International

FBR tax kitty up 7.2pc at Rs400bn See on Page 12

In accountability, we believe: Awan See on Page 12

Pak says ties with US, independent of India See on Page 12

*Crude Oil (brent)$/bbl 87.87

*Crude Oil (WTI)$/bbl 86.21

*Cotton $/lb 139.26

*Gold $/ozs 1,378.40

*Silver $/ozs 25.52

Malaysian Palm $ 1,034.00

GOLD (NCEL) PKR 37,997

KHI Cotton 40Kg PKR 9,324

Yearly(Jul, 2010 up to 3-Nov-2010)

Monthly(Oct, 2010 up to 3-Nov-2010)

Daily (3-Nov-2010)

Total Portfolio Invest (22 Oct-2010)

103.46

-1.27

2.20

2532

0.50

0.29

1.54

-0.77

-0.28

-1.29

0.004

SCRA(U.S $ in million)

Portfolio Investment

FIPI (04-Oct-2010)

Local Companies (04-Oct-2010)

Banks / DFI (04-Oct-2010)

Mutual Funds (04-Oct-2010)

NBFC (04-Oct-2010)

Local Investors (04-Oct-2010)

Other Organization (04-Oct-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (29-Oct-10)

Inflation CPI% (Jul 10-Sep 10)

Exports (Jul 10-Sep 10)

Imports (Jul 10-Sep 10)

Trade Balance (Jul 10-Sep 10)

Current A/C (Jul 10- Sep10)

Remittances (Jul 10-Sep 10)

Foreign Invest (Jul 10-Sep10)

Revenue (Jul 10-Sep 10)

Foreign Debt (Jun 10)

Domestic Debt (Aug 10)

Repatriated Profit (Jul- Aug 10)

LSM Growth (Aug 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.96bn

13.77%

$5.18bn

$9.03bn

$(3.85)bn

$(545)mn

$2.65bn

$455.10mn

Rs 310bn

$55.63bn

Rs 4863bn

$124.90mn

-3.85%

4.10%

$1,051

170.96mn

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

19.10

2.00

1.70

9.79

PKR/Shares

111.30

163.53

42.81

36.39

33.51

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (1Yr)

P.I.B ( 3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

03-Nov-2010

03-Nov-2010

03-Nov-2010

29-Sep-2010

04-Nov-2010

04-Nov-2010

04-Nov-2010

04-Nov-2010

04-Nov-2010

04-Nov-2010

04-Nov-2010

04-Nov-2010

04-Nov-2010

04-Nov-2010

04-Nov-2010

12.75%

13.11%

13.24%

13.50%

12.70%

12.97%

13.22%

13.62%

13.71%

13.65%

13.74%

13.84%

14.21%

14.34%

14.50%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 85.80 86.80

Canadian $ 84.60 85.60

Danish Krone 15.00 15.40

Euro 121.00 122.30

Hong Kong $ 10.85 11.09

Japanese Yen 1.062 1.065

Saudi Riyal 22.70 22.90

Singapore $ 66.10 67.10

Swedish Korona 12.30 12.80

Swiss Franc 88.30 88.80

U.A.E Dirham 23.20 23.40

UK Pound 137.50 139.60

US $ 85.45 85.70

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 85.97 86.17

Canadian $ 84.90 85.10

Danish Krone 16.23 16.26

Euro 120.96 121.24

Hong Kong $ 11.04 11.06

Japanese Yen 1.060 1.062

Saudi Riyal 22.81 22.87

Singapore $ 66.59 66.75

Swedish Korona 13.01 13.04

Swiss Franc 87.98 88.19

U.A.E Dirham 23.29 23.35

UK Pound 137.95 138.27

US $ 85.62 85.80

Inter-Bank Currency Rates

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PARIS: French Environment and Energy Minister Jean Louis Borloo hands with Chinese President Hu

Jintao, as French President Nicolas Sarkozy, looks on, during the signature of agreements. Reuters

Special Correspondent

ISLAMABAD: NationalAssembly on Thursday passedthe Bill further to amend theState Bank of Pakistan Act,1956 (The State Bank ofPakistan (Amendment) Bill,2010.

The Act to be called the StateBank of Pakistan (Amendment)Act, 2010 shall come into forceat once.

Presenting the Bill, StateMinister for Finance HinaRabbani Khar said the StateBank of Pakistan Act, 1956,being old law would benefitfrom being updated to being itcloser to the current emergingfunctions of a modern central

bank and to better conform tobest international practices.

The Monetary and FiscalPolicies, Coordination Board isredundant in terms of currentpractices.

It is proposed to replace itand give the current MonetaryPolicy Committee statutory sta-tus, with external experts to beappointed by the FederalGovernment, she said.

The Central Board will berepresented by two memberson the Committee which willbe responsible to formulate,decide and implement the mon-etary policy and decide on mat-ters such as those relating tokey interest rates, supply ofreserves, exchange rate policy,

and the limits and nature ofadvances and loans to theGovernment.

The minister said main objectfor introducing this statutorycommittee is to facilitate theState Bank's autonomy in per-formance of its essential func-tions in the changing financialenvironment.

Consequently, various sec-tions in the Act have also beenamended in order to bring themin line with the role of theMonetary Policy Committee,she said.

Lending to the governmenthas been restricted by insertionof a new section (Section No20A). Emergent functions

See # 6 Page 11

Govt gives SBPmore autonomy

Industrial Dev Bank Bill, SBP Amended Bill passed

SBP Monetary Policy Committee given legal status

Two external experts to be appointed in committee

Kayani, only Pakistaniin Forbes powerful list

KARACHI: Pakistan is com-ing under more pressure intalks with the InternationalMonetary Fund (IMF) toimplement a ReformedGeneral Sales Tax asIslamabad attempts to securethe sixth tranche of an $11-bil-lion emergency loan that haskept its economy afloat.

But securing funds from theIMF would mean takingunpopular decisions such asraising tariffs to help generatefunds for the power sector andbroadening the tax base.

Public frustrations alreadyrun high with a government

critics say is corrupt and inef-fective in dealing with crip-pling power cuts, a Talibaninsurgency and deep poverty.

IMF and Pakistani officialsare holding talks in Islamabadon the possible release of thesixth tranche of the loan agreedin November, 2008.

"It was always the case, thatthe sixth tranche would be onthe case of progress on RGST(Reformed General SalesTax)," said a governmentsource, when asked if therewere any obstacles in the talks.

Pakistan said in June it See # 10 Page 11

Pak set to takeIMF bitter pills

Reformed tax key to sixth tranche

Public frustration with govt running high

ISLAMABAD: Mir HazarKhan Bijarani, federal ministerfor Industry and Productionsaid draft of new policy forindustries is being preparedand after approval of Cabinetthe draft would be tabled inParliament.

Answering to questionsraised by the Senators hereduring Senate session holdThursday, Meer Hazar KhanBijarani told that in wake ofdeteriorating law and order inthe country during last fiveyears, several industrial unitshave been closed down.

He said that the ministry has

prepared draft for new industri-al policy and all concerneddepartments and experts havebeen consulted in this connec-tion. He further told that thenew industrial policy wouldhelp to provide security to theindustries and also grant perksfor establishment of newindustries.

Answering to question hesaid that almost 1579 industri-al units have been closed downduring last five years including115 units in Punjab, 700 Sindh,688 in Khyber-Pakhtunkhwaand 29-industrialist unit in

See # 12 Page 11

New industrialpolicy on anvil

1579 units closed down during last 5-yrs

ISLAMABAD: SupremeCourt (SC) dismissed pleafiled here in order to plead thecourt to stall the investigationsinto Pakistan Steel Mills(PSM) corruption worth bil-lions of rupees, media reportedThursday.

Chief Justice of PakistanJustice Iftikhar MuhammedChaudhry expressed disap-proval when the PSM's counselFakhruddin G Ibrahim pleadedthe court for order to stop theinvestigations into PSM cor-ruption.

A three-member bench head-ed by the CJP Chaudhry heardthe case regarding the PSMcorruption. Also FederalInvestigation Agency (FIA)chief Wasim Akhtar was pres-

ent during the hearing.FG Ibrahim submitted that

the FIA's investigation is caus-ing loss to the PSM; according-ly, this process should bestanched.

On this, the CJ Chaudhry,expressing dissatisfaction, saidthe Mills outpaced in corrup-tion beyond Rs26 billion,adding, 'Should thieves beallowed to work again? Thereason behind loss there is thatthe Mills have no efficient peo-ple around.

The court queried the FIA'sDG as to why no arrests weremade as yet in corruptioninvestigations. The Agencyofficial informed the FIA hasalready changed its three heads

See # 8 Page 11

SC rejects plea tostem PSM probe

PSM incurring losses due to inquiries, SC told

ISLAMABAD: Governmentis fully aware of the problemsfaced by general public andthat is why it is giving Rs20billion subsidy to them onmonthly basis in the powersector adding that the subsidywould now be reduced due toinflation.

Talking to media at theParliament House, StateMinister for Economic AffairsHina Rabbani Khar said onThursday that country isalready facing various chal-lenges and it has to take tough

decisions.She said the government is

taking various steps to reducethe ratio of inflation in thecountry and to control the cor-ruption in the institutions.

Meanwhile, Rehman Maliksaid that Federal InvestigationAgency (FIA) would launchthe operation against thoseofficers who are involved incorruption in the institutions.

He expressed the resolve thatthere would be zero tolerancefor the corrupt officers across

See # 13 Page 11

Rs20bn/monthsubsidy still on

Special Correspondent

ISLAMABAD: EuropeanUnion has stopped import ofseafood from Pakistan for fail-ing to come up to the standardsof safety of food regulations.

According to documents pro-vided to Parliament by federalminister for trade MakhdoomAmin Fahim, EU has deletednames of Pakistani seafood

export companies from its listand currently no seafood isbeing exported to Europeancountries from Pakistan.

The main reason for this isPakistani companies' failure tocome up to the standards ofSafety of Food regulation.

In order to resume export, theprogress of improving fisheriessupplies have been started

See # 9 Page 11

EU bans Pak seafood

ISLAMABAD: Punjab gov-ernment has asked the govern-ment for permission to exportabout 2.5 million tonnes of sur-plus wheat, provincial authori-ties said on Thursday, as thecountry prepares to plant thenext crop.

Pakistan, Asia's third-largest

wheat producer, deferred plansin August to export 2 milliontonnes of surplus wheat, aftersummer floods washed away atleast 725,000 tonnes of thegrain and raised concern aboutthe next crop.

Traders say that despite flood See # 16 Page 11

Govt may export2.5mn T wheat

ISLAMABAD: Pakistan'seconomy would come on thepath of stability within nexttwo years provided the gov-ernment is successful inbringing economic reforms inthe country, Federal Ministerfor Finance, Dr Hafiz Shaikhsaid.

"We need to go to medium-term road and if we are suc-cessful in bringing economicreforms within next six to ninemonths, we would be able toenhance overall growth rate,create jobs and control theinflation" the finance ministertold APP in an interview here.

Referring to global recession,increasing oil prices in theinternational market and pend-ing adjustment, the federalminister said that the countryhad successfully came out of

these crisis and had been wit-nessing macroeconomic stabil-ity till the devastating floodshit it.

"The recent floods inflicteddamages of $10 billion tonational economy and broughtthe growth rate down besidesaffecting millions of people allacross the country," the minis-ter added.

He, however, was hopefulthat country's economy wouldcome on the path of stability byreforming tax system and pub-lic sector corporations besidesboosting agriculture productiv-ity.

"We have achieved GDPgrowth of 6 to 7 per cent andwe are able to achieve suchgrowth even now, but it wouldtake some time, owing to

See # 7 Page 11

Shaikh sees Pakrecovery in 2yrs

Parliamentary Commission

'Q', 'N'forwardnames

ISLAMABAD: PML-N andPML-Q in light of their agree-ment have forwarded the namesof their respected representativesin the ParliamentaryCommission for the sheerappointment of judges.

Well-placed sources informedthat PML-N has shown somekind of flexibility thus acceptingrepresentative of PML-Q fromthe National Assembly in thisregard.

Sources say that both agreedon the names for theParliamentary Commission inseparate PML-Q and PML- Nmeetings on Thursday.

PML-N parliamentary meetingapproved the names of SenatorIshaq Dar from the Senate whileSardar Mehtab Ahmed Abbasifrom the National Assemblywhile on the other hand fromPML-Q Chaudhry ShujaatHussain from the Senate andGhaus Bakhsh Mehar from theNA respectively.

Hence Chaudhry ShujaatHussain and Ishaq Dar meetingturned out to be quite fruitful asQ-league got sheer representa-tion from the National Assemblyas well. -Online

FX reservesrise to

$16.96bnShiraz Ahmed

KARACHI: Pakistan's foreignexchange reserves rose to$16.96 billion in the week end-ing Oct 29, up from $16.88 bil-lion the previous week, the cen-tral bank said on Thursday.

Reserves held by the StateBank of Pakistan (SBP) rose to$13.18 billion from $13.09 bil-lion, while those held by com-mercial banks fell to $3.78 bil-lion from $3.79 billion, saidSyed Wasimuddin, chiefspokesman of the SBP.

Pakistan's reserves hit a recordhigh of $17.10 billion in theweek ending Oct. 15 because ofan increase in remittances fromoverseas Pakistanis and a nar-rowing trade deficit.

In May, Pakistan received$1.13 billion, the fifth tranche ofthe programme. Officials arecurrently in Islamabad to discussthe release of the sixth tranche.

Cement sales up 45pc

MoM in OctGhulam Raza Rajani

KARACHI: After dismal per-formance in first quarter of thisfinancial year, Country'scement sector has showedimprovement during the monthof October 2010, as totalcement dispatches surged 45per cent MoM to 2.9 milliontonnes against 2 million tonnes

See # 15 Page 11

1st Jan, 2011

All banksready todisbursepension

Raheel Ameer

KARACHI: The State Bank ofPakistan has announced that allbanks will start payment ofpension through their branchnetwork with effect fromJanuary 1, 2011.This arrangement will go a longway in mitigating the problemsbeing faced by elderly pension-ers.All banks have been advised bySBP to make necessaryarrangements for disbursementof pension accordingly fromthe above-mentioned date, saysa Circular (BPRD CircularLetter No. 25) issued here onWednesday. It may be recalled

See # 14 Page 11

Dr Imran'sfuneral

prayer heldin London

LONDON: Funeral prayer ofDr Imran Farooq, slain leaderof Muttahida QaumiMovement (MQM) was offeredin central London on Thursday,media reported.

MQM Chief Altaf Hussain,Dr Farooq Sattar, MustafaKamal, Haider Abbas Rizvi,Raza Haroon and other office-bearers of MQM in London aswell as Karachi besidesPakistan Ambassador in UKWajid Shams-ul-Hasan attend-ed the funeral prayer.

Those present on the occa-sion expressed condolenceswith MQM Chief Altaf Hussainover the demise of the seniormost MQM leader who wasassassinated in London onSeptember 16.

Scotland Yard that has beenengaged in the investigationinto the murder handed over thebody of Dr Imran Farooq to thefamily and MQM office bearerson November 1, after one-and-a-half-month of his assassina-tion. Dr Imran Farooq's bodywill be flown from London onFriday and arrive in Karachi on

See # 11 Page 11

Karachi, Friday, November 5, 2010, Zul-Qa’dah 27, Price Rs12 Pages 12

2 Friday, November 5, 2010

TV PROGRAMMES

FRIDAY

Time Programmes7:00 News

8:00 News

9:05 Subah Savere Mayake Sath

11:00 News

12:00 News

13:10 Newsbeat (Rpt)

14:10 Tonight WithJasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Awam Ki Awaz

23:00 News

23:30 24

Staff Correspondent

LAHORE: METRO Cash& Carry Pakistan organ-ised a handing over cere-mony of 10,000 cardigansto Government of Punjabfor the flood victims onThursday at its ThokarNiaz Beg, wholesale cen-tre.

On this ocassionGiovanni Soranzo,Managing Director,

METRO Cash & CarryPakistan handed over thedonation to KhalidSherdill, DG PunjabDisaster ManagementAuthority who received iton behalf of ChiefMinister Punjab.

Addressing the occas-sion Khalid Sherdill said,"The flood victims requireour ongoing support. Nowthe weather is changingand this donation of cardi-

gans by METRO will be ahuge help. METRO hasalways stood beside us inthe hour of need and wehighly appreciate theirvaluable support."

Giovanni Soranzo,Managing Director,METRO Cash & CarryPakistan talking on thisoccassion said," METROfeels & understands the painof our flood victim brothers,sisters and children.

METRO donates 10kcardies among victims

Staff Correspondent

FAISALABAD: TheSecurities and ExchangeCommission of Pakistan(SECP) organised a semi-nar on 'eServices Regime,Corporatisation and Post-Corporatization StatutoryCompliance' in collabora-tion with the Institute ofChartered Accountants of

Pakistan (ICAP).The ICAP members,

business community,SECP consultants andofficials attended theseminar. Since the launchof eServices in September2008, such seminars havealready been held inKarachi, Lahore,Islamabad, Multan,Rawalpindi and Sialkot.

Nazir Ahmed Shaheen,executive director,Registration Department,SECP, briefed the partici-pants on eServices, call-ing them an easy andcost-effective mode of fil-ing of documents with theSECP. He also talkedabout new developmentsin eServices and futureplans.

SECP, ICAP holdeServices moot

ISLAMABAD: Advisorto PM on Textile DrIkhtiar Baig has said thatloans of Pakistan shouldbe written off because thecountry has suffered massdevastation due to floodsand war against terror.

Talking to a Privatenews channel, onThursday, Baig saidPakistan spends one-thirdof its GDP in paying loansevery year so governmentis taking useful measuresto bring down the ratio ofloans. He said Pakistancan not pay full attentionto the war against terrorand rehabilitation of floodaffected in the presentscenario when it has tosacrifice a chunk of itsGDP in paying loans.

Baig said UN declaredfloods in Pakistan as theworst calamity in history,so international communi-ty and IMF should writeoff Pakistan's loans togive humanitarian assis-tance to Pakistan.

He said that governmenthas made a strategy that itwould not take new loansadding that Governmentdid not accepted loansoffered by AsianDevelopment Bank for therehabilitation of floodaffected.

"Government hasplanned that it wouldaccept flood assistancefrom international com-munity in the form ofgrants and aid rather thanloans", he said.

Dr Baig said that thegovernment is also plan-ning to discuss with inter-national community forrescheduling of the debtswith three years moratori-um.

Answering a query Baigsaid IMF has held it s lasttranche because it asksPakistan to fulfill all theagreements which it madewith IMF for getting loanof 11.4 billion.

He said IMF has askedGovernment to bringpower sector reforms inthe country, which wouldbe a very tough decisionfor the government totake. "IMF also demandsthat the circular debtshould be dissolved in thecountry", he said.-APP

Dr Baig demands ease in wake of WoT

Lenders urged towaive Pak loans

KARACHI: There isabundant quantity of yarnavailable in the market asonly 121,463 tonnes ofcotton yarn was exportedduring first quarter ofFinancial Year 2010-11 ascompared to 168,314tonnes during the sameperiod of the precedingyear.

The statement was madeby M Yasin Siddique,Vice Chairman - APTMAwhile commenting on thehue and cry of down-stream industry regardingshortage of cotton yarnfor the local market whichis hampering textileexports.

He said that the claimsof yarn shortage by down-

stream industry has nologic as the exports of cot-ton yarn during first threemonths of the year hasdecreased by about 28 percent as compared to thesame period of last year.Simultaneously, theexports of all sections ofthe value added sectorhave recorded higherexports in terms of quanti-ty.

M Yasin Siddique saidthat exports of Knitwearhas increased by 29.2 percent (from 24.76 milliondozen to 32 milliondozens) whereas its valuehas increased by only 15.8per cent ($471.72 millionto $546.25 million) show-ing decline in per unit

value by 10.4 per cent.Similarly exports valueand volume of bed-wearhas increased by 14.7 percent (from $420.53 mil-lion to $482.46 million)and 6.3 per cent (80.15million kg to 85.22 mil-lion kg), value of towel by12.1 per cent (from$159.5 million to $178.83million) and volume by21.4 per cent (from 46.07million kg to 55.93 mil-lion kg) and export valueof readymade garments by38.8 per cent (from$292.62 million to$406.24 million) andexport volume by 22.1 percent (from 6.37 milliondozen to 7.78 milliondozens).-Agencies

Ample yarn at hand,claims APTMA

LAHORE: FerozepurRoad IndustrialAssociation (FRIA) haswarned the government toend the 3-day gas load-sheding for Punjab imme-diately otherwise industri-alists of Ferozepur RoadIndustrial Area would closedown their industrial units.

The industrialists of theindustrial area also passeda resolution during anemergent meeting held onThursday. The FRIAChairman Shahid Baigpresided over the meetingwhile Arshad Baig,Sanaullah Dogar,Zafarullah, Maqsood Ali

Paracha and Patron-in-Chief Adnan Butt alsospoke on the occasion.

According to the resolu-tion, having endorsementof the industrialists ofFaisalabad, Sialkot,Sheikhupura &Gujranwala Chambers ofCommerce & Industry,Lahore TownshipIndustrial Estate, KatarBand Road, FerozepurRoad IndustrialAssociation and otherindustrial & trade associa-tions, the government wasurged to ensure distributionof available gas to all theprovinces without any dis-

crimination as the gas loadshedding for only Punjab isa sheer injustice. The busi-nessmen of Punjab will nottolerate any discriminatorytreatment.

The FRIA office-bearerssaid that 3-day gas suspen-sion is pushing the industrytowards closure whichwould not only jackup thegraph of unemploymentbut would also create law& order situation. Theysaid that concerned gov-ernment institutions shouldundersand the ground real-ities and should reset theirpriorities for the Punjabindustry.-APP

Punjab govt askedto end 3-day gas cut

M Imran Sharif

KARACHI: Governmentshould work to providesafety and security to themembers of PakistanChemicals & DyesMerchants Association(PCDMA) who are themain entity of the largestcommercial centre ofPakistan viz Jodia Bazar.

This was said in a jointmeeting betweenMuhammad Saeed Shafiq,President, KarachiChamber of Commerce &Industry and MuhammadHaroon Agar, ChairmanPCDMA.

Agar forcefully urged theGovernment and con-cerned quarters to providefool proof security owingto prevailing deterioratinglaw & order situation withrampant crimes viz bhatta,kidnapping for ransom,

decoities, robberies ofgoods while enteringforcefully into the ware-house, hijacking and loot-ing of goods worth mil-lions of rupees from cargovans en-route to suppliersin the S.I.T.E. IndustrialEstate and Jodia Bazarvicinity.

Agar informed theChamber's Chief about thesignificance and role ofPCDMA and its memberswho contribute around 40to 50 per cent (out of 67per cent) in the nationalexchequer and trade/sup-ply essential commoditieswithin Karachi andupcountry destinations butthe Government in recipro-cal is not giving thedeserved recognition. Inthe wake of highly deterio-rating law & order situa-tion, the members will becompelled to closure.

KCCI asksGovt to protectbusinessmen

FRIDAY

Time Programmes

8:00 Pakistan Aaj Raat

(Rpt)

9:00 News

9:15 Pehla Sauda

10:00 News

10:15 Bazaar

11:00 News

11:05 Ghar Ka Kharch

12:00 News

12:15 Power Lunch

13:00 News

13:05 Islamabad Say (Rpt)

14:00 News

15:05 Siyasat Mana Hai

(Rpt)

16:00 News

16:02 Akhri Suada

16:30 Karobari Dunya

17:00 News

17:05 Ghar Ka Kharch

(Rpt)

18:00 News

18:05 Chai Time

19:00 Headlines

19:30 Mang Raha Hai

Pakistan

20:00 Headlines

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:00 Headlines

22:05 Dosra Pehlu

23:00 News

23:05 Siyasat Mana Hai

(Rpt)

0:00 News

ICAP,USAID

sign MoUfor co-work

Staff Reporter

KARACHI: The USAgency for InternationalDevelopment (USAID)and the Institute ofChartered Accountants ofPakistan (ICAP) signed aMemorandum ofUnderstanding (MoU) onThursday to cooperate onenhancing accountabilityand financial governanceof USAID programs inPakistan.

Within the next fiveyears, USAID has plans toprovide a major portion ofits assistance directlythrough local organiza-tions. Cooperation withICAP will enable USAIDto rely more heavily onlocal accounting and audit-ing organizations for ensur-ing that local recipients ofUS Government fundshave the ability to handlethose funds responsiblyand transparently.

Weldonmomscarnival onSaturday

KARACHI: TheWeldonMoms CostumeCarnival 2010 will be heldon Saturday, Nov 6 here ata local hotel with the mes-sage "Karachi NeedsSomething HappyHappening".

A large number of moth-ers with kids aged 6 month- 6 years are expected todress-up for the a cute cos-tume parade. Mothers candress up too to join in thefun, said a press releaseissued here.

Motherhood is a fantasticfeeling. But, in our panic-stricken country, whereevery breaking-news isheart-breaking, a motherhas very few entertainmentoptions for herself and thebaby. -PR

Journalistshailed for

supportingdemocracy

KARACHI: TheJournalist community hasalways played a key role inthe political movementsagainst the dictators andrendered great sacrificesfor the restoration ofdemocracy and freedom ofexpression.

This was stated byKhawaja Rizwan Alam, theMedia Coordinator ofPrime Minister.

He was talking to theoffice bearers of theKarachi Press Club (KPC)during his visit to the Clubon Thursday.

Khawaja Rizwan saidthat the present govern-ment is working tostrengthen democracy inthe country through poli-tics of reconciliation.

He was of the view thatthe dictatorial regime ofPervez Musharraf due tohis wrong policies hadharmed the country andruined its economy.

However, the presentelected government ofPakistan People's Party hassuccessfully overcomemany internal and externalchallenges, KhawajaRizwan added.

He stated that the unani-mous passage of NationalFinance CommissionAward, restorations of1973 constitution in itsoriginal shape, General(Retd) Pervez Musharraf'souster from the Presidency,A g h a z - e - H u q o o q - e -Balochistan Package, arethe big achievements of thepresent PPP government.

Khawaja Rizwan said thatthe government also provid-ed relief to the governmentemployees by giving 50 percent increase in their salariesand launching housingschemes for them..-APP

AKUsymposiumon researchedu today

NOVEMBER: Aga KhanUniversity (AKU) is organ-ising its 14th NationalHealth Science ResearchSymposium today. Thisyear's theme is ethicalissues in education,research and health care.

Dr Farhat Moazam,Chairperson, Centre ofBiomedical Ethics &Culture, SIUT will bedelivering the keynoteaddress on the occasion,with Dr Rashid Jooma,Chairman, NationalBioethics Committee aschief guest.

The main focus of theexperts in the conferencewould be on how a physi-cian has moral obligationstowards his patient basedon the physician-patientrelationship. Ethicalresponsibilities regardingconfidentiality of apatient's health record andother important ethicalissues in education andresearch will also be cov-ered in the conference.-PR

KARACHI:- Dr Thomas Christie, Director, AgaKhan University Examination Board receivingshield from Rafiq Rangoonwala CEO Cupola

Pakistan Limited in 7th Annual Teachers'Convention organised by KFC Pakistan. Photo M

Imran Sharif

LAHORE: Giovanni Soranzo, Managing Director,METRO Cash & Carry Pakistan handing over

donation to Khalid Sherdill, D.G Punjab DisasterManagement Authority who received it on

behalf of Chief Minister Punjab.-Staff Photo

KARACHI: Dr Nabeela Ali, Chief of Party USAID-PAIMAN handing over documents of midwifehomeEquipment to Secretary Health Sindh Hashim Raza Zaidi, at local Hotel.-Online

KARACHI: Administrator Karachi Fazl-ur-Rehman starts the spraycampaign in Orangi Town Area.-APP

KARACHI: Chairman KATI Syed Johar Ali Qandhari discuses law & order sit-uation with Brigadier Javaid Iqbal, Sector Commander Bhitai Rangers and

other officials.-Staff Photo

MUMBAI: The Indian rupeerose to its strongest level inover two weeks on Thursday,boosted by a 2.1 per cent gainin local shares and a steep slidein the dollar versus major cur-rencies after the Fedannounced more easing.

The partially convertiblerupee closed at 44.20/21 perdollar, after hitting 44.1950, itsstrongest since Oct. 19 and 0.3per cent stronger than 44.35/36at the close on Wednesday. Onthe week, the rupee gained 0.5per cent.

The rupee traded in a rangeof 44.1950-44.3450 onThursday. Financial marketswill remain closed on Fridayfor a local holiday.

Shares rose 2.1 per cent to arecord closing high, boosted bythe stellar listing of Coal India,but market participants said theeuphoria was leading to a senseof caution.

Foreign buying of localshares has reached a record$26.6 billion so far in 2010,helping the rupee gain 5.3 per

cent. Last year, inflows of$17.5 billion helped the rupeerise 4.7 per cent.

One-month offshore non-deliverable forward contractswere quoted at 44.32, weakercompared to the onshore spotrate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange, MCX-SX andUnited Stock Exchange closedat 44.39, 44.3875 and 44.3925respectively, with the totaltraded volume on the threeexchanges at a low $4.7 bil-lion. -Reuters

Indian rupee at 2-wkhighs as shares gain

3Friday, November 5, 2010

Currency Rates

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

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 04/11/2010

A USD GBP CAD EUR JPY

O/N 0.22563 0.55375 1.02333 0.45000 SN 0.09563

1WK 0.24828 0.55563 1.05750 0.71188 0.10813

2WK 0.25000 0.56000 1.07917 0.75125 0.11313

1MO 0.25344 0.56875 1.10750 0.80750 0.12875

2MO 0.26828 0.62750 1.15583 0.87063 0.15438

3MO 0.28563 0.73913 1.21000 0.99000 0.19625

4MO 0.33313 0.82225 1.27750 1.04750 0.28000

5MO 0.39313 0.92500 1.33333 1.13250 0.33688

6MO 0.44250 1.02875 1.40667 1.22813 0.39625

7MO 0.49038 1.10375 1.46833 1.27813 0.45750

8MO 0.53875 1.18625 1.54667 1.32563 0.50500

9MO 0.58688 1.26688 1.60833 1.37438 0.55313

10MO 0.64156 1.34375 1.68667 1.41875 0.58000

11MO 0.69844 1.41125 1.76667 1.46125 0.60813

12MO 0.75600 1.47938 1.85000 1.50563 0.63438

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

U.S.A. 85.75 85.55 85.37U.K. 138.27 137.95 137.63EURO 121.24 120.96 120.67CANADA 85.10 84.90 84.68SWITZERLAND 88.19 87.98 87.75AUSTRALIA 86.17 85.97 85.75SWEDEN 13.04 13.01 12.97JAPAN 1.06 1.06 1.06NORWAY 14.80 14.77 14.73SINGAPORE 66.75 66.59 66.42DENMARK 16.26 16.23 16.18SAUDI ARABIA 22.87 22.81 22.75HONG KONG 11.06 11.04 11.01CHINA 12.84 12.81 12.78KUWAIT 306.37 305.66 304.85MALAYSIA 27.81 27.75 27.68NEW ZEALAND 67.33 67.17 67.00QATAR 23.56 23.50 23.44U.A.E. 23.35 23.29 23.23KR WON 0.08 0.08 0.08THAILAND 2.89 2.88 2.87

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.4222 1.4223 1.4284 1.4104

EUR-GBP 0.8746 0.8749 0.8817 0.8735

EUR-CHF 1.3645 1.3649 1.3803 1.364

EUR-JPY 114.7 114.74 115.39 114.05

USD-CHF 0.9595 0.9599 0.9735 0.9596

USD-CAD 1.0024 1.0033 1.0113 1.0012

GBP-USD 1.6252 1.6255 1.6297 1.6083

GBP-JPY 131.1 131.16 131.48 130.13

AUD-USD 1.0139 1.0143 1.0152 1.0024

EUR-CAD 1.4255 1.4263 1.4327 1.4209

CHF-JPY 84.02 84.08 84.07 82.99

Gold 1381.88 1382.68 1383.51 1346.83

Silver 25.98 26.01 26.01 24.77

As per 22.00 PST

Time Source Events Forecast Previous

Tentative JPY Overnight Call Rate <0.10% <0.10%

14:30 GBP PPI Input m/m 0.9% 0.7%

15:00 EUR Retail Sales m/m 0.3% -0.4%

16:00 CAD Employment Change 14.3K -6.6K

16:00 CAD Unemployment Rate 8.0% 8.0%

16:00 EUR German Factory Orders m/m 0.5% 3.4%

17:30 USD Non-Farm Employment Change 63K -95K

17:30 USD Unemployment Rate 9.6% 9.6%

17:30 USD Average Hourly Earnings m/m 0.2% 0.0%

19:00 USD Pending Home Sales m/m 3.2% 4.3%

Source Events Actual Forecast Previous

AUD Retail Sales m/m 0.3% 0.5% 0.3%

AUD Trade Balance 1.76B 2.13B 2.45B

GBP Halifax HPI m/m 1.8% 0.4% -3.7%

GBP Asset Purchase Facility 200B 200B 200B

GBP Official Bank Rate 0.50% 0.50% 0.50%

USD Unemployment Claims 457K 437K 437K

USD Prelim Nonfarm Productivity q/q 1.9% 0.9% -1.8%

USD Prelim Unit Labor Costs q/q -0.1% 0.8% 1.3%

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada Dec 07 2010 Sep 08 2010 1%

Bank of Japan Nov 05 2010 Dec 19 2008 0.10%

European Central Bank Dec 02 2010 May 07 2009 1%

Federal Reserve Dec 14 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

Bank of England n/a Mar 05 2009 0.50%

The Reserve Bank of Australia n/a Nov 02 2010 4.75%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, November 04,2010 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 11.75 12.25 12.00 12.50 12.20 12.70 12.65 12.90 12.90 13.15 12.95 13.45 13.20 13.70 13.30 13.80

JSBL 11.60 12.10 11.90 12.40 12.15 12.65 12.75 13.00 13.05 13.30 13.20 13.70 13.30 13.80 13.50 14.00

ASPK 11.75 12.25 11.90 12.40 12.20 12.70 12.70 12.95 12.90 13.15 13.10 13.60 13.20 13.70 13.30 13.80

CIPK 11.70 12.20 12.00 12.50 12.20 12.70 12.60 12.85 13.00 13.25 13.10 13.60 13.20 13.70 13.30 13.80

DBPK 11.75 12.25 11.90 12.40 12.00 12.50 12.60 12.85 12.90 13.15 13.15 13.65 13.25 13.75 13.35 13.85

FBPK 11.85 12.35 11.90 12.40 12.05 12.55 12.65 12.90 13.10 13.35 13.15 13.65 13.15 13.65 13.40 13.90

FLAH 11.80 12.30 11.95 12.45 12.25 12.75 12.75 13.00 12.95 13.20 13.10 13.60 13.20 13.70 13.30 13.80

HBPK 11.65 12.15 11.90 12.40 12.20 12.70 12.75 13.00 13.00 13.25 13.10 13.60 13.20 13.70 13.35 13.85

HKBP 11.80 12.30 12.10 12.60 12.20 12.70 12.70 12.95 12.95 13.20 13.10 13.60 13.20 13.70 13.30 13.80

N I PK 11.75 12.25 11.95 12.45 12.60 13.10 12.80 13.05 12.95 13.20 13.00 13.50 13.10 13.60 13.20 13.70

HMBP 11.70 12.20 11.80 12.30 12.40 12.90 12.80 13.05 13.00 13.25 13.15 13.65 13.20 13.70 13.30 13.80

SAMB 11.80 12.30 12.00 12.50 12.20 12.70 12.85 13.10 13.00 13.25 13.15 13.65 13.25 13.75 13.35 13.85

MCBK 11.75 12.25 12.00 12.50 12.25 12.75 12.80 13.05 13.05 13.30 13.20 13.70 13.30 13.80 13.50 14.00

NBPK 11.50 12.00 12.00 12.50 12.20 12.70 12.70 12.95 12.80 13.05 13.10 13.60 13.20 13.70 13.30 13.80

SCPK 11.60 12.10 11.85 12.35 12.10 12.60 12.70 12.95 12.95 13.20 13.10 13.60 13.15 13.65 13.30 13.80

UBPL 11.70 12.20 12.00 12.50 12.20 12.70 12.70 12.95 13.00 13.25 13.15 13.65 13.20 13.70 13.35 13.85

AVE 11.73 12.23 11.95 12.45 12.20 12.70 12.72 12.97 12.97 13.22 13.12 13.62 13.21 13.71 1332 13.82

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)04/11/2010

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

1 week -0.50 -0.64 0.85 -0.73 -0.86 -0.80 0.60 0.381 month 0.31 0.02 0.04 0.43 -0.73 -0.33 0.24 -0.193 months 0.96 0.48 0.78 0.97 0.70 0.91 -0.79 -0.916 months 0.61 0.27 0.67 0.70 0.24 0.54 -0.48 -0.381 year 0.36 0.80 0.84 0.82 0.45 0.20 0.00 -0.272 years -0.21 0.55 0.49 0.50 -0.16 -0.24 0.32 -0.03

Currencies CorrelationEUR/GBP

CMKA BMA INVSR GSL ICSL JSCM AvgRate

0-7days 12.00 12.05 11.80 11.90 11.80 12.10 11.94

8-15dys 12.10 12.20 12.20 12.20 12.10 12.15 12.16

16-30dys 12.10 12.10 12.30 12.25 12.15 12.25 12.19

31-60dys 12.32 12.40 12.50 12.40 12.35 12.45 12.40

61-90dys 12.65 12.64 12.66 12.67 12.65 12.65 12.65

91-120dys 12.85 12.75 12.85 12.85 12.85 12.80 12.83

121-180dys 12.95 13.04 13.04 13.07 12..95 13.08 13.02

181-270dys 13.05 13.10 13.14 13.12 13.10 13.12 13.11

271-365dys 13.18 13.20 13.20 13.22 13.20 13.21 13.20

2-- years 13.38 13.30 13.40 13.40 13.40 13.40 13.38

3-- years 13.65 13.65 13.67 13.65 13.60 13.70 13.65

4-- years 13.70 13.70 13.74 13.68 13.73 13.73 13.71

5-- years 13.72 13.72 13.75 13.74 13..75 13.74 13.74

6-- years 13.75 13.75 13.75 13.75 13.75 13.75 13.75

7-- years 13.75 13.75 13.76 13.76 13.75 13.75 13.75

8-- years 13.78 13.80 13.78 13.77 13.75 13.80 13.78

9-- years 13.80 13.80 13.80 13.65 13.80 13.85 13.78

10--years 13.80 13.80 13.85 13.90 13.85 13.85 13.84

15--years 14.20 14.20 14.20 14.20 14.20 14.25 14.21

20--years 14.35 14.35 14.35 14.35 14.30 14.35 14.34

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for November 04, 2010

NEW YORK: The US dollarslumped on Thursday, hitting a28-year low against theAustralian currency and amore than nine-month troughagainst the euro as a FederalReserve decision to buy moreTreasuries pushed US yieldslower and prompted investorsto seek returns elsewhere.

The Fed's commitment toopen-ended purchases ofTreasuries, implying low fund-ing costs, brings into focus anexpected increased use of thedollar in carry trades in whichthe US dollar is used to fundpurchases in commodities,emerging markets and higher-yielding currencies.

"What you achieve withquantitative easing is that yousignal to investors not to buyUS government securities, take

the money elsewhere, which inturn will weaken the dollar andspur economic growth," saidAxel Merk, president and port-folio manager at Merk

Investments in Palo Alto,California.

A weaker dollar is viewed asinflationary, but should helpboost a flagging US exportsector.

"The Fed in my view is try-ing to debase the dollarbecause printing all that moneyis not going to spur growth on

its own," said Merk, who runsthe company's $500 millioncurrency mutual fund.

In contrast to the Fed, theBank of England on Thursday

said it made no changes to itsasset purchasing plan. Analystshad initially expected the BoEto follow the Fed.

The European Central Bank,meanwhile, kept interest ratesunchanged at 1 per cent onThursday with ECB PresidentJean-Claude Trichet making nomajor announcement.

He did, however, say thatFed policy actions do not sug-gest that the United States wasactively seeking a weaker dol-lar.

In midday New York trade,the euro was at $1.4220, up 0.5per cent on the day, havingtouched a 9-1/2-month high at$1.4273, according to EBSdata. Traders reported that anoption barrier at $1.4250 wastaken out. There are more bar-riers at $1.43. Bids on the euroare also expected around$1.4200-$1.4220.

The dollar index, a gauge ofits performance against a basketof six currencies, fell to an 11-month low at 75.698, taking outtrendline support from its March2008 lows. The index was down0.9 per cent at 75.768.

See # 18 Page 11

BoE, ECB keep rates unchanged

US dollar tumbles; Aussiesoars to 28-yr high

SHANGHAI: Spot yuanended up on the dollar onThursday as the People's Bankof China fixed a stronger mid-point after the FederalReserve's latest easing weak-ened the dollar globally, pavingthe way for a new round ofyuan appreciation.

But the PBOC's referencerate, from which the yuan canrise or fall 0.5 per cent in a day,strengthened much less thanthe dollar's weakening as theChinese central bank appearedto be leaving some room forthe yuan to appreciate in thefuture.

China faces a slew of politi-cal events in November,including a meeting betweenPresident Hu Jintao and his UScounterpart Barack Obama onNov. 11 at a Group of 20 sum-mit in Seoul, which will addpressure for the yuan to appre-ciate on the dollar.

That has prompted China-based dealers to forecast theyuan will appreciate to around

6.6 per dollar by late November.But potential for the yuan to

rise beyond that level for therest of this year will be limitedas China is apparently cautiousabout the global economy andits impact on the country'sexports and employment.

The yuan closed at 6.6635versus the dollar, up fromWednesday's close of 6.6761.It has now risen 2.44 per centsince its depegging to the dol-lar in mid-June.

The PBOC set the mid-pointat 6.6708, a gain of 0.16 percent from Wednesday's 6.6818but lagging the 0.41 per centthat the US dollar index lost onWednesday. Benchmark one-year dollar/yuan non-deliver-able forwards (NDFs) fell to amore than one-week intradaylow of 6.4045 bid from 6.4180at Wednesday's close, withtheir implied 12-month yuanappreciation rising to 4.16 percent from Wednesday's 3.94per cent based on Thursday'sPBOC fixing. -Reuters

Yuan ends up, Fedmove paves wayfor appreciation

Swiss francslips againsteuro, dollar

ZURICH: The Swiss franc waslower against the dollar and theeuro on Thursday trading withEuropean equities markets open-ing higher as rising investor riskappetite diminished the franc'sattractiveness as a safe havencurrency.

The franc was 0.1 per centlower against the euro com-pared to the New York close,trading at 1.3741 francs pereuro at 0753 GMT. The francwas also 0.1 per cent loweragainst the dollar at 0.9716francs per dollar.

Analysts said the franc couldremain capped while marketsremain buoyant. "Risk aversionhas not been so high in recentweeks, which is a negativedriver for the franc, and therehas not been much data or com-ment from the SNB," said Park.

"With no signs of furthermonetary policy from the cen-tral bank, external factors willbe the main driver of the cur-rency in the immediate future,"she said. -Reuters

LONDON: Sterling rose to itshighest in nine months againstthe dollar on Thursday after theBank of England kept interestrates and its asset-buying pro-gramme on hold followingsigns the UK economic recov-ery is on track.

The decision from the Bank'sMonetary Policy Committeecontrasted with the FederalReserve's move on Wednesdayto buy a further $600 billion in

US government bonds to tackleunemployment and stimulategrowth.

Analysts said sterling's gainsagainst the greenback suggestedthe market had priced in a smallrisk of the BoE opting foranother round of quantitativeeasing after one policymaker,Adam Posen, voted for moreQE last month.

The no-change decision waswidely expected, however, par-ticularly given recent strongUK gross domestic product fig-ures for the third quarter and

above-forecast purchasing man-agers' surveys on manufactur-ing and services sector activity.

"The immediate market reac-tion was that sterling strength-ened and gilt prices fell, show-ing that there were at least someresidual hopes that the MPCcould signal a QE2 programmeon the back of the FOMCannouncement last night," saidChris Huddlestone, head ofmoney markets at Investec

Treasury Solutions."Recent brighter news on the

economy would probably have toswing sharply into reverse toprompt the committee to restartQE." As of 1400 GMT, sterlinghad climbed 1.2 pct against abroadly weaker dollar to $1.6292,having briefly hit $1.6300, itsstrongest since late January.

The pound also rose against theeuro, with the single currencydown 0.3 per cent at 87.55 pence,keeping below its 100-weekmoving average which is current-ly around 87.89 pence. -Reuters

Stg hits 9-month highas BoE shuns QE

SINGAPORE: EmergingAsian currencies gained broad-ly against the US dollar onThursday after the FederalReserve's plan to buy $600 bil-lion in Treasuries left intactexpectations for increased cap-ital flows to the region.

The prospect of more upwardpressure on Asian currencies isvexing policymakers, whostepped up their threats to curbincoming capital flows.

Many market participantswere not scared off by thewarnings, though, saying theydo not expect draconian capitalcontrols ahead of a G20 sum-mit in South Korea this monththat is expected to underscoreinternational cooperation.

The Taiwan dollar led gains,hitting 30.530/USD, a 28-month high, while the SouthKorean won hit a fresh four-month high, to 1,103/USD,before its central bankappeared to have bought anestimated $500 million duringearly local trade, paring itsgains, Seoul traders said.

South Korea said it would"aggressively" consider con-trols on capital flows, while theThai finance minister saidregional central banks couldtake joint action to curb curren-cy speculation in the longerterm.

The South Korean won'sgains are seen as limited as thecentral bank keeps a tight rein

on the currency."Technically, the won has a

room to go to 1,080 (per dol-lar) and 1,050 eventually. Butit will not be easy to breakthrough 1,100, given cautionover capital rules and interven-tion," said Jeon Seung-ji, ananalyst at Samsung FuturesInc.

Earlier, the local currencystrengthened to as firm as1,103.0, the strongest since lateApril. The foreign exchangeauthorities were spotted buy-ing dollars, preventing it frombreaking through 1,105, deal-ers said. USD/IDR is last quot-ed at 8,905-8,910, while the 1-mth NDF is at 8,892-8,912. -Reuters

Asian currencies

Broadly stronger thoughrisks of capital curbs lurk

SYDNEY/WELLINGTON: The Australian dol-lar broke clear above $1 on Thursday after theFederal Reserve began a new chapter in quantita-tive easing, while the New Zealand dollar hit 29-month highs after surprisingly strong jobs data.

A bold promise from the Fed to buy $600 bil-lion worth of government bonds by the end ofJune 2011 to boost the languid US economy hadencouraged investors to sell the US dollar to buyassets that offer higher returns.

With Australian interest rates the highest in thedeveloped world at 4.75 per cent and the centralbank keen to raise them even further, theAustralian dollar could remain a crowd favouritefor investors looking for yield.

"It's very hard to buy the US dollar right now. Iwould tell investors to buy the Australian dollar,the euro and the yen," said Greg Gibbs, a curren-cy strategist at RBS. "The Aussie dollar is notgoing to come down below parity significantlyuntil there are signs US rates are going to rise."

Traders clearly agreed. The Aussie dollar was

strong at $1.0045 after jumping as far as a 28-year high of $1.0064 in the wake of the Fed'sannouncement.

For the year, it has gained 12 per cent, ranking itthe second best-performing currency after the yen.Even surprisingly soft retail sales in September andthe third quarter did not temper the currency or coolbets for more domestic rate rises. Charts showednext resistance levels were along an upward trendchannel at $1.011 and $1.0175. Stop-loss buy orderswere seen above $1.0100.

The New Zealand dollar was also strong at$0.7850, after vaulting to a 29-month high of$0.7882. It had surged around 1.5 per cent for theday following the Fed's move. It then got a sec-ond wind from better-than-expected jobs data.The kiwi's strong gains were put down to theimproved appetite for high-yield currencies aswell as a more certain outlook for NZ centralbank rates rises next year. The Aussie/kiwi pairbounced back off its lows following the NZ jobsdata to settle around NZ$1.2798. -Reuters

Aussie hits 28yr peaks;NZD near 29mth highs

Taiwan dlrsurges after

Fed stimulusTAIPEI: Aggressive monetaryeasing by the United States lift-ed the Taiwan dollar to a new28-month high on Thursday,but suspected intervention bythe island's nervous centralbank checked gains.

Taiwan's currency closed atT$30.59 per US dollar, itsstrongest final price since July31, 2008, and compared withWednesday's close of T$30.65.

The Taiwan dollar's gains ofmore than 3 per cent over the pastsix weeks and through Thursdaystem from the US FederalReserve's decision to buy $600billion in government bonds."This is probably the path of leastresistance in Asia right now and aconfirmation of what's beenbuilding up over the past one to1-½ months," said EmmanuelNg, currency strategist withOCBC in Singapore. "It's goingto serve as a backdrop."

Taiwan dollar prices on themain exchange had risen ashigh as T$30.24 in middaytrade, while the smaller Cosmosexchange ended the session atT$30.245. Differences betweenthose prices and the day's closeindicate that the central bankintervened in the mainexchange to cap gains and limitvolatility. -Reuters

Euro hits 9-month high, but euro-zone woes to slow gains

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.

Caningthe sugar

consumersNo sooner did sugarcane crushing started in

Sindh the mills started suffering from 'no cane'situation. Mills in Punjab has already decidedto commence crushing after Eid-ul-Adha.Traders, cognisant of limited sugar stock avail-able with Trading Corporation of Pakistan(TCP), have started demanding higher priceand the commodity is being sold at prices rang-ing from Rs80 to Rs95 per kilogramme. For theprevailing dismal condition only theGovernment of Pakistan can be held responsi-ble.

It is on record that sugar crisis is here for thelast many years and its prime reasons are: 1)persistent hike in sugarcane support price, 2)inability to increase sugarcane output in thecountry, 3) failure in importing raw sugar, and4) TCP’s funding issues. All these problemssurfaced because policy planners failed tounderstand 'sugarnomics' and growers pulleddecision-makers’ strings. However, millersshould also be held equally responsible for thepresent mess.

Policy-mappers are fully aware of limitedsugarcane production in the country. Thisshortfall could be overcome partly throughimport of raw sugar by the mills. Regrettably,the policy writers, under growers’ pressure, didnot exercise this option and opted for import ofraw sugar at higher prices and at a wrong time.

This year sugarcane support price has beenfixed at Rs127 per 40 kg but growers are aim-ing at getting it raised to Rs427 per 40 kg. Theyare fully aware of their negotiating power andthe helplessness of the millers. Some of theunits have no sugarcane and others are operat-ing at as low as 10 to 15 per cent capacity.

Initially, efforts were made to create animpression that substantial standing crop ofsugarcane has been washed away in floods.Mills demanded the government to allow duty-free import of raw sugar but the men at policyaffairs rejected the demand. This gave growersthe power to withhold supply and made millersbow down before their (growers) demands.Since, the mills are not allowed to import rawsugar they are completely helpless.

It is still not too late; the government shouldallow the mills to import one million tonnes ofraw sugar free of all types of duties/taxes.

Over the years millers have been accused ofindulging in various misdeeds, let the blame goto growers for at least once. Both low produc-tion and productivity are responsible for highercost of production.

The country has an installed capacity capableof producing up to six million tonnes of sugarand only growers can he held responsible forkeeping production around 3.5 million tonnesper annum.

If growers are not ready to increase sugarcaneproduction let the mills import one milliontonnes of raw sugar to free millions ofPakistanis being held hostage of bad sugar poli-cies.

4Friday, November 5, 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

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The Financial Daily InternationalVol 4, Issue 90

Abid Latif Sindhu

Like westerly winds,the most commonthing these days is the

talk of a book written byBob Woodward, "Obama'sWar" and the insinua-tion about the strategicPakistan-US dialogue.Both these things arelinked. The time oflaunching of the bookby Mr. Woodward per-fectly coincides withthe strategic dialogue.

Strategy is a strangething, it controls opera-tional and tactical thinkingbut it is captive of changingtactics of the players.Strategy is like first love,you are in it, always longfor it, but yet won't get it.

Pakistan's strategic calcu-lus always evolved aroundone issue; Kashmir, it is noteccentricity weaved arounda single point, it is a matterthat came into being of anideology which is responsi-ble for the creation of thiscountry, mitigation of thisthought will snowball theideological cataclysm.Ideology is this far impor-tant, seed of all humanthoughts and action orientedphilosophy.

Pakistan and its KashmirPolicy came under intensecriticism many a times, thenaysayer, had a superficialand partisan view, ratherthan having a bipartisanapproach. This time aroundat strategic talks betweenPakistan and USA the issuewas relegated to be solvedby mutual consultationbetween India and Pakistan.This is not fair. Kashmir isan international dispute,

recognized many a times bythe United Nations. Themutuality does not workhere; India and Pakistanhave already locked theirhorns many a times, theissue is beyond the matrix

of diplomatic subtlety,pleasantries and parlays ofthese two countries.

There cannot be a mecha-nism because the stand ofboth India and Pakistan arevery divergent; their rela-tionship on Kashmirissue is simplybased upon irrecon-cilables. USA hasalso now startedcalling Indian heldKashmir as theprovince of India.USA as the leader offree world with his-torical endowmentof a rich history ofstruggle against slavery,subjugation and perpetua-tion of self determinationshould also rise above theconundrum of regionalinterest and play its role asan influential friend of Indiaand Pakistan. Not talkingabout the issue is simplytaking sides against numberone non-NATO ally.

Kashmir problemremained enlivened in thehearts of people all over theyears. The Kashmir struggleof 1990s was a cataclysm

eruption of a suppressivedispensation by a stoogeregime over all these years.Indian security forces triedto act like a lid over theburning kettle at so calledback burner. The neo-

Kashmir struggle provedthat you can temporarilysubdue the people but theiraspirations, desires and pas-sions, know, no pad locks,especially whence it is amatter of independence,

sovereignty and self deter-mination. Neo-Kashmirstruggle is gyrated by theyoung generation; they arecalling it their Boston teaparty, an analogy toAmerican history (who isotherwise reluctant to playany role).

One positive assertioncame from USA when itclearly stated to India thatNeo-Kashmir struggle isindigenous, not sponsoredby Pakistan. All insurgen-cies, struggle and move-

ments have political motivescircumventing the waythrough violence is not aprudent thing. It is a resultof non-accommodation ofone party to the legitimatedemands of the others. This

time it is difficultfor Indian govern-ment to ignore thisstruggle becausephoenix has risenfrom the ashes oflocal ethnic anthro-pology. Few yearsback to mitigate thestance of Kashmirstruggle, the moral

principle of Muslim majori-ty, Indian government start-ed settling Hindu families indroves around Jammu area,New Jammu city was evengiven a new water Schemefrom the Chenab River, a

water theft, the classicIndian way. This initiativealso did not prove effectivein controlling the desire forself determination. Everypassing day the importanceof Kashmir is magnifying.Pakistan an agrarian econo-my is being denuded fromits riparian right by deceitand cheating through broad-day light water robbery byIndians. Rivers beingrobbed are flowing fromIndian held Kashmir beforeentering into Pakistan. The

traditional solutions likedominion status, UN protec-torate, Chenab formula; thevalley divide etc. will prob-ably not work.

The situation is becomingpolitically explosive. Thetraditional parties, Kashmiripeople, India and Pakistanare the key players butwithout the positive inter-ference of UN and tacitinterest of USA the problemwill not be solved.International apathy shouldbe replaced with interna-tional empathy, especiallywith the historical tinge ofBoston tea party, becausethe youth from the loftymountains are ready tothrow their tea into mean-dering Indus.

Let us see the color ofbrew, the American flavor,

the Chinese oolong orsub continental mix.The level of mistrustand general bitternesscan be gauged from thefact that a world knownIndian writer ArundhatiRoy is being castigatedand criticized by theBJP for giving a state-ment of fact thatKashmiri people should

have a right of self determi-nation, that India's claim ofKashmir being its integralpart is wrong and that theIndian forces are the world'smost oppressive occupa-tions forces. Such is thelevel of Hindu rightwingmyopia.

To achieve stability in theregion USA should remaininvolved in the resolution ofKashmir issue, otherwisestability and peace willremain a delusion for alland sundry.

A Street Boy’sCul-De-Sac

Aweakened President BarackObama visits India this weekto counter perceptions he has

relegated the Asian power behindrivals China and Pakistan, but hemay struggle to seal deals to helpusher in billions of dollars of busi-ness.

Economic ties arebooming but Obama'svisit from Saturday toMonday may fail tolive up to PresidentBill Clinton's 2000trip that helped breakthe diplomatic ice, orPresident George W.Bush's visit in 2006when a civil nucleardeal was hailed as alandmark in ties.

Obama's drubbing inthe mid-term electionsmay also tie his political handswhen it comes to bold policy moveson India as growing worries emergethat outsourcing in cities such as IThub Bangalore is worsening massunemployment in the United States.

It was a sign of the times thatObama told the Press Trust of Indiathat India should open up its marketsto US companies, a stance that maydominate a 10-day trip of Asia aimedat boosting US exports and jobs, cru-cial for his presidency's fate.

"Obama is going to be too preoc-cupied domestically, and you won'tsee a more aggressive foreign policygoing forward," said AmitabhMattoo, professor of internationalpolitics at Jawaharlal NehruUniversity.

"On his upcomingtrip, I think that thebest India can hope foris a consolidation of therelationship establishedunder President Bush."

An increasingly confi-dent India wants recog-nition of its globalweight. It wants a per-manent seat on the UNSecurity Council andfor the United States toallow exports of dual-use technolo-gy, banned after India's nuclear testsin 1998.

India's booming trillion-dollareconomy is one of the few a stars ina struggling world economy, offer-

ing US investors massive opportuni-ties. There are reportedly more than200 executives accompanyingObama on his visit to Mumbai andDelhi.

On the agenda will be lucrativedefense ties. The United States hasheld more military exercises with

India in the past year than any othercountry, and US firms Boeing andLockheed Martin Corp are biddingfor aUS$11 bil-lion deal for 126fighter jets.

NO BIGBREAK-

THROUGHSA bilateral

trade boom hasseen total flowstreble to $36.5billion in goodsin the decade to2009-10, but theUnited States slipped from numberone to three in India's trade partners.India lags China, the United States'

third-biggest trading partner.Washington faces a host of hur-

dles, including Indian worries thatsigning defense pacts -- which arenecessary for the US arms sales togo through -- may land New Delhi

in a wider entanglement with the USmilitary.

The civil nuclear deal with theUnited States was signed to greatfanfare, but it struggled through par-liament and now the accord hassparked criticism that US companiesin the sector will be discouraged to

invest due tohigh liabili-ties.

Obama hasa l r e a d yplayed downending a banon USexports ofd u a l - u s et e c h n o l o g y,telling thePress Trust ofIndia it was"very diffi-

cult and complicated" to meetIndian expectations.

Obama may offer some support

for India's place for a permanentseat on the UN SecurityCouncil, but he will likely step short

of a fulle n d o r s e -ment.

"It will bethe opportuni-ty to consoli-date all thatwe have builtin the pastd e c a d e , "F o r e i g nS e c r e t a r yN i r u p a m aRao was

quoted as saying in the Indian Express."We are not in a stage in our relation-ship for dramatic breakthroughs andbig-bang."

For its part, India will be wary ofperceptions it is putting its eggs into

one US basket despite Obama's per-sonal ties with Prime MinisterManmohan Singh. Any sign ofIndia's sovereignty being under-mined can rally political oppositionagainst Singh.

Singh leads a coalition of fickleregional allies and his CongressParty has had its roots in statist andnon-alignment policies since inde-pendence in 1947, policy vestigesthat still remain among some of itsmost powerful politicians.

Singh toured East Asia in Octoberbefore Obama and announced hewould be meeting the Chinese pre-mier in India in December.

In the absence of a Doha tradedeal, India spread its wing to nego-tiating trade deals with the likes ofthe European Union and, in a markof economic power moving fromwest to east, the ASEAN bloc ofSoutheast Asian nations, Japan andMalaysia.

"India will never put all its eggs inone basket, althoughthe US may be thebiggest basket ofall," said NareshChandra, a formerIndian envoy toWashington.

India's reluctanceto embraceWashington furtherwas perhaps hin-dered by Obama'sfirst year, when

there was a perception his adminis-tration was focused more on shoringup a chaotic Pakistan or dealingwith China's rise than getting closeto the world's largest democracy.

Early campaign talk from Obamathat disputed Kashmir should bediscussed as part of a wider thrust tobring peace to Afghanistan andPakistan sparked a storm of criti-cism in India. He later backed downon the idea.

"Past projects remain incomplete,few new ideas have been embracedby both sides, and the forwardmomentum that characterized recentcooperation has subsided," theCenter for a New American Securitysaid in a report.

"There remains a sense amongobservers in both countries that thiscritical relationship is falling shortof its promise.-Reuters

More Style,Less Substance

Obama's drubbing in the mid-termelections may also tie his political

hands when it comes to bold policymoves on India as growing worries

emerge that outsourcing in cities such asIT hub Bangalore is worsening massunemployment in the United States.

“

The United States has held moremilitary exercises with India in the

past year than any other country, and USfirms Boeing and Lockheed Martin Corpare bidding for aUS$11 billion deal for

126 fighter jets

“

There cannot be a mechanism becausethe stands of both India and Pakistanare very divergent; their relationship

on Kashmir issue is simplybased upon irreconcilables.s

The civil nuclear deal with the UnitedStates was signed to great fanfare, but itstruggled through parliament and now

the accord has sparked criticism that UScompanies in the sector will be

discouraged to invest due to high liabilities

Pakistan and its Kashmir Policycame under intense criticism

many a times, the naysayer, had asuperficial and partisan view, ratherthan having a bipartisan approach“

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

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

Sales (July 09 to June 10) 73,993

Production (July 10) 7,509

Sales (July 10) 4,503

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

Sales (July 09 to June 10) 50,823

Production (July 10) 5,162

Sales (July 10) 4,999

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

Sales (July 09 to June 10) 14,120

Production (July 10) 1,560

Sales (July 10) 1,272

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

Sales (July 09 to June 10) 1,371

Production (July 10) 41

Sales (July 10) 40

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

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

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

Spread (July 2010) 7.51%

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

MS (July 10) 188

Kerosene (Jul 09 to June 10) 164

Kerosene (July 10) 15

JP (Jul 09 to June 10) 1,377

JP (July 10) 129

HSD (Jul 09 to June 10) 7,435

HSD (July 10) 664

LDO (Jul 09 to June 10) 75

LDO (July 10) 7

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

Fuel Oil (July 10) 869

Others (Jul 09 to June 10) 13

Others (July 10) 1

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

MS (1 Aug 10) 41.22

MS % Chg -0.90%

Kerosene (1 Sep 10) 47.14

Kerosene (1 Aug 10) 46.55

Kerosene % Chg 1.27%

JP-1 (1 Sep 10) 47.37

JP-1 (1 Aug 10) 46.78

JP-1 % Chg 1.26%

HSD (1 Sep 10) 50.61

HSD (1 Aug 10) 49.63

HSD % Chg 1.97%

LDO (1 Sep 10) 46.37

LDO (1 Aug 10) 45.29

LDO % Chg 2.38%

Fuel Oil (1 Sep 10) 39,932

Fuel Oil (1 Aug 10) 39,723

Sector Updates

Symbol Close Vol (mn)LOTPTA 10.89 40.02 BOP 10.06 7.97 BAFL 9.80 5.95 JSCL 10.16 5.48 DGKC 27.65 5.25

Symbol Close ChangeRMPL 1,773.00 83.00 BATA 646.18 30.77 COLG 856.52 23.84 FZTM 449.10 5.71 ATRL 114.50 5.23

Symbol Close ChangeUPFL 1,038.36 -51.64NESTLE 1,990.00 -10SRVI 169.73 -8.73HINO 123.50 -6.5SAPL 127.18 -4.72

Plus 213Minus 152Unchanged 23

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Friday, November 5, 2010 5

Dhiyan

Some rangebound activities are expected where index would be mov-ing between 10,750 and 10,400 points. Investors are recommended toinvest only in those dividend yielding stocks that are still to go on spoti.e., Fauji Fertiliser, Faysal Bank, Fauji Fertiliser Bin Qasim, EngroCorporation etc. Revival of local investors' confidence, continued foreigninflows, launch of MTS, rupee-dollar stability, and higher regional mar-kets would trigger the market positively, however high inflation andincrease in interest rates could hurt it. Market maybe positive today.

Farhan Mansuri, VP Capital Markets Arif Habib Limited

Khurram Shehzad, Senior Research Analyst Invest CapDue to higher international oil prices market is expected to see contin-

uous bullish activities as oil sector has the highest weightage. Keeping

this in view index is likely to cross 11,000 points level in the coming

days. Investors are advised to invest in OMC, E&P, refinery, cement,

and fertilizer stocks. Approval of IMF tranche, no change in interest

rate, and inflow of $750 million under coalition support fund (CSF)

would support the market. It could be a green day today.

GREEN DAY LIKELY

Opening 10,617.65

Closing 10,702.19

Change 84.54

% Change 0.80

Turnover (mn) 125.91

Opening 3,303.38

Closing 3,340.04

Change 36.66

% Change 1.11

Turnover (mn) 10.89

Opening 2,692.52

Closing 2,714.87

Change 22.35

% Change 0.83

Turnover (mn) 0.32

ANNOUNCEMENTS

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

Hinopak Motor Half Yearly - -123.664 -9.97

Nawaz Ali

KARACHI: Higher interna-tional oil prices recalled thebulls back to the floor ofKarachi Stock Exchange onThursday which ended above10,700 points level on offshoreinvestors and local banks' buy-ing.

The benchmark KSE 100-index ended 84 points up at10,702 points while KSE 30-Index jumped by 101 pointsand KSE all-share indexincreased by 54 points to close

at 10,279 and 7,443 pointsrespectively.

Rising foreign interest inbluechip oil & gas, banking

sector scrips fueled positiveactivity at KSE despite con-

cerns over ongoing SECP-members-directors conflict,

said Ahsan Mehanti, DirectorArif Habib Investments said.

According to a news report,SECP wrote a letter to KSE

board that the appointment ofacting managing director (MD)is illegal as the non-memberdirectors were not taken intoconfidence while selecting theacting MD. Therefore SECPhas asked KSE board to removeacting MD KSE, HaroonAskari at once.

Market was slightly negativeat the beginning of the day andwitnessed some mixed activi-ties moving in a limited rangeon both sides of the index dur-ing the day. However, the

See # 19 Page 11

Global oil spike goads bulls back into KSE

HONG KONG/SHANGHAI:Hong Kong's shares struck a29-month high whileShanghai's key stock index rosenearly two per cent as investorsgot more optimistic about sus-tained flows into the regiondriving gains into year-end.

The Hang Seng index rose1.6 per cent on a healthyturnover, outperforming otherregional markets which alsoadvanced after the FederalReserve's second round of assetpurchases signalled further cap-ital inflows into Asia.

The index's 6.2 per cent gainthis week has taken it back intotechnically overbought territorywith its relative strength indexat 73, above the threshold 70-level.

While the sharp move sug-gests a short-term pullback ispossible, most analysts recom-mend investors buy on dips andare bullish about the medium-term outlook for Hong Kongshares.

"The risk of a bubble is grow-ing given that we are expectingmore inflows into the HongKong market. At the moment,we are not in a bubble yet.Valuations are not cheap butnot expensive," said GraceTam, vice president for invest-ment services at JPMorganAsset Management.

The Hang Seng index cur-rently trades at about 13 timesforward 12-month price-to-earnings compared with a 10-year average of 14.3 times andwell below levels of 20.2 timesseen at its October 2007 peak.

HSBC, up 3.6 per cent, andChina Mobile, up 2.2 per cent,provided the biggest boost tothe index as investors finallychased the largest weightedstocks on optimism that therally still had legs. SHANGHAI AT 6-MONTH

HIGH China's key stock index

ended up 1.9 per cent at a freshsix-month high, after the

Federal Reserve's bond buyingprogramme fuelled expecta-tions of more hot money flowsto the Chinese market, boostingcommodity issues.

The index was also buoyedby a mild open market opera-tion on Thursday that indicatedthe People's Bank of China maynot act to tighten monetary pol-icy again in the near term aftersurprising markets with aninterest rate hike on Oct.19.

The index now faces stiffresistance around 3,100 points,a level it fell below in Aprilafter Beijing introduced proper-ty curbs. That level has notbeen breached since.

"Our medium-term view ofChina shares is optimistic. Themain trend of a depreciating dol-lar and an appreciating renminbi(yuan) is not going to change inthe near term, so we expectmore funds to flow into China,"said Wendy Huang, analyst atSinoPac Securities Corporationin Shanghai. -Reuters

China, HK sharesjump on Fed move

MUMBAI: The BSE Sensexrose 2.1 per cent on Thursdayto a record closing high, boost-ed by a stellar trading debut byCoal India and a fresh round ofUS stimulus, but some marketparticipants warned againstgetting carried away.

World stocks advanced afterthe US Federal Reserveannounced a quantitative eas-ing plan to nurse the fragile USeconomy.

The 30-share BSE indexgained 2.09 per cent or 427.83points to an all-time closinghigh of 20,893.57 points, datafrom Thomson Reutersshowed. It rose to as much as20,917.03, its highest intra-daylevel since January 2008.

Twenty-eight of its compo-nents closed in the green.

Coal India shares gained 40per cent, beating forecasts andmarking a spectacular debut asinvestors added to their posi-tions after receiving fewershares than they had sought inthe heavily oversubscribed list-ing.

The Indian governmentraised $3.4 billion in India'slargest ever IPO, part of abroader plan to divest stakes instate run firms over the nextfew years.

The benchmark index hasgained 19.6 per cent this yearand is 300 points away from itsall-time high, powered byrecord foreign portfolio invest-ment in Indian stocks of $26.3billion in 2010.

Energy major RelianceIndustries contributed the mostto the gains on the main stockindex on Thursday, with a 3.7

per cent rise. The stock, whichhas the largest weighting onthe Sensex, has been a laggardand is only up 1.4 per cent thisyear.

Financial stocks continued torise as investors were opti-mistic for longer-term loandemand outlook in a fast-expanding economy. Thebanking sector index has risenclose to 50 per cent so far in2010.

The country's No.1 lenderState Bank of India rose muchas 5.4 per cent to an all-timehigh of 3,450 rupees. Top pri-vate lender ICICI Bankclimbed as much as 2.2 percent to 1,265 rupees, its high-est level since January 2008.

Metal makers rallied asmetal prices advanced inLondon and Shanghai after theFed said it planned to inject$600 billion into financialmarkets by buying bonds.

Tata Steel, Sterlite Industriesand Hindalco rose betweennearly 2 per cent and 3.7 percent.

Advancing shares outnum-bered declining ones in a ratioof 1.1 to 1 in the the broadermarket, on heavy volume of627 million shares, fueled byactive trade in Coal India.

The 50-share NSE indexfirmed nearly 2 per cent to6,281.80.

Markets will be open fortrade in a special one-hourDiwali holiday session onFriday between 6 p.m. (1230GMT) and 7 p.m. (1330 GMT).There will be no trade duringregular market hours due to thepublic holiday.-Reuters

Indian shares atrecord closing high

TOKYO: Japan's Nikkei aver-age rose 2.2 per cent on Thursdayon a wave of short-covering asthe Federal Reserve's monetaryeasing passed without ructions inthe currency market andinvestors took heart from solidUS economic data.

Analysts said foreign investors,including a big European name,were principal players behind theNikkei's climb away from seven-week lows hit earlier this week,helping the benchmark to book itsbiggest daily per centage gain inmore than a month. The Fed saidit would buy $600 billion more inTreasuries by the middle of nextyear to boost the economy.

"Stocks gained mostly on short-covering by foreign investorsincluding hedge funds, but it'sstill not any kind of active buy-ing," said Masayuki Otani, chiefmarket analyst at SecuritiesJapan, Inc. "Despite today's gains,it's also too early to let down yourguard as the currency marketshaven't really stablised yet, andwe have US jobs data and G20going ahead. The market isunlikely to have any clear direc-tion for the next week or two."

South Korea will host a summitof leaders from the Group of 20major economies in Seoul onNov. 11-12.

Japanese markets were closedon Wednesday, but the broaderTopix index hit a 19-month clos-ing low and the Nikkei touched a

fresh seven-week low on Tuesday.That contrasts with the Hong

Kong Hang Seng index's rise to a28-month high the day before. TheUS Dow and the Nasdaq alsoclosed at levels not seen since 2008.

"The fears ahead of the Fedmeeting that the yen wouldadvance further have receded inTokyo, prompting short-cover-ing. A bunch of upbeat US eco-nomic indicators, including ADPjobs figures, is another positivefactor," said Yumi Nishimura,deputy general manager at DaiwaSecurities Capital Markets.

"With the focus now shiftingfrom the Fed to fundamentals,investors no longer have to dealwith a lack of trading factors,given the positive US economicdata. Japanese stocks had particu-larly lagged other markets thisweek and that's also likely beingcorrected now." For the Nikkei,analysts expected resistancearound 9,500, near its 26-weekmoving average, which has con-tained the benchmark for morethan five months.

After the close, Nissan MotorCo lifted its annual guidance andposted a doubling in quarterlyoperating profit as the popularityof new cars such as theMarch/Micra subcompact helpedoffset currency losses.

The stock ended the day up 3.9per cent at 721 yen, against a 2.1per cent rise in the transport sec-tor.-Reuters

Nikkei gains 2.2pc,up from 7-wk lows

US stocks mid-day

Wall Streetup as Fed

stokes riskNEW YORK: Stocks rosesharply on Thursday as riskappetite escalated followingmore monetary stimulus fromthe US Federal Reserve in amove to boost a wilting eco-nomic recovery.

The Fed's plan to buy $600billion in Treasuries lifted riskyassets, including commodity-related stocks that rose onexpectations of worldwidedemand. An index of commod-ity prices hit its highest level inmore than two years.

Oil and basic materials equi-ties rallied on the greenback'sweakness. The US dollar wasdown 0.8 per cent against abasket of major currencies.

Freeport McMoRan Copperand Gold Inc jumped 5 percent to $102, a price not seensince July 2008. The S&Pmaterials index (.GSPM) wasup 2.7 per cent.

The Fed's move is aimed at"trying to get everybody intothose risk assets," said PaulMendelsohn, chief investmentstrategist at Windham FinancialServices in Charlotte, Vermont."The game (plan) short termhere appears to be very easy:You just buy those risky assets."

The spike in commodities,coupled with the cash injectionfrom the US central bank, madesome investors worry about thepossibility of rising inflation.

Gold, traditionally seen as aninflation hedge, shot above$1,380 an ounce to near itsrecord high.

"Look at gold today," saidMendelsohn. "That indicatespeople are holding their nose,

See # 17 Page 11

FTSE closes2-1/2-yr high LONDON: Britain's top sharesclosed at their highest in nearly29 months on Thursday asinvestors responded bullishlyto the US Federal Reserve'sdecision to pump more cheapmoney into the economy toboost flagging growth.

Financial stocks, led by ManGroup (EMG.L) and miningand energy shares such as BHPBilliton (BLT.L) and BP(BP.L), surged higher as riskierassets around the world rosedespite concerns the pro-gramme could do more harmthan good.

The FTSE 100 closed up113.82 points or 2 per cent at5,862.79, its highest since June9, 2008, after the Fed commit-ted to buy $600 billion in gov-ernment bonds to support astruggling US economy onWednesday.

"The market's reacted posi-tively to QE and there's a riskon environment, with data outof the US better, the concernsabout a slowdown are less pro-nounced," said Phil Poole,global head of macro invest-ment strategy at HSBC GlobalAsset Management.

There was good economicnews from the United States onThursday where non-farm pro-ductivity rose faster thanexpected in the third quarter,while unit labour costs fell.

New US claims for unem-ployment benefits rose morethan expected last week, under-lining the persistent weaknessin the jobs market which isthreatening the recovery.

Financial stocks were topgainers. The world's largestlisted hedge fund firm ManGroup (EMG.L), up 14.6 percent, reported upbeat first-halfresults.

Miners rose in tandem withmetals, which benefited as thedollar index .DXY fell to an 11-month low after the Fed'sannouncement.

Anglo-Australian minerBHP Billiton's rose 6.6 percent after Canada blocked its$39 billion bid for Potash CorpEnergy shares were higherhelped by a 1.7 per cent spikein the price of crude CLc1. BPadded 1.3 per cent. The oilmajor beat profit forecasts onTuesday.

Elsewhere, Unilever jumped6.3 per cent after the consumergoods group's third-quarterresults.-Reuters

Higher on QE optimism, strong inflow hopes

South East Asian stocks

Europe stocks hit near 7-month closing high

EOGM adjourned till Nov 22

KSE board meeting todayStaff Reporter

KARACHI: A meeting of the Karachi Stock Exchange (KSE) board of directors has been calledtoday (Friday) to discuss the appointment of new managing director of the exchange and to resolveconflicts between the member and non-member directors.

It should be noted that conflicts between non-member See # 20 Page 11

Friday, November 5, 20106

Volume 125,914,180

Value 3,718,999,017

Trades 62,488

Advanced 213

Declined 152

Unchanged 23

Total 388

Current 7,443.72

High 7,462.13

Low 7,382.60

Change h 54.84

Current 10,702.19

High 10,729.22

Low 10,604.82

Change h84.54

Current 10,279.01

High 10,298.51

Low 10,169.24

Change h101.52

Market KSE 100 Index All Share Index KSE 30 Index

Current 16,972.16

High 16,999.04

Low 16,788.63

Change h176.81

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

IGI Investment Bank Ltd

IGIBL closed up 0.16 at 2.32. Volume was 4,619 per cent above aver-

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

The company's profit after taxation stood at Rs8.928 million which

translates into an Earning Per Share of Rs0.04 for the 1st quarter of

current fiscal year (1QFY11).

IGIBL is currently 5.0 per cent below its 200-day moving average and

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

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

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

forecasting oscillators are currently bullish on IGIBL.

RSI (14-day) 69.17 Total Assets (Rs in mn) 8,260.69

MA (10-day) 2.09 Total Equity (Rs in mn) 1,669.86

MA (100-day) 2.00 Revenue (Rs in mn) 844.20

MA (200-day) 2.44 Interest Expense 667.45

1st Support 2.20 Loss after Taxation (199.37)

2nd Support 2.05 EPS 10 (Rs) (0.94)

1st Resistance 2.45 Book value / share (Rs) 7.87

2nd Resistance 2.55 PE 11E (x) 14.50

Pivot 2.30 PBV (x) 0.29

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

PIOC closed down -0.54 at 7.45. Volume was 417 per cent above aver-

age (trending) and Bollinger Bands were 25 per cent narrower than nor-

mal. The company's loss after taxation stood at Rs86.285 million which

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

fiscal year (1QFY11).

PIOC is currently 13.4 per cent below its 200-day moving average and

is displaying a downward 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 PIOC at a relatively

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

RSI (14-day) 39.98 Total Assets (Rs in mn) 10,325.49

MA (10-day) 7.98 Total Equity (Rs in mn) 2,218.22

MA (100-day) 7.43 Revenue (Rs in mn) 3,872.83

MA (200-day) 8.61 Interest Expense 392.66

1st Support 7.22 Loss after Taxation (590.93)

2nd Support 6.92 EPS 10 (Rs) (2.87)

1st Resistance 7.95 Book value / share (Rs) 9.96

2nd Resistance 8.38 PE 11 E (x) -

Pivot 7.65 PBV (x) 0.75

Pioneer Cement Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

ATBL closed down -0.16 at 1.60. Volume was 233 per cent above average

(trending) and Bollinger Bands were 61 per cent wider than normal. The com-

pany's loss after taxation stood at Rs1.316 billion which translates into a Loss

Per Share of Rs2.63 for the nine months of current calendar year (9MCY10).

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

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

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

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

ing oscillators are currently bearish on ATBL.

RSI (14-day) 36.95 Total Assets (Rs in mn) 30,869.51

MA (10-day) 1.80 Total Equity (Rs in mn) 2,482.06

MA (100-day) 2.02 Revenue (Rs in mn) 3,387.93

MA (200-day) 2.43 Interest Expense 3,189.33

1st Support 1.50 Loss after Taxation (1,703.11)

2nd Support 1.40 EPS 09 (Rs) (3.405)

1st Resistance 1.75 Book value / share (Rs) 4.96

2nd Resistance 1.90 PE 10 E (x) -

Pivot 1.65 PBV (x) 0.32

Atlas Bank Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

RBS closed down -0.36 at 6.19. Volume was 612 per cent above aver-age (trending) and Bollinger Bands were 34 per cent narrower than nor-mal. The company's loss after taxation stood at Rs1.815 billion whichtranslates into a Loss Per Share of Rs1.11 for the nine months of cur-rent calendar year (9MCY10).RBS is currently 50.0 per cent below its 200-day moving average andis displaying an upward trend. Volatility is high as compared to the aver-age volatility over the last 10 trading sessions. Volume indicators reflectvolume flowing into and out of RBS at a relatively equal pace. Trendforecasting oscillators are currently bullish on RBS.

RSI (14-day) 44.05 Total Assets (Rs in mn) 93,437.66

MA (10-day) 6.67 Total Equity (Rs in mn) 6,936.51

MA (100-day) 9.02 Revenue (Rs in mn) 11,583.40

MA (200-day) 12.39 Interest Expense 6,385.85

1st Support 5.91 Loss after Taxation (1,338.05)

2nd Support 5.66 EPS 09 (Rs) (0.80)

1st Resistance 6.50 Book value / share (Rs) 4.04

2nd Resistance 6.84 PE 10 E (x) -

Pivot 6.25 PBV (x) 1.53

Royal Bank of Scotland Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,353.23 1,372.92 1,351.20 1,367.46 14.23 1.05

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

8,140,067 - - 65,194.15 mn 1,075,255.49 mn 1,367.46

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

10.17 3.31 32.54 55.94 5.50 1,340.42

Attock PetroleumXDXB 691 5.18 295.13 300.00 294.50 299.19 4.06 291849 374.20 287.99 250 - 300 20

Attock Refinery 853 6.42 109.27 114.73 108.80 114.50 5.23 3347572 114.73 73.47 - - - -

BYCO Petroleum 3921 - 11.21 11.49 11.03 11.42 0.21 2210883 11.79 9.62 - - - -

Mari Gas Company 735 16.64 122.09 123.00 122.01 122.83 0.74 10511 128.90 106.00 32.17 100B 31 -

National Refinery XD 800 3.31 221.00 225.00 220.05 223.67 2.67 34935 233.50 183.25 125 - 200 -

Oil & Gas Development 43009 10.49 154.07 155.75 153.85 155.08 1.01 872837 156.50 133.00 82.5 - 55 -

Pak Petroleum 11950 7.61 185.85 187.50 185.11 187.24 1.39 339845 214.10 168.70 130 20B 90 20B

Pak Oilfields XD 2365 5.82 241.79 248.00 242.15 246.32 4.53 1607991 251.24 213.17 180 - 255 -

Pak Refinery Limited 350 - 79.05 81.25 78.01 80.77 1.72 84718 85.90 48.26 - - - -

PSO 1715 4.68 272.12 277.70 272.50 276.70 4.58 1503719 280.99 233.10 50 - 80 -

Shell Gas LPG 226 - 35.43 37.20 35.60 35.74 0.31 4427 40.28 27.32 - - - -

Shell Pakistan 685 9.97 191.32 195.00 190.00 194.49 3.17 41663 233.00 182.05 330 - 40 -

Paid up Last 60 days 2009 2010

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

940.46 949.52 927.20 943.84 3.37 0.36

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

11,736,017 - - 47,070.70 mn 121,487.68 mn 948.47

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

5.66 0.49 8.64 16.68 2.95 940.38

(Colony) Thal 56 - 1.00 1.00 1.00 1.00 0.00 3600 2.00 0.52 - - - -

Ali Asghar Textile 222 15.25 1.05 0.61 0.61 0.61 -0.44 1000 2.21 0.61 - - - -

Amtex Limited XD 2415 10.34 4.92 4.96 4.40 4.55 -0.37 2245639 20.45 4.40 - - 30 -

Azam Textile XD 133 0.34 2.48 2.50 2.45 2.45 -0.03 2217 3.45 1.35 - - 7.5 -

Azgard Nine 4493 - 10.30 10.89 10.27 10.74 0.44 2148672 12.32 8.55 - - - -

Bannu Woolen XD 76 0.46 13.26 13.39 12.90 12.96 -0.30 9246 14.50 7.50 - - 20 -

Bata (Pak) 76 5.36 615.41 646.18 614.00 646.18 30.77 5774 646.18 436.00 120 - - -

Chakwal Spinning XD 400 0.54 1.05 1.50 0.56 1.23 0.18 60644 2.59 0.56 - - 5 -

Chenab Limited 1150 - 3.60 3.73 3.21 3.35 -0.25 18806 4.24 2.93 - - - -

Chenab Ltd Pref 800 - 1.92 2.50 2.00 2.14 0.22 63678 2.61 1.21 - - - -

Colgate Palm 316 32.15 832.68 860.00 791.05 856.52 23.84 299 885.00 615.00 115 15B - -

Colony Mills Ltd 2442 4.42 2.79 2.83 2.76 2.83 0.04 382 3.45 2.23 - - - -

Crescent Jute 238 - 0.85 0.80 0.75 0.75 -0.10 1320 1.90 0.16 - - - -

D S Ind Ltd 600 - 1.83 1.98 1.80 1.87 0.04 173000 2.49 1.44 - - - -

Data Textile 99 - 0.21 0.40 0.20 0.39 0.18 3101 0.96 0.02 - - - -

Dewan Farooque Spin. 600 4.81 6.11 6.80 5.90 5.96 -0.15 27280 6.80 2.05 - - - -

Dewan Khalid Textile 57 0.11 1.78 1.50 1.45 1.45 -0.33 1099 1.90 0.26 - - - -

Faisal Spinning XD 100 0.74 31.49 29.95 29.95 29.95 -1.54 500 34.95 24.55 7.5 - 50 -

Fazal Cloth 188 0.98 51.79 52.00 52.00 52.00 0.21 278619 53.25 41.00 - -100SD -

Gadoon Textile XD 234 0.50 46.09 46.00 44.05 45.97 -0.12 2604 51.50 33.80 - - 70 -

Ghazi Fabrics XD 326 0.50 2.91 3.90 3.00 3.05 0.14 4041 5.00 1.11 - - 10 -

Gillette Pakistan 192 - 64.38 67.57 61.30 63.17 -1.21 8507 73.00 57.50 - - - -

Gulistan Textile XD 190 1.15 18.45 19.20 18.75 19.20 0.75 1243 24.84 17.57 - 10B 10 -

Gulshan SpinningXDXB 222 0.89 7.30 7.49 7.10 7.32 0.02 1953 10.30 5.31 - 10B 10 20B

Hira Txt.Mills Ltd. XD 716 0.75 3.95 3.99 3.85 3.99 0.04 10017 4.88 2.52 - - 10 -

Ibrahim Fibres XD 3105 3.03 38.58 38.80 37.26 38.57 -0.01 6000 40.30 34.05 - - 20 -

Idrees Textile XD 180 3.62 3.40 3.35 3.30 3.33 -0.07 2000 5.35 2.56 - - 10 -

Janana D Mal 43 0.24 15.44 14.50 14.44 14.44 -1.00 6300 20.50 9.95 - - - -

Masood Textile XD 600 1.96 19.49 19.49 18.49 18.56 -0.93 2450 22.88 18.31 15 - 15 100R

Mohd Farooq 189 - 0.99 0.80 0.50 0.78 -0.21 18503 1.82 0.35 - - - -

Mukhtar Textile 145 - 0.45 0.94 0.16 0.60 0.15 502 0.99 0.16 - - - -

Nishat (Chunian) XD 1586 1.82 20.85 21.89 20.60 21.89 1.04 2313578 23.55 14.64 - 50R 15 -

Nishat Mills XD 3516 4.45 50.90 52.00 50.25 51.81 0.91 3416929 54.27 40.81 20 - 25 45R

Pak Synthetic 560 2.18 6.02 6.45 6.15 6.45 0.43 10707 7.49 5.16 12.5 - - -

Premium Textile XD 62 0.47 28.53 29.40 28.10 29.40 0.87 1000 31.03 25.71 7.5 - 50 -

Quality Textile XD 160 0.56 9.15 9.30 9.30 9.30 0.15 2000 10.90 7.51 - - 15 -

Quetta Textile XD 130 0.49 30.75 29.91 29.91 29.91 -0.84 500 52.29 25.80 - 632R 20 -

Ravi Textile 250 - 1.66 1.77 1.66 1.67 0.01 36326 3.12 1.38 - - - -

Reliance Weaving 308 0.64 9.26 9.97 9.11 9.16 -0.10 6480 12.00 6.91 - - 25SD -

Saif Textile 264 0.44 5.50 5.44 5.25 5.44 -0.06 1010 6.49 2.01 - - - -

Samin Textile 134 5.01 6.38 6.01 6.00 6.01 -0.37 1000 8.69 5.02 - - - 100R

Service Ind 120 5.81 178.46 180.70 169.54 169.73 -8.73 107417 255.29 169.54 200 - - -

Service Textile 44 - 0.73 0.25 0.25 0.25 -0.48 2000 0.75 0.14 - - - -

Shadab Textile XD 30 0.21 8.56 9.00 7.56 7.56 -1.00 521 11.50 7.56 - - 10 -

Shahpur Textile 140 0.69 0.50 0.74 0.50 0.50 0.00 12601 1.90 0.18 - - - -

Shahtaj Textile XD 97 - 17.00 17.35 16.80 16.97 -0.03 10002 21.90 14.75 20 - 45 -

Suraj Cotton XD 180 0.72 32.03 32.08 31.10 31.89 -0.14 15159 37.50 29.00 15 - 50 -

Tata Textile 173 0.23 23.15 24.15 23.50 23.89 0.74 2703 24.15 14.02 - - 25 -

Thal LimitedXDXB 307 4.18 96.95 98.00 96.00 97.73 0.78 69567 112.80 86.50 20 20B 80 20B

Treet Corp 418 8.42 51.45 54.02 52.00 52.85 1.40 612347 54.02 37.20 - - - -

Yousuf Weaving 400 0.43 1.29 1.23 1.23 1.23 -0.06 3500 1.80 0.73 - - - -

ZahidJee Textile 341 0.49 3.16 3.74 3.65 3.65 0.49 501 4.00 2.00 - - - -

Zil Limited XD 53 3.03 44.16 45.70 45.30 45.30 1.14 502 48.75 33.00 40 10B 35 -

Paid up Last 60 days 2009 2010

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,119.91 1,161.70 1,086.38 1,147.34 27.42 2.45

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

168,088 - - 3,763.71 mn 5,405.29 mn 1,147.34

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

3.12 0.33 10.64 6.27 2.01 1,115.33

Pak Elektron 1174 3.36 13.32 13.54 12.90 13.35 0.03 148241 15.43 12.17 - 10B - 10B

Singer Pak 341 20.85 19.50 20.40 18.50 18.56 -0.94 1277 24.14 16.51 - 10B - -

Tariq Glass Ind 231 2.03 16.88 17.18 16.85 16.99 0.11 18490 18.80 14.50 - - 17.5 -

Paid up Last 60 days 2009 2010

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,506.47 1,514.49 1,488.85 1,506.68 0.21 0.01

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

274,414 - - 11,335.33 mn 196,453.58 mn 1,514.83

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

32.94 9.98 30.30 30.57 0.93 1,505.06

Adam Sugar 58 0.74 13.04 14.00 13.00 14.00 0.96 9773 14.00 10.50 10 - - -

AL-Noor Sugar 186 4.37 42.98 43.00 43.00 43.00 0.02 10000 45.99 39.25 40 - - -

Chashma Sugar 287 0.82 9.70 10.35 9.75 10.10 0.40 47222 11.40 8.00 - - - -

Colony Sugar Mills 990 - 3.97 3.55 3.19 3.26 -0.71 1405 4.49 2.40 - - - -

Faran Sugar 217 3.38 20.95 20.95 20.95 20.95 0.00 500 20.95 15.92 17.5 - - -

Habib Sugar 600 6.18 30.03 30.00 29.71 29.99 -0.04 51730 32.25 25.06 35 25B - -

Hussein Sugar 121 - 10.90 11.90 9.90 11.50 0.60 664 14.00 4.22 - - - -

J D W Sugar 490 2.62 78.02 78.90 77.55 78.25 0.23 752 80.80 60.10 40 - 0 12.5R

Mehran Sugar 143 3.29 57.61 58.90 57.25 58.80 1.19 790 59.25 48.50 35 30B 25 10B

Mirza Sugar 141 0.34 5.49 5.60 5.48 5.51 0.02 2200 5.70 4.00 - - - -

Mithchells Fruit 50 8.04 67.60 68.00 64.42 66.20 -1.40 120307 76.00 61.50 20 - - -

National Foods XD 414 15.99 42.99 42.95 42.15 42.85 -0.14 101 63.88 39.01 - 25B 12 -

Nestle Pakistan 453 21.86 2000.00 1990.00 1955.01 1990.00 -10.00 115 2057.99 1641.00 600 - 450 -

Noon Pakistan XD 48 2.64 19.48 18.60 18.48 18.48 -1.00 5252 29.87 18.48 - 10B 12 -

Noon Sugar 165 - 12.99 13.75 12.90 13.24 0.25 1020 13.75 10.20 50 10B - -

Pangrio Sugar 109 0.47 5.70 5.89 5.70 5.75 0.05 3055 6.35 4.00 - - - -

Premier Sugar 38 6.30 36.09 36.00 34.29 34.32 -1.77 498 41.52 32.50 30 - - -

Quice Food 107 - 2.08 2.10 2.06 2.06 -0.02 8000 3.40 1.60 - - - -

S S Oil 57 0.27 3.89 3.10 3.10 3.10 -0.79 500 3.89 2.51 - - - -

Sakrand Sugar 223 - 3.20 2.70 2.70 2.70 -0.50 500 3.50 2.12 - - - -

Shahmurad Sugar 211 16.38 11.25 11.35 10.33 11.30 0.05 9260 11.90 8.00 15 - - -

Wazir Ali 80 - 7.00 6.20 6.20 6.20 -0.80 500 7.96 4.75 - - - -

Paid up Last 60 days 2009 2010

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

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,096.90 1,109.57 1,089.55 1,099.93 3.03 0.28

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

292,265 - - 6,768.53 mn 39,970.52 mn 1,104.80

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

3.99 1.01 25.35 20.42 5.12 1,094.58

Agriautos Ind XD 144 4.99 66.65 66.70 65.75 65.92 -0.73 1650 72.99 63.01 40 - 90 -

Atlas Battery 101 4.61 154.02 155.00 152.70 154.49 0.47 3413 195.80 131.00 100 20B 100 20B

Atlas Engineering Ltd 247 15.85 18.74 17.75 17.75 17.75 -0.99 501 19.88 16.25 - 100R - -

Atlas Honda 626 7.38 105.00 106.49 105.99 106.00 1.00 285 122.51 92.00 80 30B - -

Dewan Motors 890 - 1.47 1.49 1.40 1.47 0.00 4395 2.08 1.16 - - - -

General Tyre 598 18.88 21.50 21.90 21.90 21.90 0.40 500 26.70 21.00 - - 20 -

Ghandhara Nissan 450 3.72 5.33 5.67 5.26 5.36 0.03 258641 6.09 4.03 - - - -

Honda Atlas Cars 1428 - 11.33 11.70 11.50 11.50 0.17 6191 12.98 9.65 - - - -

Indus Motors 786 5.35 233.06 235.10 232.00 234.58 1.52 1846 258.00 212.29 100 - 150 -

Pak Suzuki 823 11.62 73.49 74.99 72.02 72.98 -0.51 12045 87.00 69.25 5 - - -

Sazgar EngineeringXDXB 150 3.57 18.92 19.30 17.92 19.15 0.23 2748 27.58 17.92 - 20B 10 20B

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,512.08 1,519.38 1,504.60 1,509.67 -2.40 -0.16

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

52,947 - - 1,336.62 mn 31,276.13 mn 1,518.65

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

8.00 3.04 38.02 131.49 16.44 1,509.28

Ados Pak 66 1.06 16.50 16.50 16.00 16.50 0.00 4832 21.96 14.62 20 - - -

AL-Khair Gadoon 100 - 4.90 5.49 4.54 4.54 -0.36 1090 6.50 3.25 - - - -

AL-Ghazi Tractor 215 4.89 202.73 204.00 203.00 204.00 1.27 375 227.45 200.00 400 - 150 -

Bolan CastingXDXB 104 - 44.00 45.00 45.00 45.00 1.00 2505 51.99 37.00 - 20B 25 10B

Ghandhara Ind 213 10.83 11.22 11.75 11.39 11.70 0.48 17553 18.80 10.55 - - - -

KSB Pumps 132 8.41 73.84 72.89 70.15 70.21 -3.63 345 88.21 70.15 35 - - -

Millat Tractors XB 366 6.24 477.31 480.00 475.25 477.04 -0.27 26114 597.90 390.00 450 25B 650 25B

Paid up Last 60 days 2009 2010

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

926.96 931.61 921.35 926.47 -0.50 -0.05

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

151,501 - - 3,043.31 mn 34,643.53 mn 932.86

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

2.66 1.17 43.91 15.55 5.85 902.80

Cherat PapersackXDXB 115 1.73 46.30 48.61 46.65 48.61 2.31 116924 53.19 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.05 2.00 1.90 2.00 -0.05 13853 2.69 1.70 - - - -

Ghani GlassXDXB 1067 4.46 48.70 49.00 48.50 48.57 -0.13 1387 61.99 45.75 30 10B 25 10B

Packages Ltd 844 54.37 106.26 106.59 105.89 106.02 -0.24 17890 123.00 98.00 32.5 - - -

Siemens Engineering 82 10.58 1284.50 1285.00 1270.00 1282.50 -2.00 1001 1285.00 1050.01 900 - 900 -

Tri-Pack Films 300 7.51 103.18 104.50 103.00 103.00 -0.18 426 106.00 91.00 100 - - -

Paid up Last 60 days 2009 2010

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

959.46 981.52 954.33 969.91 10.45 1.09

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

7,534,539 - - 54,792.74 mn 69,183.79 mn 976.86

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

6.69 0.47 7.10 19.04 2.85 959.46

Al-Abbas Cement 1828 - 3.00 3.00 3.00 3.00 0.00 1500 4.20 2.80 - - - 100R

Attock Cement XD 866 6.30 59.42 59.90 59.12 59.82 0.40 627 69.99 57.60 50 20B 50 -

Berger Paints 182 - 15.90 16.90 16.20 16.90 1.00 66991 18.50 14.01 - - - 122R

Dadabhoy Cement 982 11.92 1.63 1.55 1.51 1.55 -0.08 23902 2.20 1.30 - - - -

Dadex Eternit 108 - 25.02 23.88 23.77 23.78 -1.24 1000 30.50 22.10 - - - -

Dewan Cement 3574 - 1.49 1.59 1.44 1.45 -0.04 47282 1.99 1.30 - - - -

DG Khan Cement Ltd 3651 115.21 26.77 27.94 26.81 27.65 0.88 5252384 28.30 23.02 - 20R - 20R

EMCO Ind 350 3.48 2.99 3.19 2.46 2.92 -0.07 1194 4.70 2.11 - - - -

Fauji Cement 6933 14.55 4.77 4.86 4.72 4.80 0.03 222023 5.50 4.51 - - - -

Fecto Cement 502 3.20 6.16 6.30 6.10 6.15 -0.01 3300 6.90 4.25 - 10B - -

Flying Cement Ltd 1760 - 1.78 1.90 1.75 1.80 0.02 22107 2.20 1.74 - - - -

Frontier Ceramics 77 - 3.02 3.90 2.16 2.17 -0.85 7830 5.00 1.91 - - - -

Gammon Pak 283 - 1.51 1.50 1.50 1.50 -0.01 566 2.90 0.98 - - - -

Haydery Const 32 - 0.80 0.77 0.65 0.70 -0.10 14788 1.48 0.25 - - - -

Kohat Cement 1288 - 6.17 6.25 6.10 6.15 -0.02 17499 6.50 5.50 - - - -

Lafarge Pakistan Cmt. 13126 - 2.95 3.05 2.92 2.99 0.04 453282 3.65 2.60 - - - -

Lucky Cement XD 3234 6.49 71.51 72.99 71.00 72.22 0.71 1065167 74.00 62.71 40 - 40 -

Maple Leaf Cement 5261 1.33 2.85 2.94 2.76 2.87 0.02 104580 3.40 2.51 - - - -

Pioneer Cement 2228 - 7.99 8.08 7.35 7.45 -0.54 227904 8.58 6.90 - - - -

Safe Mix Concrete 200 - 6.00 6.20 5.85 6.03 0.03 621 9.47 5.50 - - - -

Thatta Cement 798 495.00 19.90 19.80 19.00 19.80 -0.10 600 22.24 17.74 - - - 50R

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

902.09 922.83 899.08 906.57 4.48 0.50

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

105,444 - - 3,596.11 mn 8,667.90 mn 919.57

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

2.85 0.94 33.10 30.91 10.84 902.09

Crescent Steel 565 3.81 24.06 24.80 24.15 24.36 0.30 27110 27.99 23.75 - - 30 -

Dost Steels Ltd 675 - 2.71 2.85 2.63 2.83 0.12 11091 3.39 1.65 - - - -

Huffaz Pipe 555 8.59 13.76 13.90 13.55 13.75 -0.01 4110 16.75 12.25 - 30B - -

International Ind 1199 9.42 44.94 46.34 44.73 45.20 0.26 74223 68.50 44.00 - - 40 20B

Paid up Last 60 days 2009 2010

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,073.20 1,091.78 1,073.86 1,084.10 10.90 1.02

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

101,332 - - 1,186.83 mn 3,004.08 mn 1,085.43

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

5.55 0.41 7.47 25.28 4.56 1,064.98

Century Paper 707 - 16.19 16.72 16.02 16.42 0.23 99931 21.80 15.28 - 425R - -

Pak Paper ProductXDXB 50 7.69 41.00 40.00 40.00 40.00 -1.00 1301 62.85 38.61 20 - 25 33.33B

Paid up Last 60 days 2009 2010

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,191.98 1,206.83 1,187.00 1,200.02 8.04 0.67

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

44,083,515 - - 52,251.88 mn 269,186.76 mn 1,205.26

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

7.51 2.63 35.00 48.81 6.50 1,182.00

Agritech Limited 3924 7.75 22.49 21.41 21.37 21.38 -1.11 1750 25.38 21.15 - - - -

BOC (Pak) 250 10.41 78.04 78.50 75.00 75.78 -2.26 16158 87.99 66.90 90 - 15 -

Clariant Pak 273 5.76 150.66 152.00 149.95 150.79 0.13 23127 166.99 149.72 125 - - -

Dawood Hercules 1203 6.94 167.72 169.20 167.30 167.48 -0.24 11032 182.00 155.38 40 10B 40 -

Descon Chemical 1996 - 2.23 2.25 2.17 2.19 -0.04 35002 2.98 1.78 - - - -

Descon Oxychem Ltd. 1020 - 5.62 5.62 5.50 5.54 -0.08 206573 6.20 3.20 - - - -

Dewan Salman 3663 - 1.56 1.58 1.50 1.56 0.00 361146 2.00 1.28 - - - -

Engro Corporation Ltd 3277 9.79 177.73 178.50 176.85 178.24 0.51 528365 182.20 165.60 6010B 40R 40 -

Engro Polymer 6635 - 13.28 13.80 13.20 13.65 0.37 810125 15.20 10.62 - 27.5R - -

Fatima Fertilizer 22000 - 9.66 9.78 9.61 9.72 0.06 263370 11.74 9.02 - - - -

Fauji Fertilizer 6785 7.83 107.50 108.40 107.25 108.03 0.53 125360 109.95 102.96 131.5 10B 95 -

Fauji Fert. Bin Qasim 9341 5.94 31.29 31.70 31.25 31.49 0.20 966686 31.88 26.59 40 - 17.5 -

Gatron Ind XD 384 2.32 43.00 45.05 40.85 43.25 0.25 157 45.95 36.80 - - 20 -

Ghani Gases Ltd 725 9.07 12.10 12.44 11.80 11.97 -0.13 62392 13.85 7.41 - - - -

ICI Pakistan 1388 7.38 127.81 132.45 127.00 131.02 3.21 623604 132.45 109.50 80 - 55 -

Ittehad Chemical 360 10.10 27.00 28.25 26.95 27.07 0.07 1555 33.00 21.00 15 - 5 -

Lotte Pakistan 15142 3.89 10.27 11.09 10.35 10.89 0.62 40024116 11.09 6.75 5 - - -

Mandviwala 74 - 1.76 1.87 1.55 1.60 -0.16 10044 3.24 0.80 - - - -

Nimir Ind Chemical 1106 - 1.45 1.41 1.36 1.37 -0.08 61205 1.65 1.16 - - - -

Shaffi Chemical 120 - 2.50 2.75 2.50 2.57 0.07 701 3.49 1.80 - - - -

Sitara Chem Ind XDXB 214 8.52 106.00 105.11 101.00 104.00 -2.00 1600 127.20 101.00 75 - 25 5B

Sitara Peroxide 551 14.30 13.17 13.50 13.10 13.16 -0.01 247765 13.90 7.67 - - - -

Paid up Last 60 days 2009 2010

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

871.73 880.62 865.47 870.08 -1.65 -0.19

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

51,999 - - 3,904.20 mn 28,904.65 mn 881.55

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

6.81 1.52 22.31 44.54 6.54 865.11

Abbott (Lab) 979 8.59 97.88 98.62 97.50 98.00 0.12 6236 104.00 77.00 120 - 20 -

Ferozsons (Lab) 250 6.65 89.00 89.24 88.00 88.01 -0.99 1734 124.00 83.00 10 20B - 20B

GlaxoSmithKline 1707 12.52 70.01 70.50 69.52 69.60 -0.41 13610 80.00 65.00 50 - - -

Highnoon (Lab) 165 6.93 23.81 25.00 24.00 25.00 1.19 12453 25.79 22.10 25 - - -

IBL HealthCare Ltd 200 6.65 8.50 8.60 7.76 8.25 -0.25 1054 9.00 6.10 - - - -

Searle Pak XD 306 5.65 62.60 63.00 62.16 62.85 0.25 15806 64.50 53.36 15 15B 30 -

Wyeth Pak 142 94.30 814.60 855.33 816.00 819.45 4.85 1060 997.00 761.00 - - - -

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

741.85 760.62 739.73 749.07 7.22 0.97

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

11,265 - - 3,242.17 mn 13,129.63 mn 754.55

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

5.80 1.48 25.53 11.08 1.91 737.87

Pak Int Cont.Terminal XD 1092 7.21 71.16 73.50 71.00 72.06 0.90 7496 80.00 60.05 - 20B 40 -

PNSC XD 1321 41.30 38.00 38.00 37.80 38.00 0.00 3769 41.00 34.50 30 - 15 -

Paid up Last 60 days 2009 2010

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

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

BOOK CLOSURES

TeleCard 06-Nov 12-Nov 1 29-Oct 12-Nov

Punjab Oil Mills 09-Nov 15-Nov 28R 29-Oct 12-Oct

Jahangir Siddiqui & Co 09-Nov 23-Nov - - 24-Nov

1st Punjab Modaraba 09-Nov 15-Nov 1 01-Nov 15-Nov

Biafo Industries 10-Nov 16-Nov 12.5(i) 01-Nov -

Amtex Limited 12-Nov 23-Nov - - 23-Nov

Karachi Electric Supply Corp. 15-Nov 28-Nov 7.80(R) 04-Nov -

East West Life Assurance 15-Nov 23-Nov 10R 04-Nov -

Nestle Pakistan 16-Nov 22-Nov 250(ii) 05-Nov -

Fauji Fertilizer Co 21-Nov 27-Nov 20(iii) - -

Thal Limited 23-Nov 30-Nov - - 30-Nov

Sui Northern Gas Pipelines 24-Nov 30-Nov 20 - 30-Nov

Sui Southern Gas Pipelines 24-Nov 30-Nov - - 30-Nov

Fazal Cloth Mills 26-Nov 03-Dec 100(SD) - 29-Nov

East West Insurance Co 01-Dec 07-Dec 10(B) - -

MCB Bank 03-Dec 10-Dec 30(iii) - -

Dawood Hercules Chemicals 07-Dec 13-Dec 20(ii) - -

Engro Corporation (Standalone) 07-Dec 21-Dec 20(ii) - -

Fauji Fertilizer Bin Qasim 14-Dec 20-Dec 12.5(iii) - -

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Pakistan Cables 50.97 51.1 51 51 0.03 424TRG Pakistan Ltd. 4.17 4.23 4.06 4.16 -0.01 1594811Murree BreweryXDXB 72.9 74 72 72.19 -0.71 1339Shezan Internat.XD 92 96.6 91 91.11 -0.89 101Grays of Cambr.XD 46.98 47.2 45.1 46.26 -0.72 189Lakson Tobacco 321.08 332.5 306.75 326 4.92 2435Pak Tobacco 112.64 112.6 112.6 112.6 -0.04 140Shifa Int.Hospitals 26.07 27.37 26 26 -0.07 1795Eye Television 20.5 20.5 20 20.11 -0.39 1200P.I.A.C.(A) 2.31 2.39 2.23 2.26 -0.05 53044AKD Capital 56.96 59.8 58 59.8 2.84 5324Pace (Pak) Ltd. 2.81 2.9 2.78 2.82 0.01 459058Netsol Technol.XD 18.68 18.95 18.62 18.75 0.07 263687Pak Telephone 2.1 2.15 2.1 2.12 0.02 201

Symbols Open High Low Close Change Vol

Friday, November 5, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 84.54 points at 10,702.19. Volume was

90 per cent above average and Bollinger Bands were 26 per cent

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

ket will see major 1st resistance level at 10,752.65 and 2nd resist-

ance level at 10,803.15, while Index will continue to find its 1st sup-

port level at 10,628.25 and 2nd support level at 10,554.35.

KSE 100 INDEX is currently 6.8 per cent above its 200-day moving

average and is displaying an upward trend. Volatility is relatively nor-

mal as compared to the average volatility over the last 10 trading

sessions. Volume indicators reflect moderate flows of volume into

INDEX (mildly bullish). Trend forecasting oscillators are currently

bullish on INDEX.

RSI (14-day) 66.49 Support 1 10,628.25

MA (5-day) 10,627.68 Support 2 10,554.35

MA (10-day) 10,649.19 Resistance 1 10,752.65

MA (100-day) 10,060.26 Resistance 2 10,803.15

MA (200-day) 10,021.25 Pivot 10,678.75

Technical Analysis Leverage Position

Bank Alfalah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed up 0.02 at 9.80. Volume was 210 per cent above average

(trending) and Bollinger Bands were 6 per cent narrower than normal.

BAFL is currently 4.5 per cent below its 200-day moving average and is

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

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

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

currently bullish on BAFL.

*Arif Habib Ltd 14 Buy

AKD Securities Ltd 10.25 Accumulate

TFD Research 14.01 Positive

RSI (14-day) 64.05 Free Float Shares (mn) 674.58

MA (10-day) 9.59 Free Float Rs (mn) 6,610.87

MA (100-day) 8.90 ** NOI Rs (mn) N/A

MA (200-day) 10.26 Mean 9.85

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed up 0.88 at 27.65. Volume was 72 per cent above average

and Bollinger Bands were 19 per cent narrower than normal.

DGKC is currently 2.7 per cent above its 200-day moving average and is

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

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

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

casting oscillators are currently bullish on DGKC.

*Arif Habib Ltd 33 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 60.24 Free Float Shares (mn) 182.55

MA (10-day) 27.22 Free Float Rs (mn) 5,047.50

MA (100-day) 25.66 ** NOI Rs (mn) 39.03

MA (200-day) 26.92 Mean 27.29

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed up 0.91 at 51.81. Volume was 34 per cent above average and

Bollinger Bands were 44 per cent narrower than normal.

NML is currently 1.1 per cent above its 200-day moving average and is dis-

playing 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.

*Arif Habib Ltd 65 Buy

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Positive

RSI (14-day) 57.95 Free Float Shares (mn) 175.80

MA (10-day) 51.94 Free Float Rs (mn) 9,108.19

MA (100-day) 47.42 ** NOI Rs (mn) 155.23

MA (200-day) 51.24 Mean 51.24

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed up 0.60 at 64.92. Volume was 20 per cent above average and

Bollinger Bands were 24 per cent narrower than normal.

NBP is currently 2.5 per cent below its 200-day moving average and is dis-

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

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

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

forecasting oscillators are currently bearish on NBP.

*Arif Habib Ltd 78 Buy

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 48.74 Free Float Shares (mn) 318.37

MA (10-day) 66.13 Free Float Rs (mn) 20,668.38

MA (100-day) 65.71 ** NOI Rs (mn) 69.04

MA (200-day) 71.24 Mean 64.55

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

Technical Analysis Leverage Position

Pakistan Oilfields Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

POL closed up 4.53 at 246.32. Volume was 51 per cent above average

and Bollinger Bands were 2 per cent narrower than normal.

POL is currently 6.4 per cent above its 200-day moving average and is dis-

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

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

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

tors are currently bearish on POL.

*Arif Habib Ltd 261 Buy

AKD Securities Ltd 296.6 Buy

TFD Research 281.35 Positive

RSI (14-day) 57.55 Free Float Shares (mn) 107.94

MA (10-day) 243.33 Free Float Rs (mn) 26,586.97

MA (100-day) 229.31 ** NOI Rs (mn) 127.88

MA (200-day) 231.43 Mean 244.57

* Target price for Dec-10 & **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 4.58 at 276.70. Volume was 125 per cent above average

and Bollinger Bands were 27 per cent narrower than normal.

PSO is currently 2.1 per cent below its 200-day moving average and is dis-

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

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

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

forecasting oscillators are currently bearish on PSO.

*Arif Habib Ltd 396 Buy

AKD Securities Ltd 276.6 Neutral

TFD Research 360.05 Positive

RSI (14-day) 59.06 Free Float Shares (mn) 74.05

MA (10-day) 268.96 Free Float Rs (mn) 20,489.70

MA (100-day) 264.97 ** NOI Rs (mn) 91.78

MA (200-day) 282.70 Mean 274.76

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

Technical Analysis Leverage Position

Adamjee Insurance Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

AICL closed up 3.51 at 73.89. Volume was 164 per cent above average

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

AICL is currently 21.0 per cent below its 200-day moving average and is

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

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

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

tors are currently bullish on AICL.

AKD Securities Ltd 76 Accumulate

TFD Research 88 Positive

RSI (14-day) 59.41 Free Float Shares (mn) 74.22

MA (10-day) 71.31 Free Float Rs (mn) 5,484.32

MA (100-day) 75.70 ** NOI Rs (mn) 14.47

MA (200-day) 93.50 Mean 71.92

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,055.74 1,077.02 1,056.55 1,068.08 12.34 1.17

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

1,804,353 - - 29,771.58 mn 17,491.01 mn 1,068.08

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

16.48 0.36 2.21 104.74 9.88 1,049.23

AL-Meezan Mutual F. XD 1375 5.25 6.20 6.40 6.25 6.30 0.10 516063 7.20 5.85 - - 18.5 -

AL-Noor Modaraba XD 210 4.17 2.50 2.50 2.40 2.50 0.00 1901 3.44 2.10 - - 5 -

B R R Guardian Mod. 780 3.05 1.28 1.42 1.25 1.34 0.06 30145 1.67 0.90 - - 0 -

Crescent St Mod.XD 200 1.50 0.65 0.74 0.55 0.60 -0.05 9416 1.10 0.16 - - 1.2 -

First Capital Mutual F. 300 10.53 4.65 4.52 4.15 4.21 -0.44 287306 5.50 0.99 - - - -

Golden Arrow XD 760 1.96 2.70 2.75 2.66 2.74 0.04 8088 3.88 2.32 - - 17 -

H B L Modaraba XD 397 2.01 6.15 6.04 6.04 6.04 -0.11 1000 6.80 4.80 5 - 11 -

Habib Modaraba 1008 5.26 6.15 6.15 6.09 6.10 -0.05 7300 7.44 5.56 20 - 21 -

JS Growth Fund 3180 37.50 2.97 3.08 2.90 3.00 0.03 167779 3.70 2.65 - - 5 -

JS Value Fund 1186 10.04 2.80 2.85 2.80 2.81 0.01 32123 3.98 2.31 10 - 10 -

Meezan Bal. Fund XD 1200 5.10 5.45 5.30 5.30 5.30 -0.15 43460 7.00 5.30 - - 15.5 -

Mod Al-Mali 184 9.00 0.90 1.20 0.90 0.90 0.00 1621 2.18 0.56 - - - -

Pak Prem Fund 1698 11.54 8.20 8.39 8.20 8.31 0.11 199919 9.44 7.00 - - 18.6 -

PICIC Energy Fund 1000 1.63 5.65 5.60 5.55 5.60 -0.05 85500 5.99 4.00 - - 10 -

PICIC Growth Fund 2835 5.49 8.47 8.59 8.40 8.56 0.09 248629 9.93 7.60 - - 20 -

PICIC Inv Fund 2841 4.60 3.99 4.05 3.91 4.05 0.06 510 4.75 3.50 - - 10 -

Prud Modaraba 1st 872 2.05 0.99 1.00 0.86 0.90 -0.09 9901 1.20 0.70 - - 3 -

Punjab ModarabaSPOT 340 7.62 1.56 1.75 1.55 1.60 0.04 143595 1.94 0.57 - - 1 -

Stand Chart Modaraba 454 4.41 8.73 9.00 8.99 8.99 0.26 10000 10.99 7.75 16.5 - 17 -

Paid up Last 60 days 2009 2010

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

374.37 387.62 370.18 380.19 5.82 1.55

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

12,116,700 - - 30,336.44 mn 26,942.93 mn 380.19

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

42.80 0.39 0.91 99.56 2.33 369.01

AMZ Ventures 225 1.36 0.60 0.68 0.55 0.60 0.00 89748 1.10 0.42 - - - -

Arif Habib Investments 360 3.19 16.09 16.39 16.20 16.20 0.11 245 18.78 13.00 - - - 20B

Arif Habib Limited XB 450 12.70 24.53 24.95 24.53 24.90 0.37 33442 40.02 24.40 15 25B - 20B

Arif Habib Securities 3750 4.33 23.30 23.79 23.26 23.57 0.27 1607929 30.53 20.90 - - 30 -

Dawood Equities 250 - 1.85 1.85 1.83 1.83 -0.02 7000 2.91 1.51 - - - -

Escorts Bank 441 - 2.50 2.75 2.50 2.50 0.00 7235 3.35 1.85 - - - -

First Credit & Invest Bank Ltd 650 12.50 3.01 3.00 3.00 3.00 -0.01 37491 4.50 2.00 - - - -

First National Equity 575 - 9.80 10.70 8.80 9.49 -0.31 1500 11.75 6.84 - - - -

IGI Investment Bank 2121 14.50 2.16 2.40 2.15 2.32 0.16 2540552 2.40 1.17 - - - -

Ist Cap Securities XB 3166 - 3.70 3.74 3.52 3.70 0.00 9795 5.29 2.54 - 10B - 10B

Ist Dawood Bank 626 0.68 1.85 1.99 1.76 1.89 0.04 27280 2.84 1.17 - - - -

Jah Siddiq Co 7633 - 9.96 10.34 9.84 10.16 0.20 5476651 11.74 8.80 -243.778B 10 -

JOV and CO 508 - 3.87 4.15 3.89 3.94 0.07 541666 5.38 1.96 - - - -

JS Global Cap XD 500 7.52 26.65 27.98 27.00 27.98 1.33 20973 40.30 24.25 150 - - -

JS Investment 1000 25.38 6.06 6.23 5.95 6.09 0.03 153385 7.09 5.10 - - - -

KASB Securities 1000 - 4.00 4.09 3.90 3.98 -0.02 8426 4.95 3.20 - - - -

Orix Leasing 821 4.35 6.00 6.14 5.65 5.91 -0.09 608182 6.45 3.66 - - - -

Pervez Ahmed Sec 775 - 2.15 2.50 2.10 2.34 0.19 982574 2.70 1.35 -231.08R - -

Paid up Last 60 days 2009 2010

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

841.00 872.53 831.68 851.79 10.79 1.28

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

45,447 - - 2,290.72 mn 9,909.92 mn 851.79

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

91.56 3.52 3.85 355.53 3.88 827.36

American Life 500 6.35 18.10 19.00 18.99 18.99 0.89 648 20.45 17.10 - - - -

EFU Life Assurance XB 850 41.40 70.74 73.00 68.11 72.87 2.13 20698 82.99 51.25 5513.33B - -

New Jub Life Insurance 627 28.19 42.00 43.70 42.00 42.01 0.01 24101 45.20 34.50 10 - - -

Paid up Last 60 days 2009 2010

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,017.60 1,037.41 1,013.19 1,028.73 11.13 1.09

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

21,691,262 - - 257,548.02 mn 621,594.78 mn 1,028.73

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

7.35 1.02 13.94 40.49 5.51 1,007.50

Allied Bank Limited 7821 5.43 55.30 55.95 55.12 55.90 0.60 371116 57.25 48.51 40 10B 20 -Askari Bank 6427 7.28 15.17 15.40 15.18 15.29 0.12 462127 16.65 13.99 - 20B - -Atlas Bank 5001 - 1.76 1.80 1.55 1.60 -0.16 897527 2.84 1.52 - - - -Bank Alfalah 13492 12.56 9.78 10.10 9.71 9.80 0.02 5951159 10.19 7.32 8 - - -Bank AL-Habib 7322 6.83 31.80 31.89 31.65 31.67 -0.13 82212 33.75 29.10 20 20B - -Bank Of Khyber 5004 5.07 3.79 3.82 3.65 3.80 0.01 43913 4.49 2.50 - - - -Bank Of Punjab 5288 - 9.71 10.50 9.63 10.06 0.35 7974160 10.50 7.35 - - - -BankIslami Pak 5280 825.00 3.26 3.38 3.23 3.30 0.04 10276 3.69 2.31 - - - -Faysal Bank 6091 5.28 16.18 16.59 15.92 16.37 0.19 195263 17.00 12.75 - - - 20BHabib Bank Ltd 10019 6.43 102.41 103.50 101.79 103.02 0.61 84594 107.15 92.00 60 10B - -Habib Metropolitan Bank 8732 6.21 20.17 20.49 19.71 20.31 0.14 38294 23.30 18.02 10 16B - -JS Bank Ltd 6128 - 2.80 2.90 2.65 2.80 0.00 111209 2.90 2.00 - - - 66RKASB Bank Ltd 9509 - 2.42 2.70 2.33 2.35 -0.07 21002 3.22 2.03 - 26B - -MCB Bank Ltd 7602 9.05 200.97 204.80 201.00 204.12 3.15 513670 207.00 180.40 110 10B 55 -Meezan Bank 6983 7.79 14.65 15.00 14.72 14.72 0.07 5647 15.95 13.80 - 5B - -Mybank Ltd 5304 - 2.00 2.05 1.91 2.04 0.04 41213 2.75 1.62 - - - -National Bank 13455 5.67 64.32 65.20 64.16 64.92 0.60 2723653 70.75 60.51 75 25B - -NIB Bank 40437 - 2.62 2.89 2.60 2.69 0.07 678180 3.25 2.42 - - - -Royal Bank Ltd 17180 - 6.55 6.59 6.00 6.19 -0.36 365481 10.20 5.20 - - - -Samba Bank 14335 - 1.84 1.94 1.87 1.88 0.04 60001 2.65 1.51 - - -63.46RSilkbank Ltd 26716 - 2.63 2.70 2.58 2.64 0.01 399422 3.30 2.15 - - - -Soneri Bank 6023 - 7.63 7.90 7.45 7.90 0.27 246790 8.00 5.01 - - - -Stand Chart Bank 38716 10.45 6.60 7.00 6.61 6.79 0.19 30468 8.00 6.00 - - - -Summit Bank Ltd 5000 - 2.80 2.95 2.71 2.82 0.02 61462 3.70 2.30 - - - -United Bank Ltd 12242 6.64 56.13 56.80 56.01 56.51 0.38 383885 59.24 49.90 25 10B 10 -

Paid up Last 60 days 2009 2010

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

683.15 708.79 669.81 704.02 20.87 3.06

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

2,720,943 - - 11,111.34 mn 44,408.63 mn 704.02

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

11.29 0.59 5.20 79.54 7.04 662.62

Adamjee Insurance 1237 21.42 70.38 73.89 69.51 73.89 3.51 1219461 81.79 63.05 30 10B 10 -

Paid up Last 60 days 2009 2010

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,745.19 1,800.79 1,744.77 1,779.68 34.48 1.98

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

1,714,515 - - 12,202.80 mn 38,325.54 mn 1,779.68

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

11.32 1.29 11.41 66.79 5.90 1,726.32

Sui North Gas 5491 10.07 32.65 33.90 32.65 33.83 1.18 1265789 33.90 25.00 - - 20 -Sui South GasXDXB 8390 3.55 23.37 24.00 23.36 23.54 0.17 448726 30.70 16.00 - - 15 25B

Paid up Last 60 days 2009 2010

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,159.67 1,174.08 1,152.94 1,165.26 5.58 0.48

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

6,473,340 - - 95,369.29 mn 96,532.09 mn 1,172.05

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

12.37 1.16 9.35 104.13 8.42 1,159.67

Genertech 198 - 0.98 1.00 0.80 0.85 -0.13 13020 1.45 0.51 - - - -

Hub Power 11572 6.14 33.44 33.64 33.26 33.54 0.10 524883 37.24 32.75 33.5 - 50 -

Japan Power 1560 - 1.55 1.60 1.55 1.60 0.05 29502 2.25 0.70 - - - -

KESC 7932 - 2.12 2.19 2.07 2.15 0.03 573833 2.50 1.92 - 31R - 7.8R

Kohinoor Power 126 2.74 4.80 4.50 4.50 4.50 -0.30 16600 6.70 3.90 - - - -

Kot Addu Power XD 8803 4.80 39.51 39.75 39.50 39.54 0.03 29235 42.95 38.35 64.5 - 50 -

Nishat Chunian Power Ltd3673 3.02 13.14 14.06 13.10 13.77 0.63 1330870 14.85 9.50 - - - -

Nishat Power Ltd 3541 23.94 14.35 15.12 14.25 14.84 0.49 3819250 16.10 9.25 - - - -

Sitara Energy Ltd XD 191 3.47 18.55 18.75 18.26 18.60 0.05 82696 23.49 18.26 20 - 20 -

Southern Electric 1367 - 2.16 2.24 2.12 2.13 -0.03 52011 2.90 2.05 - - - -

Tri-star Power XD 150 - 1.05 1.04 0.95 0.96 -0.09 1411 1.75 0.33 3 - - -

Paid up Last 60 days 2009 2010

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

1,109.83 1,126.87 1,096.49 1,116.96 7.13 0.64

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

1,519,514 - - 50,077.79 mn 77,365.56 mn 1,116.96

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

6.00 0.77 12.84 62.56 10.42 1,079.19

Pak Datacom XD 78 4.93 79.58 80.00 78.00 79.90 0.32 603 120.61 78.00 70 - 80 -Pakistan Telecomm Co A 37740 12.67 18.89 19.10 18.65 19.01 0.12 515889 19.76 17.32 15 - 17.5 -TelecardSPOT 3000 0.71 2.34 2.45 2.33 2.37 0.03 226448 2.77 1.80 - - 1 -WorldCall Tele 8606 - 2.45 2.60 2.44 2.46 0.01 776574 2.98 2.30 - - - -Wateen Telecom Ltd 6175 - 3.44 3.67 3.41 3.51 0.07 111697 5.00 3.37 - - - -

Paid up Last 60 days 2009 2010

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

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

Central Insurance XB 279 6.14 54.89 56.85 53.00 54.00 -0.89 774 61.39 47.37 20 25B 10 10B

Century Insurance 457 6.99 11.25 11.19 11.00 11.19 -0.06 801 11.99 9.42 - - - -

Crescent Star Insurance 121 - 3.51 3.75 3.75 3.75 0.24 2500 7.90 3.15 - - - -

EFU General Ins. XB 1250 - 43.37 45.40 41.50 44.63 1.26 134815 49.14 34.76 40 8.7B - -

Habib Insurance 400 2.66 11.40 11.65 11.15 11.16 -0.24 3100 12.75 10.04 35 - - -

IGI Insurance 718 15.91 84.50 85.78 82.90 85.78 1.28 101 86.69 66.02 35 - 10 20B

New Jub Insurance 791 15.23 57.25 57.49 54.39 56.50 -0.75 3013 60.50 52.21 30 20B - -

Pak Reinsurance 3000 39.38 14.36 15.36 14.39 15.36 1.00 1346733 16.90 12.50 30 - - -

PICIC Ins Ltd 350 - 3.01 3.19 2.85 3.12 0.11 1189 4.16 1.66 - - - -

Premier Insurance 303 4.98 9.30 9.47 9.00 9.21 -0.09 1637 9.91 8.00 20 15B - -

Reliance Insurance XB 252 3.87 6.99 6.35 6.30 6.30 -0.69 5000 7.70 6.05 - - - -

Shaheen Insurance 200 - 13.80 13.50 13.50 13.50 -0.30 1000 15.59 11.51 -14.28B - -

Silver Star Insurance 253 4.17 6.74 7.00 6.71 6.71 -0.03 812 8.49 6.00 - 20B - -

UPTO 100 VOLUME

HAJT 0.5 0.73 0.73 0.73 0.23 100

SALT 34.5 36 35.99 36 1.5 100

SSML 2.7 2.7 2.7 2.7 0 100

SHCM 11.5 10.5 10.5 10.5 -1 100

HWQS 21.5 22 22 22 0.5 100

DWAE 0.42 0.73 0.64 0.64 0.22 100

SEPL 39.3 39.75 39.75 39.75 0.45 100

BILF 1.69 1.5 1.5 1.5 -0.19 97

ZTL 4 4 4 4 0 59

NAKI 15 16 14.53 15.98 0.98 53

ARM 14.5 14.9 14.5 14.9 0.4 51

DCM 1.49 1.7 1.5 1.5 0.01 51

SPLC 0.63 0.65 0.65 0.65 0.02 50

EXIDE 145.04 149.5 149 149.5 4.46 48

SAPL 131.9 133 127.05 127.18 -4.72 46

ULEVER 4052.46 4079.99 4020.01 4050 -2.46 45

HINO 130 123.95 123.5 123.5 -6.5 32

PGCL 19.85 19.84 18.85 18.9 -0.95 32

KOHE 20.8 21.74 20.5 20.5 -0.3 29

RMPL 1690 1773 1690 1773 83 26

DIIL 12.78 12.19 11.79 12.19 -0.59 26

MIRKS 59 59 56.19 59 0 23

JKSM 6.21 6.9 5.75 6.28 0.07 22

BAFS 54.58 55 54.5 55 0.42 21

MERIT 17.8 18.45 17.89 17.89 0.09 20

FCONM 1.35 1.88 1.15 1.48 0.13 17

SCL 49.15 51.6 46.7 51.6 2.45 17

KOIL 1.56 1.55 1.55 1.55 -0.01 15

FZTM 443.39 450 421.23 449.1 5.71 14

SANSM 13.9 13.9 13.89 13.9 0 14

NAGC 14.75 15 14.75 14.75 0 13

BAPL 9 9.18 8.23 8.71 -0.29 13

AGSML 6.04 6.69 5.5 5.6 -0.44 12

ICIBL 0.67 0.77 0.73 0.73 0.06 11

ISIL 75.61 75.89 72.25 75.56 -0.05 11

FNBM 6.95 6.95 6.9 6.9 -0.05 10

GWLC 3.1 3.48 3.44 3.44 0.34 10

SGMLPS 3.34 2.36 2.36 2.36 -0.98 9

BIFO 45.69 46.4 43.43 46.4 0.71 7

GUSM 5.4 5.5 5.11 5.44 0.04 6

UPFL 1090 1050 1035.95 1038.36 -51.64 6

FEM 1.25 1.49 1.28 1.28 0.03 5

FFLM 1.33 1.49 1.43 1.43 0.1 5

KASBM 1.5 2.05 2 2 0.5 5

UVIC 3 3 3 3 0 5

DSML 2.61 1.75 1.75 1.75 -0.86 5

PRWM 13.88 14 13.11 13.84 -0.04 5

DLL 38.09 38.95 36.29 38.9 0.81 5

TSMF 1.5 1.49 1.49 1.49 -0.01 2

GRYL 1.27 2.25 1 1 -0.27 2

SIBL 3.09 3.9 3.05 3.05 -0.04 2

SNAI 31.54 32 31.9 31.9 0.36 2

ADMM 19.49 19.51 19.51 19.51 0.02 2

TREI 1.85 2 1.9 1.9 0.05 2

PHDL 33 33.51 33.51 33.51 0.51 2

FDMF 1.73 1.84 1.84 1.84 0.11 1

FIBLM 1.57 1.96 1.96 1.96 0.39 1

SCLL 2.5 2.8 2.8 2.8 0.3 1

AGIC 11.9 11.5 11.5 11.5 -0.4 1

ATIL 33.97 34.49 34.49 34.49 0.52 1

KOSM 0.93 0.93 0.93 0.93 0 1

LMSM 1 1.1 1.1 1.1 0.1 1

MQTM 7.65 7.51 7.51 7.51 -0.14 1

RCML 33 31.35 31.35 31.35 -1.65 1

SLYT 4.5 4.49 4.4 4.4 -0.1 1

GATM 25 25.88 25.84 25.84 0.84 1

HUSI 9.7 9.9 9.9 9.9 0.2 1

BTL 48.8 47.99 47.99 47.99 -0.81 1

KTML 5.13 5.4 5.4 5.4 0.27 1

AABS 94.5 94.5 94.5 94.5 0 1

HAL 12.25 12.75 12.6 12.6 0.35 1

SHJS 63.59 65.7 65.7 65.7 2.11 1

JVDC 58.62 59.8 59.8 59.8 1.18 1

PECO 298.03 300 300 300 1.97 1

DYNO 11.97 11.9 11.85 11.85 -0.12 1

WAHN 34.49 34.5 34.5 34.5 0.01 1

LEUL 1.74 1.74 1.74 1.74 0 1

BGL 1.34 1.7 1.7 1.7 0.36 1

STCL 8.3 9.05 9.05 9.05 0.75 1

STPL 8.8 8.65 8.65 8.65 -0.15 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

NML-NOV 51.26 52.3 50.4 52.15 0.89 893000

DGKC-NOV 27.02 28.1 26.66 27.86 0.84 663500

POL-NOV 243.4 248.5 243.05 247.57 4.17 207000

NBP-NOV 64.76 65.5 64.6 65.29 0.53 189500

AICL-NOV 70.71 74.24 70.15 74.24 3.53 149000

PSO-NOV 273.53 278.79 273.2 277.89 4.36 148500

ANL-NOV 10.37 10.99 10.25 10.8 0.43 114500

BOP-NOV 9.87 10.5 8.97 10.19 0.32 112500

MCB-NOV 201.82 204.98 201.24 204.33 2.51 105000

FFBL-NOV 31.4 31.7 31.6 31.67 0.27 93000

LUCK-NOV 71.94 72.8 71.25 72.26 0.32 65500

ENGRO-NOV 178.71 179.7 177.61 179.15 0.44 61500

PPL-NOV 186.7 188.35 186.01 188.17 1.47 27500

NCL-NOV 21.4 22 20.6 22 0.6 17500

PTC-NOV 19 19.15 18.89 19.15 0.15 17500

UBL-NOV 56.5 57.8 56.5 57.15 0.65 11000

OGDC-NOV 154 154 153.5 154 0 7500

FFC-NOV 108.5 108 108 108 -0.5 500

Symbols Open High Low Close Change Vol

ZERO VOLUME

ASFL 2.99 3.9 3.9 3.9 0.91 0

NBF 3.33 3 3 3 -0.33 0

AZTM 2.25 2.24 2.24 2.24 -0.01 0

BCML 15.5 14.5 14.5 14.5 -1 0

GLOT 12 11 11 11 -1 0

KOHTM 0.51 0.67 0.67 0.67 0.16 0

BHAT 190.9 190.4 190.4 190.4 -0.5 0

PASM 8.41 8.5 8.5 8.5 0.09 0

Symbols Open High Low Close Change Vol

Allied Bank Limited 63.14 55.35 54.85 56.20 56.50 55.65

Attock Cement 38.51 59.30 58.85 60.10 60.40 59.60

Arif Habib Limited 37.08 24.65 24.35 25.05 25.20 24.80

Arif Habib Securities 50.66 23.30 23.00 23.80 24.05 23.55

Adamjee Insurance 59.41 70.95 68.05 75.35 76.80 72.45

Askari Bank 51.18 15.20 15.05 15.40 15.50 15.30

Azgard Nine 51.75 10.35 10.00 11.00 11.25 10.65

Attock Petroleum 39.40 295.80 292.40 301.30 303.40 297.90

Attock Refinery 82.85 110.65 106.75 116.55 118.60 112.70

Bank Alfalah 64.05 9.65 9.50 10.05 10.25 9.85

BankIslami Pak 52.84 3.20 3.15 3.35 3.45 3.30

Bank Of Punjab 74.38 9.60 9.20 10.50 10.95 10.05

Dewan Cement 43.13 1.40 1.35 1.55 1.65 1.50

DGKCement 60.24 27.00 26.35 28.15 28.60 27.45

Dewan Salman 50.99 1.50 1.45 1.60 1.65 1.55

Dost Steels Ltd 58.27 2.70 2.55 2.90 3.00 2.75

EFU General Insurance 59.72 42.30 39.95 46.20 47.75 43.85

EFU Life Assurance 57.23 69.65 66.45 74.55 76.20 71.35

Engro Chemical 54.86 177.20 176.20 178.85 179.50 177.85

Faysal Bank 75.16 16.00 15.60 16.65 16.95 16.30

Fauji Cement 43.28 4.70 4.65 4.85 4.95 4.80

Fauji Fert Bin 69.37 31.25 31.05 31.70 31.95 31.50

Fauji Fertilizer 53.03 107.40 106.75 108.55 109.05 107.90

Habib Bank Ltd 59.03 102.05 101.05 103.75 104.50 102.75

Hub Power 46.78 33.30 33.10 33.70 33.85 33.50

ICI Pakistan 66.34 127.85 124.70 133.30 135.60 130.15

Indus Motors 58.29 232.70 230.80 235.80 237.00 233.90

JOV and CO 62.23 3.85 3.75 4.10 4.25 4.00

Japan Power 52.13 1.60 1.55 1.70 1.75 1.65

JS Bank Ltd 67.37 2.65 2.55 2.90 3.05 2.80

Kot Addu Power 40.31 39.45 39.35 39.70 39.85 39.60

KESC 51.91 2.10 2.00 2.20 2.25 2.15

Lucky Cement 52.25 71.15 70.10 73.15 74.05 72.05

MCB Bank Ltd 59.92 201.80 199.50 205.60 207.10 203.30

Maple Leaf Cement 47.64 2.80 2.70 2.95 3.05 2.85

National Bank 48.74 64.30 63.70 65.35 65.80 64.75

Nishat (Chunian) 65.06 21.05 20.15 22.30 22.75 21.45

Netsol Technologies 51.51 18.60 18.45 18.90 19.10 18.75

NIB Bank 44.09 2.55 2.45 2.85 3.00 2.75

Nimir Ind.Chemical 44.14 1.35 1.30 1.45 1.50 1.40

Nishat Mills 57.95 50.70 49.60 52.45 53.10 51.35

Oil & Gas Dev XD 68.60 154.05 153.00 155.95 156.80 154.90

PACE (Pakistan) Ltd 45.08 2.75 2.70 2.90 2.95 2.85

Pervez Ahmed Sec 65.93 2.10 1.90 2.50 2.70 2.30

PIAC(A) 51.55 2.20 2.15 2.35 2.45 2.30

Pioneer Cement 39.98 7.20 6.90 7.90 8.35 7.65

Pak Oilfields 57.55 243.00 239.65 248.85 251.35 245.50

Pak Petroleum 51.57 185.75 184.25 188.15 189.00 186.60

Pak Suzuki 42.81 71.65 70.35 74.65 76.30 73.35

PSO XD 59.06 273.55 270.45 278.75 280.85 275.65

PTCLA 51.52 18.75 18.45 19.20 19.35 18.90

Shell Pakistan 57.99 191.30 188.15 196.30 198.15 193.15

Sui North Gas 66.01 33.00 32.20 34.25 34.70 33.45

Sitara Peroxide 74.38 13.00 12.85 13.40 13.65 13.25

Sui South Gas 38.63 23.25 23.00 23.90 24.25 23.65

Telecard 51.59 2.30 2.25 2.45 2.50 2.40

TRG Pakistan 53.11 4.05 4.00 4.25 4.30 4.15

United Bank Ltd 64.87 56.10 55.65 56.85 57.25 56.45

WorldCall Tele 41.39 2.40 2.35 2.55 2.65 2.50

Jah Siddiq Co 44.21 9.90 9.60 10.40 10.60 10.10

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Dewan Salman Fibre Limited 05-Nov 5:00

Nadeem Textile Mills Limited 06-Nov 6:30

Balochistan Glass Limited 08-Nov 4:00

Chenab Limited 08-Nov 10:00

Pakistan Premier Fund Limited 08-Nov 4:00

Shadman Cotton Mills Limited 08-Nov 6:30

The Pakistan General Insurance 08-Nov 10:00

BOARD MEETINGS

Company Date Time

New UK bank poaches Northern Rock CEO

Moot on Islamic bankingawareness held

Friday, November 4, 2010 8

LONDON: People pass by a branch of LloydsTSB bank in north London.-Reuters

BEIJING: A man gestures as he walks past a Citibank branchlocated in the financial district .-Reuters

KARACHI: Over 9,000branches of commercial bankshave started issuing fresh cur-rency notes to the general pub-lic from Thursday for theforthcoming Eid-ul-Adha, aState Bank of Pakistan (SBP)statement said here.

The State Bank of PakistanBanking Services Corporationhas made elaborate arrange-ments for the supply of ade-quate quantity of fresh ban-knotes to commercial banks,depending upon their branchnetwork, the SBP statementadded.

Each of the 16 field officesof SBP-BSC have providedfresh currency notes to thedesignated branches of eachcommercial bank.

These branches would beresponsible for delivery ofthese notes in quantities com-mensurate to the size of theirbranch, as per the plan pre-

notified to the concernedoffice of the SBP-BSC, it said.

The branches of commercialbanks have been advised toissue only one packet each ofbanknotes of denominationsRs5 and Rs10 (per person)till the last working daybefore Eid-ul-Adha on pro-duction of original comput-erised national identity card(CNIC) along with a photo-copy of it, for record to thevisiting generalpublic/account holders, saidthe notification.

Branches, however, mayalso issue a maximum of fivepackets each of Rs5 and Rs10denomination fresh notes totheir corporate clients onreceipts of request on the com-pany's letterhead duly signedby the authorised representa-tive, it said.

With a view to redress thegrievances of the general pub-

lic, the central bank has estab-lished a help desk, which maybe contacted at the telephonenumbers 021-32455463 and021-32455470.

Complaints may also belodged at the following e-mailaddress freshnote@sbp.org.pkor with the chief spokesmanfor the State Bank of Pakistan,Karachi at his e-mail addresssyed.wasimuddin@sbp.org.pk.

The SBP-BSC has put inplace a mechanism for penal-ising the banks in case anyirregularity is committed bythem in the issuance of thefresh currency notes.

"Penalty will be imposed onbanks found in violation of theState Bank of Pakistaninstructions with regard to theissuance of fresh notes to thegeneral public on the eve ofEid-ul-Adha," the statementadded.-Agencies

Crisp banknotesup for the taking

Banks start issuing Rs5-10 fresh bills

Staff Reporter

KARACHI: The first meeting

of the Board of Directors of

Sindh Bank was held here

under the Chairmanship of

Ghulam Ali Shah Pasha,

Acting Chief Secretary Sindh

who is also the chairman of the

Board of Directors of Sindh

Bank.

Welcoming the Board mem-

bers, the Secretary Finance

Department Sindh, Siddique

Memon outlined the objectives

and need for establishing this

bank and said that this bank

aims at improving the econo-

my of the Sindh in particular

and of country in general by

introducing quality banking

products services specially

designed to cater for the needs

of small entrepreneurs and

farmers in order to equip them

with much needed

microfinance for their small

business /investments, in addi-

tion the Bank will also provide

normal banking services, he

added.

The Secretary further elabo-

rated that this Bank is being set

up with a paidup capital of

Rs10 Billion and is being

establish in the memory of

Shaheed Mohtarma Benazir

Bhutto who was also the first

lady prime minister of Muslim

world.

He also said that the estab-

lishment of the said bank is a

commendable achievement of

the present government and

further that Bilal Sheikh has

been appointed by

Government of Sindh as the

bank's first President/CEO

who has vast banking experi-

ence of four decades and has

remained President/CEO of

various financial institutions

of the country.

The Secretary, Finance also

informed that the bank will, by

the year end, establish five

branches initially viz three in

Karachi, one in Hyderabad and

one at Naudero.

Chief Secretary Sindh,

Ghulam Ali Pasha speaking on

the occasion congratulated the

Board members and stated that

the NOC for the said Bank has

been issued by SBP and the

Bank has also been incorporat-

ed with Securities and

Exchange Commission of

Pakistan.

He also said that bank is

being set up on the desire of

the President of Pakistan and

further stated that the said

bank will open 50 branches in

the country by the end of year

2011 with one branch in every

district of Sindh Province and

one each in every province of

Pakistan.

Pasha also pointed out that

Sindh Bank will also provide

affective services in flood

relief activities also in collab-

oration with nation building

departments; while the

President and Chief

Executive of Sindh Bank

Bilal Sheikh assured the par-

ticipants of the meeting that

he and other officials of the

bank will provide every facil-

ity and assistance to bank

customers in order to help

them in achieving their objec-

tive through micro financing

so that their socioeconomic

progress is uplifted.

The meeting was attended

amongst others by Mohammad

Ishaq Lashari, Additional

Chief Secretary (Dev.)

Planning & Development

Department who is also

Director of the bank, Javed

Mehmood Director and by

other senior officials of

Finance Department,

Government of Sindh.

Sindh Bank on launchpad

Staff Reporter

KARACHI: Al BarakaIslamic Bank Pakistan (AIBP)and Emirates Global lslamicBank Limited (EGIBL) havesuccessfully merged theiroperations under the name ofAl Baraka Bank (Pakistan)Limited (ABPL). The Headoffice will be located inKarachi.

ABPL will have assets inexcess of Rs50 billion, aworkforce of 1400 profes-sionals and a network of 89branches in 36 cities andtowns across the country.ABPL will commence opera-tions from close of businesson October 29 and subse-quently all branches ofEmirates Global lslamicBank will be re-branded asABPL.

The merger, a first in thelslamic banking sector inPakistan, positions ABPL toplay an important role in fur-ther growing an industry

which has witnessed tremen-dous growth over the last 5years. Substantial capitalresources, combined with anationwide branch networkwill enable ABPL to provide afull range of lslamic bankingservices, supported by theexperience and expertise ofthe parent company, ABG.

The operations of AIBP dateback to 1991, and at the timeof merging its operations, ithad 29 branches acrossPakistan, an asset base of Rs.31 billion and profit beforetax of Rs.168 million.Emirates Global lslamic Bankbegan its operations inPakistan in 2007 with princi-pal shareholders beingEmirates lnvestment Group(through Emirates FinancialHolding Company) and AlRajhi Investment Group(through Mal Al Khaleejlnvestment Company). At thetime of merger, EGlB had a 60branch network located in 31cities and towns throughout

the country.AIB is a subsidiary banking

unit of ABG, a Bahrain JointStock Company listed onBahrain and Nasdaq Dubaistock exchanges. It is a lead-ing international lslamicbank with Standard & Poor'slong and short-term creditratings of BBB- and A- 3respectively and offers retail,corporate and investmentbanking, and treasury servic-es strictly in accordance withthe principles of lslamicShariah. The authorized capi-tal of ABG is $1.5 billion,asset base is $15 billion andtotal equity is $1.7 billion.The group is present inJordan, Bahrain, Algeria,Sudan, South Africa,Lebanon, Tunisia, Egypt,Turkey, and Syria, with a rep-resentative office inIndonesia. The total numberof branches of the Al BarakaBanking Croup, includingPakistan, will exceed 360branches.

AIBP, EGIBLmerge to make

Al Baraka Bank

PESHAWAR: The federal gov-ernment has agreed to release anamount of Rs3 billion to the gov-ernment of KhyberPakhtunkhwa (KP) for meetingthe minimum capital require-ment (MCR) of the Bank ofKhyber (BoK).

This was stated by ManagingDirector (MD), Bank of Khyber,Bilal Mustafa while talking toAPP here on Thursday. Theamount will not only help meetthe MCR target, but alsoincrease the stake of the provin-cial government in the bank.

The State Bank of Pakistan(SBP) has fixed the limit ofMCR for all commercial banks

in the country. According to tar-gets set by central bank, thebanks are required to achieve theMCR target of Rs7 billion byDecember 31, 2010 and Rs8 bil-lion by December 31, 2011.Similarly, MCR target for theyears 2012 and 2013 have beenfixed at Rs9 billion and Rs10 bil-lion respectively.

The Bank of Khyber is laggingbehind by around Rs1.2 billionin the head of MCR for the cur-rent year. The provincial govern-ment has 51 per cent share in thebank and remaining 49 per centis held by private share holders.For maintaining the share theprovincial government is

required to pay an amount ofRs1 billion every year. However,the provincial government hasdeclined to bear the amount dueto its own financial constraints.

The bank has also asked itsprivate shareholders to pay inproportion to their shareholdingwhich is 49 per cent.

The bank has won this supportafter it had demanded of the fed-eral government that like therelease of an amount of f Rs10billion to Punjab government formeeting the same requirement ofthe Bank of Punjab, KP shouldalso be issued Rs3 billion tomeet BoK’s requirement.-Agencies

BoK to get Rs3bn formeeting MCR target

Old Mutualunfazed byNedbank

deal failureLONDON: Insurer Old Mutualon Thursday reported better-than-expected sales and saidplans to streamline the companywere on track despite a failedattempt to sell banking sub-sidiary Nedbank to HSBC.

Old Mutual CEO JulianRoberts said HSBC's surprisewithdrawal last month from thedeal, seen as a key plank of OldMutual's overhaul, was "a shockto everybody," but would notderail the three-year restructur-ing effort.

"Right now we're thinking ofwhat is the appropriate option forus moving forward. We're not inany rush to do anything," he toldreporters on a conference call.

Old Mutual, an Anglo-SouthAfrican financial conglomeratewith operations in over 30 coun-tries, had intended to sell itsmajority stake in South Africa'sNedbank as part of a strategy to

See # 5 Page 11

Modarbas,leasing cosform new

associationStaff Reporter

KARACHI: A newAssociation by the name of"NBFI & ModarabaAssociation of Pakistan" hasbeen established in the finan-cial sector by the members ofModaraba Association ofPakistan (MAP) and LeasingAssociation of Pakistan (LAP)which are voluntarily windingup.

According to a press releaseissued here Thursday, the chair-man of the associationMohammad Khalid Ali, saidthat this step has been taken tocomply with the requirementsof the amended trade associa-tion laws.

The Association will providea bigger platform to its mem-bers to play an active role in thedevelopment of non-bankingand modaraba sector and makea strong and active representa-tive body of both the sectors,the statement added.

Earlier, the Annual Generalmeeting of ModarabaAssociation of Pakistan (MAP)and Leasing Association ofPakistan (LAP) was held toapprove their respective annualaccounts and to pass specialresolutions in connection withappointment of liquidators andauditors for preparing winding-up of accounts.

LONDON: Copper surged toits highest in more than twoyears on Thursday as the dollarfaltered after the US FederalReserve took steps to boostgrowth in the world's largesteconomy by buying govern-ment bonds.

Benchmark copper on theLondon Metal Exchange endedat a session high of $8,600 atonne, a level not seen sinceJuly 2008 when it touched arecord $8,940 a tonne. OnWednesday it closed at $8,320.

The Federal Reserve onWednesday committed to buy$600 billion in governmentbonds in an attempt to lower bor-rowing costs for consumers andbusiness. "Asian markets ralliedon this news and that's been driv-ing base metals today. (Also) theUS dollar is weaker," said PeterFertig, analyst at QuantitativeCommodity Research.

He added: "I think the dollarweakness is not over for thisquarter. In the coming twomonths we might see furthergains (in metals)."

Losses accelerated after theEuropean Central Bank decidedto hold interest rates steady.

Prices will also be impacted

on Friday by key US monthlyemployment data, which willgive investors a better idea ofprospects for the US economicrecovery, and, by implication,

for metals demand.Industrial metal markets have

in recent weeks started to fretthat Chinese plans to restrictenergy consumption to cutemissions would hamper thecountry's production capability.

"That is the overriding issue, Ihaven't heard that it is impact-ing copper smelters yet, but Ithink it will," said Fairfax ana-lyst John Meyer said.

Analysts estimate that energyaccounts for about 25 per cent

of production costs of industrialmetals. Three-month alumini-um ended at $2,460 a tonnefrom $2,417 on Wednesday.Earlier it touched $2,492 atonne, its highest since April.

The metal used in transportand packaging has over the lastyear and a half been supportedby financing deals that havetied up about 70 per cent ofstock in LME warehouses.

Zinc jumped nearly 5 per centto $2,520, reversing most of theprevious session's loss on plansby China's State ReservesBureau to sell 50,000 tonnes ofzinc ingots. The metal used togalvanise steel ended at $2,512from $2,405 on Wednesday.

Battery material lead ended$2,529 a tonne from $2,435 andtin at $26,500 from $25,850.Stainless steel metal nickel saw$24,450 a tonne, its highest sinceOct. 15. It ended at $24,500 atonne from $23,550 onWednesday at the close. -Reuters

Fed, dollar gives copperbulls the upper hand

9Friday, November 5, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1270 1220

October (3rd Wednesday) 1195 1160

November (3rd Wednesday) 1205 1165

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for November 03 2010

LME Official Prices, US$ per tonne for November 03 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2255 2401 8400 2489.5 23620 25750 2426 2276

Cash seller 2265 2401.5 8400.5 2490 23625 25850 2427 2277

3-months buyer 2220 2433.5 8400 2508 23705 25850 2450 2300

3-months seller 2230 2434.5 8405 2510 23710 25875 2450.5 2310

15-months buyer 2155 2485 8225 2462 23195 25350 2475 2300

15-months seller 2165 2490 8235 2467 23295 25400 2480 2310

27-months buyer 2155 2528 7840 2427 22310 2422 2355

27-months seller 2165 2533 7850 2432 22410 2427 2365

LONDON METAL EXCHANGE (METALS)

NEW YORK: Oil surged totop a fresh-six month high over$86 a barrel on Thursday as theUS Federal Reserve's newmonetary stimulus plan to aidthe flagging economy spurredinvestors risk appetite.

"The Fed stimulus will con-tinue to draw investors/tradersto oil as well as most other rawmaterials in response to theweak dollar andfears of inflationstarting to mate-rialize down theroad," saidD o m i n i c kChirichella, sen-ior partner atE n e r g yManagement Institute in NewYork

US crude for Decemberdelivery shot up to an earlyhigh of $86.68 a barrel, thehighest since May 3. By 1610GMT, it traded up $1.65, or 2per cent, to $86.34. ICEDecember Brent rose $1.55, or1.8 per cent, to $87.93.

US front-month crude oil hasgained 12.7 per cent since Aug.27, when Federal ReserveChairman Ben Bernanke sig-naled that plans were afoot foranother round of quantitativeeasing. Correlating inversely,the US dollar's value against abasket of currencies has fallen6.5 per cent in that period.

Technical indicators point to

a bullish target of $87.04, withsupport at $84, according toReuters analyst Wang Tao.

Wide anticipation of theFed's fresh stimulus in Octoberdrove oil prices out of the pre-vious $70-$80 a barrel range.

Top oil exporter SaudiArabia earlier this week shiftedits price range up to $70-$90

but on Thursday, a senior Gulfsource said prices between$70-$80 is still a fair price.

Oil at $90 would not holdback growth in the world econ-omy, OPEC Secretary GeneralAbdullah al-Badri said. Thecomments added to indicationsthis week that the Organizationof the Petroleum ExportingCountries was unlikely to step

in to quell ris-ing prices.

"It's the dollar,a function ofQE2, and somep o s t - e l e c t i o neuphoria and theOPEC greenlight to $90,"

said Robert Yawger, senior vicepresident, energy futures at MFGlobal in New York.

Many analysts said fluctua-tions in the dollar will remainthe principal driver in the oilmarket, although some havewarned of long-term dangersof QE2 for Asian demandgrowth. -Reuters

Oil tops $86 as Fedstimulus hits dollar

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Thursday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmill Nov10875.00, Dec10 875.00 Jan11870.00, Feb11/Apr11875.00+10.00, May11/Jul11880.00+10.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Nov10/Jan11905.00+20.00, Feb11/Apr11890.00+25.00, May11/Jul11895.00+21.00, Aug11/Oct11875.00+20.00, Nov11/Jan12885.00.

SUNOIL: EU dlrs tonneextank six ports optionJan11/Mar11 1420.00,Apr11/Jun11 1390.00+35.00,Jul11/Sep11 1410.00+15.00.

LINOIL: Any origin dlrstonne extank RotterdamNov11/Dec11 1330.00+20.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Nov101085.00+27.50, Dec101080.00+30.00, Jan11/Mar111077.50+32.50, Apr11/Jun111077.50+32.50.

PALMOIL: RBD dlrs tonnecif Rotterdam Nov10 1105.00,Dec10 1102.50.

PALMOIL: RBD dlrs tonnefob Malaysia Nov10 1060.00,Dec10 1057.50+22.50.

PALM OLEIN: RBD dlrstonne fob MalaysiaJan11/Mar11 1070.00+35.00,Apr11/Jun11 1072.50+35.00.

PALM STEARIN: Dlrs tonnefob Malaysia Nov101045.00+35.00, Dec101045.00+35.00.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Dec10 940.00+20.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamOct10/Nov10 1475.00+35.00,Nov10/Dec10 1475.00+35.00,Dec10/Jan11 1475.00+35.00,Jan11/Feb11 1475.00+40.00.

CASTOROIL: Any origindlrs tonne extank RotterdamNov10/Dec10 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

04-Nov-2010 CRUDE100 DE10 US$ Per Barrel 84.70 86.60 83.78 86.50 155 85.28 86.50 79

04-Nov-2010 CRUDE100 JA11 US$ Per Barrel 85.50 87.28 84.40 87.15 77 85.94 87.15 29

04-Nov-2010 CRUDE100 FE11 US$ Per Barrel 83.75 87.65 83.75 87.65 1 86.44 87.65 1

04-Nov-2010 SILVER - SL500 DE10 US$ Per Troy Ounce 24.80 25.57 24.02 25.57 395 25.15 25.57 13

04-Nov-2010 SILVER - SL500 JA11 US$ Per Troy Ounce 24.92 25.60 24.92 25.60 - 25.17 25.60 -

04-Nov-2010 GOLD 01oz DE10 US$ Per Troy Ounce 1356.80 1381.00 1326.00 1379.60 3,483 1356.70 1379.60 654

04-Nov-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1358.20 1382.50 1327.00 1380.60 4,587 1357.60 1380.60 706

04-Nov-2010 GOLD 01oz FE11 US$ Per Troy Ounce 1357.50 1383.60 1327.60 1381.70 2,323 1358.70 1381.70 239

04-Nov-2010 GOLD 100oz DE10 US$ Per Troy Ounce 1356.00 1379.60 1328.40 1379.60 62 1356.70 1379.60 4

04-Nov-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1358.40 1380.60 1358.40 1380.60 - 1357.60 1380.60 -

04-Nov-2010 GOLD 100oz FE11 US$ Per Troy Ounce 1359.40 1380.60 1359.40 1380.60 - 1358.70 1381.70 -

04-Nov-2010 GOLD NO10 Per 10 grms 37462.00 38033.00 36711.00 38033.00 24 37388.00 38033.00 41

04-Nov-2010 GOLD DE10 Per 10 grms 37350.00 38042.00 36781.00 38042.00 34 37397.00 38042.00 7

04-Nov-2010 GOLD JA11 Per 10 grms 37423.00 38059.00 37423.00 38059.00 - 37414.00 38059.00 -

04-Nov-2010 Kilo GOLD NO10 Per 10 grms 37369.00 38005.00 37369.00 38005.00 - 37361.00 38005.00 1

04-Nov-2010 Kilo GOLD DE10 Per 10 grms 37378.00 38014.00 37378.00 38014.00 - 37370.00 38014.00 -

04-Nov-2010 Tola Gold50 NO10 Per Tola 43597.00 44328.00 43597.00 44328.00 - 43577.00 44328.00 -

04-Nov-2010 Tola Gold100 NO10 Per Tola 43587.00 44328.00 43587.00 44328.00 - 43577.00 44328.00 -

04-Nov-2010 Mini Gold 1-Aug Per 10 grms 38447.00 39078.00 38447.00 39078.00 - 38426.00 39078.00 -

04-Nov-2010 Mini Gold 2-Aug Per 10 grms 38486.00 39117.00 38486.00 39117.00 - 38465.00 39117.00 -

04-Nov-2010 Mini Gold 3-Aug Per 10 grms 38499.00 39130.00 38499.00 39130.00 - 38477.00 39130.00 -

04-Nov-2010 Mini Gold 4-Aug Per 10 grms 38421.00 39143.00 38421.00 39143.00 - 38490.00 39143.00 -

04-Nov-2010 Mini Gold 5-Aug Per 10 grms 38434.00 39065.00 38434.00 39065.00 - 38413.00 39065.00 -

04-Nov-2010 TT Gold 1-Sep Per Tola 43920.00 44915.00 43920.00 44915.00 2 44155.00 44915.00 -

04-Nov-2010 TT Gold 2-Sep Per Tola 44224.00 44960.00 44224.00 44960.00 - 44199.00 44960.00 -

04-Nov-2010 TT Gold 3-Sep Per Tola 44239.00 44976.00 44239.00 44976.00 - 44214.00 44976.00 -

04-Nov-2010 IRRI6W 04NO10 Per 100 kg 2402.00 2402.00 3276.00 3300.00 - 3276.00 3300.00 -

04-Nov-2010 Rice IRRI - 6 NO10 Per 100 kg 3288.00 3312.00 3288.00 3312.00 - 3288.00 3312.00 -

04-Nov-2010 RBD Palm Olein NO10 Per Maund 4508.00 4617.00 4508.00 4617.00 - 4508.00 4617.00 -

04-Nov-2010 KIBOR3M 10-Dec Per Rs. 100 86.78 86.78 86.76 86.76 - 86.78 86.76 -

04-Nov-2010 KIBOR3M 11-Mar Per Rs. 100 86.20 86.20 85.86 85.86 - 85.87 85.86 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Indian sugar

up on festival

demandMUMBAI: India's spot sugarprices rose on Thursday sup-ported by the ongoing festivaldemand, dealers said.

"Demand was very goodahead of Diwali," said a traderat Vashi, a major trading centre.

Demand for sugar usuallygoes up ahead of Diwali, theHindu festival of lights.

In Kolhapur, a key market intop-producing Maharashtrastate, the most traded S-varietyrose 1.27 per cent to 2,697.15rupees ($61) per 100 kg.

Market participants said theprices were also supported bythe Uttar Pradesh government'sdecision to increase the stateadvisory price for sugarcane by40 rupees to 205 rupees.

India will allow an additional930,000 tonnes of sugar exportsafter Nov. 15, governmentsources said on Thursday, bring-ing the total since September to1.5 million tonnes as global sup-plies remain tight. India is likelyto take a decision on sugarexports after the second week ofNovember, Farm Minister SharadPawar had earlier said. -Reuters

UIGHUR - CHINA: Farmers stack cotton at a cotton purchase station in Hami, Xinjiang Uighur

Autonomous Region. -Reuters

LONDON: Gold was set forits biggest one-day rise in near-ly six months on Thursdayafter the US Federal Reserve'spledge to pump over half a tril-lion dollars into the economybattered the dollar.

Spot gold rose by as much as2.7 per cent to a session high of$1,383.70 an ounce, leaving itwithin a few dollars of its recentrecord at $1,387.10. The spot

price later traded $1,376.90 anounce at 1600 GMT, against$1,347.15 late in New York onWednesday. US gold futures forDecember delivery rose $39.40to $1,376.80.

The Fed's move strippedalmost 1 per cent off the value ofthe dollar against a basket of cur-rencies, which triggered a rallyacross the precious metals.Silver climbed 3 per cent to itshighest since 1980, palladiumwas up nearly 5 per cent to a 9-1/2 year peak and platinumreached its strongest since May.

"The relationship betweenthe dollar and gold remains avery strong one and the recentmove post-QE is a dollar-relat-ed move more than anything

else," said RBS commoditiesstrategist Daniel Major.

"It's pretty constructive on anear-term basis, provided themarket continues to trade goldvery closely to moves in thecurrency."

On the physical side of thegold market, Indian demandwas strong during the week ofthe Dhanteras festival, whichcelebrates prosperity, and the

Diwali festival of light. Scrapsales also slowed to a trickle.

Silver rose to a 30-year highat $25.58 an ounce, trackinggains in gold, and was later at$25.49 against $24.80.

Palladium rallied to itsstrongest since May 2001, liftedby strength in gold and expecta-tions its underlying fundamen-tals will improve as demandfrom automakers recovers andsupply struggles to keep pace.

Palladium peaked at $674 anounce and was later at $666.47an ounce against $643.72 lateon Wednesday. Platinum roseto a near five-month high at$1,747.49 an ounce and waslater at $1,743.74 an ounceagainst $1,703. -Reuters

Gold gains nearly2.7pc on Fed move

KUALA LUMPUR:Malaysian palm oil futures hitnew 27-month highs onThursday, tracking broad equi-ty and commodity marketgains after the FederalReserve's decision to pumpmore money into the US econ-omy weakened the dollar.

"Palm oil's rise has nothingto do with local fundamentals.The inflation bogeyman isemerging and all the marketsare going higher," said a traderin Kuala Lumpur.

Another trader said palm oilinvestors were covering theirpositions before a three-day hol-iday in Malaysia on concernsthat gains in crude oil and othercommodities point to inflation.

Malaysia's benchmark Jan

2011 crude palm oil futuresjumped as much as 3.3 per centto 3,188 Malaysian ringgit($1,034) -- the highest levelsince July 23, 2008.

Traders say the uptrend ofpalm oil is still intact, and thebenchmark contract couldreach 3,200 ringgit in the medi-um term. Other vegetable oilsfollowed suit. US soyoil forDecember delivery climbed 1.7per cent to trade at more thantwo-year highs.

The most active September2011 soyoil on China's DalianCommodity Exchange closed at2.8 per cent higher on Thursday.Malaysian financial marketswill close on Friday for Hindufestival of Diwali. Trade willresume on Nov. 8. -Reuters

Palm oil at new 2-yrhigh on Fed move

NEW YORK: US cottonfutures rose in heavy trading onWednesday, finishing at arecord top for the third straightday as speculative fund buyingboosted prices along withstrong Chinese cotton pricesand tight supplies, analysts said.

Bullish fundamentals luredspeculative funds into cotton, upmore than 75 per cent this year.That is the strongest gain so farin 2010 on the Reuters-Jefferiescommodity index, far ahead ofthe record-setting gold marketand wheat futures.

The market is seen getting afurther boost over the next fewweeks from a decision by theUS Federal Reserve to buy$600 billion of governmentbonds to resuscitate the flag-ging US economy.

The ICE Futures US cottonmarket kept pace with a rally incotton futures on China'sZhengzhou CommodityExchange, but eased back fromsession peaks on mild profit-taking.

The benchmark December cot-ton contract rose 1.26 cents toend at $1.3552 per lb, having hita new record high for the thirdstraight session at $1.392 per lb.

The session low was $1.3321.Under exchange rules, the dailylimit will revert back to 5 centsfrom 6 cents on Wednesday.

Business was heavy. Volumetraded reached 65,781 lots,more than 150 per cent abovethe 30-day average at 25,663lots, Thomson Reuters prelimi-nary data showed. The volumeon Wednesday was just belowthe year high of 67,885 lots seton June 10.

China's benchmark May cot-ton contract jumped to 29,980yuan a tonne, setting a recordfor a third straight day.

The contract last traded at29,715 yuan, up 1.075 yuan.

The Cotlook A index cottonprice, the combined average ofthe five cheapest cotton pricesin the world plus transport, wasquoted at $1.524 onWednesday, a hefty premiumof around 13 cents over NewYork cotton futures.

Cotton rose more than 20 percent in October and has gainedover 90 per cent since the rallykicked off in July.

The March cotton contractincreased 2.21 cents to finish at$1.3166 per lb, having hit a life-time peak of $1.3495. -Reuters

NY cotton hits recordhigh for third day

Shanghai copper

ends higherBenchmark third-month

Shanghai copper ended

near the highs of the day, to

close 620 yuan higher at

64,460 yuan.

Tokyo rubberat 2-yr high onsupply woes

BANGKOK: Tokyo rubberfutures jumped 4 per cent onThursday to a 2-year high onheavy speculative buying sup-ported by supply concerns andFederal Reserve measures toboost the US economy, dealerssaid.

The benchmark rubber con-tract on the Tokyo CommodityExchange for April deliveryrose 13.1 yen from Tuesday, or4 per cent to settle at 345.0 yen($4.27) per kg. It rose as highas 345.5 yen, the highest since2008.

TOCOM rubber market wasclosed on Wednesday for aJapanese public holiday.

"Players started buying afterseeing Shanghai rubber futuresrose to the new record high andTOCOM prices were likely torise further on supply concernsas floods hit producing coun-tries," one dealer said.

The most active Shanghairubber futures contract forMay delivery rose 1,485 yuanto settle at 34,130 yuan($5,113) per tonnes. It rose ashigh as 34,150 yuan pertonne, the record high in reac-tion to the Federal Reserve'slatest measures. -Reuters

Sugar touches30-yr high,coffee up

LONDON/NEW YORK: Rawsugar prices surged to a 30-yearhigh and white sugar futures toan all-time high on Thursday,while arabicas touched a 13-year top and robustas a two-year peak with buying drivenby supply worries and dollarweakness in the wake of aFederal Reserve asset-buyingplan.

Cocoa also rose on the weakdollar, as traders focused onSunday's peaceful election intop producer Ivory Coast.

Sugar rallied to 30-year highsthis week due to tight globalsupplies, amid concerns over alower-than-expected Braziliancane crop and prospects for lowstocks over the next 12 months.

ICE front-month March rawsugar futures broke above 31.0cents to 31.34 cents a lb, up1.19 cent or 4 per cent, at 1608GMT, having earlier touched a30-year high of 31.68 cents.

London (Liffe) white sugarfutures jumped over 3 per centto a record high of $772.50 pertonne, propelled by the weakdollar and low inventories.

Dealers also voiced uncer-tainty over how much sugarIndia, the world's number 2producer after Brazil, wouldallow to export amid worriesover low stocks and fears aboutinflation.

Fund buying triggered auto-matic buy orders in Decemberarabica futures at $2.0350 perlb and then above the previoushigh at $2.0460, pushing arabi-cas to a high of $2.0925, thehighest level for the spot con-tract since September 1997.

December arabicas were up8.65 cent or 4.4 per cent to$2.0480 per lb at 1620 GMT.

Liffe January robustas wereup $47 or 2.4 per cent to $1,979per tonne, having earliertouched a two-year top of$2,015 per tonne, supported byconcerns over continuing rain-fall in top producer Vietnam.

Cocoa futures rose in thinvolumes, driven by the weakerdollar, as dealers focused onSunday's peaceful election intop producer Ivory Coast.

ICE second-month cocoa wasup $16 or 0.6 per cent at $2,815per tonne, while Liffe second-month cocoa was up $1 or 0.05per cent to 1,853 pounds pertonne in volume of 6,408 lots. -Reuters

Fed to buy $600bn in treasuries until mid-2011

10Friday, November 5, 2010

Horsemen attempt to score during theKyrgyzstan's Kok-boru competition in Bishkek

Sharapovafeels

“spoiled”after taking$250K ring

Monitoring Desk

KARACHI: Maria Sharapovahas admitted that she feelsspoiled to receive a $250,000engagement ring from herfiancé--Los Angeles LakerSasha Vujacic.

"He completely surprisedme! I'm so lucky and verymuch spoiled," a local maga-zine quoted Sharapova as say-ing at Ace Awards at CiprianiNew York City.

"It was very special andobviously a very memorableevening in my life.

"It's something I'll alwaysremember, it was very sweet,"the Russia-born Grand Slamchamp said.

Jewellery expert MichaelO'Connor said that her engage-ment ring appears to be a cush-ion-cut diamond of approxi-mately 7 to 8 carats on a split-shank platinum band -- worthabout $250,000.

Vujacic did the ring shop-ping all on his own, Sharapovaconfirmed.

"Thank goodness my fiancéhas great taste! He did good,"she said.

However, the sports powercouple hasn't started planningtheir big day.

"We're taking our time. Rightnow we're just happy to beengaged. We're both veryfocused on what we do and wetravel a lot. We're just happy tohave each other," Sharapovaadded.

JuniorSquashtourney

starts todayRAWALPINDI: The NationalJunior Squash Championshipwill commence here fromFriday at the courts of BenazirBhutto Squash ComplexRawalpindi.

As many as 188 squash play-ers, including 25 female willfeature in the event that hasreturned to the city after a gapof 25 years, PresidentRawalpindi District SquashAssociation (RDSA) AsifZafar Chaudhry told a newsconference on Thursday.

The activity, which will beheld in two categories Under-19 and Under-13 will also beparticipated by top seed nation-al players. Asif said that squashgreats Jahangeer Khan andJansher Khan would also wit-ness some of the contests.-APP

SHANGHAI: Lee Westwoodbegan life as world numberone with a sparkling 66 in theWGC-HSBC Champions firstround on Thursday and toldTiger Woods he could blamehis own brilliance for losingthe top ranking.

The 37-year-old Briton, whoended Woods's 281-week reignat the summit last weekend,played through the nigglingpain of ankle and calf injuriesto sit just one shot behindItalian Francesco Molinari atthe top of the leaderboard.

Westwood, Woods, whostarted with a 68, MartinKaymer and Phil Mickelsonoccupy the top four places inthe rankings and a win for anyone of them this week wouldguarantee the number one spot.

"I think the world rankingsare reflective of how competi-tive world golf is at themoment. Nobody is out-and-out world number one,"Westwood told reporters after

playing his first com-petitive round sincelast month's DunhillL i n k sChampionship.

"I think that's part-ly to do with Tigernot having playedquite so well thisyear and partly to dowith Tiger havingmade everybody elseelevate their game,"he added.

"Tiger's a victimalmost of his ownbrilliance. We haveall had to work hard-er and we haveclosed the gap, Iguess."

Westwood said hewas still not 100 percent fit and appliesiced cold packs to hisankle every night toboost the healing process.

"As the round goes on, it startsto ache and I lose control and

power a bit," he said. "I have tocontinually remind myself whenI'm swinging out there to sort ofreinforce it," he said.

"I like to go out there andjust sort of free wheel and playwith a clear mind and I have tosort of consciously think about

it all the time."NO

PRESSUREWe s t w o o d ,

who offset a lonebogey withseven birdies,said he did notfeel under anyextra pressure todefend his newposition as theman to beat.

"I don't think Ineed to reinforcewhy I'm worldnumber one. Ididn't really goout there (today)with any particu-lar thought toperform like theworld numberone," he added.

"I think youget there as a

result of good performancesbut it's nice show everybodythere is a particular reason why

I got to this stage. I think I didthat today."

Woods shot a solid 68 to sitthree shots behind Molinari ina tie for sixth, a stroke ahead ofAmerican compatriot anddefending championMickelson and four clear ofGermany's Kaymer.

Woods overcame a first-holebogey to roar back into con-tention with five birdies.

"It felt good today. Thethings that I've been workingfelt good. I hit a lot of goodgolf shots," Woods said.

"I got to number one in theworld by winning golf tourna-ments and I've had that sustain-ability for a number of yearsby doing that. The whole ideais to win golf tournaments andthis is no different. The reasonwhy we tee it up is to win."

One shot behind Westwoodwere Sweden's HenrikStenson, Japan's Yuta Ikedaand South Korean Noh Seung-yul.-Reuters

Tiger undone by his own brilliance: Westwood

LONDON: Former IndianIndian Prenier League IPLChairman Lalit Modi hasstressed at a London confer-ence that he was not hiding, butwould not consider returning toIndia to answer corruptioncharges.

According to the BBC, dur-ing a rare public appearance atthe International Sports EventManagement Conference inLondon to discuss the future ofIndian sport, Modi, who wasaccompanied by bodyguards,indicated that currently he hasno intention of attending ahearing in India, and theauthorities in New Delhi haveshown no willingness to travelto London to speak to him,despite his apparent readinessto pay for them to do so.

Talking about the future ofthe Indian premier League,Modi stated that by 2016 the

IPL would be the world`s mostwatched sporting league. Healso said he would love to bepart of an Indian Olympic bidand the Games will come toIndia in his lifetime.

Privately, Modi remainsdetermined to stay involved incricket and predicts that theUnited States is the marketcricket `must get into,` thereport said.

In September this year, the46-year-old was suspendedfrom all involvement in Indiancricket, and was replaced asIPL chief by Chirayu Amin. Hewas also stripped of his posi-tion as vice-president of theBoard of Control for Cricket inIndia (BCCI) and also lost hisjob as chairman of theChampions League Twenty20,a club tournament organisedjointly by India, Australia andSouth Africa.-Online

Modi not in amood to return

GUANGZHOU: Cricketmight be a little-known sportin China but tickets for theAsian Games tournament areselling fast, the Asian CricketCouncil said Thursday.

Within hours of going onsale, all tickets for the first twodays Saturday November 13and Sunday November 14,along with Sunday November21 sold out.

The first weekend featureswomen's matches, with Chinaplaying Malaysia, Japan facingNepal, Pakistan taking onThailand, and Bangladeshagainst Hong Kong.

The second Sunday marks

the start of the men's tourna-ment when sporting heavy-weights Pakistan, Sri Lankaand Bangladesh get going,although India have controver-sially decided to stay away.

"It's an encouraging sign thatChina's and Hong Kong'smatches are going to have somuch support," Hong KongCricket Association GeneralManager Danny Lai said onthe Asian Cricket Councilwebsite.

Cricket's induction at theGames came after theInternational Cricket Councilidentified China as one of themajor new markets along with

the United States for the devel-opment of the sport.

Games organisers have builta 12,000-seater cricket-specif-ic stadium at the GuangdongUniversity of Technology tohost the tournament.

With just one ground avail-able, organisers opted for theshorter Twenty20 format to fitin the men's and women'scompetitions.

Cricket was last seen at amajor multi-sport event at the1998 Commonwealth Gamesin Kuala Lumpur, but wasdropped for the next three edi-tions in England, Australia andIndia.-APP

Cricket gainingmomentum in China

LONDON: Serbia defenderBranislav Ivanovic scoredtwice as Chelsea eased pastSpartak Moscow 4-1 inChampions League Group F onWednesday to secure theirplace in the knockout stages.

The Londoners looked halfasleep in a dire first period butwere transformed after thebreak as Nicolas Anelka, whohas now scored in all four oftheir wins in the competitionthis season, clipped in a neatopener four minutes after therestart.

Didier Drogba, making hisfirst appearance in theChampions League this seasonafter suspension and injury,added the second with a 62nd-minute penalty before Ivanovicscored with a header and aright-foot drive.

Chelsea now have four wins

in four games in the group.Nikita Bazhenov replied for

Spartak, who are third in thetable with six points, in the86th minute.

It was all very comfortable inthe end for Chelsea, withDrogba captaining the side inthe absence of the rested JohnTerry.

Their attacks were few andfar between in the first half,though Anelka went close after15 minutes with a curling shotand centre back Alex somehowbundled the ball over the barfrom point-blank range follow-ing a corner.

Spartak, with their ownBrazilian Alex in midfield,grew in confidence but weregenerally kept at arm's lengthby the home team.

Chelsea awoke from theirtorpor in the second half and

went ahead when Drogbaflicked on a long kick fromkeeper Petr Cech for Anelka toexchange passes with SalomonKalou before cleverly beatingAndriy Dykan from an acuteangle.

The goal lifted the crowd andthe players responded, dou-bling the lead when YevgenyMakeyev tripped Drogba in thebox and the Ivorian despatchedthe penalty.

Four minutes later Drogbasent in a free kick for anunmarked Ivanovic to head hissecond goal in two games.

Kalou and substitute DanielSturridge both missed sittersbefore Bazhenov pulled oneback from close range.

Ivanovic then rounded off thenight with a thumping right-foot shot from 10 metres.-Reuters

Ivanovic takes Chelseato emphatic win

AHMEDABAD: VirenderSehwag and Rahul Dravid tor-mented New Zealand's bowlersas they scored contrasting cen-turies to give India a flying startin the first test on Thursday.

At close, the hosts were at 329for three after Sehwag (173) andDravid (104) combined in a237-run partnership for the sec-ond wicket to build a solid plat-form for India.

The visitors had somereprieve in the last session of theday as they picked up the wick-ets of Sehwag and Dravid.

With Sachin Tendulkar (13not out) and VangipurappuLaxman (seven not out) at thecrease and the likes of SureshRaina and captain MahendraSingh Dhoni to follow, Indiawill aim to drive home theadvantage of batting first on apitch already offering turn andinconsistent bounce.

Sehwag treated the NewZealand bowlers with disdain en

route to his 22nd test century,his knock consisting of 24boundaries and a huge six.

The swashbuckling right-han-der danced down the track twicein the 90s to hoist New Zealandcaptain Daniel Vettori over thetop of the in-field to bring up hiscentury.

Rahul Dravid (61 not out) alsoreached his half-century as theIndians made merry against anordinary New Zealand attack.

The visitors compounded theirmiserable day by dropping bothbatsmen, whose unbeaten part-nership for the second wicketyielded 183 runs to date.

Off-spinner Jeetan Patelfloored a straightforward returncatch off Sehwag on 144 whilewicketkeeper Gareth Hopkinsdropped Dravid on 28 off JesseRyder.

Patel has had an ordinary dayon the field with the ball too asthe Indians seemed to take a par-ticular liking to his off spin. He

went for 61 off the nine overs hebowled.

India's only casualty of a satis-factory morning session wasGambhir for 21, when the left-hander played on to part-timemedium pacer Ryder whenattempting an expansive coverdrive.

The New Zealand pacerstoiled hard on a pitch that pro-vided them little assistance asVettori, playing in his 100th test,was forced to introduce spin asearly as the ninth.

The hosts selectedShanthakumaran Sreesanth asthe second paceman ahead ofIshant Sharma, while batsmanKane Williamson and fastbowler Hamish Bennett werehanded their New Zealanddebuts.

The second test is inHyderabad from November 12-16 while the third and final testwill be played in Nagpur fromNovember 20-24.-Reuters

Sehwag’s tonpushes India ahead

AHMEDABAD: India's Sehwag plays a shot as New Zealand’s wicketkeeperHopkins watches during their first test cricket match.-Reuters

Peshawarto host Nat’l

games inDecember

PESHAWAR: Khyber-Pakhtunkhwa Sports MinisterSyed Aqil Shah on Thursdayannounced that the NationalGames for this year will takeplace from December 25 toDecember 31 in Peshawar.

Addressing the media inPeshawar, he said all unitsincluding the Pakistan Armyhave assured their participa-tion in the games.

The National Games offer 25sports for men and seven forwomen.

Women swimming andshooting contests will be heldin Islamabad due to lack offacilities in Peshawar.

Authorities had earlierdecided to include 28 games inthe event but hockey, footballand cycling were laterdropped.-APP

India 329/3; Sehwag 173, Dravid 104

ICC closelymonitoringPak team

KARACHI: The InternationalCricket Council (ICC) AntiCorruption and Security Unit(ACSU) is keeping a close eyeon the Pakistan team in theUAE following the spate ofallegations that rocked Pakistancricket in the last few months.

According to officials, thesquad is being closely moni-tored with phone records beingkept which have caused crick-eters to confine their contacts totheir family members to avoidany potential problems.

However, team managerIntikhab Alam has said thatphones were not being tappedbut added that the team hadbeen thoroughly advisedregarding who they should talkto. A representative of theACSU had delivered a lectureto the players before the start ofthe series with South Africa andthe players were made to sign acode of conduct.

Alam also claimed that lap-tops and mobile phones wereprohibited on the day of amatch but these restrictions arenot being imposed in the hotelor outside the stadium.Simcards issued to Pakistanplayers have been provided bythe Pakistan Cricket Board,whose details have been givento the ICC, according to Alam.But despite the increasedscrutiny by the ICC, the teammanager insisted that the gov-erning body's rules were equalfor everybody and notPakistan-specific.-Agencies

KARACHI: Group Photo of the Learning House SchoolTeachers along with soccer playing girls at the occasion of

anouncement of Women’s Football Team.-Staff Photo

11Friday, November 5, 2010

International & Continuation

ECB holdrates to

maintainexit focusafter Fed

FRANKFURT: The ECB keptinterest rates at 1 per cent asexpected on Thursday, leavingmarkets focused on how Jean-Claude Trichet explains atransatlantic policy split afterthe Federal Reserve launched anew bid to kick-start the USeconomy.

All 80 economists in a recentReuters poll had predicted theECB would leave rates at theirrecord low for the 18th consec-utive meeting.

The euro was unchanged at a10-1/2 month high against thedollar after the decision andthere was no reaction frombond markets. "The interestrate decision was very muchexpected," said DZ bank econ-omist Thomas Meissner.

Focus now switches to thepost-decision news conferenceat 1330 GMT where ECBPresident Trichet is expected tosignal the ECB remains on itsexit path.

With policymakers tipped towait until December to decideif they can continue to reel inthe ECB's crisis support meas-ures, the bank is expected tostick to the view that the eurozone's recovery has enoughmomentum to ride out anybumps in the road.

The ECB's confident stanceon the economy is supportedby encouraging euro zone databut leaves it looking isolatedamong its advanced economypeers and is putting pressure onthe euro.

The US Fed said onWednesday it would start print-ing money again, committingto buy $600 billion in govern-ment bonds. The Bank of Japanmade a similar move lastmonth.

The topic is also being debat-ed in the Bank of Englandwhich also kept interest rateson hold on Thursday-Reuters

CONTINUATION

LONDON: Growth in the eurozone's dominant service sectorlost steam last month as a slow-down in smaller economies anda downturn in Spain outweighedan upswing in activity inGermany, key private sectorbusiness surveys showed onThursday.

The Markit Eurozone ServicesPurchasing Managers' Index(PMI), which monitors the per-formance of thousands of com-panies ranging from banks tohotels, fell in October to aneight-month low of 53.3 from54.1 in September.

While that was revised upslightly from a flash estimate of53.2 and still well above the 50mark that divides growth andcontraction, the survey showedactivity was likely supported bya reduction in backlogs of work.

"Activity actually improved inGermany and was pretty buoy-ant, but elsewhere the situationwas markedly less promising ...Spanish services activity worry-ingly contracted at the fastestrate since last December," saidHoward Archer at IHS GlobalInsight.

Financial markets did notshow any reaction to the revi-sions.

Earlier data showed Frenchservice sector growth slowed

dramatically last month andItaly's ticked down as well.Spain's index slumped to 46.5from 47.9 in September, its thirdstraight month below 50.

But in Germany, Europe'sbiggest economy, the pace ofgrowth accelerated on strongerclient demand and improvedconditions in the wider economyand this may continue.

The country's Lufthansa air-line said last week it expectsbusiness to remain strong nextyear. Earlier in October,Commerzbank, Germany's sec-ond-biggest lender, said it sawbusiness in its strongest unitgoing well.

The euro zone composite PMI,a broader measure of private sec-tor activity that combines boththe services and the manufactur-ing PMI which on Tuesdayshowed a fall, slipped to aneight-month low in October of53.8 from 54.1 in September.

The flash reading was slightlylower, at 53.4.

Survey compiler Markit saidthe composite PMI data suggest-ed quarterly euro zone economicgrowth of 0.3 per cent, downfrom 0.6 per cent in the thirdquarter and a peak of 1 per centin the second quarter.

The report showed, however,that a significant contributor to

growth in the past month camefrom working down existingorders rather than meeting newones.

The service sector backlog ofwork index fell below 50 for thefirst time since the start of theyear, down to 48.8 last monthfrom 51.6 in September.

"The fact that this growth waspartly achieved through back-logs of orders falling for the firsttime in nine months suggeststhat firms are struggling to main-tain activity levels in the face ofweakened inflows of neworders," said Chris Williamson atMarkit.

"If this continues, firms arelikely to consider job cuts,meaning employment in the sec-tor could soon start fallingagain."

The composite employmentindex fell further last month,slipping to 51.1 fromSeptember's 51.4, indicatingfirms were taking on new work-ers at the slowest pace sinceJune.

Data released last weekshowed euro zone unemploy-ment rose to 10.1 per cent inSeptember from a downwardlyrevised 10 per cent in Augustdespite a fall in the number ofjobless in the euro zone's biggesteconomy Germany.-Reuters

Euro zone servicesgrowth slows despite

buoyant GermanyB E I J I N G / I S TA N B U L :Policymakers from the world'snew economic powerhouses inLatin America and Asia saidthey would consider freshsteps to curb capital inflowsafter the US Federal Reserveannounced it would print bil-lions of dollars to rescue itseconomy.

Emerging economies onThursday criticised the Fed'smove, which threatens to boosttheir currencies against thedollar and makes any substan-tive deal on cutting global eco-nomic imbalances at nextweek's Group of 20 meeting inSeoul less likely.

"As long as the world exer-cises no restraint in issuingglobal currencies such as thedollar -- and this is not easy --then the occurrence of anothercrisis is inevitable, as quite afew wise Westerners lament,"Xia Bin, an adviser to China'scentral bank, wrote in a news-paper managed by the bank.

Misgivings about US policywere also expressed in thedeveloped world. Germany'sEconomy Minister RainerBruederle said he was con-cerned the United States wastrying to stimulate growth byinjecting liquidity into itseconomy.

Bruederle said there wassome truth to the criticism thatthe United States was influ-encing the dollar's exchangerate with its monetary policies.He also said he was worriedabout increased protectionismin different forms around theworld.

In South Korea, the Ministryof Finance and Strategy said itwould "aggressively" considercontrols on capital flows,while Brazil's Foreign TradeSecretary said the Fed's move

could cause "retaliatory meas-ures".

Economy Minister AliBabacan of Turkey, where thecentral bank has been buyingincreasing amounts of foreignexchange in an effort to curbappreciation of the lira againstthe dollar, said the Fed's policymight backfire.

"The Fed move was a meas-ure taken in a desperate envi-ronment. It should be consid-ered whether pumping thismuch money into the marketcan create more damage thanbenefit," he said.

Thailand raised the possibili-ty of concerted action to com-bat the flood of investmentdollars that are expected towash into emerging markets.

"The central bank governorhas confirmed discussionswith central banks of neigh-bouring countries, which areready to impose measurestogether if needed to curb pos-sible speculative money flow-ing into the region," FinanceMinister Korn Chatikavanijtold reporters.

A senior Indian finance offi-cial, who spoke on conditionof anonymity, said that whilethe United States had a right tostimulate its own economy,other countries would alsopursue their own interests andany deal on currencies inSeoul had to be a "win for boththe blocs".

"And that begs a politicalsolution and that's why we areall looking to Seoul," he said.

G20 finance ministers lastmonth thrashed out an agree-ment that papered over theradically different views of thetwo main belligerents -- theUnited States and China -- in astatement that called for com-petitive currency devaluations

to be avoided, and for govern-ments to work towards a fullsuite of policies to reduce cur-rent account imbalances.

The G20 deal fell short of afirm statement to allow curren-cies -- in particular theChinese yuan -- to rise, a stepthat could have reassuredvolatile financial markets thatfirm policy action was on theagenda rather than just words.

China's Xia bluntly warnedin the Chinese-languageFinancial News that Beijingwould pursue its own interests,saying: "We must think 'whatis good for us'."

"It doesn't seem to me thatthis is the kind of environmentin which any country willcommit to targets," said CreditSuisse currency strategistOlivier Desbarres.

In the wake of the Fed's deci-sion to buy $600 billion of USbonds, South Korea's centralbank was seen selling its woncurrency on Thursday in aneffort to cap gains after it hitsix-month highs.

Other high-yielding curren-cies also rose with theAustralian dollar breakingthrough $1 to its highest levelssince 1982. Japan warned itwas ready again to use inter-vention to halt a rising yenwhich could hit its exporters.

In public, South Korean offi-cials remained optimistic of ameaningful deal from the G20but in private, optimism for apact backed by firm numbershas been tempered by opposi-tion from Germany and China.

"It's very difficult to say thatwe will have numbers (out ofnxt week's summit)," said aSouth Korean official whodeclined to be named but whohad direct knowledge of thetalks.-Reuters

Emerging marketpolicymakers vow

to combat Fed’s QE2

He said its actual objective has always been to put the disputeon the back-burner and let the world forget about it. Thespokesman, however, said this would never happen as Kashmirishave rendered tremendous sacrifices for the right of self-determi-nation and they would not accept anything less than that.

He urged the international community to take strong interest inthe prevailing situation in Occupied Kashmir and contributeeffectively towards resolution of the dispute.

Commenting on President Obama's reported remarks in aninterview regarding Mumbai attacks, the spokesman said,"Pakistan is committed to bring perpetrators of the Mumbai attackto justice. But it needs India's assistance and cooperation for thesuccessful completion of the trial." The spokesman told a ques-tioner that the Ministry of Foreign Affairs was in the process ofestablishing authenticity or otherwise of the reported letter of theSaudi Prince to the Chief Justice of Pakistan regarding acquisitionof accommodation for pilgrims in the holy land.

Continued from page 12No #1

In this meeting the rehabilitation and renovation of the floodaffected areas will be discussed which has already been formulat-ed with the help of finance and foreign ministers respectively.

The evaluation and survey report of the Asian Developmentbank on the flood effective areas will also be submitted in which$9.50 billion expected to be raised. Immediate release of the fundswill be demanded and the World community and relief organiza-tions will be asked to assist in this respect. -Online

Continued from page 12No #2

He urged the Prime Minister to explain the government's stanceover issues of public interest as it is the duty of the government.

Opposition leader claimed that the prices of gas have beendecreased in other parts of world, while these have been increasedseveral times in our country. Talking about Charter of Democracy(CoD), Ch Nisar said that the Prime Minister in his speeches saysthat the government has implemented almost 80 per cent CoD,while practically speaking it is not more than 20 to 25 per centimplementation on the clauses.

About independence of media, leader of the Opposition said thatmedia should be given full freedom and protection in the tenure ofdemocratic and political government. Criticizing the governmentfor not taking anti-corruption bill in the House, leader of the oppo-sition said that the government is not sincere in passing the anti-corruption bill. -Agencies

Continued from page 12No #3

He said that no one has courage to attack at house of SherryRehman. Answering to a question he said that it is right of everypolitical party to protest against the inflation and it is principle ofdemocracy that everything should not be taken negatively. -Online

Continued from page 12No #4

concentrate on life insurance amid investor concerns its lack offocus had held back its share price. Roberts declined to comment onwhy HSBC pulled out of the deal, which was heralded as the Britishlender's first foray into African market, currently enjoying stronggrowth due to burgeoning trade links with Asia.

"We feel the group remains unfocused and is unlikely to achievea premium rating until it achieves greater focus in its businesslines," Oriel Securities analyst Marcus Barnard wrote in a note.

Old Mutual shares were up 3.2 per cent at 133.2 pence by 0840GMT, while the FTSE 100 share index was 1.7 per cent higher.OldMutual also reported unit trust sales for the three months to Sept. 30of 2.9 billion pounds ($4.68 billion), up 36 per cent compared withthe same period last year, and well ahead of the 2.2 billion poundsexpected by analysts, according to a consensus forecast calculatedby the company. The strong unit trust sales offset a flat performancein life insurance, where sales rose 1 per cent on the year to 351 mil-lion pounds, lagging consensus at 372 million pounds.-Reuters

Continued from page 8No #5

pertaining to open market and credit operations and internation-al reserves have been elaborated and clarified by substitution ofthe existing sections, the minister said. Section 52 of the SBP Actwhich provided for the supersession for the Central Board by theFederal Government since the State Bank was privately owned,has been repealed in conformity with the current autonomy of theCentral Bank, and international practice.

The minister said these amendments will make conducive to thechanging global economic and regulatory environment and willbetter enable the modern functions of the Central Bank, the min-ister said.Furthermore, National Assembly on Thursday passedThe Industrial Development Bank of Pakistan (Re-organizationand Conversion) Bill, 2009 to provide for the re-organizing andconversion of the bank into a public limited company.Minister ofState for Finance Hina Rabbani Khar presented the Bill, whichshall come into force at once and extends to the whole of Pakistan.

Continued from page 1No #6

devastation caused by recent floods," he added. He said that therewas commodity boom in the world market and Pakistan could takeadvantage of it by enhancing its agriculture as well as industrialproduction. Hafiz Shaikh regretted that the tax to GDP ratio ofPakistan is only 10 per cent, which he added needed to be enhancedfor the overall socioeconomic development of the country.

He said that bill related to tax reformations was with the parlia-ment adding that the RGST would be implemented in consultationwith all the four provinces.Referring to Secretary Clinton's state-ment for taxing the elite, he said it was national interest to enhancerevenues whether somebody from outside advises us or not.Hesaid that special attention would also be given for the developmentof dams and improvement in irrigation system of the countrybesides improving the efficiency of electricity plants. -APP

Continued from page 1No #7

and he himself would be moved from the office. The DG FIAstressed, 'Our law contains no clause to get the money recovered,'adding the FIA investigations regarding the PSM's customer Al-Abbas Group are not correct.Surprised on this, the CJ addressedhim, 'You discredit your own department's report, then the entirematter fizzles out.'The CJ directed him to take action against for-mer DG FIA and send to jail the people involved in sending incor-rect report.The case hearing was adjourned for a month. -Agencies

Continued from page 1No #8

under which Marines Fisheries department laboratory serviceswould be revamped according to modern standards.TradeMinistry has requested the EU to send its inspectors as more than200 boats have been constructed according to EU standards, cur-rently at this time 9 units are ready for inspection. This matter wasalso taken up at the meetings of EU senior officials and now dueto security concerns the visit of inspectors is being delayed.

Continued from page 1No #9

would replace its general sales tax (GST) by the RGST by Oct 1,but that deadline has slipped to Dec 1.Another government sourcefamiliar with the negotiations said this week that the governmentwas in a position to show progress on some issues of concern to theIMF and a bill on the RSGT would be introduced in parliamentsoon.Talks on policy-level issues were expected to resume onThursday.The IMF mission is expected to stay in Pakistan untilFriday and then return to Washington to present its findings on thecountry to its board, which will have final say on thetranche.Pakistan has also agreed to raise electricity tariffs by around2 per cent a month, according to official sources, to try to eliminateits spending of $2 billion annually on power subsidies. -Reuters

Continued from page 1No #10

Saturday. Later, on the same day his funeral prayer will beoffered in Jinnah Ground, Azizabad before he is laid to rest in

Continued from page 1No #11

Balochistan.Answering to another question he replied that 675 sacked employees of Utility StoreCorporation have been reinstated under the ordinance while the employees are being given salaries fromthe Corporation fund and a summary has been dispatched to Finance ministry in this regard. -Online

Continued from page 1No #12

the country adding that the anti corruption cell of FIA has been enhanced in this regard.Malik reject-ed news items in which a statement was attached to him saying that "corruption would be ended with-in a week" and termed it wrong and baseless and said that he warned the corrupt officers to leave thedepartments otherwise action would be taken against them.To a question, Rehman Malik said MQMis a close partner of the government in the Sindh government and rejected that some elements want-ed to create the gape between the PPP and MQM, but they would not be succeeded. -APP

Continued from page 1No #13

that the Supreme Court of Pakistan had passed an order sometime back that all pensioners of theFederal, Provincial and Defence departments shall be allowed to open their accounts in any sched-uled bank and the banks shall be instructed to transfer the amount of pension in their account on 30thof every month enabling them to draw the same as per their choice.The State Bank had earlier directed all banks to comply with the Supreme Court Order.

Continued from page 1No #14

in the month of September 2010, according to the data released by All Pakistan CementManufacturers Association (APCMA).As per details available, local cement dispatches up by 44 percent MoM to 1.97 million tonnes against 1.37 million tones in the month of September, similarlyexports figures showed further improvement as it surged 52 per cent MoM to 1.97 million tonnes.

However, on YoY basis decline was seen in total dispatches as it was down 4 per cent to 2.9 mil-lion tonnes from 3 million tons sold in same period last year in which local sales up by 3 per centwhile exports fall by 16 per cent.On the other hand, total cement sales remained depressed duringthe first four months of current fiscal year 2011, as total sales declined 11 per cent to 10.12 milliontonnes against 11.42 million tonnes in same period last year.

Continued from page 1No #15

damage, Pakistan still has a surplus for export as wheat stocks soared this year after a bumper cropof 23.86 million tonnes in 2009/10, with a carryover of 4.2 million tonnes from the previouscrop."We have written to the federal government to allow us to export surplus wheat and their replyis still awaited," Punjab's food minister, Chaudhry Abdul Ghafoor, told Reuters.

"We have extra stocks and then we will also have the next crop ready in a few months."Ghafoor did not have details but an official in his ministry said the Punjab government had 6 mil-

lion tonnes of wheat in stocks, including 2.5 million tonnes in reserves that it sought to export.A sen-ior finance ministry official in the federal government said last month any decision on wheat exportswould be made after the sowing of the next crop, which has already begun in Punjab, the country'sagriculture heartland and major wheat grower.The planting season runs through December. -Reuters

Continued from page 1No #16

MQM's Shuhada Graveyard in Karachi. -Agencies

jumping into the stock market, but protecting their assets.""The part of the market that will drive this rally is the commodities. That's the part that's been fuel-

ing it, that's the part that will continue to fuel it," said Mendelsohn. The Dow Jones industrial aver-age added 176.65 points, or 1.58 per cent, to 11,391.78. The Standard & Poor's 500 rose 17.01 points,or 1.42 per cent, to 1,214.97. The Nasdaq Composite gained 31.12 points, or 1.23 per cent, to2,571.39.The benchmark S&P rose to within three points of a high going back more than two years.

In what could be seen as conflicting technical signals, the S&P 500 daily moving average conver-gence-divergence chart triggered a buy signal for the first time since October 18, but its relativestrength index jumped near 76. An RSI reading above 70 indicates overbought level.-Reuters

Continued from page 5No #17

The Australian dollar, whose central bank raised rates by 25 basis points to 4.75 per cent this week,hit a post-float high at US$1.0148. It was last at US$1.0136, up 0.8 per cent. The New Zealand dol-lar rallied to its highest since mid-2008 at US$0.7976, and was up more than 2 per cent on the dayat US$0.7961.Against the yen, the dollar eased to 80.63 yen, close to its 1995 postwar record lowof 79.75. A major Asian sovereign account was a seller in European trade. Traders remained on alertfor possible yen-selling intervention by Japanese authorities. -Reuters

Continued from page 3No #18

higher international oil prices which crossed $85 a barrel spurred buying activities in oil sectorsstocks which was followed by banking stocks. Anyways the index gradually gained and touched10,730 points mark (+ve 112 points), the highest level of the day, just near the end of the session.

Some heavy buying was witnessed in Lotte Pakistan throughout the session as the China PTAfutures prices rose by 4 per cent to $1441/tonne. Therefore the stock was the volumes leader of theday with 40 million shares traded in the scrip contributing around 32 per cent of the overall marketturnover. NCCPL data showed foreigners net-bought shares worth $0.49 million. Local banks did anet-buying of $1.54 million while individual investors and mutual funds did net-sold equities worth$1.28 and $0.76 million respectively.

Investor participation too remained impressive throughout the session as 125.9 million shares tradedin the overall market which is 19.8 million more as compared to a turnover of 106.1 million a day ear-lier.Out of total 388 active issues 213 advanced and 152 declined while 23 issues remained unchanged.

Continued from page 5No #19

directors and members started when some harsh words were exchanged by both sides dur-ing the annual general meeting last week mainly the issues of Chairman Human Resourcecommittee and luxurious packages of the management. On the other side, SECP has writtena letter to KSE board that the appointment of acting managing director is illegal as whileselecting the acting MD neither the non-member directors nor the apex regulator was takeninto confidence. Therefore SECP has asked KSE board to remove Haroon Askari from thepost of acting MD KSE. In this regard KSE board has called a meeting to solve this issueand discuss other matters of the exchange including selection of the new managing directors.According to a director of the exchange the issues are likely to be resolved politely. Further,the extraordinary general meeting to amend the Articles of the Exchange has been adjournedtill Nov 22.

Continued from page 5No #20

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ISLAMABAD Chaudhry Nisar AliKhan, Leader of the Opposition inNational Assembly, on Thursday saidthat PPP is in coalition with PML-Nin Punjab Assembly and if it is notsatisfied with the performance ofPunjab government then it shouldquit the coalition government in thatprovince.

Speaking on a point of order in theNational Assembly, he said that it isbeyond understanding why some

members are objecting on the per-formance of Punjab governmentwhen they themselves are coalitionpartners in the provincial govern-ment.

"One must own or disown its mer-its and demerits when one is partnerin a coalition government, otherwisethere is no justification to remain inthe government", he said.

Ch Nisar said that their partydoes not believe in destabilising

the government as people andAllah Almighty gave them themandate to rule over the countrybut it does not mean the problemscurrently faced by poor massesshould be ignored.

"Prime Minister did not discuss anymeasure to overcome price hike andhe even did not tell the reasons whythe petroleum products' prices havebeen increased", he said.

See # 3 Page 11

Masses paying forgovt's lapses: Nisar

PPP should quit Punjab cabinet if not satisfied

Special Correspondent

ISLAMABAD: Foreign OfficeThursday said 932 Pakistaniprisoners detained in differentcountries have been repatriatedto the country since May thisyear.

In his weekly briefingForeign Office spokesmanAbdul Basit said thesePakistanis did not include fish-ermen prisoners released byIndia.

Giving break up, he said 800were brought back from UAE,66 from Afghanistan, 46 fromGreece and 20 from Yemen.

The spokesman said 8Pakistanis prisoners inThailand are being transferredto the country under transfer ofoffenders' agreement betweenthe two countries while 20 fromSri Lanka would be repatriatedsoon.

He said there are about 7000Pakistanis in jails in differentcountries on different charges.He said all possible efforts arebeing made to get them back tothe country especially whocommitted minor crimes andawaiting completion of theirrespective sentences.

Commenting on Indian desire

to become member of NuclearSuppliers Group, he said,"Pakistan strongly believes thatthere should be level playingfor the two countries."

He said Pakistan has beeninsisting to get the same treat-ment by the international com-munity on civil nuclear cooper-ation that has been made avail-able to India.

Replying to a question aboutAmerican President's visit toIndia, the spokesman hoped thatit would help contribute towardspeace and stability in South Asia.

He, however, clarified thatPakistan's relations with the

United States should not beseen through the prism ofWashington's relations withNew Delhi.

He said, "Our relations withthe US are independent of whathappens between the UnitedStates and India." He also point-ed out that United States is inter-ested in having long-term strate-gic partnership with Pakistan.

The spokesman said thatUSA also understands howimportant Jammu and Kashmirissue is for peace and stabilityof the region.

He said, "Pakistan hopes theUnited States will continue mak-

ing its efforts towards helpprocess of resolving this dispute."

When his attention was drawnto statements emanating fromIndia acknowledging the needfor solution of the Kashmirissue, the spokesman said suchconciliatory but vague state-ments are not unexpected giventhat President Obama is to visitIndia from Saturday.

The spokesman said peopleof Pakistan and Kashmiris arefamiliar with such gimmicks asIndia never showed seriouscommitment to settlement ofthe dispute.

See # 1 Page 11

FO says ties with US independent of India

Want equal treatment on civil nuke cooperation: Pak

ISLAMABAD: Minister forPetroleum and NaturalResources Syed NaveedQamar has said that the gov-ernment is taking measuresunder a long-term strategy toremove gap between demandand supply for ensuringsmooth natural gas supply tothe consumers.

Answering questions in theNational Assembly Thursdayhe said besides enhancing localexploration of naturalresources government is alsoworking on implementing Pak-Iran and Pak-Turkmenistan-Afghanistan Gas Pipeline proj-ects.

He said due to one thousandmmcfd gas shortage load-shed-ding has to be undertaken inwinter season. HoweverEconomic CoordinationCommittee of the Cabinet willconsider a uniform gas load

management formula. He saidunder this formula no discrimi-nation will be made to any arearegarding gas load-shedding.

Minister of State forCommunications Imtiaz SafdarWarraich informed the Housethat Shaheed Benazir BhuttoCNG Bus Service Programmeis being launched in eleven bigcities of the country shortly.

He said under this pro-gramme eight thousand CNGbuses will run in these citieswhich will provide cheapertransport facilities to the peo-ple.

He said under this pro-gramme bus service is beinglaunched in Karachi soon.

Defence Minister ChaudhryAhmad Mukhtar said work onGwadar international airport isunderway and hoped that itwill be completed by 2012. -Agencies

Uniform gas loadshedding on cards

ISLAMABAD: Federal Board ofRevenue (FBR) has provisionally col-lected tax revenues of Rs398.639 billionup to October showing an increase of7.2 percent collection compared to thesame period of last fiscal year.

"The FBR has provisionally collectedRs398.639 billion up to October of thecurrent financial year compared withthe total tax collection of Rs371.758 bil-lion achieved during the same period oflast fiscal year (2009-10) registering 7.2per cent in the revenue collection",Member Direct Taxes (Policy) andSpokesman FBR, Asrar Rauf told APPhere on Thursday.

He said that despite economic chal-lenges including power shortage andfloods, the FBR has also collected pro-visional amount of over Rs105 billionrevenues in the month of Octoberagainst the target of Rs104 billion.

He said up to October 31 FBR has col-lected over Rs131.62 billion as DirectedTaxes compared to over Rs128.98 bil-lion in same period of October 2009,

showing a revenue growth of 2.1 percent.

Similarly, he said that the FBR hascollected Rs267 billion as IndirectTaxes up to October as compared toRs242.771 billion collected up toOctober 2009 showing a revenuegrowth of 10 per cent.

The spokesman FBR said that over2.3 million people have registeredthemselves and got National TaxNumber (NTN) out of them 1,389,587have filed their returns up to October31.

He said that last financial year untoOctober 1,363,666 people filed theirreturns.

"We have directed members opera-tions of the Federal Board of Revenueto identify the remaining 0.9 million taxpayers who have got NTN but did notfile their returns", he said.

He expressed the hope that steps andreforms initiated by the FBR for thebroadening tax base regime would helpenhance revenues for the country. -APP

FBR tax kitty up7.2pc at Rs400bn

During first four months

ISLAMABAD: Minister for Law,Justice and Parliamentary Affairs DrBabar Awan has said that the govern-ment is fully committed to holdaccountability of every person, adding"the accountability would be across-the-board".

Addressing in the National AssemblyThursday, the minister said that govern-ment believes in the process of account-ability, however he remarked that itdoes not mean political victimisation ofany person.

He said that Opposition has talkedabout some controversial points whichshould not be discussed in the House asthe matters are subjudice.

Explaining some of the points fromthe Prime Minister's Wednesday'sspeech, Awan said Prime Minister stated

in his speech that the parliamentarianscan solve the problems of the people ifthe agenda of the session is followedstrictly.

Quoting Prime Minister, he said thatthe ministers could also come withpreparation and satisfy the members ifno point of orders is taken in theHouse.

Minister for law informed the Housethat it is not the members who are todecide that a particular motion is admis-sible or not adding that there is a properprocedure for adding motions in theagenda of session.

He said the Pakistan Peoples Party isfollowing the agenda of reconciliationin letter and spirit and it always wel-comes the positive criticism from theopposition. -APP

In accountability,we believe: Awan

Parliamentarians can solve problems

KARACHI: The second batch offour Z9EC antisubmarine helicoptersand the first information and elec-tronic warfare jet aircraft were for-mally inducted in Pakistan NavyAviation fleet on Thursday.

The induction ceremony washeld at PN Aviation Base PNSMehran. Chief of the Naval Staff,Admiral Noman Bashir was thechief guest.

The Z9EC helicopters have beenacquired from China under the con-tract with China National AeroTechnology Import and ExportCorporation (CATIC).

The first batch was inducted lastyear which has been successfully tak-ing part in Naval Air Operations.

These helicopters operate from F-22P Frigates which now make animportant part of PN Fleet. The heli-

copters are equipped with advancedsensors and torpedoes for undertak-ing designed role of antisubmarinewarfare.

The acquisition of IW/ EW jet air-craft would add a new dimension toPakistan Navy's intelligence gather-ing capabilities. The aircraft,equipped with modern and sophisti-cated equipment, is capable of cover-ing larger areas in short time span,and would significantly enhancemaritime domain awareness of ownarea of operations.

Speaking on the occasion, Chief ofthe Naval Staff said that while theIndian Ocean holds maximum stakesin terms of vital resources and strate-gically important sea lines of com-munication, it has also witnessed risein maritime crimes, posing chal-lenges to regional and extra regional

players.Considering the threat in the shape

of transnational terrorist networks,security is no longer an isolated affairand navies are today resorting to theconcept of 'collaborative and collec-tive security'.

Admiral Bashir further said thatPakistan enjoys time-tested, multidimensional and deep rooted rela-tions with China. These relationshave grown deeper and stronger in allspheres of defence and economiccooperation. F-22P and Z9EC proj-ects are clear manifestations of thesebonds of friendship.

Earlier in his welcome address,Commander Pakistan Fleet ViceAdmiral Tanveer Faiz gave anaccount of acquisition programme ofthese aircraft and their role in PNAviation Fleet. -Agencies

Pakistan Navy inductsmade-in-China copters

Malik deniesPPP-MQM

conflictISLAMABAD: InteriorMinister Rehman Malik hassaid that there is no major dif-ference between governmentand its allies some differencesare normal part and parcel ofcoalition govt.

Talking to media men outsidethe Parliament Thursday hesaid that it is democratic rightof MQM to protest againstinflation and boycott the ses-sion. He said there is no majordifference between PPP andMQM alliance and both partieshave decided to work togetherfor country.

He further said that the secu-rity situation of Karachi hasbeen improved, and as far ascrime is concerned it is not onlyproblem of Pakistan but is aglobal problem however gov-ernment is taking every possi-ble step to control the crimes incountry.

Malik pointed out that it isthe beauty of democracy thatour workers are shouting theslogans against government.

See # 4 Page 11

CCI meetingcalled on 8thISLAMABAD: PrimeMinister Syed Yousuf RazaGilani has called the meeting ofthe Council of CommonInterest (CCI) on Nov 8.

According to details thecouncil will discuss the agendafor the upcoming meeting ofPakistan Development forumon Nov 14 in which world com-munity is also invited to partic-ipate.

In this meeting the worldcommunity will be asked toassist and provide financialsupport.

Members of the commoninterest council along with thechief ministers and FederalMinisters of Pakistan will bepresent at the occasion.

See # 2 Page 11

Country facing 1000mmcfd gas shortage: Qamar