the financial daily epaper 07-10-2010

International

More Nato tankers torched See on 2

Zardari not going to US: Presidency See on Page 12

LG Amended Bill tabled in Punjan House See on Page 12

See on Page 10

*Crude Oil (brent)$/bbl 84.93

*Crude Oil (WTI)$/bbl 82.86

*Cotton $/lb 99.40

*Gold $/ozs 1,348.10

*Silver $/ozs 22.96

Malaysian Palm $ 875.40

GOLD (NCEL) PKR 37,306

KHI Cotton 40Kg PKR 7,555

*Last Updated 20:00 PST

Yearly(Jul, 2010 up to 05-Oct-2010)

Monthly(Oct, 2010 up to 05-Oct-2010)

Daily (05-Oct-2010)

Total Portfolio Invest (23 Sep-2010)

46.55

-2.68

-0.19

2311

0.38

-0.94

0.12

-0.29

0.23

0.71

-0.21

SCRA(U.S $ in million)

Portfolio Investment

FIPI (06-Oct-2010)

Local Companies (06-Oct-2010)

Banks / DFI (06-Oct-2010)

Mutual Funds (06-Oct-2010)

NBFC (06-Oct-2010)

Local Investors (06-Oct-2010)

Other Organization (06-Oct-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (24-Sep-10)

Inflation CPI% (Jul 10-Aug 10)

Exports (Jul 10-Aug 10)

Imports (Jul 10-Aug 10)

Trade Balance (Jul 10-Aug 10)

Current A/C (Jul 10- Aug10)

Remittances (Jul 10-Aug 10)

Foreign Invest (Jul 10-Aug10)

Revenue (Jul 10-Aug10)

Foreign Debt (Jun 10)

Domestic Debt (Jul 10)

Repatriated Profit (Jul- Aug 10)

LSM Growth (Jul 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.79bn

12.79%

$3.56bn

$6.25bn

$(2.69)bn

$(944)mn

$1.72bn

$267.10mn

Rs 185bn

$55.63bn

Rs 4705.40bn

$100.90mn

3.05%

4.10%

$1,051

170.72mn

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

18.00

2.00

1.70

9.62

PKR/Shares

111.76

154.75

42.99

36.54

33.08

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (1Yr)

P.I.B ( 3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

06-Oct-2010

06-Oct-2010

06-Oct-2010

29-Sep-2010

06-Oct-2010

06-Oct-2010

06-Oct-2010

06-Oct-2010

06-Oct-2010

06-Oct-2010

06-Oct-2010

06-Oct-2010

06-Oct-2010

06-Oct-2010

06-Oct-2010

12.83%

13.07%

13.22%

13.50%

12.89%

13.06%

13.21%

13.60%

13.71%

13.83%

13.90%

13.99%

14.23%

14.38%

14.58%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 82.90 83.90

Canadian $ 84.10 85.10

Danish Krone 14.80 15.20

Euro 118.00 119.30

Hong Kong $ 10.90 11.20

Japanese Yen 1.018 1.044

Saudi Riyal 23.30 23.48

Singapore $ 65.00 66.00

Swedish Korona 11.90 12.40

Swiss Franc 85.90 86.90

U.A.E Dirham 22.80 22.95

UK Pound 135.80 137.00

US $ 86.15 86.45

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 82.90 83.90

Canadian $ 84.10 85.10

Danish Krone 14.80 15.20

Euro 118.00 119.30

Hong Kong $ 10.90 11.20

Japanese Yen 1.018 1.044

Saudi Riyal 23.30 23.48

Singapore $ 65.00 66.00

Swedish Korona 11.90 12.40

Swiss Franc 85.90 86.90

U.A.E Dirham 22.80 22.95

UK Pound 135.80 137.00

US $ 86.15 86.45

Inter-Bank Currency Rates

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Global Indices

ISLAMABAD: Chief Justiceof Pakistan Justice IftikharMuhammad ChaudhryWednesday hearing a case onalleged corruption in rentalpower plants said in hisremarks that the governmentcannot go ahead with theseprojects, they are impracticalwhile Justice Khalil-urRehman Ramday expressed hisshock saying 'how strange it isthat only 90MW electricitycould be obtained after making

payments amounting to Rs18billion'.

Furthermore, Supreme Courtdemanded Pakistan ElectricPower Company (PEPCO) topresent record regarding powershortage during last one-year.

Parliamentary leader of thePML-Q in the NationalAssembly Faisal Saleh Hayatsaid in his statement before thebench that maximum powershortfall was shown for the

See # 5 Page 11

CJP terms RPPsas impractical

Rs18bn paid for only 90MW: Justice Ramday

Shortfall magnified to justify RPPs: Hayat

ISLAMABAD: NationalAssembly was informedWednesday that subsidies onpetroleum products would beeliminated soon after thederegulation of POL prices.

Minister for Petroleum andNatural Resources SyedNaveed Qamar told the Houseduring Question Hour that with

this indirect subsidy would beeliminated.

He said deregulation ofpetroleum products will createcompetition, bring efficiencyand make petroleum productsprices more competitive.

He however pointed out thatincome from freight charges

See # 13 Page 11

Subsidies on POLto end soon :Qamar

Majorshake-up

in Cabinet

around cornerISLAMABAD: PrimeMinister Syed Yousuf RazaGilani has decided in principleto reduce the size of his Cabinetprior to Oct 13 deadline of theSupreme Court regardingNRO.

According to the sources, theportfolios of several ministerswould be changed and thoseministers whose performance isbelow mark would be removed.

A key government personali-ty familiar with the develop-ments told Online that in orderto make successful the austeritycampaign and in view of deteri-orating situation of the countryPrime Minister has decided tomake large scale changes in thecabinet.

PM has taken the Presidentinto confidence in this regardand soon after the return ofPresident from Karachi the listwould be given a final shape.

See # 4 Page 11

TCP sells24k MTsugar in

open mktKARACHI: TradingCorporation of Pakistan (TCP)has disposed off 24,800 metrictonne of imported sugar worthRs1.520 billion in the openmarket through an auction atdifferent prices rangingbetween Rs68,500 to Rs59,060per metric ton on ex-godownbasis.

See # 8 Page 11

KARACHI: Pakistan's bank-ing industry witnessed a 5.4per cent growth in its assetbase to Rs6.782 trillion duringthe April-June quarter of the2009-10 as compared with acontraction of 1.4 per cent inthe January-March quarter.

According to State Bank ofPakistan's QuarterlyPerformance Review of theBanking System for the quarterended on June 30, 2010released Wednesday, theincrease in asset base of the

banking system, which waswell supported by growth indeposits, mainly occurred inbanks' balances, inter-banklending, government papersand public sector commodityfinance.

Banking industry's depositsrose to Rs5.128 trillion inApril-June quarter as com-pared with overall deposits ofRs4.774 trillion in January-March quarter.

The report pointed out that See # 6 Page 11

Bank deposits up at Rs5.128tn

ISLAMABAD: SpokespersonFederal Board of Revenue IsrarRauf said that the 5 per centflood surcharge will be imposedon people who were alreadypaying taxes on their income.

“Government is likely toimpose 5 per cent flood sur-charge on the people to helpflood victims.”

"There would not be any newtax in the form of flood-tax itwould rather be imposed as asurcharge to help the floodaffectees", he said.

He said that government ofPakistan in collaboration with

World Bank and AsianDevelopment Bank is workingon demand need assessmentreport to determine the exactdamages to the country.

The report is expected to becompleted in the 2nd week ofthe present month, addingwhen the exact ratio of dam-ages would be revealed.

Government would try tocover the loss by utilising for-eign donations and its own rev-enue in the rehabilitationprocess but if the gap remainsbetween estimated amount of

See # 7 Page 11

Taxpayers to pay5pc relief surcharge

No Proposal on Gas Pricing Mechanism

LONDON: Former presidentPervez Musharraf Wednesdayaccused Chaudhry brothers forpromulgation of NationalReconciliation Ordinance(NRO).

In an exclusive interview to aprivate news channel inLondon, Pervez Musharrafsaid: "We remained associatedfor five years and I had no dif-ferences whatsoever withPervez Elahi."

He said all his meetings withformer prime minister BenazirBhutto were held on the requestof Chaudhry brothers.

"There is always a quid proquo when two parties get downholding talks," he said.

Musharraf said that it was hisintention that neither BenazirBhutto nor Nawaz Sharif bepresent in the country at the

time of elections.He said Chaudhry Shujaat

Hussain had objected toBenazir Bhutto's becomingprime minister for the thirdterm.

He said both of them were onsame page on scrapping of thecases because no court verdicts

were coming.The former president further

said that Benazir Bhutto couldhave become prime minister ifshe had participated in the

See # 3 Page 11

Musharraf pins NROon Chaudhry bros

Karachi, Thursday, October 7, 2010, Shawwal 27, Price Rs12 Pages 12

ISLAMABAD: FederalCabinet has approved AfghanTransit Trade agreement aim-ing at further boosting tradelinks with Afghanistan.

India would deliver goods atWagah border, while theAfghan trucks will fetch thegoods from Wagah. The truckswill not be allowed to cross theborder for India.

While presiding over themeeting here Wednesday,Prime Minister directed FBRand Trade Ministry to work to

curtail the menace of smug-gling. He directed that thoseitems which are being smug-gled, their tariff should be cur-tailed with an aim that thesewould not remain viable forsmuggling.

Prime Minister also directedthe Interior Ministry to closeall the avenues of smugglingwith an aim to promote localindustries. Briefing newsmenabout the decisions of the fed-eral cabinet InformationMinister Qamar Zaman Kaira

said that eighty five per centdecisions of the cabinet havebeen implemented in theNarcotics Control Board,Board of Investment and inCommerce Division. He saidthe Cabinet approved the deci-sions of the ECC meeting andgave ex-facto approval for aprogramme being launched bya French Development Agency,Asian Development Bank andGovernment of Pakistan.

Under this programme workwould be initiated to meet

energy crisis in the countrywith more efficiency.

Under the programme threesectors will be addressedincluding manufacturing ofthirty million energy saverbulbs at a cost of sixty five mil-lion dollars, the governmentgenerating electric machinesrehabilitation and to replacethe industries transformers andmotors which are outdated.

The cabinet gave approvalfor an agreement with Egypt

See # 1 Page 11

Cabinet nods Afghan trade pactl Pact would further boost trade links: PM l India would deliver goods at Wagah border

l FBR, Ministry of Trade told to curb menace of smuggling

US begspardon

for killingPak soldiers

ISLAMABAD: The USambassador to Pakistan hasapologised for a recent helicop-ter attack that killed Pakistanisoldiers near the Afghan border.

Anne Patterson said in astatement Wednesday that ajoint investigation has estab-lished that US helicopters mis-took the soldiers for insurgentsthey had been pursuing.

Pakistan has said the attack onSept. 30 killed three membersof Pakistan's Frontier Corps andwounded three others.

But Patterson's statement saidtwo soldiers were killed andfour were injured.

Following the attack,Pakistan shut down a key bor-der crossing used to ship a largeproportion of goods to Natosoldiers in Afghanistan. -Agencies

FO rejectsMusharraf’s

word of mouthISLAMABAD: Foreign

Office spokesperson Abdul

Basit rejecting the former

president Pervez

Musharraf's statement

regarding training Kashmiri

Mujahideen said that these

are his personal views.

Talking to Indian media

See # 2 Page 11

Govt to reprioritise budget: PMISLAMABAD: Prime Minister Syed Yousuf Raza Gilani hasheld out an assurance that the government would reprioritise itsbudget to divert necessary resources towards flood-affectedareas but developmental activities would also continue in thecountry.

He was responding to points raised by leader of the oppositionChaudhry Nisar Ali Khan and Engineer Ameer Muqam in theNational Assembly on Wednesday.

The Prime Minister said Foreign Minister is out of the countryand on his return back the task of prioritizing the budgetaryexpenditure would be taken up. -Agencies

SBP reviews Apr-Jun performance

2 Thursday, October 7, 2010

TV PROGRAMMES

THURSDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere

Maya ke Sath

11:00 News

12:00 News

13:10 Newsbeat (Rpt)

14:10 Tonight With

Jasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Tonight With

Jasmeen

23:00 News

23:30 24

KARACHI: GovernorSindh, Dr Ishrat-ul-Ebadsaid that once businessesand overall economy ofcountry grows, there will bea rise in job opportunitiesfor young and qualified tal-ent. He was praising theACCA achievers who metthe governor in presence ofleadership from ACCAPakistan.

Governor awarded certifi-cates to three global winnersof ACCA and CAT qualifi-

cations and 23 national win-ners of the December 2009and June 2010 exam ses-sions. Arif Masud Mirzaexpressed gratitude to hon-orable Governor for takingout time to meet the ACCAHigh Achievers. He saidthat ACCA Pakistan is veryproud of the competitiveyoung men and women fornot only passing globalexams of ACCA and CATqualifications but alsoexcelling at the national and

global level amidst the polit-ical and economic instabili-ty in the country.

Honorable Governor, DrIshrat ul Ibad was of theopinion that Pakistan has aninfinite potential of eco-nomic growth and develop-ment and with the recentpolicies of SindhGovernment bearing fruit, alot of young business lead-ers will get opportunities toemerge on the private sectorlandscape.-PR

Ebad lauds ACCA victors

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani has reiterated com-mitment of his governmentto utilise all availableresources for the rehabilita-tion and reconstruction ofthe flood affected people.He appreciated the jointefforts of all the parliamen-tarians and the services ofthe Federal Ministers in thewake of the devastatingfloods in rescue and reliefoperations.

The Prime Minister wastalking to FederalMinisters who called onhim at Prime Minister'sSecretariat on Wednesday.

The Prime Ministerurged all the Ministers touse their resources andmanpower for the upcom-

ing phase of rehabilitationand reconstruction. Hestressed the need for earlyfinalisation of agreementswith the donors to expeditethe inflow of grants andloans for reconstructionand rehabilitation of theflood affected people andregions. He asked them tosensitize the donor agen-cies and the expatriatesabout the immediate needs;winter tents, warm clothes,medicines and water puri-fiers for the flood victims.

The Prime Ministerdirected the Ministers toprioritise the developmentschemes in their respectiveministries to spare fundsfor the upcoming phase ofrehabilitation and recon-struction.-Agencies

PM urges MPs togain donors’ trust

KARACHI: A CrimeInvestigation Unit (CIU) isbeing established in KorangiIndustrial Area (KIA) inorder to eradicate crimesand fast disposal of the casesin the KIA, this was statedby the DIG Police (East), DrAmir Ali, at a luncheonmeeting hosted by PakistanTanners Association (PTA)in his honour at PTA Houseon Wednesday.

DIG east has announcedto root out all the encroach-ment from Tannery Zoneespecially along the basewater line of CombinedEffluent Treatment Plant(CETP), Mehran Town andRoad 5000.

Dr Amir furtherannounced to remove allthe illegal hydrants fromSector 7-A and deploy apermanent policepatrolling in that area. Onthe issue of increasingincidents of dacoity inTannery Zone, he orderedthe area police to becomevigilant and no furtherincident of robbery shouldever happen again.

Dr Amir has advised thePTA members to installclose circuit cameras infront of their factories sothat authentic evidencescould be produced beforethe court to prosecute theculprits in a proper way.-PR

Crime probe unitfound in Korangi

KARACHI: FirstInternational PerfusionistsConference hosted byAlpha Zone Pakistan soci-ety of clinical perfusionistswas held at Regent PlazaHotel and Convention cen-tre Karachi recently. Thetheme of the conferencewas "the perfusion strategyand clinical exposure inthe 21st century", said ahandout issued here.

In conference all perfu-sionists from different partsof country were invited andfor sharing their knowledgethrough scientific session.Professor Masood HameedKhan Vice Chancellor DowUniversity Health Sciencewas the Chief Guest of con-ference, Professor Arif UrRehman President PakistanSociety of cardiothoracic

surgeons and Professor FazalHameed Khan PresidentPakistan Association of car-diothoracic Anesthesia wereguests of honour.

The Chief guest ProfessorMasood Hameed Khanaddressed the conferenceand emphasised continuouseducation on infant andneonatal perfusion tech-niques during open heartsurgery concordant with thenew cardiopulmonarybypass techniques.Speakers in the graciousconference thanked thealpha zone organising com-mittee who hosted such asuccessful conference. Hehas also given hope to startthe perfusion bachelor'sprogram at the governmentlevel which will be themilestone achievement.-PR

Int’l perfusionistsconference held

KARACHI: President AsifAli Zardari has signed theCompetition Bill into law,formalising its elevation intoan Act of Parliament, andrendering the CompetitionCommission of Pakistan astatutory body, which willenable the Commission tobe back in action with fullforce.

The Chairperson,Competition Commission ofPakistan (CCP), RahatKaunain Hassan, has said

that today is a historic dayfor the strengthening of arobust competition law inPakistan. The Commissionwill now stand on firmerground.

By taking action withoutdelay, the Government hasprovided us the legislativebacking necessary to dispelall uncertainties and appre-hensions over the law, shesaid. We appreciate andrecognise the supportextended by the government

in this regard, this willstrengthen the institutionand ensure its sustainability,she added further.

The transition from thetemporary to the permanentphase has successfully beenachieved. As an organisa-tion, CCP has been facingnumerous legal challenges inthe courts of Pakistan, ques-tioning our constitutionality.This day onward, such chal-lenges cannot impede CCP'swork any longer.

Competition Billsigned into Law

THURSDAY

Time Programmes8:00 Pakistan AajRaat (Rpt)

9:00 News9:15 Pehla Sauda10:00 News 10:15 Bazaar11:00 News11:05 Ghar Ka Kharch12:00 News12:15 Bara ka Para13:00 News15:15 Power Lunch14:00 News14:30 Mang Raha Hay

Pakistan15:05 Akhri Sauda15:30 Bazaar (Rpt)16:05 Doosra Pehlu 17:05 Ghar Ka Kharch18:15 Karobari Dunya19:00 News19:05 Badalta

Pakistan (Rpt)20:00 News20:05 Islamabad Say 21:00 Pakistan AajRaat22:00 News22:05 Doosra Pehlu23:00 News23:15 Karobari Dunya

KARACHI: 1st International Perfusionists Conference hosted by Alpha ZonePakistan society of clinical perfusionists was held at Regent Plaza Hotel here.-PR

KARACHI: ZarineQureshi sister of JamshedQureshi, Chairman BondAdvertising, passed awayon Tuesday 5th October.

DUA will be held onThursday 7th October ather residence, 6-A, 4th EastStreet, Phase 1, DefenceHousing Authority,Karachi between Asr &Maghrib.

Vodacomproved up

to the markduring WC

KARACHI: SouthAfrica's network operator,Vodacom South Africa,successfully handled asurge in network traffic dueto an influx of half a mil-lion visitors throughout the2010 World Cup. The oper-ator met the increaseddemand for network capac-ity and avoided any degra-dation in performance sup-ported by Nokia SiemensNetworks' Special EventSupport (SES) services.These included consultan-cy, back-end network mon-itoring, network optimisa-tion and care services.-PR

KSBL’sdelivers

educationprogrammeKARACHI: Dr KamalMunir and Dr ShahzadAnsari from CambridgeUniversity Judge BusinessSchool conducted"Strategic Management", atwo day ExecutiveEducation Programme fortop corporate executivesfor the Karachi School forBusiness & Leadership(KSBL).-PR

Indus Motorholds dealers

seminarKARACHI: Indus MotorCompany (IMC) held its19th Annual DealerConference recently here.Hiroji Onishi, ManagingOfficer, Toyota MotorCorporation, Japan was theChief Guest. The DealerConference, which had thetheme, "Leading Together"was attended by theCompany's dealers, guestsfrom Japan, senior man-agement from House ofHabib, business partnersand the Indus Team.-PR

ECPsummons

12 ministersISLAMABAD: ElectionCommission of Pakistan(ECP) on Wednesday sum-moned at least 12 parlia-mentarians on 11th ofOctober in fake-degreecase, the notices wereissued to them in this con-nection, sources said.

A five member commit-tee headed by focal personMuhammad Afzal Khanwould hear fake-degreecases of the summonedparliamentarians.

The Parliamentarianssummoned for hearing on11th October areHayatullah Tarin from NA155, Ghulam Dastagir fromNA-235, Mir Ahmad Khanfrom NA-265, RizwanNaeem Gilani from PP-34Punjab, Haji NasirMehmood PP-111, ShaukatAziz PP-4, Zulfiqar Ali PP-271, Sardar Mehr BacchaQaisarani PP-240, NasirAli Shah PP-31, YarMuhammad Rindh,Muhammad Safdar fromPP-274 and KashmoreKumar on special seat fromKhyber Pakhtunkhwa.-PR

KARACHI: Dr Mirza Ikhtiar Baig, Chairman PakDenim recieving “FPPCI Special Merit Export

Award 2009-10” from the President of Pakistan AsifAli Zardari at the 34th FPPCI Award Function.-PR

DUA

TAIPEI: The Taiwan dollar hitan over two-year closing highon Wednesday, tracking gainsin other emerging currencies asfund flows chased yield, butcentral bank interventionpulled it back from higher lev-els earlier.

Taiwan's central bank hasintervened in the market heavi-ly in recent sessions, mostly inthe last minute of trading, as asurge in the currency threatensto hurt exporters, who con-tribute the most to Taiwan'seconomic growth.

"As it has been in recent ses-sions, the central bank steppedin at the last minute today,"said a dealer at a local bank.

"It will be doing whatever itcan to keep the Taiwan dollararound the T$31 level, thoughcapital controls are not anoption for now."

The central bank has steppedup verbal intervention in recentdays, warning that it was close-ly watching what it called "hotmoney" flows.

It joins other Asian emergingmarkets authorities in taking

aim at fund flows as they seekto protect their exporters fromrises in currencies. SouthKorea was seen interveningWednesday as its won currencyhit a five-month high againstthe US dollar.

The Taiwan dollar roseT$0.12 or 0.38 per cent toT$31.132 against the US dol-lar, pulling back from a rise of1.48 per cent to a day high ofT$30.79 after the suspectedcentral bank intervention at theend of trading.

The currency also got a boostfrom demand for stocks thatpushed the main TAIEX indexup 1 per cent to a nearly nine-month closing high. -Reuters

Taiwan $ at 2-yrhigh, but cbank caps

3Thursday, October 7, 2010

Currencies Rate

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

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 06/10/2010

A USD GBP CAD EUR JPY

O/N 0.22563 0.55000 1.05333 0.39500 SN 0.09625

1WK 0.25025 0.55500 1.07000 0.59500 0.10875

2WK 0.25219 0.56000 1.09667 0.62625 0.11625

1MO 0.25688 0.57125 1.11667 0.68438 0.13000

2MO 0.27359 0.62838 1.16250 0.74500 0.16125

3MO 0.28969 0.73881 1.23250 0.89500 0.20500

4MO 0.34438 0.82209 1.28583 0.96625 0.29313

5MO 0.40781 0.92500 1.34417 1.05313 0.35313

6MO 0.46156 1.02750 1.40583 1.15750 0.41250

7MO 0.51063 1.10350 1.47500 1.20750 0.47125

8MO 0.56250 1.18469 1.55417 1.25500 0.52063

9MO 0.61156 1.26594 1.62417 1.30125 0.56938

10MO 0.66375 1.34000 1.69250 1.35250 0.59813

11MO 0.71656 1.40750 1.78417 1.40000 0.62500

12MO 0.77413 1.47313 1.86000 1.44875 0.65438

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

U.S.A. 86.15 85.95 85.76U.K. 137.17 136.80 136.49EURO 119.28 119.01 118.73CANADA 84.86 84.66 84.44SWITZERLAND 89.26 89.05 88.81AUSTRALIA 83.69 83.50 83.28SWEDEN 12.86 12.83 12.79JAPAN 1.04 1.03 1.03NORWAY 14.83 14.79 14.75SINGAPORE 65.75 65.59 65.42DENMARK 16.00 15.97 15.92SAUDI ARABIA 22.97 22.92 22.86HONG KONG 11.11 11.08 11.05CHINA 12.88 12.85 12.81KUWAIT 303.83 303.12 302.32MALAYSIA 27.88 27.82 27.75NEW ZEALAND 64.48 64.33 64.16QATAR 23.66 23.61 23.55U.A.E. 23.45 23.40 23.34KR WON 0.08 0.08 0.08THAILAND 2.87 2.87 2.86

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3935 1.3937 1.3948 1.3802

EUR-GBP 115.4 115.43 115.46 114.7

EUR-CHF 1.3389 1.3395 1.3416 1.3326

EUR-JPY 115.41 115.44 115.46 114.7

USD-CHF 0.9606 0.961 0.9682 0.96

USD-CAD 1.0086 1.0091 1.0165 1.0064

GBP-USD 1.5606 1.5911 1.5937 1.5836

GBP-JPY 131.75 131.78 132.42 131.47

AUD-USD 0.9772 0.9775 0.9791 0.9697

EUR-CAD 1.4055 1.4058 1.4083 1.3989

CHF-JPY 86.18 86.24 86.23 85.81

Gold 1347.63 1347.38 1348.93 1337.58

Silver 21.97 22.00 0.00 0.00

As per 22.00 PST

Time Source Events Forecast Previous

5:30 AUD Employment Change 20.2K 30.9K

5:30 AUD Unemployment Rate 5.1% 5.1%

7th-8th GBP Halifax HPI m/m 0.6% 0.2%

13:30 GBP Manufacturing Production m/m 0.1% 0.3%

15:00 EUR German Industrial Production m/m 0.4% 0.1%

16:00 GBP Asset Purchase Facility 200B 200B

16:00 GBP Official Bank Rate 0.50% 0.50%

16:45 EUR Minimum Bid Rate 1.00% 1.00%

17:30 CAD Building Permits m/m -1.9% -3.3%

17:30 EUR ECB Press Conference

17:30 USD Unemployment Claims 454K 453K

Tentative GBP NIESR GDP Estimate 0.7%

Source Events Actual Forecast Previous

EUR Final GDP q/q 1.0% 1.0% 1.0%

EUR German Factory Orders m/m 3.4% 0.9% -1.6%

USD Challenger Job Cuts y/y -44.1% -54.5%

USD ADP Non-Farm Employment Change -39K 23K 10K

CAD Ivey PMI 70.3 63.0 65.9

USD Crude Oil Inventories 3.1M 0.5M -0.5M

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada Oct 19 2010 Sep 08 2010 1%

Bank of England Oct 07 2010 Mar 05 2009 0.50%

European Central Bank Oct 07 2010 May 07 2009 1%

Federal Reserve Nov 03 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

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

Bank of Japan n/a Oct 05 2010 0%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, October 06,2010 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

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

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

AB P L 11.75 12.25 11.90 12.40 12.20 12.70 12.80 13.05 12.95 13.20 13.10 13.60 13.20 13.70 13.30 13.80

ABLN 11.90 12.40 12.10 12.60 12.45 12.95 12.80 13.05 12.90 13.15 13.10 13.60 13.25 13.75 13.35 13.85

JSBL 11.80 12.30 12.25 12.75 12.50 13.00 12.85 13.10 13.05 13.30 13.10 13.60 13.10 13.60 13.50 14.00

ASPK 11.75 12.25 12.15 12.65 12.40 12.90 12.80 13.05 12.95 13.20 13.10 13.60 13.20 13.70 13.30 13.80

CIPK 12.10 12.60 12.25 12.75 12.50 13.00 12.80 13.05 12.90 13.15 13.10 13.60 13.20 13.70 13.30 13.80

DBPK 11.75 12.25 11.90 12.40 12.25 12.75 12.75 13.00 12.90 13.15 13.15 13.65 13.25 13.75 13.35 13.85

FBPK 11.90 12.40 12.10 12.60 12.30 12.80 12.75 13.00 13.00 13.25 13.10 13.60 13.15 13.65 13.40 13.90

FLAH 11.90 12.40 12.00 12.50 12.30 12.80 12.85 13.10 13.00 13.25 13.10 13.60 13.20 13.70 13.30 13.80

HBPK 11.90 12.40 12.10 12.60 12.40 12.90 12.80 13.05 13.00 13.25 13.10 13.60 13.20 13.70 13.35 13.85

HKBP 11.80 12.30 11.90 12.40 12.30 12.80 12.80 13.05 12.90 13.15 13.10 13.60 13.20 13.70 13.30 13.80

N I PK 11.80 12.30 12.00 12.50 12.75 13.25 12.85 13.10 13.00 13.25 13.05 13.55 13.10 13.60 13.20 13.70

HMBP 11.85 12.35 12.00 12.50 12.55 13.05 12.85 13.10 13.10 13.35 13.20 13.70 13.30 13.80 13.40 13.90

SAMB 11.75 12.25 12.10 12.60 12.50 13.00 12.85 13.10 13.00 13.25 13.15 13.65 13.25 13.75 13.35 13.85

MCBK 12.10 12.60 12.20 12.70 12.35 12.85 12.80 13.05 12.95 13.20 13.10 13.60 13.20 13.70 13.40 13.90

NBPK 11.75 12.25 12.00 12.50 12.25 12.75 12.75 13.00 12.80 13.05 13.10 13.60 13.20 13.70 13.30 13.80

SCPK 11.70 12.20 11.85 12.35 12.35 12.85 12.75 13.00 12.90 13.15 13.10 13.60 13.20 13.70 13.35 13.85

UBPL 12.10 12.60 12.25 12.75 12.40 12.90 12.85 13.10 13.00 13.25 13.15 13.65 13.25 13.75 13.35 13.85

AVE 11.83 12.33 12.06 12.56 12.39 12.89 12.81 13.06 12.96 13.21 13.10 13.60 13.21 13.71 13.34 13.83

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)06/10/2010

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

1 week 0.24 0.36 0.42 0.61 0.47 0.71 -0.76 -0.591 month 0.93 0.91 0.88 0.95 0.95 0.75 -0.76 -0.913 months 0.66 0.32 0.19 0.42 0.76 0.59 -0.55 -0.446 months 0.79 -0.46 -0.07 0.06 0.78 0.81 -0.35 -0.911 year 0.55 0.53 0.50 0.69 0.88 0.70 0.35 -0.812 years 0.42 0.23 -0.29 0.57 0.70 0.52 -0.40 -0.57

Currencies CorrelationGBP/USD

CMKA BMA INVSR GSL ICSL JSCM AvgRate

0-7days 12.00 12.05 11.85 11.75 12.00 12.00 11.94

8-15dys 12.25 12.15 12.10 12.00 12.20 12.15 12.14

16-30dys 12.55 12.40 12.40 12.45 12.40 12.50 12.45

31-60dys 12.70 12.55 12.58 12.70 12.70 12.65 12.65

61-90dys 12.80 12.70 12.70 12.80 12.75 12.75 12.75

91-120dys 12.90 12.90 12.95 13.00 12.85 12.85 12.91

121-180dys 13.00 13.00 13.00 13.00 12.90 13.00 12.98

181-270dys 13.05 13.15 13.05 13.05 12.95 13.05 13.05

271-365dys 13.20 13.15 13.20 13.15 13.10 13.20 13.17

2-- years 13.45 13.45 13.45 13.40 13.45 13.45 13.44

3-- years 13.85 13.85 13.85 13.85 13.75 13.85 13.83

4-- years 13.75 13.90 13.64 13.85 13.80 13.65 13.77

5-- years 13.85 13.94 13.95 13.93 13.85 13.90 13.90

6-- years 13.85 13.98 13.78 13.86 13.85 13.80 13.85

7-- years 13.85 13.90 13.75 13.80 13.85 13.75 13.82

8-- years 13.70 13.70 13.65 13.82 13.90 13.65 13.74

9-- years 13.70 13.60 13.62 13.65 13.63 13.62 13.64

10--years 14.00 13.99 14.00 14.00 13.98 13.98 13.99

15--years 14.25 14.20 14.20 14.25 14.25 14.20 14.23

20--years 14.40 14.40 14.40 14.30 14.40 14.40 14.38

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for October 06, 2010

NEW YORK: The dollardropped to a fresh 15-yearlow against the yen and an 8-1/2 month low against a bas-ket of currencies onWednesday hurt by expecta-tions the US Federal Reservewill further ease monetarypolicy.

Dollar losses acceleratedafter a report showed US pri-vate employers unexpectedlycut 39,000 jobs in Septemberafter an upwardly revised gainof 10,000 in August. The ADPpayrolls processor reportcomes ahead of Friday's gov-ernment non-farm payrollsreport.

A broadly weak dollarhelped push the euro to aneight-month high, though thesingle currency pared gains

after Fitch downgradedIreland's credit rating, renew-ing concerns about the fiscalhealth of peripheral euro-zonecountries.

Comments byChicago FedP r e s i d e n tCharles Evans,who was quot-ed as saying thecentral bankshould do muchmore to spurthe economy, also kept nega-tive dollar sentiment firmlyintact. This has intensifiedspeculation the Fed willresume quantitative easing,possibly in November.

Midway through the NewYork session, the dollardipped as low as 82.75 yen on

electronic trading platformEBS before recovering to83.00 yen, still down 0.2 percent on the day. The sessionpeak was only 83.27 leaving

the dollar/yen trading in atight range despite theextreme low.

Wednesday's low was belowthe 82.87 level where theBank of Japan moved toweaken the yen on September15 but investors were not will-ing to push the dollar too low

against the yen despite thefresh 15-year low in case ofmore intervention.

The greenback was wellbelow the high of 83.99 yen it

hit on EBSafter the Bankof Japan (BOJ)announced eas-ing steps onTuesday.

The dollarwas down 0.2per cent against

a basket of currencies at77.568, having fallen as far as77.556.

The euro gained 0.4 per centat $1.3886 in a volatile ses-sion that saw it swing betweenlosses and an eight-monthhigh of $1.3891 on the EBStrading platform. Options bar-

riers were said to be at the$1.3900 level.

The single currency washelped earlier by data show-ing a surge in German manu-facturing orders in August,leaving a potential for the sin-gle currency to test $1.40.

The dollar also touched a 2-1/2 year low against the Swissfranc at 0.9620 francs on EBStrading platform. This bringsit closer to the all-time low of0.9572 hit on EBS, while it isalready below the all-timelow recorded on Reuters dataof 0.9674.

The higher-yieldingAustralian dollar hitting itshighest in more than twoyears at $0.9781, leaving it oncourse for a test of the 2008high of $0.9851. -Reuters

US dollar drops to 15-yearlow against the yen

Euro up but struggles as Fitch downgrades Ireland

MUMBAI: The Indian rupeetrimmed gains from a near six-month high on Wednesday,tracking losses in the euro andweighed by some dollar demandfrom importers, but buoyantlocal shares helped the localunit close stronger on the day.

The partially convertiblerupee closed at 44.49/50 perdollar, off a high of 44.25reached in early deals, itsstrongest since April 15 and 0.4per cent stronger thanTuesday's close of 44.69/70.

"Initially, foreign banks wereselling dollars but all of it gotabsorbed by oil companies andstate-run banks. Later, whenthe euro weakened, we sawsome dollar buying in the localmarket too," said HariChandramgathan, a forex deal-er at Federal Bank.

"I do not see the rupeestrengthening above 44.25 lev-els with the downside seen at44.95-45.00 levels."

Foreign funds have bought arecord $20.3 billion of Indianequities so far this year, with

more than one-third of thatflowing in since the start ofSeptember.

India's August trade deficitwidened to a 23-month highand the trade secretary raisedhis projection for the full-yearfigure, but said the bulgingdeficit was not yet a problemand could be financed.

Some dealers suspected theReserve Bank of India (RBI)may have bought dollars in themarket around 44.25 levels,but sources in the central banksaid current conditions did notwarrant intervention.

One-month offshore non-deliverable forward contractswere quoted at 44.61, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-monthdollar-rupee contracts on theNational Stock Exchange,MCX-SX and United StockExchange closed at 44.68,44.6725 and 44.6875 respec-tively, with the total traded vol-ume on the three exchanges at alow $7.4 billion. -Reuters

Indian rupeetrims early gains

as euro slips

LONDON: Sterling hit a four-month low against a currencybasket on Wednesday after it fellagainst a broadly strong euro,while concerns that further mon-etary easing may be needed inthe UK also weighed on thepound.

The UK currency crepttowards a 4 1/2-month troughversus a broadly strong euro.However, gains in the single

European currency against thedollar helped to pull the pound toa two-month high versus the UScurrency.

Investors awaited a policydecision by the Bank of Englandon Thursday given growingexpectations for policy easing bysome the world's major centralbanks. The dollar has taken abeating from speculation ofmore quantitative easing fromthe Federal Reserve.

While few in the marketexpect the UK central bank toannounce any quantitative eas-ing measures on Thursday, some

analysts say that an unchangedpolicy decision may offer a near-term boost to sterling against theeuro.

By 1529 GMT, the euro hadclimbed roughly 0.5 per cent onthe day to 87.53 pence, near87.58 pence hit earlier in theweek, its highest since late May.

The euro broke above its 55-day moving average around87.17 pence, but further gains

were capped ahead of 87.77pence, the 100-day moving aver-age. Sterling's losses versus theeuro pushed the pound down to79.6 on a trade-weighted basis,its lowest since June.

The pound was flat on the dayagainst the dollar at $1.5900,having climbed as high as$1.5940 in earlier trade, itsstrongest since early August.

One trader in London said thatsome sterling/dollar sellers werestarting to come out of the wood-work as the UK currencyapproaches the psychologicallykey $1.60 level. -Reuters

Sterling falls againsteuro, BoE awaited

SEOUL: The South Koreanwon and the Taiwan dollar ledrises in Asian currencies onWednesday as fund inflowspushed up regional stocks onimproving risk appetite andexpectations of further policyeasing by the Federal Reserve.

Foreign exchange authoritiesranging from South Korea toTaiwan and Thailand werespotted buying dollars to stemthe strength in their currencies,a day after they warned ofactions on short-term fundinflows.

Authorities in the regionwere estimated to have boughta combined $23.2 billion viaintervention from last weekuntil Tuesday, according to

traders estimated compiled byIFR Markets.

Analysts and dealers said anymeasures or intervention bythe authorities would merelyslow the pace of increase intheir currencies rather thanreversing their upward trend.

The won hit a five-monthintraday high against the dollaras foreign investors extendedbuying of local stocks, liftingthe Seoul stock market to itshighest close in 29 months,although dealers spotted inter-vention by the authorities.

The won ended up 1.1 percent at 1,118.0 versus thegreenback from Tuesday'sclose of 1,130.7. It strength-ened to as high as 1,118.0, the

strongest since May 4.The Thai baht tracked Asian

peers up, pushing it to within astriking distance of the key 30per dollar level.

The Bank of Thailand was inthe market, dealers said, but itsefforts were tentative amid abroad rally of Asian currencies.

"We should closely watchhow the BOT reacts as itapproaches 30.00. But giventhe sustained inflows, it couldbreach 30.00 this week withthe next barriers seen at 29.75and 29.50," a Bangkok-basedtrader said. "If this trend con-tinues, BOT may eventually beforced to impose capital con-trols but that will take moretime to be decided." -Reuters

Asian currencies

Korean won lead gains;intervention spotted

SYDNEY/WELLINGTON: The Australianand New Zealand dollars hugged multi-monthhighs on Wednesday as the prospect of majorcentral banks printing more money sparked asurge in commodities and higher-yieldingassets.

The Aussie dollar stood at $0.9721, havingstaged an impressive 1.8 per cent comebackfrom Tuesday's trough of $0.9542 and withinstriking distance of a two-year peak at $0.9751.Analysts said it was little wonder the Aussie andkiwi dollars were in demand as they were one ofthe few major currencies left in the world notbeset by talk of competitive devaluations orlooser monetary policy.

There is intense speculation the FederalReserve and the Bank of England would followJapan's example and unveil more quantitativeeasing in coming weeks.

In Asia on the other hand, central banks have

been busy intervening in markets in the pastmonth to stem the rise of their currencies againstthe dollar to protect exports.

Expectations the Aussie dollar could tear high-er in a world of cheap money and yield-hungryinvestors helped the market to brush aside theRBA's surprise policy move on Tuesday when itleft interest rates unchanged at 4.5 per cent.

The New Zealand dollar was firm at $0.7485,around a cent higher than late Tuesday levels,and a hair's breadth from a near 11-month highof $0.7497 hit offshore.

The kiwi was seen well supported from about$0.7450, with the $0.75 level providing a keypsychological test.

The surge in the kiwi prevented the Australiandollar from staging an impressive comeback onits neighbour. It traded at NZ$1.2959, still wellbelow NZ$1.3112 seen before the RBA surprise.-Reuters

Aussie, NZ dollar strongin global reflation rally

Swiss francflirts withmulti-yearhighs vs $

ZURICH: The Swiss francflirted with record highsagainst the dollar onWednesday as speculation thatthe US Federal Reserve mightresume quantitative easing inthe near future weighed on thegreenback.

The dollar slipped to a 2-1/2year low against the franc onTuesday, according to tradingplatform EBS, as it came underpressure against other majorcurrencies on talk the Fed couldgo for further monetary stimu-lus as soon as next month.

At 0755 GMT, the franc wastrading largely flat against thedollar at 0.9662 per dollar com-pared to the New York close,Reuters data showed.

"Obviously the all time low(for dollar-Swiss) still remainswithin reach and given the wayforex markets have been trad-ing recently this may be astrong enough target to be test-ed," said Informa GlobalMarkets analyst NikolaStephan.

The all-time low for dollar-Swiss is 0.9572, which ittouched in March 2008,according to trading platformEBS. -Reuters

Seen staying firm on expectations of further Fed easing

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use of these reports and recommendations.

Is hike in wheatsupport price

unavoidable?It has been proposed to raise wheat support

price up to Rs1000/40kg for this procurementseason from existing Rs950. Let’s find out howprudent a decision it would be for the country, iftaken.

Keeping in view the post-flood conditions theproponents consider an increase in procurementprice necessary for the farmers. While the pro-posers consider it necessary, the opponents havesome reservations.

To achieve food security it is necessary to offerthe local farmers some incentive for cultivatingwheat. Procurement price of wheat has to belinked with the prevailing international price ofwheat, and the proposal makes some sense.

As the government aims at achieving 25 mil-lion tonne wheat production target, fixing theright price is of prime importance. It must bekept in mind that in case wheat price inPakistan is lower as compared to the price pre-vailing in the neighbouring countries the prob-ability of smuggling increases. While fixinglocal procurement price wheat price in India,Afghanistan, and Iran has to be kept in mind.

The argument that cost of inputs hasincreased maybe right but if the governmentundertakes the provision of seed and fertiliserfree of cost or at nominal price, then argumentseems a little weaker.

The argument that hike in procurement pricewill bring additional area under wheat cultivationalso has limited validity. Pakistan's problem isnot the limited area under wheat cultivation butpoor per acre yield. Cost of inputs can be opti-mised by improving yield and not by bringingadditional area under cultivation.

It is necessary to point out that highly inade-quate wheat storage facilities in the country is akey factor which forces reduction in local priceof wheat. The government aims at achieving 25million tonne wheat target but storage capacity isaround 7 million tonne. Storing wheat in open orin inappropriate facilities leads to staling androdent-damage.

Lately, the central bank announced policy forthe construction of wheat storage silos but theresponse has been disheartening. If the govern-ment is serious in boosting local production thewheat target can't be achieved without increas-ing storage capacity by three times. Betterresults can be achieved by encouraging partici-pation by the private sector.

Experts are of the view that up to 30 milliontonne wheat output can be achieved withoutbringing additional area under wheat cultiva-tion. This year irrigation water is available inadequate quantity and fertiliser prices are alsonot too high. If growers pay a little more atten-tion to crop management they can output morethan 25 million tonnes of commodity.

The only fear is that farmers may fail inachieving wheat sowing target. Small farmersproduce bulk of the wheat in the country butthey have been hit the worst by torrential rainsand the worst floods. Announcing supply ofseed and fertiliser free of cost to farmers wasthe first step towards achieving the target but ithas to be made a reality. Attaining food securi-ty is not possible without taking the right meas-ures, don't waste time act now to ensure bettertomorrow for the farmers and the country both.


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 63

The head of the IMF warned thata growing drive by nations tocap the strength of their curren-

cies risked derailing economic recov-ery while the dollar dropped furtheron Wednesday.

Concerns that the Federal Reserve isabout to embark on another round ofpolicy easing that could weaken thedollar, tallied with China's polite refusalto let its yuan rise fast, has pushed cur-rencies to the top of the agenda atFriday's meeting of finance chiefs fromthe Group of Seven nations.

Few hold out much hope of anymeaningful agreement at the G7 orthe International Monetary Fundmeeting that follows.

"It's doing nothing for the Americaneconomy, but it's causing chaos overthe rest of the world. It's a verystrange policy that they are pursuing,"Nobel economics laureate JosephStiglitz said of US policy.

The dollar extended its losses onWednesday, falling to an 8-1/2 monthlow against a basket of currencies andedging toward a 15-year trough ver-sus the yen.

That trend prompted Japan to inter-vene to weaken the yen last monthand some emerging economies havefollowed suit or are threatening to.

"There is clearly the idea begin-ning to circulate that currencies canbe used as a policy weapon," IMFManaging Director DominiqueStrauss-Kahn was quoted as sayingin Wednesday's edition of theFinancial Times.

"Translated into action, such anidea would represent a very seriousrisk to the global recovery ... Anysuch approach would have a negativeand very damaging longer-runimpact," he said.

The IMF, which holds its twice-yearly meeting in Washington thisweekend, is also expected to discussforeign exchange moves as part of itsmission to get countries working forbalanced global growth.

Brendan Brown, economist atMitsubishi UFJ SecuritiesInternational in London, said the

Fund, which has the United States asits biggest stakeholder, would not try

to prevent further US monetary eas-ing or a resulting slide of the dollar.

"That Washington institution hasfailed in its central mission to preventcurrency war," he wrote in a report.

CHINA UNMOVEDEurozone policymakers urged

Chinese premier Wen Jiabao on

Tuesday to allow the yuan to risemore rapidly, but he politely rebuffedthem, repeating Beijing's standardline on seeking currency stability.

Wen was due to hold a joint newsconference with EU leaders inBrussels at 1515 GMT.

Policymakers have highlighted theissue of global imbalances for years,

with funda-mental prob-lems seen asthe dollar'sglobal domi-nance, China'so v e r v a l u e dyuan andG e r m a n y ' slack ofdomestic con-sumption.

E m e r g i n gnations saythe cash flowsseen this year

have damaged their exports due to thedetermination of major economies to

restrain their own currencies' levels.But entrenched positions make it

unlikely that officials sitting down toIMF and G7 meetings this weekend,and G20 meetings later in the year,will resolve their differences.

Brazil fired the latest shot in what ithas dubbed an "international currency

war," doubling on Monday a tax onforeign investors buying local bondsto 4 per cent to curb a strong real.

Policymakers from emerging Asianeconomies have voiced growing con-cerns about the risk of a flood of hotmoney inflows. South Korea warnedinvestors it might impose further lim-its on forward trading and India andThailand said they were looking atsteps to control speculative surges.

"It's natural in that context for themto say -- we can't just let our exchangerates appreciate and destroy ourexports," Stiglitz told reporters atColumbia University on Tuesday.

MORE FED EASING?Adding to speculation that the

Federal Reserve will soon extendasset purchases to pump money intothe economy, Chicago Fed PresidentCharles Evans was quoted as sayingthe central bank should do much moreto spur the economy.

And in a surprise move, Japanpulled interest rates on the yen backto zero on Tuesday and pledged topump more funds into an economystruggling to compete while the cur-rency remains close to a 15-year highagainst the dollar.

The euro gained 7.6 per cent versusthe dollar last month as Fed easingspeculation hotted up. Europeans areworried they will be saddled with anovervalued currency, stifling recov-ery, because they have few tools tocontain the euro's rise.

France, which takes over the presi-dency of the Group of 20 major eco-nomic powers next month, has putreforming the international monetarysystem at the top of its agenda, hop-ing to draw China into multilateraltalks on currency coordination.-Reuters

War of the Currencies?

"There is clearly the ideabeginning to circulate that

currencies can be used as apolicy weapon," IMF Managing

Director DominiqueStrauss-Kahn was quoted as

saying in Wednesday's editionof the Financial Times.

“

Bill Gates and WarrenBuffett are urging USbillionaires to give

away their money, but eco-nomic uncertainty is deterringrich Americans from increas-ing their giving, say bankersto the very wealthy.

Chief executives of WellsFargo Private Bank, CreditSuisse Private Bank,Bessemer Trust, SilvercrestAsset Management and Bankof America's US Trust told theReuters Global PrivateBanking Summit that somerich people were reassessingtheir giving as the countryrecovers from its worst reces-sion in decades.

"Whereas the typicalAmerican household is tryingto figure out how to balanceits checkbook and pay itsbills, the wealthy (are) tryingto do that, even with its phi-lanthropy," Wells FargoPrivate Bank CEO Jay Welkersaid in New York.

"Philanthropy is a part of ...what can I afford to do thismonth, or this quarter, or thisyear?" he said.

Welker praised Gates andBuffett's Giving Pledge cam-paign, which urges billion-aires to give away at least half

their fortunes to charity, butsaid that "what they don't giveaway still makes themwealthier than everybody elsein the world."

The bankers said America'swealthy were concernedabout the economic recoveryand whether Congress wouldextend tax cuts for richer USh o u s e h o l d s ,enacted byf o r m e rP r e s i d e n tGeorge WBush, that aredue to expireat the end ofDecember.

"There is afear that if themoney is per-manently lost,they might notbe able tomake it again," said MoffettCochran, chief executive ofSilvercrest Asset Management.

"Our clients are probablynot spending their money asfreely as they once did. Ithink that's motivated by a lotof things including guilt athaving still a lot," he said.

Cochran said that whilemany of his clients wereinvolved in philanthropy, oth-

ers were not interested.He mentioned one wealthy

Wall Street client, who whenasked if he wanted to consid-er getting involved in philan-thropy and including his onlyson, replied: "I want my sonto learn how to make moneybefore he starts giving itaway."

TARGETED PHILAN-THROPY

Keith Banks, chief execu-tive of US Trust, said thatmany wealthy Americansbelieved that "their wealthbrings a desire, almost aresponsibility, to do positivethings with it" and that despitethe economic woes, thatmind-set had not changed.

"But I would say if anything

they are being more selectivein what they're doing andwhat they're supporting," hesaid.

"In the past where some ofthem might write 10 checks,they may give the sameamount of money, but theythey're going to write fivechecks ... as opposed to more

generic philanthropy, its moretargeted philanthropy," hesaid.

Individual Americans gavemore than $227 billion in2009, according to a theGiving USA report by theCenter on Philanthropy atIndiana University, down just0.4 per cent from the previousyear, despite the US recession.

"What we have seen in the

last two years is that peopleare probably pretty flat ontheir commitments, wehaven't seen too much aggres-sive behavior there about get-ting bigger," said AnthonyDeChellis, chief executive ofCredit Suisse Private Bank(Americas).

While the philanthropy ofthe rich was designed to takeadvantage of tax breaks, theprivate bankers said this wasrarely a key motivation andthat wealthy Americans werebecoming more involved intheir giving.

"So many of our clientswant to give back," said JohnHilton, chief executive ofBessemer Trust. "It really isto share their success withothers who can benefit fromthat gift. I really don't thinkit's tax driven."

He said philanthropy amonghis clients was flat.

"Because of the uncertainty,people are living longer, thereare expectations their wealthmay not grow as much in thefuture as it has in the past,"Hilton said. "People are justmaking decisions in a muchslower, measured mannerthan maybe they had in thepast."-Reuters

It Weighs on theWealthiest Even

Distraction Tactics The objective of today's propaganda against Pakistan is to create doubts cognitive dissonance and ultimately divide the opinions of the influential group

as well as the general audience. This is exactly happening with us as a nation lately. International reports and local media are presenting concocted stories

in such a way that a section of political leaders and people believe that the working of the government is in quandary and change has become imminent.In the prevailing geo-political situation and the existing threats from the terrorists the change is not the answer. The situation can be handled by transform-

ing the system. Democratic institutions are not established in a short time. They go through many odds and then learn from experiences. Pointing the fingerat the weaknesses of others may be a part of healthy criticism but practical solutions are necessary too.

Building up pressure to make the leadership realize its strengths and weaknesses and finding out options to overcome the problems is a sign of growingmaturity. We as a nation should not fall prey to propaganda of enemies. We all know the hidden or unveiled truths. We should learn to be optimistic and bestrong enough to fight against war of minds. Mistrust, confusions, doubts and allegations are like a beaver which goes on playing its part of weakening thefoundations leading to collective collapse.

Propagandists focus on the sensitivities of the people. They choose institutions which are respected and have the capacity to deliver the best. Creating doubtsabout these shatter the confidence of public and lowers the morale. In the prevailing circumstances we need to guard our minds against the negative propaganda.

The Kashmir ConundrumWhen it comes to UN General Assembly session hopes are high that some support from other countries could bring some hope for the people of Kashmir. This

time the UN has given a very positive signal of 'getting tough with India'. The US has also sent a message to 'fix Kashmir issue and get the UN seat'.The prevailing scenario demands resolving issues having the potential of disrupting peace in the region. Kashmiri is an issue which is creating unrest among its peo-

ple. They are demanding freedom. Millions have died over the years but the struggle has continued and the new generation is also trying harder to achieve freedom.For how long India can suppress the movement and cover up atrocities being committed by its army and paramilitary forces. The open wounds of Kashmiris

demand the UN and the powerful nations to influence India. Recognizing the issue and supporting the Kashmiris is not enough. Steps have to be taken to stop India from committing brutalities and allowing them to exer-

cise the right of self determination. The second step is to convince the UN to send a mission to Kashmir immediately for taking steps to leading to the freedom ofKashmiris. It is not an easy job, which could be achieved in one day. If the world is serious, it should make to resolve the issue.

Anwar Parveen, Rawalpindi

"Translated into action, such an ideawould represent a very serious risk to

the global recovery ... Any suchapproach would have a negative and very

damaging longer-run impact," he said.

Welker praised Gates and Buffett'sGiving Pledge campaign, which

urges billionaires to give away at leasthalf their fortunes to charity, but said

that "what they don't give awaystill makes them wealthier than

everybody else in the world."

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




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




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


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)AMTEX 15.67 5.25 JSCL 9.13 5.00 NCL 17.85 3.52 AHSL 21.53 3.04 PSAF 6.91 2.92

Symbol Close ChangeWYETH 944.33 37.78 NESTLE 1,911.55 32.21 DREL 710.00 20.00 MTL 425.57 18.52 LAKST 345.14 16.43

Symbol Close ChangeULEVER 3,950.00 -50UPFL 1,001.00 -39IDYM 218.54 -11.5BATA 465.00 -6.82PAKD 107.85 -5.67

Plus 163Minus 193Unchanged 43

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

EU shares close higher on stimulus hopes

Inflows push Jakarta, Manila to record high

Thursday, October 7, 2010 5

Dhiyan

Dull activities are likely to continue as investors are seen sticking to the side-lines due to ongoing political uncertainties, weak economic fundamentalawaiting recommencement of NRO hearings scheduled for October 13.Having said this market can witness a rally followed by a settlement of any ofthe issues this way or the other. Despite odds market is sustaining 10,000 leveland good corporate results are likely to extend some support in the comingdays. Investors are advised to adopt 'wait & see' strategy till these issues areresolved. However, they can make short-tern investment in stocks scheduledto announce good results. Market would remain rangebound today.

Tariq Hussain Khan, Head of Portfolio Management Darson Securities

Faisal Shaji, Head of Research Standard Capital

Whatever the fund managers say, value buying can be done in the market which is tradingat 6-7 multiples without OGDC stock. Political scenario in my opinion is much clearer ascompared to the situation prevailing a few months ago. There isn't any threat for the pres-ent setup. However, some faces may change which would be good for the sentiments. Thegovernment-judiciary issue is likely to be resolved and the present regime will complete itstenure. Stock market outlook remains positive and KSE-100 index may gain about 1,000points over the next couple of months. Investors are advised to invest in selective stockslike LOTPTA, EPCL, FFBL, POL, FCCL etc. Many fund managers are linking the marketlevels with the interest rate, which is not right for the time being. Any improvement onpolitical front can trigger a rally and investors should indulge in value buying at lower bids.

WAIT IT OUT; PICK CHERRIES

Opening 10,024.86

Closing 10,029.36

Change 4.50

% Change 0.04

Turnover (mn) 59.68

Opening 3,126.01 Closing 3,111.95 Change 14.06% Change 0.45Turnover (mn) 0.95

Opening 2,566.22

Closing 2,559.23

Change 6.99

% Change 0.27

Turnover (mn) 0.004

HONG KONG: Hong Kongstocks rose to an 11-monthhigh in heavy trade onWednesday as investors boughtup under performers such asbanks in expectation easier USmonetary policy will keepmoney cheap.

The Hang Seng Index endedup 1.1 per cent at 22,880.4, itshighest close since November2009, as turnover on the HongKong stock exchange rose toHK$105 billion ($13.5 billion),above HK$100 billion for onlythe second time sinceNovember 2009.

"With market sentimentimproving, investors are chas-ing laggards. Retail, as well asinstitutional investors, willlikely look to build positions inbanks, which are still trading atfairly attractive valuations,"said Mark To, head of researchat Wing Fung Financial inHong Kong.

Mainland banking shareshelped fuel the rally. Theycarry a large weighting on theHang Seng index and havesharply underperformed thewider market throughout theyear on fears of lending curbsand bad loans and higher capi-tal requirements.

Still, the index is technically

overbought. The 14-day rela-tive strength index rose to 78,well above the overboughtmark of 70.

Expectations that the FederalReserve will provide freshstimulus for the U.S. economyboosted stock markets acrossAsia.

Credit Suisse said it wasadding to its overweight posi-tion in Asia ex-Japan, whiledowngrading its recommenda-tion on Continental Europe toneutral.

"There is a very clear linkbetween a weaker dollar andNJA (non-Japan Asia) outper-forming. We would see thishappening if, as we expect, theUS renews QE," Credit Suisseanalysts said in a note.

Mainland Chinese banks list-ed in Hong Kong are trading atdiscounts to long-term valua-tions based on forward twelve-month price-to-book as well asprice-to-earnings multiples.

China Construction Bank(CCB) rose 1.8 per cent andwas the fourth-biggest boost tothe broad market, while HSBCrose 1.4 per cent. Industrial andCommercial Bank of China(ICBC) rose 1.9 per cent.

ICBC shares have fallen 8.5per cent this year compared

with a 4.6 per cent gain for theHang Seng Index. HSBCshares are down over 8 per centfor the year.

ICBC trades at a 20 per centdiscount to its 10-year medianprice-to-book ratio of 2.4,Thomson Reuters Starminedata showed. CCB trades at a17 per cent discount.

Property developer HangLung Properties Ltd rose 4.6per cent. The stock largelymissed out on a wider rally inlocal property plays inSeptember, partly due to itsexposure to the mainland mar-ket.

Hang Lung is up 10.1 percent since the end of August,while rivals Sun Hung KaiProperties and Cheung Konghave risen about 20 per cent.

Bucking the trend, BelleInternational fell 3.3 per centas investors took gains from arally that took the footwearretailer to a record high onMonday.

A sustained recovery in tradingactivity after the summer lull haslifted Hong Kong Exchanges andClearing Ltd shares to the highestlevel since May 2008 and upnearly 30 per cent in the pastmonth. HKEx shares closed up0.2 per cent.-Reuters

HK at this year’s highwith hulking turnover

Nawaz Ali

KARACHI: Dullness dweltat the Karachi StockExchange (KSE) for thethird straight session endingwith a marginal gain asinvestors preferred toremain on the sidelinesbefore the recommencementof hearings on NRO fromOct 13.

The benchmark KSE 100-index gained just 4 points toclose at 10,029 points, bothKSE 30-Index and KSE AllShares Index went up byonly 1 point to close at9,688 and 7,000 pointsrespectively.

Trading activities startedon a positive note, but activ-ity didn't pick up momen-tum and continued to showlethargic performancethroughout the session asinvestors remained awayfrom the trading floor how-ever some buying witnessedin the textile stocks.Therefore index moved in arange of 10,050 points (+ive25 points) and 9,996 points(-ive 28 points).

"Market remained range-bound for investors tradedhalf-heartedly amid limitedactivity from institutionalside", said Samar Iqbal,equity dealer at ToplineSecurities.

The news regarding oneyear tax holiday forPakistani exports toEuropean Union states didturn investors' heads to tex-tile sector, he added.

Experts say that the ongo-ing uncertain political situa-tion in the country is one ofthe major reasons holdingthe investors from trade.They added investors weremainly waiting for Oct 13hearing of National

Reconciliation Ordinance(NRO) implementationcase. Apart from uncertaintyon the political front, thefragile economic situationtoo dulled the activity,opined experts.

Pundits think good quar-terly corporate results alongwith launch of MarginTrading System (MTS) andimprovement in the politicalsituation would boost themarket.

"While already high infla-tion is likely to go up furtherthe proposed rise in wheatsupport price --if approved--along with various taxreforms and rise in powertariff signal further suffoca-tion for the struggling econ-omy. The proposed MTS,moving at painfully slowpace facing constant threatof further amendments, ifimplemented, may howeverallow the local bourse totrade in a larger orbit", saidan equity dealer at a localbrokerage house.

Foreigners' interest, too,remained limited as a netforeign buying of only$0.37 million was registeredon Wednesday, NCCPL datashowed. On the home frontindividual investors did anet buying of $0.7 millionwhile companies net-soldshares worth $0.94 million.

Investor participationremained low as 59.6 mil-lion shares changed handsin the overall market, adecline of 3.8 million ascompared to a turnover of63.4 million shares a dayearlier.

Most of the traded stocksended on a negative note asout of total 399 activeissues; 193 declined and163 advanced while 43issues kept status quo.

Dullnessdwells ata scarcelygreen KSE

MUMBAI: With no sign ofabatement in foreign fundinflows and with firm worldequities lending a hand, Indianshares gained 0.7 per cent onWednesday, for the fourth ses-sion in five, led by RelianceIndustries.

World stocks rallied after theBank of Japan's monetary eas-ing measures bolstered expec-tations of a new round of cen-tral bank action to help feebleeconomies.

The 30-share BSE indexclosed 0.66 per cent or 135.37points higher at 20,543.08,with 20 components advanc-ing. It had risen as much as 1.3per cent in early trade.

'The global mood towardsriskier assets is rising,' saidRakesh Rawal, head of privatewealth management at broker-

age Anand Rathi. 'When investors start looking

at such assets, India is natural-ly one of the attractive betsconsidering the economicgrowth here. Large chunks ofmoney seem to be allocated toIndia.' Foreign fund havepoured in $20.3 billion intoIndian shares so far in 2010,driving the index 17.6 per centhigher.

They have been net buyersof Indian equities in all ses-sions since the start ofSeptember, with the invest-ments since then adding up to$7.5 billion.

Advancing shares outnum-bered declining ones in a ratioof 1.5:1 in the broader marketon a robust volume of 621 mil-lion shares.

See # 15 Page 11

Indian sharesride inflow tide

TOKYO: Japan's Nikkei aver-age rose 1.8 per cent to a two-month closing high onWednesday as the Bank ofJapan's credit easing measuresthe day before continued toinduce strong inflows, espe-cially in the financial and prop-erty sectors.

Still, the continuing strengthof the yen weighed on shares ofmanufactures, such as ToyotaMotor which fell 0.8 per cent,capping the Nikkei average.

The BOJ pledged to pumpmore funds into the strugglingeconomy and to keep rates vir-tually at zero, sending thebenchmark Nikkei 1.5 per centhigher on Tuesday.

Shares of the financial sectorjumped, along with the proper-ty sector after the BOJannounced a plan to set up a 5

trillion yen ($60 billion) fundto buy a wide range of assetsincluding Japanese real estateinvestment trust (J-REITs).

"The BOJ's series of meas-ures have clearly lifted senti-ment and have induced steadyshort-covering in stocks, butthe ongoing strength of the yenis limiting active follow-through moves," said NaokiFujiwara, fund manager atShinkin Asset Management.

"The yen is the key driver inthe stock market now. The fateof the yen will be decided bythe Federal Reserve's monetarypolicy," Fujiwara said.

The benchmark Nikkei gained172.67 points to 9,691.43 -- itshighest close since Aug. 3,while the broader Topix rose 1.4per cent to 844.50.

See # 16 Page 11

Nikkei at highestclose in 2 months

US stocks mid-day

Nasdaq dips;Dow, S&P

go flatNEW YORK: The Nasdaq fellon Wednesday after a broker'sdowngrade in the chip sector,while the Dow and the S&P 500were flat as investors weighedthe prospects for more stimulusmeasures following a weakreading on private-sector hiring.

See # 19 Page 11

Arif HabibSecuritiesrenamed

Ghulam Raza Rajani KARACHI: The Board ofDirectors of Arif HabibSecurities Limited has decidedto change company's name to"Arif Habib CorporationLimited", subject to all regula-tory approvals, as per the noticeissued by the Company toKarachi Stock Exchange (KSE).

See # 18 Page 11

FTSE up, ledby miners,

energiesLONDON: Britain's top shareindex closed higher, at a freshfive month peak on Wednesday,led by miners and energy issuesas commodities rose on opti-mism governments will act tostimulate economies around theworld.

At the close, the FTSE 100was up 45.63 points, or 0.8 percent at 5,681.39, its highestclose since April 26.

"It's a reaction to recent sup-portive comments and actionsfrom the central banks ... show-ing they are prepared to useevery weapon in the arsenal tomake sure the fragile recoverywon't turn into a double dip,and that has helped riskappetite," said Henk Potts, mar-kets strategist at BarclaysWealth.

Miners gave the biggest boostto the index as gold hit a recordhigh and copper rose to itshighest since July 2008 on astrong demand outlook andexpectations that governmentswill do more to stimulate theglobal economy.

Anglo American, Lonmin,Kazakhmys, and Xstrata added3.8 to 4.2 per cent, helped by a

See # 14 Page 11

NAKIoff non

compliantcompanies’ list

Staff Reporter

KARACHI: NakshbandiIndustries Limited has declared20% final cash dividend for theyear ended June 30, 2010.Accordingly, the cause ofplacement of the Companyunder Listing Regulation No.30(2) of the Exchange in the non-complaint Segment has beenremoved.

Sen Waqarto kick offforum at

London mktISLAMABAD: The LondonStock Exchange (LSE) hasinvited Senator Waqar AhmedKhan Federal Minister forPrivatization to open "PakistanCapital Market Forum" onFriday October 19.

The event is being held underthe auspices of LSE in conjunc-tion with Nomura Dubai inLondon, says a statementissued by PrivatizationCommission.

See # 17 Page 11

ANNOUNCEMENTS

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

Pak Datacom Ltd. Yearly 50%(D) 159.093 20.29

Crescent Fibres Yearly 10%(D) 110.744 8.92

Ishaq Textile Yearly 8%(D) 45.884 4.75

Int.Knitwear XD Yearly 6%(D) 6.093 1.89

Cres. Stand.Mod. Yearly 1.20%(D) 5.024 0.25

Ideal Energy Yearly 2%(D) -10.633 -1.33

Hafiz Textile Yearly - 3.370 2.81

Saudi Pak Leasing Yearly - -342.753 -7.59

Mandviwala Yearly - -17.958 -2.44

B.R.R.Guardian Yearly - -161.233 -2.07

Fatima Enterprise Yearly - 237.452 16.69

Southern Network Yearly - -41.474 -0.83

Gillette Pak Yearly - 25.884 1.35

South East Asian stocks

Code of CorporateGovernance

SECP initiatesconsultation

processStaff Reporter

ISLAMABAD: The Securitiesand Exchange Commission ofPakistan (SECP) on Wednesdaylaunched a consultation processto reform the 2002 Code ofCorporate Governance.

See # 20 Page 11

Thursday, October 7, 20106

Volume 59,684,937

Value 1,619,499,949

Trades 33,661

Advanced 163

Declined 193

Unchanged 43

Total 399

Current 7,000.21

High 7,017.34

Low 6,979.01

Change h1.02

Current 10,029.36

High 10,051.89

Low 9,995.99

Change h4.50

Current 9,688.30

High 9,713.19

Low 9,666.63

Change h1.14

Market KSE 100 Index All Share Index KSE 30 Index

Current 15,756.61

High 15,782.19

Low 15,715.67

Change h24.90

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

Samba Bank Limited

SBL closed up 0.08 at 1.90. Volume was 104 per cent above average

and Bollinger Bands were 39 per cent narrower than normal. The com-

pany's loss after taxation stood at Rs96.50 million which translates into

a Loss Per Share of Rs0.10 for the half year of current calendar year

(1HCY10).

SBL is currently 29.3 per cent below its 200-day moving average and

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

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

indicators reflect moderate flows of volume into SBL (mildly bullish).

Trend forecasting oscillators are currently bullish on SBL.

RSI (14-day) 51.39 Total Assets (Rs in mn) 23,734.13

MA (10-day) 1.83 Total Equity (Rs in mn) 7,075.66

MA (100-day) 2.21 Revenue (Rs in mn) 1,878.63

MA (200-day) 2.69 Interest Expense 1,208.86

1st Support 1.80 Loss after Taxation (593.05)

2nd Support 1.75 EPS 09 (Rs) (0.676)

1st Resistance 1.90 Book value / share (Rs) 8.07

2nd Resistance 1.95 PE 10 E (x) -

Pivot 1.85 PBV (x) 0.24


As on Jun 30, 2009

NCL closed up 0.96 at 17.85. Volume was 224 per cent above average

(trending) and Bollinger Bands were 37 per cent narrower than normal.

The company's profit after taxation stood at Rs400.039 million which

translates into an Earning Per Share of Rs4.05 for the nine months of

fiscal year (9MFY10).

NCL is currently 5.5 per cent below its 200-day moving average and is

displaying an upward trend. Volatility is relatively normal as compared

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

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

forecasting oscillators are currently bullish on NCL.





1st Support 17.21 Profit after Taxation 103.34

2nd Support 16.57 EPS 09 (Rs) 1.249


2nd Resistance 18.53 PE 10 E (x) 3.31

Pivot 17.55 PBV (x) 0.48

Nishat (Chunian) Limited


As on Jun 30, 2009

SNGP closed up 0.22 at 31.21. Volume was 409 per cent above aver-

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

The company's profit after taxation stood at Rs445.327 million which

translates into an Earning Per Share of Rs0.81 for the nine months of

fiscal year (9MFY10).

SNGP is currently 7.9 per cent above 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 SNGP (bullish). Trend

forecasting oscillators are currently bullish on SNGP.




MA (200-day) 28.93 Interest Expense 653.18

1st Support 30.74 Profit after Taxation 930.54

2nd Support 30.24 EPS 09 (Rs) 1.695


2nd Resistance 31.86 PE 10 E (x) 28.90

Pivot 31.05 PBV (x) 1.06

Sui Northern Gas Pipeline Limited


As on Dec 31, 2009

ATBL closed up 0.19 at 2.34. Volume was 1,106 per cent above aver-age (trending) and Bollinger Bands were 52 per cent wider than normal.The company's loss after taxation stood at Rs942.176 million whichtranslates into a Loss Per Share of Rs1.88 for the half year of currentcalendar year (1HCY10).ATBL is currently 9.3 per cent below its 200-day moving average andis displaying an upward trend. Volatility is extremely high when com-pared to the average volatility over the last 10 trading sessions. Volumeindicators reflect very strong flows of volume into ATBL (bullish). Trendforecasting oscillators are currently bullish on ATBL.





1st Support 2.05 Loss after Taxation (1,703.11)

2nd Support 1.77 EPS 09 (Rs) (3.405)


2nd Resistance 2.83 PE 10 E (x) -

Pivot 2.30 PBV (x) 0.47

Atlas Bank Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,250.87 1,257.75 1,242.37 1,248.69 -2.17 -0.17

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

3,399,859 - - 65,194.15 mn 1,007,171.95 mn 1,250.87

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

10.79 3.99 37.01 68.56 6.35 1,243.46

Attock Petroleum 576 5.45 353.92 357.89 352.52 354.03 0.11 264546 357.89 289.00 250 - 300 20

Attock Refinery 853 14.66 80.01 81.30 79.23 80.62 0.61 443380 93.60 73.47 - - - -

BYCO Petroleum 3921 - 10.10 10.19 10.05 10.07 -0.03 240894 13.05 9.62 - - - -

Mari Gas Company 735 14.52 107.81 108.50 107.00 107.13 -0.68 20600 138.45 106.00 32.17 100B 31 -

National Refinery 800 5.25 204.46 212.49 203.05 210.59 6.13 276600 212.49 183.25 125 - 200 -

Oil & Gas Development XD 43009 10.02 146.47 146.50 144.61 145.21 -1.26 247674 153.00 133.00 82.5 - 55 -

Pak PetroleumXDXB 11950 5.47 173.42 175.10 173.45 174.64 1.22 882635 214.10 168.70 130 20B 90 20B

Pak Oilfields 2365 6.08 239.14 241.50 239.12 239.52 0.38 1030760 241.50 213.17 180 - 255 -

Pak Refinery Limited 350 - 57.00 57.98 56.00 56.02 -0.98 3792 82.00 48.26 - - - -

P.S.O XD 1715 4.50 265.20 266.75 265.25 265.66 0.46 170531 289.45 233.10 50 - 80 -

Shell Gas LPG 226 13.62 31.11 31.00 29.85 30.23 -0.88 46956 40.10 27.32 - - - -

Shell Pakistan XD 685 9.84 192.72 193.00 191.10 191.91 -0.81 12385 244.00 188.00 330 - 40 -

Paid up Last 60 days 2009 2010

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index


915.93 922.08 910.10 915.38 -0.56 -0.06


11,237,997 - - 47,070.70 mn 112,636.11 mn 925.76


5.96 0.52 8.64 16.68 2.80 915.38

Ali Asghar Textile 222 - 1.38 1.38 1.38 1.38 0.00 4000 2.21 0.40 - - - -

AL-Qadir Textile 76 6.25 2.70 3.30 2.75 3.25 0.55 1372 8.40 2.50 - - - -

Amtex LimitedSPOT 2415 4.19 15.88 16.50 14.90 15.67 -0.21 5252798 20.45 14.61 - - 30 -

Artistic Denim 840 4.94 20.10 20.96 19.50 19.66 -0.44 223 21.29 17.55 20 - 20 -

Azgard Nine 4493 249.50 9.87 10.19 9.80 9.98 0.11 526059 13.40 8.55 - - - -

Babri Cotton 29 4.12 17.75 18.75 17.75 17.75 0.00 3012 18.75 9.50 - - - -

Bannu Woolen 76 - 10.48 10.75 9.50 10.56 0.08 5955 10.79 7.50 - - - -

Bhanero Tex Mills 30 1.19 171.00 179.55 162.45 166.85 -4.15 106 210.00 162.45 20 - 200 -

Brothers Textile 98 - 0.29 0.31 0.30 0.31 0.02 553 1.50 0.10 - - - -

Chakwal Spinning 400 1.65 1.29 1.73 1.30 1.67 0.38 35384 2.30 0.70 - - - -

Chenab Limited 1150 - 3.25 3.35 3.20 3.25 0.00 14296 4.98 2.93 - - - -

Colony Mills Ltd 2442 2.43 2.90 2.97 2.60 2.89 -0.01 5011 5.00 2.23 - - - -

Crescent Fibres Ltd 124 1.46 12.99 13.00 12.30 13.00 0.01 18001 18.35 7.66 - - 10 -

Crescent Jute 238 - 0.70 0.85 0.70 0.85 0.15 17501 2.25 0.48 - - - -

Crescent Textile 492 3.21 22.70 22.50 22.50 22.50 -0.20 3046 28.60 19.51 - - 15 -

D S Ind Ltd 600 - 1.51 1.56 1.44 1.51 0.00 60407 2.49 1.44 - - - -

Dewan Mushtaq Textile 34 0.29 3.15 3.50 3.00 3.03 -0.12 214615 3.99 1.52 - - - -

Din Textile 185 1.26 24.72 25.78 24.00 24.40 -0.32 10316 31.00 24.00 - - 20 10B

Ellcot Spinning 110 1.86 21.95 21.88 21.88 21.88 -0.07 1500 25.45 20.50 7.5 - 35 -

Gadoon Textile 234 1.21 45.45 45.75 44.25 45.21 -0.24 682 48.30 33.80 - - 70 -

Ghani Value Glass 75 7.17 32.50 32.70 32.50 32.50 0.00 2803 38.64 26.00 8 400R 25 -

Gillette Pakistan 192 46.09 65.49 64.60 62.22 62.22 -3.27 460 73.00 57.50 - - - -

Gul Ahmed Textile 635 2.66 20.97 20.01 19.99 20.01 -0.96 1000 23.00 19.99 5 - 12.5 -

Hira Textile Mills Ltd. 716 1.46 3.90 4.10 4.00 4.08 0.18 75052 4.61 2.52 - - - -

Ibrahim Fibres 3105 3.31 34.64 36.00 34.50 35.79 1.15 4279 41.00 34.30 - - 20 -

Ideal Spinning 99 0.64 3.01 3.50 2.02 3.31 0.30 52773 4.79 2.02 - - - -

Ishaq Textile 97 0.84 4.00 4.00 4.00 4.00 0.00 3070 4.99 2.85 - - 8 -

J K SpinningXDXB 175 0.42 6.12 6.55 5.12 6.25 0.13 1766 10.30 4.75 - - 20 5B

Janana D Mal 43 23.69 17.95 18.95 18.00 18.95 1.00 1442 18.95 9.95 - - - -

Kohinoor Ind 303 - 1.31 1.43 1.30 1.33 0.02 19104 2.00 1.01 - - - -

Kohinoor Mills 509 - 3.47 3.57 3.45 3.57 0.10 201 3.99 1.60 - - - -

Kohinoor Textile 1455 2.65 5.11 5.38 5.00 5.06 -0.05 53500 6.30 4.00 - - - -

Masood Textile 600 1.05 21.55 20.60 20.48 20.50 -1.05 481 23.25 19.25 15 - 15 100R

Mohd Farooq 189 - 0.98 0.99 0.62 0.99 0.01 501 1.82 0.35 - - - -

N P Spinning 147 8.33 19.98 20.98 19.98 20.98 1.00 1903 20.98 14.65 - - - -

Nagina Cotton 187 1.26 16.75 16.70 16.25 16.70 -0.05 1853 17.18 12.00 - - 20SD -

Nishat (Chunian) 1586 3.31 16.89 17.89 16.91 17.85 0.96 3523516 19.49 14.64 - 50R - -

Nishat Mills 3516 5.53 46.72 47.50 46.80 46.99 0.27 1102764 53.14 40.81 20 - 25 45R

Pak Leather 34 - 1.65 2.50 2.10 2.50 0.85 202 3.88 1.45 - - - -

Pak Synthetic 560 5.98 5.50 5.50 5.50 5.50 0.00 150 7.90 5.50 12.5 - - -

Paramount Spinning 158 2.06 8.90 8.90 8.90 8.90 0.00 448 9.90 6.00 - 10B - -

Premium Textile 62 0.94 29.35 29.40 29.35 29.35 0.00 102 30.90 22.77 7.5 - 50 -

Ravi Textile 250 4.59 1.85 1.99 1.75 1.79 -0.06 72937 4.69 1.38 - - - -

Reliance Weaving 308 1.30 10.95 11.48 10.49 10.53 -0.42 27401 12.00 6.91 - - - -

Rupali Poly 341 5.67 35.01 34.60 34.60 34.60 -0.41 5090 36.75 31.35 40 - 40 -

Saif Textile 264 - 4.49 5.35 4.00 4.36 -0.13 10300 5.44 2.01 - - - -

Sally Textile 88 0.33 4.10 4.09 3.90 4.09 -0.01 3759 4.98 2.74 - - - -

Samin TextileSPOT 134 - 7.89 8.69 7.00 7.01 -0.88 4837 8.69 5.02 - - - 100R

Sana Ind XD 55 4.54 29.48 30.45 28.75 30.45 0.97 3556 38.40 27.25 35 - 60 -

Sargoda Spinning 312 0.62 2.20 2.45 2.00 2.38 0.18 666 2.45 0.31 - - 5 -

Service Ind 120 4.80 187.99 189.00 186.00 186.48 -1.51 751 236.61 176.50 200 - - -

Shahpur Textile 140 1.18 0.90 0.90 0.85 0.85 -0.05 378 2.26 0.25 - - - -

Shahtaj Textile 97 1.71 18.76 19.24 19.00 19.06 0.30 13861 21.50 14.75 20 - 45 -

Shams Textile 86 1.10 16.07 16.74 16.50 16.63 0.56 2701 17.63 15.00 - - 20 -

Suraj Cotton 180 1.25 35.70 36.50 35.00 35.13 -0.57 19057 36.50 29.50 15 - 50 -

Tata TextileSPOT 173 0.71 17.14 18.14 17.48 18.14 1.00 1610 19.70 12.75 - - 25 -

Thal Limited 256 3.86 104.95 104.48 103.10 103.17 -1.78 29995 114.99 96.00 20 20B 80 20B

Treet Corp 418 7.93 40.50 38.48 38.48 38.48 -2.02 13292 49.49 37.20 - - - -

Tri-Star Poly 215 - 0.55 0.60 0.60 0.60 0.05 5000 1.36 0.30 4 - - -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


1,053.21 1,056.52 1,024.78 1,050.77 -2.44 -0.23


64,245 - - 3,763.71 mn 5,530.93 mn 1,058.70


3.86 0.41 10.64 6.27 1.62 1,030.28

AL-Abid Silk 96 2.90 28.48 29.90 29.79 29.84 1.36 1150 32.00 26.60 7.5 - -20B 20R

Nakshbandi Ind 1176 13.54 16.49 16.25 15.60 16.25 -0.24 400 16.49 10.00 - 57R 20 -

Pak Elektron 1174 2.96 13.65 13.95 13.65 13.86 0.21 54182 15.95 12.17 - 10B - 10B

Tariq Glass Ind 231 2.75 17.29 17.08 16.40 16.90 -0.39 8502 19.12 14.05 - - 17.5 -



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

FOOD PRODUCERS

Performance of SR Food Producers Index


1,453.71 1,474.30 1,434.21 1,450.02 -3.69 -0.25


111,955 - - 11,335.33 mn 186,327.04 mn 1,462.19


28.41 8.61 30.30 30.57 1.08 1,450.02

Abdullah Shah Ghazi Sugar 793 17.19 9.91 10.91 8.91 8.94 -0.97 413 11.70 1.12 - - - -

Adam Sugar 58 0.60 11.25 11.25 11.15 11.23 -0.02 631 14.75 10.50 10 - - -

AL-Noor Sugar 186 4.07 41.00 41.50 39.25 40.04 -0.96 302 47.35 38.00 40 - - -

Chashma Sugar 287 0.74 9.15 9.15 9.14 9.15 0.00 2100 11.40 8.00 - - - -

Crescent Sugar 214 12.23 6.00 6.50 6.25 6.48 0.48 70514 7.80 5.01 - - - -

Habib Sugar 600 5.99 29.30 29.20 28.50 29.03 -0.27 14607 30.44 23.04 35 25B - -

Habib-ADM LtdSPOT 200 4.49 15.96 16.08 15.82 15.99 0.03 4951 16.98 13.00 40 - 40 -

Hussein Sugar 121 - 13.54 13.21 12.88 12.88 -0.66 765 14.00 4.22 - - - -

J D W Sugar 490 2.20 65.85 65.90 65.50 65.60 -0.25 533 67.90 60.10 40 - 0 12.5R

National Foods XD 414 19.73 41.25 42.45 40.50 41.24 -0.01 1212 65.29 40.50 - 25B 12 -

Nestle Pakistan 453 22.00 1879.34 1971.50 1820.02 1911.55 32.21 3421 1974.00 1641.00 600 - 200 -

Pangrio Sugar 109 0.44 5.35 5.35 5.35 5.35 0.00 1050 7.00 4.00 - - - -

Quice Food 107 - 2.30 2.44 2.33 2.35 0.05 5000 2.80 1.60 - - - -

S S Oil 57 1.32 3.10 3.10 3.00 3.05 -0.05 1000 3.50 2.51 - - - -

Sakrand Sugar 223 - 3.00 3.00 3.00 3.00 0.00 500 3.50 2.12 - - - -

Shahmurad Sugar 211 15.94 11.05 11.39 11.00 11.00 -0.05 1242 11.90 7.40 15 - - -

Shakarganj Mills 695 - 4.19 4.49 3.75 3.75 -0.44 2001 5.16 3.02 - - - -

Tandlianwala 1177 272.73 30.00 30.00 28.55 30.00 0.00 1502 35.50 22.43 - - - -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,045.63 1,067.54 1,039.39 1,055.73 10.09 0.97


560,424 - - 6,768.53 mn 38,095.77 mn 1,055.73


3.86 0.98 25.35 20.42 5.29 1,032.73

Agriautos Ind 144 5.08 69.29 69.50 69.29 69.50 0.21 600 78.39 63.01 40 - 90 -

Atlas Battery 101 5.15 137.00 138.45 136.10 136.53 -0.47 2200 209.00 131.00 100 20B 100 20B

Atlas Honda 626 6.70 94.50 96.99 96.25 96.25 1.75 210 127.99 92.00 80 30B - -

Baluchistan Wheels Ltd. 133 4.78 30.00 30.00 30.00 30.00 0.00 287 33.47 28.25 15 - 25 -

Dewan Motors 890 - 1.58 1.50 1.35 1.36 -0.22 477415 2.24 1.16 - - - -

Exide (PAK) 56 3.94 138.00 144.65 137.00 137.64 -0.36 650 177.99 121.10 50 - 60 -

General Tyre XD 598 6.16 22.00 23.10 21.76 22.47 0.47 12389 28.80 21.71 - - 20 -

Ghandhara Nissan 450 - 4.22 4.50 4.03 4.40 0.18 8977 6.60 4.03 - - - -

Honda Atlas Cars 1428 - 10.65 10.80 9.65 10.61 -0.04 15007 14.50 9.65 - - - -

Indus Motors XD 786 5.03 218.98 221.94 218.00 220.44 1.46 21024 287.00 212.29 100 - 150 -

Pak Suzuki 823 9.32 72.63 76.26 72.90 75.02 2.39 10720 89.99 69.25 5 - - -

Sazgar Engineering 125 6.35 24.80 25.64 24.45 24.46 -0.34 10920 27.85 23.91 - 20B 10 20B



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,355.96 1,408.67 1,359.05 1,400.80 44.84 3.31


233,729 - - 1,336.62 mn 29,946.94 mn 1,410.67


7.73 2.94 38.02 131.49 17.01 1,349.49

Ados Pak 66 2.93 20.01 19.80 19.07 19.80 -0.21 200 22.69 18.90 20 - - -

AL-Ghazi Tractor 215 5.10 214.00 216.25 212.00 214.86 0.86 5992 227.45 200.26 400 - 150 -

Bolan CastingSPOT 95 5.55 48.10 49.00 48.01 48.04 -0.06 8969 50.61 35.25 - 20B 25 10B

Dewan Auto Engineering 214 - 0.76 0.70 0.70 0.70 -0.06 10198 0.98 0.36 - - - -

Ghandhara Ind 213 2.24 14.00 14.30 13.70 14.25 0.25 22907 20.24 13.70 - - - -

KSB Pumps 132 8.07 79.96 82.75 81.00 81.01 1.05 181 91.00 71.11 35 - - -

Millat TractorsXDXB 366 5.46 407.05 427.40 409.06 425.57 18.52 185270 597.90 390.00 450 25B 650 25B



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


892.93 894.88 884.09 893.43 0.51 0.06


66,144 - - 3,043.31 mn 33,015.85 mn 898.72


2.61 1.15 43.91 15.55 5.95 890.07

Cherat PapersackSPOT 92 4.43 47.02 47.19 46.50 46.51 -0.51 9699 51.05 34.00 - - 20 25B

Ghani Glass 970 6.14 59.50 60.10 58.51 60.00 0.50 46232 61.99 54.65 30 10B 25 10B

MACPAC Films 389 - 3.09 2.94 2.46 2.94 -0.15 1002 4.69 2.21 - - - -

Merit Pack 47 - 15.40 16.40 14.47 16.40 1.00 393 20.70 11.81 - - - -

Packages Ltd 844 15.49 102.49 102.50 101.00 102.24 -0.25 6721 125.96 98.00 32.5 - - -

Tri-Pack Films 300 8.17 102.00 101.80 101.60 101.80 -0.20 2080 105.00 91.00 100 - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


899.18 910.30 887.96 894.50 -4.68 -0.52


2,850,596 - - 54,792.74 mn 67,136.69 mn 912.37


6.58 0.47 7.10 19.04 2.89 894.50

Al-Abbas Cement 1828 - 2.91 3.00 2.80 2.96 0.05 135002 4.40 2.80 - - - 100R

Attock Cement 866 5.02 63.00 64.00 62.12 63.00 0.00 60351 72.40 62.00 50 20B 50 -

Berger Paints 182 - 14.65 15.28 14.05 14.61 -0.04 4030 20.00 14.01 - - - 122R

Buxly Paints 14 6.06 11.25 10.85 10.85 10.85 -0.40 300 14.94 10.55 - - - -

Cherat Cement 956 - 10.32 10.05 10.05 10.05 -0.27 925 12.50 8.90 - - - -

Dadabhoy Cement 982 11.92 1.45 1.74 1.52 1.55 0.10 32152 2.74 1.30 - - - -

Dewan Cement 3574 - 1.50 1.54 1.45 1.50 0.00 45425 2.20 1.30 - - - -

DG Khan Cement Ltd 3651 32.61 23.46 23.72 23.40 23.48 0.02 1319542 28.74 23.02 - 20R - 20R

Fauji Cement 6933 11.50 4.65 4.69 4.60 4.60 -0.05 226550 5.50 4.50 - - - -

Fecto Cement 502 - 4.72 5.40 4.90 4.90 0.18 499 7.90 4.50 - 10B - -

Flying Cement Ltd 1760 - 1.88 1.91 1.80 1.86 -0.02 11006 2.37 1.75 - - - -

Gharibwal Cement 2319 - 3.57 3.50 3.02 3.49 -0.08 223 7.50 2.11 - - - -

Haydery Const 32 - 0.80 0.98 0.72 0.72 -0.08 3495 2.00 0.25 - - - -

Javedan Cement 581 - 60.00 63.00 59.00 60.00 0.00 743 66.10 56.05 - 200R - -

Karam Ceramics 145 6.05 6.20 7.14 5.20 5.20 -1.00 1980 7.30 4.01 - - - -

Kohat Cement 1288 - 5.57 5.95 5.54 5.70 0.13 130327 7.38 5.50 - - - -

Lafarge Pakistan Cmt. 13126 - 2.78 2.79 2.75 2.75 -0.03 526688 3.53 2.60 - - - -

Lucky Cement 3234 6.34 71.03 71.18 70.50 70.60 -0.43 189538 73.88 62.60 40 - 40 -

Maple Leaf Cement 3723 - 2.81 2.80 2.51 2.70 -0.11 154866 3.84 2.51 - - - -

Maple Leaf(Pref) 541 5.13 6.98 6.98 6.98 6.98 0.00 1232 8.39 3.50 9.75 - - -

Pioneer Cement 2228 - 7.58 7.79 7.60 7.60 0.02 4685 8.47 6.75 - - - -

Shabbir Tiles 361 - 9.25 8.37 8.37 8.37 -0.88 1003 12.23 8.10 - - - -



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


966.50 964.37 942.99 953.31 -13.19 -1.37


64,963 - - 3,596.11 mn 8,950.03 mn 969.29


3.13 1.03 33.10 30.91 9.89 953.31

Crescent Steel 565 3.37 24.90 24.89 24.50 24.89 -0.01 1815 31.73 23.75 - - 30 -

Dost Steels Ltd 675 - 2.05 2.10 2.01 2.01 -0.04 3554 3.20 1.65 - - - -

Huffaz Pipe 555 5.39 13.33 13.30 12.40 12.56 -0.77 31337 16.75 12.40 - 30B - -

International Ind 1199 4.63 48.48 48.41 47.00 47.50 -0.98 27333 70.71 47.00 - - 40 20B

Siddiqsons Tin 785 18.37 9.01 9.00 9.00 9.00 -0.01 900 11.25 8.20 10 - 7.5 -



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,154.08 1,158.94 1,139.46 1,142.91 -11.17 -0.97


17,215 - - 1,186.83 mn 3,171.50 mn 1,174.26


5.96 0.45 7.47 25.28 4.24 1,142.91

Century Paper 707 - 19.01 19.25 18.65 18.70 -0.31 15902 22.70 15.90 - 425R - -

Pak Paper ProductXDXB 50 4.25 41.00 42.00 39.56 40.84 -0.16 1213 62.85 39.50 20 - 25 33.33B



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

CHEMICALS

Performance of SR Chemicals Index


1,138.63 1,144.82 1,131.99 1,138.36 -0.27 -0.02


5,136,911 - - 52,251.88 mn 258,819.56 mn 1,139.85


7.05 2.47 35.00 48.81 6.92 1,131.65

Agritech Limited 3924 - 22.70 23.50 22.25 23.49 0.79 702 27.79 21.15 - - - -

Bawany Air 68 1.40 10.51 10.90 10.00 10.90 0.39 1454 16.78 10.00 - - 5 10R

BOC (Pak) 250 9.31 75.19 78.00 73.20 73.21 -1.98 3252 82.50 66.90 90 - 15 -

Clariant Pak 273 5.72 160.51 163.00 162.00 162.51 2.00 1203 174.00 150.00 125 - - -

Descon Chemical 1996 - 2.10 2.10 1.99 2.02 -0.08 22902 3.15 1.78 - - - -

Descon Oxychem Ltd. 1020 - 4.10 4.08 3.83 3.90 -0.20 8255 5.45 3.20 - - - -

Dewan Salman 3663 - 1.35 1.39 1.32 1.34 -0.01 94461 2.21 1.28 - - - -

Engro Corp. Ltd XD 3277 8.92 174.33 175.00 173.30 173.94 -0.39 124339 194.59 165.60 6010B 40R 20 -

Engro Polymer 6635 - 13.34 14.34 13.35 14.34 1.00 1822254 14.69 9.57 - 27.5R - -

Fatima Fertilizer 22000 - 10.55 10.70 10.25 10.37 -0.18 68957 12.46 9.02 - - - -

Fauji Fertilizer 6785 7.19 105.61 105.90 105.35 105.70 0.09 189078 113.39 102.96 131.5 10B 75 -

Fauji Fert. Bin Qasim 9341 7.02 27.80 27.90 27.51 27.60 -0.20 597943 30.65 26.59 40 - 5 -

Gatron IndSPOT 384 3.61 40.00 41.95 38.50 38.71 -1.29 244 48.30 36.80 - - 20 -

Ghani Gases Ltd 725 - 12.00 12.39 11.70 12.18 0.18 325495 12.39 7.41 - - - -

ICI Pakistan XD 1388 6.99 117.19 117.50 116.95 117.25 0.06 40840 128.30 109.50 80 - 55 -

Lotte Pakistan 15142 2.93 8.47 8.54 8.39 8.45 -0.02 1727084 9.09 6.75 5 - - -

Mandviwala 74 - 1.51 1.70 1.06 1.50 -0.01 104655 3.24 1.06 - - - -

Nimir Ind Chemical 1106 67.00 1.38 1.37 1.30 1.34 -0.04 41498 1.80 1.16 - - - -

Pak PVC SPOT 150 - 2.00 1.05 1.00 1.05 -0.95 501 5.95 1.00 - - - -

Sitara Chem Ind 204 5.35 121.66 127.20 118.02 121.33 -0.33 5373 135.00 110.03 75 - 25 5B

Sitara Peroxide 551 - 8.15 8.35 8.04 8.07 -0.08 39848 11.09 7.67 - - - -

Wah-Noble 90 4.98 41.70 42.50 41.00 42.00 0.30 8355 48.00 41.00 50 - 50 -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


819.69 833.44 812.72 822.98 3.29 0.40


41,099 - - 3,904.20 mn 27,676.33 mn 824.06


6.19 1.38 22.31 44.54 7.20 816.14

Abbott (Lab) 979 7.88 88.50 90.50 88.50 89.87 1.37 10227 95.50 77.00 120 - 20 -

Ferozsons (Lab) 208 7.28 111.75 112.99 109.00 111.00 -0.75 4774 124.00 96.00 10 20B - 20B

GlaxoSmithKline 1707 12.01 66.96 66.95 66.50 66.54 -0.42 7655 83.77 65.00 50 - - -

Highnoon (Lab) 165 6.49 23.90 23.90 23.55 23.90 0.00 2114 25.79 22.10 25 - - -

IBL HealthCare Ltd 200 16.11 7.47 8.44 7.25 7.25 -0.22 2095 8.66 6.10 - - - -

Otsuka Pak 100 4.25 27.90 28.50 27.75 28.00 0.10 1250 34.99 27.50 15 - - -

Searle Pak 306 5.32 61.53 64.19 61.50 62.00 0.47 12971 64.19 53.36 15 15B 30 -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


708.53 714.86 701.43 705.07 -3.46 -0.49


13,983 - - 3,242.17 mn 12,464.20 mn 708.53


5.60 1.43 25.53 11.08 1.98 685.01

Pak Int Cont.Terminal XD 1092 8.04 66.03 66.50 65.10 65.55 -0.48 11952 87.86 62.75 - 20B 40 -

PNSC XD 1321 5.25 38.40 39.00 38.50 38.50 0.10 2031 41.74 34.50 30 - 15 -



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

BOOK CLOSURES

Descon Oxychem 07-Oct 13-Oct - - 13-Oct

National Foods 07-Oct 15-Oct 12 29-Oct 15-Oct

Pak National Shipping Corp 07-Oct 14-Oct 15 29-Sep 14-Oct

Amtex Ltd 08-Oct 15-Oct 30 30-Sep 15-Oct

Island Tex Mills 08-Oct 16-Oct 50 30-Sep 16-Oct

JS Global Capital 08-Oct 14-Oct 50 30-Sep 14-Oct

Otsuka Pakistan 08-Oct 14-Oct - - 14-Oct

Salfi Tex Mills 08-Oct 16-Oct 25 30-Sep 16-Oct

Tata Tex Mills 08-Oct 16-Oct 25 30-Sep 16-Oct

Merit Packaging 09-Oct 15-Oct - - 15-Oct

Al-Meezan Mutual Fund 11-Oct 19-Oct 8.5(F) 01-Oct -

Ghandhara Industries 11-Oct 19-Oct - - 19-Oct

Habib ADM 11-Oct 20-Oct 40 01-Oct 20-Oct

Meezan Balanced Fund 11-Oct 19-Oct 5.5(F) 01-Oct -

Bolan Castings 12-Oct 25-Oct 25,10(B) - 25-Oct

Cherat Cement 12-Oct 26-Oct - - 26-Oct

Clover Pakistan 12-Oct 18-Oct 15(F) 04-Oct 18-Oct

Gatron (Industries) 12-Oct 18-Oct 20 04-Oct 18-Oct

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Pakistan CablesXD 55 55 52.25 54.48 -0.52 11290TRG Pakistan Ltd. 4.26 4.38 4.2 4.27 0.01 1294868Murree Brewery 91.07 95.6 90.56 92.3 1.23 2415Shakarganj Food 1.25 1.25 1.25 1.25 0 500Shezan International 98.99 94.53 94.05 94.05 -4.94 738Grays of Cambridge 59.67 61.98 57 57.8 -1.87 851Lakson Tobacco 328.71 345.14 345.14 345.14 16.43 3337Shifa Int.Hosp.XD 33.35 31.7 31.7 31.7 -1.65 510Eye Television 21.01 22.06 21.05 22.06 1.05 631Pak Hotels 61.45 64 62 62 0.55 1140P.I.A.C.(A) 2.05 2.19 2.01 2.07 0.02 25818Pak Services 144.86 152.1 140 148.98 4.12 355AKD Capital 51.73 54.31 54.31 54.31 2.58 6961Pace (Pak) Ltd. 2.59 2.98 2.54 2.9 0.31 2173301Netsol Technol. 17.41 17.8 17.4 17.51 0.1 447818Pak Telephone 1.97 2.15 1.16 1.94 -0.03 4006

Symbols Open High Low Close Change Vol

Thursday, October 7, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 4.50 points at 10,029.36. Volume was 38

per cent below average and Bollinger Bands were 59 per cent narrow-

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

see major 1st resistance level at 10,055.50 and 2nd resistance level at

10,081.65, while Index will continue to find its 1st support level at

9,999.60 and 2nd support level at 9,969.85.

KSE 100 INDEX is currently 1.0 per cent above its 200-day moving

average and is displaying an upward trend. Volatility is extremely low

when compared to the average volatility over the last 10 trading ses-

sions. Volume indicators reflect volume flowing into and out of INDEX

at a relatively equal pace. Trend forecasting oscillators are currently

bullish on INDEX.

RSI (14-day) 56.03 Support 1 9,999.60

MA (5-day) 10,031.00 Support 2 9,969.85

MA (10-day) 9,991.25 Resistance 1 10,055.50

MA (100-day) 9,868.70 Resistance 2 10,081.65

MA (200-day) 9,933.29 Pivot 10,025.75


Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed up 0.02 at 23.48. Volume was 51 per cent below average (con-

solidating) and Bollinger Bands were 13 per cent narrower than normal.

DGKC is currently 14.6 per cent below its 200-day moving average and is

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

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

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

Trend forecasting oscillators are currently bearish on DGKC.

*Arif Habib Ltd 44 Buy

AKD Securities Ltd 44.13 Buy

TFD Research 36.85 Positive

RSI (14-day) 38.15 Free Float Shares (mn) 182.55

MA (10-day) 23.97 Free Float Rs (mn) 4,286.27

MA (100-day) 24.92 ** NOI Rs (mn) 19.71

MA (200-day) 27.50 Mean 23.52

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


Nishat Mills Ltd


Technical Outlook

NML closed up 0.27 at 46.99. Volume was 50 per cent below average (con-

solidating) and Bollinger Bands were 55 per cent narrower than normal.

NML is currently 11.6 per cent below its 200-day moving average and is

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

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

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

oscillators are currently bullish on NML.






MA (100-day) 46.39 ** NOI Rs (mn) 18.33

MA (200-day) 53.16 Mean 47.00



Pakistan Oilfields Ltd


Technical Outlook

POL closed up 0.38 at 239.52. Volume was 14 per cent below average and

Bollinger Bands were 27 per cent narrower than normal.

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

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

average volatility over the last 10 trading sessions. Volume indicators

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

oscillators are currently bullish on POL.






MA (100-day) 224.70 ** NOI Rs (mn) 79.84

MA (200-day) 231.19 Mean 239.82



Pakistan Petroleum Ltd


Technical Outlook

PPL closed up 1.22 at 174.64. Volume was 5 per cent above average and

Bollinger Bands were 227 per cent wider than normal.

PPL is currently 10.1 per cent below its 200-day moving average and is

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

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

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

are currently bearish on PPL.





MA (100-day) 192.35 ** NOI Rs (mn) 25.47

MA (200-day) 194.22 Mean 174.15



Fauji Fertiliser Bin Qasim Ltd


Technical Outlook

FFBL closed down -0.20 at 27.60. Volume was 63 per cent below average

(consolidating) and Bollinger Bands were 27 per cent narrower than normal.

FFBL is currently 3.9 per cent below its 200-day moving average and is

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

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

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

Trend forecasting oscillators are currently bullish on FFBL.


AKD Securities Ltd 32.87 Accumulate

TFD Research 29.1 Neutral



MA (100-day) 27.71 ** NOI Rs (mn) 0.01

MA (200-day) 29.28 Mean 27.70



Hub Power Co Ltd


Technical Outlook

HUBC closed up 0.26 at 33.12. Volume was 65 per cent below average

(consolidating) and Bollinger Bands were 10 per cent wider than normal.

HUBC is currently 1.6 per cent below its 200-day moving average and is

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


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

oscillators are currently bearish on HUBC.


AKD Securities Ltd 46 Buy




MA (100-day) 33.96 ** NOI Rs (mn) N/A

MA (200-day) 33.67 Mean 33.07



Kot Addu Power Co Ltd


Technical Outlook

KAPCO closed down -0.04 at 41.15. Volume was 92 per cent above aver-

age and Bollinger Bands were 35 per cent narrower than normal.

KAPCO is currently 5.8 per cent below its 200-day moving average and is

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


flowing into and out of KAPCO at a relatively equal pace. Trend forecast-

ing oscillators are currently bullish on KAPCO.






MA (100-day) 41.81 ** NOI Rs (mn) N/A

MA (200-day) 43.67 Mean 41.21


EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,019.87 1,029.96 995.42 1,006.13 -13.74 -1.35


6,885,364 - - 29,771.58 mn 17,201.64 mn 1,029.98


7.44 0.30 4.09 104.19 24.63 1,006.13

1st Fid Leasing 264 - 1.16 1.40 1.25 1.25 0.09 5836 2.24 1.01 - - - -

AL-Meezan Mutual F. SPOT 1375 2.66 6.91 7.10 6.84 6.89 -0.02 74648 7.25 6.35 - - 18.5 -

Asian Stocks 900 2.19 4.00 3.00 3.00 3.00 -1.00 1000 5.80 2.80 - - 8.2 -

Atlas Fund of Funds 525 1.84 3.15 3.26 3.26 3.26 0.11 2500 4.20 2.53 - - - -

Constellation Modaraba 65 4.33 1.87 1.97 1.01 1.43 -0.44 123 2.99 1.00 - - - -

Crescent St Modaraba 200 2.24 0.46 0.80 0.48 0.56 0.10 1556911 0.90 0.16 - - 1.2 -

Elite Cap Modaraba 113 3.86 2.82 2.88 2.51 2.51 -0.31 202403 3.49 1.65 4.5 - 5 -

First Capital Mutual F. 300 3.48 3.00 3.30 3.24 3.24 0.24 40220 3.80 0.99 - - - -

First Dawood Mutual F. 581 - 1.60 1.68 1.55 1.55 -0.05 59015 2.09 1.36 - - - -

Golden Arrow 760 3.98 3.69 3.70 3.61 3.66 -0.03 60080 3.88 2.32 - - 17 -

H B L Modaraba 397 5.58 6.54 6.40 6.30 6.31 -0.23 21537 6.69 4.80 5 - 11 -

Habib Modaraba 1008 4.51 6.00 6.00 5.90 6.00 0.00 20065 7.49 5.56 20 - 21 -

Imrooz Modaraba 30 6.46 64.75 64.90 61.52 61.52 -3.23 201 69.95 43.00 63 - 76 -

JS Growth Fund 3180 36.13 3.01 3.00 2.70 2.89 -0.12 585594 4.39 2.70 - - 5 -

JS Value Fund 1186 - 2.86 3.00 2.65 2.85 -0.01 7096 3.98 2.31 10 - 10 -

Meezan Bal. FundSPOT 1200 2.85 6.24 6.10 5.90 5.90 -0.34 43004 7.49 5.78 - - 15.5 -

Mod Al-Mali 184 - 0.99 1.05 0.98 1.00 0.01 9511 1.25 0.56 - - - -

Nat Bank Modaraba 250 6.74 7.45 7.08 7.08 7.08 -0.37 1000 8.45 6.10 - - 10 -

Pak Modaraba 125 0.62 0.31 0.50 0.50 0.50 0.19 3000 1.07 0.25 - - - -

Pak Prem Fund XD 1698 3.68 7.72 7.80 7.71 7.72 0.00 138575 9.86 7.00 - - 18.6 -

Pak Strat Fund 3000 5.40 6.90 7.00 6.85 6.91 0.01 2920005 8.10 6.01 - - 11.53 -

Paramount Modaraba XD 59 7.81 8.60 8.75 8.75 8.75 0.15 500 8.75 6.55 15 - 18 -

PICIC Energy Fund 1000 2.44 4.78 4.89 4.58 4.58 -0.20 502 6.49 4.00 - - 5 -

PICIC Growth Fund 2835 2.20 7.99 8.40 8.00 8.01 0.02 203786 10.55 7.60 - - 20 -

PICIC Inv Fund XD 2841 1.79 3.79 3.70 3.50 3.54 -0.25 884875 5.00 3.50 - - 10 -

Prud Modaraba 1st XD 872 2.63 1.00 1.00 0.89 1.00 0.00 9518 1.20 0.70 - - 3 -

Punjab Modaraba 340 - 1.00 1.09 0.99 1.09 0.09 10175 2.00 0.57 - - - -

Stand Chart Modaraba XD 454 4.83 8.40 8.74 8.45 8.50 0.10 13069 10.99 7.75 16.5 - 17 -

Tri-Star Mutual 50 0.67 1.49 1.99 1.10 1.10 -0.39 401 2.99 0.95 - - - -

U D L Modaraba 264 2.49 6.05 6.25 6.09 6.25 0.20 10120 6.25 5.00 10 - - -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index


341.95 348.55 327.47 338.99 -2.97 -0.87


9,410,381 - - 30,336.44 mn 24,972.56 mn 358.69


0.42 0.16 37.22 4.60 10.99 338.99

AMZ Ventures 225 - 0.55 0.67 0.45 0.58 0.03 51456 1.15 0.42 - - - -

Arif Habib Invest. XB 360 6.54 13.92 14.50 13.00 14.00 0.08 63246 20.99 13.00 - - - 20B

Arif Habib Limited XB 450 6.24 24.94 25.49 24.62 25.03 0.09 38240 50.12 24.62 15 25B - 20B

Arif Habib Securities 3750 2.13 21.43 21.73 20.90 21.53 0.10 3041957 35.65 20.90 - - 30 -

Dawood Equities 250 - 1.99 1.98 1.63 1.65 -0.34 752 3.36 1.55 - - - -

First Credit & Invest Bank Ltd 650 32.75 3.35 4.33 3.30 3.93 0.58 146335 4.33 2.00 - - - -

IGI Investment Bank 2121 - 1.77 1.99 1.65 1.78 0.01 35931 2.43 1.17 - - - -

Invest and Fin Sec 600 2.61 7.49 8.39 7.22 7.50 0.01 2940 9.00 6.90 - - 11.5 -

Invest Bank 2849 - 0.55 0.57 0.50 0.55 0.00 7410 1.23 0.44 - - - -

Ist Cap Securities 2878 - 4.28 4.39 3.81 4.01 -0.27 17956 5.40 2.54 - 10B - -

Ist Dawood Bank 626 0.29 1.81 1.85 1.70 1.77 -0.04 46570 2.84 1.17 - - - -

Jah Siddiq Co 7633 13.23 9.22 9.30 8.80 9.13 -0.09 5002837 15.47 8.80 -243.778B 10 -

JOV and CO 508 - 2.41 2.61 2.01 2.10 -0.31 938175 6.48 2.01 - - - -

JS Global CapSPOT 500 - 33.83 33.85 32.50 33.43 -0.40 26670 42.00 32.50 150 - - -

JS Investment 1000 11.80 5.47 5.60 5.25 5.31 -0.16 102706 8.65 5.25 - - - -

KASB Securities 1000 - 3.88 4.22 3.55 3.85 -0.03 5341 5.49 3.20 - - - -

Orix Leasing 821 3.87 4.76 4.99 4.72 4.91 0.15 4985 5.95 3.66 - - - -

Pervez Ahmed Sec 775 - 1.46 1.63 1.42 1.45 -0.01 14916 2.89 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.55 0.55 0.55 0.55 0.00 240 1.79 0.40 - - - -

Sec Inv Bank 514 - 1.90 2.00 2.00 2.00 0.10 4896 3.80 1.50 - - - -

Stand Chart Leasing 978 5.20 2.07 2.40 2.29 2.29 0.22 1427 3.49 1.50 - - - -

Trust Brokerage 100 - 2.44 2.44 2.44 2.44 0.00 600 2.44 1.25 - - - -

Trust Inv Bank 586 - 2.00 2.00 2.00 2.00 0.00 1097 4.25 1.50 - - - -



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

LIFE INSURANCE

Performance of SR Life Insurance Index


815.82 817.98 811.49 815.77 -0.04 -0.01


15,894 - - 2,290.72 mn 8,695.20 mn 819.71


73.57 2.83 3.85 355.53 4.83 815.77

EFU Life Assurance XB 850 32.06 59.00 59.50 58.00 58.99 -0.01 3894 84.99 51.25 5513.33B - -

New Jub Life Insurance 627 52.50 42.00 42.00 42.00 42.00 0.00 12000 46.00 34.50 10 - - -



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

BANKS

Performance of SR Banks Index


940.35 948.02 930.31 939.49 -0.86 -0.09


7,413,017 - - 257,548.02 mn 578,717.31 mn 940.35


6.71 0.90 13.45 34.35 5.12 937.80

Allied Bank Limited 7821 5.56 50.42 51.50 50.64 51.49 1.07 99194 59.70 48.51 40 10B 20 -Askari Bank 6427 5.92 14.28 14.47 14.25 14.33 0.05 105503 17.46 13.99 - 20B - -Atlas Bank 5001 - 2.15 2.55 2.02 2.34 0.19 1956770 2.84 1.52 - - - -Bank Alfalah 13492 11.12 8.41 8.50 8.30 8.34 -0.07 340739 10.25 7.32 8 - - -Bank AL-Habib 7322 6.94 31.30 32.25 30.86 32.19 0.89 899914 34.00 29.10 20 20B - -Bank Of Khyber 5004 3.15 3.05 3.16 3.05 3.15 0.10 5138 4.75 2.50 - - - -Bank Of Punjab 5288 - 8.15 8.19 8.00 8.04 -0.11 388797 11.24 7.35 - - - -BankIslami Pak 5280 - 3.13 3.18 3.00 3.05 -0.08 21374 3.87 2.31 - - - -Faysal Bank 6091 3.07 13.41 13.60 13.10 13.32 -0.09 38258 15.95 12.75 - - - -Habib Bank Ltd 10019 6.02 93.51 94.00 93.10 93.51 0.00 16951 109.10 92.00 60 10B - -Habib Metropolitan Bank 8732 5.52 18.95 18.68 18.52 18.65 -0.30 26560 23.75 18.10 10 16B - -JS Bank Ltd 6128 - 2.73 2.65 2.55 2.59 -0.14 75015 3.00 2.00 - - - 66RKASB Bank Ltd 9509 - 2.44 2.55 2.30 2.37 -0.07 40470 4.00 2.03 - 26B - -MCB Bank Ltd 7602 8.84 190.41 190.95 189.10 189.47 -0.94 179488 214.99 180.40 110 10B 55 -Meezan Bank 6983 7.05 14.92 14.56 14.05 14.52 -0.40 29451 16.50 13.80 - 5B - -Mybank Ltd 5304 - 2.21 2.50 2.20 2.24 0.03 295220 3.28 1.62 - - - -National Bank 13455 5.27 62.88 63.17 62.65 62.77 -0.11 420427 73.89 60.51 75 25B - -NIB Bank 40437 - 2.57 2.59 2.52 2.57 0.00 96816 3.50 2.42 - - - -Royal Bank Ltd 17180 - 5.51 5.75 5.20 5.60 0.09 21083 12.90 5.20 - - - -Samba Bank 14335 - 1.82 1.90 1.80 1.90 0.08 169981 2.90 1.55 - - -63.46RSilkbank Ltd 26716 13.59 2.96 3.03 2.91 2.99 0.03 1962817 3.30 2.15 - - - -Soneri Bank 6023 - 5.67 5.97 5.05 5.60 -0.07 44791 7.99 5.01 - - - -Stand Chart Bank 38716 9.11 6.42 6.55 6.27 6.38 -0.04 13337 8.50 6.00 - - - -Summit Bank Ltd 5000 - 2.60 2.98 2.66 2.89 0.29 229557 4.15 2.30 - - - -United Bank Ltd 12242 6.10 51.99 52.18 51.72 51.89 -0.10 164923 60.20 49.90 25 10B 10 -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


603.62 611.26 593.64 604.66 1.03 0.17


296,843 - - 11,111.34 mn 39,744.63 mn 616.99


9.98 0.52 5.20 79.54 7.97 603.62

Adamjee Insurance XD 1237 11.53 63.60 64.00 63.05 63.43 -0.17 133022 89.90 63.05 30 10B 10 -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,663.98 1,690.88 1,639.64 1,677.57 13.60 0.82


2,538,125 - - 12,202.80 mn 37,178.85 mn 1,685.77


12.24 1.40 11.41 66.79 5.46 1,651.65

Sui North Gas 5491 18.36 30.99 31.36 30.55 31.21 0.22 1524666 31.90 25.00 - - - -Sui South Gas 6712 4.56 29.60 30.15 29.16 29.86 0.26 1013459 30.70 16.00 - - 15 25B



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

ELECTRICITY

Performance of SR Electricity Index


1,129.49 1,148.59 1,128.85 1,137.13 7.64 0.68


3,229,231 - - 95,369.29 mn 96,196.55 mn 1,140.74


12.45 1.16 9.35 104.13 8.37 1,129.49

Hub Power XD 11572 6.13 32.86 33.40 32.90 33.12 0.26 587783 37.24 32.75 33.5 - 50 -

Japan Power 1560 - 1.32 1.47 1.20 1.35 0.03 39156 2.38 0.70 - - - -

KESC 7932 - 2.00 2.12 2.01 2.06 0.06 126352 2.63 1.92 - 31R - 7.8R

Kohinoor Energy 1695 5.67 23.01 23.49 23.00 23.00 -0.01 26901 26.50 23.00 45 - 15 -

Kohinoor Power 126 2.92 5.25 5.25 5.25 5.25 0.00 262 7.00 3.90 - - - -

Kot Addu Power 8803 7.12 41.19 41.50 41.00 41.15 -0.04 511321 44.85 39.51 64.5 - 50 -

Nishat Chunian Power Ltd 3673 - 11.00 11.02 10.88 10.93 -0.07 607550 11.05 9.50 - - - -

Nishat Power Ltd 3541 84.21 11.66 11.90 11.56 11.79 0.13 1288529 11.99 9.25 - - - -

S G Power 178 - 0.36 0.35 0.32 0.35 -0.01 2000 1.60 0.23 - - - -

Sitara Energy Ltd 191 3.83 22.50 23.00 22.74 22.80 0.30 2061 23.49 20.00 20 - - -

Southern Electric 1367 5.64 2.14 2.24 2.10 2.20 0.06 36760 3.21 2.10 - - - -

Tri-star Power XD 150 - 0.75 0.85 0.70 0.70 -0.05 500 1.69 0.33 3 - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


1,093.33 1,100.29 1,082.16 1,097.44 4.11 0.38


1,400,201 - - 50,077.79 mn 77,561.99 mn 1,097.91


6.03 0.77 12.84 62.56 10.38 1,090.38

Pakistan Telecomm Co A 37740 9.04 18.85 19.00 18.72 18.99 0.14 428784 20.22 17.32 15 - 17.5 -Telecard 3000 - 2.05 2.10 1.99 2.03 -0.02 181150 3.15 1.80 - - - -WorldCall Tele 8606 - 2.40 2.40 2.33 2.36 -0.04 790167 3.30 2.30 - - - -Wateen Telecom Ltd 6175 - 3.90 4.10 3.90 3.90 0.00 13068 6.13 3.80 - - - -



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

Ask Gen Insurance 204 6.51 11.75 11.45 11.45 11.45 -0.30 261 11.89 8.45 - - - -

Atlas Insurance 369 4.42 29.00 30.00 29.24 30.00 1.00 4500 31.00 27.10 40 10B - -

Central Insurance XB 279 4.97 48.25 48.00 48.00 48.00 -0.25 422 64.90 47.37 20 25B 10 10B

Century Insurance 457 5.35 10.40 10.50 9.42 9.52 -0.88 5165 11.95 8.86 - - - -

EFU General Ins. XB 1250 28.19 35.42 36.00 34.76 35.52 0.10 24320 55.20 34.76 40 8.7B - -

Habib Insurance 400 7.15 10.26 10.30 10.26 10.30 0.04 4310 13.89 10.10 35 - - -

New Jub Insurance 791 9.39 55.00 55.00 52.25 55.00 0.00 611 62.50 52.21 30 20B - -

Pak Reinsurance 3000 - 13.13 13.40 12.86 13.08 -0.05 110663 19.40 12.50 30 - - -

PICIC Ins Ltd 350 46.25 2.00 2.20 1.85 1.85 -0.15 5452 4.16 1.66 - - - -

Premier Insurance 303 4.81 8.98 9.24 8.63 9.24 0.26 3022 10.60 8.11 20 15B - -

Reliance Insurance XB 252 4.29 6.89 6.75 6.20 6.26 -0.63 4770 7.25 6.01 - - - -

United Insurance XB 400 1.25 5.63 5.00 5.00 5.00 -0.63 300 7.15 4.02 - 16B - -

UPTO 100 VOLUME

BILF 0.6 0.6 0.6 0.6 0 100

SHDT 8.5 8.6 8.6 8.6 0.1 100

SFAT 3 3 3 3 0 100

PAKD 113.52 107.85 107.85 107.85 -5.67 100

SEPL 40 39.8 39.8 39.8 -0.2 100

NOPK 23.26 22.1 22.1 22.1 -1.16 100

KSTM 0.8 0.8 0.8 0.8 0 69

FZTM 333.22 348 320.5 337.99 4.77 57

MUKT 0.54 0.64 0.4 0.4 -0.14 51

GENP 0.73 0.8 0.79 0.8 0.07 51

FTSM 1.74 2.74 2.3 2.3 0.56 49

FEM 1.08 1.19 1.05 1.05 -0.03 35

FNEL 9.95 10 8.95 9.92 -0.03 31

DAWH 165.35 166 163.55 165.5 0.15 31

FRSM 18.6 19.4 18.3 18.67 0.07 30

NONS 11.05 11.05 11.05 11.05 0 30

DYNO 11.7 11.7 11.7 11.7 0 28

IGIIL 72.02 74.89 71.02 74.41 2.39 24

MSCL 10.4 9.4 9.4 9.4 -1 24

SHCM 13 14 12 14 1 22

ILTM 90.79 95.32 95 95 4.21 21

PMRS 36.79 37.5 34.97 34.97 -1.82 21

FRCL 3 3.99 3 3.1 0.1 20

COLG 705.25 700 700 700 -5.25 17

SZTM 8.18 8.48 8.48 8.48 0.3 13

WYETH 906.55 950 871 944.33 37.78 13

THCCL 19.5 19.6 19.05 19.6 0.1 12

SHCI 2.63 2.8 2.69 2.75 0.12 12

ECOP 2 2 1.99 1.99 -0.01 12

GAIL 4.7 4.9 4.08 4.08 -0.62 11

HINO 115 115 110.05 110.05 -4.95 11

LIBM 57.38 54.6 54.55 54.6 -2.78 10

AABS 95 98.1 96.75 96.75 1.75 10

SANSM 13.9 13.9 13.9 13.9 0 10

ATEL 17 17 17 17 0 9

HUSI 10.5 10.28 9.99 10.27 -0.23 8

MTIL 0.41 0.79 0.4 0.53 0.12 8

IDYM 230.04 218.55 218.54 218.54 -11.5 6

KASBM 1.58 1.54 1.54 1.54 -0.04 5

ELCM 8.8 9.8 9.8 9.8 1 5

IDEN 9 10 10 10 1 5

TREI 2 2.43 2 2.2 0.2 5

SIEM 1155 1155 1155 1155 0 5

UDPL 15.17 14.17 14.17 14.17 -1 5

DREL 690 710 655.5 710 20 4

POAF 10.06 11 11 11 0.94 3

BTL 49.26 49.99 49.99 49.99 0.73 3

CLOV 46 46.5 46.35 46.35 0.35 3

UPFL 1040 1040 1001 1001 -39 3

UBDL 32.95 34.59 33 33 0.05 3

GRYL 1.96 2.9 1.8 1.8 -0.16 2

DLL 40.28 40.24 40 40 -0.28 2

GFIL 4.11 4.45 3.21 3.83 -0.28 2

TOWL 20 20 20 20 0 2

MDTL 58 55.1 55.1 55.1 -2.9 2

ULEVER 4000 4010 3950 3950 -50 2

EMCO 2.9 3.4 3 3 0.1 2

ARM 15.25 15.95 15.95 15.95 0.7 1

TRSM 2.99 2.2 2.2 2.2 -0.79 1

CSIL 4.08 4.85 4.68 4.68 0.6 1

AZAMT 2 2.1 2.1 2.1 0.1 1

GUSM 6 5.2 5.2 5.2 -0.8 1

KOSM 0.79 1.46 1.3 1.3 0.51 1

MQTM 7.35 7 7 7 -0.35 1

YOUW 1.2 1.69 1.25 1.25 0.05 1

NCLNCP 23.4 23.45 23.45 23.45 0.05 1

JUBS 2.49 2.99 2.99 2.99 0.5 1

QUET 33.49 31.82 31.82 31.82 -1.67 1

SAPT 105 110.25 110.25 110.25 5.25 1

MOON 10 10.69 10.69 10.69 0.69 1

KOHS 4 4.99 4.74 4.74 0.74 1

SHJS 57 59.85 59.85 59.85 2.85 1

SMCPL 6 6.79 6.79 6.79 0.79 1

JOPP 10.5 9.5 9.5 9.5 -1 1

LPGL 9.01 9.01 9.01 9.01 0 1

BATA 471.82 465 465 465 -6.82 1

AKGL 4.5 3.5 3.5 3.5 -1 1

DIIL 15.94 16.93 15.93 15.93 -0.01 1


FUTURE CONTRACTS

POL-OCT 239.06 240.95 239.31 239.7 0.64 139000

DGKC-OCT 23.53 23.7 23.47 23.57 0.04 86000

NBP-OCT 63.04 63.3 62.9 63 -0.04 73000

NML-OCT 44.7 45.15 44.8 44.89 0.19 59000

MCB-OCT 190.11 190.79 189 189.32 -0.79 58500

PSO-OCT 265.69 267 266 266.26 0.57 48000

ANL-OCT 9.85 10.1 9.8 10 0.15 44500

ENGRO-OCT 174.85 175 174.1 174.47 -0.38 40000

PPL-OCT 173.55 175.2 173.8 174.83 1.28 39000

AICL-OCT 63.87 64 63.25 63.68 -0.19 38500

POL-OCTB 223.11 224.39 223.5 223.93 0.82 14000

LUCK-OCT 67.15 67 65.6 66.9 -0.25 12500

OGDC-OCT 145.1 145.8 144.6 145 -0.1 6500

AICL-COCT 64.33 0 0 64.13 -0.2 0


ZERO VOLUME

FIBLM 2.5 2.3 2.3 2.3 -0.2 0

NMBL 1.17 1.14 1.14 1.14 -0.03 0

ICCT 1.09 0.98 0.98 0.98 -0.11 0

PRWM 16.74 16.6 16.6 16.6 -0.14 0

ARUJ 4.5 4.49 4.49 4.49 -0.01 0

INKL 9.99 9 9 9 -0.99 0

FASM 33 32.75 32.75 32.75 -0.25 0

CSUML 3.91 3.9 3.9 3.9 -0.01 0

FECS 38.3 38 38 38 -0.3 0


Al-Abbas Cement 36.34 2.85 2.70 3.05 3.10 2.90

Allied Bank Limited 47.85 50.90 50.35 51.80 52.05 51.20

Attock Cement 30.82 62.10 61.15 63.95 64.90 63.05

Arif Habib Limited 26.68 24.60 24.20 25.50 25.90 25.05

Arif Habib Securities 33.55 21.05 20.55 21.90 22.20 21.40

Adamjee Insurance 28.67 63.00 62.55 63.95 64.45 63.50

Askari Bank 42.47 14.25 14.15 14.45 14.55 14.35

Azgard Nine 45.53 9.80 9.60 10.20 10.40 10.00

Attock Petroleum 76.83 351.75 349.45 357.10 360.20 354.80

Attock Refinery 46.43 79.45 78.30 81.55 82.45 80.40

Bank Al-Falah 54.27 8.25 8.20 8.45 8.60 8.40

BankIslami Pak 47.38 3.00 2.90 3.15 3.25 3.10

Bank.Of.Punjab 41.63 7.95 7.90 8.15 8.25 8.10

Dewan Cement 48.51 1.45 1.40 1.55 1.60 1.50

D.G.K.Cement 38.15 23.35 23.20 23.65 23.85 23.55

Dewan Salman 38.10 1.30 1.25 1.40 1.45 1.35

Dost Steels Ltd 42.13 2.00 1.95 2.10 2.15 2.05

EFU General Insurance 30.10 34.85 34.20 36.10 36.65 35.45

EFU Life Assurance 43.00 58.15 57.35 59.65 60.35 58.85

Engro Chemical 47.20 173.15 172.40 174.85 175.80 174.10

Faysal Bank 42.29 13.10 12.85 13.60 13.85 13.35

Fauji Cement 36.32 4.60 4.55 4.70 4.75 4.65

Fauji Fert Bin 49.16 27.45 27.30 27.85 28.05 27.65

Fauji Fertilizer 50.55 105.40 105.10 105.95 106.20 105.65

Habib Bank Ltd 40.15 93.10 92.65 94.00 94.45 93.55

Hub Power 39.32 32.90 32.65 33.40 33.65 33.15

ICI Pakistan 43.29 116.95 116.70 117.50 117.80 117.25

Indus Motors 42.89 218.30 216.20 222.25 224.05 220.15

J.O.V.and CO 20.13 1.85 1.65 2.45 2.85 2.25

Japan Power 42.95 1.20 1.05 1.50 1.60 1.35

JS Bank Ltd 58.82 2.55 2.50 2.65 2.70 2.60

Jah Siddiq Co 44.21 8.85 8.60 9.35 9.60 9.10

Kot Addu Power 45.98 40.95 40.70 41.45 41.70 41.20

K.E.S.C 49.01 2.00 1.95 2.10 2.15 2.05

Lucky Cement 55.67 70.35 70.10 71.00 71.45 70.75

MCB Bank Ltd 49.99 188.75 188.00 190.60 191.70 189.85

Maple Leaf Cement 31.96 2.55 2.40 2.85 2.95 2.65

National Bank 41.18 62.55 62.35 63.05 63.40 62.85

Nishat (Chunian) 62.42 17.20 16.55 18.20 18.55 17.55

Netsol Technologies 31.41 17.35 17.15 17.75 17.95 17.55

NIB Bank 41.52 2.50 2.45 2.60 2.65 2.55

Nimir Ind.Chemical 40.23 1.30 1.25 1.40 1.45 1.35

Nishat Mills 53.40 46.70 46.40 47.40 47.80 47.10

Oil & Gas Dev. XD 51.62 144.40 143.55 146.25 147.35 145.45

PACE (Pakistan) Ltd. 59.14 2.65 2.35 3.10 3.25 2.80

Pervez Ahmed Sec 40.49 1.35 1.30 1.60 1.70 1.50

P.I.A.C.(A) 42.91 2.00 1.90 2.15 2.25 2.10

Pioneer Cement 47.87 7.55 7.45 7.70 7.85 7.65

Pak Oilfields 65.51 238.60 237.65 241.00 242.45 240.05

Pak Petroleum 32.46 173.70 172.75 175.35 176.05 174.40

Pak Suzuki 50.01 73.20 71.35 76.55 78.10 74.75

P.S.O. XD 53.96 265.05 264.40 266.55 267.40 265.90

P.T.C.L.A 55.04 18.80 18.60 19.10 19.20 18.90

Shell Pakistan 36.25 191.00 190.10 192.90 193.90 192.00

Sui North Gas 68.01 30.70 30.25 31.55 31.85 31.05

Sitara Peroxide 37.54 7.95 7.85 8.25 8.45 8.15

Sui South Gas 78.30 29.30 28.75 30.30 30.70 29.70

Telecard 39.28 2.00 1.95 2.10 2.15 2.05

TRG Pakistan 63.08 4.20 4.10 4.35 4.45 4.30

United Bank Ltd 42.24 51.70 51.45 52.15 52.40 51.95

WorldCall Tele 38.68 2.30 2.25 2.40 2.45 2.35

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Arpak International Investments Ltd 07-Oct 11:30

Ashfaq Textile Mills Ltd 07-Oct 9:00

Asim Textile Mills Ltd 07-Oct 9:30

Babri Cotton Mills Ltd 07-Oct 1:30

Bannu Woollen Mills Ltd 07-Oct 10:00

Bilal Fibres Ltd 07-Oct 10:00

Dadabhoy Cement Industries Ltd 07-Oct 4:30

Dadabhoy Construction Technology Limited 07-Oct 4:30

Dadabhoy Sack Limited 07-Oct 4:30

Data Agro Ltd 07-Oct 11:30

Data Textiles Ltd 07-Oct 2:30

First Equity Modaraba 07-Oct 10:30

First Fidelity Leasing Modaraba 07-Oct 3:30

First UDL Modaraba 07-Oct 4:00

Gammon Pakistan Ltd 07-Oct 3:00

Gulshan Spinning Mills Limited 07-Oct 12:00

Indus Dyeing & Manufacturing Co Ltd 07-Oct 12:00

J.A Textile Mills Ltd 07-Oct 9:00

Jahangir Siddiqui & Co Ltd 07-Oct 10:00

Janana De Malucho Textile Mills Ltd 07-Oct 11:30

BOARD MEETINGS

Company Date Time

Friday, October 7, 2010 8

MANILA: Philippine Airlines' (PAL) cabin staff arrives at the airport for a departure flight in Manila. Reuters

ISLAMABAD: Delay in arecent Milan bound PakistanInternational Airline flightcost the national flag carrierRs10 million, claimed MNANawab Yousaf Talpur inNational Assembly onTuesday.

Speaking on a point oforder, the MNA said, onOctober 1 the flight bound forMilan, Italy was late atIslamabad airport by 12 hoursand the Managing DirectorPIA diverted it to Karachi.

As it was loaded with fueland could not land inKarachi, the flight had to offload fuel worth Rs2.5 millionand during its course to Milanfrom Islamabad throughKarachi, it was furtherdelayed, he said.

Talpur said, as the flightreached Milan at night, thePIA had to again pay a fine ofEuro 13,000 to land at Milanairport.

“By, this way the PIA hadto suffer loss of Rs10 millionin these heads and others, forjust a wrong decision ofManaging Director PIA. Thisis only one example of losssuffered by PIA due to awrong decision of PIA boss,”he said and demanded of thegovernment to take seriousnote of it. NNI

Meanwhile The accumula-

tive losses of PIA amount toRs. 83.3 billion, while theamount of net losses faced bythe corporation are Rs. 79.03billion, a news release issuedby PIA here on Tuesday said.

"The losses are dated up to30th June of current fiscalyear 2010. During the first sixmonths of 2010, PIA hasfaced Rs. 6.9 billion losses."

The amount of loss due torupee depreciation stood atRs. 1.56 billion and the finan-cial cost was Rs. 4.6 billion inthe first six months of 2010,Rs. 55.7 billion was theexpenditure of the airline dur-ing January -June 2010 whichincludes the financial cost aswell. A news report carried bya section of the press onSeptember 28, stated that theairline faces Rs. 40 billionlosses in the fiscal year 2009but the loss faced by the air-line in 2009 was Rs. 5.82 bil-lion. The accumulated lossesin 2009 were Rs. 76 billion.The revenue was Rs. 94.4 bil-lion but expenditures werenot Rs. 134 billion but theactual amount of expendi-tures during the year 2009was Rs. 107.8 billion whichincludes the financial cost.Rupee depreciation causedRs. 6.7 billion loss to the air-line in the fiscal year 2009. -Agencies

PIA loss reaches to Rs 83.3bn

Delay inone PIA

flight costRs10mn

GILGIT: The Apex Court ofGilgit-Baltistan directed themanagement of ShaheenAirlines on Tuesday duringthe hearing of a Suo Motocase to start its services toGilgit-Baltistan in line withits agreement with CivilAviation Authority (CAA).

The Chief Judge JusticeNawaz Abbasi while hearingdirected the management ofthe Airlines to compliancethe agreement which it hadinked with CAA.

The Shaheen Airlines ten-dered its apologies andexpressed inability to operatethe service due to non-eco-nomical route but the courtdid not agree with the argu-ments it presented before thecourt.

The management, however,agreed to start its servicefrom Islamabad to Skardu

immediately and it wouldalso begin its service fromIslamabad to Gilgit after twomonths provided AttockRefinery supplies fuel onsubsidized rates like it doesto Pakistan InternationalAirlines.

The Court directed theAttock Refinery to start sup-ply of fuel to ShaheenAirlines on subsidized rates.

The Court was informed bythe management of the air-lines that it could not start itsservice to Gilgit forthwithdue to unavailability of air-crafts for Gilgit because ofthe width and length of theGilgit airport and it will haveto purchase suitable aircraftsand it requires time toinclude such feasible planesinto its fleet and sought twomonths.

The court directed the air-

lines to place the order forpurchase as soon as possible.

The Deputy AttorneyGeneral Supreme Court ofPakistan Raja Ali Abbasi alsoappeared before the courtwhile CAA was representedby Ubaid Abassi.

The Court was informed bythe authorities of the CAAthat new policy of the avia-tion was in Ministry ofDefense for examination andit will bound all private air-lines to start services tosocio-economic routesincluding Gilgit-Baltistan.

Meanwhile, the court tooknotice of the murder of pris-oner in police custody beforethe chief court and sum-moned the Inspector Generalof Police and other officialsto appear before the court onthe date fixed for hearing. -APP

Shaheen Airlines tostart its service to GB

Apex court told

K A R A C H I : E m i r a t e sAirline launched its AirbusA380 which flew into HongKong for the first time justhours before a dazzling fire-works display lit up the icon-ic harbour skyline.

With festivities in fullswing across the city, thesuper-jumbo landed at HongKong International Airport tomark the start of its dailyA380 service connectingHong Kong and Dubai, viaBangkok.

EK384 was welcomed by awater canon salute as HongKong became the 11th desti-nation on Emirates’ globalnetwork to be served by themost environmentallyadvanced commercial aircraftin the skies.

Richard Jewsbury,

Emirates’ Senior VicePresident, CommercialOperations, Far East andAustralasia, said: “It wastremendous that our AirbusA380 made its maiden flightto Hong Kong on a day ofnational celebration. The517-seat double-decker willhelp meet the growingdemand for seats on thisroute, particularly inBusiness and First Class,while offering our passengersthe chance to enjoy the pre-mium A380 experience.”

The aircraft was also warm-ly received by Hong KongInternational Airport StanleyHui, Chief Executive Officerof Airport Authority HongKong, said: “Hong KongInternational Airport isalready A380 capable, and

we are glad to welcome theEmirates A380 aircraft oper-ating to HKIA on NationalDay.” Emirates is the largestA380 operator in the worldand flies daily from Dubai toParis, Jeddah, Seoul,Bangkok, Sydney, Auckland,Beijing and Manchester, aswell as double daily toLondon Heathrow and threetimes a week to Toronto.

In addition — from the 31stOctober — the aircraft willmake its much-anticipatedreturn to New York with itsnon-stop service betweenDubai and JFK. Emirates willcontinue to offer its passen-gers the option of a non-stopdaily service between HongKong and Dubai, currentlyoperated by a Boeing 777-300ER. NNI

Emirates launches A380on new route to HK

PALPAcriticizes PIA

flight dutyinfo throughSMS illegal

KARACHI: Pakistan AirlinePilots' Association (PALPA)while criticizing the SMSmethod introduced by PakistanInternational Airlines (PIA) toconvey the massage of flightschedule to the pilots said that itwill put more financial burdenon the national flag carrier avi-ation company as well as viola-tion of global aviation safetyrules.

In a statement issued onSaturday, the PALPASpokesman said that the SMSproject will unnecessarily costPIA around Rs 5 million annu-ally while 600 mobile phoneswould have to be purchasedadditionally besides PIA isbound to foot the monthly billof Rs. 500 for each connection.

Instead of bringing financialdiscipline to make the nationalflag carrier a viable entity andnation's pride its inefficient andincumbent management hascome up with yet another finan-cially unviable idea of convey-ing instructions about flightschedule to the pilots throughshort message service givingthe impression that its frequentflight delays are due to improp-er communication, he said.

The statement said throughthis innovative idea the PIAadministration has indicatedthat the time tested practice ofinforming the pilots of flightschedule and their duties(through rosters) would be dis-continued after November 1,2010.

The spokesman revealed thatthe activity will prove to befutile as it is not "the lack ofinformation" but actually the illplanned and ineffective plan-ning of rosters which jeopardiz-es the timely departures offlights.

The administration hasalways tried to bypass theglobal aviation safety rulesspecially after bringing PIAflying crew under the essentialservices act; it cannot beallowed further to risk the lifeof passengers and ruin thenational asset.

The airline is fast driftingfrom financial boom to bustlosing billions annually whiletwo other airlines are perform-ing much better in the samedomestic markets. Its issue withthe pilots mainly relates tocompliance with the globalsafety procedures in which thenational carrier seeks conces-sions from Civil AviationAuthority forcing the pilots torisk the life of the passengersby performing duties beyondhuman limit. NNI

Govt to banPhilippine

Airlines strike:minister

MANILA: The Philippine gov-ernment said Friday it wouldban a planned strike that threat-ens to paralyse the operationsof national flag-carrierPhilippine Airlines (PAL).

Labour Secretary RosalindaBaldoz said that if the airlineand its flight attendants' unionfailed to reach an agreementnext week, she would assumejurisdiction over the dispute,making a planned strike illegal.

"We are (looking) after theinterests of the riding public.PAL is still the national carrierand there is the national inter-est to protect," she told.

Assuming jurisdiction wouldforce the two sides to negotiatefurther and, if an agreementwas still not reached, the secre-tary could make a decision onthe dispute, Baldoz explained.

The vice-president of the1,600-strong cabin crew union,Andy Ortega, said his memberswould respect the secretary'sauthority but stressed thatBaldoz should resolve the con-flict quickly and fairly.

"If they stop us because ofnational interest, we expectthem to do their part in givingus a fair and fast decision," hesaid. The Flight Attendants'Association of the Philippinesannounced on Wednesday itwould go on strike at the end ofOctober, saying that PAL man-agement had repeatedly reject-ed its demands for a pay rise.

It is also demanding paidmaternity leave and an end to acompany policy that forcesfemale air hostesses to retire atthe age of 40. The governmenthas called both sides to attend ameeting on October 5 in a last-ditch effort to avoid a strike, butthe union said it was stillpreparing for a strike because itexpected PAL to take a hardlinestance. The planned strike is thelatest in a string of labour prob-lems to hit the airline.

In August, 25 pilots and firstofficers on PAL's short-haulaircraft suddenly quit for higherpaying jobs abroad, forcing theabrupt cancellation of severalflights. -APP

ISLAMABAD: PakistanRailways Advisory andConsultancy Services Limited(PRACS) would launchGandhara Steam Safari touriststrains from October 10.

The trains to be operatedfrom Lahore and Rawalpindirailways stations aims at boost-ing domestic tourism besidesproviding comfortable travel-ling services to the passengersin the country.

An official of PRACS toldAPP that the tourists train willalso facilitate the domestic aswell as local travellers and alsogenerate good income for theorganization.

He said that the trains willoperate two days a week onSaturday and Sunday.

Federal Minister forRailways Ghulam AhmedBilour will inaugurate thetourist trains on October 10 atRawalpindi Railways Stationto see off the inaugural passen-gers. The Steam Safari touriststrain will charge Rs. 1200 perhead from Lahore to ChangaManga and from Rawalpindi toTaxla and adjacent historicalareas and in the package thereturn tickets will be included.

He said that PRACS alsohired buses to give pick anddrop facilities to the touristsand adjacent areas of thetourists spots.

He said that PRACS will alsoprovide charter booking facili-ties to the tourists.

Hundreds of people visitingthe historical spot Taxila daily.The ruins of Taxila consist ofmany different parts of the citybuildings and buddhist stupas

which are located in a largearea.

The main ruins of Taxila aredivided into three major cities,each belonging to a distincttime period.

In addition to the ruins of thecity, a number of buddhistmonasteries and stupas alsobelong to the Taxila area. Someof the important ruins of thiscategory include the ruins ofthe stupa at Dharmarajika, themonastery at Jaulian, themonastery at Mohra Muradu inaddition to a number of stupas.

While Changa Manga is aplanted forest and a wildlifecenter in Lahore District. Itcovers an area of 4,860hectares (12,000 acres) and isone of the largest man-madeforests on the planet. The plant-ing and irrigation of it tookplace in the 19th century in theera of the British Raj due to theneed for timber for the Indianrailway network. The ChangaManga forest is a hot spot con-cerning wildlife in Punjab.Wildlife within the borders ofthe plantation include a smallremaining population ofNilgai, hog deer, wild boar andpossibly axis deer. Jackal andAsiatic wild cat can be found inChanga Manga as well.Changa Manga also serves as awildlife breeding center.Changa Manga plantation isalso an important place forrestocking projects of Asiaticvultures in Pakistan. Parts ofthe forest have now beendeveloped into a park with arail road which gives the visitora 25 km ride on a miniaturetrain through the forest. -APP

PR to launch touristtrains from Oct 10

Gandhara Steam Safari

Terrorismcost Rs.550bn

to tourismsector: NA toldISLAMABAD: The NationalAssembly was apprised onMonday that terrorism hasdamaged the tourism sectoracross the country bringing theloss worth Rs550 billion andrecent unprecedented floodsdestroyed bridges and roadscosting over Rs500 billion.

Replying to a question,Minister for Tourism Atta-ur-Rehman informed the Hosuethat the ratio of tourist acrossthe globe have been declined by50 percent.

He said that the tourism sec-tor is not getting due attentionthat is why the department isloosing charm to attract theinternational tourists.

He said that tourism policywas finalized but after the 18thAmendment this departmenthas been shifted to theprovinces and that ministry hasalso taken various steps for thepromotion of inter-provincialtourism. -Agencies

KUALA LUMPUR: Palm oilprices hit a near one-week highon Wednesday on expectationsof a new round of central bankaction to ginger up weakeningeconomies although a recordUS soy crop dragged on senti-ment.

Hopes of central banks eas-ing monetary policies weighedon the greenback, as it wouldmake dollar-priced commodi-ties such as Malaysian palm oiland US soyoil cheaper for bigcustomers like China andIndia.

Benchmark Malaysian palmoil prices ended up 0.9 per centat 2,730 ringgit ($882.1) aftergoing as high as 2,735 ringgit -- a level unseen since Oct 1.

Traded volume stood at 11,654lots of 25 tonnes each.

Palm oil could rise to 2,750ringgit per tonne, as an "a-b-c"corrective wave cycle is seencomplete at 2,655 ringgit,according to Reuters technicalanalyst Wang Tao.

China, the world's No.2 veg-etable oil buyer, is increasingimports of palm oil partlybecause of lower prices versussoyoil, Hamburg-based oilseedanalyst Oil World said late on

Tuesday. Asian FOB palm oilprices were about $115 to $137a tonne cheaper than US andBrazilian soyoil in the pastweek, Oil World data showed.

The US Department ofAgriculture said after the mar-ket closed on Monday that thesoybean harvest was 37 percent complete as of Sunday, up20 percentage points from theprevious week and above tradeestimates of around 30 percent. -Reuters

Palm oil at 1-weektop on easing hopes


POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1300 1165

October (3rd Wednesday) 1305 1150

November (3rd Wednesday) 1315 1160

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for October 05 2010

LME Official Prices, US$ per tonne for October 05 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2245 2334 8124 2274.5 24255 25725 2258 2232

Cash seller 2250 2335 8125 2275 24260 25750 2260 2233

3-months buyer 2215 2366 8135 2303 24280 25685 2282 2260

3-months seller 2225 2367 8140 2303.5 24285 25700 2283 2270

15-months buyer 2155 2447 8040 2313 23550 25050 2330 2260

15-months seller 2165 2452 8050 2318 23650 25100 2335 2270

27-months buyer 2155 2510 7790 2285 22625 2318 2310

27-months seller 2165 2515 7800 2290 22725 2328 2320

LONDON METAL EXCHANGE (METALS)

LONDON: Gold rose torecord highs for a second dayin a row on Wednesday asinvestors punished the dollarahead of the Federal Reserve'spossible resumption of specialmeasures to protect the flag-ging economy.

Palladium rallied to its high-est level in over nine years,fuelled by optimism over thepotential for strong growth indemand from theauto industry.

Gold hastouched all-timehighs in eight outof the last 10trading sessions,fuelled by thedecline in thedollar, which isnow at eight-month lowsagainst the euro, which hasprofited from weakness in theUS currency and from theEuropean Central Bank givingno hint that it could ease poli-cy.

Spot gold rose as high as$1,349.80 an ounce earlier inthe day, before easing back to$1,345.80 by 1430 GMT, stillup from $1,338.70 late inNew York on Tuesday.

US gold futures also hit afresh all-time high of $1,351an ounce and traded up $6.6 at$1,346.80 an ounce.

While gold has hit newhighs in dollar terms, thisstrength has not been replicat-ed in the major gold crosses,reflecting the resilience of theeuro <EUR=>, yen and Swissfranc against the greenback.

In dollar terms, gold is up

2.8 per cent so far this month,while euro-priced gold is up1.1 per cent, yen-denominatedgold is up 2.2 per cent andSwiss franc-priced gold is up0.95 per cent.

On the physical market,there was light scrap sellingfrom Thailand and short-cov-ering from speculators,according to a Singapore-based dealer, while in top con-sumer India the strength of the

local currency tempereddemand.

Spot silver rose to a fresh30-year high of $23.06 anounce, before easing to$22.85 still showing a gain onthe day after Tuesday'snotional close at $22.78.

Investor interest in silvercontinued to rise. Holdings inthe iShares Silver Trust, theworld's largest silver-backed

e x c h a n g e -traded fund,rose 94.32tonnes to anew all-timehigh of9 , 8 7 7 . 2 0tonnes by Oct5.

P l a t i n u mgroup metals rose along withgold.

Palladium rallied to its high-est since July 2001, having hita session peak at $591.50 anounce, before paring somegains to trade at $584.50, upfrom $574.60 the day before.

Platinum hit $1,705.50 anounce, highest since mid-May, before easing to$1,700.00, from $1,693.75. -Reuters

Gold hits new record asdollar comes under fire

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Wednesday'sRotterdam vegetable oil price'sat 21:00 PST.

SOYOIL: EU degummedeuro tonne fob exmillNov10/Dec10 771.00,Jan11/Mar11 775.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Nov10/Jan11780.00+0.00, Feb11/Apr11788.00+3.00, May11/Jul11795.00+5.00.

SUNOIL: EU dlrs tonneextank six ports optionNov10/Dec10 1230.00,Jan11/Mar11 1185.00+5.00,Apr11/Jun11 1175.00-5.00.

LINOIL: Any origin dlrstonne extank RotterdamOct10/Nov10 1357.50+7.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Oct10935.00+10.00, Nov10 932.50,Dec10 930.00, Jan11/Mar11930.00+10.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Nov10 972.50,Dec10 962.50.

PALMOIL: RBD dlrs tonnefob Malaysia Nov10925.00+12.50, Dec10915.00+10.00.

PALM OLEIN: RBD dlrstonne fob Malaysia Nov10935.00+12.50, Dec10925.00+10.00, Jan11/Mar11922.50+12.50, Apr11/Jun11925.00+10.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamSep10/Oct10 1375.00+0.00,Oct10/Nov10 1365.00+0.00,Nov10/Dec10 1360.00-5.00,Dec10/Jan11 1360.00-5.00,Jan11/Feb11 1360.00+0.00.

CASTOROIL: Any origindlrs tonne extank RotterdamOct10/Nov10 2000.00-25.00. -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

06-Oct-2010 CRUDE100 NO10 US$ Per Barrel 82.17 83.32 81.99 82.55 174 82.48 82.55 70

06-Oct-2010 CRUDE100 DE10 US$ Per Barrel 83.00 84.05 82.82 83.38 34 83.33 83.38 36

06-Oct-2010 CRUDE100 JA11 US$ Per Barrel 83.50 84.18 83.50 84.18 - 84.16 84.18 -

06-Oct-2010 SILVER - SL500 NO10 US$ Per Troy Ounce 22.32 22.82 22.32 22.82 - 22.84 22.82 -

06-Oct-2010 SILVER - SL500 DE10 US$ Per Troy Ounce 22.35 23.07 22.33 22.84 34 22.86 22.84 24

06-Oct-2010 GOLD 01oz NO10 US$ Per Troy Ounce 1331.40 1349.40 1330.60 1344.20 1,127 1343.30 1344.20 936

06-Oct-2010 GOLD 01oz DE10 US$ Per Troy Ounce 1333.00 1350.20 1330.80 1345.20 1,100 1344.30 1345.20 1,104

06-Oct-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1334.00 1351.70 1331.50 1346.10 1,097 1345.20 1346.10 442

06-Oct-2010 GOLD 100oz NO10 US$ Per Troy Ounce 1331.40 1344.20 1331.40 1344.20 - 1343.30 1344.20 -

06-Oct-2010 GOLD 100oz DE10 US$ Per Troy Ounce 1332.00 1349.90 1332.00 1345.20 33 1344.30 1345.20 14

06-Oct-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1333.10 1345.20 1333.10 1345.20 - 1345.20 1346.10 14

06-Oct-2010 GOLD OC10 Per 10 grms 36951.00 37468.00 36951.00 37302.00 15 37306.00 37302.00 47

06-Oct-2010 GOLD NO10 Per 10 grms 36982.00 37311.00 36982.00 37311.00 - 37315.00 37311.00 -

06-Oct-2010 GOLD DE10 Per 10 grms 36996.00 37325.00 36996.00 37325.00 - 37329.00 37325.00 -

06-Oct-2010 Kilo GOLD OC10 Per 10 grms 37147.00 37382.00 36945.00 37274.00 3 37278.00 37274.00 1

06-Oct-2010 Tola Gold50 OC10 Per Tola 43092.00 43476.00 43092.00 43476.00 - 43481.00 43476.00 -

06-Oct-2010 Tola Gold100 OC10 Per Tola 43092.00 43476.00 43092.00 43476.00 - 43481.00 43476.00 -

06-Oct-2010 Mini Gold 1-Aug Per 10 grms 38035.00 38355.00 38035.00 38355.00 - 38360.00 38355.00 -





06-Oct-2010 TT Gold 1-Sep Per Tola 43567.00 44068.00 43567.00 44068.00 2 44072.00 44068.00 2

06-Oct-2010 IRRI6W 07OC10 Per 100 kg 2402.00 2402.00 3176.00 3176.00 - 3227.00 3176.00 -

06-Oct-2010 Rice IRRI - 6 OC10 Per 100 kg 3236.00 3236.00 3185.00 3185.00 - 3236.00 3185.00 -

06-Oct-2010 RBD Palm Olein OC10 Per Maund 4154.00 4168.00 4154.00 4168.00 - 4154.00 4168.00 -

06-Oct-2010 KIBOR3M 10-Dec Per Rs. 100 86.69 86.69 86.69 86.69 - 86.69 86.69 -

06-Oct-2010 KIBOR3M 11-Mar Per Rs. 100 86.17 86.17 85.65 85.65 - 85.59 85.65 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

SRINAGAR: Kashmiri farmers thresh paddy on a drum during the harvest in Shariefabad

on the outskirts of Srinagar. -Reuters

LONDON: Copper powered to26-month highs on Wednesdayfor a second successive sessionand other industrial metals roseto multi-month highs, lifted by aweak dollar and bets demandgrowth will outpace supply.

Tin hit a contract-high on theback of persistent supply wor-ries from top exporterIndonesia, where monthly tinexports were expected to slip,hit by heavy rain and depletingreserves.

Benchmark copper on theLondon Metal Exchangereached $8,326 a tonne, its high-est since mid-July 2008 andended at $8,259 a tonne, versusTuesday's close at $8,175.

Earlier, zinc, lead and nickeltouched new five-month tops;aluminium cracked $2,400.50for the first time since late April.

"The main driver is withoutdoubt the US dollar but it's alsothe supply/demand situation,"said Peter Fertig, analyst atQuantitative CommodityResearch.

"The Chinese economy isexpanding strongly. As long asthese fundamentals remainintact there is still scope forprices to go higher, even if theyare at or close to record highs,as in the case of copper and tin."

Concerns about supply out ofIndonesia continued to fuelgains in the LME's smallestmarket, where tin closed at$26,300 a tonne, from $25,900on Tuesday, having earlier hit arecord high of $26,790.

Tin has jumped by 7.6 per

cent since the start of Octoberalone and has outperformed therest of the LME complex, soar-ing by 58 per cent this year.

"Besides enormous produc-tion problems in Indonesia andalso in China lately, we are alsoseeing stronger stock reduc-tions," Commerzbank said in anote.

Refined tin output may fallnearly 6 per cent this year asheavy rains hit mining in topexporter Indonesia, and moreeasily mined onshore reservesare being depleted, an analyst atthe International Tin ResearchInstitute said.

LME inventories showed asmall 5-tonne addition, the lat-est LME data showed, but thiswas more than offset by a largerise in cancelled warrants, ormetal flagged for removal,which jumped by almost half to750 tonnes. Total tin stockpilesstill remain near their lowestsince May 2009.

Across other metals, alumini-um ended at $2,365 a tonnefrom $2,380 on Tuesday, whilestainless steel material nickelended at $24,800 from$24,700, having powered to$25,200, for the first time sinceearly May.

Lead hit its highest since lateApril at $2,359.75 a tonne, andended at $2,316 a tonne from$2,311 on Tuesday while zincclosed at $2,334 was up from$2,312, but Commerzbankwarned the correction potentialfor these contracts was grow-ing. -Reuters

Copper hits26-mth peak;

dollar weakens

LONDON: Crude oil reached afresh five-month high after therelease of US government fig-ures that showed a large fall inproduct inventories.

Markets responded to this signof high product demand bypushing up prices, despitesimultaneous data showing ahigher than expected rise incrude oil stocks.

"The market will likely viewthis as somewhat neutral to

moderately bullish, as distillatedemand was robust," said ChrisJarvis, analyst at Caprock RiskManagement at Hampton Fallsin New Hampshire. He added:"Overall, we believe the macroeconomic trade will continue todominate the energy complex."

After the 1430 GMT news,front-month US crude rosesharply to $83.83 by 1532 GMT,$1.00 up on the day and wellabove the five-month high of$83.33 set earlier on Wednesday.ICE Brent rose 89 cents to$85.73.

The figures from the Energy

Information Administrationshowed that gasoline inventoriesfell by a much higher thanexpected 2.65 million barrelslast week, and there was a slight-ly higher than forecast 1.12 mil-lion barrel decline in distillatestocks. This carried more weightwith markets than the higherthan expected 3.09 million bar-rel increase in crude stocks. Theforecasts were based on aReuters poll.

Oil prices remained supportedby the prospect of a secondround of US quantitative easing(QE2), which would bolster theeconomy of the world's largestoil consumer. Expectations ofQE2 have strongly pushed up oilprices over the past few days.

Recent economic news fromthe world's largest economy hasbeen mixed. The pace of growthaccelerated in the dominant USservices sector last month evenas it slowed among Chinese andEuropean firms, boosting hopesthe sluggish US economy wasavoiding stagnation. -Reuters

Oil hits new5-mth high afterUS stocks data

India sugara tad down;

outlook positiveMUMBAI: India's spot sugarprices ended slightly lower onWednesday due to poor buyinginterest after a sharp rise inprices in the previous sessionreacting to the news of a possi-ble delay in sugarcane crushingin major growing areas, dealerssaid.

The prices also had risen inthe past few sessions due toslight improvement in demandfrom stockists and lower non-levy sugar quota announced forOctober, dealers said.

In Kolhapur, a key market intop producing Maharashtrastate, the most traded S-varietyfell 0.23 per cent to 2,585rupees ($58.10) per 100 kg.

Fresh showers in India's keysugar producing states ofMaharashtra and Karnataka arelikely to delay cane crushing bya month, industry and govern-ment officials told Reuters onTuesday.

India, the world's biggestconsumer, has made available1. 75 million tonnes of non-levy sugar for October, lowerthan 1.85 million tonnes it hadreleased a year ago, the govern-ment said in a statement earlierthis week.

India will take a decision onallowing sugar exports after theDiwali festival, Farm MinisterSharad Pawar had toldreporters last month. -Reuters

Tokyo rubber

at 5-mth high,

gains limitedBANGKOK: Tokyo rubberfutures rose to a 5-month highon Wednesday, on the back offirmness in other commoditiesbut profit-taking and a strongJapanese yen capped gains,dealers said.

The benchmark rubber contracton the Tokyo CommodityExchange for March deliveryrose 4.1 yen, or 1.3 per cent tosettle at 321.7 yen ($3.87) per kg.

It rose as high as 324.1 yen,the highest since April 21,before succumbing to profit-taking. A stronger Japanese yenmakes dollar-based rubbercheaper and usually encouragesplayers to unwind futures con-tracts to stop losses.

The dollar was stuck neareight-month lows against theeuro and was losing groundagainst the yen after sheddingall the gains it made in the pre-vious session following BOJeasing. TOCOM prices wereexpected to rise further onThursday on the back ofimproving rubber technicalsentiment and firmness in othercommodities. -Reuters

NEW YORK: Cotton futuressettled higher on Tuesday asthey recovered from a three-week low, with investorsencouraged by strength in out-side markets and scattered talkof Chinese offtake, brokerssaid.

ICE Futures US benchmarkDecember cotton contract rose0.73 cent to finish at 98.65cents per lb. It had ended onMonday at 97.83 cents, thelowest finish for the secondposition contract since themiddle of September. The con-tract traded from 96.90 to$1.004, rising above $1/lb forthe first time since last week.

Volume traded reached14,284 lots by 1834 GMT,nearly 20 per cent below the30-day average at 17,284 lots,

preliminary Thomson Reutersdata showed.

"I think it's the weak dollarand all the outside marketstuff," Mike Stevens, an inde-pendent cotton analyst inMandeville, Louisiana, said ofthe reasons for cotton's gain.He said cotton would have lostground if not for the support

derived from investors whobought the commodity com-plex across the board.

Cotton climbed more than 33per cent in the thirdquarter of 2010, its bestquarterly performancesince 1994, ThomsonReuters data showed.

Broker Flanagan TradingCorp sees resistance in theDecember cotton contract at98.65 and 99.50 cents, withsupport at 97 and 95.80 cents.Volume traded on Mondayreached 28,039 lots, from theprior tally of 20,034 lots, datafrom ICE Futures US said. -Reuters

NY cotton gains on weakdollar, outside markets

Sugar, coffee

consolidate on

profit-takingLONDON: Raw sugar andcoffee futures edged lower onWednesday, consolidating aftera slide in recent sessions asfunds exited long positions andtook profits.

Cocoa was higher, buoyed bytalk that black pod disease islikely to affect Ivory Coast'smain crop, which kicked offofficially last week.

ICE coffee and sugar closedlower for several consecutivesessions last week in a sell-off inagriculture, marking a correctionin prices after a strong perform-ance in the third quarter.

"All of these markets haveencountered in one shape orform long liquidation," aLondon-based broker said.

Raw sugar eased from lastweek's seven-month peak, withattention focused on cropprogress in leading producersBrazil and India.

ICE March raw sugar futurestraded down 0.38 cent or 1.6 percent at 23.36 cents a lb at 1454GMT. London December whitesugar was down $5.40 or 0.9 percent at $618.20 per tonne inmodest volume of 1,289 lots.

The Dubai Al Khaleej refinerybought 40,000-50,000 tonnes ofraw sugar from India forSeptember-October-Novembershipment, general managerCyrus Raja said on Wednesday.Coffee was lower in a continuedcorrection, with dealers expect-ing the fall in prices to stimulatesome roaster buying.

ICE March arabica coffeefutures traded down 0.1 cent or0.06 per cent at $1.7865 a lb,while Liffe January robustacoffee was down $9 or 0.5 percent at $1,657 per tonne.

Cocoa futures edged higher,bucking the weaker tone acrosssoft commodity markets, asdealers eyed a key crop report.

ICE December cocoa tradedup $20 or 0.7 per cent at $2,734per tonne, while Liffe second-month March cocoa traded 15pounds or 0.8 per cent higher at1,865 pounds a tonne. -Reuters

NY cotton early-tradeICE December cotton futures rose

0.05 cent to 98.61 cents per lb on vol-ume of 2,110 lots.


Sania Mirza returns a shot against Britney Teei

during their women’s singles group match in CWG

Don’t writeoff Federeryet, warns

NadalTOKYO: World number oneRafa Nadal insists his greatrival Roger Federer is no spentforce and on Wednesdaybacked him to add to his recordhaul of 16 grand slam titles.

"He won at the AustralianOpen and won in Cincinnati(Federer's 17th Masters 1000title), got to the final in Madridand Toronto ... so it's a goodyear for him," Nadal toldreporters at this week's JapanOpen.

"It's very difficult to alwaysbe 100 per cent and whatFederer did the last seven oreight years is almost impossi-ble to repeat. It's unbelievable."

Nadal matched Federer inwinning all four grand slamcrowns by winning last month'sUS Open to move to nine over-all and add to the Wimbledonand French Open crowns hewon earlier in the year.

But the Spaniard warned thatit was far too early to write offFederer, who has won 63career titles but has slipped tothird in the world rankings.

"Of course he is going tochallenge to win the big tour-naments," said Nadal, who ismaking his first appearance inJapan this week. "He is still --what? -- number two or three inthe world and his game is stillat a very high level."

Nadal and Federer are twoof only seven men to havewon all four majors and theSpaniard paid credit to theSwiss maestro.

"It's very difficult to alwaysbe at the top," said Nadal, whois gunning for his seventh titleof the year this week. "What hedid is very, very difficult."-Reuters

Butt settlesdisputeswith ECB

LAHORE: ChairmanPakistan Cricket board IjazButt has said that all disputesand issues have been settledwith England Cricket Board(ECB).

Talking to the media per-sons at Allama Iqbal Airporthe said that PCB would helpthe ECB regarding Match fix-ing investigation.

Ijaz Butt said I am glad thatall the matters are solved withECB and that was a mistake,which has been ended andECB is willing to provideneutral venue in future toPCB.

Replying to a questionabout Chairman PCB chang-ing he said that I also heardand read in newspapers but itis nothing new for me.

He further said that PCBwill investigate the allegationof match fixing over PakistanCricket team.-Online

NEW DELHI: Cricket shouldbe included in theCommonwealth Games(CWG) and Olympics to helpthe game grow around theworld, West Indies cricketinggreat Viv Richards said onWednesday.

Richards, at the Delhi Gamesas an ambassador for the 25-member Antigua and Barbudadelegation, said the Twenty20competition was tailor-madefor multi-sports events.

"Twenty20 definitely shouldbe in," he told Reuters. "That'sthe version, it will be the bestsalesman for cricket as it isshort and entertaining.

"We can't accommodate thelonger version. The same wayrugby was introduced in theCommonwealth Games," headded.

Cricket was played just onceat the Commonwealth Gamesin 1998 in Kuala Lumpur,where Antigua and Barbuda

competed as an independentteam and South Africa won thetitle. Matches were played over50 overs.

Sevens, the shorter form ofrugby union, is on the schedulefor a fourth successiveCommonwealth Games inDelhi and will feature at theOlympics for the first time in2016.

Richards had a dig at theInternational Cricket Council(ICC) for not doing enough topopularise the game of cricket.

"Someone told me that theICC is not that interested inpushing for cricket to beincluded in the Olympics," hesaid.

"I hope they finally are atsome point. I think the morecricket is played at other out-lets the better it would be forthe game. There are a very fewcountries who play cricket andwe need to do this for thesport."-Reuters

CWG, Olympicsshould featurecricket events

ISLAMABAD: The head ofthe International CricketCouncil (ICC) Code ofConduct Commission willhear the appeal by the threePakistani players - SalmanButt, Mohammad Amir andMohammad Asif - againsttheir provisional suspensionfrom all cricket on October30 and 31 in Doha, Qatar.

The provisional suspen-sions were imposed on theplayers in accordance withthe ICC Anti-CorruptionCode after they were chargedwith various offences underthe code on September, 2. Thecharges followed revelationsby The News of the Worldand subsequent investigationsby the ICC's Anti Corruptionand Security Unit into 'spot-fixing' allegations.

"After receiving three sepa-rate appeals from the respec-tive players, the ICC moved

as quickly as possible to con-vene an independent hearingin accordance with the ICC'sAnti-Corruption Code. Afterconsulting with all partiesinvolved we decided to con-duct the hearing in Doha,Qatar," ICC Chief ExecutiveHaroon Lorgat said in a state-ment on Wednesday.

"It is important to under-stand that the appeals areagainst the provisional sus-pension only and will notconsider the substantivecharges that were laidagainst the players onSeptember, 2."

In the meantime, the playersremain provisionally sus-pended from all cricket andrelated activities. We want toensure a fair and just processin terms of our code, but weare also determined to main-tain the integrity of our greatsport," he said.-APP

ICC to hear Pakappeal on 30th

NEW DELHI: Organisersworked through the night to getthe running track ready beforeWednesday's first athleticsevents at the DelhiCommonwealth Games, the lat-est in a catalogue of snags todog the event.

Attendances were again lowon the third morning of compe-tition at the 12-day Games formostly former British colonies,which has so far been far fromthe image boost India had hopedto achieve for its $6 billion (3.8billion pound) investment.

Allegations of corruption,shoddy construction, a filthyathletes' village, security andhealth concerns all blighted thepreparations. Transport issues,technical malfunctions andproblems with food have contin-ued the trend into Games.

"I think a lot of adverse pub-licity leading up to the Gameshas turned off some people,there is no question about it,"Commonwealth Games

Federation chief MichaelFennell said about the lack ofspectators Wednesday.

"You can't have that. What weknow we need to do is to rebuildit (Games' reputation) becausethe Games are being successful-ly conducted."

Games chief organiser SureshKalmadi said sales would pickup after India's surge up themedals table, which continuedon Wednesday when shooterGagan Narang grabbed his sec-ond gold.

"We sold 50,000 tickets yes-terday and have got goodresponse for hockey, tennis,swimming and athletics,"Kalmadi told a news conference

Alongside the host nation'sfive gold medals from day two,organizational problems werewidely reported in Wednesday'snewspapers with the IndianExpress publishing details froma leaked internal report.

"TRANSPORT IS A MESS""Transport is a mess, botched-

up security clearances, sulkingvolunteers striking work, driverswho get lost, flap barriers thatdon't work, missing videoboards, food for workforce 'unfitfor human consumption' -- hard-ly have the lights dimmed on thedazzling opening ceremonywhen the daily unending rosterof complaints is back," read itsfrontpage.

The elaborate opening cere-mony at the Jawaharlal NehruStadium caused the race againsttime to get the track ready forthe start of the athletics compe-tition Wednesday afternoon.

"It was all done, it waschecked this morning by thetechnical delegates whoinformed us all systems are gofor athletics this afternoon," saidFennell.

Other problems have provedharder to solve, including busdrivers who did not know theirway around the city, and othersdissatisfied with the food andaccommodation.-Reuters

Seats remainempty at CWG

KARACHI: Pakistaniumpire Aleem Dar has wonthe David Shepherd Trophyfor the second time afterbeing named ICC Umpire ofthe Year at the LG ICCAwards in Banglore (India),ICC announced onWednesday.

42-year-old Dar, wasvoted to this award by the10 Full Member captains aswell as the eight-man ElitePanel of ICC MatchReferees, based on his deci-sion statistics and officiat-ing skills over the past 12months.

It is the second year in arow that he has received theICC award which has beennewly named after the lateEngland umpire DavidShepherd and upon collectingthe trophy from Chris Broad,Dar said; "I think the fact I'mstill playing cricket inPakistan makes me a goodumpire, in the last four timesI've played cricket I scoredcenturies so I definitely thinkthat has helped.

"I'm honored to have been

named the winner for the sec-

ond year in row." he com-mented.

Lahore-based Aleem Darbeat off strong competitionfrom his colleagues on theElite Panel of ICC UmpiresSteve Davis, Tony Hill andfive-time ICC Umpire of theYear Simon Taufel.

Indian batsman SachinTendulkar was named 2010Cricketer of the Year on

Wednesday.

"It's fantastic to win thisaward, I'm really excited...and this last season for theentire team has been reallyspecial," said the 37-year-old.Tendulkar fought off stiffcompetition to take the awardahead of fellow short-listnominees Virender Sehwag,also of India, South Africa'sHashim Amla and England'sGraeme Swann.-APP

Aleem Darbest ICCumpire

MANCHESTER: Liverpool'sboard has agreed to sell the clubto the owners of baseball'sBoston Red Sox although thefate of England's most success-ful football team could yet bedecided in court as an owner-ship dispute rages on.

The Premier League club saidon Wednesday it had accepted a300 million pounds offer fromNew England Sports Ventures(NESV) but the deal is beingcomplicated by the club facing alegal challenge from its currentowners.

On Tuesday, Americans TomHicks and George Gillett soughtto replace two members of the 5-man board with their own peo-ple in a final bid to retain controlwith the BBC quoting the pair assaying they would resist any salethat undervalued the club.

Local media reports had sug-gested Hicks and Gillett werelooking for about 600 millionpounds. The proposed deal'sprice tag of 300 million includes200 million in writing down allacquisition debt and taking onsome additional working capitaldebts and other liabilities.

The club's American ownerswould also not have been happyto hear that a sale to NESV hasthe support of Liverpool's majorcreditors Royal Bank of Scotland(RBS), according to a sourcefamiliar with the situation.

Liverpool chairman MartinBroughton said he was disap-pointed the current owners had"tried everything to prevent thedeal from happening" butadded the potential new ownerswere the best people for the joband would provide funds for

new players.The legal dispute over board

membership will be a key partof whether the sale goes ahead,though with an October 15deadline looming for the RBSdebt to be refinanced the advan-tage seems to be with theprospective owners rather thanthe incumbents.

The five-times Europeanchampions owe 237 millionpounds, mainly to RBS whocould decide to take effectivecontrol of the club if the datepasses without payment.

On Tuesday, Hicks and Gillettattempted to remove managingdirector Christian Purslow andcommercial director Ian Ayrefrom the board and replace themwith Mack Hicks and Lori KayMcCutcheon.

"It was the last chance for them

to leave Liverpool with theirheads high," Broughton, speak-ing on Sky Sports News, said ofthe current owners. "It's a pitythey've chosen to go this route."

Hicks and Gillett instructedBarclays Capital in April to finda buyer and appointed BritishAirways chairman Broughtonto oversee the sale. He said theAmerican owners had brokenwritten agreements in theboardroom battle.

"Part of the terms of me tak-ing on the role was that theygave a written undertaking thatonly I could change the board...and they also gave a writtenundertaking that they would notinterfere and frustrate any rea-sonable sale," he said.

"This is frankly a flagrantabuse of those two writtenundertakings."-Reuters

Liverpool agree for sale; legal battle ahead

Pak settlesfor silverwarein wrestling

Monitoring Desk

KARACHI: Azhar Hussainsettles for silver medal atCommonwealth Games, losingto Rajinder Kumar of India inthe final of 55kg Greco-Romanwrestling category.

Reigning champion Kumarsuccessfully defended his titlewithout conceding a singlepoint in the tournament, mak-ing it four wrestling golds forthe hosts.

He dominated Hussain in aone-sided final of two sessions,winning 11-0 to roars ofapproval from the home crowd.

China Open Tennis

Djokovic

snaps up

QF spotBEIJING: Champion andtop seed Novak Djokovicenjoyed a free ride into thequarter-finals of the ChinaOpen on Wednesday afterAmerican Mardy Fish pulledout with an ankle injury justhours before the match.

"Mardy damaged his leftankle during his first roundgame and has gone to hospi-tal for a scan," an ATP offi-cial told reporters.

Fish's misfortune meantDjokovic could enjoy a relax-ing day in the Chinese capitalon a day when other competi-tors tried to play through thesmoggy conditions describedas "hazardous" by the USembassy in Beijing.

Women's top seed CarolineWozniacki, who had a byeinto the second round, willbegin her bid to toppleSerena Williams from the topof the rankings by the end ofthis week against Italy's SaraErrani.

Second seed VeraZvonareva booked her placein the last eight after down-ing fellow Russian MariaKirilenko 5-7 6-4 6-2 in atwo hour 39 minute tussle.

Men's fourth seed NikolayDavydenko struggled to tametowering Croatian MarinCilic, eventually winning 7-57-5.

"It was very good match forme. My baseline control wasgood and I played fast as Ibelieved that was the way towin today," said Davydenkowhose next test will beagainst another beanpole,American John Isner.

Isner, who is best knownfor winning the longest evertennis match 70-68 in thefifth set at this year'sWimbledon, enjoyed a ratherbrisk workout when he tamedfellow big server PhilippKohlschreiber 7-6 3-6 6-3 intwo hours and 13 minutes.-Reuters

LIVERPOOL: File photo of Liverpool fans cheering ahead of their Champions Leaguesemi-final match against Chelsea at Anfield.-Reuters

n 2nd time in a row for Dar

n Tendulkar named player of the year

BANGALORE: Pakistan’s umpire Aleem Dar holds the trophyafter he won Umpire of the Year award at the International

Cricket Council Awards 2010.-Reuters

KARACHI: Administrator Habib Gramar School AlmasBana is preenting shield to Secretary Sindh Sports Shoaib

Ahmed Siddiqui. Nargis Alavi Maqbool Ahmed andRashid Siddiqui are also present on the occassion.-PR

Viv Richards bats for cricket's inclusion

Athletics track finally ready


International & Continuation

CONTINUATIONThe cabinet also gave approval for a loan assistance agreement

with Korea. Under this agreement Korea will provide 180 milliondollars for the construction of infrastructure and developmenthealth, education and renewable energy projects.

The Cabinet gave approval that Pakistan Housing Authority willnow be an autonomous body and would work more efficientlywith private sectors to accommodate government officials andother people on priority.

Kaira said that so for three hundred twenty seven thousand onehundred and sixty five Watan Cards have been distributed amongflood victims. It involves six and a half billion rupees. The Cabinetreviewed the second phase of rehabilitation of floods affectees andalso reviewed implementation of its decisions.-Agencies

Continued from page 1No #1

cabinet. PM has taken the President into confidence in thisregard and soon after the return of President from Karachi the listwould be given a final shape.

Sources told there is a possibility that portfolio s of Lal Khan,Arbab Alamgir, Amin Fahim and Rana Farooq Saeed would bechanged. Some important PPP leaders have suggested to Presidentand PM that Raza Rabbani should be given the portfolio of LawMinister and if he is unwilling than Aitzaz Ahsan should be con-vinced to take this responsibility.

Sources also told that Prime Minister has taken on board allcoalition partners especially Maulana Fazl regarding the changein cabinet and Maulana Fazl has agreed to removal of his brotherFederal Minister Tourism Atta ur Rehman however Azam Swatiwould remain a minister while no green signal has been given bythe Maulana regarding Rehmatullah Kakar.

Sources told that ministers who are likely to be removed or givendifferent portfolios prior to Oct 13 include Sports Minister IjazJhakrani, State Minister Tasneem Qureshi, Minister for HumanRights Mumtaz Hussain Gilani, Culture Minister Pir Aftab ShahGilani, state minister for Dairy Development, State minister for foodand agriculture Rafiq Jamali, State Minister Housing Anis ur Rehmanand State Information Minister Samsam Bukhari. -Agencies


projects. He told the court that $55 million was given away inadvance for rental power plants worth only $25 million.

Faisal further stressed the report of Asian Development Bank(ADB) on rental power projects, is a charge sheet against the gov-ernment, adding the report uncovers several violations.

Faisal Saleh Hayat requested the court to ask National ElectricPower Regulatory Authority (Nepra) on the procedure for deter-mining the power tariffs.

Justice Khalil-ur Rehman Ramday addressed Hayat andexpressed astonishment on report regarding $55 million paid for aproject worth only $25 million. -Agencies


review that has been a leading challenge for the last two years or so.The NPLs of banks registered a marginal growth of 0.6 per cent

to Rs460 billion in April-June 2010 quarter (Rs457 billion inMarch-10) as compared to last two years' average quarterlygrowth of 9.7 per cent.

The earnings of individual banks also showed some improve-ment as the number of loss-making banks remained lower thanCY09 statistics, the report added.


Musharraf said that it was his intention that neither BenazirBhutto nor Nawaz Sharif be present in the country at the time ofelections.He said Chaudhry Shujaat Hussain had objected toBenazir Bhutto's becoming prime minister for the third term.

He said both of them were on same page on scrapping of thecases because no court verdicts were coming.

The former president further said that Benazir Bhutto could havebecome prime minister if she had participated in the elections.

"I apologised people for NRO because it was a wrong decision;it led to a chaos in the country," he said, adding however that itwas Chaudhry brothers who had misguided him. -Agencies


Government would try to cover the loss by utilising foreigndonations and its own revenue in the rehabilitation process but ifthe gap remains between estimated amount of relief and revenuethen flood relief surcharge would be imposed on people.

Referring to the progress made by Federal Board of Revenue inregard to tax collection, he said a campaign has been launched byFBR to bring more people in tax people who were previouslyexempted from the tax and to tab those people who were not payingthe amount of tax levied upon them.Government would collect a nettax of more then Rs1340 billion by the end of the present fiscal yearwith the hectic efforts of FBR on stuck up revenue, he added. -APP


According to a TCP official here Wednesday, the tender hasbeen awarded to 58 different parties of all the provinces of thecountry. TCP has received offers from 141 parties from Lahore,Faisalabad, Multan and Islamabad, Karachi, Hyderabad, Sukkur,Kashmore, Quetta and Malakand, Peshawar and Karak inresponse to tender dated 27-09-2010.

The official said that it was the most wide-spread tender partici-pated by the retailers, traders, whole-sellers from all over the coun-try. The tender offered minimum quantity of 50 MT and maximumquantity of 500 MT. The 2nd tender of 25,000 MT is scheduled tobe opened on Thursday to sell the sugar on the same pattern. Theofficial said that sale would improve the supply position of sugarin the open market, providing relief to the common men. -APP


comes to seventeen billion rupees while the actual cost is less.Therefore, with deregulation of freight the overall prices of

petroleum products would be equalised.To another question the Minister said there is no proposal to

introduce new Natural Gas Pricing Mechanism in the country.Syed Naveed Qamar said foreign companies invested 192 bil-

lion rupees during the last three years in terms of oil and gasexploration in the country. He said PSO earned profit of over ninebillion rupees last year as against loss of about 6.7 billion rupeesin the previous year. Responding to a question the Minister load-


The SBP report said that due to shift in asset mix of bankstowards less risky assets, the risk-based capital adequacy ratio ofthe system improved to 13.9 per cent (13.7 per cent in March-10)as compared to the minimum regulatory standard of 10 per cent.

The report said that the results of the stress tests, however, indi-cate that banking system's adequate capacity to withstand unusu-al shocks in the major risk factors and avert the emergence of anysystemic crisis from such shocks.-NNI

shedding natural gas and weekly closure of CNG stations will end after the existing gap between gasdemand and supply is bridged through increase in gas supplies. -NNI

He said in this regard the builders and developers have a special role to play and it is they whowill be called upon in a large measure to undertake the rebuilding and reconstruction tasks.

The event was attended by Chief Minister Sindh Syed Qaim Ali Shah, Ministers, Members ofParliament and Chairman ABAD Babar Mirza Chughtai.-Agencies


Meanwhile, in yet another farewell meeting, General Tariq Majid, Chairman Joint Chiefs of StaffCommittee called on President Asif Ali Zardari at the Presidential Camp Bilawal House.

On the occasion, President Zardari highly lauded the gigantic services of General Majid termingit invaluable for the Armed Forces of Pakistan. -Agencies


the main Pakistani officials attending the talks.The international community and the Afghan government have reportedly asked for the decisions

made in Abu Dhabi to be respected and that peace efforts should be emphasized upon as the currentmilitary strategy is deemed to have destabilized the region.-Online

Continued from page 12No #11NEW YORK: US privateemployers unexpectedly shedjobs in September, reinforcingthe conviction that the USFederal Reserve as early asnext month will embark onanother round of monetary pol-icy stimulus to support the eco-nomic recovery.

ADP's national employmentreport on Wednesday said USprivate employer payrolls fellby 39,000 jobs in September.The median forecast from aReuters poll was for anincrease of 24,000 jobs.

The Fed's decision on furtherquantitative easing, due at theirearly November policy meet-ing, will likely hinge on infla-tion and labor market develop-ments and the monthly USLabor Department report onemployment on Friday.

The non farm payrolls reportwill likely show zero growth inSeptember from August as afurther unwinding of tempo-rary US Census jobs and lay-offs at state and local govern-

ments offset a slight pickup inprivate hiring, according to aReuters survey.

A strong payrolls reading ispossible, said Zach Pandl, USeconomist at NomuraSecurities in New York. "But ingeneral if we get anythinglooking like this on Friday,'QE2' is a done deal at theNovember 3 (Fed) meeting."

With more Fed easingexpected, the dollar droppedto a fresh 15-year low againstthe yen, and US stocks tradedflat, held back by the surpriseADP report. Benchmark 10-year Treasury debt pricesgained.

Another report onWednesday showed the num-ber of planned layoffs at USfirms rose slightly inSeptember, though it was thesecond lowest level of the year,according to the report fromconsultants Challenger, Gray& Christmas Inc.

"This does not bode particu-larly well for private sector

employment" in Friday's jobsreport, said Steven Wood, chiefeconomist at InsightEconomics in Danville,California, "although some ofthe largest divergencesbetween the ADP employmentreport and the employment sit-uation report have been in thelast couple of months."

The Fed last month said itwas ready to inject more moneyinto the economy if needed toshore up a sluggish recoveryfrom the worst downturn sincethe 1930s and prevent a damag-ing bout of deflation.

The Fed, which has alreadyinjected $1.7 trillion into theeconomy by purchasing mort-gage-related and governmentbonds, next meets on Nov. 2-3.

The International MonetaryFund said on Wednesday USeconomic growth will be muchweaker this year and in 2011than previously thought, dim-ming hopes for a drop in unem-ployment any time soon.-Reuters

US private sectorjob cuts raise Fed

easing chance

NEW YORK; Global policymakers clashed over currencypolicies on Wednesday asWestern leaders warned Chinaand other emerging markets thatwidespread efforts to weakenexchange rates threatens toderail economic recovery.

US Treasury SecretaryTimothy Geithner said coun-tries with large trade surplusesmust let their currencies rise lestthey trigger a devastating roundof competitive devaluations.

"When large economies withundervalued exchange rates actto keep the currency fromappreciating, that encouragesother countries to do the same,"Geithner said in a speech onWednesday ahead of this week-end's semi-annual internationalMonetary Fund meeting.

Officials around the worldfear such a "race to the bottom"may trigger trade tariffs andother measures that could dam-age global economic growth.

Using exchange rates "as apolicy weapon" to undercutother economies and boost acountry's own exporters "wouldrepresent a very serious risk tothe global recovery," IMFManaging Director DominiqueStrauss-Kahn was quoted assaying in Wednesday's editionof the Financial Times.

But China, which the Westaccuses of keeping the yuanartificially weak to promoteexports, has rebuffed suchcalls. On Wednesday, PremierWen Jiabao told the EuropeanUnion to stop piling pressureon Beijing to revalue the yuan,

saying a rapid exchange rateshift could unleash disastroussocial turmoil in China.

""Many of our exportingcompanies would have to closedown, migrant workers wouldhave to return to their villages,"Wen said during a visit toBrussels. "If China saw socialand economic turbulence, thenit would be a disaster for theworld."

Low interest rates in Europeand Japan and expectation thatthe Federal Reserve will launchanother round of money print-ing that could weaken the dol-lar have pushed currencies tothe top of the agenda at the IMFmeeting and at Friday's gather-ing of finance leaders from theGroup of 20 economies.-Reuters

Global policy makersclash on currency policies

IMF revisesUS growthdown, jobs

picture bleakWASHINGTON: US economicgrowth will be much weaker thisyear and in 2011 than previouslythought and that dims hopes forbringing down a very high unem-ployment rate anytime soon, theInternational Monetary Fundsaid on Wednesday.

In a sober assessment of theUS outlook, the IMF pulleddown its estimate for 2010growth to 2.6 per cent from the3.3 per cent it published in Julyand said gross domestic productor GDP will expand 2.3 per centin 2011 instead of 2.9 per cent.

"The most likely prospect forthe US economy is for a contin-ued but slow recovery, withgrowth far weaker than in previ-ous recoveries, considering thedepth of the recession," the IMFsaid in its World EconomicOutlook published ahead ofweekend semi-annual meetingsof it and the World Bank.-Reuters

Fitch cutsIreland; moraleplummets amid

loan fearsDUBLIN:Fitch cut Ireland'scredit rating on Wednesday, cit-ing the huge cost of cleaning upits banks as the country's regula-tor warned levels of souredproperty loans could be worsethan disclosed and consumersentiment plummeted.

The flurry of bad news, com-ing a day after rival ratingagency Moody's said it toomight downgrade Ireland, droveyield spreads on Irish debt high-er, putting further pressure on agovernment already strugglingto keep a lid on a debt crisis thatthreatens to spiral out of control.

As well as cutting Ireland to A+from AA-, Fitch put its rating ona negative outlook, also pointingto uncertainty over the country'swavering economic recovery.The Irish government last weekrevealed that it could cost asmuch as 50 billion euros ($69.3billion), or over 11,000 euros perhead of a recession-weary popu-lation, to unwind years of reck-less lending to developers duringthe "Celtic Tiger" boom.-Reuters

The conference is being participated by the top market leaders of international business and invest-ment groups and Senator Waqar will deliver the keynote address.

The event will showcase the opportunities available to international investors in Pakistan, partic-ularly in listed companies and connect them with the senior representatives from the globalinvestors' community. This event will further strengthen these economic links and also bring directbenefits to Pakistan's corporate sector. APP


Morgan Stanley note increasing price targets across the sector.Oil majors gained as crude hit its highest level in five months, with Royal Dutch Shell up 1.7 per

cent. "There is a generally positive feel to the market but obviously there is still some nervousnessahead of the all-important non-farm payrolls on Friday," Potts said.

U.S. blue chips were up 0.2 per cent by London's close, although an unexpectedly poor reading onprivate-sector hiring provided some caution ahead of September's jobs report.

Private employers cut 39,000 jobs in September, according to the ADP Employer Services report,the largest monthly loss since January and a disappointment to analysts who had forecast 24,000 pri-vate payroll additions. Meanwhile, on the domestic macro front, a survey by the British RetailConsortium showed that a jump in the cost of agricultural commodities drove British shop priceinflation to a five-month high in September.British Airways was a big blue chip riser, up 4.5 per cent,adding to sharp gains in the previous session when it reported strong September passenger numbers,helped by a Barclays Capital target price hike.

Mid-cap peer EasyJet was the top FTSE 250 gainer, jumping 12 per cent after the budget airline saidit expected to beat its profit expectations for the year following a strong performance over the summer.Autonomy was the top blue chip faller, shedding 16 per cent after the software firm said in a tradingupdate it would cut its full-year revenue guidance by about 3 per cent after weaker than expecteddemand. In reaction, Goldman Sachs removed Autonomy from its "Conviction Buy" list, and PanmureGordon downgraded its rating to "hold" as estimates and targets were chopped. Other technologyissues suffered in sympathy, with Sage Group down 1.3 per cent. Food retailer Sainsbury was also ablue chip faller, down 0.6 per cent, as an above-forecast second-quarter trading update prompted someprofit-taking. Charles Stanley cut its rating for Sainsbury to "neutral" on valuation grounds. And fel-low retailer Marks & Spencer shed 0.4 per cent ahead of a trading update due on Thursday.-Reuters


The 50-share NSE index rose 0.7 per cent to 6,186.45 points. It rose as much as 1.3 per cent to6,223.40 points, its highest since January 2008.

Shipping Corp of India, the country's largest shipping company, rose as much as 20.5 per cent to202.50 rupees, its highest since January 2008, after the Indian cabinet approved a 10-per cent stakesale in the state-run company. Energy conglomerate Reliance Industries climbed 2.1 per cent, play-ing catch up after its recent underperformance compared with the benchmark index.

Software firms gained on expectations of robust quarterly earnings, dealer said. InfosysTechnologies will kick start the season when it unveils its second-quarter earnings on Oct. 15.

'Given our expectations of a strong quarter and favourable cross currency movements, we expectInfosys to raise its $-terms revenue guidance to 22-24 per cent (from 19-21 per cent),' Citigroup ana-lysts said in a note earlier this month. Infosys and climbed 0.6 per cent and 0.7 per cent respective-ly, while sector leader Tata Consultancy Services rose 0.8 per cent. MSCI world equity index traded0.7 per cent by 1021 GMT, while the more volatile emerging markets index rose 1.3 per cent.-Reuters


The yen stayed strong, holding near a 15-year high against the dollar on heightened expectations ofquantitative easing from the U.S. central bank following the BOJ's rate cut. Comments by ChicagoFed President Charles Evans that the Federal Reserve should do much more to spur the economy alsoincreased speculation over a possible resumption of the bank's quantitative easing as soon as its nextpolicy-making meeting scheduled on Nov. 2 and 3. "The most important focus seems to have beenaimed at currencies but the yen hasn't weakened against the dollar, and that's keeping a lid on furtherstock gains," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management Co.

Active buying buoyed shares of property developers such as Mitsubishi Estate, which rose 4.2 percent to 1,476 yen.The real estate sector subindex was up 4.2 per cent.Shares of financial companiesalso climbed, with Nomura Holdings jumping 6.9 per cent to 435 yen and Mizuho Financial Groupclimbing 8.6 per cent to 126 yen. "Sentiment towards stocks has improved but no major fresh buy-ing has been detected. Banks have jumped in response to credit easing, while I feel gains in realestate shares have been a bit overdone," Shinkin Asset's Fujiwara said.

Kaoru Arai, general manager at Rakuten Securities, said the BOJ's purchases of ETFs were likelyto be limited to major Japanese stock indexes such as the Nikkei 225 and Topix, with no investmentsexpected in commodities or foreign ETFs. "The BOJ's purchases of Japanese ETFs will help to pro-vide support to Nikkei 225 and Topix prices," he said.

Exchange-traded products issue securities backed by physical assets such as stocks or commodi-ties, giving investors exposure to the underlying prices. There are 93 ETFs listed on the Tokyo StockExchange and 14 listed on the Osaka Securities Exchange.-Reuters


While launching the consultation process, Salman Shaikh, Chairman SECP said that the principal lessonof the evolving governance regime in Pakistan is that those on boards must think deeply about their indi-vidual and collective roles and responsibilities. The proposed changes to the Code are sensible improve-ments that are based on international best practices and the experience of last few years in implementationof the Code. The changes proposed would indeed ensure governance in all major businesses, said Salman

The SECP had asked Pakistan Institute of Corporate Governance (PICG) to revisit the Code.After two years of detailed deliberations, the PICG Task Force finalized its recommendations.After its preliminary review, the SECP has released the revised draft Code for consultation withall the stakeholders..


Since Company has 67.6 per cent stake and also draws 71 per cent revenue from chemical and fer-tilizer business, it has also requested to transfer the name to Chemical/ Fertilizer sector.

The Company also holds 12.5 per cent stake in Financial Services Sector, 2.2 per cent in IndustrialMaterial sector, 1.8 per cent in Construction & Material and 1.2 per cent in Food and Allied.

The KSE has forwarded Company's request to Dow Jones Industry Classification Benchmark(ICB) Advisory Committee, which is responsible for classification / allocation of companies intoappropriate sectors. The Committee will take up the request for change of name and reclassificationof sector in its forthcoming review.


The Nasdaq slid after Morgan Stanley downgraded semiconductor companies Xilinx Inc andAltera Corp to "underweight," citing concerns about a slowdown in Asian markets.

Xilinx lost 3.2 per cent to $25.51. Altera fell 2.7 per cent to $29.17. The PHLX SemiconductorIndex, known as the SOX, slid 1.8 per cent The Dow Jones industrial average inched up 2.34 points,or 0.02 per cent, to 10,947.06. The Standard & Poor's 500 Index shed 1.70 points, or 0.15 per cent,to 1,159.01. The Nasdaq Composite Index dropped 18.00 points, or 0.75 per cent, to 2,381.83.

Costco Wholesale Corp fell 0.9 per cent to $64.06 after the largest US warehouse club operatorposted lower-than-expected comparable sales in September.

Monsanto Co shot up following its 2011 profit forecast, and Yum Brands Inc rose as much as 1.4per cent day after reporting adjusted third-quarter earnings that beat expectations by a penny.

At midday, though, Yum was up just 0.2 of a point, or almost flat, at $47 -- off the session high at$47.45. Monsanto climbed 2.1 per cent to $49.55.-Reuters


comes to seventeen billion rupees while the actual cost is less.Therefore, with deregulation of freight the overall prices of petroleum products would be

equalised. To another question the Minister said there is no proposal to introduce new Natural GasPricing Mechanism in the country.

Syed Naveed Qamar said foreign companies invested 192 billion rupees during the last three yearsin terms of oil and gas exploration in the country. He said PSO earned profit of over nine billionrupees last year as against loss of about 6.7 billion rupees in the previous year. Responding to a ques-tion the Minister load-shedding natural gas and weekly closure of CNG stations will end after theexisting gap between gas demand and supply is bridged through increase in gas supplies. -NNI


degree issue and serving duties according to directions of Supreme Court. -Online


Engro has aimed to tap the retail market via this TFC, which besides raising funds for the compa-ny will also help develop the corporate debt market, which the company can use as a relativelycheaper alternative to bank financing going forward.


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KARACHI: Chairman Joint Chiefs of Staff Committee General Tariq Majid paid a farewell call on President Asif Ali Zardari at Bilawal House.-Online

LONDON: Increased US drone strikesin Pakistan's tribal areas are linked to aterror plot targeting Europe, Pakistan’sUS envoy said on Wednesday, amidmounting fears that al Qaeda is plan-ning a wave of attacks.

Ambassador Hussein Haqqani toldBBC that the increase in strikes in NorthWaziristan came after intelligence agen-cies uncovered a plot to "attack multipletargets in Europe."

He also said that a strike Monday in thedistrict which killed eight militants, includ-ing five Germans, was linked to the plot.

"I think that the activity we see inNorth Waziristan in terms of strikes isconnected to the terrorist warnings thatwe have heard about potential strikes inEurope," he told the British broadcaster.

USA and German media said theinformation about possible targets wasprovided by a German national interro-gated at Bagram Air Base inAfghanistan.

Germany said it was in contact withPakistani authorities on the drone strikes.

"The ministry and the embassy areactively pursuing their efforts to clarifythe situation," a Foreign Ministryspokesman said.

Haqqani said that "certain peoplehave been arrested in the past, interro-gation and other intelligence hasrevealed that there has been a plot toattack multiple targets in Europe."

"We do not want anybody to panic,there shouldn't be any panic becauseEuropean, Pakistani and American intel-ligence services are working together tofoil these plots," he added.

The envoy also said Pakistan wascommitted to fighting terrorists."Pakistan has been concerned aboutthe presence of terrorists insidePakistan or in the regions close toPakistan for a long time and we havebeen working very hard at eliminatingthem." -Online

Europe terrorismplot added fuel to

drone-fire: Haqqani

US, EU, Pak agencies working together: envoy

KARACHI: President Asif AliZardari Wednesday said theentire focus of the governmentwas to 'rebuild better' homesand infrastructure devastated bythe worst ever flooding in coun-try's history.

Addressing the participants ofAssociation of Builders andDevelopers of Pakistan here atthe Bilawal House Presidentsaid the government would notbe contented with mere rebuild-

ing but desires to rebuild betterthe vast areas destroyed by thefloods.

President Zardari said vastinfrastructure has been devas-tated in the flooding in thecountry and the task too big tobe undertaken by the govern-ment or the public sector alone.

President Zardari said thegovernment will provide need-ed incentives to attract the pri-vate entrepreneurs in undertak-

ing the task and added that itplans to introduce liberal poli-cies for a robust private-publicpartnership on build.

President Zardari said theobjective of his meeting was tointeract with members of thisimportant body and discuss thepost flood rehabilitation andreconstruction.

He said when the UNSecretary General Ban Ki Moonvisited the flood affected areas

he remarked `seeing is believ-ing' and said that in the over 60years of UN history such ahumanitarian disaster had notbeen witnessed.

President Zardari said theWorld Bank and the Asiandevelopment Bank wereengaged in the Damages andNeeds Assessment (DNA) andexpressed the hope that theDNA would be completed nextweek.

He said the National HighwayAuthority has already complet-ed its DNA and forwarded it tothe Asian Development Bank,the lead agency for communica-tions and transport sector.

The ADB and World Bankteams also visited Sindh about aweek ago for this purpose.

President Zardari said inSindh alone over 1900-KM ofprovincial roads including 27bridges have been damaged

extensively and added that thiswas besides the huge damagecaused to the NHA and federalgovernment projects.

He said reconstruction ofprovincial roads and bridges inSindh alone will cost over 14billion rupees.

"We all have to join hands andalong with international supportsteer the ship of the country outof turbulent waters."

See # 9 Page 11

Zardari aims better rebuildingPresident meets ABAD members, moots rehab of flood-affected areas

DOHA: Officials from Pakistan areconducting 'secret talks' withAfghanistan reportedly mediated by theUnited Arab Emirates.

Officials from the two countries con-ferring in the Afghan capital, Kabul, AlJazeera reported.

Issues high on the agenda were saidto include, finding solutions for prob-lems that have plagued the two coun-tries and the ongoing issue regardingthe Taliban.

No other specific details have beenforthcoming, as the talks are being heldbehind closed doors.

The talks are intended to be a follow-up to discussions that were held in Abu

Dhabi earlier in the year.There has been no reaction from the

Taliban so far with regards to the cur-rent discussions being held in Kabul.

The Afghan delegation currentlyattending the talks reportedly includesMullah Abdul Salam Zaeef, formerTaliban ambassador to Pakistan,Hekmat Karzai, the Director of theCentre for Conflict and Peace Studies,and Ali Ahmad Jalali, the formerAfghan interior minister.

Aftab Ahmad Sherpao, the formerPakistani interior minister and AsifDurrani, the former chief of Pakistan'sInter-Services Intelligence are two of

See # 11 Page 11

Privy Pak-Afghantalks in play: paper

ISLAMABAD: General Tariq Majid,Chairman Joint Chiefs of StaffCommittee after completing a prolificthree years of his term will retire fromhis respected post on Thursday(today).

New Chairman Joint Chiefs of StaffCommittee General Khalid ShamimWyne will assume his formal responsi-bilities on Friday (tomorrow).

Tariq Majid has completed hisfarewell meetings with important andkey political and military leadershipprior to retiring.

Tariq Majid was promoted as four-star General on 8 October 2007, theonly officer from the Baloch Regimentafter Rahimuddin Khan to ascend to

CJCSC, in place of outgoing GeneralEhsan ul Haq who was due for retire-ment.

At the time of promotion, Tariq Majidwas fourth on the seniority list.

Lieutenant Generals Khalid Kidwai,Ashfaq Parvez Kayani (who was alsopromoted as four-star and madeVCOAS), and Malik Arif Hayat wereall senior to him, all of whom stoodsuperseded and sought retirement.

It is noteworthy that Lt Gen KhalidKidwai was already on a year's exten-sion and Lt Gen Malik Arif Hayat hadnever commanded a corps thus virtuallytaking him out of the race for the toptwo slots in the army.

See # 10 Page 11

Gen Wyne willchair JCSC now

Outgoing CJCSC Gen Tariq Majid calls on President

Pakistan armed forces are invincible, Zardari tells Gen Majid

HEC seeks SCOK to litigatefake-degreeholder MPs

ISLAMABAD: HigherEducation Commission (HEC)here Wednesday has sought per-mission from Supreme Court(SC) for taking legal actionagainst those parliamentarianswho have fake degrees.

According to the details, afterdelay in nomination of 4 HECmembers by the government,Secretary Election Commissionsubmit a plea in Supreme Courtthat according to 18th amend-ment new Election Commissionhas not yet been set up.

The powers of Chief ElectionCommission has been handedover to Election Commission ofPakistan, that's why ChiefElection Commissioner couldnot take action against fakedegree holder parliamentariansbecause Election Commissionhas authority to give orders oflegal action.

Meanwhile, Chairman HighEducation Commission (HEC)Dr Javed Leghari revealed thattoll of fake and unauthenticdegrees has reached to 86 whilethe varsities have not yet sendthe record of 477 degrees of par-liamentarians to HEC, after con-firming them.

Talking to this news agencyhere Wednesday Chairman HighEducation Commission (HEC)Dr Javed Leghari revealed thatnumber of fake and unauthenticdegree holders have become 86including those parliamentari-ans who moved to the courts.

He said that 477 degrees thathad not yet been confirmed bythe varsities would be consid-ered fake until proper confirma-tion.

He said that he is merely play-ing role of postman in fake

See # 12 Page 11

Local BodiesAmended

Bill tabled inPunjab HouseLAHORE: The Punjab LocalGovernment Amendment Bill2010 was tabled in the PunjabAssembly on Wednesday.

Punjab Law Minister RanaSanaullah Khan tabled the billin the House.

The Punjab law minister alsotabled Punjab Bait-ul-MaalAnnual Report 2008, 2009 andProvincial Ombudsman PunjabAnnual Report 2009 in theHouse.

Speaker Rana MuhammadIqbal chaired the session. -NNI

More Natooil tankers

burned downQUETTA: Some unidentifiedpersons torched more than adozen Nato oil tankers in Quettaearly Wednesday morning, anda man was also got killed; whereas five of the tankers have beendestroyed completely.

According to media reportspolice, Nato oil tankers wereparked outside a drive-by hotelin Akhtarabad near the westernbypass when unidentified per-sons torched these tankers andfled.

This is the third attack uponthe Nato oil tankers on westernbypass. Police has cordoned offthe area and security has beentightened.

IG Balochistan MalikMuhammad Iqbal said securityof Nato forces oil supply tankersis not our responsibility ,wehave limited resources despiteof it we are trying our level bestfor their safety. -Online

Spokespersonrejects newsPresident setto fly to US

ISLAMABAD: Presidentialspokesman Farhatullah KhanBabar Wednesday again madeit clear that President Asif AliZardari is not visiting US thusrumors in this regard are base-less and fabricated.

In his clarification statement,Presidential spokesman said thatsome reports hovering in themedia concerning President AsifAli Zardari visit to US is totallybaseless thus no facts in them.

President Asif Ali Zardari iscurrently in Karachi and meet-ing various delegations besidestaking keen interest in recon-struction and rehabilitationworks taking place, spokesmanconcluded. -Agencies

Kabul-based parley focuses on Taliban issues

Ahmed Siddique

KARACHI: Engro Corporation(Engro) is issuing a secured TFC of Rs2billion with a greenshoe option ofanother Rs 2 billion.

Proceeds from the issue would be dis-tributed to Engro Fertilizers and Foodswith Fertilizer getting Rs3 billion asdebt, while Foods will receive an equi-ty injection of Rs one billion fromEngro Corp.

The issue has a tenor of 3 years with afixed coupon rate of 14.5 per cent.Coupon payments will be distributed ona semiannual basis while the principal(99.9 per cent of the issue) will be via abullet payment in the 36th month of theissue.

In case, the subscription money fallsshort of the target, the remainingamount would be borrowed either from

Engro Corp or the respective subsidiary.The instrument has been rated as

AA by Pacra, while there is no preIPO nor is there any underwriter forthe issue.

As per the Research Analyst of Invest& Finance Securities, Engro is provid-ing a fixed per annum return of 14.5 percent which is approximately 2 per centabove the NSS certificates with theexception of Bahbood SavingsCertificates, which have 10-year matu-rity.

However, NSS are risk free and giventhe estimates of higher inflation & rates,NSS rates will also rise as the discountrate further rises in response to surgingCPI, he added.

Thus, selling of Engro Rupiya seemschallenging in the current interest ratescenario.

See # 21 Page 11

Engro to issueRs4 billion TFCs

Issuance of Engro Rupiya Certificates

the financial daily epaper 07-10-2010

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