International

No hand in cyber attacks: WikiLeaks See on Page 12

3-day remand for Hajj scam accused See on Page 12

Peace Nobelist's chair sits "empty" See on Page 12

*Crude Oil (brent)$/bbl 90.93

*Crude Oil (WTI)$/bbl 88.05

*Cotton $/lb 138.12

*Gold $/ozs 1,374.90

*Silver $/ozs 28.27

Malaysian Palm $ 1,156

GOLD (NCEL) PKR 38,314

KHI Cotton 40Kg PKR 9,431

Yearly(Jul, 2010 up to 9-Dec-2010)

Monthly(Nov, 2010 up to-9-Dec-2010)

Daily (9-Dec-2010)

Total Portfolio Invest (26 Nov-2010)

188.33

25.47

3.45

2632

-0.48

3.24

-0.14

-0.37

-1.57

-0.67

-0.01

SCRA(U.S $ in million)

Portfolio Investment

FIPI (10-Dec-2010)

Local Companies (10-Dec-2010)

Banks / DFI (10-Dec-2010)

Mutual Funds (10-Dec-2010)

NBFC (10-Dec-2010)

Local Investors (10-Dec-2010)

Other Organization (10-Dec-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (4-Dec-10)

Inflation CPI% (Jul 10-Nov 10)

Exports (Jul 10-Oct 10)

Imports (Jul 10-Oct 10)

Trade Balance (Jul 10-Oct 10)

Current A/C (Jul 10- Oct 10)

Remittances (Jul 10-Oct 10)

Foreign Invest (Jul 10-Oct 10)

Revenue (Jul 10-Nov 10)

Foreign Debt (Sep 10)

Domestic Debt (Oct 10)

Repatriated Profit (Jul- Oct 10)

LSM Growth (Sep 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.39bn

14.44%

$7.17bn

$12.25bn

$(5.08)bn

$(533)mn

$3.50bn

$569mn

Rs 495bn

$58.41bn

Rs 5234.9bn

$203.80mn

-2.58%

4.10%

$1,051

171.27mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

21.95

2.00

1.70

10.49

PKR/Shares

111.36

188.02

42.83

36.41

35.94

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)

01-Dec-2010

01-Dec-2010

01-Dec-2010

29-Nov-2010

10-Dec-2010

10-Dec-2010

10-Dec-2010

10-Dec-2010

10-Dec-2010

10-Dec-2010

10-Dec-2010

10-Dec-2010

10-Dec-2010

10-Dec-2010

10-Dec-2010

13.16%

13.39%

13.67%

14.00%

13.23%

13.38%

13.59%

13.94%

14.09%

14.16%

14.24%

14.28%

14.54%

14.70%

14.88%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 83.85 84.85

Canadian $ 84.20 85.20

Danish Krone 15.00 15.10

Euro 113.10 115.00

Hong Kong $ 10.90 11.00

Japanese Yen 1.026 1.052

Saudi Riyal 22.60 22.90

Singapore $ 64.90 65.90

Swedish Korona 12.00 12.10

Swiss Franc 86.65 86.75

U.A.E Dirham 23.20 23.40

UK Pound 134.60 136.00

US $ 85.55 85.85

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 84.31 84.51

Canadian $ 84.77 84.96

Danish Krone 15.21 15.24

Euro 113.37 113.64

Hong Kong $ 11.01 11.04

Japanese Yen 1.021 1.023

Saudi Riyal 22.82 22.88

Singapore $ 65.34 65.49

Swedish Korona 12.42 12.45

Swiss Franc 87.08 87.28

U.A.E Dirham 23.31 23.36

UK Pound 135.05 135.36

US $ 85.66 85.85

Inter-Bank Currency Rates

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Gilani, Zardari swearto ward democracy

See on Page 12

OSLO: Chairman of the Norwegian Nobel Committee Thorbjoern Jagland looks downat the Nobel certificate and medal on the empty chair where this year's Nobel Peace

Prize winner jailed Chinese dissident Liu Xiaobo would have sat, as a portrait ofLiu is seen in the background, during the ceremony at Oslo City Hall.-Reuters

ASGHABAT: President AsifAli Zardari and his Turkmencounterpart GurbangulyBerdimuhamedov Fridaytermed the multi-billion dollargas pipeline project as a win-win situation for the people ofthe entire region saying it wouldusher in an era of prosperity.

The President, who is here forthe signing of the inter-govern-mental agreement to provide aregular supply of natural gasfrom the Turkmen gas fields tothe industries in Pakistan, saidthe long overdue project wouldserve as a bridge between theparticipating countries.

The President said Pakistanwas keen to upgrade its bilater-al ties with Turkmenistan ineconomic and trade fields aswell. He said the JointMinisterial Commission hasidentified a number of areas ofsuch cooperation likeroad/rail/air links, agriculture,textiles, construction industry,and science & technology.

He also called for establishing

working groups to developthese frameworks, besides hav-ing greater interaction betweenthe business communities of thetwo sides.

He said the present govern-ment was working on its visionto establish energy and tradecorridors with the Central AsianRepublics. He added Pakistanwas an energy deficient countryand was also interested inimport of electricity fromTurkmenistan.

President Zardari had anexclusive meeting with hisTurkmen counterpartGurbanguly Berdimuhamedovhere at the Cabinet of Ministersbuilding that was followed bythe delegation level talks.

The President was joined byMinister for Foreign AffairsShah Mehmood Qureshi andMinister for Petroleum andNatural Resources Syed NaveedQamar and senior officials forthe talks.

Both the leaders expressed thebelief that the TAPI would not

only strengthen regional energysecurity, but also play a vitalrole in bringing economic andsocial stability in the region.

The President said the proj-ect has a "huge mutual andregional significance" andurged closer links at the high-est level for realising it. Healso stressed early implemen-tation of the TAPI projectevincing interest in joint ven-ture partnership by Pakistan'sstate-owned exploration andproduction companies --OGDCL and PPL-- in thedevelopment of South Yolotan-Osman gas field ofTurkmenistan that would sup-ply gas for the project.

The President said Pakistanwas also ready to consider pro-viding access to its Gwadar Portfor LNG terminal to land lockedTurkmenistan.

He also congratulated thePresident on Turkmenistan's15th Neutrality Day and notedthe progress made by the coun-try under the leadership.-APP

TAPI, a win-wincowork: Zardari

Pakistan-Turkmen cooperation to graduate to defence, trade

SINGAPORE: Moody'sInvestors Service has down-graded by one notch the globallocal-currency (GLC) depositratings and standalone bankfinancial strength ratings(BFSRs) of five banks: AlliedBank, Habib Bank, MCBBank, National Bank ofPakistan and United Bank.

At the same time, the agencyaffirmed the foreign-currencydeposit ratings assigned tothese banks at B3/Not Prime(stable outlook). The foreign-currency deposit ratingsremain constrained byPakistan's B3 (stable outlook)country ceiling for foreign-cur-rency deposits.

Moody's noted that thedowngrades were primarilydriven by the banks' growingexposure to (B3 rated) govern-ment securities and govern-ment-related lending, as a con-sequence of limited privatesector lending opportunitieswithin the country's deteriorat-ing macroeconomic condi-tions. Moody's estimated thatas of end-June 2010, the ratedlocal banks' total exposure tosovereign-related risk assetshad reached 38 per cent of theirtotal assets, from 24 per cent in2008, representing a materialexposure concentration andraising the banking system's

See # 11 Page 11

Lenders underMoody’s knife

MCB, ABL, HBL, NBP, UBL ratings slashed

Investors service maintains negative outlook

WASHINGTON: The UnitedStates has suspended a US-based aid organisation fromreceiving new developmentcontracts as it investigatesreports of fraud and other mis-conduct in development proj-ects in Pakistan, the USAgency for InternationalDevelopment (USAID) said.

The Office of InspectorGeneral at the US Agency forInternational Development hassaid in a report to Congressthat USAID terminated a $150million development agree-ment in Pakistan after evidence

of procurement fraud had beenuncovered.

In a statement on its websiteon Wednesday, USAID said ithad suspended the Academyfor Educational Development(AED) during an inspectorgeneral investigation.

"Initial findings by USAID'sOIG reveal evidence of seriouscorporate misconduct, mis-management, and a lack ofinternal controls, and raiseserious concerns of corporateintegrity," USAID said. It didnot give any further details

See # 10 Page 11

US aid org frozenfor Pakistan fraud

ISLAMABAD: The AsianDevelopment Bank (ADB)will provide up to $10 millionfor a private equity fund thataims to expand microfinanceand microbank lending to poor,underserved groups across theregion.

The fund would be utilised inmicrofinance institutions andsmall business banks in both

Asia and Africa, with ADB'scontribution solely for use inits developing member coun-tries, said a press statementreceived here on Friday.

Small lending institutionshave been expanding rapidlyacross Asia but not enough toaccommodate the hugedemand for capital and

See # 7 Page 11

ADB’s $10mn boundfor microcredit fund

Pakistan among key targets of regional fund

Says wants nosustainabilityrules in trade pact

BRUSSELS: New Delhi willnot agree on social or environ-mental targets as part of an EUtrade agreement, and does notsupport EU plans to help flood-ravaged Pakistan with exportconcessions, Indian trade min-ister said.

Although the 27-trading bloc

places high importance on thetargets, India's objections tobinding rules on sustainability,tying Indian and EU operatorsthere to strict labour rights andenvironmental protection, areunlikely to stall the talks.

"There can be no bindingcommitments on sustainability(in an EU-India trade agree-ment). Extraneous issues donot fit here," Indian Commerceand Industry Minister AnandSharma told Reuters in aninterview ahead of an EU-India

summit on Friday.Herman Van Rompuy, presi-

dent of the European Council,told journalists he expected atrade deal between India andthe EU, its largest trading part-ner, to be sealed in 2011.

A work around was expectedon the sustainability issues.

EU efforts to stabiliseregions of Pakistan ravaged byfloods this year should bethrough direct aid payments --not through tariff cuts toPakistani exporters, Sharma

said."We're all for assistance to

Pakistan, but let these twoissues not be mixed," he said inthe interview conducted onThursday. "These are separateissues."

Negotiations for a free tradepact between the EU and Indiaare in the final stages, Sharmasaid.

But the 27-nation EU alsowants to tie Indian producersand EU operators there to rules

See # 8 Page 11

India cold-shoulders EU’s Pak help plan European Union’s social, environmental clauses unacceptable: Sharma

LONDON: According to bid-ders the British Petroleum Plchas declined the Oil & GasDevelopment Company(OGDC) and PakistanPetroleum Ltd (PPL) joint bidfor its assets in Pakistan.

PPL's chief executive officerKhalid Rahman revealed it tothe reporting news agency thatthe co-effort with OGDC hasbeen turned down. The twocompanies confirmed yester-day they had submitted a bid.Toby Odone, a BP spokesmanin London, declined to com-

ment."We have been told informal-

ly that we are not the success-ful bidder," Rahman told thenews agency at the PakistanPrivatisation and CapitalMarkets Forum in London.PPL is unlikely to raise itsoffer, he said, while decliningto disclose the amount.

BP has so far disposed ofabout $21 billion of fieldsacross the globe to shore up itsfinances following the worstoil spill in US history. JasonKenney, an analyst at ING

Wholesale Banking inEdinburgh, estimates that BP'sPakistan assets are worth about$690 million.

Aftab Ahmad, executivedirector of OGDC, said hewasn't aware of the joint bid'sstatus after it was submitted.He said that if an internationalplayer had also submitted abid, it might have been higher.He also declined to disclosethe size of the OGDC and PPLoffer.

BP said in July it plans to sell See # 13 Page 11

BP gives no thought

to OGDC-PPL co-bid

Karachi, Saturday, December 11, 2010, Muharram-ul-Haram 4, Price Rs12 Pages 12

Ghulam Raza Rajani

KARACHI: According to asector report, duringNovember 2010, Parco's pro-duction boost improved coun-try's oil refining capacity utili-sation to a decent 69 per centas against an average utilisa-tion of 63 per cent in 5MFY10which partially filled the dentdealt by a decline in Byco'soutput in November.

During the period, Parco's

capacity utilisation stood at 69per cent while Byco's was at amere 28 per cent.

On the other hand, ATRL andNRL's capacity utilisation wasabove 80 per cent, standing at85 per cent and 81 per cent, inthe above mentioned month,respectively. PRL's capacityalso stood at a respectable levelof 80 per cent in the samemonth.

The refinery sector recorded See # 12 Page 11

Refineries’ capacityutilisation up at 69pc

During November 2010

Waqarmarkets

Pakistan atLondon mootLONDON: Declaring thatPakistan offers best businessopportunities, Federal Ministerfor Privatisation Senator WaqarAhmed Khan called on theBritish entrepreneurs to invest ina range of sectors from oil andenergy to railways and banking.The Minister was speakingFriday at ‘PakistanPrivatisation and CapitalMarkets Forum’ at the LondonStock Exchange where heunfolded the coalition’s gov-ernment grand designs toattract capital through disin-vestment of key corporate sec-tors. Presenting an overview ofthe country, Senator Khanpointed to the growing urban-ization and with it mountingdemand of utilities, oil and gas,energy, housing, health andeducation and said the foreignentrepreneurs have a wide vari-ety of sectors to chose fromwith a view of investing inthem. Moazzam Malik, CEOand Co-founder, BMA Capitaland Muddassar Malik,ExecutiveVice Chairman, BMA spoke oninvestment opportunities inPakistan. -APP

Pak hails US‘temporaryprotectionstatus’ bill

WASHINGTON: Pakistan haswelcomed the introduction of abill in the US House ofRepresentatives seekingTemporary Protection Status(TPS) for qualifying Pakistaninationals in America onaccount of the situation createdin Pakistan by the recentfloods.

Ambassador to the UnitedStates Husain Haqqani voicedthe hope that Congress wouldbe able to take action on thisimportant matter and help easethe situation of a large numberof Pakistanis living in theUnited States.

The bill, introduced byRepresentative Al Green (D-Texas), has been co-sponsoredby Representatives SheilaJackson Lee, John Conyers,Edolphus Towns, AlceeHastings, Janice Schakowsky,Bobby Rush, Gregory Meeksand Gene Green.

"The Pakistan embassy underthe guidance of ForeignMinister Shah MehmoodQureshi and the leadership ofAmbassador Haqqani has beenconsistently advocating grantof Temporary Protection Statusto Pakistani nationals in the USand has taken up the matterwith US authorities in severalmeetings," the embassy said.

"The bill is a timely initiativeand consistent with the inter-ests of the United States. It isalso an appropriate

See # 9 Page 11

2 Saturday, December 11, 2010

TV PROGRAMMES

SATURDAY

Time Programmes7:00 News8:00 News9:05 Best of Subah

Savere 11:10 Mohaaz (F)12:00 News13:10 Newsbeat (Rpt)14:10 Awam Ki Awaz15:00 News16:00 News17:30 Samaa Metro18:00 News18:30 Samaa Sports19:30 Taxi News20:05 The Anchor21:00 News22:03 Faisla Aap Ka23:05 Naram Garam

Staff Reporter

KARACHI: PakistanTanners Association(PTA) with the financialhelp of KorangiIndustrial and TradingEstate (KITE) Ltd hasfinally installed streetlights in Tannery Zone ofKorangi Industrial Area.

According to theChairman PTA (SZ) AzizAhmed, the project ofinstallation of streetlights has been accom-plished with the cost ofRs6.5 million.

The Tanner Zone inKorangi, which is the

largest cluster of tanner-ies in Pakistan and earn-ing billions of rupees for-eign exchange for thenational exchequer, hasreceived street lightsafter over 35 years.

Aziz said that he soonafter assuming chargeapproached the ChairmanKITE, Senator, AbdulHaseeb Khan and PatronIn-Chief, KorangiAssociation of Trade andIndustry (KATI), S MMuneer to help PTA in itsendeavor to provide basicinfrastructure to leatherindustry, which is secondlargest exports sector

after textiles but had nostreet lights. The Zone isstill without water supplyline by the KWSB, nosewerage system and hastarnished road network.

PTA chief lauded theefforts of Hasseb Khan, SM Muneer and GulzarFiroz who were instru-mental in supplyinginfrastructure to the zone.

PTA chief also haslauded the efforts of theKESC for providingstandby official team tolisten to the complaints ofTannery Zone in Sector7/A, Korangi for promptaction on the complaints.

Tannery Zone streetslit after 35 years

KARACHI: Excellenceawards have beenannounced by the EngroCorporation to honour thecontributions of individu-als and institutions in therealms of social andhumanitarian services; lit-erature; and physical andapplied sciences.

The announcement tothis effect was made bythe Director of theInstitute of BusinessAdministration (IBA),Karachi, Dr IshratHusain, the chairman ofthe jury, at a news confer-ence at a local hotel onTuesday.

The Chief Executive

Officer of EngroCorporation, Asad Umar,was also present on theoccasion.

Dr Ishrat said that theseawards aim to become anannual prestigious civil-ian award ceremony inPakistan.

The recipients whichcould be individuals orinstitutions will be select-ed based on lifetimeaccomplishment andexcellence in their respec-tive fields and will receivea cash prize of Rs fiveMillion each at an exclu-sive award ceremony.

It was pointed out thatthe first Engro Excellence

Awards will recognize thecontributions of threerecipients, one each fromthe fields of social andhumanitarian services, lit-erature and physical andapplied sciences.

Nominees are to beadjudicated by a jurycomprising of five ofPakistan's most esteemedand respected personali-ties, each of whom is con-sidered a symbol of excel-lence and beacons of hopein their relevant fields.

The Chairman of thejury will be assisted by DrIqbal Chowdhry, Dr NafisSadik, Prof Anita GhulamAli and Iftikhar Arif.

Engro announcesexcellence awards

Staff Reporter

KARACHI: Union ofSmall and MediumEnterprises (UNISAME)invited the attention of theTask Force (TF) onIslamic Banking (IB) in itsfirst meeting at State Bankof Pakistan presided byDirector IB DivisionSaleemullah thatMusharaka and Mudarabafinancing is the firstchoice of the SMEs andurged the TF to make itcompatible for the sectorfor financing their needsfor inland and internation-al trading.

President UNISAMEZulfikar Thaver said theSMEs are disheartened bythe conventional banksdue to their unwillingnessto take risk even in cases

where the funds are pro-vided by the SBP. Theconventional banks do nothave risk managementexpertise and are not wellversed in collateral man-agement and clinging toold methods of financing.They insist on immovableproperty as collateral andrefuse to accept personalguarantees, goodwill ofthe firm, brand ownershipand even goods in transitare declined as col lateralwhereas in other countriesof the world it is mucheasier for SMEs to getfinance from the banks onthe basis of their cashflows and track records.

He said the SMEs needrunning finance for theirimports and exports, forpurchase of raw materialsand project finance for set-

ting new industries. TheSMEs also need financefor balancing, replacementand modernization.

He urged the membersof the TF to developeproducts for SMEs formutual benefit and saidthat there is much scope inthe sector and especiallyin Venture Capital (VC)where innovative ideascould be put to use by theIslamic Banks.

Answering a question onlack of accounting systemshe asserted that the microsector lacks accountingsystem but the SMEs arenow maintaining properaccounts and are growingconstantly, they havebecome efficient and theyounger generation is wellaware of the fact that tech-nology leads to success.

Islamic Banking,first choice: SME

TFD Report

KARACHI: JahangirSiddiqui (JS) has issuedclarification in response tothe news items appearing indifferent newspapers whichsaid that Ghanwar LeghariDirector Anti CorruptionDepartment, Sindh andMustafa Jamal Qazi, theAdditional EDO(Revenue), CDGK haveresumed land illegallyoccupied by JahangirSiddiqui and/or members ofhis family.

The clarification state-

ment was issued from theoffice of JahangirSiddiqui(JS) stating that,"The statement and con-tentions of the Director, AntiCorruption Department andAdditional EDO (Revenue)are false. Neither JahangirSiddiqui nor any member ofhis family has illegallyoccupied any land nor hasany such land been resumedfrom their custody by anydepartment.

The statement further saidthat the allegations are madeto harass Jahangir Siddiquiand his family and it is polit-

ically motivated to intimi-date and coerce JahangirSiddiqui to accept the illegaldemands of various politi-cally connected persons.

There is no such propertyin the name of JahangirSiddiqui and members ofhis immediate family whichis subject matter of any dis-pute. Hence the allegationsare absolutely false andfrivolous and thereforevehemently denied.Appropriate legal actionagainst the persons respon-sible is being initiated, thestatement concluded.

JS denies illegalland holding

TFD Report

KARACHI: ChiefExecutive of KASB FundsLimited ("theManagement Company")on the behalf the Board ofDirectors of theManagement Companydeclared the second-inter-im dividend for this finan-cial year at Rs2 per unit(2.00 per cent of the Parvalue of Rs100 per unit)for the Unit holders ofKASB Cash Fund (KCF).

During the interim peri-od, KASB Cash Fundyielded a return of 11.09per cent per annum andhas consistently remainedamongst top performing

fund in its category. KASBCash Fund is an openended fund with a highstability rating of AA+(f)Double A Plus by JCR-VIS.

The dividend declaredwill be paid to the UnitHolders in form of cashand/or bonus units, inaccordance with the modeof receipt of dividendopted by the respectiveUnit Holders of KCF. TheUnit Holders whose namesappeared in the register ofUnit Holders of KCF atthe close of business onDecember 09, 2010 shallbe entitled to the aboveInterim Dividend.

Along with KCF, KASB

KASB declares2nd interim

dividend

KARACHI: At least 30electronics dealers shops,located on AbdullahHaroon Road in Saddararea, were lootedovernight, the KarachiElectronics & SmallTraders Associationclaimed here on Friday.

The AssociationPresident MohammedIrfan talking to APPclaimed that mobilephones and other acces-sories worth millions ofrupees were stolen fromthe shops located atKohinoor Centre in thejurisdiction of PreedyPolice.

An official of Preedy

Police Station when con-tacted denied theAssociation's claim sayingthat goods from only oneshop was stolen.

However, MohammedIrfan claimed that the inci-dents of theft from theshops have risen during thelast few weeks.

"The thieves broke-openthe locks and shutters lateafter midnight," he said.

The AssociationPresident said that he wrotea letter to the TPO Saddar,on November 15 last andsought special securitymeasures to prevent theseincidents, but the policetook no action.-APP

30 shops lootedin one night

SATURDAY

Time Programmes8:00 Chai Time (Rpt)9:05 Smithsonian

Documentry10:05 Dilkash Pakistan10:30 Sara jahan(Rpt)11:15 Karobari

Duniya(Rpt)12:00 News12:05 Siyasat Mana Hai

(Rpt)13:00 AM News13:05 Islamabad Say

(Rpt)14:00 News15:00 News15:05 Doosra Pehlu

(Rpt)16:00 News16:05 Filmi Samaa(rpt)16:30 Red Carpet (Rpt)17:00 News17:05 Aap Ka Paisa

(Rpt)17:30 Pakistan This

Week18:00 News18:05 Sara jahan(Rpt)18:30 Dilkash Pakistan19:00 News19:30 Tijarti Dunia20:00 News20:05 Kamyab21:00 News21:05 Teesri nazar22:00 News22:05 Agenda 36023:05 Music Scene23:30 Uff Tv0:00 News

Nando'sbrings

sharingmeals

KARACHI: Nando's hasplanned their new Sharingmeals especially designedto share between friends,family and colleagues. TheSharing promotion atNando's kicked off recentlyand it has so far managedto end a lot of feuds bysharing food.

By sharing, we can get toknow each other. And bygetting to know each other,we can change the way toworld works, believesNando's.

Nando's believe that ifyou're going to pick a bone,it should be done at the din-ner table with one of theirfamous, flame-grilled shar-ing meals. "After all, it'spretty hard to be angrywhen there's a meal to beshared sitting in front ofyou."-PR

Auditoriumbeing

built atCM House

KARACHI: An auditori-um is being constructed atthe Chief Minister Househere by the ProvincialWorks and ServicesDepartment.

This was announced byan official of the ChiefMinister House here onFriday.

He said that ChiefMinister, Syed Qaim AliShah, on Friday reviewedthe pace of construction ofthe auditorium and directedthat it be completed at theearliest.

The Secretary to theChief Minister, AbdulKabeer Kazi, briefed SyedQaim Ali Shah of thedetails of the auditoriumwhich includes a hall, stageand a library etc.

It was pointed out thatvarious functions, pro-grammes and press confer-ences are conducted at theChief Minister House fromtime to time.

Adviser to the ChiefMinister, Siddique AbuBhai, and SpecialAssistant, Waqar Medhi,were also present on theoccasion.-APP

KU VCtakes notice

of recentincidents

KARACHI: The ViceChancellor of KarachiUniversity, Prof Dr PirzadaQasim Raza Siddiqui, hastaken serious notice of theincidents at the Campus dur-ing the past two days.

Immediately after hisreturn from abroad onFriday, he called an emer-gent meeting at the Campus,an official of the institutionsaid.

The meeting was attendedby the two Pro Vice-Chancellors, DirectorEvening Programme and theStudents Adviser.

Pirzada Qasim also askedthe Students Adviser, DrMansoor Ahmed to urgentlyidentify the students respon-sible and submit an inquiryreport. According to the ViceChancellor, the studentsshould work to keep theenvironment of the Campuspeaceful.

He warned that sternaction will be taken againstthose students who will befound involved in sabotag-ing the academic environ-ment of the University. TheVice-Chancellor said that allthose people/students whodisrupted the exams will betreated strictly.

The university official alsopointed out that specialinstructions were issued tothe Rangers, according towhich, they are allowed totake immediate actionagainst any student who willbe seen disrupting the peace-ful academic environment inany means or found involvedin criminal activity.-APP

KARACHI: KARACHI: Abdullah Yousaf, SeniorExecutive Vice President PTCL, Mian Mohammad

Ahmed Patron-in-Chief/Founder President, BinQasim Association of Trade & Industry, Usman

Ahmed Founder Vice President BQATI along withManaging Committee Members and others at the

Bin Qasim Industrial Area.-Staff Photo

KARACHI: Consul General of Switzerland Didier Boschung hosted a dinnerreception at his residence to welcome the ambassador of Switzerland in Islamabad

and Christoph Bubb. Picture shows acting governor of Sindh Nisar AhmedKhouro, Commercial officer Aslam Pervaiz, with host and chief guest.-Staff Photo

ISLAMBAD: President Asif Ali Zardari giving away Human RightsAward to Farzana Raja Federal Minister/Chairperson Benazir IncomeSupport Programme, in recognition of her services for the protection

of Human Rights, here on Thursday.-Staff Photo

KARACHI: Administrator Karachi Fazal ur Rehman towards the officers of city government at the eventsof visitng several Imam Barghas asking from administration about administrative difficulties.-Staff Photo

Etihadlounge

opened inManchesterKARACHI: EtihadAirways has opened thedoors of its latest premiumlounge in ManchesterAirport's Terminal 1, aspart of the airline's contin-ued commitment to theUK market, said a handoutissued here on Friday.

Etihad Pearl Businessclass guests were amongthe first to enjoy theEtihad premium lounge,following an opening cere-mony hosted byManchester City FootballClub (MCFC) manager,Roberto Mancini; GarryCook, MCFC ChiefExecutive; and MikeSummerbee, MCFCambassador.

Etihad's premium loungein Manchester is the latestin a progressive roll-out ofthe lounge concept suc-cessfully introduced at theairline's home base in AbuDhabi.

Peter Baumgartner,Etihad Airways ChiefCommercial Officer, said;"Manchester has alwaysbeen an important marketfor Etihad and the tiesbetween Manchester andAbu Dhabi have neverbeen stronger.-PPI

Swissenvoy

welcomedin Karachi

Staff Reporter

KARACHI: ConsulGeneral of Switzerland,Didier Boschung hosted adinner reception at hisresidence to welcome thenew Ambassador ofSwitzerland, ChristophBubb and his wife inKarachi. This is their firstvisit to the metropolitanarea since theAmbassador took chargeof his office in Islamabadon October 20th.

During his stay, theAmbassador met withgovernment officials, theheads of the Swiss com-panies operating inKarachi and representa-tives of the business com-munity as well as civilsociety and media.

Talking to some mediarepresentatives present onthe occasion, AmbassadorBubb pointed out thatKarachi is one of theworld's largest metropoli-tan cities and an impor-tant contributor to thenational and global econ-omy. It holds a particularsignificance forSwitzerland as out of 18Swiss multinational com-panies operating inPakistan 15 are estab-lished in Karachi and aresuccessfully operating inkey sectors such as phar-maceuticals, chemicals,banking and other serviceindustries.

MUMBAI: The Indian rupeesnapped a two-day losingstreak on Friday buoyed by abetter-than-expected industrialoutput growth, late losses inthe dollar versus major curren-cies and an increase in China'sreserve requirements.

"There was a knee-jerk reac-tion to the China hike, butoverall the sentiment turnedbullish. There were rumours ofa weekend hike in interest ratesin China, which now seemsunlikely, so some risk taking isexpected to be seen onMonday; thus rupee's rise," thechief foreign exchange dealerat a foreign bank said.

The partially convertiblerupee closed at 45.05/06 perdollar, off a low of 45.35 and0.35 per cent stronger than45.21/22 at close on Thursday.

Traders said better-than-expected industrial outputgrowth supported shares andrenewed hopes for sustainedforeign fund investments intoAsia's third-largest economy.

Foreign funds have dumped anet $728.74 million worth ofshares this week.

However, the total foreignfund inflows into local stocksso far in 2010 still stand at$28.7 billion, on top of the$17.5 billion purchased lastyear. One-month offshore non-deliverable forward contractswere quoted at 45.29, weakerthan the onshore spot rate, sug-gesting a bearish near-termoutlook.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange closed at 45.2050,while those on the MCX-SXand United Stock Exchangeclosed at 45.2025. -Reuters

Indian rupee gainson output data

3Saturday, December 11, 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 10/12/2010

A USD GBP CAD EUR JPY

O/N 0.23813 0.55625 0.98500 0.56875 SN 0.09625

1WK 0.25469 0.56313 1.02667 0.63000 0.10375

2WK 0.25625 0.56750 1.05833 0.65000 0.10938

1MO 0.26031 0.58000 1.09583 0.75750 0.12688

2MO 0.28063 0.63625 1.15000 0.84875 0.15000

3MO 0.30156 0.74500 1.22917 0.95688 0.18250

4MO 0.34875 0.82813 1.29667 1.03063 0.24250

5MO 0.40500 0.93563 1.36333 1.11313 0.30125

6MO 0.45719 1.04125 1.43833 1.20375 0.34625

7MO 0.51125 1.12000 1.50500 1.24875 0.39875

8MO 0.56500 1.20250 1.57917 1.30000 0.44625

9MO 0.61531 1.28500 1.65000 1.35000 0.49000

10MO 0.66625 1.36000 1.71750 1.40000 0.51625

11MO 0.72125 1.42875 1.80417 1.44625 0.54000

12MO 0.78250 1.49688 1.89167 1.48875 0.56688

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

U.S.A. 85.80 85.60 85.42

U.K. 135.36 135.05 134.74

EURO 113.64 113.37 113.11

CANADA 84.96 84.77 84.54

SWITZERLAND 87.28 87.08 86.85

AUSTRALIA 84.51 84.31 84.09

SWEDEN 12.45 12.42 12.39

JAPAN 1.02 1.02 1.02

NORWAY 14.23 14.20 14.16

SINGAPORE 65.49 65.34 65.17

DENMARK 15.24 15.21 15.17

SAUDI ARABIA 22.88 22.82 22.76

HONG KONG 11.04 11.01 10.99

CHINA 12.90 12.87 12.84

KUWAIT 303.96 303.26 302.46

MALAYSIA 27.36 27.29 27.22

NEW ZEALAND 64.31 64.16 63.99

QATAR 23.58 23.52 23.46

U.A.E. 23.36 23.31 23.24

KR WON 0.08 0.08 0.07

THAILAND 2.85 2.85 2.84

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

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

ABPL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

ABLN 12.40 12.90 12.45 12.95 12.90 13.40 13.15 13.40 1340 13.65 13.45 13.95 13.60 14.10 13.70 14.20

JSBL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

ASPK 12.30 12.80 12.40 12.90 12.70 13.20 13.10 13.35 13.35 13.60 13.45 13.95 13.60 14.10 13.70 14.20

CIPK 12.40 12.90 12.50 13.00 12.70 13.20 13.15 13.40 13.40 13.65 13.50 14.00 13.70 14.20 1375 14.25

DBPK 12.20 12.70 12.25 12.75 12.35 12.85 12.90 13.15 13.20 13.45 13.35 13.85 13.40 13.90 1360 14.10

FBPK 12.40 12.90 12.50 13.00 12.70 13.20 13.15 13.40 13.40 13.65 13.55 14.05 13.65 14.15 1385 14.35

F LAH 12.40 12.90 12.50 13.00 12.75 13.25 13.20 13.45 13.35 13.60 13.45 13.95 13.60 14.10 1370 14.20

HBPK 12.35 12.85 12.50 13.00 12.75 13.25 13.15 13.40 13.35 13.60 13.45 13.95 13.60 14.10 1370 14.20

HKBP 12.40 12.90 12.45 12.95 12.80 13.30 13.10 13.35 13.30 13.55 13.40 13.90 13.60 14.10 1365 14.15

N I P K 12.15 12.65 12.35 12.85 12.85 13.35 13.25 13.50 13.40 13.65 13.45 13.95 13.50 14.00 1355 14.05

HMBP 12.50 13.00 12.55 13.05 12.95 13.45 13.25 13.50 13.35 13.60 13.50 14.00 13.60 14.10 1370 14.20

SAMB 12.40 12.90 12.45 12.95 12.75 13.25 13.10 13.35 13.35 13.60 13.45 13.95 13.60 14.10 1375 14.25

MCBK 12.25 12.75 12.40 12.90 12.65 13.15 13.15 13.40 13.30 13.55 13.40 13.90 13.50 14.00 1375 14.25

NBPK 12.35 12.85 12.45 12.95 12.70 13.20 13.10 13.35 13.25 13.50 13.40 13.90 13.60 14.10 1370 14.20

S CP K 12.35 12.85 12.40 12.90 12.70 13.20 13.00 13.25 13.25 13.50 13.45 13.95 13.50 14.00 1370 14.20

UBPL 12.50 13.00 12.45 12.95 12.70 13.20 13.15 13.40 13.35 13.60 13.45 13.95 13.60 14.10 1370 14.20

AVE 12.37 12.87 12.45 12.95 12.73 12.23 13.13 13.98 13.84 13.59 13.44 13.94 13.59 14.09 1371 14.21

London Inter Bank Offered Rates (LIBOR)

Karachi Inter Bank Offered Rates (KIBOR)

Name Bid Ask High Low

EUR-USD 1.3223 1.3225 1.3278 1.3183

USD-CHF 0.9807 0.9810 0.9840 0.9801

GBP-USD 1.5785 1.5790 1.5860 1.5750

USD-CAD 1.0096 1.0101 1.0113 1.0086

AUD-USD 0.9850 0.9854 0.9896 0.9832

EUR-JPY 110.9000 110.9400 111.0900 110.5000

EUR-GBP 0.8374 0.8378 0.8403 0.8358

EUR-CHF 1.2969 1.2973 1.3032 1.2962

GBP-JPY 132.4000 132.4600 132.5800 131.9800

CHF-JPY 85.4700 85.5200 85.5300 85.0100

CAD-CHF 0.9711 0.9717 0.9748 0.9696

Gold 1380.1900 1380.7600 1392.5400 1373.0000

Silver 28.2700 28.3600 28.9600 28.0700

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)10/12/2010

As per 22.00 PST

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.70 12.45 12.40 12.40 12.60 12.45 12.50

8-15dys 12.75 12.60 12.50 12.60 12.70 12.55 12.62

16-30dys 12.85 12.75 12.80 12.85 12.80 12.80 12.81

31-60dys 12.88 12.90 12.88 12.95 12.90 12.92 12.91

61-90dys 13.10 13.12 13.12 13.14 13.10 13.10 13.11

91-120dys 13.25 13.20 13.20 13.20 13.20 13.20 13.21

121-180dys 13.34 13.30 13.31 13.35 13.40 13.35 13.34

181-270dys 13.50 13.40 13.48 13.52 13.50 13.45 13.48

271-365dys 13.66 13.65 13.63 13.68 13.65 13.65 13.65

2-- years 13.90 13.80 13.85 13.90 13.85 13.85 13.86

3-- years 14.12 14.18 14.15 14.26 14.15 14.10 14.16

4-- years 14.15 14.20 14.22 14.28 14.20 14.10 14.19

5-- years 14.18 14.28 14.25 14.30 14.25 14.20 14.24

6-- years 14.25 14.24 14.23 14.32 14.25 14.22 14.25

7-- years 14.26 14.30 14.31 14.38 14.30 14.24 14.30

8-- years 14.27 13.97 14.15 14.33 14.00 14.16 14.15

9-- years 14.30 14.05 14.15 14.34 14.15 14.14 14.19

10--years 14.30 14.28 14.32 14.35 14.20 14.25 14.28

15--years 14.60 14.50 14.50 14.60 14.50 14.55 14.54

20--years 14.70 14.60 14.65 14.90 14.65 14.70 14.70

30--years 14.80 14.75 14.85 15.10 14.90 14.90 14.88

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for December 10, 2010

Source Events Actual Forecast Previous

JPY CGPI y/y 0.9% 1.1% 0.8%

CNY Trade Balance 22.9B 21.2B 27.2B

JPY Household Confidence 40.4 42.3 40.9

EUR German WPI m/m 0.7% 0.5% -0.3%

EUR French Industrial Production m/m -0.8% 0.4% 0.1%

EUR Italian Industrial Production m/m -0.1% 0.8% -2.1%

GBP PPI Output m/m 0.3% 0.4% 0.6%

Previous Day

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of England Jan 13 2011 Mar 05 2009 0.50%

Bank of Japan Dec 21 2010 Dec 19 2008 0.10%

European Central Bank Jan 13 2011 May 07 2009 1%

Federal Reserve Dec 14 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

The Reserve Bank of Australia Feb 01 2011 Nov 02 2010 4.75%

Bank of Canada n/a Sep 08 2010 1%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, December 10,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

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

1 week 0.96 -0.87 0.81 -0.08 0.80 0.96 -0.82 -0.99

1 month 0.81 0.75 0.83 0.86 0.96 0.98 -0.31 -0.64

3 months 0.82 0.84 0.92 0.80 0.81 0.59 -0.52 -0.87

6 months 0.92 0.11 0.89 0.65 0.89 0.88 -0.70 -0.90

1 year 0.53 0.51 0.78 0.72 0.81 0.46 -0.12 -0.58

2 years 0.28 0.52 0.47 0.73 0.78 0.31 -0.16 -0.54

Currencies CorrelationEUR/USD

NEW YORK: The US dollar firmedagainst the euro on Friday as better-than-expected US economic dataincreased the allure of the greenback,with gains expected to continue ifTreasury yields keep rising.

US Treasury prices widened lossesafter the data. The drop in prices bodeswell for the dollar as it increasesdemand for higher yielding assets.

The rise in US Treasury yields overthe last three sessions has boosted thedollar on the view that the Obamaadministration's proposed tax cut exten-sion would spur economic growth.

"The strength of the US dollar couldbe viewed as waning if it can bedemonstrated credibly that US deficitswill rise and conversely the euro couldrise comparatively," said Tim Speiss,chairman, Personal Wealth Advisors atEisnerAmper LLP in New York.

"However, the EU has it's hands fullwith financing costs related Ireland andGreece, and potentially Spain andPortugal, so we see no dramatic nega-tive dollar impact tied to this legislationat this junc-ture," he said.

The US dollarindex, whichtracks the green-back's perform-ance against abasket of majorcurrencies, rose0.17 per cent to 80.202, struggling tobreak through the 80.00-81.50 barrier thatcapped its November rally.

Against the Japanese currency, thegreenback was up 0.23 per cent at 83.87yen with stops lined up below 83 yen.

The Australian dollar staged a reliefrally on Friday after China increased

the reserve requirement for banks butkept interest rates on hold.

The Aussie -- which is most sensitiveto monetary tightening in China givenAustralia's close trading links with the

country -- dipped briefly after Beijingincreased the reserve requirement by 50basis points. The Australian dollar rose0.10 per cent to $0.9853, but below thesession's high of $0.9896. Analystswarned, however, that a China rate risewas still possible as the country battlesto stem rising inflationary pressures.

Sentiment towards the euro wasshaky after Moody's said on Thursday itmay downgrade the ratings of somePortuguese banks. The announcementfollowed Fitch's earlier decision toslash Ireland's rating by three notches.

In early New York trade, the euro was0.28 per cent lower at $1.3205, butabove the session's low of $1.3201.

Ireland's government will seek parlia-mentary approval for an 85-billion-euroIMF/EU rescue package next week,though there were concerns about polit-ical infighting as the opposition LabourParty pledged to vote against it. Traderssay no end is in sight for the debt crisiswith European leaders now clashingover the idea of joint euro-zone bonds.French President Nicolas Sarkozy metGerman Chancellor Angela Merkel onFriday to prepare a joint position fornext week's EU summit. -Reuters

US dollar firmer against euroas treasury yields move higher

SHANGHAI: China's yuanwas almost flat against the dol-lar on Friday after the centralbank set a higher mid-point,although the dollar index wasonly a touch lower.

Dealers said China may let theyuan rise slightly in the nearterm due to political pressureand stronger-than-expected tradedata. The customs agency saidon Friday that China's exports inNovember rose 34.9 per centfrom a year earlier, easily top-ping forecasts for a 24.2 per centincrease, while imports climbed37.7 per cent.

"Such strong trade data createshigh pressure on the central bankto let the yuan appreciate," said adealer at a Chinese bank inShanghai. "Political pressure isalso a key reason."

Dariusz Kowalczyk, senioreconomist & strategist atCredit Agricole CIB in HongKong, said the Chinese tradedata was very bullish and putsupward pressure on the yuan,

especially in the NDF market."It increases the odds of

imminent monetary tightening-- yuan rates to rise."

Spot yuan ended at 6.6556 ver-sus the dollar, nearly flat fromThursday's close of 6.6550. Ithas risen 2.41 per cent since thePBOC announced a depeggingin mid-June.

Before trade began, the PBOCset the day's mid-point at 6.6604,which was stronger thanThursday's 6.6654. The mid-point is a level from which theyuan may rise or fall 0.5 per centagainst the dollar on a given day.

The yuan has largely remainedstable since mid-Novemberwhen the currency hit its highestlevel since its landmark revalua-tion in July 2005.

Offshore, one-year NDFs wereat 6.5068 bid late on Friday fromThursday's close of 6.5349, withimplied yuan appreciation in ayear's time rising to 2.36 per centfrom 1.92 per cent on Thursday.-Reuters

Yuan flats on highermid-pt, strong data

SYDNEY/WELLINGTON: The Australianand New Zealand dollars struggled to makemuch headway against the greenback on Fridayas investors retreated to the sidelines ahead ofkey Chinese inflation data and possible policyaction by Beijing.

A Chinese newspaper reported that consumerinflation in China, Australia's largest exportmarket, may have hit 5.1 per cent in November,a 28-year high. The official data will be releasedon Saturday.

Both the Aussie and kiwi dollars have beenparalysed as markets watch and wait to seewhether China will tighten policy settings fur-ther said, Westpac senior markets strategistImre Speizer.

The Aussie dollar last traded at $0.9851, littlechanged from late New York levels, having trad-ed in an extremely thin range between $0.9828and $0.9859. Immediate resistance is seen at$0.9880, the 61.8 per cent retracement of therecent $0.9966 to $0.9752 decline.

"Not many people are going home with posi-tions," a dealer said.

Analysts said further monetary policy tighten-

ing could briefly unsettle the antipodean curren-cies, but added there was a growing sense inmarkets that Chinese economic growth willremain strong.

"The overall impression will be that China'sgrowth is on track and that will be interpretedpositively for commodity currencies such as theAussie and the New Zealand dollars," saidRoland Randall, strategist at TD Securities.

"The bigger issues at the moment for theAussie is what's happening in the US andEurope." The kiwi mirrored the Aussie in keep-ing a narrow range during the local session,ranging between $0.7478 and $0.7500. It waslast at $0.7497.

The Aussie's advance against the kiwi alsopaused with the cross rate last at NZ$1.3134,down from a six-week high of NZ$1.3214 set onThursday, when surprisingly strong Australianjobs data stood in sharp contrast to dovish com-ments from RBNZ.

"While the RBNZ forecasts clearly soundeddovish and looked dovish, they only moved them-selves to where the market was already at anyway,"said Sue Trinh, strategist at RBC. -Reuters

Aussie, NZ$ wait for freshimpetus; China eyed

SINGAPORE: The Indonesianrupiah held steady against thedollar on Friday, shrugging offa drop in Jakarta's stock market,while the South Korean wonslipped on the back of year-endposition unwinding.

Asian currencies were mixedagainst the dollar. The Chineseyuan and Malaysian ringgitinched higher, while the wonand the Philippine peso wereamong those that lost ground.

Dollar offers from state bankshelped support the rupiah inlight trade, said a trader for aEuropean bank in Jakarta.

This week's spike in USTreasury yields is unlikely toimmediately prompt globalinvestors to pull money out ofthe rupiah and funnel them

back into the dollar, the tradersaid, adding that US economicdata over the next three monthscould prove key in whetherinvestors decide to do so.

"Generally, I still see inflowsnext year," he said, adding thatmarket expectations forIndonesia to gain an investmentgrade credit rating as early as2011 will probably supportdemand for the rupiah.

The dollar held steady againstthe rupiah at 9,014, with resist-ance higher up at 9,030 -- the200-day moving average thatserved as resistance last week andalso in late May. Morgan Stanleystrategists said in a research notethat the Malaysian ringgit andSingapore dollar are likely to out-perform among Asian currencies

next year.They add that one of their top

2011 FX trade ideas is to golong the ringgit against the low-yielding Japanese yen with atarget of 29.0 yen, which wouldbe a gain of about 8.6 per centfrom the ringgit's current levelnear 26.70 yen.

"SGD and MYR are ourfavourite picks in Asia, as bothhave hawkish central banks,strong economic fundamentalsand very healthy balance of pay-ments positions," the strategistssaid. The dollar rose 0.4 per centagainst the won to 1,143.8.Dollar short-covering byinvestors ahead of the year-end aswell as some build-up in longdollar positions helped drag thewon lower, traders said. -Reuters

Asian currencies

Rupiah steady despitedip in stocks; won slips

LONDON: Sterling climbedagainst the euro on Friday onpersistent corporate demand,moving towards a two-monthhigh and shrugging off a slightfall in UK factory gate inflation.

Traders said a major UK cor-porate account was a persistentbuyer of sterling against theeuro at the hourly fixes, whichalso helped to underpin thepound versus the dollar.

UK producer prices datashowed an unexpected fall infactory gate inflation inNovember, but that had mini-mal impact on the currency.

"Sterling has been veryresilient this week, and it's veryhard to see sentiment beingderailed in the short term," saidKenneth Broux, markets strate-gist at Lloyds Banking Group.

"Sterling is very much insu-lated by a relatively resilientdomestic picture. The downsiderisk is mainly external, from

what happens in the euro-zone,"he said. The euro was down 0.4per cent at 83.64 pence,approaching last week's two-month low of 83.34 pence.

"While capped below 84.60 weare looking for a test of 82.80trendline support," said PhilRoberts, technical analyst atBarclays, whose ultimate targetwas the 200-week moving aver-age around 81.10. Sterling eased

back to flat against the dollar at$1.5765 after rallying to $1.5863,its strongest since Nov. 23, hover-ing above its 100-day movingaverage around $1.5746.

Traders said system accountswere keen to sell rallies in thepound, which together with alarge $1.5800 option expiry hadhelped to contain price actionon the day. UK retail prices andaverage earnings data are duefor release next week, givingfurther insight on the UK infla-tionary picture. -Reuters

Stg rallies vs euro oncorporate demand

Swiss franclittle changedZURICH: The Swiss francwas firm against the euro, trad-ing within sight of the key 1.30level as the debt crisis in theeuro-zone continued to weighon the common currency.

The turbulences in the euro-zone -- Switzerland's maintrading partner -- and the ensu-ing Swiss franc's strength areseen prompting the SwissNational Bank to hold interestrates unchanged next week, aReuters poll showed.

"The euro-franc is a euro storyat the moment," said CreditSuisse analyst Marcus Hettinger."The help for Ireland shouldhave supported the euro but thereis a lot of uncertainty."

The franc was little changedagainst the euro compared tothe New York close, trading at1.3023 per euro at 0750 GMT,after gaining some 0.5 percenton Thursday. The franc wasslightly firmer against the dol-lar at 0.9814 per dollar.

Traders said the euro was sup-ported at 1.2980. But CreditSuisse analyst Hettinger said thatfranc may push higher ahead ofthe SNB meeting. Technical ana-lysts at Commerzbank said themarket should stabilise around1.29. The franc hit a record highat 1.2763 per euro in earlySeptember. -Reuters

Ireland, sovereign debt crisis continue to weigh on euro

Disclaimer:All reports and recommendations have been prepared for your information

only. Summary and Analysis are not recommendation to buy or sell. This

information should only be used by investors who are aware of the risk inher-

ent in securities trading. The facts, information, data, indicators and charts

presented have been obtained from sources believed to be reliable, but their

accuracy and completeness cannot be guaranteed. The Financial Daily

International and its employees are not responsible for any loss arising from

use of these reports and recommendations.

Inter-sectharmony

in MoharramThe blasts during last Moharram left many

scars on Karachi. Not only dozens of peoplelost their lives, properties worth billions ofrupees were torched. Similar incidents,though of lesser magnitude also took place inother cities. The perpetrators tried to createan impression of extreme divide among thefollowers of different faiths. They went tothe extent of torching properties, creatinghindrance in the movement of fire tendersand also blaming the government for thesecurity lapses.

In this part of the world Muslims as well asthe followers of other religions have beenfreely performing their religious activitiesfor centuries. Some of the rather liberals alsoused to take part in such rituals but staunchbelievers abstained from participation.However, they never put any embargo, main-ly displaying the highest level of tolerance.Over the last three decades not only someextremist groups have been trying to createhatred among the followers of different reli-gions but also creating breach within variousfactions of Muslims.

Ironically, some of the hardliners haveeither come from other countries with hugefunding or have been brainwashing people tothe extent that they show least tolerance forall others factions. Over the years mosquesand other places of worships have beenattacked, torched resulting is killing ofdozens of worshipers.

Though, on self-help basis attempts havebeen made to beef up security, often the des-perate killers succeed. Law enforcing agen-cies find it much easier to put the blame onone or the other group rater than undertakingany investigation. Now it is being said open-ly that the perpetrators are better equipped ascompared to the law enforcing agencies.They also say that agencies know very wellwho is doing what but can't dare to round upthe culprits. Even if they do the under trialactivists are got free by their accomplices.

It is true that ensuring safety of people isthe mandate of the law enforcing agenciesbut it is also the responsibility of the citizensto ensure their own protection. The debatewhether to allow or not to allow taking outprocessions, changing the routes, creatingbarriers and closing roads and streets couldonly intensify the divide.

Need of the time is to create inter faith har-mony and abstain from undertaking anyharsh attack, though verbal. Any attempt torestrict such gatherings and processions pro-vide the perpetrators to achieve their motive.Though, they belong to neither sides but tryto create maximum fuss so that opponentscould malign Islam and Muslims.

4Saturday, December 11, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

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Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 124

Reformed General Sales Tax(RGST) if approved by theParliament would not result

into hiking inflationary pressuresbecause the multiple tax rates rang-ing from 17 to 15 percent. However,the prices of those items could goup on which there is exemption andit is going to be removed underRGST regime, a comparative analy-sis done by the FBR said.

According to the analysis RGSTsystem would replace the existingregimes of sales tax and excise dutyon services. The GST will applyboth at import and local supplystages at standard rate instead of thepresent rate of 17% or multipleother rates going up to 25%, theanalysis added.

There shall be no fixed tax,reduced tax, enhanced tax, retailprice-based tax or special taxscheme under the new GST system.A uniform enhanced annual exemp-tion threshold of Rs.7.5 million(which is presently Rs 5 million)shall be applied to keep small busi-nesses including smalltraders/retailers/cottage industryout of mandatory tax compliance.

The whole supply chain includingdistributors and whole sellers wouldbe brought into the tax net for doc-umentation purposes. The RGST if

approved by the Parliament willeliminate multiple tax rates from17-26 per cent to a single rate of 15

per cent.Presently, apart from sales tax on

the supply and import of goods,Federal Excise Duty is charged oncommunication (including telecom)services, certain categories ofadvertisements, insurance servicesother than life, marine, health andcrop, banking services, franchiseservices and services provided byproperty developers/promoters,stockbrokers and port/terminal

operators. Provincial sales tax is chargeable

on services provided by

hotels/clubs/caterers, customagents, ship chandlers and steve-dores, courier services and adver-tisements on TV & radio. Exceptfranchise services, Federal ExciseDuty and provincial sales tax on allthe aforesaid services is being col-lected under GST mode with back-ward and forward cross-crediting(inter-tax-adjustment) with federalsales tax.

The GST Bill, 2010 will replace

the present Sales Tax Act, 1990,while the issues of collection andadministration of sales tax on serv-ices is being separately negotiatedwith the provinces in the light ofrecent NFC award.

Under the new GST law, exemp-tions have been kept intact inrespect of basic food items includ-ing wheat, rice, pulses, vegetables,fruits, live animals, meat and poul-try etc. edible oil chargeable toFederal Excise Duty will remainexempt from GST as before.

Exemptions earlier available forphilanthropic, charitable, educa-tional, health or scientific researchpurposes or under internationalcommitments/agreements includinggrants in-aid will also continue.Moreover, life saving drugs, booksand other printed materials includ-ing newspapers and periodicals hasbeen declared exempt from payingthis tax.

The proposed GST Bill 2010 shalltake effect from such date as may benotified by the federal government.The proposed GST system will cer-tainly not generate and suddenincrease in revenue yield. It willhowever, increase the overall tax toGDP ration from the present below10 per cent to about 12 per cent innext 3-5 years.-APP

Rerformed GST to ensuredocumentation of economy

Atotal of 57 billion-aires now havejoined The Giving

Pledge, which was launchedby Microsoft founder Gatesand investor Buffett in June.The campaign announcedthe new pledges in a state-ment late on Wednesday.

Gates, his wife Melinda,and Buffett have asked USbillionaires to give away atleast half their wealth duringtheir lifetime or after theirdeath, and to publicly statetheir intention with a letterexplaining their decision.

The Giving Pledge doesnot accept money or tellpeople how to donate theirmoney but asks billionairesto make a moral commit-ment to give their fortunesto charity.

"People wait until late intheir career to give back. But

why wait when there is somuch to be done?"Zuckerberg, who gave $100million in September to thebeleaguered public schoolsof Newark, New Jersey, saidin a state-ment.

"With agenerat ionof youngerfolks whoh a v ethrived onthe success of their compa-nies, there is a big opportu-nity for many of us to giveback earlier in our lifetimeand see the impact of ourphilanthropic efforts," hesaid.

In addition to Zuckerbergand Moskovitz, the world'syoungest billionaires,pledges were made by AOLco-founder Steve Case, fin-

ancier Carl Icahn andMichael Milken, a formerWall Street executive whowent to prison in the early1990s for securities viola-tions.

"CHANGE LIVES"Morningstar Chief

Executive Joe Mansueto,businessman NicolasBerggruen and privateinvestor Ted Forstmann alsoare among the new billion-aires to take the pledges.

"In just a few short monthswe've made good progress,"said Buffett, who made hisfortune with insurance and

investment companyBerkshire Hathaway Inc.

"The Giving Pledge has re-energized people thinkingabout philanthropy anddoing things in philanthropy

and Ilook for-ward tom a n ym o r ec o n v e r -s a t i o n sw i t h

families who are truly fortu-nate and whose generositycan and will change lives,"he said.

Along with speaking toabout a quarter of thewealthiest people in theUnited States about TheGiving Pledge, Gates andBuffett hosted a dinner withChinese billionaires inBeijing in September in a

bid to promote a culture ofphilanthropy in China. Thepair plans to visit India inMarch. Forbes magazinesaid the United States ishome to more than 400 bil-lionaires, the most of anycountry.

Individual Americans gavemore than $227 billion in2009, according to theGiving USA report by theCenter on Philanthropy atIndiana University, downjust 0.4 percent from theprevious year despite the USrecession.

Buffett pledged in 2006 togive away 99 percent of hiswealth to the Bill & MelindaGates Foundation and familycharities. Bill and MelindaGates have so far donatedmore than $28 billion oftheir fortune to their founda-tion.-Reuters

More US billionairespledge to give away wealth

European central bankers toldeuro zone governments onFriday not to count on the

ECB to solve the single currencybloc's debt crisis alone as the lead-ers of Germany and France met toplot strategy before a key EU sum-mit.

Pressure on high-deficit euromembers like Portugal and Spainhas eased slightly over the pastweek after the ECB bought govern-ment bonds in a thin end-of-yearmarket, pushing down the borrow-ing costs of countries on Europe'ssouthern periphery.

But to prevent further contagion,following their agreement to bailout Ireland last month, Europeanleaders may need to send a strongsignal to skeptical investors whenthey gather in Brussels for aDecember 16-17 summit.

ECB Executive Board MemberGertrude Tumpel-Gugerell wrote ina column in Austria's Format maga-zine that the bank's bond buys hadbeen successful because they "gavecountries time to prepare anddecide on budgetary measures".

Meanwhile, Bank of ItalyGovernor and ECB GoverningCouncil member Mario Draghi toldthe Financial Times that responsi-bility for dealing with the crisisultimately lay with euro zone gov-ernments and the ECB could goonly so far.

"I'm only too aware that we couldeasily cross the line and lose every-thing we have, lost independence,

and basically violate the (EU)treaty," said Draghi, a leading can-didate to replace Jean-ClaudeTrichet as ECB president.

German Chancellor AngelaMerkel and French PresidentNicolas Sarkozy met on Friday inthe southwestern German city ofFreiburg to agree a common stanceahead of the EU summit and weredue to hold a joint news confer-ence.

Ahead of their meeting, Sarkozy'soffice voiced support for Merkel'sstance against issuing joint eurozone bonds an idea pushed byEurogroup President Jean-ClaudeJuncker and Italian FinanceMinister Giulio Tremonti orincreasing the size of the bloc's sta-bility fund to stem the crisis.

German coalition leaders whomet on Thursday evening rejectedthe euro bond idea as unacceptable."There was a broad consensus thatEurobonds as Juncker has proposedthem are out of the question for us,"Hans-Peter Dietrich, a leader of the

Bavarian Christian Social Union(CSU) in parliament told reportersafter the meeting.

EURO STEADIES, SPREADSEDGE UP

The euro, which fell to a 10-weeklow under $1.30 late last month asthe euro crisis deepened, wassteady at $1.3260. The risk premi-ums investors demand to holdPortuguese and Spanish debtinstead of German benchmarks

edged higher on the day.Spanish Economy Minister Elena

Salgado said in Madrid that sheexpected the country's cost of bor-rowing to rise at a bond auctionscheduled for next week, but saidthis was a temporary phenomenonand not alarming.

"It's true that we might have topay a little more for bond issuesthan we have in the past. For thatreason we have said we will reducethe volume until the markets stabi-lize," she said. Madrid is due to sell10-year and 15-year bonds on thesame day the EU summit starts next

week.The summit is expected to final-

ize plans to introduce a permanentrescue mechanism for the euro zoneto replace the 750 billion euroEuropean Financial StabilityFacility (EFSF) that it set up inMay after bailing out Greece.

German demands that the newmechanism include the possibilityof so-called "haircuts" for holdersof euro zone sovereign debt hasbeen blamed for exacerbating thecrisis.

But ECB Governing Councilmember Ewald Nowotny said onFriday that it was important for pri-vate investors to share the costs ofany future bailouts.

"I think it is important to have apermanent safety net, a permanentinstrument," Nowotny, who alsohead the Austrian Central Bank,told reporters. "I think it is alsocorrect that in this whole Europeanstability mechanism the aspect ofprivate investor involvement iscovered."

Irish Finance Minister BrianLenihan told parliament thatDublin would start tapping an 85billion euro EU/IMF bailout fromearly next year to meet its sover-eign borrowing requirements.

Data released on Friday showedIreland's central bank had lent thecountry's crippled banks nearly 45billion euros in special funding upuntil the end of November, a 10 bil-lion euro increase on the priormonth.-Reuters

ECB tells leadersthey must solve euro crisis

Exemptions earlier availablefor philanthropic, charitable,

educational, health or scientificresearch purposes or under international

commitments/agreements includinggrants in-aid will also continue. Moreover,

life saving drugs, books and otherprinted materials including newspapers

and periodicals has been declaredexempt from paying this tax

“

Forbes magazine said the UnitedStates is home to more than 400

billionaires, the most of any country

The summit is expected to finalizeplans to introduce a permanent

rescue mechanism for the euro zone toreplace the 750 billion euro European

Financial Stability Facility (EFSF) that itset up in May after bailing out Greece

“

FERTILISER000 tonnesUrea Offtake (Jan to Sep 10) 4,190Urea Offtake (Sep 10) 324Urea Price (Rs/50 kg) 851DAP Offtake (Jan to Sep 09) 680DAP Offtake (Sep 10) 226DAP Price (Rs/50 kg) 2,628

AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 10 to Oct 10) 26,842

Sales (July 10 to Oct 10) 25,279

Production (Octy 10) 7,311

Sales (Oct 10) 7,459

INDUS MOTOR COProduction (July 10 to Oct 10) 17,013

Sales (July 10 to Oct 10) 16,622

Production (Oct 10) 4,827

Sales (Oct 10) 4,830

HONDA ATLAS CARProduction (July 10 to Oct 10) 5,481

Sales (July 10 to Oct 10) 5,172

Production (Octy 10) 1,514

Sales (Oct 10) 1,340

DEWAN FAROOQ MOTORSProduction (July 10 to Oct 10) 186

Sales (July 10 to Oct 10) 70

Production (Octy 10) 0

Sales (Oct 10) 18

BANKING SECTORScheduled bank (Rs in mn)Deposit (Nov 6,10) 4,729,932

Advances (Nov 6,10) 3,011,868

Investments (Nov 6,10) 1,897,426

Spread (Sep 10) 7.57%

OIL MARKETING CO(000 tons)MS (Jul 10 to Oct 10) 744

MS (Oct 10) 198

Kerosene (Jul 10 to Oct 10) 53

Kerosene (Oct 10) 15

JP (Jul 10 to Oct 10) 452

JP (Oct 10) 122

HSD (Jul 10 to Oct 10) 2,182

HSD (Oct 10) 664

LDO (Jul 10 to Oct 10)) 22

LDO (Oct 10) 6

Fuel Oil (Jul 10 to Oct 10) 3,086

Fuel Oil (Oct 10) 854

Others (Jul 10 to Oct 10) 3

Others (Oct 10) 1

PRICES (Ex-Refinery) RsMS (1 Nov 10) 44.53

MS (1 Oct 10) 40.71

MS % Chg 9.38%

Kerosene (1 Nov 10) 51.25

Kerosene (1 Oct 10) 47.31

Kerosene % Chg 8.33%

JP-1 (1 Nov 10) 51.48

JP-1 (1 Oct 10) 47.54

JP-1 % Chg 8.29%

HSD (1 Nov 10) 54.24

HSD (1 Oct 10) 50.38

HSD % Chg 7.66%

LDO (1 Nov 10) 49.51

LDO (1 Oct 10) 46.13

LDO % Chg 7.33%

Fuel Oil (1 Nov 10) 42,046

Fuel Oil (1 Oct 10) 39,276

Sector Updates

Symbol Close Vol (mn)DSFL 3.67 23.37 KESC 3.16 21.59 LOTPTA 13.33 17.88 WTL 3.18 16.71 BAFL 10.87 12.41

Symbol Close ChangeNESTLE 2,466.81 74.39 UPFL 1,059.00 36.94 RMPL 2,093.00 33.00 LAKST 314.81 14.81 IDYM 318.93 13.93

Symbol Close ChangeCOLG 899.98 -7.77BATA 627.42 -6.3ULEVER 4,045.11 -4.49SRVI 247.03 -4.2KSBP 66.47 -3.49

Plus 252Minus 117Unchanged 18

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Saturday, December 11, 2010 5

Opening 11,569.09

Closing 11,620.16

Change 51.07

% Change 0.44

Turnover (mn) 233.00

Opening 3,630.34 Closing 3,628.81 Change -1.53% Change -0.04Turnover (mn) 11.97

Opening 2,943.80

Closing 2,945.08

Change 1.28

% Change 0.04

Turnover (mn) 0.56

Mostly down on concerns overChina, Europe debt

South East Asian stocks

Europe shares end at 26-mthclosing high; autos up

Nawaz Ali

KARACHI: Shares endedhigher at the Karachi StockExchange on the last day of theweek, also record highest vol-ume of the last eight months onactive buying due to higherinternational oil prices andstrong valuations.

The benchmark KSE-100index gained 51 points to closeat 11,620 levels while KSE-30index grew by 29 points andKSE all share index rose by 39points to close at 11,184 and8,082 levels respectively.

"Bullish activity witnessedon institutional buying in bluechip scrips in banking, oil sec-tor on strong valuations", saidAhsan Mehanti, Director ArifHabib Investments.

Though, some mix activities

were observed during the initialone and a half hours and theindex moved on both sides.However, later on market wit-nessed bullish sentiments.Renewed buying was witnessedin some oil and banking stockslike Pakistan Oilfields on risinginternational oil prices hoveringaround $89 a barrel and expecta-tions of good corporate resultsfor the period ending December31, 2010.

Ahsan Mehanti added thathigher oil prices, approval ofRs600 billion developmentprojects by ECNEC andimproved capacity utilizationof oil refineries for Novemberwere taken positively by theinvestors despite concerns forrising CPI inflation ahead ofRGST approval by theNational Assembly

Further, the representation ofPakistan Capital MarketForum at London StockExchange too boosted the buy-ing. Therefore index close thefirst session with 60 points up.

It should be noted thatLondon Stock Exchange isorganizing the Forum in asso-ciation with Nomura Dubaiand Pakistan Capital Marketsand Privatization Forum.

The event will showcase theopportunities available to inter-national investors in Pakistanand is designed to both show-case a number of Pakistan basedlisted and public companies andconnect them with a wide rangeof senior representatives fromthe international buy-sideinvestor and corporate advisorcommunities.

Further gains made during

the second session and at apoint index touched an intra-day high of 11,676 points (+ve107 points). Since it was thelast trading session of theweek, investors preferred tobook profits at higher levels.As a result index closed theday with some reduced gains.

Foreign investors, after along time were mainly on theselling side as per the detailsmade available by the NCCPL.They did a net selling of $0.47million on Friday. On the localside companies did a net buy-ing of $3.23 million whileNBFC did a net selling of$1.56 million.

Volumes remained impres-sive throughout the day as 233million shares exchangedhands during the day, whichwas highest of about 8 months

and were 38.5 million sharesmore as compared to aturnover of 194.5 millionshares a day earlier.

Dewan Salman emerged thevolume leader with 23.3 mil-lion shares followed by KESCwith 21.5 million shares andLotte Pakistan with 17.8 mil-lion shares.

Samar Iqbal, equity dealer atTopline Securities said DSFLremained volume leader on therumors of its debt restructuringfollowed by KESC for lossesrecovery. While LOTPTA keptits position as the volume lead-ers on the expectation of hand-some full-year earnings andpayout.

Out of total 387 activeissues; prices of 252 advancedand 117 declined while 18remained unchanged.

KSE-100 touchedintraday high of 11,676

US stocks mid-morning

Wall St littlechanged as

S&P hitsresistance

NEW YORK: US stocks werelittle changed on Friday withthe S&P 500 locked in a tighttrading range and as the dollargained encouraging data con-tained the downside.

After breaking above a keytechnical level around 1,228,the S&P hit resistance at1,235, which represents thetwo-year intraday highreached earlier in the week.The index climbed as high as1,236.93 before falling back.

In the latest economic data,consumer sentiment rose morethan expected in earlyDecember, while importprices in November climbed attheir fastest pace in a year,data showed. Also, the UStrade deficit narrowed muchmore than expected inOctober.

Recent better-than-forecasteconomic reports have boost-ed optimism that the economyis slowly but surely gainingground, and some analysts seethe market to rallying into theend of the year after a short-term consolidation.

Robert Tipp, chief invest-ment strategist for PrudentialFixed Income in Newark, NewJersey, said the market is like-ly to be stuck in a range assentiment vacillates betweenoptimism and pessimism.

"Basically the market, afterbeing excessive pessimistic, ishaving to re-evaluate follow-ing the announcement of QE2,better-than-expected data, andthe stimulus from the exten-sion of the tax cuts. So themarket had a big swing in sen-timent," said Tipp.

The Dow Jones industrialaverage inched up 6.66 points,or 0.06 per cent, at 11,376.72.The Standard & Poor's 500Index added 1.90 points, or0.15 per cent, to 1,234.90. TheNasdaq Composite Index rose4.52 points, or 0.17 per cent,to 2,621.19.

Dollar weighed on equitiesas the dollar index rose 0.1 percent. Stocks and the green-back have moved in oppositedirections of late.

Shares of Netflix Inc jumpedafter Standard & Poor's saidthe movie rental companyalong with F5 Networks Incand Newfield Exploration Cowill replace Office Depot Inc,New York Times Co andEastman Kodak Co in the S&P500. Netflix was up 2.2 perscent at $195.31. Reuters

LONDON: Britain's top shareindex closed slightly higher onFriday, buoyed by firmer miningstocks with copper near recordhighs, and as encouraging USdata bolstered investor sentiment.The FTSE 100 closed up 4.99points, or 0.1 per cent, at5,812.95, in thin volume, notch-ing up a 1.2 per cent gain over thecourse of the week.

"The consumer confidencenumbers were quite good fromthe US and are supporting themarket," Henk Potts, equitystrategist at Barclays Wealth,said. "Broadly, the combinationof steady and modest economicgrowth, low interest rates and ris-ing corporate profitability shouldcontinue to generate respectablereturns for investors."

Miners were in demand as cop-per rose after strong Chineseimport data boosted the demandoutlook. Vedanta Resources wasthe top FTSE 100 performer, put-ting on 3.2 per cent. But analystssaid sentiment surrounding thesector was soured by worries overpotential interest rate hikes inChina.

"Speculation has been growingthat China's set to raise interestrates ... that has the potential tohold back the rally that we'vebeen seeing in mining stocks,"Potts said. China's central bankon Friday raised the amount ofmoney the country's lenders mustkeep on reserve for a third time in

a month, following a spate ofrobust data that strengthened thecase for policy tightening.

Banks were out of favour,handing back some of the previ-ous session's gains. StandardChartered topped the blue-chipfallers' list, off 2.6 per cent, afterBofA Merrill Lynch cut its ratingon the Asia-focused bank to "neu-tral", calling its trading update onThursday "disappointing relativeto expectations".

Back on the upside, Cobhamclimbed 2.9 per cent. The DailyExpress said the aerospace elec-tronics group's recent share priceweakness left it vulnerable to apredatory approach.

Diageo climbed 1 per cent. Thedrinks firm is in preliminary talksto buy Turkish spirits companyMey Icki, people familiar withthe matter said, as part of thepush by the company into high-growth emerging markets.

"The price activity throughoutthis week for the FTSE has been'yawnsome'. A mere 100 pointstrading range, it looks like themarket has shut up early forChristmas," Angus Campbell,head of sales at Capital Spreads,said.

"Now that the EU leaders haveagreed to meet again next week todiscuss what steps to take in orderto contain the European debt cri-sis, it's quite conceivable thatwe'll see similar price action untilthat point," he said. Reuters

FTSE slightlyfirmer on US data

TOKYO: Japan's Nikkei average fell 0.7 percent on Friday, as a higher-than-expected settle-ment for futures and options prices encouragedinvestors to take profits on a strong rally for thebenchmark since the start of November.

While sentiment for the Nikkei remainsrobust, analysts say technical signs that the mar-ket is overbought and the approach of the year-end was keeping a lid on potential near-termgains.

The closely watched up-down ratio for theTokyo Stock Exchange's first section stood at163 after Thursday's close, the highest level onrecord and well above the 120 level that is saidto indicate an overheated market.

It is calculated by dividing the 25-day movingaverage of stocks that gained by 25-day movingaverage of those that fell. "On top of profit-tak-ing and overheating of the market, some foreigninvestors are unloading positions and hedgingahead of the Christmas break," said HiroakiKuramochi, chief equity marketing officer atTokai Tokyo Securities.

In active trade, the benchmark Nikkei closedthe day down 73.93 points at 10,211.95 but itadded 0.3 per cent for the week. It hit a freshseven-month high of 10,373.70 shortly after theopen but profit-taking kicked in after futures andoptions contracts expiring in December wereestimated at a stronger-than-expected 10,420.74.The settlement figure was later confirmed after

the close of trade. The broader Topix index fell0.4 percent to 888.22.

The settlement for futures and options as wellas continued interest from foreign investors,who are now turning their attention to laggingsectors such as insurers, helped boost turnoverto a high for 2010.

Turnover on the Tokyo Stock Exchange's firstsection climbed to 2.55 trillion yen ($30.5 bil-lion), while some 3.1 billion shares changedhands, the highest level since Jan. 14.

LONG-TERM OUTLOOK POSITIVE

Despite a climb of almost 12 percent since thestart of November, the Nikkei is still down about3.2 percent for the year to date. By contrast,Hong Kong's Hang Seng Index has gained 5.6percent while the Standard and Poor's 500 indexis up 10.6 per cent.

Market players said the Nikkei still has roomto move higher. "The market will want to makesure that the Nikkei stays above 10,200 nextweek and it will start testing new highs again inthe third week of December," said HideyukiIshiguro, a strategist for Okasan Securities, whopredicts the Nikkei will end 2010 around the10,800 mark.

The Nikkei's 25-day moving average sur-passed its 200-day moving average on Thursday,forming a "golden cross", suggesting the bench-mark will maintain positive momentum longer-term. Reuters

Nikkei hurt byprofit-taking

HONG KONG/SHANGHAI:Hong Kong and Shanghai sharesended the week mildly lower onFriday in thin volume as inflationdata due over the weekend andtalk of an interest rate increase inChina sidelined investors.

Concerns about further tighten-ing in China have kept turnovermuted in both markets and hasalso prompted funds to pull somemoney out of Chinese markets,even as retail investors avoidedtaking large positions ahead ofthe weekend.

Hong Kong's Hang Seng endedwith little change down 0.7 percent for the week. Turnover onFriday fell to HK$69.6 billion,the lowest in nine days.

The Shanghai Compositeclimbed 1.1 per cent on the dayas strong trade data encouragedsome investors to take on a littlemore risk heading into the week-end, but low volumes suggestedmarket players were avoidingbuilding large positions. Theindex ended the week marginallylower.

China's imports and exportswere much stronger than expect-ed in November, robust numbersthat could clear the way for thecentral bank to raise interest ratesagain as soon as this weekend.

"The worry over a rise in inter-est rates is getting old. The mar-ket is likely to rebound nextweek," said Wen Lijun, analyst atNanjing Securities.

The heavy-weighted financialsector, target of much specula-tion in recent weeks amid talk ofrising interest rates, supportedthe Shanghai market with insur-

ers leading gains on expectationsthat higher rates would boostinvestment income.

Insurers outperformed withPing An up 2.9 per cent andChina Life up 1.9 per cent. Mostbanks gained led by ChinaMerchants Bank, up 1.2 percent.

Banks were mixed in HongKong, however, with ChinaConstruction Bank rising 0.3 percent and larger rival ICBC slip-ping 0.5 per cent.

Beside the risk of net interestmargins shrinking as a result ofdeposit rates rising faster thanlending rates, there were alsoconcerns that big banks mayhave to cut dividends to conservecapital, which would affect yield-seeking investors, said Ming Tan,head of financials research atYuanta.

"We are coming to year-endand funds are closing theirbooks and avoiding big bets asthey won't have time to makeup for any losses, especiallygiven market expectations ofinterest rate rises in the nearfuture," said Tan.

According to Citigroup GlobalResearch, the week ended Dec 8saw redemptions from China-focused equity funds ahead of therelease of inflation data onSaturday and any hike in rates,the brokerage said in a note, cit-ing EPFR data.

Energy counters were a drag onthe Hong Kong market, with coalmajors continuing to underper-form and further weakened bylast week's move by the Chinesegovernment to freeze thermalcoal contract prices. Reuters

Hong Kong, Chinashares end wk lower

NEW DELHI: Indian sharesrose 1.4 per cent on Friday,snapping a three-session losingstreak, on better-than-expectedindustrial output growth andbargain buys. Energy majorReliance Industries led thegains, while top lender StateBank of India followed byICICI Bank also climbed afterbeing beaten down for most ofthe week.

The main 30-share BSEindex closed 1.39 per centhigher at 19,508.89 points, itsbest percentage daily gain in aweek, with 22 of its compo-nents rising. The index, how-ever, ended the week 2.3 percent lower.

"Fundamentally, people havestarted liking the valuations,"said Deven Choksey, manag-ing director of brokerage K. R.Choksey, but was not con-vinced by Friday's gains. "Therise in market today is not

backed by strong volumes andit is largely because of someamount of short-covering andat the same time some smallbuying... after the kind ofonslaught we saw in the lastfew days."

Data showed industrial out-put in October grew at itsfastest clip in three months,powered by demand for con-sumer durable goods such ascars, and analysts said it wasunlikely to prompt the centralbank to increase interest rateswhen it reviews its monetarypolicy next week.

But markets, unnerved byregulatory crackdown on com-panies after corruption scan-dals emerged thick and fast, areexpected to remain shaky asinvestors focus on a deepeningprobe into alleged corruptionin telecoms licences distribu-tion.

On Thursday, New Delhi

widened the probe into thecountry's biggest corruptioncase to include decisions madeduring the main oppositionparty's rule, a move that maytake steam out of a campaignagainst the government.

"There is negative sentimentbecause of concerns about reg-ulatory investigations. But Ithink markets will now sta-bilise," said K. K. Mital, headof portfolio management atGlobe Capital in New Delhi.

Largest-listed RelianceIndustries rose 4 per centto1,023.70 rupees. ICICI Bankjumped 5.7 per cent and itslarger rival State Bank of Indiaclosed 1.9 per cent higher.

In the broader market, 1,952gainers were ahead of 1,022losers on a relative low volumeof about 341 million shares.The broader 50-share NSEindex gained 1.58 per cent.Reuters

Indian shares rise onbargain hunting

SECPregisters 179companies in

NovemberISLAMABAD: The Securitiesand Exchange Commission ofPakistan (SECP) has registered179 companies in November,pushing the total corporateportfolio to 57,183. The highestshare in new incorporation of160 was of private companies.Other companies include 8 sin-gle-member, 3 public unlistedcompanies, 4 non-profit associ-ations, 3 foreign companies andone trade organization.

The trading sector has thehighest incorporation of 31companies, followed by servic-es with 23 and constructionwith 10 companies. Other sec-tors with significant new incor-poration are communicationand textile sectors with 9 com-panies each, and tourism andbroadcasting/telecasting sec-tors with 8 companies each.

During November, theCompany Registration Office(CRO), Lahore, registered high-est new incorporation of 60 com-panies followed by the KarachiCRO and Islamabad registering51 and 40 companies respective-ly. The remaining CROs ofPeshawar and Faisalabad regis-tered 8 companies each while 6companies each were registeredin Multan and Quetta.

See # 5 Page 11

Saturday, December 11, 20106

Volume 233,001,303

Value 4,887,202,410

Trades 78,089

Advanced 252

Declined 117

Unchanged 18

Total 387

Current 8,082.98

High 8,118.28

Low 8,028.01

Change h39.53

Current 11,620.16

High 11,676.82

Low 11,540.00

Change h51.07

Current 11,184.53

High 11,233.60

Low 11,115.90

Change h29.90

Market KSE 100 Index All Share Index KSE 30 Index

Current 18,345.25

High 18,408.96

Low 18,245.15

Change h69.67

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

WorldCall Telecom Limited

WTL closed up 0.28 at 3.18. Volume was 1,153 per cent above aver-

age (trending) and Bollinger Bands were 26 per cent wider than nor-

mal. The company's loss after taxation stood at Rs744.23 million

which translates into a Loss Per Share of Rs0.86 for the nine months

of current calendar year (9MCY10).

WTL is currently 5.1 per cent below its 200-day moving average and

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

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

Volume indicators reflect very strong flows of volume into WTL (bull-

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

Momentum oscillator is currently indicating that WTL is currently in

an overbought condition.

RSI (14-day) 77.95 Total Assets (Rs in mn) 17,566.02

MA (10-day) 2.71 Total Equity (Rs in mn) 11,379.05

MA (100-day) 2.65 Revenue (Rs in mn) 8,408.28

MA (200-day) 3.36 Interest Expense 523.03

1st Support 2.96 Loss after Taxation (490.82)

2nd Support 2.76 EPS 09 (Rs) (0.57)

1st Resistance 3.30 Book value / share (Rs) 13.22

2nd Resistance 3.44 PE 10 E (x) -

Pivot 3.10 PBV (x) 0.24

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

SBL closed up 0.21 at 2.05. Volume was 920 per cent above aver-

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

normal. The company's loss after taxation stood at Rs131.551 million

which translates into a Loss Per Share of Rs0.11 for the nine months

of current calendar year (9MCY10).

SBL is currently 14.5 per cent below its 200-day moving average and is

displaying a downward trend. Volatility is extremely high when compared

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

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

Trend forecasting oscillators are currently bearish on SBL.

RSI (14-day) 63.51 Total Assets (Rs in mn) 23,734.13

MA (10-day) 1.85 Total Equity (Rs in mn) 7,075.66

MA (100-day) 1.96 Revenue (Rs in mn) 1,878.63

MA (200-day) 2.40 Interest Expense 1,208.86

1st Support 1.85 Loss after Taxation (593.05)

2nd Support 1.68 EPS 09 (Rs) (0.676)

1st Resistance 2.17 Book value / share (Rs) 8.07

2nd Resistance 2.32 PE 10 E (x) -

Pivot 2.00 PBV (x) 0.25

Samba Bank Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

DSIL closed up 0.10 at 1.93. Volume was 184 per cent above average

(trending) and Bollinger Bands were 60 per cent narrower than normal.

The company's loss after taxation stood at Rs31.558 million which

translates into a Loss Per Share of Rs0.53 for the 1st quarter of current

fiscal year (1QFY11).

DSIL is currently 16.5 per cent below its 200-day moving average and

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

average volatility over the last 10 trading sessions. Volume indicators

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

casting oscillators are currently bearish on DSIL.

RSI (14-day) 54.53 Total Assets (Rs in mn) 838.18

MA (10-day) 1.90 Total Equity (Rs in mn) (298.62)

MA (100-day) 1.86 Revenue (Rs in mn) 653.74

MA (200-day) 2.31 Interest Expense 130.20

1st Support 1.82 Loss after Taxation (984.14)

2nd Support 1.67 EPS 09 (Rs) (16.402)

1st Resistance 2.10 Book value / share (Rs) (4.98)

2nd Resistance 2.23 PE 10 E (x) -

Pivot 1.95 PBV (x) (0.39)

D. S. Industries Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

PACE closed up 0.23 at 3.10. Volume was 268 per cent above average

(trending) and Bollinger Bands were 62 per cent narrower than normal.

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

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

fiscal year (1QFY11).

PACE is currently 19.8 per cent below its 200-day moving average and

is displaying a downward trend. Volatility is relatively normal as com-

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

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

Trend forecasting oscillators are currently bearish on PACE.

RSI (14-day) 63.57 Total Assets (Rs in mn) 10,559.36

MA (10-day) 2.88 Total Equity (Rs in mn) 6,486.15

MA (100-day) 2.93 Revenue (Rs in mn) 1,649.34

MA (200-day) 3.86 Interest Expense 211.21

1st Support 2.86 Profit after Taxation 633.16

2nd Support 2.66 EPS 10 (Rs) 2.370

1st Resistance 3.20 Book value / share (Rs) 23.26

2nd Resistance 3.34 PE 11 E (x) -

Pivot 3.00 PBV (x) 0.13

PACE Pakistan Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,502.25 1,515.88 1,495.97 1,504.14 1.89 0.13

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

7,599,389 - - 65,194.15 mn 1,174,384.67 mn 1,511.75

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

11.09 3.61 32.54 55.94 5.04 1,475.03

Attock Petroleum 691 5.64 325.37 327.00 324.15 325.56 0.19 121801 374.20 287.99 250 - 300 20

Attock Refinery 853 6.70 117.28 119.99 116.70 119.61 2.33 2698569 137.20 78.51 - - - -

BYCO Petroleum 3921 - 11.47 11.49 11.20 11.26 -0.21 1151480 12.49 10.00 - - - -

Mari Gas Company 735 16.19 120.04 120.35 119.00 119.51 -0.53 17550 128.90 106.00 32.17 100B 31 -

National Refinery 800 3.89 263.35 266.98 261.11 262.24 -1.11 170175 275.40 189.08 125 - 200 -

Oil & Gas DevelopmentSPOT 43009 11.37 168.45 169.40 167.75 168.12 -0.33 372612 170.99 142.05 82.5 - 55 -

Pak Petroleum 11950 8.46 208.44 209.90 207.10 208.15 -0.29 685729 214.10 168.70 130 20B 90 20B

Pak Oilfields 2365 6.88 285.95 293.39 286.15 291.51 5.56 3087997 293.80 230.05 180 - 255 -

Pak Refinery Limited 350 - 102.29 103.47 102.10 102.30 0.01 21374 106.34 52.60 - - - -

PSO 1715 4.81 285.47 286.40 284.00 284.27 -1.20 408946 292.15 256.01 50 - 80 -

Shell Gas LPG 226 - 36.40 37.45 35.30 36.00 -0.40 8053 40.28 28.05 - - - -

Shell Pakistan 685 10.18 198.54 199.75 198.00 198.50 -0.04 6583 204.40 182.05 330 - 40 -

Paid up Last 60 days 2009 2010

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

979.75 995.06 970.14 984.09 4.33 0.44

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

11,042,667 - - 47,070.70 mn 129,647.34 mn 984.09

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

7.06 0.61 8.64 16.68 2.36 973.64

Amtex Limited XD 2415 9.89 4.35 4.49 4.33 4.35 0.00 197432 18.33 4.31 - - 30 -

Artistic Denim 840 6.09 21.19 22.00 20.90 21.93 0.74 2585 24.05 18.50 20 - 20 -

Aruj Garments 62 3.04 4.40 4.50 4.50 4.50 0.10 200 6.00 3.50 - - - -

Azam Textile 133 0.36 2.15 2.80 2.30 2.60 0.45 5003 3.45 1.45 - - 7.5 -

Azgard Nine 4493 - 10.06 10.34 10.00 10.11 0.05 1748834 12.32 9.71 - - - -

Bannu Woolen XD 76 0.46 13.45 13.30 13.00 13.02 -0.43 2498 14.50 8.60 - - 20 -

Bata (Pak) 76 5.20 633.72 649.00 620.00 627.42 -6.30 1496 747.48 436.00 120 - - -

Brothers Textile 98 - 0.25 0.78 0.29 0.78 0.53 101 1.10 0.12 - - - -

Chakwal Spinning 400 0.48 1.10 1.10 1.10 1.10 0.00 20011 2.59 0.56 - - 5 -

Chenab Limited 1150 - 3.21 3.46 3.14 3.21 0.00 239195 3.95 3.00 - - - -

Colgate Palm 316 33.78 907.75 925.00 883.00 899.98 -7.77 7572 930.00 640.01 115 15B - -

Colony Mills Ltd 2442 4.06 2.37 2.63 2.49 2.60 0.23 26812 3.33 2.26 - - - -

Crescent Jute 238 - 1.00 0.98 0.75 0.83 -0.17 24019 1.49 0.16 - - - -

D S Ind Ltd 600 - 1.83 2.08 1.80 1.93 0.10 379351 2.37 1.44 - - - -

Dar-es-Salaam 80 - 2.00 2.75 2.75 2.75 0.75 5000 4.50 1.75 - - - -

Dawood Lawrencepur 514 48.96 39.64 41.62 39.01 41.62 1.98 39858 44.50 36.10 - - 5 -

Dewan Khalid Textile 57 0.21 3.15 3.75 2.20 2.75 -0.40 25004 3.75 0.26 - - - -

Dewan Mushtaq Textile 34 0.18 5.54 6.00 6.00 6.00 0.46 181 6.88 1.60 - - - -

Din Textile 204 0.57 26.26 27.45 26.23 26.65 0.39 4359 30.90 20.80 - - 20 10B

Ellcot Spinning 110 0.61 20.59 20.20 19.61 20.17 -0.42 9805 25.45 17.21 7.5 - 35 -

Fazal Cloth 188 1.17 59.42 62.39 62.39 62.39 2.97 600 62.39 41.00 - -100SD -

Gadoon Textile XD 234 0.58 50.82 53.36 50.50 53.34 2.52 28606 53.36 34.65 - - 70 -

Gillette Pakistan 192 - 63.41 66.48 63.00 63.28 -0.13 681 73.00 58.75 - - - -

Gul Ahmed Textile 635 3.53 24.50 24.60 24.50 24.60 0.10 101 26.25 19.99 5 - 12.5 -

Gulistan Spinning 146 1.24 6.02 6.99 5.53 6.50 0.48 1516 8.86 5.01 - 10B 10 -

Hira Textile Mills Ltd. 716 0.75 3.98 4.20 4.00 4.00 0.02 86486 4.88 3.35 - - 10 -

Ibrahim Fibres 3105 3.00 38.39 38.50 38.05 38.13 -0.26 84400 40.77 34.05 - - 20 -

ICC Textile 100 - 2.32 2.60 2.17 2.27 -0.05 10936 2.70 0.30 - - - -

Ideal Spinning 99 0.54 6.18 6.50 5.22 6.37 0.19 106894 6.58 2.02 - - - -

Idrees Textile 180 3.43 3.21 3.34 3.12 3.16 -0.05 7300 5.35 2.60 - - 10 -

Indus Dyeing 181 2.85 305.00 320.25 305.00 318.93 13.93 1918 320.25 209.03 15 - - -

J K Spinning 184 1.10 8.11 7.20 7.11 7.20 -0.91 2101 9.65 4.05 - - 20 5B

Kohinoor Ind 303 - 1.73 1.90 1.61 1.77 0.04 252275 1.94 1.01 - - - -

Kohinoor Textile 1455 3.76 5.40 5.71 5.15 5.26 -0.14 32934 6.30 4.51 - - - -

Mukhtar Textile 145 - 0.34 0.59 0.40 0.42 0.08 80529 0.95 0.14 - - - -

Nagina Cotton 187 0.82 16.75 16.74 16.00 16.00 -0.75 7004 17.50 12.80 - - 20SD -

Nishat (Chunian) 1596 1.79 21.40 22.01 21.15 21.61 0.21 1115251 25.14 15.66 - 50R 15 -

Nishat Mills 3516 5.06 59.33 59.85 58.42 58.90 -0.43 3470514 63.18 45.81 20 - 25 45R

Pak Synthetic 560 3.19 8.45 9.45 8.50 9.45 1.00 1702310 9.45 5.16 12.5 - - -

Prosperity 185 1.07 14.30 14.40 14.00 14.02 -0.28 105 20.50 12.51 20 - 30 -

Ravi Textile 250 - 1.57 1.98 1.50 1.76 0.19 1001949 2.30 1.29 - - - -

Reliance Weaving 308 0.62 8.57 8.95 8.70 8.94 0.37 2312 12.00 8.01 - - 25SD -

Rupali Poly 341 4.71 36.29 38.10 36.34 37.50 1.21 6921 38.10 31.25 40 - 40 -

Sally Textile 88 0.22 4.06 4.39 4.00 4.39 0.33 2010 6.20 3.30 - - 10 -

Samin Textile 134 5.15 6.04 6.20 5.80 6.18 0.14 61000 8.69 5.02 - - - 100R

Sana Ind 55 3.31 41.51 43.58 42.00 43.58 2.07 3657 43.58 27.50 35 - 60 -

Sapphire Textile 201 0.89 104.99 104.99 104.99 104.99 0.00 4000 124.80 89.80 - - 50 -

Sargoda Spinning 312 0.45 2.29 2.32 2.20 2.32 0.03 1005 2.50 0.50 - - 5 -

Saritow Spinning 133 0.38 2.30 2.30 2.30 2.30 0.00 17000 2.99 1.10 - - - -

Service Ind 120 8.46 251.23 254.45 246.00 247.03 -4.20 96197 276.50 169.00 200 - - -

Shadman Cot 176 1.52 9.10 10.10 8.15 8.32 -0.78 534 15.00 8.10 - - - -

Shahtaj Textile 97 - 18.00 18.99 18.00 18.20 0.20 800 21.90 15.61 20 - 45 -

Shams Textile 86 0.73 23.10 22.00 22.00 22.00 -1.10 4599 24.00 15.26 - - 20 -

Sunrays Textile 69 0.61 38.00 39.84 38.01 39.83 1.83 3000 39.84 30.03 10 - - -

Suraj Cotton 180 0.79 34.50 35.10 34.50 35.09 0.59 798 37.50 29.00 15 - 50 -

Thal Limited 307 4.56 105.97 107.80 106.00 106.62 0.65 34208 112.80 86.50 20 20B 80 20B

Treet Corp 418 8.92 55.55 57.50 54.75 56.04 0.49 70368 60.50 37.25 - - - -

Tri-Star Poly 215 - 1.15 1.10 1.00 1.00 -0.15 129 1.50 0.26 4 - - -

Paid up Last 60 days 2009 2010

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,082.43 1,096.16 1,071.60 1,084.95 2.53 0.23

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

205,646 - - 3,763.71 mn 5,101.13 mn 1,084.95

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

2.61 0.28 10.64 6.27 2.40 1,076.79

Diamond Ind 90 - 8.54 9.54 7.81 8.04 -0.50 1334 19.39 7.80 - - - -Gauhar Engineering Ltd 22 - 0.45 0.49 0.49 0.49 0.04 1000 0.49 0.15 - - - -Pak Elektron 1174 3.39 13.45 13.69 13.25 13.45 0.00 73302 15.43 12.82 - 10B - 10BSinger Pak 341 22.25 19.60 19.80 19.80 19.80 0.20 300 22.90 16.51 - 10B - -Tariq Glass Ind 231 2.36 18.69 19.69 18.11 19.69 1.00 129709 19.69 15.00 - - 17.5 -

Paid up Last 60 days 2009 2010

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,617.05 1,656.39 1,604.35 1,637.72 20.67 1.28

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

1,944,427 - - 11,335.33 mn 224,277.92 mn 1,637.72

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

36.79 11.15 30.30 30.57 0.83 1,588.17

Abdullah Shah Ghazi Sugar 793 13.44 6.00 6.99 6.30 6.99 0.99 601 11.70 4.06 - - - -Ansari Sugar 244 0.26 5.20 5.50 5.50 5.50 0.30 1000 6.99 4.03 - - - -Bawany Sugar 87 - 3.91 4.91 4.01 4.91 1.00 50144 4.91 0.85 - - - -Chashma Sugar 287 1.05 12.90 13.90 12.51 13.04 0.14 611 15.47 8.50 - - - -Clover Pakistan 94 12.21 72.64 75.00 70.00 74.72 2.08 2002 77.14 33.50 - - 15 -Colony Sugar Mills 990 - 3.41 4.00 3.80 3.90 0.49 17012 4.00 2.54 - - - -Crescent Sugar 214 11.75 5.25 6.25 5.36 6.23 0.98 8937 6.65 5.00 - - - -Dewan Sugar 365 - 3.61 4.61 3.85 4.61 1.00 1574847 4.61 1.11 - - - -Habib Sugar 600 6.97 33.52 34.99 33.47 33.82 0.30 26898 36.00 27.00 35 25B - -Habib-ADM Ltd 200 11.51 12.20 12.45 12.15 12.43 0.23 9705 16.98 11.90 40 - 40 -Hussein Sugar 121 - 11.49 11.39 10.49 10.49 -1.00 132 14.00 5.01 - - - -J D W Sugar 490 2.90 87.45 87.50 86.00 86.60 -0.85 443 89.89 63.50 40 - 0 12.5RMehran Sugar 143 3.45 57.87 58.95 58.00 58.39 0.52 600 68.49 48.50 35 30B 35 20BMirpurkhas SugarSPOT 70 5.42 65.76 66.40 65.00 65.00 -0.76 2531 67.00 53.64 25 10B 15 20BMirza Sugar 141 0.65 6.26 6.63 6.25 6.37 0.11 99587 7.18 4.20 - - 10 -National Foods 414 16.21 43.16 43.60 43.44 43.44 0.28 560 57.00 39.01 - 25B 12 -Nestle Pakistan 453 27.10 2392.42 2512.04 2345.00 2466.81 74.39 406 2512.04 1785.00 600 - 450 -Pangrio Sugar 109 0.94 6.13 6.58 6.25 6.44 0.31 24712 6.99 4.00 - - 10 -Premier Sugar 38 9.08 47.98 50.37 45.63 49.50 1.52 973 53.81 32.50 30 - - -Quice Food 107 - 2.07 2.99 2.25 2.27 0.20 17000 3.40 1.60 - - - -Rafhan Maize 92 3.32 2060.00 2095.10 2090.00 2093.00 33.00 262 2108.00 1229.00 900 - 600 -S S Oil 57 0.29 3.25 3.59 3.25 3.35 0.10 24000 3.89 3.00 - - - -Sakrand Sugar 223 - 2.90 3.90 3.00 3.01 0.11 37000 3.90 2.11 - - - -Sanghar Sugar 119 0.99 13.50 13.85 13.75 13.79 0.29 6509 14.25 13.00 10 - - -Shahmurad Sugar 211 17.13 12.16 12.00 11.45 11.82 -0.34 11404 13.50 9.75 15 - - -Shahtaj Sugar 120 - 91.01 94.99 91.00 93.70 2.69 506 100.26 44.50 100 - - -Shakarganj Mills 695 - 6.18 6.50 5.90 6.46 0.28 25932 7.88 3.21 - - - -

Paid up Last 60 days 2009 2010

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

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,156.48 1,161.10 1,140.09 1,149.28 -7.20 -0.62

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

8,217,967 - - 6,768.53 mn 41,658.78 mn 1,178.41

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

4.27 1.08 25.35 20.42 4.78 1,149.28

Agriautos Ind 144 5.51 71.03 72.99 71.94 72.72 1.69 31500 73.00 65.75 40 - 90 -Atlas Battery 101 4.77 159.52 160.00 159.10 159.75 0.23 1229 187.90 131.00 100 20B 100 20BAtlas Engineering Ltd 247 15.18 16.00 17.00 17.00 17.00 1.00 500 19.88 15.00 - 100R - -Atlas Honda 626 7.87 107.88 109.99 107.50 108.64 0.76 2911 122.51 92.50 80 30B - -Baluchistan Wheels Ltd. 133 5.98 30.32 31.83 31.82 31.83 1.51 210 36.72 28.25 15 - 25 -Bela Automotive 58 8.33 1.25 1.25 1.25 1.25 0.00 500 1.25 1.25 - - - -Dewan Motors 890 - 2.41 2.87 2.41 2.48 0.07 8088007 2.87 1.20 - - - -Exide (PAK) 56 4.20 178.00 180.00 172.12 177.96 -0.04 171 198.07 136.00 50 - 60 -Ghandhara Nissan 450 3.16 4.50 4.70 4.48 4.55 0.05 5202 6.09 4.03 - - - -Honda Atlas Cars 1428 - 11.36 11.20 10.90 10.97 -0.39 41673 13.40 9.65 - - - -Indus Motors 786 5.77 254.43 254.80 250.00 252.83 -1.60 42931 282.45 215.99 100 - 150 -Pak Suzuki 823 11.12 71.26 71.00 69.70 69.85 -1.41 22478 79.50 69.25 5 - - -Sazgar Engineering 150 3.56 19.46 19.40 19.06 19.06 -0.40 2050 27.58 17.92 - 20B 10 20BTransmission 117 - 1.94 1.95 1.75 1.78 -0.16 10002 3.25 1.53 2 - - -

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,546.36 1,562.86 1,535.28 1,545.68 -0.68 -0.04

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

2,945,640 - - 1,336.62 mn 32,543.51 mn 1,552.22

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

8.19 3.11 38.02 131.49 16.05 1,545.68

Ados Pak 66 1.03 16.00 16.85 15.75 15.96 -0.04 2930 21.48 14.12 20 - - -

AL-Ghazi Tractor 215 5.25 216.20 221.00 216.00 219.00 2.80 8205 227.45 200.00 400 - 150 -

Dewan Auto Engineering 214 - 0.94 1.94 0.98 1.85 0.91 2856513 1.94 0.21 - - - -

Ghandhara Ind 213 10.56 11.02 11.49 11.05 11.40 0.38 13012 18.80 10.55 - - - -

Hinopak Motor 124 - 135.02 137.99 135.00 135.00 -0.02 1150 147.89 110.05 17.15 - - -

KSB Pumps 132 7.96 69.96 70.00 66.47 66.47 -3.49 29742 88.00 66.47 35 - - -

Millat Tractors XB 366 6.46 494.42 497.00 492.02 493.44 -0.98 33991 595.99 390.00 450 25B 650 25B

Paid up Last 60 days 2009 2010

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

956.35 970.03 942.28 949.78 -6.57 -0.69

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

270,804 - - 3,043.31 mn 35,723.86 mn 961.31

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

2.70 1.19 43.91 15.55 5.75 949.78

Cherat Papersack 115 2.78 79.13 79.99 77.56 78.09 -1.04 55084 83.23 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.17 2.58 2.25 2.48 0.31 79294 3.13 1.70 - - - -

Ghani Glass 1067 4.32 49.45 49.50 46.98 47.00 -2.45 53021 61.99 45.75 30 10B 25 10B

MACPAC Films 389 - 2.90 2.80 2.75 2.77 -0.13 4498 3.84 1.60 - - - -

Merit Pack 47 58.58 22.32 23.43 23.43 23.43 1.11 10290 23.43 13.00 - - - -

Packages Ltd 844 53.90 104.85 107.00 103.52 105.10 0.25 37480 111.88 98.00 32.5 - - -

Tri-Pack Films 300 8.17 112.01 114.00 111.60 112.03 0.02 31043 115.00 97.00 100 - - -

Paid up Last 60 days 2009 2010

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

1,009.80 1,026.72 1,005.69 1,017.66 7.86 0.78

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

12,865,323 - - 54,792.74 mn 73,842.13 mn 1,033.23

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

7.81 0.55 7.10 19.04 2.44 1,009.80

Al-Abbas Cement 1828 - 3.31 3.58 3.40 3.50 0.19 59908 4.00 2.80 - - - 100R

Attock Cement 866 6.63 62.87 63.47 63.00 63.00 0.13 242 69.86 57.60 50 20B 50 -

Balochistan Glass Ltd 858 - 1.66 2.10 1.95 2.06 0.40 8776 2.50 1.01 - - - -

Berger Paints 182 - 19.01 20.01 18.76 19.92 0.91 74042 20.45 14.01 - - - 122R

Cherat Cement 956 26.02 11.07 11.50 11.05 11.45 0.38 19989 12.75 9.51 - - - -

Dadabhoy Cement 982 15.00 1.94 2.06 1.90 1.95 0.01 23749 2.49 1.30 - - - -

Dewan Cement 3574 - 2.73 3.10 2.70 2.79 0.06 5194106 3.10 1.30 - - - -

DG Khan Cement Ltd 3651 127.83 30.47 30.99 30.23 30.68 0.21 1234700 32.10 23.40 - 20R - 20R

Fauji Cement 6933 14.82 4.88 4.98 4.84 4.89 0.01 613630 5.50 4.52 - - - -

Fecto Cement 502 3.65 7.00 7.00 7.00 7.00 0.00 1000 8.20 4.25 - 10B - -

Flying Cement Ltd 1760 - 1.99 2.19 2.00 2.13 0.14 1496713 2.20 1.70 - - - -

Gammon Pak 283 - 1.55 2.30 1.54 1.70 0.15 2507 2.90 0.98 - - - -

Gharibwal Cement 2319 - 8.35 8.30 7.81 8.19 -0.16 3990 8.85 2.11 - - - -

Haydery Const 32 - 0.70 0.85 0.69 0.70 0.00 61740 1.39 0.25 - - - -

Kohat Cement 1288 - 7.04 7.19 7.10 7.15 0.11 15651 8.70 5.50 - - - -

Lafarge Pakistan Cmt. 13126 - 3.21 3.47 3.20 3.39 0.18 3258898 3.65 2.71 - - - -

Lucky Cement 3234 6.72 74.49 75.20 74.45 74.82 0.33 494077 79.98 67.70 40 - 40 -

Maple Leaf Cement 5261 1.40 2.97 3.05 2.85 3.01 0.04 170651 3.40 2.51 - - - -

Maple Leaf(Pref) 541 3.66 4.02 4.98 4.01 4.98 0.96 102 8.89 3.51 9.75 - - -

Pioneer Cement 2228 - 7.09 7.19 7.05 7.10 0.01 128909 8.58 6.56 - - - -

Safe Mix Concrete 200 - 6.08 6.29 6.00 6.00 -0.08 2385 9.47 5.25 - - - -

Shabbir Tiles 361 - 8.28 8.56 8.55 8.55 0.27 838 11.00 6.30 - - - -

Thatta Cement 798 464.25 19.29 18.60 18.56 18.57 -0.72 1100 22.24 18.00 - - - 50R

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

979.56 992.54 968.62 980.60 1.03 0.11

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

180,695 - - 3,596.11 mn 9,497.21 mn 980.60

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

3.11 1.03 33.10 30.91 9.94 975.60

Crescent Steel 565 3.94 25.25 25.50 25.00 25.23 -0.02 82504 26.23 23.75 - - 30 -

Dost Steels Ltd 675 - 3.02 3.18 2.91 3.02 0.00 47851 3.39 1.65 - - - -

Huffaz Pipe 555 9.21 14.60 14.87 14.35 14.74 0.14 5930 16.75 12.25 - 30B - -

International Ind 1199 10.68 51.00 52.00 51.15 51.26 0.26 40352 54.00 44.00 - - 40 20B

Siddiqsons Tin 785 10.31 9.18 9.07 8.60 9.07 -0.11 4058 10.80 8.00 10 - 7.5 -

Paid up Last 60 days 2009 2010

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,167.71 1,190.34 1,156.61 1,172.76 5.05 0.43

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

20,859 - - 1,186.83 mn 3,250.54 mn 1,172.76

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

5.92 0.44 7.47 25.28 4.27 1,135.87

Century Paper 707 - 16.13 16.50 16.00 16.20 0.07 10340 21.80 15.28 - 425R - -

Pak Paper Product 50 8.75 45.24 46.49 45.49 45.49 0.25 116 62.85 38.61 20 - 25 33.33B

Security Paper 411 7.01 45.26 46.00 44.71 45.45 0.19 10403 46.00 38.00 50 - 50 -

Paid up Last 60 days 2009 2010

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,311.53 1,330.67 1,300.51 1,319.39 7.85 0.60

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

52,599,902 - - 52,251.88 mn 291,558.91 mn 1,319.39

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

8.24 2.88 35.00 48.81 5.92 1,295.33

Agritech Limited 3924 8.59 23.70 24.00 22.54 23.70 0.00 8294 25.00 20.26 - - - -

BOC (Pak) 250 11.65 84.70 85.00 84.05 84.83 0.13 2540 87.99 67.30 90 - 15 -

Clariant Pak 273 5.95 156.00 157.40 155.50 155.62 -0.38 3899 164.89 149.72 125 - - -

Dawood Hercules XD 1203 7.15 172.50 175.95 172.30 172.42 -0.08 4100 185.00 163.51 40 10B 40 -

Descon Chemical 1996 - 2.67 2.79 2.65 2.74 0.07 121609 2.94 1.78 - - - -

Descon Oxychem Ltd. 1020 - 7.83 8.15 7.75 7.81 -0.02 184853 8.48 3.20 - - - -

Dewan Salman 3663 - 3.72 4.24 3.56 3.67 -0.05 23367355 4.24 1.28 - - - -

Engro Corp. Ltd XD 3277 10.22 187.07 187.89 185.30 186.05 -1.02 1520541 189.59 171.00 6010B 40R 40 -

Engro Polymer 6635 - 14.66 14.77 14.42 14.48 -0.18 651393 15.20 11.61 - 27.5R - -

Fatima Fertilizer 22000 - 10.00 10.10 9.80 9.86 -0.14 129626 11.74 9.21 - - - -

Fauji Fertilizer 6785 8.45 115.47 116.90 114.00 116.61 1.14 1422090 116.90 104.21 131.5 10B 95 -

Fauji Fert.Bin QasimSPOT 9341 6.91 36.26 36.92 36.22 36.63 0.37 4777063 36.92 26.59 40 - 17.5 -

Ghani Gases Ltd 725 8.89 11.51 11.95 11.25 11.73 0.22 141512 13.85 8.00 - - - -

ICI Pakistan 1388 7.80 137.82 138.99 138.00 138.50 0.68 132254 140.25 116.00 80 - 55 -

Leiner Gelatine 75 - 16.91 17.89 15.91 17.88 0.97 104 24.00 7.10 12 - - -

Lotte Pakistan 15142 4.76 13.03 13.54 13.05 13.33 0.30 17877393 13.54 8.17 5 - - -

Mandviwala 74 - 1.45 1.98 1.47 1.78 0.33 76804 2.75 0.80 - - - -

Nimir Ind Chemical 1106 - 1.73 1.95 1.75 1.85 0.12 2290690 1.95 1.16 - - - -

Shaffi Chemical 120 - 2.29 2.97 2.40 2.83 0.54 45685 3.40 1.80 - - - -

Sitara Chem Ind 214 10.22 123.70 129.75 122.00 124.67 0.97 2355 139.40 101.00 75 - 25 5B

Sitara Peroxide 551 14.64 13.35 13.60 13.40 13.47 0.12 89206 14.69 7.67 - - - -

United Distributors 92 - 8.51 9.51 9.50 9.51 1.00 590 17.80 8.51 10 10B - -

Wah-Noble 90 6.73 34.88 35.00 34.80 35.00 0.12 1097 46.25 32.00 50 - 50 -

Paid up Last 60 days 2009 2010

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

916.70 925.74 914.54 916.28 -0.42 -0.05

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

16,948 - - 3,904.20 mn 30,531.17 mn 916.70

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

7.24 1.61 22.31 44.54 6.16 906.88

Ferozsons (Lab) 250 6.35 84.99 84.90 84.00 84.01 -0.98 626 117.00 82.20 10 20B - 20B

GlaxoSmithKline 1707 13.69 76.05 77.50 76.00 76.10 0.05 14151 77.50 65.00 50 - - -

Highnoon (Lab) 165 7.26 25.98 26.68 26.10 26.20 0.22 757 26.98 22.60 25 - - -

IBL HealthCare Ltd 200 6.45 7.99 8.95 7.43 8.00 0.01 121 9.00 6.81 - - - -

Searle Pak 306 5.53 61.85 61.95 61.50 61.50 -0.35 1086 64.50 58.00 15 15B 30 -a

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

751.09 758.56 739.68 746.07 -5.01 -0.67

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

20,369 - - 3,242.17 mn 12,863.46 mn 759.54

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

5.59 1.43 25.53 11.08 1.98 727.84

Pak Int Cont. Terminal 1092 7.33 74.40 74.45 73.16 73.31 -1.09 2751 77.77 60.05 - 20B 40 -

PNSC 1321 37.92 34.00 35.69 33.65 34.89 0.89 17618 41.00 33.06 30 - 15 -

Paid up Last 60 days 2009 2010

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

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

BOOK CLOSURES

Fauji Fertiliser Bin Qasim 14-Dec 20-Dec 12.50(iii) 6-Dec -

Oil and Gas Development Co 14-Dec 21-Dec 15(i) 6-Dec -

Mirpurkhas Sugar Mills 16-Dec 30-Dec 15.20(B) - 30-Dec

Siemens Pakistan 20-Dec 29-Dec 600 8-Dec 29-Dec

JS Investment # 21-Dec 27-Dec - - 27-Dec

Asian Stocks Fund # 22-Dec 28-Dec - - 27-Dec

Safeway Mutnal Fund # 22-Dec 28-Dec - - 27-Dec

Maple Leaf Cement # 22-Dec 29-Dec - - 29-Dec

Descon Chemicals # 24-Dec 30-Dec - - 30-Dec

BOC Pakistan # 11-Jan 17-Jan - - 17-Jan

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Johnson & Philips 8.37 8.15 7.9 7.9 -0.47 1040Pakistan Cables 52.89 55 50.5 54.86 1.97 3708TRG Pakistan Ltd. 3.72 3.97 3.75 3.85 0.13 2840008Murree Brewery Co. 84.3 84.99 81.15 84.1 -0.2 1480Shakarganj Food 1.23 1.4 1.2 1.2 -0.03 3000Shezan International 104.72 107.95 100.51 107.06 2.34 391Lakson Tobacco 300 315 301 314.81 14.81 5737Shifa Int.Hospitals 27.8 29.19 28.45 28.69 0.89 1706P.I.A.C.(A) 2.25 2.49 2.34 2.42 0.17 464123AKD Capital XD 47.8 50.19 50.19 50.19 2.39 1175Pace (Pak) Ltd. 2.87 3.14 2.8 3.1 0.23 2841130Netsol Technologies 18.64 19.4 18.5 18.71 0.07 437864Pak Telephone 2.18 2.6 1.7 2 -0.18 4010

Symbols Open High Low Close Change Vol

Saturday, December 11, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 51.07 points at 11,620.16. Volume was 100 per

cent above average and Bollinger Bands were 22 per cent wider than nor-

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

resistance level at 11,684.65 and 2nd resistance level at 11,749.15, while

Index will continue to find its 1st support level at 11,547.85 and 2nd sup-

port level at 11,475.50.

KSE 100 INDEX is currently 14.2 per cent above its 200-day moving aver-

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

average volatility over the last 10 trading sessions. Volume indicators

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

casting oscillators are currently bullish on INDEX. Momentum oscillator is

currently indicating that INDEX is currently in an overbought condition.

RSI (14-day) 79.18 Support 1 11,547.85

MA (5-day) 11,538.05 Support 2 11,475.50

MA (10-day) 11,406.05 Resistance 1 11,684.65

MA (100-day) 10,372.34 Resistance 2 11,749.15

MA (200-day) 10,181.46 Pivot 11,612.35

Technical Analysis Leverage Position

Bank Alfalah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed up 0.59 at 10.87. Volume was 459 per cent above average

(trending) and Bollinger Bands were 0.01 per cent narrower than normal.

BAFL is currently 9.9 per cent above its 200-day moving average and is

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

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

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

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

rently indicating that BAFL is currently in an overbought condition.

*Arif Habib Ltd 13 Buy

AKD Securities Ltd 10.25 Accumulate

TFD Research 14.01 Positive

RSI (14-day) 75.83 Free Float Shares (mn) 674.58

MA (10-day) 10.00 Free Float Rs (mn) 7,332.66

MA (100-day) 9.04 ** NOI Rs (mn) N/A

MA (200-day) 9.89 Mean 10.59

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed up 0.75 at 70.99. Volume was 146 per cent above average

and Bollinger Bands were 1 per cent narrower than normal.

NBP is currently 5.3 per cent above its 200-day moving average and is dis-

playing an upward trend. Volatility is relatively normal as compared to the

average volatility over the last 10 trading sessions. Volume indicators

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

ing oscillators are currently bullish on NBP.

*Arif Habib Ltd 82.1 Buy

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 65.44 Free Float Shares (mn) 318.37

MA (10-day) 68.60 Free Float Rs (mn) 22,600.87

MA (100-day) 66.25 ** NOI Rs (mn) 132.16

MA (200-day) 69.64 Mean 70.63

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed up 0.37 at 36.63. Volume was 152 per cent above average

(trending) and Bollinger Bands were 27 per cent wider than normal.

FFBL is currently 23.5 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on FFBL. Momentum oscillator is currently

indicating that FFBL is currently in an overbought condition.

*Arif Habib Ltd 34.7 Sell

AKD Securities Ltd 32.06 Accumulate

TFD Research 29.1 Negative

RSI (14-day) 83.52 Free Float Shares (mn) 326.94

MA (10-day) 35.40 Free Float Rs (mn) 11,975.76

MA (100-day) 30.01 ** NOI Rs (mn) 22.88

MA (200-day) 29.79 Mean 36.51

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed down -0.43 at 58.90. Volume was 9 per cent below average

and Bollinger Bands were 35 per cent wider than normal.

NML is currently 15.7 per cent above its 200-day moving average and is

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

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

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

tors are currently bullish on NML.

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Positive

RSI (14-day) 56.13 Free Float Shares (mn) 175.80

MA (10-day) 60.42 Free Float Rs (mn) 10,354.62

MA (100-day) 50.20 ** NOI Rs (mn) 85.97

MA (200-day) 50.90 Mean 59.13

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

Technical Analysis Leverage Position

Pakistan Oilfields Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

POL closed up 5.56 at 291.51. Volume was 121 per cent above average

and Bollinger Bands were 82 per cent wider than normal.

POL is currently 23.9 per cent above its 200-day moving average and is

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

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

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

tors are currently bullish on POL. Momentum oscillator is currently indicat-

ing that POL is currently in an overbought condition.

*Arif Habib Ltd 317.2 Buy

AKD Securities Ltd 296.6 Buy

TFD Research 281.35 Neutral

RSI (14-day) 73.97 Free Float Shares (mn) 107.94

MA (10-day) 276.98 Free Float Rs (mn) 31,464.63

MA (100-day) 240.26 ** NOI Rs (mn) 278.20

MA (200-day) 235.25 Mean 289.25

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Fair Value Rs Recommendations

Technical Outlook

ENGRO closed down -1.02 at 186.05. Volume was 55 per cent above

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

ENGRO is currently 0.9 per cent above its 200-day moving average and is

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

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

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

casting oscillators are currently bullish on ENGRO.

*Arif Habib Ltd 176 Sell

AKD Securities Ltd 238.8 Buy

TFD Research 208.75 Positive

RSI (14-day) 58.90 Free Float Shares (mn) 131.09

MA (10-day) 185.91 Free Float Rs (mn) 24,390.17

MA (100-day) 179.37 ** NOI Rs (mn) 77.80

MA (200-day) 184.38 Mean 186.58

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

Technical Analysis Leverage Position

Fauji Fertiliser Co

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFC closed up 1.14 at 116.61. Volume was 145 per cent above average

and Bollinger Bands were 34 per cent wider than normal.

FFC is currently 7.4 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 FFC (bullish). Trend forecasting

oscillators are currently bullish on FFC. Momentum oscillator is currently

indicating that FFC is currently in an overbought condition.

*Arif Habib Ltd 127.8 Buy

AKD Securities Ltd 122.1 Accumulate

TFD Research 114.33 Neutral

RSI (14-day) 75.40 Free Float Shares (mn) 373.19

MA (10-day) 113.95 Free Float Rs (mn) 43,517.67

MA (100-day) 108.39 ** NOI Rs (mn) 2.86

MA (200-day) 108.47 Mean 115.75

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,243.62 1,295.64 1,235.47 1,279.40 35.78 2.88

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

14,856,562 - - 29,771.58 mn 18,645.52 mn 1,279.40

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

19.69 0.43 2.21 104.74 8.27 1,206.69

1st Fid Leasing 264 10.00 1.42 1.60 1.39 1.60 0.18 149 2.24 1.01 - - - -

AL-Meezan Mutual F. 1375 6.48 7.75 7.99 7.50 7.78 0.03 366567 8.59 5.85 - - 18.5 -

AL-Noor Modaraba 210 4.83 3.10 3.00 2.80 2.90 -0.20 799 3.80 2.10 - - 5 -

Atlas Fund of Funds 525 1.79 4.00 4.50 3.90 4.45 0.45 10557637 4.50 2.70 - - 2.2 -

B R R Guardian Mod. 780 3.84 1.60 1.70 1.55 1.69 0.09 2008 2.37 0.90 - - 0 -

Constellation Modaraba 65 3.36 1.52 1.76 1.32 1.48 -0.04 776 2.99 0.90 - - - -

Crescent St Modaraba 200 1.73 0.61 0.71 0.50 0.69 0.08 38303 1.10 0.16 - - 1.2 -

Elite Cap Modaraba 113 3.73 2.90 2.98 2.96 2.98 0.08 6000 3.09 1.73 4.5 - 5 -

Equity Modaraba 524 10.19 1.78 1.70 1.60 1.63 -0.15 3205 2.37 0.86 - - - -

First Dawood Mutual F. 581 0.66 2.05 2.10 1.95 2.08 0.03 86474 2.24 1.30 - - - -

Golden Arrow 760 2.22 3.17 3.24 3.05 3.11 -0.06 172891 3.88 2.56 - - 17 -

H B L Modaraba 397 2.21 6.65 6.75 6.60 6.63 -0.02 56301 7.00 5.11 5 - 11 -

Habib Modaraba 1008 5.64 6.70 6.55 6.53 6.54 -0.16 16499 6.90 5.80 20 - 21 -

JS Growth Fund 3180 58.38 4.65 4.75 4.65 4.67 0.02 992248 4.96 2.65 - - 5 -

JS Value Fund 1186 16.00 4.40 4.60 4.42 4.48 0.08 222959 4.73 2.31 10 - 10 -

KASB Modaraba 283 1.05 1.66 1.85 1.31 1.43 -0.23 3555 2.23 0.91 - - 2.8 -

Meezan Balanced Fund 1200 6.72 6.49 7.10 6.50 6.99 0.50 100055 7.10 5.15 - - 15.5 -

Mod Al-Mali 184 12.90 1.38 1.40 1.15 1.29 -0.09 15623 2.18 0.56 - - - -

Nat Bank Modaraba 250 6.39 6.74 7.74 6.00 6.90 0.16 100004 8.00 4.50 - - 10 -

Pak Modaraba 125 4.65 1.10 1.13 0.93 0.93 -0.17 291 1.40 0.30 - - 3 -

Pak Prem FundSPOT 1698 12.51 9.03 9.02 8.95 9.01 -0.02 282021 9.39 7.00 - - 18.6 -

Paramount Modaraba 59 6.68 8.50 8.90 8.55 8.55 0.05 5001 9.45 7.25 15 - 18 -

PICIC Energy Fund XD 1000 2.03 6.38 7.18 6.40 6.97 0.59 123681 7.18 4.33 - - 10 -

PICIC Growth Fund 2835 7.70 11.01 12.01 11.00 12.01 1.00 1081733 12.01 7.90 - - 20 -

PICIC Inv Fund 2841 7.09 5.77 6.33 5.60 6.24 0.47 582952 6.33 3.50 - - 10 -

Prud Modaraba 1st 872 2.09 0.90 0.93 0.91 0.92 0.02 18199 1.20 0.76 - - 3 -

Punjab Modaraba XD 340 - 1.39 1.60 1.30 1.32 -0.07 7713 2.54 0.50 - - 1 -

Stand Chart Modaraba 454 4.41 9.16 9.01 9.00 9.00 -0.16 7898 10.70 7.75 16.5 - 17 -

Tri-Star Mutual 50 4.83 1.42 2.00 1.45 1.74 0.32 301 2.87 0.86 - - - -

Trust Modaraba 298 3.37 1.75 1.75 1.75 1.75 0.00 4500 4.40 1.15 - - 5 -

U D L Modaraba 264 1.63 5.51 5.75 5.75 5.75 0.24 200 6.99 4.71 10 - 12.5 -

Paid up Last 60 days 2009 2010

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

414.53 418.85 398.22 409.29 -5.24 -1.26

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

13,355,343 - - 30,336.44 mn 28,067.33 mn 438.28

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

10.20 0.26 0.91 99.56 3.41 409.29

AMZ Ventures 225 1.66 0.71 0.79 0.68 0.73 0.02 39770 0.95 0.42 - - - -

Arif Habib Investments 360 3.44 17.32 17.50 17.27 17.45 0.13 3120 19.98 13.00 - - - 20B

Arif Habib Limited 450 12.80 25.10 25.50 24.94 25.08 -0.02 39362 34.00 24.40 15 25B - 20B

Arif Habib Corp 3750 4.41 24.11 24.35 23.70 23.98 -0.13 2429086 27.02 20.90 - - 30 -

Cap Assets Leasing 107 0.94 2.20 1.20 1.20 1.20 -1.00 587 2.99 1.20 - - - -

Dawood Equities 250 - 1.88 2.00 1.90 1.90 0.02 9550 2.70 1.51 - - - -

Grays Leasing 215 - 1.15 1.22 1.21 1.21 0.06 1468 2.90 0.18 - - - -

IGI Investment Bank 2121 15.88 2.55 2.75 2.43 2.54 -0.01 31545 2.90 1.17 - - - -

Invest and Fin Sec 600 661.00 6.61 7.60 6.51 6.61 0.00 1619 9.00 6.16 - - 11.5 -

Invest Bank 2849 - 0.65 0.74 0.60 0.70 0.05 153039 1.00 0.44 - - - -

Ist Cap Securities 3166 - 3.41 3.60 3.40 3.59 0.18 7060 4.80 2.54 - 10B - 10B

Ist Dawood Bank 626 0.67 1.86 1.90 1.81 1.87 0.01 123001 2.84 1.32 - - - -

Jah Siddiq Co 7633 - 11.74 11.73 10.80 11.30 -0.44 12404754 14.05 8.80 -243.778B 10 -

JOV and CO 508 - 3.96 4.14 3.85 3.97 0.01 195660 5.38 1.96 - - - -

JS Global Cap 500 7.32 27.57 27.99 26.50 27.22 -0.35 16340 40.00 24.25 150 - - -

JS Investment 1000 27.33 6.47 6.68 6.31 6.56 0.09 81509 7.59 5.10 - - - -

KASB Securities 1000 - 4.40 4.69 4.35 4.41 0.01 33254 4.75 3.32 - - - -

Pervez Ahmed Sec 775 - 2.20 2.35 2.21 2.29 0.09 171681 2.70 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.67 0.81 0.70 0.81 0.14 41637 0.86 0.42 - - - -

Stand Chart Leasing 978 6.23 2.52 2.99 2.43 2.99 0.47 337 3.00 1.95 - - - -

Paid up Last 60 days 2009 2010

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

930.57 929.23 920.41 920.41 -10.17 -1.09

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

13,116 - - 2,290.72 mn 10,765.67 mn 953.66

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

104.82 4.03 3.85 355.53 3.39 920.41

East West Life 455 - 2.51 3.50 3.50 3.50 0.99 4000 4.62 2.05 - 10R - 20R

EFU Life Assurance 850 45.52 80.85 81.50 80.11 80.11 -0.74 115 86.95 54.51 5513.33B - -

New Jub Life Insurance 627 30.20 45.90 45.25 45.00 45.00 -0.90 9000 49.14 39.68 10 - - -

Paid up Last 60 days 2009 2010

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,122.81 1,142.96 1,113.97 1,132.47 9.65 0.86

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

30,504,962 - - 257,548.02 mn 687,285.72 mn 1,136.69

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

8.08 1.13 13.94 40.49 5.01 1,111.48

Allied Bank Limited 7821 6.27 64.37 65.25 64.00 64.49 0.12 45132 65.25 50.00 40 10B 20 -Askari Bank 6427 7.99 16.69 17.00 16.62 16.77 0.08 580656 17.20 14.23 - 20B - -Atlas Bank 5001 - 1.56 1.72 1.60 1.70 0.14 107253 2.55 1.50 - - - -Bank Alfalah 13492 13.94 10.28 11.00 10.21 10.87 0.59 12405245 11.00 7.66 8 - - -Bank AL-Habib 7322 7.66 34.83 35.70 34.80 35.52 0.69 395988 35.70 29.71 20 20B - -Bank Of Khyber 5004 6.00 4.60 4.51 4.00 4.50 -0.10 99658 4.70 2.50 - - - -Bank Of Punjab 5288 - 9.93 10.31 9.90 10.15 0.22 2508304 10.59 7.89 - - - -BankIslami Pak 5280 772.50 3.24 3.46 3.00 3.09 -0.15 504992 3.88 2.70 - - - -Faysal Bank XB 7309 4.80 14.65 14.99 14.70 14.87 0.22 25828 17.10 13.01 - - - 20BHabib Bank Ltd 10019 7.34 115.37 118.99 114.00 117.44 2.07 797537 118.99 92.55 60 10B - -Habib Metropolitan Bank 8732 7.84 24.90 25.74 24.02 25.65 0.75 183753 26.74 18.02 10 16B - -JS Bank Ltd 6128 - 2.59 2.62 2.51 2.58 -0.01 60604 3.00 2.00 - - - 66RKASB Bank Ltd 9509 - 2.60 2.80 2.63 2.70 0.10 4701 2.90 2.16 - 26B - -MCB Bank Ltd XD 7602 9.68 218.70 220.00 217.40 218.29 -0.41 337887 223.50 182.61 110 10B 55 -Meezan Bank 6983 8.48 16.06 16.50 16.00 16.03 -0.03 28572 16.50 14.05 - 5B - -Mybank Ltd 5304 - 2.52 2.58 2.42 2.43 -0.09 188021 2.69 1.81 - - - -National Bank 13455 6.20 70.24 71.48 69.80 70.99 0.75 7411261 71.80 62.15 75 25B - -NIB Bank 40437 - 2.92 3.05 2.90 3.03 0.11 1297250 3.18 2.46 - - - -Royal Bank Ltd 17180 - 4.46 4.50 4.21 4.41 -0.05 12711 8.10 3.91 - - - -Samba Bank 14335 - 1.84 2.15 1.83 2.05 0.21 1828295 2.65 1.51 - - -63.46RSilkbank Ltd 26716 - 2.67 2.76 2.65 2.70 0.03 1021579 3.08 2.50 - - - -Soneri Bank 6023 - 7.05 7.44 7.02 7.35 0.30 106691 8.00 5.01 - - - -Stand Chart Bank 38716 12.54 8.00 8.28 7.85 8.15 0.15 7479 8.80 6.00 - - - -Summit Bank Ltd 5000 - 3.31 3.39 3.10 3.27 -0.04 150497 3.80 2.30 - - - -United Bank Ltd 12242 7.53 64.05 64.50 63.75 64.04 -0.01 545563 64.90 49.90 25 10B 10 -

Paid up Last 60 days 2009 2010

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

757.64 768.06 751.64 758.34 0.70 0.09

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

1,789,401 - - 11,111.34 mn 47,025.42 mn 758.34

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

12.52 0.65 5.20 79.54 6.35 748.94

Adamjee Insurance 1237 24.42 83.99 84.80 82.90 84.26 0.27 1328785 85.78 63.05 30 10B 10 -

Paid up Last 60 days 2009 2010

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,490.84 1,511.77 1,473.38 1,485.21 -5.63 -0.38

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

215,822 - - 12,202.80 mn 31,854.00 mn 1,527.97

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

9.51 1.09 11.41 66.79 7.02 1,485.21

Sui North Gas XD 5491 8.04 27.40 27.59 26.92 27.01 -0.39 101646 34.75 26.60 - - 20 -Sui South Gas 8390 3.06 20.21 20.60 20.06 20.29 0.08 114176 30.70 19.99 - - 15 25B

Paid up Last 60 days 2009 2010

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,252.98 1,276.45 1,244.80 1,262.95 9.97 0.80

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

36,330,116 - - 95,369.29 mn 103,457.55 mn 1,262.95

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

14.20 1.33 9.35 104.13 7.33 1,248.96

Genertech 198 - 0.95 1.12 1.00 1.04 0.09 221292 1.45 0.60 - - - -Hub Power 11572 6.61 36.20 36.40 36.00 36.08 -0.12 570917 37.00 32.75 33.5 - 50 -Japan Power 1560 - 1.81 1.99 1.83 1.93 0.12 445131 2.25 1.20 - - - -KESC 7932 - 2.75 3.24 2.74 3.16 0.41 21589808 3.24 1.94 - 31R - 7.8RKohinoor Energy 1695 10.56 19.00 19.00 19.00 19.00 0.00 500 26.50 17.95 45 - 15 -Kohinoor Power 126 2.76 4.30 5.30 4.31 4.53 0.23 149598 6.10 4.01 - - - -Kot Addu Power 8803 4.86 40.00 40.01 39.85 39.98 -0.02 256956 42.95 38.35 64.5 - 50 -Nishat Chunian Power Ltd 3673 3.43 14.78 15.70 14.90 15.62 0.84 6500539 15.80 10.05 - - - -Nishat Power Ltd 3541 25.69 15.69 16.05 15.65 15.93 0.24 3277250 16.70 10.00 - - - -S G Power 178 - 0.98 1.30 1.00 1.00 0.02 600 1.69 0.32 - - - -Sitara Energy Ltd 191 3.54 19.05 19.00 18.90 18.98 -0.07 1000 23.49 17.98 20 - 20 -Southern Electric 1367 - 2.25 2.50 2.26 2.47 0.22 3276454 2.90 2.05 - - - -Tri-star Power XD 150 - 1.08 1.25 1.15 1.20 0.12 40069 1.75 0.65 3 - - -

Paid up Last 60 days 2009 2010

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

1,141.64 1,163.25 1,138.02 1,155.20 13.56 1.19

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

20,028,730 - - 50,077.79 mn 79,418.68 mn 1,155.20

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

6.18 0.79 12.84 62.56 10.12 1,135.08

Pak Datacom 78 4.93 79.99 79.80 78.60 79.80 -0.19 201 117.99 76.50 70 - 80 -Pakistan Telecomm Co A 37740 12.85 19.23 19.39 19.15 19.28 0.05 360067 20.12 18.15 15 - 17.5 -Telecard 3000 0.76 2.35 2.58 2.40 2.54 0.19 2958565 2.69 1.80 - - 1 -WorldCall Tele 8606 - 2.90 3.24 2.90 3.18 0.28 16709897 3.24 2.31 - - - -Wateen Telecom Ltd 6175 - 3.94 4.25 3.91 4.10 0.16 5188208 4.50 3.35 - - - -

Paid up Last 60 days 2009 2010

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

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

Atlas Insurance 369 5.93 37.10 37.98 37.25 37.30 0.20 2607 38.00 27.37 40 10B - -

Century Insurance 457 6.68 10.76 11.00 10.60 10.68 -0.08 8584 12.00 9.42 - - - -

EFU General Insurance 1250 - 44.64 44.85 43.90 44.03 -0.61 45689 48.63 34.76 40 8.7B - -

Habib Insurance 400 3.02 12.96 12.70 12.70 12.70 -0.26 4000 13.00 10.04 35 - - -

IGI Insurance 718 16.77 89.00 93.45 90.00 90.41 1.41 21293 93.45 68.27 35 - 10 20B

New Jub Insurance 791 15.89 58.85 59.00 58.85 58.95 0.10 483 60.90 52.25 30 20B - -

Pak Reinsurance 3000 40.97 16.08 16.28 15.91 15.98 -0.10 324989 17.20 12.80 30 - - -

Pak Gen Insurance 250 1.73 6.50 7.50 7.24 7.32 0.82 1486 8.30 5.06 5 25B - -

PICIC Ins Ltd 350 - 6.56 6.98 6.20 6.84 0.28 12641 8.30 1.66 - - - -

Premier Insurance 303 5.76 10.78 10.98 10.65 10.65 -0.13 20356 10.98 8.00 20 15B - -

Silver Star Insurance 253 4.27 6.63 6.99 6.60 6.88 0.25 17691 8.17 6.10 - 20B - -

United Insurance XB 400 1.97 5.92 6.05 5.70 6.01 0.09 762 7.20 4.49 - 16B - -

UPTO 100 VOLUME

SHTM 0.45 0.64 0.64 0.64 0.19 100

GTYR 22.00 21.60 21.60 21.60 -0.40 100

OTSU 32.41 33.00 32.90 32.98 0.57 100

ZIL 52.01 51.50 51.50 51.50 -0.51 100

ZTL 4.15 4.20 4.19 4.20 0.05 99

PECO 279.62 293.00 275.00 285.00 5.38 97

SIEM 1296.00 1313.00 1292.00 1299.25 3.25 94

WYETH 1100.00 1100.00 1087.00 1100.00 0.00 81

BIFO 48.59 51.01 48.40 49.30 0.71 75

GRAYS 53.00 55.64 50.51 53.60 0.60 56

NOPK 23.42 24.24 22.35 23.30 -0.12 54

PAKT 114.00 115.00 115.00 115.00 1.00 50

ULEVER 4049.60 4089.99 4002.99 4045.11 -4.49 38

OLPL 6.50 6.28 6.26 6.28 -0.22 27

CSIL 4.49 5.48 4.10 5.34 0.85 27

ABOT 100.00 100.00 100.00 100.00 0.00 25

FZTM 390.00 409.50 371.02 392.26 2.26 22

PHDL 36.55 38.37 36.01 38.37 1.82 18

ASFL 3.85 4.85 4.85 4.85 1.00 13

CRTM 18.50 19.50 19.50 19.50 1.00 12

ZAHT 3.98 4.87 2.98 2.98 -1.00 12

FNEL 8.94 9.00 8.99 9.00 0.06 10

SIBL 3.24 3.25 3.25 3.25 0.01 10

ISIL 72.01 74.00 74.00 74.00 1.99 10

JDMT 14.99 15.45 15.45 15.45 0.46 9

SAIF 5.00 5.95 4.20 4.56 -0.44 9

SFL 122.50 123.25 123.25 123.25 0.75 7

GATI 41.89 43.95 42.90 42.90 1.01 7

YOUW 1.49 1.57 1.21 1.57 0.08 6

UPFL 1022.06 1068.00 1059.00 1059.00 36.94 6

AGIC 10.00 11.00 11.00 11.00 1.00 5

CFL 12.05 11.26 11.26 11.26 -0.79 5

LEUL 1.80 2.00 2.00 2.00 0.20 5

SJTM 0.51 1.51 1.51 1.51 1.00 4

NBF 3.90 3.99 3.80 3.99 0.09 3

DCM 1.50 1.80 1.47 1.58 0.08 3

CICL 59.15 61.99 60.90 60.90 1.75 3

GAIL 4.32 4.60 4.21 4.47 0.15 3

MDTL 51.80 54.39 49.22 49.22 -2.58 3

CPMFI 3.75 4.44 4.44 4.44 0.69 2

NMBL 1.33 1.95 1.50 1.50 0.17 2

SALT 62.99 65.70 60.00 65.70 2.71 2

FASM 32.75 33.50 31.25 33.50 0.75 2

ALTN 11.00 11.00 10.00 10.00 -1.00 2

FRCL 2.03 2.24 2.24 2.24 0.21 2

FIBLM 2.80 3.45 3.45 3.45 0.65 1

ALICO 18.90 19.50 19.50 19.50 0.60 1

GSPM 7.05 7.70 7.70 7.70 0.65 1

ILTM 158.77 166.70 166.70 166.70 7.93 1

KSTM 0.61 1.25 0.89 0.89 0.28 1

KOSM 1.00 1.00 1.00 1.00 0.00 1

PRET 27.52 28.89 28.89 28.89 1.37 1

TATM 33.75 34.79 34.79 34.79 1.04 1

BHAT 258.99 260.00 260.00 260.00 1.01 1

KML 3.00 3.65 3.65 3.65 0.65 1

MSOT 18.20 19.19 19.19 19.19 0.99 1

AASM 24.50 23.50 23.28 23.50 -1.00 1

ALNRS 50.50 51.99 51.99 51.99 1.49 1

FECS 45.75 48.03 48.03 48.03 2.28 1

KOHS 4.70 3.70 3.70 3.70 -1.00 1

TICL 69.67 73.00 73.00 73.00 3.33 1

BWCL 22.80 22.80 22.80 22.80 0.00 1

DADX 24.47 23.25 23.25 23.25 -1.22 1

SAPL 130.13 132.99 132.99 132.99 2.86 1

BAPL 8.70 9.45 9.45 9.45 0.75 1

BUXL 8.30 7.91 7.91 7.91 -0.39 1

ICL 28.29 29.09 29.09 29.09 0.80 1

WAZIR 7.60 8.49 8.49 8.49 0.89 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

POL-DEC 287.31 294.80 287.75 292.97 5.66 659500

NBP-DEC 70.69 71.85 70.15 71.45 0.76 599500

NML-DEC 59.38 59.90 58.56 59.11 -0.27 570500

FFBL-DEC 35.32 35.99 35.30 35.70 0.38 294500

DGKC-DEC 30.61 31.10 30.45 30.80 0.19 235000

ENGRO-DEC 188.10 189.05 186.50 187.49 -0.61 121500

AICL-DEC 84.39 85.40 83.71 84.32 -0.07 103500

PPL-DEC 209.37 210.75 208.00 209.22 -0.15 75000

MCB-DEC 218.96 220.05 217.25 218.59 -0.37 70500

ANL-DEC 10.13 10.44 9.75 10.27 0.14 64500

LUCK-DEC 74.73 75.39 74.50 75.16 0.43 51500

BOP-DEC 10.00 10.30 10.00 10.30 0.30 40000

PSO-DEC 287.94 288.30 286.01 286.24 -1.70 29500

UBL-DEC 64.50 65.00 64.20 64.50 0.00 27000

OGDC-DEC 166.00 167.00 165.00 166.04 0.04 11000

NCL-DEC 21.85 22.00 22.00 22.00 0.15 5000

FFC-DEC 115.34 117.00 116.99 116.99 1.65 3000

AICL-CFEB 87.05 0.00 0.00 87.28 0.23 0.00

AKBL-CFEB 17.30 0.00 0.00 17.37 0.07 0.00

ANL-CFEB 10.43 0.00 0.00 10.47 0.04 0.00

ATRL-CFEB 121.55 0.00 0.00 123.90 2.35 0.00

BAFL-CFEB 10.65 0.00 0.00 11.26 0.61 0.00

BAHL-CFEB 36.10 0.00 0.00 36.79 0.69 0.00

ENGRO-CFEB193.88 0.00 0.00 192.72 -1.16 0.00

FFBL-CFEB 37.58 0.00 0.00 37.94 0.36 0.00

FFC-CFEB 119.67 0.00 0.00 120.79 1.12 0.00

HUBC-CFEB 37.52 0.00 0.00 37.37 -0.15 0.00

KAPCO-CFEB 41.46 0.00 0.00 41.41 -0.05 0.00

LUCK-CFEB 77.20 0.00 0.00 77.50 0.30 0.00

MCB-CFEB 226.66 0.00 0.00 226.12 -0.54 0.00

NETSOL-CFEB19.32 0.00 0.00 19.38 0.06 0.00

NML-CFEB 61.49 0.00 0.00 61.01 -0.48 0.00

Symbols Open High Low Close Change Vol

ZERO VOLUME

MQTM 7.60 7.75 7.75 7.75 0.15 0.00

TRIBL 1.70 1.76 1.76 1.76 0.06 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 61.19 3.40 3.30 3.60 3.65 3.50

Allied Bank Limited 79.40 63.90 63.35 65.15 65.85 64.60

Attock Cement 50.64 62.85 62.70 63.30 63.65 63.15

Arif Habib Corp 40.01 23.65 23.35 24.30 24.65 24.00

Arif Habib Limited 36.30 24.85 24.60 25.40 25.75 25.15

Adamjee Insurance 67.24 83.20 82.10 85.10 85.90 84.00

Askari Bank 63.88 16.60 16.40 17.00 17.20 16.80

Azgard Nine 38.46 9.95 9.80 10.30 10.50 10.15

Attock Petroleum 56.90 324.15 322.70 327.00 328.40 325.55

Attock Refinery 52.52 117.55 115.50 120.85 122.05 118.75

Bank Alfalah 75.83 10.40 9.90 11.15 11.50 10.70

BankIslami Pak 38.55 2.90 2.70 3.35 3.65 3.20

Bank Of Punjab 61.16 9.95 9.70 10.35 10.55 10.10

Dewan Cement 79.40 2.60 2.45 3.00 3.25 2.85

DGK Cement 59.52 30.25 29.85 31.05 31.40 30.65

Dewan Salman 82.70 3.40 3.15 4.10 4.50 3.80

Dost Steels Ltd 59.74 2.90 2.75 3.15 3.30 3.05

EFU General Insurance 45.94 43.65 43.30 44.60 45.20 44.25

EFU Life Assurance 54.63 79.65 79.20 81.05 81.95 80.55

Engro Chemical 58.90 184.95 183.80 187.50 189.00 186.40

Faysal Bank 51.02 14.70 14.55 15.00 15.15 14.85

Fauji Cement 45.02 4.80 4.75 4.95 5.05 4.90

Fauji Fert Bin 83.52 36.25 35.90 36.95 37.30 36.60

Fauji Fertilizer 75.40 114.80 112.95 117.70 118.75 115.85

Habib Bank Ltd 76.10 114.65 111.80 119.60 121.80 116.80

Hub Power 58.14 35.90 35.75 36.30 36.55 36.15

ICI Pakistan 67.50 138.00 137.50 139.00 139.50 138.50

Indus Motors 49.11 250.30 247.75 255.10 257.35 252.55

JOV and CO 50.44 3.85 3.70 4.15 4.30 4.00

Japan Power 65.55 1.85 1.75 2.00 2.10 1.90

JS Bank Ltd 45.07 2.50 2.45 2.65 2.70 2.55

Jah Siddiq Co 44.21 10.85 10.35 11.75 12.20 11.30

Kot Addu Power 52.64 39.90 39.80 40.05 40.10 39.95

KESC 88.01 2.85 2.55 3.35 3.55 3.05

Lotte Pakistan 76.05 13.10 12.80 13.55 13.80 13.30

Lucky Cement 50.74 74.45 74.05 75.20 75.55 74.80

MCB Bank Ltd 67.81 217.10 215.95 219.70 221.15 218.55

Maple Leaf Cement 57.22 2.90 2.75 3.10 3.15 2.95

National Bank 65.44 70.05 69.10 71.70 72.45 70.75

Nishat (Chunian) 45.13 21.15 20.75 22.05 22.45 21.60

Netsol Technologies 44.86 18.35 17.95 19.25 19.75 18.85

NIB Bank 59.36 2.95 2.85 3.10 3.15 3.00

Nimir Ind.Chemical 72.09 1.75 1.65 1.95 2.05 1.85

Nishat Mills 56.13 58.25 57.65 59.70 60.50 59.05

Oil & Gas Dev. XD 71.52 167.45 166.75 169.10 170.05 168.40

PACE (Pakistan) Limited 63.57 2.90 2.65 3.20 3.35 3.00

Pervez Ahmed Sec 55.56 2.20 2.15 2.35 2.40 2.30

PIAC (A) 63.96 2.35 2.25 2.50 2.55 2.40

Pioneer Cement 42.15 7.05 6.95 7.15 7.25 7.10

Pak Oilfields 73.97 287.30 283.10 294.55 297.60 290.35

Pak Petroleum 69.44 206.85 205.60 209.65 211.20 208.40

Pak Suzuki 29.25 69.35 68.90 70.65 71.50 70.20

PSO XD 54.73 283.40 282.50 285.80 287.30 284.90

PTCLA 49.10 19.15 19.05 19.40 19.50 19.25

Shell Pakistan 53.00 197.75 197.00 199.50 200.50 198.75

Sui North Gas 32.51 26.75 26.50 27.40 27.85 27.15

Sitara Peroxide 58.29 13.40 13.30 13.60 13.70 13.50

Sui South Gas 29.36 20.05 19.80 20.60 20.85 20.30

Telecard 64.68 2.45 2.35 2.60 2.70 2.50

TRG Pakistan 39.48 3.75 3.65 3.95 4.10 3.85

United Bank Ltd 76.18 63.70 63.35 64.45 64.85 64.10

WorldCall Tele 77.95 3.00 2.75 3.30 3.45 3.10

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Fauji Fertiliser Bin Qasim Ltd 23-Dec 10:30

BOARD MEETINGS

Company Date Time

Saturday, December 11, 2010 8

Indian filmsneed strongerscreenplays:

Boman

Indian film writers needto strengthen theirscreenplay writing abil-

ities, versatile comedyactor Boman Irani said atthe International FilmFestival of India (IFFI).

He said a theme basedplot, sub text driven andfocused screenplay writingwith contemporary con-sciousness would helpmake Indian cinema strongin its appeal.

Interacting with media-persons at IFFI, the actorIrani stressed on the needto work more in impartingtraining to the talented lotof story writers for films inall the shades of Indian cin-ema.

We are good writers butwe should good becomegood screen writers, hesaid.

Irani who created wavesthrough his acting inMUNNABHAI MBBS, 3IDIOTS, KHOSLA KAGHOSLA and other filmswhile paying tributes to thefamous comedy actors likeMehmood, Asrani, KishoreKumar, Charlie Chaplin,Jagdeep etc said comedy isan integral part of filmmaking.

He said comedy evolvesfrom real life situations anduneasiness makes him cre-ate comedy for disseminat-ing message of peoples'pain and problems.

He noted director RajuHirani for being an excel-lent editor who shoots hisfilms in such a manner thatin Munnabhai MBBS not asingle shot that was record-ed was wasted indicatinghis excellent control overdirection.

The entire film is ready inHirani's mind before hestarts shooting it and hencethe film can be shot in veryless time, Irani added.

Boman Irani who startedhis career as a sports pho-tographer said he hasreceived several offersfrom Hollywood but he isnot accepting any of themas he did not find enoughchallenge in them.

His forthcoming projectsinclude Mirch, Game,Bandha Hai Bindass, Don2, Short Term Shaadi,Ferrari Ki Sawari, saidIrani.

After slipping badly withthe second installmenttwo years ago, the

"Narnia" franchise does a full-on belly flop with this thirdand, at this rate, one can onlyhope final entry in the filmseries based on C.S. Lewis'beloved children's books.

Perfunctory perfectlydescribes every aspect of "TheChronicles of Narnia: TheVoyage of the Dawn Treader,"from the by-the-numbers scriptand lackluster direction to uni-formly uninspired performanc-es.

The lure of 3D no doubt willspike box-office takings in theshort term. But Disney saw thewriting on the wall anddecamped after global grossesdropped, first to second film,from $745 million to $420 mil-lion, the latter a figure Fox nodoubt would be relieved toachieve given the yawny natureof this journey.

It's even possible that Lewispurists might be annoyed withthis adaptation, given theextensive liberties that havebeen taken to alleviate therepetitiveness of the odysseyand to provide more excusesfor elaborate and varied visualeffects.

But to a series convert or not,the single flaw in the story-telling here is that everythingthat happens seems entirelyarbitrary; characters come and

go and make decisions for noevident reasons, platitudesrather than credible motiva-tions are provided for behavior,and no scenes are built up to ordeveloped for more than amoment. The result is a film farchoppier than the seas tra-versed by the titular vessel, adragon-headed craft so spiffyand freshly painted that it couldbe installed in a theme parktomorrow.

What is arguably the bestvisual effect comes very nearthe outset. With their two oldersiblings, Peter and Susan, hav-ing graduated from Narniaduty, Edmund and LucyPevensie (Skandar Keynes,Georgie Henley) and their brat-ty pubescent cousin, Eustace(Will Poulter), peer at a paint-ing of the ship and suddenlyare inundated with water,which conveys them to theirmagical world.

Conveniently picked up byCaspian (Ben Barnes, returningfrom the most recent film), thekids learn that, unlike England,which is in the thick of WorldWar II, Narnia is currently atpeace. But that state of affairswon't do for a swashbucklingadventure, so a distant threat isconjured that requires them tovisit several islands, gather theseven swords of the missingLords of Telmar and placethem on the lion Aslan's dinnertable so all will not be lost.

Third Narnia filmdoesnt bode well

for franchise

An Indian local courtThursday issued a bail-able warrant of Rs

10,000 against Bollywood starSanjay Dutt after he failed toappear in a case pertaining toallegedly derogatory remarkshe made against Uttar PradeshChief Minister Mayawati.

During an election rally forthe Lok Sabha polls last year,Dutt, then the general secretaryof Samajwadi Party, hadallegedly made derogatoryremarks against Mayawati.

He had offered to give theBahujan Samajwadi Partychief, a "jadoo ki jhappi" (amagical hug) and a "pappi"(kiss) on two different occa-sions.

Additional Chief JudicialMagistrate Arvind Mishrawhile issuing the bailable war-rant against Dutt today, askedMumbai police commissioner

to serve the same to the star,prosecution sources said.

The court has fixed January15 as the next date of hearing,they added.

After the 2009 incident, thethen district magistrate hadlodged an FIR against Dutt anda chargesheet was filed bypolice after investigation.

Court issues warrantagainst Sanjay

No morefilms forAkshayeKhanna

Though he has two of thebiggest releases lined upthis year but Akshaye

Khanna instead of signing morefilms has decided to put all hisfuture projects on hold.

The reason? Well Akshayewants to see the outcome of hisfilms No Problem and TeesMaar Khan before he decideson his next project. Says he, "Ihave decided not to sign anymore films till the fate of mycurrent films is not decided. Ithink I have got some of thebest films under my belt thisyear and I would rather wait forthe verdict they get beforethinking of signing morefilms."

Not only that. Ask him abouthis image as a serious actorwho is now on a comic spree,Akshaye clarifies, "I think thisis purely because cinema isdriven by the taste of the audi-ences. If you look at some ofthe big hits in the last fewyears, they have mostly beencomedy films. This is one of thereasons why I am also doingsuch films. At the same time,doing such films has its owncharm and I love every bit ofit."

Though Akshaye might beback on the scene, but will hiscurrent films add to his career issomething that remains to beseen.

FilmmakerManish dies

in a roadaccident

Young filmmakerManish Acharya, whorose to fame with his

first film Loins of PunjabPresents, died in a road acci-dent.

Manish was also associatedwith Hrithik Roshan's Luck ByChance (directed by ZoyaAkhtar) and Sita Sings theBlues. The talented writer,actor had done his MFA inFilm Directing from the NYUTisch School of the Arts.

One of his last posts onTwitter said: "Matheran... HereI come."

Bollywood actor HrithikRoshan wrote in his tweet: "Itssad to hear about ManishAcharya... RIP."

After Sourabh Usha Narangand Pankaj Advani, Manish isthe third young filmmaker whohas died this year.

MUMBAI: Indian Bollywood stars Akshay Kumar and Katrina Kaif pose for the promotionof their Hindi film 'Tees Maar Khan' directed by Farah Khan during the Beach Party.

The Indian music fraternitycame out in impressivestrength for its first-ever

multi-genre awards ceremony, the2010 Chevrolet Global Indian MusicAwards (GIMA). The historic eventwas held at Yash Raj Studios inMumbai and though it commencedsome 75 minutes late, the showrocked in general and was conductedwith the decorum befitting a musicshow.

Compered by the witty Sajid Khanwith Dia Mirza and some inputsfrom Shreyas Talpade posing as asham lyricist and composer, theshow began with the lighting of thetraditional lamp by veteran com-posers Ravi and Pyarelal, lyricistJaved Akhtar, singer Alka Yagnik,Vijay Lazarus of the Indian MusicIndustry and Bhushan Kumar. It wastouching to watch Pyarelal handover his candle to his senior Ravi sothat the veteran was the first to lightthe lamp.

This was preceded by a preludespeech by Wizcraft InternationalDirector Sabbas Joseph, who stated,“GIMA is truly history in the makingfor the music fraternity.

After this, the GoodwillAmbassador for GIMA, Asha

Bhosle, was introduced, and shebelted out the Jalees Sherwani-writ-ten, Nitin Shankar-composed Sufi-rock ditty Rab raakha, a song spe-cially created for the occasion. Ashaadded that the GIMA was historicbecause it recognised great songsthat were lost only because they

were not created for films. Shepointed out that non-film artistesactually created music without songsituations.

Twenty-nine awards under thefilm, non-film (which included

Classical, Semi-Classical,Devotional, Fusion) and technicalcategories were presented, includingthe Outstanding Contribution by anIndian on the Global Stage that wasbestowed upon Pt. Ravi Shankar. Ina special A-V, the maestro thankedGIMA, apologised for his absence

and wished them all the best.The highlight of the evening was

the awarding of the Chevrolet GIMALifetime Achievement Award (LTA)to Bharat Ratna Lata Mangeshkar,who on that day had also won her

first-ever non-film award along withsister Usha Mangeshkar forHanuman Chalisa. Said Lata, “NoLTA awardee should ever feel thatsuch an award is the end of one’sjourney!”

A.R.Rahman flew in specially tohand over the LTA (along with Asha

Bhosle) to the Nightingale of India.The award was preceded by a briefA-V and a superb ‘live’ tribute bycurrent composers: ShankarMahadevan sang her Shor classic Ekpyar ka naghma hai with UttamSingh, Loy Mendonca, Raju Singh,Salim Merchant, Sulaiman Merchantand Shantanu Moitra as a ‘live’orchestra.

Among the other special awards

were the Wizcraft Honour for theBest Live Performers (Female andMale) that were given to SunidhiChauhan and Sonu Nigaam respec-tively, the Red FM Most PopularSong on Radio Award for All izzwell from 3 Idiots and the HindustanTimes Readers’ Choice Singer Of

The Year for Kavita Seth, who col-lected three trophies that night (forBest Film Song and Best FemalePlayback Singer as well).

Sonu Niigaam’s spoofy tribute tofive composers — ShankarMahadevan, Adnan Sami,A.R.Rahman, Himesh Reshammiyaand Pritam — in a hilarious live-cum-audiovisual musical skitbrought down the house. Salman

Khan, Saif Ali Khan and KareenaKapoor performed medleys.

Some of the key winners were BestMusic Debutant (Non-Film) TulsiKumar for Radhe shyam from thealbum Love Ho Jaaye, Best PopularMusic Album for Kailash Kher forChaandan Mein, Best Fusion Albumfor Dr. L. Subramaniam, MichaelKohler, Bindu Subramaniam andKavita Krishnamurty Subramaniamfor Live At Neues Gewandhaus,Leipzig, Germany, Best CarnaticClassical Album - Vocal for Ganeshand Kumaresh for Aksharam, BestCarnatic Classical Album -Instrumental for Dr. L.Subramaniam and AmbiSubramaniam for Violin Maestros,Best Hindustani Classical Album -Vocal to Ustad Rashid Khan forReflection (he also won for BestSemi-Classical Album for Kabir),Best Hindustani Classical Album -Instrumental for Pt. ShivkumarSharma and Pt. Hari PrasadChaurasia for Silsila Suron Ka, BestMusic - Film for Vishal Bhardwajfor Kaminey, Best Lyricist toSwanand Kirkire for Behti hawa safrom 3 Idiots and Best Film Albumto 3 Idiots. Courtsey: IndianExpress

GIMA: Historic step for Indian music industry

Abhishek Bachchan, along with wifeAishwarya Rai and director AshutoshGowarikar, attended a special screening

of his recently-released film Khelein Hum JeeJaan Sey (KHJJS) here on Sunday evening.

Prior to the screening, the cast interacted withwinners of ITC Fiama Di Wills Facebook con-test organized to promote the film.

Speaking to the media, Gowarikar said, "I amvery much pleased to see the response here. Myfilm is completely based on Manini Chatterjee'sbook 'Do or Die'

"As to my imagination, Abhishek resembledthe persona of Master Da (Surjyo Sen). We don'thave any footage or pictures of Master Da. So I

imagined his body language and matched it withAbhishek. And the outcome is in front of you all.In short, the core of this film is the young gener-ation who took revolution to the zenith".

Junior Bachchan sounded very excited on hisnew on-screen avatar of a freedom fighter.

"Surjyo Sen is a natural hero. But such a greatname has almost been forgotten. 64 peopleshowed resistance to the British rule, of which55 were merely boys," said Abhishek.

"Master Da is an iconic figure and each andevery one should know his fight to independ-ence. So to me, Ashutosh has completely donejustice by making a film on such a legend," headded.

Abhishek-Aishwarya spiceup Khelein Hum premiere

LONDON: Copper rose nearrecord highs on Friday on con-cerns about tight supplies andafter strong Chinese importdata boosted the demand out-look, but the metal pared gainsas a rising dollar deterred non-US buyers.

Investors fretting aboutChina's monetary policy anddemand outlook took comfortwhen the country announced amilder-than-expected form ofmonetary tightening.

The market also eyed thelaunch of physically-backedbase metal exchange tradedproducts (ETPs), which somebelieve could exacerbate pricevolatility and market tightness.

Three-month copper on theLondon Metal Exchangeclosed at $8,980 a tonne from$8,940 at the close onThursday.

The metal used in power andconstruction rose to $9,031 atonne after data showed USconsumer sentiment rose morethan expected in earlyDecember, bolstering thedemand outlook.

But a rising US dollar, mak-ing metals costlier for non-USinvestors, pulled copper off theday's high of $9,071.50, justnear Thursday's record high of$9,091.

China's imports of copperrose 28.5 per cent to 351,597tonnes in November, after aslump in October.

China's central bank on

Friday increased the amount ofmoney that lenders must keepon reserve for the third time ina month, a move to curb infla-tion. Concerns about an inter-est rate rise in China haverecently fanned worries aboutdemand from the world's topcopper consumer.

The decision to raise banks'required reserves rather thaninterest rates means authoritieshave opted for a milder form ofmonetary tightening for thetime being, suggesting theybelieve they are still well ableto control price pressures.

UK-based ETF Securitieslaunched physically backedcopper, tin and nickelexchange-traded products onFriday, giving investors accessto real metal rather than deriv-atives such as futures.

See # 6 Page 11

Copper near recordhigh after China data

9Saturday, December 11, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1320 1260

January (3rd Wednesday) 1320 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for December 09 2010

LME Official Prices, US$ per tonne for December 09 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2275 2345 9041 2367 23750 25750 2260 2250

Cash seller 2285 2350 9041.5 2367.5 23755 25775 2261 2260

3-months buyer 2240 2361 9010 2385 23860 25675 2267 2275

3-months seller 2250 2362 9011 2393 23875 25700 2268 2285

15-months buyer 2195 2418 8720 2348 23350 25275 2302 2290

15-months seller 2205 2423 8730 2353 23450 25325 2307 2300

27-months buyer 2195 2452 8295 2305 22700 2277 2345

27-months seller 2205 2457 8305 2310 22800 2282 2355

LONDON METAL EXCHANGE (METALS)

LONDON: Oil reversed earli-er gains on Friday to trade 0.5per cent down after the dollarrose on renewed European debtwoes, and fears about aChinese rate hike offset thepositive momentum fromstrong imports data.

"The market just continues tostruggle in the high $80s. TheChinese rise in Novemberimports andexports is support-ive but being offsetby the ChinaCentral bank rais-ing reserves aswell as the poten-tial for an interestrate hike over theweekend," saidTom Bentz, broker at BNPParibas Commodity Futures Incin New York.

US crude for January fell by54 cents to $87.82 a barrel at1525 GMT, after being up byaround 50 cents earlier onFriday and having hit a 26-month high of $90.76 onTuesday. ICE Brent lost 47cents to $90.52.

Imports by China, theworld's second-largest crudeuser, jumped 22.1 per cent lastmonth from a year earlier to

5.09 million barrels per day(bpd), the fourth highestmonthly average on record,data showed on Friday.

"In terms of the dynamic ofChina, I believe the data, thepolicy and the road map forreform is suggesting furthersustainable strong demand,"said Geoff Howie, sales andmarkets strategist at MF

Global in Singapore. "We arestill bullish. Asia is driving theprice higher."

Two of the world's mostinfluential oil forecasters --OPEC and the IEA - gavesharply different outlooks for2011 on Friday, as the con-sumer's watchdog anticipatedrobust demand and producergroup OPEC said supply wasplentiful.

The IEA, an adviser to 28industrialised countries, said ina monthly report world oil

demand will be higher thanexpected next year and until2015, increasing the need forcrude from the OPEC producergroup.

It lifted its 2011 oil demandgrowth forecast by 130,000barrels per day (bpd) to 1.32million bpd.

The OPEC forecast 2011global oil demand growth

w o u l dincrease to1.18 millionbarrels perday, only10,000 bpdmore than pre-dicted in lastmonth's reportmaking the

case for no change in supplypolicy when it meets onSaturday in Quito.

OPEC said it wanted animprovement in oil marketfundamentals before increas-ing crude supplies, even ifprices go to $100 a barrel.

"If it goes to $100 due tospeculation, OPEC will notmove," OPEC SecretaryGeneral Abdullah al-Badri saidin Quito, Ecuador, where thegroup will meet on Saturday. -Reuters

Crude oil falls to $88 onEurope, China rate woes

Cocoa slipsas supplyfears ease

LONDON: Cocoa extendedlosses on Friday after US datashowed its trade deficit nar-rowed much more than expect-ed and caused the dollar to rise,and as fears over supplies fromIvory Coast eased despite a dis-puted election.

Sugar and arabica coffeefutures reversed earlier gains asthe dollar strengthened. Sugarwas underpinned by nagginguncertainties over how much ofthe sweetener India will exportin 2010/11 to ease potentialbottlenecks.

March cocoa futures on ICEextended losses to stand down$92 or 3 per cent at $2,918 atonne at 1524 GMT, while LiffeMarch cocoa fell 66 pounds or3.3 per cent to 1,926 poundsper tonne in reasonable volumeof 14,335 lots.

ICE raw sugar fell underpressure from the stronger dol-lar, and was underpinned byexpectations of tight suppliesand uncertainties over howmuch sugar India, the world'snumber 2 producer after Brazil,will export in 2010/11.

ICE March raw sugar wasdown 0.42 cent or 1.5 per centat 28.29 cents a lb at 1527GMT.

Liffe March white sugarreversed early gains and wasdown $6.20 or 0.9 per cent at$721.00 per tonne in thin vol-ume of 1,301 lots.

ABN AMRO/VM Group onFriday forecast a global sugardeficit of 2.99 million tonnesfor 2010/11 (October-September), compared with itsprevious forecast for a surplusof 1.2 million tonnes.

Consultancy Kingsman SA onFriday revised its 2010/11 (April-March) global sugar balance toshow a deficit to 370,000 tonnesafter previously projecting a sur-plus of 3.52 million tonnes.Continuing uncertainties overIndia's plans on sugar exports,helped push sugar futures priceshigher, dealers said.

ICE arabica futures reversedearly gains as the dollarstrengthened, with losses limit-ed by tight supplies of high-quality beans. ICE March ara-bicas were down 0.15 cent or0.1 per cent at $2.0440 per lb at1529 GMT, while Liffe Marchrobusta coffee futures weredown $8 or 0.4 per cent at$1,896 a tonne in modestturnover of 2,431 lots. -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

10-Dec-2010 CRUDE100 JA11 US$ Per Barrel 88.50 89.00 87.78 88.73 135 88.48 88.73 85

10-Dec-2010 CRUDE100 FE11 US$ Per Barrel 89.12 89.47 88.36 89.25 77 88.97 89.25 27

10-Dec-2010 CRUDE100 MA11 US$ Per Barrel 89.37 89.68 89.37 89.68 - 89.41 89.68 -

10-Dec-2010 SILVER - SL500 JA11 US$ Per Troy Ounce 28.56 29.00 28.50 28.73 133 28.91 28.73 41

10-Dec-2010 SILVER - SL500 FE11 US$ Per Troy Ounce 28.51 28.74 28.51 28.74 - 28.92 28.74 -

10-Dec-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1384.00 1394.50 1382.00 1388.50 1,042 1389.90 1388.50 792

10-Dec-2010 GOLD 01oz FE11 US$ Per Troy Ounce 1384.60 1395.00 1382.50 1389.00 1,435 1390.40 1389.00 812

10-Dec-2010 GOLD 01oz MA11 US$ Per Troy Ounce 1385.00 1396.00 1384.30 1390.00 2,571 1391.40 1390.00 747

10-Dec-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1384.00 1388.50 1384.00 1388.50 - 1389.90 1388.50 -

10-Dec-2010 GOLD 100oz FE11 US$ Per Troy Ounce 1384.40 1393.00 1384.40 1389.00 27 1390.40 1389.00 5

10-Dec-2010 GOLD 100oz MA11 US$ Per Troy Ounce 1385.50 1389.00 1385.50 1389.00 - 1391.40 1390.00 -

10-Dec-2010 GOLD DE10 Per 10 grms 38281.00 38390.00 38116.00 38306.00 25 38314.00 38306.00 8

10-Dec-2010 GOLD JA11 Per 10 grms 38161.00 38325.00 38138.00 38317.00 13 38325.00 38317.00 36

10-Dec-2010 GOLD FE11 Per 10 grms 38153.00 38332.00 38153.00 38332.00 - 38340.00 38332.00 -

10-Dec-2010 KILOGOLD DE10 Per 10 grms 38100.00 38279.00 38100.00 38279.00 - 38287.00 38279.00 -

10-Dec-2010 KILOGOLD JA11 Per 10 grms 38111.00 38279.00 38111.00 38279.00 - 38298.00 38290.00 -

10-Dec-2010 TOLAGOLD50 DE10 Per Tola 44451.00 44660.00 44451.00 44660.00 - 44670.00 44660.00 -

10-Dec-2010 TOLAGOLD100 DE10 Per Tola 44451.00 44660.00 44451.00 44660.00 - 44670.00 44660.00 -

10-Dec-2010 MINIGOLD MON Per 10 grms 39177.00 39344.00 39177.00 39344.00 - 39352.00 39344.00 -

10-Dec-2010 MINIGOLD TUE Per 10 grms 39218.00 39386.00 39218.00 39386.00 - 39394.00 39386.00 -

10-Dec-2010 MINIGOLD WED Per 10 grms 39232.00 39400.00 39232.00 39400.00 - 39408.00 39400.00 -

10-Dec-2010 MINIGOLD THU Per 10 grms 39246.00 39414.00 39246.00 39414.00 - 39422.00 39414.00 -

10-Dec-2010 MINIGOLD FRI Per 10 grms 39163.00 39428.00 39163.00 39428.00 - 39436.00 39428.00 -

10-Dec-2010 TOLAGOLD MON Per Tola 45250.00 45250.00 45030.00 45226.00 2 45235.00 45226.00 2

10-Dec-2010 TOLAGOLD TUE Per Tola 45162.00 45274.00 45078.00 45274.00 13 45283.00 45274.00 16

10-Dec-2010 TOLAGOLD WED Per Tola 45094.00 45290.00 45094.00 45290.00 - 45299.00 45290.00 4

10-Dec-2010 TOLAGOLD THU Per Tola 45000.00 45305.00 45000.00 45305.00 2 45315.00 45305.00 2

10-Dec-2010 TOLAGOLD FRI Per Tola 45245.00 45321.00 45014.00 45321.00 4 45331.00 45321.00 4

10-Dec-2010 IRRI6W 16DE10 Per 100 kg 2402.00 2402.00 3300.00 3307.00 - 3300.00 3307.00 -

10-Dec-2010 RICEIRRI - 6 DE10 Per 100 kg 3307.00 3307.00 3306.00 3306.00 - 3307.00 3306.00 -

10-Dec-2010 RBD PALMOLEIN DE10 Per Maund 4910.00 4910.00 4909.00 4909.00 - 4910.00 4909.00 -

10-Dec-2010 KIBOR3M 10-Dec Per Rs. 100 86.54 86.54 86.52 86.52 - 86.54 86.52 -

10-Dec-2010 KIBOR3M 11-Mar Per Rs. 100 85.52 86.01 85.52 86.01 - 85.99 86.01 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Tokyo rubber

hits 30-yr peakSINGAPORE: Tokyo rubberfutures matched a 30-year highon Friday on tight physical sup-ply but dealers avoided aggres-sive buying ahead of importanteconomic data from top con-sumer China at the weekend,which could set the tone for themarket.

The most active TokyoCommodity Exchange rubbercontract for May delivery set-tled 1.6 yen a kg higher at381.9 yen. It hit an intradayhigh of 383 yen, matching a 30-year peak struck in November.

The most active Shanghai rub-ber futures for May deliveryended 2.1 per cent higher at33,805 yuan a tonne fromThursday's close of 33,100 yuanon short covering before therelease of Chinese economicdata. China imported 1.68 mil-lion tonnes of natural rubberfrom January to November 2010,an increase of 9.9 per cent fromthe same period last year, accord-ing to preliminary data. Rubberinventories in warehouses moni-tored by the Shanghai FuturesExchange rose 1.9 per cent froma week earlier, the exchange saidon Friday. -Reuters

MANILA - PHILIPPINE: A customer buys vegetables at a market in Manila. -Agencies

LONDON: Gold fell to sessionlows on Friday after China raisedbank reserve requirements whileUS data showed its trade deficitnarrowed much more thanexpected as exports rose.

Spot gold was at $1,379.70 anounce at 1420 GMT, from$1,387.39 late in New York onThursday. It earlier hit a sessionlow at $1,377.10, down from a

record high at $1,430.95touched on Tuesday.

"It's a mixture of the (US) databut more importantly the Chinesenews that came out," said AfshinNabavi, head of trading at MKSFinance in Geneva. "But at theend of the day we are still holdingup to the same range seen earlierthis week. "We are getting closeto the year end and there willalso be some liquidation. Itlooks like some of the longs aretaking advantage of the rallies."

Ireland's debt continued to grabattention from investors, as Fitchdowngraded the country's ratingand the opposition party said itwould vote against a bailoutpackage. "It's obviously beenanother roller-coaster week.

There has been an underlyingshift to gold as an alternative cur-rency with both the dollar andeuro weak, and lack of confi-dence in global banking and sogold remains in demand," saidone London trader.

The trader saw key support at$1,365 with a close or fix below$1,360 potentially triggeringheavy sales. "But I think a retest of

highs is likely," he added. US goldfutures were lower at $1,381.10.

Holdings in the SPDR GoldTrust, the world's largest gold-backed exchange-traded fund,had been trending down in thepast week. It declined 1.518tonnes to 1,293.778 tonnes byDec. 9 from the previous day.

In comparison, holdings inthe iShares Silver Trust, theworld's largest silver-backedexchange-traded fund, stayed atthe record level of 10,941.34tonnes. Spot silver pared earlygains to steady at $28.40 anounce, against a $28.70 close.In other metals, platinum was at$1,673.99 against $1,675.99while palladium was at $733.22as against $735.97. -Reuters

Gold dips on Chinabank move, US data

KUALA LUMPUR:

Malaysian crude palm oil roseon Friday on a larger thanexpected stock draw, fuellingconcerns the monsoon seasonwill slash output further.

Palm oil marked its secondstraight week of gains despiteexports falling sharply in thefirst ten days of December afterconsumers switched to compet-ing soyoil that does not solidifyin colder weather.

"Palm oil could rally furtheras we are in a weather marketand that may prompt buyerslater on to stock up in the caseof a supply squeeze," said atrader with a foreign commodi-ties brokerage.

The benchmark Feb 2011crude palm oil on the BursaMalaysia Derivatives Exchange

ended up nearly 1 per cent at3,633 ringgit ($1,156), edgingcloser to a 29-month high hitthe day before.

Traded volumes more thandoubled to 23,408 lots of 25tonnes each from the usual10,000 lots. Palm oil, which hasgained 36 per cent this year, hasbeen drawing support on expecta-tions of heavier rains disruptingthe harvest of oil palm fruits andtriggering floods in Malaysianestates. Other vegetable oil mar-kets eased ahead of key US cropreport expected to reflect tightsupplies and strong Chinese fooddemand. US soyoil for Decemberdelivery slipped 0.2 per cent andthe most active September 2011soyoil contract on China's DalianCommodity Exchange fell 0.2 percent. -Reuters

Palm up on stockdraw, weather woes

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Friday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmill Feb11992.00+3.00, Mar11/Apr11995.00+3.00, May11/Jul11996.00+3.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Feb11/Apr111045.00+10.00, May11/Jul111035.00+5.00, Aug11/Oct11970.00+5.00, Nov11/Jan12975.00+5.00.

SUNOIL: EU dlrs tonneextank six ports option Jan111445.00+5.00, Feb11/Mar111435.00+15.00, Apr11/Jun111395.00+0.00, Jul11/Sep111415.00+10.00.

LINOIL: Any origin dlrstonne extank RotterdamDec11/Jan12 1335.00+2.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Dec101220.00+10.00, Jan111225.00+10.00, Feb11/Mar111207.50+2.50, Apr11/Jun111185.00+5.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Jan11 1135.00,Feb11/Mar11 1130.00.

PALMOIL: RBD dlrs tonnefob Malaysia Jan11 1190.00,Feb11/Mar11 1185.00+5.00.

PALM OLEIN: RBD dlrstonne fob Malaysia Jan111200.00, Feb11/Mar111195.00+5.00, Apr11/Jun111160.00-2.50, Jul11/Sep111137.50-5.00.

PALM STEARIN: Dlrs tonnefob Malaysia Dec10 1150.00,Jan11 1150.00+5.00.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Dec10 1020.00-10.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamDec10/Jan11 1675.00+35.00,Jan11/Feb11 1670.00+30.00,Feb11/Mar11 1670.00+30.00,Mar11/Apr11 1665.00.

CASTOROIL: Any origindlrs tonne extank RotterdamFeb11/Mar11 1925.00+0.00. -Reuters

NEW YORK: US cottonfutures finished up by theirdaily limit on Thursday oninvestor buying spurred part-ly by strong export sales andtalk that Indian cottonexports may fall short oftrade expectations, brokerssaid.

The benchmark March cot-ton contract on ICE FuturesUS rose by the 4.00-centlimit to finish at $1.3595 perlb, with the session low at$1.2967.

Trading volume hit 13,340lots, about two-thirds belowthe 30-day average of 35,361lots, Thomson Reuters pre-liminary data showed. Thatwould be the lowest dailyvolume since Oct. 6.

Cotton is the second-best-performing commodity in theReuters-Jefferies commodityindex so far in 2010, up near-ly 70 per cent in the year todate.

Mike Stevens, an independ-ent analyst in Mandeville,Louisiana, said cotton futures

climbed in part on technicalbuying by investors as thekey March contract needed tofill a gap the expiredDecember contract leftbehind at $1.38.

Fundamentally, the marketreceived a boost from areport that India may miss itscotton export estimate of 5.5million bales as well as astrong showing for US cottonin weekly export sales datafrom the US AgricultureDepartment.

US cotton exports stood at436,600 running bales (RBs,500 lbs each), above tradeforecasts ranging from300,000 to 400,000 RBs.

The trade will now turn itsfocus to the USDA's monthlysupply/demand report, par-ticularly its cotton estimatesfor China, Pakistan andIndia.

Chinese cotton prices trick-led lower, with the May cot-ton futures last done at26,570 yuan per tonne, down385 yuan on the day. -Reuters

US cotton limit-upbefore USDA report

India sugarextends gainsMUMBAI: India's spot sugarextended the previous session'sgains on Friday after millersraised prices hoping the gov-ernment will allow exports ofthe sweetener before thismonth-end, dealers said.

"Mills were not interested inselling sugar at a lower price.They were expecting prices tomove up significantly once thegovernment allows exports,"said a dealer based at Vashispot market near Mumbai.

India, the world's number 2sugar producer after Brazil,could approve "open generallicence" sugar exports in threetranches of 500,000 tonneseach in December, January andFebruary, a senior industry offi-cial told Reuters last month.

In Kolhapur, a key market intop-producing Maharashtra state,the most traded S-variety rose by1.03 per cent to 2,829 rupees($62.7) per 100 kg, while at theVashi spot market, it rose by 1.7per cent. The country has madeavailable 1.5 million tonnes ofnon-levy sugar for December,higher than 1.4 million tonnes ithad released for November, thegovernment said in a statement. -Reuters

Shanghai copper

edges upShanghai copper edged

higher to 67,320 yuan, havingrecovered from 66,290 yuanearly in the day. Copper rosefor a second week running, up2.8 per cent.

China's imports of copperrose 28.5 per cent to 351,597tonnes in November from273,511 tonnes in the previousmonth, data showed on Friday.

IEA lifts global oil demand forecast, OPEC more cautious

10Saturday, December 11, 2010

Casiraghi of Monaco clears a jump duringJockey Club jumping tournament in Geneva

Clijsters eyesOlympicsmatch-up

with HeninANTWERP: Three-timesgrand slam winner KimClijsters will mark the end ofher glittering career by team-ing up with arch-rival JustineHenin for Belgium at the 2012London Olympics.

Former world number oneHenin and current world num-ber three Clijsters, who have10 grand slam titles betweenthem, have only teamed uponce before in the Fed Cup.

They have not always got onbut before a friendly exhibitionmatch on Thursday the pairspoke about the possiblematch-up.

"It would be nice of courseto do it for the OlympicGames, because I tell myselfthat that year might be my lastfull season. So it would be niceto end that season in style,"said Clijsters, who has won theU.S Open two years runningsince returning from a two-year break from the game tostart a family.-Reuters

LONDON: Chelsea captainJohn Terry has questionedhis team's desire and calledon them to end the bad runthreatening to derail theirPremier League titledefence.

The champions have wonjust two of their last eightgames in all competitionsand slipped to third in theleague table after earlierlooking like they would runaway with the championship.

They make the short tripacross London to TottenhamHotspur on Sunday in thefirst of three consecutivegames against fellow titlecontenders needing to stopthe rot.

"A couple of weeks ago wewere seven points clear, 20goals ahead of most teamsand now we are trailingbehind," Terry was quotedby local newspapers onFriday as saying.

"So we need to go on agood run and now would bethe perfect time withTottenham, Man Utd andArsenal coming up. It wouldbe ideal for us.

"They are obviously tough

games but we have big play-ers here and hopefully theyare prepared to rise to thechallenge and put their neckon the line."

Defender Terry deniedthere was a crisis at theLondon club, who havepicked up just five pointsfrom the last 18 in the leaguein a run that is worryingmanager Carlo Ancelotti.

"When you go four or fiveyears with that winning feel-ing, week after week and notsuffering a blip like we havedone in probably 11 years atthe football club then it isobviously hard to take,"Terry said.

"At times, you are going tohave to just do a lot betterthan the opposition, and atthe minute, we are not want-ing it as much as them."

Chelsea have 30 pointsfrom 16 games and sit twopoints behind leadersArsenal and one behind sec-ond-placed ManchesterUnited who have a game inhand. Manchester City arefourth on 29, while fifth-placed Spurs have 26.-Reuters

Terry urges tofortify Chelsea

CHENNAI: RavichandranAshwin led a devastating spinattack as a second-string Indiathrashed New Zealand by eightwickets in the fifth and finalone-day international Fridayfor a 5-0 series clean sweep.

The off-spinner grabbedthree wickets for 24 runs offeight overs to help the hostsbowl out New Zealand for 103off 27 overs before Indiacoasted to the target withalmost 29 overs to spare.

Part-time spinners YuvrajSingh and Yusuf Pathanchipped in with two wicketsapiece as New Zealand werebundled out for their lowesttotal in one-day internationalsagainst India.

For India, it was their secondclean sweep at home sincetheir 5-0 triumph over Englandin 2008.

"It was fantastic to see ourbowlers perform even aftersealing the series 4-0," saidIndian captain GautamGambhir.

"I thought the wicket wouldturn in the second innings, butit started turning in the firstover itself. I always felt we hadthe talent to win 5-0."Parthiv Patel (56 not out)struck his second half-centuryin a row and added 97 runs for

the third wicket with Yuvraj(42 not out) to guide India to acomfortable win in the day-night game at theChidambaram Stadium inChennai.

New Zealand suffered theirsecond series whitewash onthe trot, having lost 4-0 toBangladesh in a precedingone-day tournament.

"It was an incredibly diffi-cult wicket to bat," said cap-tain Daniel Vettori. "Wethought we would put up adecent score, but India bowledreally well. When you contin-ue to lose wickets, it takes theentire momentum away."

India's chase was rocked byearly setbacks with Gambhirand Virat Kohli being dis-missed inside the first fourovers.

Gambhir edged NathanMcCullum behind the stumpsoff the third ball of the inningsand Kohli was snapped up inthe slips off captain and left-arm spinner Daniel Vettori.

Patel, back in the Indianteam after a six-year hiatus,survived some early jitters tohit six fours and a six in his 70-ball knock. Yuvraj, namedman-of-the-match, smashedsix fours and two sixes off 46balls.-APP

India crushesKiwis 5-0 inODI series

Man Unitedcharged

for Arsenalfixture

M A N C H E S T E R :Manchester United defenderRio Ferdinand has shaken off atight hamstring and will be fitfor Monday's top-of-the-tablemeeting with Arsenal, manag-er Alex Ferguson said onFriday.

United will also be boostedby the return of left backPatrice Evra and midfielderPaul Scholes for the visit ofPremier League leadersArsenal.

"We're quite confident thateveryone will be fit and it'sgood to have everyone avail-able for such a massive game,"Ferguson was quoted as sayingon the club website(www.manutd.com).

Ferdinand left the field justafter halftime in Tuesday's 1-1draw with Valencia in theChampions League with thehamstring problem, whileEvra and Scholes did not fea-ture at all in that match. Unitedare second in the table with 31point from 15 games, a pointbehind Arsenal who haveplayed a game more.-Reuters

Barcasign huge

sponsor dealBARCELONA: Barcelonahave signed a 165 millioneuros (218 million dollars)shirt sponsorship deal with thenon-profit Qatar Foundation,the Catalan club announced onFriday.

The total value of the five-and-a-half year deal could riseto 170 million euros, Barcasaid in a statement.

The club will get 15 millioneuros for the second half ofthis season, 30 million eurosfor each of the following fiveseasons, and up to five millionin bonuses for titles won.

Barca will place the QatarFoundation on their shirtsalongside the existing logo forUN children's agencyUNICEF, which they havesported for the five years whileforgoing the riches of com-mercial sponsors. Qatar, thetiny energy-rich Gulf Arabcountry, was picked by FIFAon December 2 to host the2022 World Cup.

The Qatar Foundation wasset up in 1995 by the Emir ofQatar, Sheikh Hamad binKhalifa Al-Thani, to fostereducation, scientific researchand community developmentin Qatar, the Middle East andbeyond.-APP

PESHAWAR: PresidentAwami National Party SenatorAfrasiyab Khattak on Fridayhailed inclusion of FATA,Gilgit-Baltistan and AzadJammu and Kashmir in the31st National Games sched-uled to be held here from Dec25-31 and termed it a symbolof country's unity.

Talking to APP on phonefrom Islamabad SenatorAfrasiyab Khattak appreciatedthe organizing committee ofthe Games, Pakistan OlympicAssociation and Chief MinisterKhyber Pakhtunkhwa AmeerHaider Khan Hoti who took akey decision of including

FATA, Gilgit-Baltistan andAzad Jammu and Kashmir.

Afrasiyab Khattak said that itis the National Games and cer-tainly it would highlight theway one should see. "We wantto give the world the messageof peace through theseGames," he said.

He also expressed great pleas-ure that the players of FATA,Gilgit-Baltistan and AzadJammu and Kashmir wouldcome up and show their skills inmore organize manners.National Games is consideredthe activity of the whole ofPakistan and hopefully the newentrants would get an opportu-

nity to not only show their skillson a more broader way rather itwill also give them chance tointeract, socially, traditionallyso that to develop brotherhood.He said as all know out of thetotal populations of FATA, 46percent are youth so providingsuch like healthy opportunitiesto them would keep positiveresult for the longer run.

He said, now the NationalGames would have representa-tion of the whole country andto bring the youth at one plat-form would give them opportu-nity to learn from each otherexperiences, Afrasiyab Khattakadded.-APP

31st National Games

Senator hails FATA,GB & AJK’s inclusion

LAHORE: Pakistani racingdriver Adnan Sarwar raced tothe second 4th place finish ofhis career at the Sodi WorldSeries Masters Cup final raceat the Dubai Autodrome onFriday.

Qualifying and starting from5th place, Adnan fell back to8th after an incident in turn onebut then climbed back up thegrid overtaking 4 drivers to fin-ish only 0.2 seconds behind3rd place finisher Fabian Lunzof South Africa and ahead ofdrivers from Germany, Irelandand England among others.

Home hero Rami Azzam from

UAE won the race with Franceinishing a close second. The last10 laps of the race saw a fiercebattle between South Africa andPakistan with the two driverstrading places and overtakingeach other for 3rd place withtime running out in the end forAdnan with less than a carlength preventing him fromscoring the first internationalpodium for Pakistan.The 2010international racing season forAdnan comes to an end in anyear that has seen a Pakistanifinishing in top 5 positions inalmost all races for the firsttime.The 2011 international

racing program will beannounced next month.

Adnan told APP from Dubaiafter the race "It was a great raceand a lot of fun overtaking from8th after the turn 1 incident. Wewere so close to bringing homeour first international trophy andfell short by 0.2 seconds but thatis all about racing. A wonderfulresult considering we have norace tracks in Pakistan and getno chance to practice when ourcompetitors have the best facili-ties in the world available tothem. Heartbreaking to lose 3rdplace by such a small margin,”he said.-APP

Pak driver 4th atDubai World Series

MELBOURNE: Australiahave shaken up their underper-forming bowling attack andsprung a surprise by pickinguntried spinner Michael Beerin a revamped 12-man squadfor the third Ashes test againstEngland in Perth next week.

Beer, who has taken just 16first-class wickets at an aver-age nudging 40 since makinghis debut two months ago,replaces fellow left-arm spin-ner Xavier Doherty, droppedafter being flayed byEngland's bats in the secondtest in Adelaide.

England lead the five-matchseries 1-0 after beating thehosts by an innings and 71runs in Adelaide.

"Michael Beer, I suppose,has come from nowhere buthe's had a good start to the

domestic season, someone wewere very interested in beforethe season started with," chair-man of selectors AndrewHilditch told reporters inAdelaide on Friday.

"We had some really goodfeedback from our talent man-agement system and people inWA (Western Australia).

"He's got a few wicketsagainst the Poms, he's a talent-ed left-arm orthodox spinnerand hopefully someone whocan play a big role in ourfuture."

Beer, nicknamed "Frosty" byteam mates, was floated as apossible pick this week byretired legspinner ShaneWarne, who said the unherald-ed 26-year-old's local knowl-edge of Perth's WACA groundmight be an asset despite only

five first-class appearances tohis name.

Beer will join retained pace-

men Peter Siddle and RyanHarris in the attack, but DougBollinger was dropped after

struggling for fitness in theAdelaide heat.

'GREAT CHALLENGE'

Mitchell Johnson and BenHilfenhaus, both of whomwere dropped following poor

performances in the first test inBrisbane, will vie for the lastvacant bowling spot, underlin-ing the paucity of Australia'sback-up bowling options.

Johnson, whose pace andswing is deadly on its day buthorribly wayward when off-key, has spent the week in thenets with Australia's specialistbowling coaches as they fran-tically try to help the 29-year-old find his form.

"Both Mitchell Johnson andBen Hilfenhaus did not play inAdelaide but will be stronglyconsidered for selection in thePerth test match where condi-tions will suit them," saidHilditch.

All-rounder Steven Smithalso replaces out-of-formnumber six Marcus North,who was widely expected to

be dropped after failing againat Adelaide.

Phillip Hughes has replacedinjured opening batsmanSimon Katich and will face abig psychological test at Perthafter he was bullied out of theside by England's quicks dur-ing Australia's losing Ashesseries last year.

Hilditch conceded the hostshad disappointed in the seriesto date and said the raft ofchanges were aimed at jump-starting the stuttering team.

"We're not playing well,we've been totally outplayedin all facets of the game so far,so we've got a lot to improvein all areas, but that's the greatchallenge. "We thought weneeded to make changes to tryto change the momentum ofthe series, really."-Reuters

Australia turns to Beer for third test

Aussiesneed

nothingbut luck:Vaughan

LONDON: Australia's think-tank seems to be bereft ofideas and only luck can savethem from losing the ongoingAshes series to an inspiredEnglish team, feels formerEngland captain MichaelVaughan.

"What plans they have hadhave been abandoned within acouple of overs. It is muddledthinking from one team whileanother, England, ploughs onwith a clarity of purpose thatwill win them the Ashes,"Vaughan wrote in a columnfor the 'Daily Telegraph'.

"If you look at Australia'sTest side you can tell they arethinking about their individ-ual performances rather thanthe team. You can see playersare looking over their shoul-der and not playing as a col-lective unit.

"England won a Test herewithout luck. It was down topure skill but I look atAustralia and think they willneed an element of luck tobeat us," he added.

"They will need to win agood toss and everything falltheir way because I do not seethem beating us at themoment in these conditions."

Australia are trailing 0-1 inthe series after losing the sec-ond Test in Adelaide andVaughan criticised RickyPonting's captaincy in thematch.0online

CHENNAI: Members of Indian cricket team pose with the trophy after winning their fifth one-day internationalcricket match and the series against New Zealand.-Reuters

11Saturday, December 11, 2010

International & Continuation

CONTINUATION

Islamicmega bankto emerge

in 2011MANAMA: Sponsors of along awaited Islamic bankwith a capital of US$3 billionwill be launched in 2011.SaudiArabia's Sheikh Saleh Kamel,founder and chairman ofBahrain-based Islamic BankAl Baraka, has spearheaded aninitiative to establish a globalIslamic mega bank but theplan has been touted for years.

He said the next steps wouldbe discussed in December at ameeting with the IslamicDevelopment Bank (IDB), theSaudi-based organisation thatis trying to develop an interna-tional Islamic capital marketthrough regular issues ofIslamic bonds.

The emerging Islamicfinance industry is fragmentedand its banks lack sufficientcapital to compete with theIslamic units of Western bankson mandates to syndicateloans, arrange Islamic bondsand supply project finance inthe Gulf Arab region.

The absence of a lender oflast resort is also seen as oneof the industry's weaknesses,as few central banks issue liq-uidity instruments compliantwith Islamic law, forcingIslamic banks to place theirliquidity with large conven-tional banks.

Adnan Yousif, chief execu-tive of Al Baraka and an advi-sor to the project, told Reutersthe bank will likely have anauthorized capital of $3 bil-lion, a third of which will beraised in a private placement.

He said the remainder couldbe raised in an initial publicoffering (IPO) at a later stage.

The group setting up thebank is seen as a candidate towin one of two licenses forIslamic banks with capital ofat least one billion dollars bythe Malaysian central bank.

The country plans to boostits financial services sector byallowing more foreign invest-ments.

"They are studying theMalaysian market, but thereare two other locations underconsideration," Yousif said,declining to say whether thegroup had applied for a licensein Malaysia.-Reuters

LONDON: Two of theworld's most influential oilforecasters gave contrastingoutlooks for 2011 on Friday,with the consumer's watchdoganticipating robust demandand producer group OPECsaying supply was adequate.

The International EnergyAgency, an adviser to 28industrialised countries, in amonthly report lifted its 2011global oil demand growthforecast by 130,000 barrelsper day (bpd) to 1.32 millionbpd and raised its projections

to 2015.But the Organisation of the

Petroleum ExportingCountries, which meets to setoutput policy on Saturday, inits monthly report left its 2011demand growth forecast virtu-ally unchanged.

Oil prices this week hit $90a barrel for the first time inmore than two years driven byrising demand, the IEA said.Even so, OPEC is not expect-ed to change its official outputtargets at Saturday's meeting.

"Against a backdrop of

much stronger-than-expectedglobal oil demand growth andoil prices above two-yearhighs, OPEC may come underpressure to increase suppliesto the market in the newyear," the IEA said in itsreport.

While the IEA forecastOPEC would need to pump29.5 million bpd next year --up 100,000 bpd from its pre-vious forecast -- OPEC left itsestimate steady at 29.24 mil-lion bpd and cited more thanadequate supplies.-Reuters

IEA and OPEC differ onneed for more oil supply

NEW YORK: US economicdata painted a picture of a firm-ing recovery on Friday as con-sumer confidence rose to itshighest level in six months andthe country's trade deficit nar-rowed much more than expect-ed.

Consumer sentiment inDecember rose to its highestlevel since June and was at itsthird-highest since the start of2008, according to theThomson Reuters/Universityof Michigan survey.Government data showed USexports in October rose arobust 3.2 per cent whileimports declined, which maybode well for fourth quartereconomic growth.

The consumer sentimentreport was another sign con-sumers could be ready to spendthis holiday season.

"This is an indication of thefavorable development we areseeing so far with the year-endholiday shopping season," saidPierre Ellis, senior globaleconomist at DecisionEconomics in New York. "Itadds to a growing number ofeconomic indicators that arelooking better-than-expected".

The survey's preliminary

December reading for con-sumer sentiment came in at74.2, up from 71.6 inNovember. That was above thethe median forecast of 72.5among economists polled byReuters.

Chiming with recent signs ofimprovement in the labor mar-ket, consumers cited morefavorable news about changesin the employment situation.Slow jobs growth is seen asone of the biggest impedimentsto economic recovery.

At the same time, the sur-vey's barometer of current eco-nomic conditions rose to itshighest reading since January2008, just after the economicdownturn began. The index forDecember came in at 85.7, upfrom 82.1 in November andalso , above a forecast of 83.1.

Although the unemploymentrate edged up to 9.8 per cent inOctober, weekly data haveshown new US claims forunemployment benefits fellmore than expected last weekand the four-week movingaverage slipped to a two-yearlow.

The sentiment survey wastaken before a tentative deal onextended tax cuts reached ear-

lier this week. However, com-pilers point to a widespreadexpectation the cuts would beextended and say confidencecould fall again if the cuts areblocked.

Meanwhile, the US tradedeficit for October totaled$38.7 billion, down from arevised estimate of $44.6 bil-lion for September. Analystssurveyed before the report hadexpected the deficit to narrowjust slightly to about $43.60billion.

The smaller-than-expecteddeficit could boost estimatesfor US fourth-quarter econom-ic growth because it implies alarger share of US demand isbeing met by domestic produc-tion.

Imports declined slightly inthe face of slackening demandfor industrial and petroleumproducts, the report from theCommerce Departmentshowed.

"This suggests that the econ-omy is accelerating," said NeilDutta, an economist at Bank ofAmerica Merrill Lynch in NewYork, raising his forecast offourth-quarter economicgrowth to about 3.0 per cent.-Reuters

US trade gapnarrows more than

expected in OctBEIJING: China's centralbank on Friday raised theamount of money that lendersmust keep on reserve for thethird time in one month, fol-lowing a spate of robust datathat raised the case for policytightening.

The latest step to raise thereserve requirement ratio(RRR), aimed at mopping upexcess cash in the economy,had been widely expectedafter Beijing announced ashift to a "prudent" monetarypolicy from the previous"moderately loose" stanceearlier this month.

The move came after Chinareported strong trade figuresfor November, which couldfuel fresh criticism ofBeijing's exchange rateregime, and before data onSaturday that is expected toshow another pick up in infla-tion, already running at itsfastest clip in more than twoyears.

"There is still much scopefor the central bank to raisereserve ratios next year -- weexpect several increases in inthe first quarter of next yearand the ratio should reach ashigh as 23 per cent in 2011,"said Lu Zhengwei, chiefeconomist at Industrial Bankin Shanghai.

"As for whether the centralbank will raise interest rates,I think it will largely dependon the CPI figure in the com-ing months."

The 50 basis point increase,which takes effect on Dec 20,leaves the reserve require-ment ratio at 18.5 per cent, arecord high for the majorityof the country's banks.

China's stock markets couldfind some comfort in the cen-tral bank's decision to raiserequired reserves, as it couldsuggest a rise in interest ratescould be postponed some-what.

The country's stock marketshave shed more than 10 percent over the past month on

concerns that the governmentwould ratchet up its monetarypolicy tightening in the faceof rising inflation.

STRONG DATA

Reflecting the challengefacing policymakers, data onFriday showed China'simports and exports jumpedin November, bank lendingtopped forecasts and propertyinvestment powered ahead.

The robust data also offereda double-hit of good news forthe global economy: areminder that Chinesedemand was still growingapace and an indication thatthe US and European recover-ies were picking up steam.

China has been slow totighten monetary policy thisyear, partly for fear of a dou-ble-dip recession in thedeveloped world where theUnited States and Europe arestruggling to recover from theglobal economic crisis.

With inflation running at itsfastest clip in more than twoyears, analysts are looking forthe world's second-largesteconomy to unleash a moreaggressive mix of rate rises,currency appreciation, lend-ing restrictions and higherreserve requirements forbanks.

"Reserve requirement hikesaren't going to prove totallysufficient in dealing withoverall inflation. Monetarytightening by year-end isinevitable, I wouldn't rule itout in very near term," saidJeremy Stretch, currencystrategist at CIBC.

November imports rose37.7 per cent from a year ear-lier to easily top forecasts fora 24.2 per cent increase, pow-ered by China's voraciousappetite for commodities.

Chinese imports havedeveloped a habit over thepast two years of surprisingon the upside. In that respect,the 34.9 per cent jump inexports, above market expec-tations for a 22.0 per cent

increase, was the bigger sur-prise.

Evidence for that view wasin the fact that shipments offinal goods to markets such asEurope and the United Statesoutstripped those of interme-diate goods to Asia.

Exports to the United Stateswere up 32.2 per cent, whileshipments to the EuropeanUnion, its biggest tradingpartner, climbed 33.8 percent.

PRESSURE ON YUANThe rise in exports left

China with a hefty surplus of$22.9 billion in November,the seventh straight month ofimpressive trade perform-ance. During that stretch, itsaverage surplus has been$22.2 billion.

That could fuel fresh criti-cism of China's exchange rateregime. The United Statesand Europe say that an under-valued currency givesChinese exporters an unfairadvantage in global markets.

Even without criticism, ris-ing inflation in China couldput upward pressure on theyuan.

Chinese consumer priceinflation may have hit 5.1 percent in the year to November,a 28-month high, state mediareported on Friday. Thatwould mark a sharp pick upfrom 4.4 per cent in October.

China's wide M2 measure ofmoney supply rose 19.5 percent in November from a yearearlier, while banks extended564 billion yuan in new localcurrency loans in November,the central bank said. Bothnumbers were slightly aheadof expectations.

Banks have already justabout hit the 7.5 trillion yuanloan quota set by the govern-ment at the start of the year.

China's leaders on Fridayopened the three-day CentralEconomic Work Conference,a gathering where they willset the policy direction fornext year.-Reuters

China raises bank

reserves 3rd time in a

month, more seen

Oslo's modernist City Hall for the two-hour ceremony. Amongthe invited are US House Speaker Nancy Pelosi and USAmbassador Barry White. Also, about 100 Chinese dissidents inexile and some activists from Hong Kong will attend.

It will be the first time the Nobel Peace Prize will not be hand-ed over since 1936, when Adolf Hitler prevented German pacifistCarl von Ossietzky from accepting the award. Nobel Peace PrizeCommittee chairman Thorbjoern Jagland said Thursday thatawarding the prize to Liu was not "a prize against China," and heurged Beijing that as a world power it "should become used tobeing debated and criticised." The Norwegian-ChineseAssociation plans a pro-China rally outside the NorwegianParliament during Friday's Nobel ceremony. -Agencies

Continued from page 12No #1

anyone at Anonymous," the statement said."WikiLeaks has not received any prior notice of any of

Anonymous' actions." Some freedom of information campaignerswho are sympathetic to WikiLeaks look askance at theAnonymous attacks, saying the website's cause cannot be fur-thered by denying the freedom of information to others.

A succession of US institutions has withdrawn services fromWikiLeaks after the website published thousands of sometimesembarrassing secret US diplomatic reports that have causedstrains between Washington and several allies.-Reuters

Continued from page 12No #2

the Pak air force and sources have informed that soon theprocess of overhauling of the already inducted F16s will begin sothat they can be equipped with latest technologies.-Online

Continued from page 12No #3

consistently received "a couple of cargoes"."The allocations are in line with what we asked for. It's

unchanged from last month," a source at another European refin-er said. Opec has officially held its output steady since agreeing arecord reduction in output in December 2008 when the oil marketwas crashing towards $30 a barrel, down from a record of nearly$150 hit in July of that year.

Its cuts have helped to bolster prices, which this week climbedto a 26-month high of $90.76, and as the market has recovered theproducer group has informally raised supplies above its agreedlimits. Saudi Arabian Oil Minister Ali al-Naimi on Nov. 1 saidconsumers could cope with a $70-$90 price range, marking anupward shift from previous comment $70-$80 was the ideal.

On Thursday the group's secretary general, speaking in Quito,where Opec meets on Saturday, said it would only increase sup-ply if fundamentals of supply and demand justified it. "If it goesto $100 due to speculation, Opec will not move," Opec SecretaryGeneral Abdullah al-Badri told reporters. By 1040 GMT onFriday, US crude was trading at $88.85, up 48 cents.

In line with the bullish tone, Saudi Arabia raised some of theofficial selling prices (OSPs) for the kingdom's crude to the high-est level in more than two years. -Reuters

Continued from page 12No #4

The authorized capital and paid-up capital of the 179 companiesis Rs1,465 million and Rs819 million respectively. During themonth, 20 companies increased their authorized capital with theaggregate authorized capital increase of Rs11.32 billion and 34

Continued from page 5No #5

companies raised their paid-up capital with the total paid-up cap-ital rising to Rs3.8 billion. Online

A trend of falling LME inventories this year has fuelledsupply concerns. Latest data showed copper stocks slipped825 tonnes to 348,625 tonnes, having fallen from 6-1/2 yearhighs at 555,075 tonnes hit in mid-February.

Worries about supplies in the near term have pushed themetal into a $35 a tonne backwardation -- premium for cashmaterial over the three-month contract -- compared with adiscount of $20 a tonne in late October.

Among other metals, aluminium closed at $2,308 versus$2,338 a tonne. Steel-making ingredient nickel was at$23,980 a tonne from $23,600, while battery material leadclosed at $2,390 from $2,405 a tonne. Zinc was at $2,274from $2,300 a tonne, while tin was at $25,800 a tonne from$25,895. -Reuters

Continued from page 9No #6

oil and gas production fields in Pakistan, including its deep-water sites.

Continued from page 1No #13

banking products, the press statement added. The fund, which will be managed by Equator Capital

Partners, an independent fund management company regis-tered in the US - will acquire equity stakes in regulated, smalllenders with high growth potential who can reach neglectedgroups such as women entrepreneurs and rural microenter-prises. Key target markets will include Bangladesh, thePeople's Republic of China, India, Indonesia, Pakistan, thePhilippines, Sri Lanka, Thailand and Viet Nam. The goal is totake minority stakes in companies with investments of $2million to $10 million each, and to exit holdings over an aver-age of five years, with Asian investments making up abouthalf the fund's total portfolio.

ADB's participation will allow the fund to reach its targetsize of $75 million, help leverage more investment from thecommercial market, and provide a model for other privateequity funds to follow in the small lenders market.

It also continues ADB's push to scale up investments in themicrofinance sector, in order to spur private sector-led eco-nomic growth and reduce poverty.-APP

Continued from page 1No #7

ensuring labour rights and guarding against unfettered pol-lution.

Concerns have been growing among development activistsand EU lawmakers that EU demands in closed-door negotia-tions will extract concessions from India, opening up vulner-able farm, services and retail sectors to harsh foreign compe-tition and forcing price hikes for Indian-made generic drugsused in treating HIV and malaria. On stalled talks for an inter-national trade accord at the WTO, Sharma said these could befinalised in 2011 if there is "perseverance and optimism, anda spirit of mutual accommodation" from key negotiators. Oneof the main barriers to a deal has been a call by the UnitedStates for big emerging countries such as China, India andBrazil to do more to open their markets to competition.But hewas dubious that US negotiators would offer significant con-cessions demanded by developing countries. "We have to taketheir word for it that they are now seriously engaged, but Icannot say anything beyond that, about their domestic dynam-ics and bipartisan consensus in Congress."-Reuters

Continued from page 1No #8

manifestation of the values and ideals that have made the United States great. We thankHonourable Representative Green and his colleagues for taking the lead on this issue," theembassy said in a statement.

It will also demonstrate the success of the efforts of both countries to engender better under-standing between the citizens of the two countries, the statement added.-APP

Continued from page 1No #9

about the Academy for Educational Development project. In a statement on its website, theAcademy for Educational Development, based in Washington, said it was being investigatedby USAID for the Pakistan project and for another project in Afghanistan.

"AED has made significant steps toward strengthening its project-oversight processes, per-sonnel and resources," the group said.

Lars Anderson, a spokesman for USAID, said on Thursday the group has USAID contractsworth $640 million globally in areas including governance and health. He said those contractswill continue for the time being. "USAID is conducting a review of every program associat-ed with AED and the review will determine the next steps forward," Anderson said.-Reuters

Continued from page 1No #10

susceptibility to event risk at the B3 sovereign level. While the financial fundamentals of banks have shown relative resilience during adverse

conditions in previous years, their inability to curb their rising overall exposure to the gov-ernment sector highlights the limitations in depth and diversification of the country's bankingsystem.

Although Moody's considers rated banks' capitalisation levels as currently adequate, thehigh, and growing, exposure concentration to the B3-rated sovereign -- in conjunction withthe prevailing weak macroeconomic conditions -- could challenge solvency levels. Driven bythese considerations, Moody's has narrowed the gap between the banks' ratings and the gov-ernment rating (B3/stable).

As a result of the heavy flooding earlier this year, Moody's expects low economic growthand subdued loan demand from the private sector to prevail, leading to a further rise in banks'sovereign-related exposures, primarily in the form of T-Bills.

Despite these growing challenges, Moody's believes that certain factors continue to supportlocal banks' ratings being positioned at a higher level than the government rating. That said,the decision to maintain the negative outlook on the banks' standalone and long-term local-currency deposit ratings reflects the banking sector's still growing exposure concentration tothe sovereign and on-going vulnerability to macroeconomic deterioration, which could nega-tively impact both the sovereign and the country's banking system.-Agencies

Continued from page 1No #12

susceptibility to event risk at the B3 sovereign level. While the financial fundamentals of banks have shown relative resilience during adverse

conditions in previous years, their inability to curb their rising overall exposure to the gov-ernment sector highlights the limitations in depth and diversification of the country's bankingsystem.

Although Moody's considers rated banks' capitalisation levels as currently adequate, thehigh, and growing, exposure concentration to the B3-rated sovereign -- in conjunction withthe prevailing weak macroeconomic conditions -- could challenge solvency levels. Driven bythese considerations, Moody's has narrowed the gap between the banks' ratings and the gov-ernment rating (B3/stable).

As a result of the heavy flooding earlier this year, Moody's expects low economic growthand subdued loan demand from the private sector to prevail, leading to a further rise in banks'sovereign-related exposures, primarily in the form of T-Bills. At the same time, the sovereignstructural subsidy-related debt arrears, mainly in the utility and commodity sectors, areunlikely to be settled in the near term, and such arrears will continue to exert further pressureon the corporate sector and, as a result, on the banking system's asset quality.-Agencies

Continued from page 1No #11

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ASHGABAT: President Asif Ali Zardari shaking hands with President ofTurkmenistan Gurbanguly Berdimuhamedov here.-APP

OSLO: As China beefs upsecurity at key locations inBeijing and maintains a clamp-down on contacts of jailed dis-sident Liu Xiaobo, dignitariesin Norway celebrate this year'swinner of the Nobel PeacePrize with solemn ceremony -and an empty chair.

Liu won't be able to collectthe prestigious $1.4 millionaward at the Oslo ceremony onFriday - the first time in 74years that it has not been hand-ed over.

Nobel committee secretaryGeir Lundestad said Liu willbe represented "by an emptychair ... the strongest possibleargument" for awarding it tohim.

China was infuriated whenthe prestigious prize wasawarded to the 54-year-old lit-erary critic, who is serving an11-year prison sentence onsubversion charges brought

after he co-authored a bold callfor sweeping changes toBeijing's one-party communistpolitical system.

Beijing described the awardas an attack on its political andlegal system and has placedLiu's supporters, including hiswife Liu Xia, under housearrest to prevent anyone frompicking up his prize.

On Friday, uniformed andplainclothes officers guardedthe entrance to the compoundin central Beijing where LiuXia has lived since the Octoberannouncement that her hus-band would receive the prize.China also tightened a wide-ranging clampdown on dissi-dents and blocked some newswebsites ahead of the awardingceremony.

China has also pressured for-eign diplomats to stay awayfrom the Nobel ceremony.China and 17 other countries

have declined to attend, includ-ing Russia, Pakistan, Iran,Venezuela and Cuba. At least46 of the 65 countries withembassies in Oslo have accept-ed invitations. Serbia, whichhad said it would stay away,announced Thursday that it hadchanged its mind and wouldnow attend.

Lundestad said countriesgave various reasons for notattending, but some were"obviously affected by China."

China warned that attendingthe ceremony would be seen asa sign of disrespect.

"We hope those countriesthat have received the invita-tion can tell right from wrong,uphold justice," ForeignMinistry spokeswoman JiangYu said In Beijing.

Some 1,000 guests, includingambassadors, royalty and otherVIPs will take their seats in

See # 1 Page 11

Peace Nobelist’schair sits empty

Jailed Chinese dissident Liu Xiaobo's struggle recognised

Angry Beijing unleashes clampdown ahead of ceremony

ISLAMABAD: President AsifAli Zardari and Prime MinisterSyed Yousuf Raza GilaniFriday again made it clear thatundemocratic forces will notbe allowed to disrupt peacefulprocess of democracy and theirnefarious designs will befoiled.

According to Spokesman ofPresidency, meeting lasted forquite a while in which PMGilani briefed President on hissuccessful visit to Turkey hop-ing that his visit will pave wayfor strengthening bilateral rela-tions between Pakistan andTurkey.

Overall situation in the coun-try was discussed during themeeting.

The President congratulatedPM on his successful and pro-ductive visit to Turkey and hisaddress to the Turkish

Parliament. He said that thevisit would provide an impetusto strengthen bilateral relationsbetween the two countries.

Matter of national securityalso came under discussionduring the course of the meet-ing.

As per sources Presidentopined that some undemocraticforces want to destabilisedemocracy with their mali-cious schemes but will neverbe able to carry them out.

Both gave their assurancethat country is passing throughcritical phase and we mustavoid any kind of politicalclashes, as it could prove per-ilous to country.

They further added that gov-ernment is taking down toearth steps for improving theeconomy of the country.-Online

Zardari, PM swearto ward democracy

ISLAMABAD: IslamabadCivil Court has handed overjoint secretary of Ministry ofReligious Affairs Raja AftabIslam on a 3-day physicalremand to the FIA for hisalleged involvement in Hajjcorruption.

While Raja Aftab Islam saysthat he is innocent and hewould prove it in the court.

On Thursday FederalInvestigation Agency (FIA)expanding the investigations ofHajj scam worth billions ofrupees had arrested JointSecretary of Ministry ofReligious Affairs, Raja Aftab-ul-Islam.

On Friday he was presentedbefore the court of Senior CivilJudge Islamabad KamranBasharat Mufti. The courtasked the FIA investigatingteam as to what sort of evi-dence they had gathered fromRaja Aftab linking him to thecorruption. To this the FIAsought time from the judge tillnext hearing.

The court granting time

adjourned the proceedings tillDec 13 and ordered the FIAteam to present all details inthe nest hearing.

Talking to media after thecourt hearing Raja Aftab saidhe is satisfied with the courtproceedings and he is opti-mistic that he would prove hisinnocence before the court. Hefurther said that he does notwant to level any allegationsagainst any one. He said thathe has done no corruption andhe would tell the truth in thecourt.

With regard to statement offormer DG Hajj Rao Shakeel,Raja Aftab said that he had notmentioned his name in the Hajjcorruption.

President and Prime Ministerhad taken strict notice of Hajjcorruption scandal and hadordered a transparent probeinto the incident. In the firstphase FIA had arrested formerDG Hajj after which now Jointsecretary Ministry of ReligiousAffairs has been taken intocustody.-Online

3-day remand forHajj scam accused

Joint secretary Raja Aftab in FIA custody

TOKYO/LONDON: SaudiArabia, the world's top crudeexporter, will supply similarvolumes to its long-term cus-tomers in January fromDecember, industry sourcessaid on Friday, on the eve ofthe latest Opec meeting on out-put policy.

At least six Asian term buy-ers and two European refinersexpected supplies to beunchanged, implying the

Organisation of the PetroleumExporting Countries will onceagain keep suppliesunchanged.

The Asian buyers werereceiving full contracted vol-umes as before and the onlychange was an increase in sup-plies of more expensive lightcrude to at least two Asian cus-tomers, helping Saudi Arabiato maximise its income.

Buyers in Asia, which has

been leading a recovery indemand growth as the worldstruggles out of recession, havebeen receiving full volumessince January.

In Europe, refiners have alsoreported mostly steady vol-umes at lower levels.

"For all of this year therehave been no big changes,"said a source at one Europeanrefiner, who said they

See # 4 Page 11

Saudis to sell full Jancrude volumes to Asia

SBP to sellT-bills in

8-day repoKARACHI: State Bank ofPakistan (SBP) Friday said itwill sell treasury bills to com-mercial banks on Friday ineight-day repo contracts to mopup funds from the money mar-ket.

The central bank did not sayhow much money it will absorbin the open market operation.

The result of the auction willbe announced at 10:30 am(0530 GMT) and settlementwill be later in the day.-Reuters

No handin cyberattacks:

WikiLeaks LONDON: WikiLeaks Fridaysaid it had no links to cyberattacks on global companiesseen as enemies of the websiteand neither supported nor con-demned the online campaign.

A statement on its websitequoted Wikileaks spokesmanKristinn Hrafnsson as sayingthe attacks were "a reflection ofpublic opinion on the actions ofthe targets."

The loosely organised cam-paign to avenge WikiLeaksagainst those who haveobstructed its operations, call-ing itself Operation Payback,has already temporarilybrought down the websites ofVisa and MasterCard, and ofthe Swedish government.

WikiLeaks noted the attackswere similar to those it hadreceived since it began publish-ing the first of 250,000 USleaked US embassy cables onNovember 28.

"These denial of serviceattacks are believed to haveoriginated from an Internetgathering known asAnonymous. This group is notaffiliated with Wikileaks. Therehas been no contact betweenany Wikileaks staffer and

See # 2 Page 11

Six moreF16s tojet in

on 13thISLAMABAD: Six more F16jets will reach Pakistan onDecember 13 bringing the totalnumber to 18.

As per Air force sources anda private TV channel, 12 suchaircraft have already arrivedfrom the US and upon arrivalof this last consignment of sixwe will have a total of 18F16s.

All these jets would be keptin the Shahbaz airbase inJacobabad.

Induction of F16s willimprove the capability of

See # 3 Page 11

HANGU: A suicide bomber rammed a tractorladen with explosives into a hospital in a townin northwest Friday, killing at least 14 people,officials said, in what appeared to be a sectarianattack.

Officials said Shi'ite Muslims were praying ina room inside the hospital when the bombexploded in the town of Hangu.

Several police officials said the bomber drovethe tractor into the hospital in Hangu. They said

three policemen were among the dead. Sixteenpeople were wounded. Pakistan's U.S.-backedgovernment faces Taliban insurgents who havesustained a campaign of suicide bombings indefiance of a series of military offensiveslaunched last year against their strongholds inthe northwest. Pakistan has been bracing forsectarian violence during Moharram, the holiestmonth for Shi'ite Muslims, which began onWednesday. -Reuters

Hangu hospital blastslaughters at least 14