The most-active sugar M-grade for January delivery onthe NCDEX closed at 3,044rupees per 100 kg, after hittinga contract high of 3,079 rupees.

Volume recorded in the front-month contract was at 22,280tonnes, breaching the six-month average of 2009 of19,050 tonnes. Total recordedvolumes were at 27,530 tonnes.

India banned trade in sugarfutures in May 2009 when priceswere rising as it faced shortages.The government finally decidedto allow them again from the endof September.

In Kolhapur, a key market intop-producing Maharashtra state,the most traded S-variety closedflat at 2,875.30 rupees per 100 kgdue to weak demand, and millersare unwilling to lower priceshoping the government to soonallow shipments of the sweetner.India has made available 1.7 mil-lion tonnes of non-levy sugar forJanuary, higher than 1.5 milliontonnes it had released forDecember, the government saidin a statement on Friday. -Reuters

KUALA LUMPUR: Malaysiancrude palm oil futures hit 33-month highs on Monday as hopesof strong China demand anderratic weather helped shrug offBeijing's surprise interest ratehike.

China soyoil recovered somelosses, after dropping earlier inthe day, on expectations that thegovernment would restock foodstaples next year and prospects ofstronger demand ahead of theLunar New Year.

Traders said the main driver forpalm oil futures include heavyrains hurting yields and disrupt-ing harvesting in Malaysia andIndonesia as well as a dry spellpotentially cutting into South

American soybean production. Benchmark March 2011 palm

oil on the Bursa MalaysiaDerivatives Exchange rose asmuch as 2.8 per cent to 3,767ringgit ($1,217) per tonne, thehighest since March 14, 2008 andconfirming an earlier Reuterstechnical analysis.

The contract settled at 3,756ringgit. Traded volume almostdoubled at 18,543 lots of 25tonnes each. Palm oil will rise to3,766 ringgit per tonne as anupward wave "3" is advancing,Reuters technical analysisshowed.

Malaysian palm oil exportsfor Dec. 1-25 fell 23.9 per centfrom the same period a month

ago, said cargo surveyorIntertek Testing Service, onslower imports from India andChina.

Another cargo surveyor SocieteGenerale de Surveillance report-ed a 23.7 per cent drop for palmoil exports over the same period.

The most active Sept 2011 soy-oil contract on DalianCommodity Exchange rose asmuch as 0.7 per cent after fallingearlier in the day.

US soyoil for January deliveryrose 0.6 per cent in Asian trade,reversing losses earlier in the dayas traders focused on dry weathercutting supplies in Argentina, theworld's largest soyoil exporter. -Reuters

Palm hits 33-mth highon tight supply

Shanghai metals parelosses, equity slide weighs

Chinese rate rise could slow demand; No OPEC action expected

10Tuesday, December 28, 2010

An athlete falls after her successful high jump

during 31st National Games at Qayyum Stadium

Dravidregisters

record 200thTest catch

DURBAN: Indian middle-order batsman Rahul Dravidon Monday achieved a raremilestone in his career whenhe took his 200th catch inTest matches to stay on top ofthe list in the five-day formatof the game.

An accomplished slip field-er, Dravid achieved the featwhen he brilliantly caughtDale Steyn off HarbhajanSingh, diving in a flash to hisleft, during South Africa'sfirst innings in the ongoingsecond Test against India atSahara Kingsmead Stadium.

Dravid tops the list of mostnumber of catches in Tests.He registered the feat in his149th match.

Former Australia openerMark Waugh is at the secondspot with 181 catches from128 Tests, followed byAustralia skipper RickyPonting (174), former NewZealand captain StephenFleming (171) and WestIndian batting great BrianLara (164).

Nicknamed "The Wall" forhis stubborn and gritty dis-play with the bat that holdsthe foundation of his team'sbatting line up, Dravid is alsoconsidered to possess thesafest pair of hands in worldcricket.

Apart from his exploitswith the bat and in the slipcordon, Dravid is a handywicket-keeper who has donthe hat many a times for theIndian ODI side in times ofnecessity.

Dravid also ranks third inthe list of top run-scorers inTests with a total of 12,025runs in 149 matches.-Reuters

Talpur setto becomenew PBFPresident

KARACHI: Bridge Ace andMNA Nawab Yousuf Talpur isset to become the newPresident of Pakistan BridgeFederation (PBF) for the year2011-12.

Veteran player YousufTalpur, who had representedPakistan in Bridge Federationof Asia and Middle East(BFAME) and Bermuda Bowl-World BridgeChampionship, was elected asthe member Board ofDirectors at the AnnualGeneral Meeting of PBF heldat Aslam Hall housed atNational Stadium here onSunday.

Now newly elected mem-bers of Board of the federa-tion which included GulzarBilal, Masood Mazhar,Muhammad Azwer-ul-Haque,Muhammad Ismail, NasimArzoo, Shahin Iqbal andWajahat Suri are set to electYousuf Talpur as the newhead of PBF for two-yearterm.

During the AGM which wasalso attended by PBFTreasurer Raza Naqvi, paidrich tributes to outgoing for-mer Secretary and PresidentTariq Rasheed Khan for hisrole in the promotion anddevelopment of bridge in thecountry.

Pakistan successful staged7-nation BFAME champi-onship here in 2007 under theleadership of Rehana Saigoland Tariq RasheedKhan.Modern technology likebridge-mates for the first timewere used during the champi-onship.

"I have tried to servePakistan bridge and bridgecommunity to the best of myabilities as a player andadministrator," the outgoingPresident PBF said.

He expressed the hope thatnew body will continue towork for the promotion of thegame in all areas of the bridgeparticularly youth.-APP

AUCKLAND: Pakistancricket captain Shahid Afridihas said that the redevelopedEden Park cricket groundhere is okay for Twenty20internationals, but not for 50-over one-day internationals.

The pitch at the Aucklandground has been rotated 45degrees clockwise, so that itruns parallel to where thehalfway line of the rugbyfield would be. The result islongish boundaries square ofthe wicket, but short onesdown the ground, a NewZealand website reports.

"I must say it's small, butthe people who are comingfor Twenty20 cricket, theywant to see some big shots, so

for Twenty20 I think it's aperfect ground."

Afridi didn't think the newlayout made the arena of ade-quate standard for one-day-ers.

New Zealand skipper RossTaylor had a different view.

Taylor believed bowlerswould still get reward inODIs if they bowled well andto a plan.

"Those boundaries squareare some of the bigger ones inthe world."

He also said the previousalignment made Eden Park aground that favoured left-handed batsmen, whereasnow things had probably beenevened up.-Online

Eden Park OK forT20s, not fit for

ODIs: Afridi

KARACHI: Australia captainRicky Ponting has been fined40 percent of his match feeafter being found guilty ofbreaching the ICC's Code ofConduct during the BoxingDay Test against England inMelbourne on Monday.

"Ponting was charged with aLevel 1 offence under article2.1.3 (h) of the code whichrelates to "arguing or enteringinto a prolonged discussionwith the umpire about hisdecision," said ICC statementreceived here.

Ponting pleaded guilty to thecharge and as such, under theprovisions of the code, thematter was determined byRanjan Madugalle of the ElitePanel of ICC Match Refereewithout the need for a fullhearing.

The match referee imposed afine equivalent to 40% of theplayer's match fee. The chargewas brought by on-fieldumpires Aleem Dar and TonyHill, third umpire MaraisErasmus, all from the ElitePanel of ICC Umpires.

Explaining his decision,Madugalle said "Ricky'sactions as captain of his coun-try were unacceptable. A cap-tain is expected to set theexample and not get involved

in a prolonged discussion withthe on-field umpires and ques-tion their decision.

"While pleading guilty tothe charge, Ricky understoodthat the discussion went fartoo long. He apologised forhis action and stated that hehas nothing but respect for theumpires and his on-fieldactions were not intended toshow disrespect to Aleem Daror Tony Hill". Offencesincluded in Level 1 of the ICCCode of Conduct can rangefrom an official reprimand upto 50 per cent of his or hermatch fee.

Australia captain RickyPonting's frustration over aTV referral decision boiledover into an ugly row withumpire Aleem Dar on the sec-ond day of the fourth AshesTest on Monday.

Ponting, whose team face ahuge task to save the Test andkeep alive their hopes of win-ning back the Ashes, spentmore than a minute remon-strating with Dar afterdemanding a review of a notout decision against Englandbatsman Kevin Pietersen.

Wicketkeeper Brad Haddinhad launched a loud but soloappeal for caught behind, con-vinced Pietersen, who was on

49, had nicked the ball fromquick Ryan Harris.

A review of the decisionrevealed no "hot spot" wherethe ball passed Pietersen's batbut a furious Ponting, whowas joined by finger-jabbingseamer Peter Siddle, arguedlong and hard with Dar,prompting jeers from thecrowd.

Pakistani Dar, widelyregarded as one of the bestumpires in world cricket, latercalled on the technology tosave England's Matt Priorafter he was caught behind.

Prior, who was on five,walked but was called back tothe crease as Dar consulted thethird umpire, whose review ofthe footage showed bowlerMitch Johnson had planted hisheel on the line and the deliv-ery was a no ball.

Pietersen made just twomore runs after the first appealbefore falling lbw to the fired-up Siddle but Prior went on toform a formidable partnershipwith Jonathan Trott.

Ponting, who has been criti-cal of the referral technologybeing used for the first time inan Ashes series, could be finedpart or all of his match fee forarguing with the umpire'sdecision.-Agencies

Ashes referrals infuriate Ponting, save Prior

Ponting fined for ICCCode of Conduct breach

LONDON: Jonathan Trott hita masterful, unbeaten centuryto lead England to 444-5 atstumps and an emphatic 346-run lead after the second day ofthe fourth Ashes test againstAustralia on Monday.

Trott will resume the thirdday on 141 with Matt Prior on75, sharing a 158-run partner-ship. England will retain theAshes with a win here.

Seam bowler Peter Siddleclaimed three wickets and tooktwo catches before tea torevive Australia's slim hopes,but could only go part-waytoward making up for the homeside's disastrous start to thematch on Sunday when it wassent in to bat and bundled outfor 98 - its lowest ever scoreagainst England at the MCG.

After a watchful start, Trottbrought up his second centuryof the series and third from fivetests against Australia when hecut a Ryan Harris ball throughmid-wicket for four. Hisinnings came off 278 balls with13 boundaries.

"I would definitely say all(centuries are) pretty special,"Trott said. "But Boxing Day,the hype around it and the sortof support from the Englishfans. Obviously it puts it rightup there."

Trott overcame an injuryscare while on 76 when heedged a Ben Hilfenhaus deliv-ery into his knee. He lay on theground for several minutes andreceived attention fromEngland medical staff beforecontinuing without a runner.

"It was probably one of themost painful things I've everfelt in my life," he said.

Prior reached his 50 off 81balls with six boundariesbefore going on to guide fourmore in a confident displayduring the third session.

"It's going to be tough to winfrom here. That's pretty obvi-ous. It's going to be hard workand we need to get five morewickets," Siddle said. "Butthere's definitely an opportuni-ty to get out there and get someruns ourselves."

After dismissing openersAlastair Cook and AndrewStrauss to start the day, Siddle(3-58) trapped a dangerous-looking Kevin Pietersen for 51after lunch. Pietersen broughtup his half century an over ear-lier off 85 balls with sevenboundaries.

Pietersen survived a briefscare while on 49 whenAustralian wicketkeeper BradHaddin persuaded captainRicky Ponting to call for a

video review after an edgedHarris delivery. The subse-quent not out decision prompt-ed an angry reaction fromPonting, who argued at lengthwith the on-field umpires.Ponting was later fined 40 per-cent of his match fee over theincident, after pleading guiltyto breaching the ICC's code ofconduct.

Mitchell Johnson (2-103)maintained Australia's momen-tum by dismissing PaulCollingwood for 8, caught bySiddle at fine-leg. Johnson,who took 9 wickets inAustralia's 267-run win atPerth in the third test, has beenfar less effective in Melbourne,conceding 57 runs from 12overs before his first dismissal.

Siddle took his second catchoff Johnson's next over whenhe dived for a low chance atdeep fine-leg to end Bell'sinnings at just 1 run.

"I think they bowled prettywell today and things wentour way. It was a good dayfor us as England," Trottsaid. "But it's importantbecause we know they'llobviously come at us in themorning and try and getthemselves right back, andtry and get as many wicketsas possible." -Reuters

Trott century leadsEng to 444-5 on day 2

LAHORE: KhyberPakhtunkhwa (KP) andPakistan Railways were elimi-nated from 31st NationalGames football Tournamentwhen National title holderWAPDA were held to a 2-2draw by PAF at outside JinnahStadium ground Islamabad onMonday.

Meanwhile, five timesNational Games GoldMedallist Pakistan Armyclinched Group-A by beatingNavy 1-0. Front runner ShakilYousof netted the all importantgoal in the 18th minute.

Wapda dominated the Group-B game as PAF came backtwice to fire the leveller. ArifMehmood put Wapda in frontwith 18th minute strike butMuhammad Mjahid reducedthe arrears with 59th minutestrike past keeper Abdul Aziz.

Tauseef Ahmed restoredWapda's advantage with bril-liant 64th minute strike. PAFcame back strongly with all outsurge and once again Mujahid

did the damage with 82ndminute gal.

On Tuesday, Army andWapda will play first semi-final at Ground No. 1, 1 p.m),while Group. B winner PAFwill collide with Runner GroupA Navy in other penultimateround match at Ground No.2, 2p.m). The final of the eventwill ne played on Wednesday,Dec 29 at 1 p.m after bronzemedal match at same venueearlier at 11 a.m..

The soldiers, already in lastfour, will attempt to make itfourth in a row, having com-pleted triumphs of gold in soc-cer of National Games threeyears ago, overwhelming hostSindh in final of 30th NationalGames Football Tournament atKarachi's Peoples SportsComplex.

They earlier won the gold in2001 Games at Lahore and2004 Games. Karachi's goldwas overall their fifth gold,having won top slot on 1995and 1997.-APP

Wapda, Army,PAF, Navy infootball semis

Tanvir toJoin Pak

Squad in NZLahore: Pakistan Cricket Boardhas decided to send all rounderSohail Tanvir to join the PakistanSquad in New Zealand. Tanvirhad initially been selected for theNational Squads for T20 andTest matches against NewZealand for the ongoing serieshowever he could not get fitnessclearance for the T20matches.

PCB Spokesman says thataccording to Sohail Tanvir, hehad no pain, discomfort any-where in the body. However hewas having stiffness in hislower back and legs during thelast concluded camp for whichhe was treated appropriately.-Online

Steyn’s sixwraps Ind

innings at 205DURBAN: South Africanpacer Dale Steyn claimed a six-wicket haul as he helped histeam wrap up the Indian firstinnings at 205 on the secondday of the second Test, here atKingsmead, Durban onMonday.

Resuming from theirovernight score of 183/6, Indialost their remaining three wick-ets in the first session of theday itself.

After having already claimedfour wickets on the first day,Dale Steyn jumped back toaction on Monday as well, ashe dismissed Harbhajan Singhfor 21 runs. Steyn got Bhajjicaught by AB de Villiers atthird slip as he went on to claimhis fifth wicket of the match.

Soon after Harbhajan'sdeparture, Morne Morkel wasquick enough to dismissZaheer for a duck as he got theIndian tailender caught bywicketkeeper Mark Boucher.-Reuters

MELBOURNE: Ricky Ponting and Ryan Harris of Australia complain about the ball shapeto umpire Aleem Daar during day two of the Fourth Test match between Australia and

England at the Melbourne Cricket Ground. -Reuters

DURBAN: Indian Harbhajan Singh celebrates dismissing of South African Paul Harris onthe second day of the second Test at Kingsmead Stadium.-Reuters

11Tuesday, December 28, 2010

International & Continuation

CONTINUATION

Euro zoneeconomic

index risesin NovemberBRUSSELS: The ConferenceBoard leading economic index(LEI) for the euro zone rose 0.7percent to 114.3 in November, asharper rise than October's 0.3percent and one that points tocontinued economic recovery.

The index, which indicateseconomic development up to sixmonths ahead, aggregates eighteconomic indicators that meas-ure activity in the euro area as awhole.

"The LEI for the Euro Areareaccelerated in November andpoints to a continued expansionin economic activity during thefirst half of 2011," said Jean-Claude Manini, the ConferenceBoard senior economist forEurope. "But the strengths havenot been very widespread."

"Downside risks still dominatethe outlook, and the plannedgovernment budget cuts willincreasingly create a drag ongrowth. The divergence betweenthe LEIs for Germany and Spainis a further reminder that theimprovement in economic con-ditions will remain uneven."

The index includes parts of theEuropean Commission's eco-nomic sentiment index,Eurostat's index of residentialbuilding permits granted and itsindex of capital goods neworders as well as the Dow JonesEURO STOXX Index.

It also takes into account theEuropean Central Bank's moneysupply data and interest ratespreads, as well as the euro zoneManufacturing PurchasingManagers' Index from MarkitEconomics and its euro zoneService Sector Future BusinessActivity Expectations Index.-Reuters

TAIPEI: Taiwan's centralbank tightened limits on trad-ing in non-deliverable for-wards (NDF) on Monday inwhat traders said was a fresheffort to curb a surging Taiwandollar.

Under the new rules, NDFtrades -- commonly used bybanks to hedge currency expo-sure -- would be capped at onefifth of a bank's total foreignexchange trading, down fromone third previously, the cen-tral bank said.

It said in a later statement thechange was "to preserve orderin the market and prevent dis-ruption by foreign funds."

In common with several of

its Asian peers, Taiwan's cen-tral bank has been waging arunning battle against surges inthe domestic currency, prompt-ed by concerns a strong Taiwandollar will destabilise theexport-dependent economyand could create asset bubbles.

Capital inflows to the regionhave risen sharply, attracted bybetter growth prospects andhigher potential returns than inmajor developed economies.

The Taiwanese central bankalso has a track record of mak-ing minor adjustments to cur-rency market regulations as away of exerting pressure onwhat it considers speculation.

Currency dealers said the

impact of the latest rule changewould be limited as it wouldonly impact banks based inTaiwan, while the Central Banksaid the measure did not affectthe currency forward opera-tions of Taiwanese exporters.

"Most local banks are notactively engaged in NDF trad-ing, so the market impact ismanageable," said Pin Ru Tan,emerging markets forex andrates strategist at the RoyalBank of Scotland in Singapore.

The Taiwan dollar has alsoattracted buyers on widespreadexpectation the bank will raiseinterest rates at its next quarter-ly policy meeting on Dec 30.-Reuters

Taiwan cbank tightens FXrules as currency surges

BEIJING: China's centralbank took aim at inflation onceagain on Monday by saying itwill control lending and moneygrowth in the world's second-biggest economy to head offprice pressures and asset bub-bles.

In a statement on the centralbank's website(www.pbc.gov.cn), HuXiaolian, a deputy governor,said China had been normalis-ing policy and will explorenew ways to manage excesscash, which is seen as a majordriver behind 28-month highinflation.

Her remarks reinforced state-ments from China's top leadersthat the task of taming inflationwill be a priority for Beijing

next year. "An implementation of pru-

dent monetary policy is helpfulin strengthening the manage-ment of inflationary expecta-tions and in fending off assetbubbles," Hu said.

On Saturday -- ChristmasDay -- the central bank sur-prised investors with a 25-basis-point rate rise in bench-mark deposit and lending rates,its second increase in just overtwo months.

Hu reiterated the centralbank's determination to drainexcess cash from the financialsystem by using all tools at itsdisposal: interest rates, reserverequirement ratios, open mar-ket operations and more.

"We will explore new tools ...

to keep a good control on thegate of liquidity," she said, butdid not indicate what thesemight be.

A steady stream of anti-infla-tion talk from the Chinese cen-tral bank has led manyinvestors to bet on more rateincreases in 2011.

A Reuters poll showedinvestors see the benchmarkone-year deposit rate rising to3.25 percent by the end of nextyear, from 2.75 percent now.

The spectre of more tighten-ing cast a pall over Chinesestocks on Monday, thoughinvestors abroad were moresanguine, in part due to confi-dence that China's steady tight-ening is a sign of solid growthin its vast economy.-Reuters

China vowslending control to

tame inflation

LONDON: Most UK retailersare expecting lower sales in2011 on the back of weak con-sumer demand and inflation-ary pressures, a survey by theBritish Retail Consortium(BRC) said on Monday.

The BRC's survey said near-ly two-thirds of retailers it hadcontacted expected sales toworsen from 2010, and manyalso expected next year's risein the VAT (value added tax)levy to impact consumers'spending.

"Our snapshot shows retail-ers expect a difficultDecember to be followed by atough 2011. They believe theVAT rise will contribute tohigher prices and, with fearsabout government cuts and thewider economy, people will beput off spending," BRC direc-tor general Stephen Robertsonsaid in a statement.

The BRC added that retailerswere still expected to createnew jobs in 2011, although 24percent of those surveyed said

they expected to employ fewerpeople.

Britain's retailers are hopingthat shoppers will have turnedout in force for the traditionalChristmas holiday sales peri-od, despite weather and trans-port problems.

On Sunday, John Lewis saidsales in the week to ChristmasDay had risen by 30.6 percentcompared to the same periodlast year, to reach 97.1 millionpounds ($149.9 million).-Reuters

UK retailers fear lowersales in 2011

issued to the Inter Services Intelligence chief by US court in connectionwith a lawsuit filed by relatives of two Jewish victims of the Mumbaiattacks, Musharraf endorsed the government's stance on not asking the spyagency's head to appear in court. "The ISI chief should never appear beforeany US court. This is impossible, we are an independent country," he said.The US court's action "is just like the Supreme Court of Pakistan summon-ing the head of America's CIA", he said. -Online He said," Pakistan's poli-cies are very liberal without having any defect in them but the issue is theirimplementation." The Indian government policies for businessmen, he said,are very difficult and it takes time for an investor to enter the Indian market.Mandviwalla said that to solve problems of investors "we have createdboards of investment in Punjab, Sindh, Khyber-Pakhtunkhwa (KP) andBalochistan. We have a framework of investment policy but on the groundlevel investment actually goes to a province. That is why we refer differentinvestors to the provinces where our provincial BOI offices can facilitatethem and act as a bridge between the government and them by providing allnecessary government permissions and certifications to start work.Regarding the criteria used by BOI for investors, he said that there were nolimitations. There were investors with more than Rs100 crore who werebeing helped by BOI and there were also some businessmen who have aninvestment of Rs one crore. He attributed a decline in the foreign investmentin the last two years to global economic crises. -Onlnie

Continued from page 12No #3

Sonmiani which had hit their targets precisely.He was of the view these missile tests would not only

enhance defence capabilities of Pakistan Navy but thesealso had fortified the defence of country's coastal lines.

He held Pakistan Navy was not oblivious to defence of itsmaritime borders and it would take all possible steps for thesake of defence of the country. -Online

Continued from page 12No #4information as a director of Pattoki Sugar Mills that PSML

board of directors has decided to acquire BASF.SECP also directed Sarwar to ensure full compliance all the

applicable laws in future to avoid any serious punitive actionunder law. -APP

Continued from page 12No #1

Trade on the New York Stock Exchange was expected to take placeas normal, and the US Treasury Department said auctions of three-and six-month bills and of two-year notes would proceed as sched-uled on Monday. "Everything is business as usual," an NYSE spokes-woman said, and the market opened promptly at 9:30 am. But tradingon all the financial markets was thinned by the storm, which also keptshoppers away from the malls on the day after Christmas, the final actof the holiday shopping season.

"Volume usually picks up a bit after a long weekend but that is notgoing to be the case today with the snow storm... nobody can get intotheir offices in the Northeast and basically there is really lack of any-thing going on Wall Street," said Fred Dickson, chief market strate-gist at D.A. Davidson & Co in Lake Oswego, Oregon. Six statesdeclared a state of emergency as the first widespread blizzard of theseason hit Americans returning to work after one of the busiest travelweekends of the year.

New York City was covered in snow -- knee deep in many areaswith giant piles on the sidewalks where snow plows cleared thestreets. Some motorists who were able to dig their cars out from thesnow were left spinning their wheels on unplowed streets.

Skies started clearing just before the morning commute, providingideal play conditions and an extra treat for children after school wascanceled. But there was no fun for thousands of people stranded in theairports. At Philadelphia International Airport, some 1,200 stuck pas-sengers were given pillows, blankets, water, juice and diapers fromthe airport's assistance program, a spokeswoman said. New York sub-way traffic was sporadic and the Metro-North commuter rail connect-ing the city to its northern suburbs was suspended. One New Yorksubway train was stuck on a frozen track for seven hours before beingrescued. Amtrak passenger rail service between New York and Bostonwas suspended on Sunday night but resumed with a limited scheduleon Monday morning. Snow drifts dropped 3 to 5 feet on north-facingstructures thanks to winds of up to 49 mph, NY1 said.

Major airlines including Delta Air Lines, American Airlines,JetBlue Airways, Continental Airlines and United Airlines all can-celed large numbers of flights. One caller seeking to reschedule aflight on US Airways was told by an automated phone message:"Your wait time is now 170 minutes." The blizzard had been predict-ed, allowing cities time to crank out the salt and snow plows andshoppers to stock up on basic necessities.

In a sign of the severity of the storm, an NFL football game sched-uled on Sunday night in Philadelphia was postponed, forcing thePhiladelphia Eagles and Minnesota Vikings to reschedule the contestfor Tuesday. The move sparked criticism, especially as the sport lovesto glorify games in snow. "It's an absolute joke," PennsylvaniaGovernor Ed Rendell, a big Eagles fan, told Fox News. "I was look-ing forward to this. It would have been a real experience. This is whatfootball is all about." -Reuters

Continued from page 12No #2

state minister for ports and shipping Nabeel Ahmed Gabol areaccompanying the PM on his visit. -Online

Continued from page 12No #5

the notified prices. He further said last month, Ogra has slightlychanged the formula by fixing OMCs and dealer margin and drop-ping the petroleum levy to keep the price unchanged otherwiseaverage product prices would increase by 3 per cent.

Continued from page 1No #6

main covenants of the agreement with the IMF, which islikely to delay future tranches," said Asad Iqbal, chief invest-ment officer at Faysal Asset Management Ltd. "If the IMFloses confidence in the government's ability to manage thisdeficit, funding from other foreign institutions is also likelyto dry up, resulting in severe consequences for the country."

The delay in the sixth IMF tranche, a lack of foreign aid andthe cost of rebuilding after August's floods has more than tre-bled government borrowing from the central bank, to a provi-sional 324.64 billion rupees ($3.785 billion) from Jul 1 toDec 11, compared with 106 billion rupees in the same periodlast year.

To try and make up the shortfall, the government is consid-ering a "Plan B", according to media reports. This would endthe current general sales tax exemptions that have been givento sectors such as textile and fertiliser production. And whilethe government has not said there are alternatives beingworked out -- "There is no Plan B as far as I know," said asenior government official, who requested anonymitybecause of the sensitivity of discussing tax reforms -- ana-lysts said the exemptions may be quietly removed to avoidthe kind of opposition that has greeted the RGST. Reformwould help curb Pakistan's endemic tax evasion -- its tax-to-GDP ratio is around 10 percent, one of the lowest in theworld. But the RGST bill, introduced in November aftermonths of delay, is vigorously opposed by almost every polit-ical party. And while it will probably eventually pass, no onecan say when or in what form.-Reuters

Continued from page 1No #7

Wapda Member (Water) Syed Raghib Abbas Shah dilated uponthe significance of Golen Gol Hydropowr Project and expressedthe hope that the joint venture would complete the works in accor-dance with the schedule. Golen Gol Hydropower Project is a partof least-cost energy generation plan, being executed by Wapda onpriority basis to harness the indigenous hydropower resources ofthe country with a view to improving the ratio of hydel electrici-ty in the national grid. The project is located on the River GolenGol, a major tributary of the River Mastuj in Chitral district ofKhyber Pakhtunkhwa province about 380 kilometers fromIslamabad. On its completion, Golen Gol Hydropower Projectwill generate about 436 million units of electricity (Gwh) to earnrevenue of about Rs1 billion annually.

Being an environment friendly hydropower project, it will helpreduce dependence on expensive thermal power, thereby savingforeign exchange amounting to $34 million per annum to thecountry.-Online

Continued from page 12No #8

accelerating the growth of the Industry. Speaking on the occa-sion CEO Bankislami, Hasan A Bilgrami said that this acquisitionwill serve as a milestone for the Islamic banking industry inPakistan and elsewhere. Further, he stated that the acquisition ofthe housing portfolio is in line with Bankislami's growth strategyin this segment. Citi Bank's housing finance customers will nowrequired to be switched to Islamic mode of financing.

"The transition for the customers to Bankislami will be madeeasy and convenient" CEO Bank Islami said. -Online

Continued from page 1No #9

and two struck the compound," he added. Security officials had initially put the death toll at six. -Agencies

Continued from page 1No #10

tobacco or firearms. The managing director and chief executive of the Bombay Stock Exchange, MadhuKannan, said the index would attract Islamic and other "socially responsible" investors both in India andoverseas. "This index will create increased awareness of financial investments among the masses and helpenhance financial inclusion," he said in a statement. "The index will also build a base for licensing for theconstruction of Sharia-compliant financial products, including mutual funds, ETFs (exchange tradedfunds) and structured products." Several studies have found that the majority of India's 160 millionMuslims have been excluded from the country's formal financial sector due to the restrictions imposed byIslamic law. Companies included in the index have been screened by Taqwaa Advisory and ShariahInvestment Solutions (TASIS), an Indian Islamic finance company based in Mumbai, whose board mem-bers include Islamic scholars and legal experts. TASIS said the index would "unlock the potential forSharia investments in India". "Bombay Stock Exchange has the largest number of listed Sharia-compliantstocks in the world," said Shariq Nisar, director of research and operations at TASIS.

"All Muslim countries of the Middle East and Pakistan put together do not have as many listed Sharia-compliant stocks as are available on the BSE."Stocks will be reviewed every month to ensure continuedcompliance. Any stocks that do not meet the criteria will be removed.-Agencies

Continued from page 1No #11

murderers would be arrested. Talking to journalists, Dr Zulfiqar Mirza said remarkable headway hadbeen made in the investigation into assassination of Benazir Bhutto. Letter given to Benazir Bhuttowould also be made part of investigation and her murderers would be brought to justice." -Online

Continued from page 1No #12

we will continue her goals and manifesto along with President Asif Ali Zardari. The killers of BBwill not be spared at any cost, he held. He said MQM is holding the manifesto given by MohtarmaBenazir Bhutto and we have implemented her vision to a great extent. He further reiterated that wewould expose the assassins of BB tooth and nail. -Online

Continued from page 1No #13

portfolio amplified the deterioration in infection ratios," it said and added that however, since thesefresh NPLs required only partial provisioning coverage, the system's baseline earning indicators remainedpositive. The Report highlighted that the SBP has responded to the changed and challenging circum-stances and rationalized its regulatory requirements on loan loss recognition in respect of advances inflood-affected areas. It said that asset base of the banking system contracted by 2.3 percent to Rs 6,626billion which was in line with the established trend for the July-September quarter.

"The Ramadan and pre-Eid withdrawals and increase in currency in circulation during the quarter led to anarrowing of the deposit base," it added. The Report pointed out that the shrinking of the asset base, partic-ularly advances, resulted in a decline in size of the Risk-Weighted Asset (RWA) over the quarter. However,the higher regulatory deductions from Tier-1 capital reduced the eligible capital as well as risk-based capi-tal adequacy ratio (CAR), which deteriorated marginally to 13.8 per cent, while staying above the regulato-ry requirement of 10 percent, it added. The report forecast that the usual inventory build up, particularly byKharif crop-based industries, during the last-calendar quarter will create additional demand for bank credit.

"Although the banks are expected to remain liquid; the heightened demand for credit from the publicsector will mean that the banks ability to finance additional private sector loans will be predicated uponmobilization of fresh deposits and retirement of commodity finance by government-owned agencieswhich continues to be extremely high," the report said. It added that banks will need to reduce their largeportfolio of government paper and lending to the public sector agencies so as to reduce their sovereignexposure as well as to make credit available to the private sector for maintaining economic growth, andthereby enhance and diversify revenues of the banking system.

Nevertheless, the aggregate earnings of the system are expected to be satisfactory, although these willcontinue to be concentrated in banks endowed with a wide network and competitively better placed toraise stable and relatively cheap funds, the Report said. -NNI

Continued from page 12No #14

them, who asked Shaheed Benazir Bhutto that first PPP and then PML-N would rule the country.He said that they had come to Garhi Khuda Bakhsh for the first time and they invited them in the elec-

tions. The president also asserted that PPP has been reinstated the deposed CJP, Iftikhar MuhammadChaudhry of whom house Shaheed BB marched the flag. He further said that to restore after Justice Dogarwas political strategy of the time. President Zardari revealed that he asked Benazir Bhutto not to go backto Pakistan knowing threats to her life given by Taliban terrorists. He said their children are witnesses ofit.According to media reports, while his address to the central executive committee of Pakistan PeoplesParty (PPP), he said many proofs have been collected in BB's murder case and assailants would soon beexposed.Zardari urged the party members to work hard as there are only two years to go to next elections.

Continued from page 1No #15

by the statements against coalition partners', President directed Mirza. He asked Mirza that prob-lems should not be created for coalition by these statements. The President further said that direc-tives of the Prime Minister pertaining to coalition partners in Sindh must be complied. -Agencies

Continued from page 1No #16

decreased 1.2 per cent to 5.49 million tonnes in 11MCY10 compared with 5.56 million tonnes in

11MCY09.While DAP sales down 18.7 per cent at 1.23 million tonnes against 1.51 million tonnes in

11MCY09 mainly due to higher average prices. Meanwhile, gas supply to Sui network plants is likely

to remain suspended for 45 days from the January 7th as part of the gas load-management programme.

Extended gas curtailment during winter (45 days scheduled outages) is a major concern for fertiliser

players, whereas outages are expected to get back to the originally announced levels, which is 20 per

cent on Sui network and 12 per cent on Mari network. To recollect, urea price per bag was increased by

Rs75/bag across-the-board to cater for originally notified curtailment level, which was later reverted to

Rs830/bag since actual curtailment was lower than notified. In a recent instance, Engro has increased

its urea prices by Rs190/bag, which appeared unprecedented in nature and somewhat above industry

expectations. As per the research analyst of InvestCap, gas curtailment is an ongoing issue, our discus-

sion with industry sources reveals that other players, including FFC, have not yet increased their prices.

He said Engro is passing through crucial time as its plant is in start-up phase and trial production is

expected to start by the beginning of next year, if all goes well. The delay in commissioning has also

resulted in cost overruns for the project, to the tune of $10 million a month.

In this manner, recent increase in urea prices is expected to address liquidity concerns of the com-

pany amid cost overruns and gas curtailment.On the other hand, such an increase by FFC will have a

noticeable impact, since urea business is the biggest contributor to its bottom-Online.

Continued from page 1No #17

He said Pakistan's once actively traded stock market saw trading activity declining to 9-year lowin the calendar year 2010 mainly due to absence of investor-friendly derivative product and imposi-tion of capital gain tax at a time when investors are still risk averse after the infamous 2008 crisis.

Interestingly the extent of how dull the trading activity was can be judged from the fact thatinvestors bought and sold shares worth Rs1.06 trillion in last 52 weeks which is equal to 3 weekstrading seen in Feb 2005, he added. The year 2010 saw volumes declining to 9 year low. Averagedaily volume of 122 million shares was down 29 per cent from 2009 and 47 per cent from 10-yearaverage. In value terms daily business of Rs4.4 billion ($51 million) was lower by 41 per cent from2009 and 73 per cent from last 10-year average.

Though in 2001 the volume was 96mn shares (Rs3 billion) a day but at that time the market sizewas also small with average market capitalisation of Rs337 billion ($5.4 billion) compared to aver-age market value of Rs3 trillion ($35 billion) in 2010. The imposition of capital gain tax and theuncertainties on its modalities affected the trading activities of investors who were already missingthe investor friendly leverage product. That is why volumes in second half of 2010 fell 40 per centfrom first half volumes. In terms of turnover velocity (volume divided by market cap) which is abetter and relative measure of market depth, Pakistan's turnover velocity in 2010 was 37 per centcompared to an average of Asian markets of more than 100 per cent.

Pakistan's turnover velocity in 2003 was at record 490 per cent compared to Asian average of 80per cent making it one of the most actively traded markets at that time. Thus the once most liquidmarket of Asia is suffering from low volumes thereby making impossible to execute large orders.

And that is why we believe that foreign flows of $1.9 billion (gross buy of $1.2 billion and grosssell of $0.7 billion) was lower in relative terms than what was observed in other similar markets.

Continued from page 1No #18

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ISLAMABAD: Former presi-dent Pervez Musharraf hasaccused Nawaz Sharif of sup-porting Baloch nationalist lead-ers, charging that PML-N chiefwas trying to draw "politicalmileage" from the Balochunrest.

Musharraf, who has in thepast alleged that India wasbacking the Baloch rebels, hasonce again said that JamhooriWatan Party leaders ShahzainBugti and Brahamdagh Bugtiwere "getting arms from Indiathrough Afghanistan."

Participating in a talk showon a TV news channel, he alsoalleged that India was involvedin fomenting unrest inBalochistan, according to TheAsian Age.

Musharraf claimed ShahzainBugti's group and other Baloch

factions had acquired missilesand anti-aircraft guns to battlethe frontier corps and thePakistan Army.

He criticised the PML-N'sgovernment in Punjab provinceand Nawaz Sharif for support-ing Baloch nationalists,describing it an act of "politicalmileage."

"They (Shahzain and hisfather Talal Bugti) get state pro-tocol when they come toPunjab and stay at Sharif's resi-dence Raiwind House asguests. Nawaz is supportingthem just for his politicalmileage," Musharraf said.

The former president, wholives in self-exile in Britain,claimed: "India is also support-ing various separatists andinsurgent groups of theprovince and fuelling insur-

gency to destabilise Pakistan."Musharraf had recently

claimed in an interview thatPakistan had evidence ofIndia's involvement in theunrest in Balochistan, wherenationalist leaders have beenwaging a campaign for agreater say in decision-making.

His claims were an apparentreason for the Indian govern-ment's recent decision to refusehim a visa to attend a confer-ence in Delhi.

Musharraf further allegedduring the talk show thatShahzain Bugti, who wasrecently arrested in Quetta foralleged possession of unli-censed weapons, was involvedin the killing of Punjabis inBalochistan.

Asked about the summons See # 3 Page 11

Musharraf accusesSharif of supportingBaloch nationalists

ISLAMABAD: During the lastthree year as many as 54 gaspipelines were attacked in thecountry resulting in a loss ofRs382.63 million.

An official source said thatmajor steps were taken to avertsuch incidents and the servicesof security personnel in sensi-tive areas had been hired.

He said that the number ofattacks had decreased due toeffective security measures.

He continued that the localcompanies including Oil andGas Development CompanyLimited (OGDCL) and SuiNorthern Gas Pipelines Limited(SNGPL) had been directed tostart work on the projectsassigned to them however theforeign companies were hesi-tating to start the work.

The contracts of the foreigncompanies had been extended,however, if they didn't start workin near future, the contractswould be cancelled, he added.

To a question regarding theprofit of OGDCL, he informedthat the company's profit during2008-09 was Rs55.539 billionwhile it rose to Rs59.177 bil-lion during 2009-10.

He told that Sui Southern GasPipelines Limited earned aprofit of Rs258 million during2008-09.

He further stated that thecompany was in loss of Rs306million during the first ninemonths from July 2009 toMarch 2010 while the companywas expecting a net profit ofover Rs2 billion at the end ofthis year. -APP

54 attacks ongaslines causeRs382mn loss

During Three Years

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani has said that Omanis an important regionalcountry which has closeties with Pakistan.

Talking to media at air-port prior to leaving forMuscat for a two-day offi-cial visit to Oman PMGilani said during his visithe would be holding talkson strengthening of bilater-al ties and enhancing coop-eration in various sectors.

He said that special

impetus would be given ondevelopment of GwadarPort and increasingPakistani manpower toOman.

Prime Minister Gilaniduring his visit would alsoexchange views on bilater-al relations and key region-al affairs. PM was seen offby senior officials.

Foreign Minister ShahMehmood Qureshi, ChiefMinister BalochistanNawab Aslam Raisani and

See # 5 Page 11

Pak, Oman tomoot trade ties

Uplift of Gwadar Port to be discussed: Gilani

LAHORE: An agreementworth Rs7.52 billion wassigned between Pakistan Water& Power DevelopmentAuthority (WAPDA) andSAMBU-SARCO joint venturecomprising a Korean and aPakistani firm, here at WapdaHouse for Lot-II of 106-MWGolen Gol HydropowerProject.

General Manager (North)

Projects Fazl-e-Mabood andSAMBU Board ofRepresentatives Chairman OhSung Hoon signed the agree-ment.

Golen Gol Lot-II involvesconstruction of diversion weir,intake, gravel trap, sand trap,headrace tunnel, pressure shaft,pressure tunnel and roads.

Speaking on the occasion, See # 8 Page 11

Rs7.5bn pact for106MW JV inked

Golen Gol Hydropower Project

KARACHI: PakistanNavy has test fired surface-to-air missiles successfullyin the area of Sonmiani.

As per sources surface-to-air missiles were testfired in Sonmiani and theyhave hit their targets withprecision. Naval ChiefAdmiral Noman Bashirwas also present on theoccasion.

Congratulating the offi-cers and jawans of PakistanNavy on conducting mis-sile tests successfully said

these tests had fortified thedefence of country's coastalline.

Pakistan navy wouldleave no stone unturned todefend its maritime bor-ders. Coastal lines of thecountry would be protectedat every cost, he under-lined.

Pakistan Navyspokesman told 3 surface-to-air missile tests had beencarried out by PakistanNavy in the area of

See # 4 Page 11

Pakistan Navyflexes muscles

Testfires surface-to-air missiles

Heavy snow disrupts lifein New YorkNEW YORK: A blizzard pum-meled the northeastern UnitedStates on day, dumping up to 29inches of snow, disrupting airand rail travel and challengingmotorists with blowing snowand icy roads at the end of thebusy Christmas weekend.

New York City, eastern NewJersey and western Long Islandwere the hardest hit by thestorm, which blew up theAtlantic Coast on Sunday nightand continued up to theMonday morning commute,unleashing powerful winds andgrounding cities to a halt.

See # 2 Page 11

India

confiscates

Adnan Sami's

propertyMUMBAI: The EnforcementDirectorate in India on Mondayconfiscated eight propertiesand five parking spaces belong-ing to singer Adnan Sami underthe Foreign ExchangeManagement Act.

According to Indian law, aPakistan national cannotacquire immovable property inIndia other than on lease, notexceeding five years.

The Time of India reportedthat singer had acquired eightproperties in 2003, totaling 25million Indian rupees in a hous-ing society in Andheri,Maharashtra. The propertiesnow belong to the Indian gov-ernment.

The Enforcement Directoratehas also imposed a fine of 2million Indian rupees on thesinger.-Agencies

RBI furthercurbs deals with Iran

MUMBAI: India's centralbank Monday further curbedtransactions with Iran, sayingall current account transactionsincluding trade deals with theIslamic Republic should be set-tled outside the Asian ClearingUnion (ACU).

Reuters had reported Fridaythat the Reserve Bank of Indiawill not facilitate payments forIranian crude imports, inanother blow to the IslamicRepublic's oil business asglobal pressure on Tehrangrows over its nuclear pro-gramme.

"In view of the difficultiesbeing experienced by importers/ exporters in payments to/receipts from Iran, it has beendecided that all eligible currentaccount transactions includingtrade transactions with Iranshould be settled in any permit-ted currency outside the ACUmechanism until furthernotice," the central bank said ina release.

The ACU involves the centralbanks of India, Bangladesh,Maldives, Myanmar, Iran,Pakistan, Bhutan, Nepal andSri Lanka.

Although United Nationssanctions do not forbid buyingIranian oil, the United Stateshas pressed hard for govern-ments and companies to stopdealing with Tehran. Many oilmajors and banks have aban-doned their dealings since then.

US President Barack Obamavisited India last month andsaid he supported its bid for apermanent UN SecurityCouncil seat.

The sanctions make it diffi-cult to open letters of credit,which are often required forthe buyer and seller of a cargoto guarantee payment upondelivery or at an agreed futuredate. -Reuters

FIA raidsMoonis

Elahi's officeLAHORE: FIA raids MoonisElahi's office. The team of FIALahore wing raided into theoffice of Moonis Elahi, son offormer Punjab Chief Ministerand arrested his manager AbdulMalik.

According to media reports,Moonis Elahi is considered as acompanion of MohsinWarraich, a main accused ofNICL case.

The raid was linked as a con-tinuation of the investigation ofNICL case. -Agencies

SECP imposes

Rs0.2mn fineKARACHI: Securities andExchange Commission ofPakistan (SECP) has imposed afine of Rs200,000 onMuhammad Sarwar, director ofPattoki Sugar Mills Ltd(PSML) on charges of insider-trading.

According to a communiquésent to KSE here Monday,SECP said the director madepurchase of scrips of BabaFarid Sugar Mills (BAFS)through Foundation Securities,raising its price from Rs5.50 toRs16.44 per share.

SECP said that MuhammadSarwar had the inside

See # 1 Page 11

ISLAMABAD: State Bank ofPakistan (SBP) has stressedupon the banks to deviseingenious strategies to dealwith the high level of Non-Performing Loans (NPLs).

According to SBP'sQuarterly Performance Reviewreport of the Banking Systemfor the quarter ended onSeptember 2010 released onMonday, the directive has beenissued to support promisingbusinesses continue to con-tribute in economic growth andservice their obligations in anorderly manner which are fac-

ing transitory difficulties dueto a constrained macro envi-ronment.

The Report pointed out thatthe growth in NPLs, whichdecelerated during the first twoquarters of CY10, grew by 7.4per cent during the quarterunder review reaching Rs 494billion as banks' lending port-folio, to some extent, waseffected by recent unprece-dented floods and torrentialrains.

"This coupled with over-the-quarter decline in lending

See # 14 Page 11

SBP urges banksto restrict NPLs

Banks told to devise policy

Special Correspondent/Agencies

NAUDERO: President Asif AliZardari has said that investiga-tion report of United Nationwas incomplete and theyshowed their reservations inthis regard.

President Asif Ali Zardarisaid in his address to a massgathering on the occasion ofthird martyrdom anniversary ofhis slain wife and PPP co-chair-person Benazir BhuttoMonday.

"We have fulfilled our prom-ises we made with the nationand Benazir Bhutto," he said,adding that "the constitutionalreforms, autonomy toprovinces, NFC awards, pack-ages of Balochistan and strug-gle against corruption andpoverty are achievements ofPeoples Party."

About UN report into BBassassination, he said "it wasunclear and incomplete."

He said "we know the killersbut we don't consider ourenemy, either he is BaitullahMehsud or anyone else, it is anideology which we shouldeliminate." True to her wordsBenazir Bhutto led the fightagainst militancy and embracedmartyrdom, he added.

Zardari urged political oppo-nents to let the governmentcomplete it five-year term,vowing that upcoming elec-tions would be 'free' and 'fair'.

Zardari urged party workers,youth and people to join handsand work together for the reali-sation of hopes and dreams ofBenazir Bhutto.

"We pay tribute to hercourage and leadership we alsovow to continue to fight for thevalues she upheld and laiddown her life for," he said.

He said that Pakistan PeoplesParty (PPP) is following thepath of Shaheed Zulfiqar AliBhutto and Shaheed MohtarmaBenazir Bhutto, who sacrificed

their lives for the democracy.He further said Bhutto is the

name of revolution, adding thathe is torch-bearer of democracyfrom last three years. PPP isimplementing over the visionof Shaheed Benazir Bhutto,who, believed that democracyis best revenge.

Zardari maintained that heover the wishes of ShaheedMohtarma Benazir Bhuttopassed resolution in the supportof women and launched ascheme to assist the haplesssegments of the society particu-larly the women.

Commenting about the for-mer president PervezMusharraf, he said that time is abig revenge as the one, whowas not allowing BenazirBhutto to comeback Pakistan ison exile and could not returnback to the country.

Zardari stated that the goodgoverning in Punjab is due tothem as they are working with

See # 15 Page 11

BB killers won’tescape: President

President addresses gathering on BB anniversary

Says UN’S investigation report incomplete