the financial daily-epaper-13-12-2010

International

Loot in Punjab is on rise: Awan See on 2

Ramadi car bomb kills 13, hurts dozen See on Page 12

Resolution against Taseer for violating law See on Page 12

Crude Oil (brent)$/bbl 90.48

Crude Oil (WTI)$/bbl 87.79

Cotton $/lb 136.97

Gold $/ozs 1,384.90

Silver $/ozs 28.61

Malaysian Palm $ 1,156

GOLD (NCEL) PKR 38,314

KHI Cotton 40Kg PKR 9,752

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 - Nov 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

$4.43bn

$569mn

Rs 495bn

$58.41bn

Rs 5234.9bn

$203.80mn

-2.58%

4.10%

$1,051

171.28mn

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

111.38

188.07

42.84

36.41

35.95

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

11-Dec-2010

11-Dec-2010

11-Dec-2010

11-Dec-2010

11-Dec-2010

11-Dec-2010

11-Dec-2010

11-Dec-2010

11-Dec-2010

11-Dec-2010

11-Dec-2010

13.16%

13.39%

13.67%

14.00%

13.21%

13.39%

13.61%

13.94%

14.10%

14.16%

14.24%

14.28%

14.54%

14.70%

14.88%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 83.70 84.70

Canadian $ 84.00 85.00

Danish Krone 15.10 15.20

Euro 113.00 115.00

Hong Kong $ 10.90 11.00

Japanese Yen 1.026 1.052

Saudi Riyal 22.65 22.90

Singapore $ 64.80 65.80

Swedish Korona 12.10 12.20

Swiss Franc 86.75 86.85

U.A.E Dirham 23.23 23.45

UK Pound 135.00 136.00

US $ 85.65 85.95

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 84.35 84.54

Canadian $ 84.84 85.04

Danish Krone 15.19 15.22

Euro 113.23 113.50

Hong Kong $ 11.01 11.04

Japanese Yen 1.021 1.023

Saudi Riyal 22.82 22.88

Singapore $ 65.49 65.64

Swedish Korona 12.39 12.42

Swiss Franc 87.24 87.44

U.A.E Dirham 23.31 23.36

UK Pound 135.33 135.65

US $ 85.68 85.87

Inter-Bank Currency Rates

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CITIES MAX-TEMP MIN

ISLAMABAD 23°C 2°C KARACHI 28°C 7°C LAHORE 20°C 4°C FAISALABAD 22°C 3°C QUETTA 13°C -9°C RAWALPINDI 23°C 3°C

Weather Forecast

Index Close Change

KSE 100 11,620.16 51.07

Nikkei 225 10,211.95 73.93

Hang Seng 23,162.91 8.89

Sensex 30 19,508.89 266.53

SSE COMP. 2,841.04 30.09

FTSE 100 5,812.95 4.99

Dow Jones 11,410.32 40.26

Global Indices

Sharmila spells securitystrategy for Sindh

See on Page 2

Ahmed Siddique

KARACHI: The sales of vari-ous petroleum products inNovember, dropped 1.5 percent YoY as total volume of thePOL products (ex non-energy)was recorded at 1.51 milliontonnes against 1.53 milliontonnes in same period last year,unveiled by the OCAC num-bers.

On the other hand, consump-tion of petroleum products fell18.8 per cent MoM due to Eidholidays and higher volumetricsales witnessed in October2010 (up by 33 per cent MoMin October).

The total volume of the POLproducts (ex non-energy) wasrecorded 1.51 million tonnes inNovember 2010 against 1.86million in October 2010.

According to data, sales offurnace oil have decreased by

7.9 per cent YoY to 572ktonnes in November 2010 from621k million tonnes recordedin identical period last year dueto circular debt issue.

Likewise, High Speed Diesel(HSD) showed a drop of 12.9per cent with sales of 612 thou-sand tonnes against 703 thou-sand tonnes in Novembermainly due to lower agricultureactivities.

Kerosene sales also dipped7.7 per cent to 12k tonnes com-pared with 13k tonnes inNovember 2010.

However, Mogas consump-tion remained up duringNovember as it surged 28.8 percent to 188 thousand tonnesagainst 146 thousand tonnes inNovember 2009.

However, oil sales dipped 4.7per cent to 8.05 million tonnesin 5MFY11 against 8.45 mil-lion tonnes in 5MFY10.

Nov oil salesdip 1.5pc YoY

Down 4.7pc to 8mn tonne in 5M

Ghulam Raza Rajani

KARACHI: The KarachiStock Exchange has witnessed5 Initial Public Offerings(IPOs) worth Rs3.54 billion inthe calendar year 2010 com-pared to 3 equity offeringsworth Rs1.2 billion duringsame period last year.

That's why; the cumulativevalue of 5 IPOs offered inCY10 was 195 per cent higherthan identical period last year.

Wateen Telecom was thelargest IPO in size which over-subscribed by receiving a sub-scription amount of Rs2.01 bil-lion against offered amount ofRs two billion. The stock isnearly 1 time oversubscribed.

In terms of over subscription,Fatima Fertilizer CompanyLimited was highly oversub-scribed security which over-subscribed by 1.12 times by

capturing the subscriptionamount of Rs754 million com-pared to offered amount ofRs675 million.

In distinction, other popularIPOs during the outgoing yearwere of Safe Mix ConcreteProducts Limited, AmtexLimited and Wateen TelecomLimited which were oversub-scribed by 1.02 times, 1 timesand 1 times, respectively.

Agritech limited was theworst IPO in terms of under-subscribed as company onlymanages to attract Rs115 mil-lion against offered amount ofRs500 million.

On the other hand, 8 newopen-end mutual fundslaunched in CY10 namely, NITIncome Fund, NITGovernment Bond Fund,KASB Capital Protected GoldFund, Alfalah GHP Cash Fund,

See # 12 Page 11

Rs3.5bn raisedthru five IPOs

Khi Stock Market during CY10

Eight new open-end funds launched

ISLAMABAD: President AsifAli Zardari on Sunday tele-phoned Pakistan MuslimLeague-Nawaz (PML-N)Quaid, Mian Nawaz Sharif andinvited him to the banquet.

Te banquet will be hosted by thePresident in honor of the ChinesePrime Minister during his visit to

Pakistan this week.Mian Nawaz Sharif accepted

the invitation of the president.The President thanked the

former prime minister foraccepting the invitation toattend the banquet in honor ofthe Chinese Prime Minister. -NNI

Sharif to join Zardari,

China PM at banquet

President, PM condolewith Zuberi family

MAZuberi

passes awayStaff Reporter/ Agencies

KARACHI: The Editor-in-Chief and founder editor ofBusiness Recorder MA Zuberidied here on Sunday. He wasalso the Pattern-in-Chief of AajNews. He was 90.

He was born in Merehra, UP,India on July 2, 1920.

He will be buried in the com-pound of Abdullah Shah GhaziMazar, Clifton Karachi. HisNamaz-e-Janaza will be offeredat Masjid Noor-ul-Islam,Zamzama Park, Clifton, afterZohar prayers on Monday 132010.

Considered as the pioneer ofeconomic and financial jour-nalism in Pakistan, MA Zuberiwas a former president and oneof the founding members ofCouncil of Pakistan NewspaperEditors (CPNE).

He was a recipient of Sitara-e-Imtiaz and many otherawards.

Meanwhile, Prime MinisterSyed Yousuf Raza Gilani hasexpressed deep sorrow and

See # 11 Page 11

ISLAMABAD: Association ofPakistan Travel Agents UK(APTA UK) has filed a claimsuit against PIA with a court oflaw demanding payment of2.68 million pounds plus inter-est as commission.

According to APTA UK, PIAhad appointed 43 members ofAPTA UK as General SalesAgents/ consolidators for itsUnited Kingdom's ticket sales.

In June 1994, PIA made aperformance based protracted(oral) agreement with certainmembers of the claimant.

"The agreement was, andstill is, that the defendantwould pay an additional sum

equivalent to 2 per cent asincentive/ commission of thetotal value of the defendant'sticket sales achieved by theclaimant's members, severally,and the agreement has sincebeen consumed until aboutJune 2008," the suit documentsfiled with the High Court ofJustice, Chancery DivisionLondon read.

"This claim arises as a resultof the defendant's failure topay the aforesaid 2 per centincentive/ commission to theclaimant's members as fromJuly 2008; although the defen-dant has been, and still is

See # 6 Page 11

PIA sued for2.7mn pounds

Not allPakhtuns

Taliban:Musharraf

LONDON: Former presidentPervez Musharraf said Sundaythat he had advised the interna-tional community to acceptTaliban government but theydid not heed to his advice.

In his article in Wall StreetJournal, he said, "Had theworld conceded to my advice,circumstances would have beenquite different".

He said that the curriculum inreligious schools must bechanged to curb terrorism.

Musharraf said that the tri-umph in the Afghan jihad wasdue to Pakistan's efforts but theWest had taken advantage ofthat.

He also said that the chain ofterrorism in Pakistan is linkedto India and Afghanistan.

He also urged proper partak-ing of Pakhtuns in the Kabul

See # 13 Page 11

FAISALABAD: Pakistaniindustries and businessesalready suffering from severalsetbacks including rising inter-est rates, consistent power out-ages -- thus raising the produc-tion cost - dealt another blowSunday as Faisalabad industrialarea witnessed gas absence.

Consistent closure of indus-tries, not only hurting theindustrial throughput big time,but also bring sufferings todaily-wagers.

It was fourth straight daywhere gas remained suspended,it was learnt.

According to the details, theongoing weekly industrial gasbreak has kept Faisalabad'sindustries constantly closed onthe fourth day while makingthe local industrialists deeplyworried and depriving millionof daily-wagers from theirearnings.

According to the gas load-

management plan, it wasannounced that a three-dayweekly gas break will beobserved in Faisalabad's indus-trial zone but after completionof three days' break in runningweek, yet gas supply has notbeen resumed on fourth day.

All industries of Faisalabadare continuously closed for lastfour days and million of labor-ers have been afflicted byfamine for not being able toearn their daily wages.

After constant gas load-shed-ding of four days, the industri-alists of Faisalabad haveexpressed deep worries whileinforming that they are com-pelled to bear million of rupeeslosses daily as their exportorders are regularly being can-celled for not meeting the dead-lines.

The job deprived and famineafflicted daily wagers ofFaisalabad have staged protest

against the constant gas loadshedding of the local indus-tries.

Meanwhile, Sui gas authori-ties had announced gas outagesto Faisalabad industrial unitsfrom Dec 09 to 11, but SuiNorthern Gas on Sunday couldnot restore gas supply toNawala Industrial Estate as aresult all the major industrialunits remained closed.

In other areas, owing to lowgas pressure, industrialmachines could not be started.

Chairman, Value-addedTextile Forum, KhurramMukhtar expressing his con-cern over gas load-shedding,stated that suspension of gassupply to industrial units onfourth consecutive day wassheer injustice, adding that thishad badly affected around 0.2million workers.

He further said that closure of See # 14 Page 11

Mega blowto industriesLabourers face hardship, export-orders cancelled

Textile Exporters call emergency meeting today

Shaikh Ahmedappointed asDubai World

chairmanDUBAI: Dubai's ruler appoint-ed a new board for DubaiWorld, the flagship conglomer-ate which struck a deal torestructure $25 billion (15 bil-lion pounds) in debt earlier,appointing his uncle and keyadviser as chairman on Sunday.

The UAE's state news agencyWAM said Sheikh Ahmed binSaeed al-Maktoum -- whospearheaded Dubai's attempts torecover from last year's crip-pling debt crisis as head of theSupreme Fiscal Committee(SFC) -- was named to the topspot.

Sheikh Ahmed is also chair-man of Emirates Airline and atop adviser to ruler SheikhMohammed bin Rashid al-Maktoum.

Other SFC members werealso named to a new board ofdirectors, including Mohammedal-Shaibani and Ahmed Humaidal-Tayer. Dubai finance directorAbdulrahman al-Saleh is also a

See # 7 Page 11

Six foreigntroops die in

Afghan attackKANDAHAR: An insurgent

attack in south Afghanistan

killed at least six foreign

troops and two Afghan soldiers

on Sunday, officials said, days

before Washington is due to

complete a review of its war

strategy.

General Abdul Hameed, the

commander of the Afghan

army in the south, said a sui-

cide car bomber staged the

attack outside a U.S. base in

Kandahar province, the heart-

land of Taliban insurgents.

The NATO-led International

Security Assistance Force

(ISAF) said six troops had

been killed in an insurgent

attack in southern Afghanistan

but declined to give any details

or confirm if it was the same

See # 8 Page 11

ISLAMABAD: InteriorMinister Abdul Rehman Malikhas said that role of SupremeCourt in curbing corruption isadmirable and told that FederalInvestigation Agency (FIA)has completed its reportregarding Hajj scam, which isto be presented in SupremeCourt on Monday (today).

He was talking to media rep-resentatives while visiting theNational Crises ManagementCell (NCMC) here inIslamabad on Sunday.

While commenting on inves-

tigations of Hajj scam, heensured that culprits involvedin corruption would have topay the brunt.

He further informed of hugeexplosives being recoveredfrom the Khyber-Pakhtunkhwaby the police at security check-points. He said on the clues ofa prospective terrorist manyterrorists have been arrested.

He said central governmentis in full coordination withprovincial governments toensure the law and security

See # 9 Page 11

SC role glorifiedin tackling graft

Hajj scam investigation report in SC today

WASHINGTON: WhiteHouse advisor David Axelrodsaid on Sunday he expected theHouse of Representatives willpass President Barack Obama'stax deal without significantchanges.

The Senate was expected thisweek to approve the dealObama cut with Republicansbut many Democrats in theHouse have complained thatthe president made too many

concessions."We believe that when it

comes back to the House thatwe will get a vote and it willprevail there," Axelrod said onCNN's "State of the Union."

Obama's $856 billion taxdeal, struck with theRepublicans who will soonwield greater clout inWashington, extends all taxcuts passed under the

See # 10 Page 11

Washington upbeaton tax deal passage

Karachi, Monday, December 13, 2010, Muharram-ul-Haram 6, Price Rs12 Pages 12

KARACHI: Rangers standing high-alert in front of Imambargah Ali Raza at MA JinnahRoad as security beefed up during holy month of Muharram-ul Haram. APP

No gas to Faisalabad mills on 4th consecutive day

Pak Travel Agents UK seeks commission

2 Monday, December 13, 2010

KARACHI: SindhMinister for Health DrSagheer Ahmed Sundaysaid that the health depart-ment had suffered a lossof Rs5 billion in its hospi-tals and health centers dueto recent devastatingfloods in Sindh in which106 health centers werecompletely destroyed and54 damaged partially.

This he said at a meetingwith a delegation of UAEHilal-e-Ahmer at hisoffice.

He said Sindh healthdepartment had madeenormous medical treat-ment facilities for theflood affected people ofSindh at the camps andother sites that was whyno disease could spreadthere.

The minister said the

health department had pro-vided health facilities to2.5 million flood affectedpeople during the monthsof August, September andNovember, while duringthis period over 2000babies were also born atthe relief camps of healthdepartment.

The minister said med-ical teams of differentcountries performed theirdue role for treatment toflood affected people andprovided latest technologyfor treatment.

Dr Sagheer appreciatedUAE Hilal-e-Ahmer teamfor helping the floodaffected people in Sindh.

Secretary Health SyedHashim Raza Zaidi andSpecial Secretary SeemaNajeeb were also presenton this occasion. -PPI

Health dept’sRs5bn awashwith floods

KARACHI: Federationof Pakistan Chamber ofCommerce and Industryreiterated its stand to resistthe implementation ofreformed general sales tax(RGST) describing it asfatal below to the industryand the common man.

FPCCI leadership paidtribute to MQM for oppos-ing RGST and announcedto maintain interactionwith MQM leaders oneconomic issues of thecountry in the interest ofthe private sector and thecountry as whole.

FPCCI in collaborationwith International DailyMail organised a seminartitled National EconomicChallenges and PrudentGovernance her atFederation House.MQM's DeputyParliamentary Leader inNational Assembly

Haider Abbas Rizvi,Chairman, SenateStanding Committee onFinance and Statistics,Senator Ahmed Ali,President FPCCI SultanAhmed Chawla,Chairman G-77 and for-mer president FPCCITariq Sayeed, Advisor toTextile Ministry Dr. MirzaIkhtiar Baig, ManagingDirector, TradeDevelopment Authority ofPakistan, Tariq Iqbal Puri,Chairman, TransparencyInternational (PakistanChapter) Adil Gilani,President, India-PakistanChamber of Commerceand Industry, SM Muneer,Editor, Daily InternationalMail spoke on this occa-sion.

Except ManagingDirector TDAP, they col-lectively rejected theimposition of RGST. They

maintained that instead ofputting burden on thecommon man theGovernment should bringnew areas under tax netlike agricultural, servicess e c t o r s ,shopkeepers/small tradersearning good amountsover a year.

RGST, they said, willultimately shift to con-sumers; majority of whomare the poor and belowpoverty line.

"Revenue above Rs 0.3million be taxed acrossthe board," assertedPresident FPCCI SultanAhmed Chawla.

Senator Ahmed Ali andHaider Abbas Rizviannounced that comewhat may, MuttahidaQaumi Movement(MQM) would be stronglyopposing the RGST. -Agencies

FPPCI appreciates MQM opposition

Traders dig inheels over RGST

KARACHI: ChiefSecretary Sindh GhulamAli Shah Pasha andProvincial MinisterRehabilitation HajiMuzaffar Ali Shujra joint-ly presided over a meet-ing to review the task ofissuance of Watan Cardsto the flood affectees inSindh Secretariat No 1,Karachi.

In the meeting, databaseprocessing was discussed.It was decided in themeeting that the vacan-cies of Mukhtiarkars willbe filled in accordance

with the rules and regula-tion, with a view to expe-dite the task of distribu-tion of Watan Cards to thereal affectees.

It was emphasised thatno negligence at the partof respective officers andstaff would be excused,and strict disciplinaryaction will be takenagainst the deficiency.The ProvincialRehabilitation Ministerasked the Nadra officials,and DCOs to maintainacute liaison for expedi-tious work to this effect.

In the meeting the issueof distribution of WatanCards to the affectees wasalso discussed.

The Nadra officialsgave a presentation andpointed out, that 99,700requests for Watan Cardsare received, of those74,484 have beenprocessed.

The meeting was alsoattended by the SecretaryHome, Agriculture, andFinance Department. TheAIG Police and other rel-evant officers were alsopresent. -PPI

Nadra allots 74kWatan Cards yet

MONDAY

Time Programmes8:00 Amnay Samnay

(Rpt)9:00 News9:15 Pehla Sauda10:00 News 10:15 Bazaar11:00 News11:05 Ghar Ka Kharch12:00 News12:15 Power Lunch13:00 News13:05 Agenda 360

(Sat Rpt)14:00 News15:02 Akhri Sauda15:30 Munafa KhorHoshiyar (Rpt)16:15 Karobari Dunya17:05 Ghar Ka Kharch

(Rpt)18:05 Chai Time19:00 News19:05 Tax Time19:30 Mang Raha Hai

Pakistan 20:00 News20:05 Islamabad Say 21:00 Pakistan Aaj Raat22:00 News22:05 Doosra Pehlu23:00 News23:05 Agenda 360

(Sun Rpt)0:00 News

BISE Larkana

Exam formsubmissiontime tabledeclared

RATODERO: TheController of Board ofIntermediate andSecondary EducationLarkana has announced thatthe Examination formsfrom eligible candidates ofScience and GeneralGroups for appearing inSSC part I and II (Class IX& X) annual exam 2011will be accepted throughHBL Branches.

According to theschedule the examina-tion forms without latefee will be accepted upto 30-12-2010.

With a late fee ofRs200 the forms will beaccepted from 01-01-2011 to 20-01-2011,with late fee of Rs400from 22-01-2011 to 10-02-2011, with late fee ofRs600 from 12-02-2011 to26-02-2011 and with latefee of Rs.1000 the exami-nation forms will also beaccepted from 01-03-2011to 14-03-2011. -PPI

Seminar on media ethics

Leaks rings bell

for mediamenStaff Reporter

KARACHI: The startlingdisclosures by WikiLeakshave further underscored theimportance of media ethics inthe time when contemporarymedia is changing fast, saidPatrick Butler, Vice President(Programs) of InternationalCenter for Journalists (ICFJ)Washington, talking to mediaat Vicky Zeitlin MediaLibrary of Pakistan PressFoundation (PPF) here.

He said it is important todecide who qualifies to becalled a journalist, as besidesformal print and electronicthere are many other types ofalternate media like socialmedia, citizen-journalists,internet bloggers and web-sites, providing people a lotof information about diversetopics.

He said the question ofmedia ethics arises whenthere is a conflict of values.He said it is the responsibil-ity of journalists to evaluatetheir information and seethe pros and cons of pub-lishing it or otherwise.

Referring to the Societyof Professional JournalistsCode of Ethics, he saidthat public enlightenmentis the forerunner of justiceand the foundation ofdemocracy.

He said duty of the jour-nalist is to further thoseends by seeking truth andproviding a fair and com-prehensive account ofevents and issues.Conscientious journalistsfrom all media and special-ties strive to serve the publicwith thoroughness and hon-esty. Professional integrityis the cornerstone of a jour-nalist's credibility.

He suggested that thejournalists should seektruth and report it. In thisregard they should be hon-est, fair and courageous ingathering, reporting andinterpreting information.They should test the accu-racy of information fromall sources and exercisecare to avoid inadvertenterror. They should avoidfrom deliberate distortion.He said a journalist shoulddistinguish between advo-cacy and news reporting.

Saddar area:

nightmarefor footersmotorists

KARACHI: Mushroominggrowth of illegal encroach-ments, poor road engineer-ing and tardy performanceof traffic cops have made thebusiest Empress Market areaof Karachi a nightmare forboth motorists and footers.

At any time of the day,especially rush hours, hun-dreds of big and smallvehicles could be seenstranded in crippling trafficjams, as almost whole offootpaths and two-thirdwidth of road from theNew Preedy Street to RegalChowk is encroached byvendors and pushcarts,doing business on roadsand footpaths, forcingpedestrians to walk on roaddogging vehicles, riskingtheir life and limbs.

The City DistrictGovernment of Karachi(CDGK) last year had com-pleted multi-million megaproject of New PreedyStreet on Corridor-III toease the traffic congestionin Saddar area; however,the negligence of trafficpolice have almost endedthe utility of this projectand free-flow of trafficeven from wrong side inand out of the New PreedyStreet have created moreproblems than solvingthem.

Crippling traffic jamsfrom the mouth of NewPreedy Street at SaddarDawakhana to NaveedClinic in Regal area, notonly wastes precious timeand fuel of citizens but alsoaggravates air and noisepollution in this denselycongested residential-cum-commercial area.

New Preedy Street wasformally inaugurated bySindh Governor Dr Ishrat-ul-Ebad Khan and formerCity Nazim Syed MustafaKamal on August 14, 2009.

This street is the part of28-km-long Corridor-IIrunning from Saddar toToll Plaza atSuperhighway, completedwith a cost of Rs2600mil-lion.

This corridor was said tobe an alternate to Shara-e-Faisal and MA JinnahRoad- the two big arteriesin the heart of city.

The New Preedy Streetwas a unique projectbecause about 1,385 hous-es were affected due to itand owners of these houseswere given alternate plotsin Mahmoodabad area,besides payment ofRs50000 each as cash com-pensation.

The cost of 2.5-km longNew Preedy Street, with awidth between 52 to 58feet, was estimated at Rs203 million. -Agencies

KARACHI: Chief Guest Dr Sultan Mehamood,Principal Khyber Medical College inaugrating

the Sports Week Gala at college premises.International Golfer Dr Fareeda Naseer and

Directer Sports KMC Muhammad Ali are also present on the occasion. -APP

HYDERABAD: Rangers standing alert on rooftop of the Qadam Gah Mola Aliavoid any untoward incident during holy month of Muharramul Harram.-APP

KARACHI: A group photo of Ahmed Shah Panel taking part in elections of Arts Council of Karachi. -Online

Today,last date for KU

admissionKARACHI: TheUniversity of Karachi hasasked those candidateswhose names haveappeared in the secondadmission list for BSHonours and BS Third Yearand Masters Programme tocomplete admission for-malities by December 13up to 1:00 pm.

This was announced byan official of the Universityof Karachi on Sunday.

He further pointed outthat the first admission aswell as that of the claimforms has been canceled.

However, those candi-dates whose names haveappeared in the secondadmission list and whohave not completed theadmission formalities asyet, to do so on December13 from nine am to one pmat the office of dean of theFaculty of Arts. -APP

TV PROGRAMMES

MONDAY

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

Maya ke Sath11:10 The Reema Show(Rpt)12:00 News13:10 Faisla Aap Ka

(Rpt)14:10 Tafteesh (Rpt)15:00 News16:00 News17:30 Samaa Metro18:00 News18:30 Samaa Sports19:30 Crime Scene20:03 Newsbeat21:00 News22:03 Tonight With

Jasmeen23:00 News23:30 24

KARACHI: Advisor to Chief MinisterSindh on Information and ArchivesSharmila Farooqui while elaboratingMuharram security plan, said Sundaythat Sindh police has devised four-stage counterterrorism strategy in orderto check the wave of terrorism in theprovince during Muharram.

In an exclusive interview to PPI,Sharmila said that as per the strategy,preparation of police force forimpending war against terrorists hasbeen made to create awareness amongpolice officials, which may improvetheir knowledge of how terrorists'threat could manifest and how it couldbe prevented. This is to be achievedthrough preparation and circulation ofmaterial on threat perceptions, shesaid.

The advisor further informed thatdrawing and rehearsing of contingencyplans have also been devised so as togive a befitting response to terrorists incase of any possible terrorist strike.

The advisor said throughout check-ing of travelers from up country at var-ious entry points would be madebesides carrying out close monitoringof stores selling precursor chemicaland acids.

She also elaborated on other securitymeasures during Muharram underwhich police meetings with Ulema/organisers of processions and Majaliswould be held to ensure strict obser-vance of religious harmony and toler-ance besides carrying out round-the-clock surveillance of procession routesby mobile and foot patrolling and

intelligence parties.The police will also ensure strong

coordination with other agencies (CID,SB, Rangers, and IntelligenceAgencies etc) for effective and timelycommunication of intelligence.

She said that orders have also beenissued to conduct CCTV cameras andvideo recording monitoring for allmajor and sensitive processions, espe-cially in cities like Karachi, Hyderabad,Sukkur, Mirpurkhas and Larkana.

"Under the Moharram security plant,strict ban on pillion riding would beensured and zero tolerance to beobserved against display of arms whilesecurity will be boosted at all Mazarsof saints like Qalandar Shahbaz, ShahAbdul Latif Bhittai, Abdullah ShahGhazi and Qadam Gah Ali in

Hyderabad.She also elaborated evacuation plan

which mentions that in case of anyeventuality like a bomb blast, follow-ing has already been planned, preparedand rehearsed for implementation: aproper evacuation plan listing name-wise duties/ tasks like evacuation ofpublic including dead and injured, pro-tection of scene of crime etc while apost incidence investigation team willimmediately respond at the scene andtake charge of the investigation.

She further informed that the med-ical superintendents of all governmenthospitals have already been requestedto arrange first aid facilities, adequateblood supply and bound the paramed-ical staff and doctors to remain standby from 1st to 10th Muharram.

The advisor said 2385 Shia proces-sions with permit and 2311 withoutpermit/tradition would be taken out inKarachi, Hyderabad and Sukkurregions, while 252 Sunni processionswith permit and 87 without permitwould be brought out in Karachi.

CM advisor said that 8704 ShiaMajalis and 262 Sunni Wa'az will beheld in Karachi, Hyderabad andSukkur Regions. She also informedabout the total deployment of policeduring Muharram days that include.

"Rangers will be deployed as perlocal requirement. All modalitieswith Rangers authorities have alreadybeen worked out. Army will remainas stand-by force and could be acti-vated in extreme cases only,"Sharmila concluded. -PPI

CS presides over meeting

Sharmila spells security strategy for Sindh

3Monday, December 13, 2010

NEW YORK: Oil prices fell onFriday in choppy trading, finish-ing with a weekly loss as con-cerns that China's moves to coolinflation will curb energydemand, while slumping gaso-line futures hit crude futureswhich had risen on news of surg-ing Chinese imports.

For the third time in onemonth, China's central bankincreased the amount of moneylenders must keep on reserve,another move to rein in inflation.

US crude for January deliveryfell 58 cents to settle at $87.79 abarrel, having seesawed between$87.10 and an early $89.00 peak.

Despite reaching a 26-monthhigh of $90.76 on Tuesday, forthe week US crude oil futuresfell 1.57 per cent. Oil rose 6.48per cent last week, its secondstraight weekly gain.

In the week to Tuesday, moneymanagers raised net long crudeoil positions on the New YorkMercantile Exchange to arecord, the Commodity FuturesTrading Commission said.

That move above $90 justtopped the $70-$90 a barrelprice range that Saudi Arabiaand OPEC last month deemedacceptable to consumers andcame as OPEC prepared to meeton Saturday, with oil ministersexpected to retain existing sup-ply targets.

Total US crude trading volumewas tepid, 518,771 lots, 22 percent below the 30-day average.

ICE Brent crude for Januarydelivery fell 51 cents to settle at$90.48 a barrel, slipping 1.03 percent for the week.

China's crude oil importsjumped 22.1 per cent last month

from a year earlier to 5.09 mil-lion barrels per day, the fourth-highest monthly average onrecord. OPEC and theInternational Energy Agencyhad different demand outlooksfor 2011 on Friday, as the IEAanticipated robust demand whileproducer group OPEC said sup-ply was plentiful.

The IEA, an adviser to 28industrialized countries, in amonthly report lifted its 2011 oildemand growth forecast by130,000 barrels per day to 1.32million bpd.

OPEC forecast 2011 global oildemand growth would increaseto 1.18 million bpd, only 10,000bpd more than predicted lastmonth and making the case forno change in supply policy whenoil ministers meet on Saturday inQuito.-Reuters

Oil slips on China ratehike worry, gasoline slide

NEW YORK: The euro shouldextend losses against the dollarthis week as a meeting ofEuropean Union leaders will like-ly heighten concerns about deep-ening divisions within the blocover how to solve its debt crisis.

The euro slipped toward$1.3150 on Friday and endedthe week down 1.2 per cent ver-sus the dollar. Charts suggestthe euro could fall back to itsDecember low of $1.2970,while positioning data showedmore bearishness as speculatorsmore than doubled bets againstthe currency in the latest week.

EU heads of state and govern-ment meet on Dec. 16-17 to dis-cuss the region's spreading debtcrisis. Expectations of meaning-ful progress are low afterGermany and France on Friday

rejected calls for an increase inthe bloc's rescue fund and jointsovereign bonds. "Clearly,there's been much less consensuson the long term stability mecha-nism such as the euro bond pro-posal," said Aroop Chatterjee,currency strategist at BarclaysCapital in New York. "We expectthe euro/dollar to continue to bepressured lower until some solu-tions are put in place.

"Our view is that the euro willmake it out of this sovereign debtissue, but it's going to obviouslyrequire political will," he said.

The euro last traded 0.1 percent lower at $1.3227, after hit-ting a session low of $1.3178 ontrading platform EBS. Support isat $1.3150, followed by its 200-day moving average around$1.3115, traders said.

Short positions on the eurojumped to 15,290 contracts from7,248 contracts in the weekended Dec. 7, data from theCommodity Futures TradingCommission showed on Friday.Currency speculators trimmedbets against the dollar for a fifthstraight week.

Ireland's government will seekparliamentary approval for an85-billion-euro IMF/EU rescuepackage this week, though therewere concerns as the oppositionLabour Party pledged to voteagainst it.

Against the yen, the dollar rose0.3 per cent to 83.94 and was up1.6 per cent last week.

The sharp rise in US Treasuryyields over the past week hasboosted the dollar versus the yenon the view that the Obamaadministration's proposed tax cutextension would spur economicgrowth. Higher bond yields tendto boost the greenback as theyincrease the return on dollar-denominated assets.

"We suspect the path of USyields will remain the key driver ofthe US currency's path in the near-

term," said Nick Bennenbroek,head of currency strategy at WellsFargo in New York.

In the United States, focus willbe on the Federal Reserve's mon-etary policy meeting on Tuesdayand investors expect no changeto the central bank's $600 billionbond purchase program.

The Fed will likely continuehighlighting risks to the labormarket in its post-meeting state-ment after data earlier this monthshowed employment barely grewin November. However, analystsdon't expect a very downbeatFed as other data such as con-sumer sentiment and joblessclaims have been more positive.

A wide range of data this weekcould shed more light on the USeconomy, with highlights includ-ing retail sales, consumer andproducer prices, and housingstarts. "We expect US data tocontinue to remain firm," saidBarclays' Chatterjee. "US yieldswill likely go higher and riskyassets will likely remain firm, soyou probably would expect thedollar to do better against thelower yielding currencies such asthe yen and euro."

Some analysts say dollar/yencould play catch up as US yieldsrise further. Given current ratespreads at the 10-year sector ofthe curve, there is a growing con-sensus that dollar/yen spotshould perhaps be trading closerto the 87-88 range.

Dollar/yen is also the standoutperformer in the options marketwith apparently high demand forbullish structures.

"The yen is simply overvalued,"said Vasileios Gkionakis, macrostrategist at Fulcrum AssetManagement LLP in London.Fulcrum oversees about $900 mil-lion in assets. Gkionakis expectsthe dollar/yen to trade around 85in the short term and said the fairvalue for dollar/yen is probablyaround 100-104. -Reuters

Euro to drop as EU leadersmeet; Fed meeting looms

US dollar weekly outlook

Euro could fall back to recent low beneath $1.30

Fed meeting also in focus; US data could boost dollar

TAIPEI: The Taiwan dollarand Philippine peso led gains inAsian currencies last week asChina's exports beat econo-mists' estimates, boding wellfor the regional economicrecovery and trade.

The yuan rounded out its bestweek in a month after China'strade surplus swelled to $22.9billion in November as exportsand imports surged to records.Malaysia's ringgit rose for a sec-ond week, its best winning streakin two months, after reportsshowed overseas shipments andmanufacturing grew more thananalysts had predicted.

"China's export surprise willmean strong demand for prod-ucts made in the rest of Asia,"said Julie Yu, a Taipei- basedforeign-exchange trader atTaiwan Shin Kong CommercialBank. "Economic growth in theregion will continue to support

gains in Asian currencies." The peso rose 0.5 per cent to

43.675 per dollar last week.Taiwan's dollar appreciated 0.5per cent to NT$30.585, theringgit climbed 0.2 per cent3.1345 and the yuan gained0.12 per cent to 6.6556.

Global funds bought a total of$1.3 billion more stocks thanthey sold in Indonesia, SouthKorea, Taiwan and Thailandlast week, exchange data show.The International MonetaryFund predicts Asia's develop-ing economies will expand 9.4per cent in 2010, whileadvanced economies will grow2.7 per cent.

The ringgit traded near a two-week high after the governmentreported on Dec. 9 that factoryproduction rose 3 per cent inOctober from a year earlier,beating the median estimate of2.1 per cent in a News survey.

Exports grew 1.3 per cent thatmonth, compared with predic-tions for a 1.4 per cent decline, areport on Dec. 3 showed. Thecurrency has appreciated 9.3 percent this year, headed for its bestannual performance since 1973.

The yuan rose for a secondweek on speculation China'scentral bank will raise interestrates to temper inflation.Taiwan's dollar advanced for asecond week after the govern-ment reported on Dec. 7 thatexports increased a better-than-forecast 21.8 per cent inNovember from a year earlier.

Elsewhere, South Korea'swon fell 0.4 per cent for theweek to 1,143.60 per dollarand Indonesia's rupiah dropped0.1 per cent to 9,018. India'srupee was little changed at45.11 and the Thai baht tradedat 30.08 from 30.05 a weekearlier. -Agencies

Mostly logs gains for wkas Chinese data lifts outlook

Asian currencies

NEW YORK: US cotton futuresclosed higher on Friday oninvestor buying in moderatetrade, with analysts saying a gov-ernment crop report underlinedtight supplies in the market.

The benchmark March cottoncontract on ICE Futures US rose1.02 cents to finish at $1.3697per lb, trading from $1.353 to$1.4095. On the week, the mar-ket gained 3.5 per cent.

Trading volume hit about27,336 lots, roughly a quarterbelow the 30-day average of35,361 lots, Thomson Reuterspreliminary data showed.

Business has recently slowed.On Thursday, cotton volumereached a three-month low of15,036 lots, exchange data

showed.Cotton is still the best per-

former in the Reuters-Jefferiescommodity index, up over 70per cent in the year to date.

The March contract climbedby the 5-cent daily limit ahead ofthe US Agriculture Department'smonthly supply report but"slowly sold off" after therelease of the data, said LouBarbera, an analyst for broker-age VIP Commodities.

The USDA estimate of 1.9million 480-lb bales in US cot-ton ending stocks for 2010/11emphasized the tight situation,traders said.

But the global numbers took abearish tone.

The USDA raised global pro-

duction in 2010/11 to 115.53million bales from 115.25 mil-lion, reduced world consump-tion to 116.25 million from116.82 million and raised worldending stocks to 43.39 millionagainst 42.20 million bales.

With those numbers in,Barbera said market players"took a little profit" although thesupply situation into the springof 2011 remained "tight".

Chinese cotton prices rose,with the May futures last done at26,825 yuan per tonne, up 255yuan.

Going forward, market playerswill turn to prospective spring2011 cotton plantings in coun-tries such as the United Statesand China. -Reuters

US cotton gains as tradedigests USDA data

NEW YORK: Gold fell onFriday after China raised bankreserve requirements andinvestors took profits in bullionUS data showing rising con-sumer confidence and a shrink-ing trade gap.

For the week, bullion fellmore than 2 per cent, its biggestweekly decline in nearly twomonths, as rising yields for USTreasuries prompted someinvestors to take profits in pre-cious metals and allocate somefunds to government debt.

Suki Cooper, precious metalsanalyst at Barclays Capital, saidprofit-taking pressured gold buteconomic uncertainty keptlonger-term investment demandstable across precious metals.

HSBC and other bullionbanks also said steep declinesin prices triggered more goldbuying in emerging markets.They pointed to high premiums

in India and China as evidenceof strong physical demand.

Spot gold slipped 0.1 per centto $1,385.92 an ounce at 1910GMT, sharply below a recordhigh at $1,430.95 set onTuesday. US February goldfutures settled down $7.90 at$1,384.90.

Spot silver dropped 0.2 percent to $28.65 an ounce,retreating after a rally to $30.68on Tuesday. COMEX gold andsilver futures volume were bothmore than 40 per cent belowtheir 30-day averages, prelimi-nary Reuters data showed, assome trading desks and fundsalready have closed their booksahead of the year end.

BNP Paribas analyst Anne-Laure Tremblay said year-endbook squaring was also aidingdownside pressure in gold."Investors who have performedwell this year may be looking

to protect their gains rather atthis stage," she said.

Earlier, China's central banksaid it was raising lenders'required reserves by 50 basispoints, effective Dec. 20, itssixth official increase this year.

Physical demand has limiteddeclines in gold prices.

"Tuesday-Thursday was ourstrongest three-day run of phys-ical sales to India since lateOctober, when gold was tradingaround $1,320," said UBS ana-lyst Edel Tully.

"Physical buying from Indiaand other centers this week waslikely one of the reasons moreinvestor longs didn't liquidate,as strong physical demand isoften a sign that a downtrend isabout to bottom."

In other metals, platinumeased 0.1 per cent at $1,673.99,while palladium slipped 0.5 percent to $732. -Reuters

Gold drops as China tightens, down 2pc on week

NEW YORK/LONDON:Cocoa crumbled on Friday in itsbiggest daily percentage loss innearly five months, extending itslosses as fears over suppliesfrom top grower Ivory Coasteased despite a disputed elec-tion.

Raw sugar reversed to settlehigher and arabica coffeebounced to a strong settlementafter a spurt of technical buyingpushed the market higher. Bothmarkets jumped in thin dealings.

The political strife in IvoryCoast appeared to be working itsway closer toward a solution andviolence failed to materializedespite the contested electionresult, with prices moving fur-ther away from Tuesday's four-month highs.

Benchmark March cocoafutures on ICE sank $123, or 4.1per cent, to settle at $2,887 pertonne, the biggest daily percent-age loss since July 19. LiffeMarch cocoa dropped 93pounds, or 4.7 per cent, to closeat 1,899 pounds per tonne, thebiggest daily drop since July 16.

Raw sugar futures climbed inchoppy dealings on thin investorsales as the lack of fresh leadskept the market rangebound,

with earlier pressure from thefirmer dollar which was boostedby US data that narrowed morethan expected.

ICE March raw sugar rose0.42 cent to close at 29.13 centsper lb.

"We suspect buy stops lieabove 30 cents and sell stopsbelow 27," said Nick Penney, abroker with Sucden Financial.

"Until values reach either ofthese points, we suspect volumewill continue to drift off as theholiday season approaches."

Traders continued to wait for afinal verdict by New Delhi onIndian sugar exports, which arebelieved to reach 500,000 tonnesin January.

Liffe March white sugarreversed early gains and closeddown $4.70 to finish at $722.50per tonne.

ICE arabica futures surged ininvestor buying, after automaticbuy orders were triggeredaround $2.0575, basis March, inlight volume earlier.

ICE March arabicas surged5.05 cents, or 2.5 per cent, tosettle at $2.0960 per lb. LiffeMarch robusta coffee futuresclosed up $4 at $1,908 atonne. -Reuters

Cocoa reels as IvoryCoast supply fears ease

TORONTO: The Canadian cur-rency eked out a small gainagainst the US dollar on Friday,trapped in the tightest tradingrange in several weeks and unin-spired by firmer equity marketsand data that showed the coun-try's trade deficit shrank inOctober.

The currency remained stuckin its recent narrow band, mov-ing in just a 21-point range dur-ing the North American session.The range has compressed ineach of the last three sessionsand it was the most compactspan since Nov. 29 when the cur-rency traded in a 48-point range.

The Canadian dollar finishedat C$1.0094 to the greenback, or99.07 US cents, up fromThursday's close at C$1.0105 tothe US dollar, or 98.96 US cents.For the week, the Canadian dol-

lar fell 0.6 per cent."The data this morning was

fairly positive for Canada in thesense that exports are lookingrelatively strong. We have com-modities very close to wherethey closed the day before andequities slightly stronger," saidCamilla Sutton, chief currencystrategist at Scotia Capital.

"So not a lot of real movementout of Canada. We're just stick-ing around parity but unable toreally break through. We need amaterial catalyst to push usthrough the C$0.9980 level on asustainable basis."

With no top tier domestic dataexpected next week, attention willlook to the United States for a pos-sible catalyst, notably the FederalReserve's interest rate decision andNovember reads on retail sales andthe consumer price index.

In economic news on Friday,higher exports helped cutCanada's October trade deficit toa smaller than expected C$1.71billion from a revised C$2.31billion in September, StatisticsCanada reported. Meanwhile,Finance Minister Jim Flahertytold Reuters Insider on Fridaythat Canada needs to get used toupward pressure on its dollar.

The currency's muted reactionto Friday's data was probablyoffset by the unexpectedly largecontraction in the US tradedeficit, analysts said. Toronto'smain stock index advanced 0.55per cent in a broad-based rally.

Separately, data from theCommodity Futures TradingCommission showed specula-tors added to bets in favor of theAustralian and Canadian dol-lars. -Reuters

Canadian $ rises butsheds 0.6pc in wk

Spec's cutbets vs dlr,add to euro

shorts: CFTCNEW YORK: Currency specu-lators trimmed bets against thedollar for a fifth straight weekand more than doubled betsagainst the euro, data from theCommodity Futures TradingCommission showed on Friday.

The value of the dollar's netshort position edged down to$8.42 billion in the week endedDec. 7 from $8.55 billion theprevious week, according toReuters and CFTC calculations.

Bets against the euro weremore than doubled in the week,while speculators nearly tripledshort sterling positions. But theimpact on the overall dollar posi-tion was mitigated by a sharp risein long Australian and Canadiandollar positions.-Reuters

Copper nearrecord highafter China,

US dataNEW YORK/LONDON:Copper rose near record highson Friday after strong Chineseimport data and healthy USeconomic readings boosted thedemand outlook amid tightsupplies, but a rising dollartrimmed the red metal's gains.

Investors voiced concern,however, that China couldannounce further monetarytightening to slow the country'srapid economic growth when itreleases inflation reports onSaturday morning.

Three-month copper on theLondon Metal Exchange fin-ished at $8,980 a tonne from$8,940 at the close onThursday. The metal used inpower and construction roseafter data showed US consumersentiment increased more thanexpected in early December,bolstering the demand outlook.

In a similar trajectory, NewYork copper for March deliveryadded 2.50 cents to end at$4.1120 per lb, after setting anew record for the fourth-posi-tion contract at $4.1430 a lb.

The market also eyed thelaunch of physically backedbase metal exchange-tradedproducts (ETPs), which somebelieve could exacerbate pricevolatility and market tightness.

Earlier, data showed China'simports of copper rose 28.5 per centto 351,597 tonnes in November,after a slump in October.

Among other metals, alu-minum closed at $2,308 versus$2,338 a tonne. Steel-makingingredient nickel ended at$23,980 a tonne from $23,600,while battery material lead closedat $2,390 from $2,405 a tonne.

Zinc finished at $2,274 from$2,300 a tonne, and tin at$25,800 a tonne from $25,895.

Also bullish for metals, data ear-lier showed the US trade deficitnarrowed much more than expect-ed in October, potentially boostingestimates of US fourth-quartereconomic growth. -Reuters

Wheat dipsnearly 2pc onUSDA data

CHICAGO: US wheat futuresfell nearly 2 per cent on Friday,reversing gains posted in Asianand European trade, after the USgovernment unexpectedly raisedUS ending stocks forecasts despitetrade expectations for a decline.

The government also raised bynearly 5.0 million tonnes its esti-mate for global wheat supplies,providing added weight onwheat futures prices.

March wheat was down 0.39per cent for the week, corn wasup 0.39 per cent and January soywas down 2.2 per cent. It wasthe first weekly drop for CBOTwheat in three weeks.

Corn futures ended nearly flatand soybean futures fell after thegovernment report forecast sup-plies which exceeded analysts'estimates.

CBOT March delivery wheatwas down 13 cents per bushel at$7.75-1/2, March corn wasunchanged at $5.74-1/4 andJanuary soy was down 8-1/2 at$12.73. Wheat recently rose to itshighest level in four months whilecorn and soybeans rallied to overtwo-year highs as investorsbought each market, banking ondwindling supplies.-Reuters

Sterling postswkly gainson recoveryoptimism

LONDON: The pound rose toits strongest level this monthagainst the euro as a reportshowing house prices advancedadded to signs the UK recoveryis gathering pace while Europestruggles with its debt crisis.

Sterling also climbed to itsstrongest level in more than twoweeks against the dollar. Houseprices rose to the highest inmore than two years inNovember, a report indicated.The Bank of England kept itsbenchmark interest rate steadyand government data showedrecord imports in October.Government 10-year bondsheaded for a weekly decline.

"There's more gloom else-where," said Chris Furness, headof foreign exchange strategy inLondon at 4Cast Ltd., a researchcompany that counts centralbanks among its clients. Sterlingwill probably advance to 81pence per euro by June, he said.

The pound gained 0.3 per centto 83.72 pence per euro as of 4p.m. in London, leaving it 1.5per cent stronger last week. Itearlier reached the strongestlevel since Dec. 1. It was up 0.1per cent at $1.5793, afterstrengthening to $1.5862.

The average price of a home inEngland and Wales climbed fora seventh month, gaining 0.2 percent, research companyAcadametrics Ltd. and LSLProperty Services Plc said in anestimate released. UK producerprices increased for a secondmonth in November, the Officefor National Statistics said todayin London. Sterling has gained0.1 per cent in the past month,according to BloombergCorrelation-Weighted CurrencyIndexes, which track a basket of10 developed-country curren-cies. Since the end of 2009,Britain's currency has lost 3.7per cent, compared with a 9.5per cent decline by the euro.

The Bank of England kept itsmain interest rate a record low0.5 per cent and held its asset-purchase program unchanged at200 billion pounds. -Agencies

China crude oil imports surge in Nov, supports oil

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.

Crude-bite,not very farTwo factors have become evident that crude

oil average price in 2011 will hover around$100 a barrel and oil producers are not willingto let the price go off on a tangent. Theybelieve consumers can afford to pay this price,which is also necessary for attracting freshinvestment in exploration and production aswell as in upstream industries.

Since 2008 per barrel crude oil prices havehit two extremes, on the higher side $147 andon the lower side $34. Prices had skyrocketeddue to over-indulgence of hedge funds in allthe commodities, including oil in 2008. Withthe burst of the bubble and emergence offinancial crisis the world experienced double-dip inflation. As a result many countriesincluding Pakistan had to approach the globallenders for bail out programmes. Therefore,the rise in crude oil prices once again shouldbe a cause of concern for Pakistanis.

Some of the experts say that since the dol-lar has depreciated against many currenciesthe $100 level is not really too high. Theyeven hint towards $125 high. As the prices,commodities are also witnessing upwardhike in crude oil price should not be much ofa concern.

Some of the Pakistani experts also say that aslong as prices of wheat, cotton and rice alsomove in tandem, the bite will not be deep.However, when price crosses $120 Pakistancould face some serious problems. They makeis very categorical that the severe impact willnot be due to price hike but prevailing ineffi-ciencies, mismanagement, and corruption in theenergy sector. The added dampener will be thecircular debt engulfing the entire energy chain.

Fully cognisant of the fact that Pakistan isexcessively dependent on fossil oil and gasproduction is falling short of demand theonly prudent option is to optimise use ofenergy products. Along with this, effortsshould also be made to curtail pilferagesalong with enhancing the use of alternatesources of energy i.e. coal, wind power andhydel power generation.

Though, experts often say that energy short-age is the stumbling block in boostingPakistan's economic growth little is being doneto remove this. Reduction in transmission anddistribution losses of electric utilities and UFGof gas distribution companies can help improvecash flow of these entities, help in resolvinginter-corporate debt and above all bringingdown electricity and gas tariffs in the country.

One could only say with great regret that theentire nation suffers one of the contagiousmaladies called self-pity. Neither the govern-ment nor the stakeholders in trade, industry,and general public are serious in resolving theenergy crises. On top of all, they consider pil-fering electricity and gas their inherent rightbecause tariffs are unaffordable.

Situation begs action.

4Saturday, December 11, 2010

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

Editor: Shakil H. Jafri

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The Financial Daily InternationalVol 4, Issue 124

What started out as asmall group ofactivists operating

a clearing house for leakedsecret documents, WikiLeakslooks like it is turning into aninternational grass rootsmovement that needs no cen-tral figure to fight a "datawar" in the name of Internetfreedom.

It could be a long war, nomatter whether JulianAssange, thefounder ofW i k i L e a k s ,remains theworld's mostp r o m i n e n tan t i - s ec r ecyfigure or not.

S i n c eNovember 28,when WikiLeaks began releas-ing a quarter of a million clas-sified US State Departmentcables from embassies aroundthe world, there have beenseveral attempts to drive theorganisation off the Internetand cut its channels for receiv-ing donations. A day afterAssange was arrested inLondon, Internet activistsstruck back.

While he was in prison, cutoff from contact with hisorganisation, computer hack-ers attacked the websites ofMasterCard, Visa, and PayPalwhich had stopped processingdonations for WikiLeaks;Amazon.com, which had ban-ished WikiLeaks from usingits rented servers; a Swissbank and the website of theSwedish prosecutor who hadissued an arrest warrant forAssange on charges of sexualmisconduct.

"This movement is biggerthan Assange," said a com-ment in one of the dozens ofpassionate Internet debates onOperation Payback, as thecounter-attack was called.Peter LaVenia, a leader of theNew York State Green Party,described WikiLeaks as "themost important thing to hap-pen to the cause of democraticrule" since the student revolts

of 1968 in the US and Europe.The mood and tone of pro-WikiLeak activists indeedevoke memories of the anti-establishment sentiment of1968.

Since 2007, when Assange, a39-year-old ex-hacker, set upWikiLeaks, his organisationhas been closely identifiedwith him as the indispensableleader. He has described him-self as "the heart and soul of

this organisation, its founder,philosopher, spokesperson,original coder, organiser, fin-ancier and all the rest." But thelast few days of "hacktivism"show that even without him,the genie he uncorked couldnot be stuffed back into thebottle.

"This is cyber guerrilla war-fare," said Charles Dodd, aconsultant to US governmentagencies on cyber security."They attack from the shad-ows and they have no fear ofretaliation. There are no rulesof engagement in this kind ofemerging warfare."

In the Kalashnikov-carryingkind of guerrilla war, one ofthe aims is to provoke the gov-ernment into harsh reactionsthat generate sympathy for thecause and attract new follow-ers. The American reaction toWikiLeaks' dump of embassycables seems to have achievedjust that.

PRESSURE ANDINTIMIDATION

Politicians from both sidesof the spectrum have portrayedhim as an arch-villain. Right-wing pundits have called forhis assassination. MikeHuckabee, a presidential con-tender in 2008, says he shouldbe executed.

The companies that cut off

ties with WikiLeaks deniedhaving caved to pressure fromthe US government, but thatwas not the perception abroad.

In Geneva, the UnitedNations High Commissionerfor Human Rights, Navi Pillay,expressed "concern aboutreports" of pressure on privatecompanies to close down cred-it lines for WikiLeak dona-tions. "If WikiLeaks has com-mitted any recognisable illegal

act, then thisshould be han-dled throughthe legal sys-tem," she said,"and notthrough pres-sure and intimi-dation includ-ing on third

parties."Particularly not, she might

have added, in a countrywhose Secretary of State,Hillary Clinton, had waxedlyrical in a speech in Januaryabout an Internet free of gov-ernment interference and theneed for American companiesnot to buckle to any form ofcensorship. "American compa-nies need to make a principledstand. This needs to be part ofour national brand."

Nice words, well delivered.But the before-and-afterWikiLeaks comparison ofClinton statements is stark.The leaks of the cables, manywith brutally frank assess-ments of foreign leaders, werenot just an attack on America'sforeign policy interests but "anattack on the internationalcommunity," she said. Clintondid not return to the subject ofprincipled American compa-nies or the national brand.

President Barack Obama hasstayed away from theWikiLeaks controversy entire-ly. But his attorney general,Eric Holder, is trying to puttogether a legal case thatwould allow Assange's extra-dition from Sweden to theUnited States. It's a hard caseto make because officials haveyet to answer convincingly the

question why WikiLeaks' bossshould be tried and not execu-tives of the New York Times,the US newspaper that printedsome of the most sensitiveleaked correspondence.

Getting Assange, anAustralian, into an Americancourt would also be a serioustactical mistake. It would turnhim into a free speech martyrat a time disaffected formerWikiLeaks staffers are prepar-ing to launch a rival anti-secre-cy site. Why? They leftbecause of his high-handedmanagement style and theorganisation's lack of trans-

parency.The respected Stockholm

newspaper Dagens Nyheterquoted one of the prospectivefounders of the new group assaying they wanted an organi-sation that was "democratical-ly governed, rather than limit-ed to one group or individ-ual." That doesn't mean let-ting up on making officialsecrets public.

"Our long-term goal is tobuild a strong, transparentplatform to support whistle-blowers, while at the sametime encouraging others tostart similar projects."-Reuters

Is it World Cyberwar I?

China's growth is real,but even the nation'sleaders aren't sure how

to measure it. The manexpected to be China's nextpremier thinks GDP data isunreliable, and he preferselectricity usage as a measureof economic expansion,recent disclosures fromWikiLeaks say. But as Chinatransitions to a more servic-es- and consumption-basedeconomy, energy data will bea less useful indicator andleaders need to start lookingelsewhere.

It is true that Chinese datais often too imprecise to berelied upon. The governmentreleases quarterly GDP withimpressive speed - just threeweeks after the quarter fin-ishes. It takes US bean-coun-

ters eight weeks to do thesame job. The Chinese GDPdata look bare-boned.

Sometimes Chinese data

don't even agree with eachother. The statistics bureaufound house prices grew only1.5 percent in 2009. TheMinistry of Land and

Resources' estimate of 25percent looks closer to thetruth. The problem may begarbage in, garbage out: the

statistics bureau relies on sur-veys of developers ratherthan hard transaction data.

It is reassuring to a degreethat top Chinese leaders are

seeking alternatives. PremierWen Jiabao has previouslysaid he likes to use electricityusage. The WikiLeaks cables

show that hislikely succes-sor, LiKeqiang, looksat rail cargo aswell as elec-tricity. Thosem e a s u r e smight work toa certain extentin the Liaoningprovince, a bigproducer ofsteel and petro-c h e m i c a l s ,

where Li used to work. Butthey are less useful for thewhole nation.

The make-up of the Chineseeconomy is changing.

Industries contributed 46 per-cent to GDP in 2008, downfrom 58 percent in 2000.About 43 percent GDP camefrom services in 2008, versus35 percent in 2000. China'sefforts to be more energy effi-cient may also complicatematters.

A wider range of consump-tion measures needs to beconsidered when assessingChina's economic growthusing ad-hoc observations.Car sales, for example, arealready a big growth driver;there is good industry associ-ation data. The same goes formovie screenings or sales byleading e-commerce web-sites. But at least Li - aneconomist PhD - recognisesthe need for imagination.-Reuters

The True Measureof China’s Growth

China and North Koreahave reached consen-sus on the crisis in

Korean peninsula after "can-did" talks between Beijing'senvoy Dai Bingguo and theisolated North's leader KimJong-il this week, Xinhuanews agency said.

While no details of themeeting were revealed, ana-lysts say that China likelysought to cool tensionsbetween the North and SouthKorea so as to avoid a danger-ous escalation.

Tensions between the rivalKoreas rose to their highestlevel in decades after theNorth bombarded a SouthKorean island last monthkilling four people anddestroying homes. It alsorevealed major advances in itsnuclear programme.

What could happen next?

MORE DIPLOMACY?Beijing wants an emergency

meeting of regional powers totalk about the situation, and it islikely that Dai and Kim Jong-ilspoke of the need to cool ten-sions through dialogue. Thetwo sides believe the six-waydisarmament talks were thebest forum to begin, analystssay, but it is unlikely that therewill be an immediate return todialogue. Washington, Tokyoand Seoul are uneasy about theproposal as they don't want tobe seen to be rewardingPyongyang for what they see asits reckless actions, by agreeingto hold talks.

South Korea, the UnitedStates and Japan also say theywant proof that Pyongyang iscommitted to denuclearise,adding the North's revelationsabout its advances in uraniumenrichment programme under-

line it is far from serious.For now, the outlook for

talks involving all sides isbleak.

NORTH'S NEXT MOVESMost analysts say the North

is unlikely to undertakeanother act of aggression inthe near term now that it hassucceeded in grabbing theattention of China and theUnited States. Besides, Daidelivered a message fromChinese President Hu Jintaoto Kim Jong-il and it isunlikely the North Korealeader would escalate ten-sions further at this stage. TheNorth typically carries outaggressive actions to pushSouth Korea and the UnitedStates to the negotiating tablewhere they expect to win con-cessions in return for promis-es of 'best' behaviour. At thesame time, militaristic acts

serve to bolster Kim familyrule as ailing leader KimJong-il grooms his youngestson, Kim Jong-un, into aniron ruler.

The North could wait to seeif its latest actions first yieldresults before making anotheraggressive move. It will alsobe wary of any response bythe South, where the public iscalling for tougher retaliation.

Other actions could includeshooting down loudspeakersplaced at the border by theSouth to broadcast anti-Pyongyang propaganda, testfiring artillery off the westcoast, testing missiles or con-ducting a third nuclear test.SOUTH'S NEXT MOVESThe South will conduct

more military drills, both byitself and with the UnitedStates. It is likely Washingtonwill send its aircraft carrier

back to the west coast some-time soon for a combinedmanoeuvre.

Pyongyang regards militaryexercises by South Korea andthe United States with gen-uine unease, fearing themanoeuvres could be asmokescreen for a real attack.

Exercises near the contestedNorthern Limit Line (NLL)are particularly sensitive, andif a stray round lands in dis-puted waters it could spark afight which could turn deadly.Pyongyang says the maritimeborder was created without itsconsent.

The South could up the antein anti-Pyongyang propagan-da. It could resume broadcast-ing messages through speak-ers at the border, stopped sixyears ago, and send leafletsinto the North denouncing itsleadership.-Reuters

What Next onKorean Peninsula?

It is true that Chinese data is oftentoo imprecise to be relied upon. The

government releases quarterly GDP withimpressive speed - just three weeks after

the quarter finishes. It takes US bean-counters eight weeks to do the same job.The Chinese GDP data look bare-boned.

Corporatecowardice

Will Visa Europe pre-vent its clients fromsubscribing to the

Guardian? Will Mastercardallege it can't handle pay-ments to the New York Timesbecause its behavior is "ille-gal?" That would be ridicu-lous. Yet the two credit cardgiants have been the latest tocut off Wikileaks for sup-posed unlawful behaviour inwhat looks like a panderingto US sensitivities. This ishardly taking a stand: theydon't go against the two influ-ential newspapers - or theirequivalent in France, Spainand Germany - which pub-lished the contents of the250,000-odd US diplomaticcables. It is corporate cow-ardice.

Visa Europe, which split offfrom the US parent companybefore its 2008 initial publicoffering, and Mastercard fol-low the likes of PayPal, theeBay subsidiary, andAmazon, which also stoppedservicing Wikileaks becauseof alleged breaches in theirterms of service. This rush toplease the US government -which will enchant a fewother western powers as well

- is disturbing. In the absenceof any legal decision - andeven, so far, of any legalaction - against the Wikileakscables disclosure, the onlypossible explanation is thatthe companies thought thecontroversial website wouldbe a convenient and relativelyweak scapegoat that wouldallow them to stay on the safeside of the dispute.

One can only wonder at thesudden shock felt by all thesecompanies when they cameto the view they were part ofan illegal conspiracy to shakethe world to its foundations.A Swiss bank even went sofar as cutting off the accountof the Wikileaks founder, pre-sumably because he gave thewrong address. As everyoneknows, giving an exact andprecise address is what Swissbanks have always demandedfrom all their customers.

Hackers are now having afield day wreaking havoc onthe websites of the companiestaking part in Wikileaks' boy-cott. This is the price thesefirms have to pay for forget-ting a basic rule: in a marketeconomy, don't rub customersthe wrong way.-Reuters

It could be a long war, nomatter whether Julian Assange,

the founder of WikiLeaks, remainsthe world's most prominentanti-secrecy figure or not.

“

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




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




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 3.67 104.77LOTPTA 13.33 79.97NBP 70.99 42.28JSCL 11.30 37.74KESC 3.16 33.41

Symbol Close ChangeNESTLE 2,466.81 279.55RMPL 2,093.00 121.00WYETH 1,100.00 93.75COLG 899.98 47.98IDYM 318.93 43.98

Symbol Close ChangeULEVER 4,045.11 -59.89UPFL 1,059.00 -45.33SRVI 247.03 -25.69FZTM 392.26 -16.73BATA 627.42 -16.29

Plus 242Minus 170Unchanged 17

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Monday, December 13, 2010 5

Dhiyan

The bull-run in the equities market is expected to sustain withhopes the index may cross 12,000 points level by the end ofDecember in a rally led by the oil stocks. Investors are there-fore recommended to pile up oil as well as banking stockswhere my top picks are OGDC, POL and MCB. GoodDecember-ending corporate results and settlement of RGSTissue would give market and a reasonable impetus. Marketwould be in the green zone today.

Iqbal Ismail, Chairman ACE Securities

Tariq Hussain Khan, Head of Portfolio Management United Capital Securities

We expect the bullish activities would continue further and index touch 12,200-12,500 points in the next two weeks. This would be an upshot of hopes pinnedon good corporate results, continued foreign buying, Pakistan Capital MarketForum success in London, and increased institutional activity due to year-end.Launch of Margin Trading System (MTS) would also further boost the market.However, before moving towards 12,000 level we would see a technical correc-tion of about 200 points. Invest in oil, banking, fertiliser and textile sectors.Today, market may take a slight dip in the beginning, however it would thenrecover and may end positive.

GREEN-DAY AUGURED

Opening 11,406.66Closing 11,620.16Change 213.50% Change 1.87Turnover (mn) 912.05



ABU DHABI: Traders sit under screens at the Emirates Securities Market.-Reuters

Weekly Review

NEW YORK: The Decemberrally may be reaching its climax,with just two weeks to go beforeSanta Claus makes his midnightrun. Dwindling volume, excessoptimism, and history all point toa stock market that could be run-ning out of steam.

Investors appear to have growncomplacent as the CBOEVolatility Index, or VIX, has fall-en to levels not seen since April.Stocks have made new highs onalmost a daily basis. The S&P500 closed on Friday at its high-est level since September 2008and the Nasdaq scored its bestfinish since late December 2007,with many expecting gains to runthrough the end of the year.

But Cleveland Rueckert, ananalyst at Birinyi Associates inStamford, Connecticut, believesthe year-end rally may be largelydone. "The majority of that gainmay already have occurred," hesaid. "Most people are more like-ly to be closing out their books atthe end of the month and lookingfor opportunities to open newpositions at the start of the nextmonth."

Rueckert said that over the last65 years, when the S&P 500 hasrallied at year's end, the averagegain has been 3.4 per cent betweenThanksgiving and New Year's. Sofar, the index has risen 3.5 per centsince the start of the period.

"A lot of stocks this year havehad very big gains and it reallywouldn't be surprising to see a lotof the managers close out posi-tions and take some vacationtime," he said.

When trading resumes onMonday, that will start the lastfive-day trading week beforeChristmas. The following weekwill be cut short by the holiday.With Dec. 25th falling onSaturday this year, the US stockmarket will be closed on Friday,Dec. 24th, in observance of theChristmas holiday.

Inflation data for Novemberwill dominate this week's eco-nomic calendar, with the USProducer Price Index due onTuesday and the US ConsumerPrice Index set for Wednesday.

Some see signs of the bullsgetting into the eggnog.

The American Association ofIndividual Investors' latest senti-ment survey shows bullish senti-ment reached a four-week high.What's more, bullish sentimenthas spent 14 weeks above its his-torical average -- its longeststreak in six years. That is oftenseen as a contrarian indicator.

Last week, the S&P 500 hasbroken through closely watchedresistance levels and has climbedfor six of the last eight days toclose at fresh two-year highs.

But gains have been accompa-nied by decreasing participation.Average volume during the lastthree days of the week was 7.76billion, well below this year'sdaily average of 8.62 billion.

"We are entering now thebeginning of the seasonal patternwhere volume really dries up,"said Nicholas Colas, chief marketstrategist at the ConvergEx Groupin New York. "It seems like it'sstarting a little sooner than usual.

"I don't think we're at any riskof a meaningful sell-off into theend of the year, but I think thebasic contours of what the econ-omy looks like are pretty wellset," he said.

That sentiment was reflected inthe VIX, also known as WallStreet's favorite barometer ofinvestor fear. Although the VIXedged up on Friday, the index hasfallen for six of the last nine ses-sions. It now stands at 17.61 afterhitting its lowest since April.

The 15-day moving average ofthe advance/decline ratio on theNew York Stock Exchange, ameasure of the proportion ofadvancing to falling stocks, hasstarted to slip and currentlystands at around 1.5. It peakedthis year in July at about doublethat, according to Reuters data.

In addition, the 3-day movingaverage of stocks making new52-week highs has also turnedlower after a spurt at the start ofthe month. It now stands ataround 125, down from morethan 250 at the start of the month.

The breadth and ratios have notbeen "on board" this rally of late,

according to a report fromMcMillan Analysis Corp. Equity-only put-call ratios remain on"sell" signals, the analysts say.

Chart-minded investors arebullish. The S&P 500 has closedwell above 1,228, the 61.8 percent Fibonacci retracement ofthe 2007-2009 bear market slide,a key technical level.

"When a market surpasses acertain retracement level, thenthe probability increases of a riseto the next retracement level,which in this case would be a76.4 per cent retracement andthat's a ways up at 1,362," saidChris Burba, short-term markettechnician at Standard & Poor's.

The 1,120 level, the top of arecent trading range, is seen asstrong support.

On Friday, the S&P 500 closedat 1,240.40 and was up 1.3 percent for the week. The DowJones industrial average endedFriday's session at 11,410.32 andwas up just 0.2 per cent for theweek. The Nasdaq closed onFriday at 2,637.54; for the week,the Nasdaq was up 1.8 per cent.

An agreement to extend theBush-era tax cuts over the nexttwo years has started to seem likeless of a done deal. The agree-ment is expected to be approvedby the US Senate on Tuesday,but could face a tougher road topassage in the House.

If the legislation stalls, result-ing in higher capital gains anddividend taxes at the start of nextyear, then US stock prices couldfall. The Federal Reserve's poli-cy-making body, the FederalOpen Markets Committee, willconvene on Tuesday for its lastmeeting of the year. The recentclutch of stronger economic datacould spark a debate over howfar to stretch the central bank's$600 billion stimulus plan,designed to keep interest rate lowthrough bond purchases.

"The hawkish members on theFed may seize on this cluster ofstrong numbers and use them tosupport the argument against" quan-titative easing, said Pierre Ellis, sen-ior global economist at DecisionEconomics in New York. -Reuters

Is Santa Clausrally almost done?

Wall Street weekly outlook

Nawaz Ali

KARACHI: Bulls laid claim toKarachi Stock Exchange (KSE)last week which closed at 30-month high after gaining near1.9 per cent due to continuedinterest of foreign investors andbuying on higher internationaloil prices and strong valuations.

The benchmark KSE 100-Index increased by 213 points -1.87 per cent-- to close at11,620 points -its highest clos-ing since July 2008.

KSE 30-Index jumped by 190points -1.74 per cent --to closeat 11,184 points and KSE AllShare Index rose by 147 points-1.85 per cent-- to close at8,082 points.

"Heavy foreign influx andrising international oil pricesallowed the market to sustainbullish trend", said AhsanRasheed, Head of ResearchAMJ Growth.

Anticipation of goodDecember ending corporateresults and forum in Londonstock exchange boosted buy-ing, he added.

According to NCCPL dataforeign investors did a net-buy-ing of $11.8 million last weekthat totaled a net-buying of$32.6 million so far in themonth of December.

Bulls were in majority duringthe major part of the week sup-ported by continued influx offoreigners' mainly in oil andbanking stocks and buying onhigher international oil priceswhich crossed $90 per barrel.Therefore index at a momenttouched the highest level of theweek of 11,676 points.

Further, buying on expecta-tions of some better December

ending corporate results andrepresentation of PakistanCapital Market Forum atLondon Stock Exchange tooboosted the buying.

It should be noted thatLondon Stock Exchange (LSE)is organising the Forum in con-junction with Nomura Dubai atLSE Headquarters, UK titledPakistan Capital Markets &Privatisation Forum.

The event will showcase theopportunities available to inter-national investors in the Pakistaneconomy and is designed to bothshowcase a number of Pakistanbased listed and public compa-nies and connect them with awide range of senior representa-tives from the international buy-side investor and corporate advi-sor communities.

Though market was particu-larly led by the bulls, but therewas also some profit taking atcertain occasions where marketended in the negative zone dur-ing two days mainly due tohigher inflation numbers,uncertainties regarding the nextIMF tranche and RGSTapproval which triggered theselling.

Rabia Tariq, analyst at JSGlobal Capital said that infla-tion spiked to an 18-month highof 15.48% - spillover effect ofthe floods and rising energyprices.

Volumes remained robustthroughout the week touchinghighest level of about 8 monthson the last trading day. Overall912 million shares traded dur-ing the week which is 162 mil-lion shares more as comparedto a turnover of 750 millionshares a week earlier.

See # 15 Page 11

Voluminouswk for KSEwith gains,fresh highs

Gulf stocks mkt

Tabreed,propertystocks hit

Dubai mktsDUBAI: District cooling firmTabreed dropped, weighing onDubai's index, as investors wor-ried about dilution in value of thestock after the firm slashed itsshare capital by 80 per cent.

Tabreed closed 5.1 per centlower, dragging Dubai's indexdown by 1 per cent. The firmreduced its number of outstandingshares to 243.4 million from 1.2 bil-lion, cancelling 970 million shares.

Property stocks also declined,led by Arabtec which fell 2.9 percent and Drake & Skull whichdropped 3.2 per cent.

"There is partial profit takingtoday as property stocks went uplast week after the Qatar soccerWorld Cup announcement," saidMohamed Khaled, relationshipmanager at Prime Emirates.

In Abu Dhabi, developer AldarProperties fell 2.8 per cent andSorouh Real Estate declined 2.3per cent. The broader index added0.2 per cent.

Qatar Gas Transport Co(Nakilat) hit a seven month clos-ing high, as Doha's bourse contin-ued to rise on expectations ofincreased government spendingafter the Gulf state was chosen tohost the football World Cup in2022. Nakilat climbed 6.3 percent to its highest close since May4, lifting the index by 0.5 percent. The bourse rose for the sixthsession in seven.

"Investors are expecting newprojects to be announced for theWorld Cup arrangements," saidHani Girgis, assistant chief dealerat Dlala brokerage. Masraf AlRayan gained 1.1 per cent.

Kuwait's index lost 0.3 per cent,falling for a third day in a row.

Saudi Arabia's index slipped,with petrochemical shares lead-ing the drop after oil prices fell onFriday.

Heavyweight Saudi BasicIndustries and the petrochemicalindex dropped 0.7 per cent each.

Volumes were also low asinvestors stayed on the sidelinesahead of the Saudi federal budgetthat its expected to be releasedsoon. -Reuters

Shanghai stocks to bottombefore mid-2011 rebound: Poll

Indian shares seen rising20pc by end-2011: Poll

Monday, December 13, 20106

Volume 912,048,968

Value 28,020,653,895

Trades 404,819

Advanced 242

Declined 170

Unchanged 17

Total 429

Current 8,082.98

High 8,118.28

Low 7,934.02

Change h147.01

Current 11,620.16

High 11,676.82

Low 11,406.66

Change h213.50

Current 11,184.53

High 11,266.70

Low 10,988.42

Change h190.91

Market KSE 100 Index All Share Index KSE 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

Lotte Pakistan PTA Ltd

LOTPTA closed up 0.50 at 13.33. Volume was 85 per cent above

average and Bollinger Bands were 13 per cent wider than normal.

The company's profit after taxation stood at Rs3.186 billion which

translates into an Earning Per Share of Rs2.10 for the nine months

of current calendar year (9MCY10).

LOTPTA is currently 35.5 per cent above its 200-day moving aver-

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

when compared to the average volatility over the last 10 trading

sessions. Volume indicators reflect very strong flows of volume into

LOTPTA (bullish). Trend forecasting oscillators are currently bullish

on LOTPTA. Momentum oscillator is currently indicating that LOTP-

TA is currently in an overbought condition.

RSI (14-day) 76.05 Total Assets (Rs in mn) 18,976.36

MA (10-day) 12.50 Total Equity (Rs in mn) 7,536.40

MA (100-day) 9.41 Revenue (Rs in mn) 38,552.26

MA (200-day) 9.92 Interest Expense 307.33

1st Support 13.06 Profit after Taxation 3,383.27

2nd Support 12.81 EPS 09 (Rs) 2.234

1st Resistance 13.55 Book value / share (Rs) 4.98

2nd Resistance 13.79 PE 10 E (x) 4.76

Pivot 13.30 PBV (x) 2.68


As on Jun 30, 2010

KESC closed up 0.82 at 3.16. Volume was 2,783 per cent

above average (trending) and Bollinger Bands were 268 per

cent wider than normal. The company's loss after taxation

stood at Rs1.728 billion which translates into a Loss Per Share

of Rs0.09 for the 1st quarter of current fiscal year (1QFY11).

KESC is currently 28.9 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 very

strong flows of volume into KESC (bullish). Trend forecasting

oscillators are currently bullish on KESC. Momentum oscillator

is currently indicating that KESC is currently in an overbought

condition.


MA (10-day) 2.50 Total Equity (Rs in mn) (525.11)


MA (200-day) 2.45 Interest Expense 6,823.64

1st Support 2.86 Loss after Taxation (14,641.22)

2nd Support 2.55 EPS 10 (Rs) (0.740)

1st Resistance 3.36 Book value / share (Rs) (0.02)

2nd Resistance 3.55 PE 11 E (x) -

Pivot 3.05 PBV (x) (128.89)

Karachi Electric Supply Corp Ltd


As on Jun 30, 2009

DCL closed up 0.88 at 2.79. Volume was 1,023 per cent above

average (trending) and Bollinger Bands were 321 per cent wider

than normal. The company's loss after taxation stood at

Rs173.394 million which translates into a Loss Per Share of

Rs0.46 for the 1st quarter of current fiscal year (1QFY11).

DCL is currently 33.5 per cent above its 200-day moving aver-

age and is displaying an upward trend. Volatility is extremely

high when compared to the average volatility over the last 10

trading sessions. Volume indicators reflect very strong flows of

volume into DCL (bullish). Trend forecasting oscillators are cur-

rently bullish on DCL. Momentum oscillator is currently indicating

that DCL is currently in an overbought condition.




MA (200-day) 2.09 Interest Expense 463.19

1st Support 2.60 Loss after Taxation (163.21)

2nd Support 2.45 EPS 09 (Rs) (0.457)



Pivot 2.85 PBV (x) 0.24

Dewan Cement Limited


As on Dec 31, 2009

ANL closed down -1.27 at 10.11. Volume was 18 per cent below

average and Bollinger Bands were 26 per cent narrower than nor-

mal. The company's loss after taxation stood at Rs488.179 million

which translates into a Loss Per Share of Rs1.12 for the nine

months of current calendar year (9MCY10).

ANL is currently 18.8 per cent below its 200-day moving average

and is displaying a downward trend. Volatility is relatively normal as

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

Volume indicators reflect volume flowing into and out of ANL at a rel-

atively equal pace. Trend forecasting oscillators are currently bear-

ish on ANL.




MA (200-day) 12.44 Interest Expense 2,424.42

1st Support 9.96 Profit after Taxation 60.53

2nd Support 9.81 EPS 09 (Rs) 0.003



Pivot 10.15 PBV (x) 0.27

Azgard Nine Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,476.90 1,523.25 1,470.32 1,504.14 27.24 1.84

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

43,796,067 - - 65,194.15 mn 1,174,384.67 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

11.09 3.61 32.54 55.94 5.04 -

Attock Petroleum 691 5.64 323.69 330.00 321.75 325.56 1.87 1342025 374.20 287.99 250 - 300 20

Attock Refinery 853 6.70 123.50 125.30 115.25 119.61 -3.89 14479138 137.20 78.51 - - - -

Mari Gas Company 735 16.19 119.25 122.60 119.00 119.51 0.26 280880 128.90 106.00 32.17 100B 31 -

National Refinery 800 3.89 266.00 270.50 259.01 262.24 -3.76 818102 275.40 189.08 125 - 200 -

Oil & Gas DevelopmentSPOT 43009 11.37 166.08 170.99 166.00 168.12 2.04 3031975 170.99 142.05 82.5 - 55 -

Pak Petroleum 11950 8.46 202.37 211.80 201.50 208.15 5.78 6369074 214.10 168.70 130 20B 90 20B

Pak Oilfields 2365 6.88 275.19 293.80 272.20 291.51 16.32 14325330 293.80 230.05 180 - 255 -

Pak Refinery Limited 350 - 92.47 106.34 91.70 102.30 9.83 337846 106.34 52.60 - - - -

P.S.O 1715 4.81 286.59 289.10 282.51 284.27 -2.32 2675070 292.15 256.01 50 - 80 -

Shell Gas LPG 226 - 36.78 37.89 34.86 36.00 -0.78 15052 40.28 28.05 - - - -

Shell Pakistan 685 10.18 197.74 201.00 197.00 198.50 0.76 121575 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


980.94 995.06 963.47 984.09 3.15 0.32


71,542,644 - - 47,070.70 mn 129,647.34 mn -


7.06 0.61 8.64 16.68 2.36 -

Amtex Limited XD 2415 9.89 4.62 4.80 4.31 4.35 -0.27 1562400 18.33 4.31 - - 30 -Artistic Denim 840 6.09 20.60 22.00 20.30 21.93 1.33 17719 24.05 18.50 20 - 20 -Azam Textile 133 0.36 2.65 2.85 2.00 2.60 -0.05 46219 3.45 1.45 - - 7.5 -Azgard Nine 4493 - 11.38 11.54 9.94 10.11 -1.27 19143826 12.32 9.71 - - - -Bannu Woolen XD 76 0.46 12.78 13.48 12.60 13.02 0.24 18359 14.50 8.60 - - 20 -Bata (Pak) 76 5.20 643.71 665.69 610.00 627.42-16.29 17719 747.48 436.00 120 - - -Chakwal Spinning 400 0.48 1.15 1.80 1.10 1.10 -0.05 50376 2.59 0.56 - - 5 -Chenab Limited 1150 - 3.14 3.55 3.10 3.21 0.07 321191 3.95 3.00 - - - -Colgate Palm 316 33.78 852.00 925.00 850.00 899.98 47.98 29523 930.00 640.01 115 15B - -Colony Mills Ltd 2442 4.06 2.45 2.64 2.32 2.60 0.15 95267 3.33 2.26 - - - -Crescent Fibres Ltd 124 0.52 12.99 13.99 11.26 11.26 -1.73 5020 18.35 8.41 - - 10 -Crescent Jute 238 - 0.80 1.00 0.41 0.83 0.03 214165 1.49 0.16 - - - -D S Ind Ltd 600 - 1.93 2.08 1.80 1.93 0.00 492284 2.37 1.44 - - - -Dar-es-Salaam 80 - 2.63 2.75 2.00 2.75 0.12 5503 4.50 1.75 - - - -Dawood Lawrencepur 514 48.96 38.52 41.62 37.60 41.62 3.10 78556 44.50 36.10 - - 5 -Dewan Farooque Spin. 600 4.13 5.11 5.20 5.10 5.12 0.01 7000 8.00 2.05 - - - -Dewan Khalid Textile 57 0.21 2.45 3.75 2.20 2.75 0.30 31552 3.75 0.26 - - - -Dewan Mushtaq Textile 34 0.18 4.25 6.00 4.25 6.00 1.75 19466 6.88 1.60 - - - -Din Textile 204 0.57 26.49 27.50 25.51 26.65 0.16 12890 30.90 20.80 - - 20 10BEllcot Spinning 110 0.61 20.50 21.50 19.61 20.17 -0.33 21128 25.45 17.21 7.5 - 35 -Gadoon Textile XD 234 0.58 47.99 53.36 49.00 53.34 5.35 73243 53.36 34.65 - - 70 -Gulistan Spinning 146 1.24 6.51 7.38 5.53 6.50 -0.01 8199 8.86 5.01 - 10B 10 -Hira Textile Mills Ltd. 716 0.75 4.00 4.47 3.91 4.00 0.00 856319 4.88 3.35 - - 10 -Ibrahim Fibres 3105 3.00 38.00 40.77 38.00 38.13 0.13 256495 40.77 34.05 - - 20 -ICC Textile 100 - 1.01 2.70 0.99 2.27 1.26 272274 2.70 0.30 - - - -Ideal Spinning 99 0.54 4.15 6.58 3.63 6.37 2.22 1866257 6.58 2.02 - - - -Idrees Textile 180 3.43 3.05 3.90 2.70 3.16 0.11 195696 5.35 2.60 - - 10 -J K Spinning 184 1.10 5.85 9.50 5.02 7.20 1.35 126927 9.65 4.05 - - 20 5BJanana D Mal 43 0.25 14.40 15.45 14.65 15.45 1.05 6210 20.50 9.95 - - - -Jubilee Spinning 325 - 2.97 3.97 2.95 2.99 0.02 240451 3.97 1.99 - - - -Khalid Siraj 107 - 0.75 1.25 0.55 0.89 0.14 33854 1.25 0.25 - - - -Kohat Textile 208 0.77 1.30 1.50 1.30 1.45 0.15 11000 1.50 0.46 - - - -Kohinoor Ind 303 - 1.61 1.90 1.42 1.77 0.16 696619 1.94 1.01 - - - -Kohinoor Spinning 1300 0.36 0.97 1.24 0.97 1.00 0.03 14980 2.00 0.16 - - 5 -Kohinoor Textile 1455 3.76 5.53 5.80 5.10 5.26 -0.27 66707 6.30 4.51 - - - -Leather Up 60 2.38 1.75 2.60 1.70 2.00 0.25 6561 3.00 1.10 - - - -Mian Textile 221 - 0.62 0.70 0.55 0.69 0.07 6004 0.98 0.01 - - - -Mukhtar Textile 145 - 0.39 0.59 0.14 0.42 0.03 103693 0.95 0.14 - - - -Nagina Cotton 187 0.82 17.00 17.00 16.00 16.00 -1.00 17006 17.50 12.80 - - 20SD -Nishat (Chunian) 1596 1.79 22.93 23.18 21.15 21.61 -1.32 6869863 25.14 15.66 - 50R 15 -Nishat Mills 3516 5.06 62.38 62.78 58.42 58.90 -3.48 31810977 63.18 45.81 20 - 25 45RPak Synthetic 560 3.19 7.12 9.45 6.85 9.45 2.33 1953731 9.45 5.16 12.5 - - -Paramount Spinning 174 0.77 10.43 11.10 10.00 10.50 0.07 7519 11.25 7.00 - 10B 10 10BPremium Textile 62 0.46 29.00 28.89 27.50 28.89 -0.11 7202 31.03 25.71 7.5 - 50 -Prosperity 185 1.07 14.50 15.50 13.35 14.02 -0.48 28055 20.50 12.51 20 - 30 -Ravi Textile 250 - 1.34 1.98 1.35 1.76 0.42 2091844 2.30 1.29 - - - -Redco Textile 213 - 0.70 1.45 0.68 0.90 0.20 8000 1.45 0.61 - - - -Reliance Weaving 308 0.62 8.61 9.59 8.53 8.94 0.33 92269 12.00 8.01 - - 25SD -Rupali Poly 341 4.71 35.37 38.10 35.30 37.50 2.13 8065 38.10 31.25 40 - 40 -Saif Textile 264 0.37 4.50 5.95 4.20 4.56 0.06 21804 6.85 2.01 - - - -Samin Textile 134 5.15 5.75 6.39 5.51 6.18 0.43 61306 8.69 5.02 - - - 100RSana Ind 55 3.31 38.00 43.58 39.00 43.58 5.58 37265 43.58 27.50 35 - 60 -Sargodha Spinning 312 0.45 2.15 2.38 2.10 2.32 0.17 24827 2.50 0.50 - - 5 -Saritow Spinning 133 0.38 2.68 2.69 1.61 2.30 -0.38 88363 2.99 1.10 - - - -Service Ind 120 8.46 272.72 276.50 236.10 247.03-25.69 279597 276.50 169.00 200 - - -Shahpur Textile 140 0.89 0.50 0.64 0.29 0.64 0.14 23501 1.90 0.18 - - - -Sunrays Textile 69 0.61 36.70 39.84 36.00 39.83 3.13 9528 39.84 30.03 10 - - -Tata Textile 173 0.34 33.90 35.55 32.11 34.79 0.89 7871 35.55 15.00 - - 25 -Thal Limited 307 4.56 102.97 107.99 102.80 106.62 3.65 525549 112.80 86.50 20 20B 80 20BTreet Corp 418 8.92 59.10 60.00 54.50 56.04 -3.06 332497 60.50 37.25 - - - -Yousuf Weaving 400 0.55 1.50 1.90 1.05 1.57 0.07 140393 2.00 0.86 - - - -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


1,084.12 1,096.16 1,068.77 1,084.95 0.83 0.08


844,344 - - 3,763.71 mn 5,101.13 mn -


2.61 0.28 10.64 6.27 2.40 -

Pak Elektron 1174 3.39 13.66 13.85 13.25 13.45 -0.21 465121 15.43 12.82 - 10B - 10B

Tariq Glass Ind 231 2.36 16.12 19.69 16.00 19.69 3.57 374050 19.69 15.00 - - 17.5 -



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

FOOD PRODUCERS

Performance of SR Food Producers Index


1,593.94 1,656.39 1,560.57 1,637.72 43.79 2.75


4,135,462 - - 11,335.33 mn 224,277.92 mn -


36.79 11.15 30.30 30.57 0.83 -

AL-Noor Sugar 186 5.28 50.01 53.00 49.25 51.99 1.98 9920 53.00 39.25 40 - - -

Bawany Sugar 87 - 2.55 4.91 2.51 4.91 2.36 147729 4.91 0.85 - - - -

Chashma Sugar 287 1.05 13.00 13.90 12.25 13.04 0.04 39118 15.47 8.50 - - - -

Clover Pakistan 94 12.21 67.38 77.14 67.21 74.72 7.34 6819 77.14 33.50 - - 15 -

Crescent Sugar 214 11.75 5.73 6.25 5.00 6.23 0.50 52484 6.65 5.00 - - - -

Dewan Sugar 365 - 2.69 4.61 2.54 4.61 1.92 2301603 4.61 1.11 - - - -

Habib Sugar 600 6.97 33.93 34.99 33.30 33.82 -0.11 238989 36.00 27.00 35 25B - -

Habib-ADM Ltd 200 11.51 12.50 12.95 12.15 12.43 -0.07 24599 16.98 11.90 40 - 40 -

J D WSugar 490 2.90 86.65 89.89 83.50 86.60 -0.05 7785 89.89 63.50 40 - 0 12.5R

Mehran Sugar 143 3.45 67.31 68.49 57.10 58.39 -8.92 78234 68.49 48.50 35 30B 35 20B

Mirpurkhas SugarSPOT 70 5.42 63.35 66.70 62.21 65.00 1.65 18369 67.00 53.64 25 10B 15 20B

Mirza Sugar 141 0.65 6.10 7.18 6.01 6.37 0.27 595174 7.18 4.20 - - 10 -

National Foods 414 16.21 43.26 44.35 42.61 43.44 0.18 15370 57.00 39.01 - 25B 12 -

Nestle Pakistan 453 27.10 2187.26 2512.04 2100.00 2466.81 279.55 8426 2512.04 1785.00 600 - 450 -

Noon Pakistan 48 3.33 23.50 25.83 21.88 23.30 -0.20 5666 27.30 17.51 - 10B 12 -

Pangrio Sugar 109 0.94 6.06 6.99 5.60 6.44 0.38 136530 6.99 4.00 - - 10 -

Premier Sugar 38 9.08 50.97 52.25 45.63 49.50 -1.47 15816 53.81 32.50 30 - - -

Quice Food 107 - 2.07 2.99 2.06 2.27 0.20 31500 3.40 1.60 - - - -

S S Oil 57 0.29 3.35 3.59 3.25 3.35 0.00 39000 3.89 3.00 - - - -

Sakrand Sugar 223 - 2.90 3.90 2.90 3.01 0.11 37000 3.90 2.11 - - - -

Sanghar Sugar 119 0.99 13.29 13.99 13.10 13.79 0.50 32584 14.25 13.00 10 - - -

Shahmurad Sugar 211 17.13 13.15 13.50 11.45 11.82 -1.33 47414 13.50 9.75 15 - - -

Shakarganj Mills 695 - 6.32 7.88 5.90 6.46 0.14 207139 7.88 3.21 - - - -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,179.26 1,193.51 1,140.09 1,149.28 -29.98 -2.54


24,038,897 - - 6,768.53 mn 41,658.78 mn -


4.27 1.08 25.35 20.42 4.78 -

Agriautos Ind 144 5.51 70.24 72.99 70.26 72.72 2.48 48789 73.00 65.75 40 - 90 -

Atlas Battery 101 4.77 160.68 162.70 159.00 159.75 -0.93 17708 187.90 131.00 100 20B 100 20B

Atlas Honda 626 7.87 107.00 111.50 107.00 108.64 1.64 7779 122.51 92.50 80 30B - -

Dewan Motors 890 - 1.52 2.87 1.51 2.48 0.96 23622407 2.87 1.20 - - - -

Ghandhara Nissan 450 3.16 4.59 4.95 4.48 4.55 -0.04 125871 6.09 4.03 - - - -

Honda Atlas Cars 1428 - 11.80 12.00 10.90 10.97 -0.83 153656 13.40 9.65 - - - -

Indus Motors 786 5.77 262.42 263.98 250.00 252.83 -9.59 177094 282.45 215.99 100 - 150 -

Pak Suzuki 823 11.12 73.70 74.10 69.70 69.85 -3.85 87756 79.50 69.25 5 - - -

Sazgar Engineering 150 3.56 20.20 20.70 19.00 19.06 -1.14 15153 27.58 17.92 - 20B 10 20B

Transmission 117 - 2.20 1.97 1.75 1.78 -0.42 29217 3.25 1.53 2 - - -



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,555.48 1,572.78 1,535.28 1,545.68 -9.80 -0.63


3,608,387 - - 1,336.62 mn 32,543.51 mn -


8.19 3.11 38.02 131.49 16.05 -

Ados Pak 66 1.03 15.00 16.85 15.00 15.96 0.96 25724 21.48 14.12 20 - - -

AL-Ghazi Tractor 215 5.25 216.43 221.00 216.00 219.00 2.57 10254 227.45 200.00 400 - 150 -

Bolan Casting 104 - 44.00 45.90 43.00 44.00 0.00 12606 51.99 41.50 - 20B 25 10B

Dewan Auto Engineering 214 - 0.78 1.94 0.21 1.85 1.07 3043666 1.94 0.21 - - - -

Ghandhara Ind 213 10.56 10.91 11.90 10.85 11.40 0.49 178576 18.80 10.55 - - - -

KSB Pumps 132 7.96 70.00 70.80 66.47 66.47 -3.53 31149 88.00 66.47 35 - - -

Millat Tractors XB 366 6.46 495.39 503.50 492.02 493.44 -1.95 312686 595.99 390.00 450 25B 650 25B



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


958.01 976.35 942.28 949.78 -8.24 -0.86


1,104,098 - - 3,043.31 mn 35,723.86 mn -


2.70 1.19 43.91 15.55 5.75 -

Cherat Papersack 115 2.78 75.06 83.23 73.76 78.09 3.03 673229 83.23 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.44 2.58 2.17 2.48 0.04 144976 3.13 1.70 - - - -

Ghani Glass 1067 4.32 48.34 51.45 46.98 47.00 -1.34 84739 61.99 45.75 30 10B 25 10B

MACPAC Films 389 - 2.95 2.92 2.50 2.77 -0.18 6662 3.84 1.60 - - - -

Merit Pack 47 58.58 18.25 23.43 19.25 23.43 5.18 26423 23.43 13.00 - - - -

Packages Ltd 844 53.90 107.00 107.00 103.52 105.10 -1.90 85608 111.88 98.00 32.5 - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


1,020.45 1,044.54 1,002.57 1,017.66 -2.79 -0.27


90,918,289 - - 54,792.74 mn 73,842.13 mn -


7.81 0.55 7.10 19.04 2.44 -

Al-Abbas Cement 1828 - 3.35 3.65 3.25 3.50 0.15 170810 4.00 2.80 - - - 100R

Attock Cement 866 6.63 62.70 64.40 62.47 63.00 0.30 422547 69.86 57.60 50 20B 50 -

Balochistan Glass Ltd 858 - 1.69 2.50 1.46 2.06 0.37 103704 2.50 1.01 - - - -

Berger Paints 182 - 19.39 20.01 18.33 19.92 0.53 107905 20.45 14.01 - - - 122R

Cherat Cement 956 26.02 11.47 12.00 11.05 11.45 -0.02 67612 12.75 9.51 - - - -

Dadabhoy Cement 982 15.00 1.60 2.49 1.61 1.95 0.35 826907 2.49 1.30 - - - -

Dewan Cement 3574 - 1.91 3.10 1.91 2.79 0.88 24925651 3.10 1.30 - - - -

DG Khan Cement Ltd 3651 127.83 31.05 32.10 30.23 30.68 -0.37 26178942 32.10 23.40 - 20R - 20R

Fauji Cement 6933 14.82 4.94 5.04 4.84 4.89 -0.05 2395941 5.50 4.52 - - - -

Fecto Cement 502 3.65 7.35 7.40 7.00 7.00 -0.35 25002 8.20 4.25 - 10B - -

Flying Cement Ltd 1760 - 1.80 2.19 1.72 2.13 0.33 6810674 2.20 1.70 - - - -

Gammon Pak 283 - 1.53 2.45 1.48 1.70 0.17 21556 2.90 0.98 - - - -

Gharibwal Cement 2319 - 8.61 8.85 7.31 8.19 -0.42 87175 8.85 2.11 - - - -

Haydery Const 32 - 0.70 0.85 0.61 0.70 0.00 93132 1.39 0.25 - - - -

Kohat Cement 1288 - 7.23 7.39 7.03 7.15 -0.08 161809 8.70 5.50 - - - -

Lucky Cement 3234 6.72 76.46 77.75 74.00 74.82 -1.64 10308007 79.98 67.70 40 - 40 -

Maple Leaf Cement 5261 1.40 2.86 3.05 2.85 3.01 0.15 1188809 3.40 2.51 - - - -

Pioneer Cement 2228 - 7.11 7.25 6.99 7.10 -0.01 952333 8.58 6.56 - - - -

Safe Mix Concrete 200 - 5.99 6.39 5.52 6.00 0.01 39271 9.47 5.25 - - - -

Shabbir Tiles 361 - 8.43 9.60 8.00 8.55 0.12 27384 11.00 6.30 - - - -

Thatta Cement 798 464.25 19.40 20.20 18.40 18.57 -0.83 13184 22.24 18.00 - - - 50R



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


972.71 999.89 952.78 980.60 7.89 0.81


991,661 - - 3,596.11 mn 9,497.21 mn -


3.11 1.03 33.10 30.91 9.94 -

Crescent Steel 565 3.94 24.98 26.23 24.01 25.23 0.25 304446 26.23 23.75 - - 30 -

Dost Steels Ltd 675 - 2.92 3.29 2.80 3.02 0.10 284579 3.39 1.65 - - - -

Huffaz Pipe 555 9.21 14.56 15.00 14.25 14.74 0.18 37737 16.75 12.25 - 30B - -

International Ind 1199 10.68 50.66 52.85 50.00 51.26 0.60 353169 54.00 44.00 - - 40 20B



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,103.63 1,193.53 1,105.01 1,172.76 69.13 6.26


208,539 - - 1,186.83 mn 3,250.54 mn -


5.92 0.44 7.47 25.28 4.27 -

Century Paper 707 - 16.49 17.15 16.00 16.20 -0.29 51842 21.80 15.28 - 425R - -

Pak Paper Product 50 8.75 41.58 46.97 43.00 45.49 3.91 62364 62.85 38.61 20 - 25 33.33B

Security Paper 411 7.01 40.76 46.00 41.00 45.45 4.69 94333 46.00 38.00 50 - 50 -



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

CHEMICALS

Performance of SR Chemicals Index


1,293.61 1,330.67 1,290.49 1,319.39 25.78 1.99


233,769,834 - - 52,251.88 mn 291,558.91 mn -


8.24 2.88 35.00 48.81 5.92 -

Agritech Limited 3924 8.59 23.37 24.15 22.54 23.70 0.33 99849 25.00 20.26 - - - -

Bawany Air 68 78.75 8.80 10.50 8.01 9.45 0.65 6025 13.99 7.73 - - 5 10R

Biafo Ind 200 5.36 45.12 51.01 44.25 49.30 4.18 5781 51.01 31.64 40 - 45 -

BOC (Pak) 250 11.65 85.14 86.74 83.50 84.83 -0.31 7641 87.99 67.30 90 - 15 -

Clariant Pak 273 5.95 158.60 162.00 155.00 155.62 -2.98 36007 164.89 149.72 125 - - -

Dawood Hercules XD 1203 7.15 172.46 175.95 172.00 172.42 -0.04 40512 185.00 163.51 40 10B 40 -

Dewan Salman 3663 - 2.23 4.24 2.23 3.67 1.44 104773279 4.24 1.28 - - - -

Dynea Pak 94 - 11.00 10.90 10.20 10.90 -0.10 16710 13.79 9.15 15 - 15 -

Engro Corp. Ltd XD 3277 10.22 187.96 189.59 185.20 186.05 -1.91 8700240 189.59 171.00 6010B 40R 40 -

Fatima Fertilizer 22000 - 10.18 10.23 9.21 9.86 -0.32 14252682 11.74 9.21 - - - -

Fauji Fertilizer 6785 8.45 113.94 116.90 113.84 116.61 2.67 7378321 116.90 104.21 131.5 10B 95 -

Fauji Fert.Bin QasimSPOT 9341 6.91 35.27 36.92 35.50 36.63 1.36 16709834 36.92 26.59 40 - 17.5 -

ICI Pakistan 1388 7.80 138.09 140.25 136.50 138.50 0.41 900893 140.25 116.00 80 - 55 -

Lotte Pakistan 15142 4.76 12.83 13.54 12.56 13.33 0.50 79967979 13.54 8.17 5 - - -

Mandviwala 74 - 1.70 1.98 1.31 1.78 0.08 180377 2.75 0.80 - - - -

Nimir Ind Chemical 1106 - 1.55 1.95 1.50 1.85 0.30 4195532 1.95 1.16 - - - -

Shaffi Chemical 120 - 2.44 2.97 2.06 2.83 0.39 48371 3.40 1.80 - - - -

Sitara Chem Ind 214 10.22 130.00 129.75 121.00 124.67 -5.33 5341 139.40 101.00 75 - 25 5B

Sitara Peroxide 551 14.64 13.28 13.94 13.20 13.47 0.19 803832 14.69 7.67 - - - -

Wah-Noble 90 6.73 33.20 36.69 33.41 35.00 1.80 27200 46.25 32.00 50 - 50 -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


906.07 925.74 898.63 916.28 10.21 1.13


225,344 - - 3,904.20 mn 30,531.17 mn -


7.24 1.61 22.31 44.54 6.16 -

Abbott (Lab) 979 8.76 100.04 101.99 99.05 100.00 -0.04 15875 104.00 82.00 120 - 20 -

Ferozsons (Lab) 250 6.35 84.01 85.00 83.50 84.01 0.00 7037 117.00 82.20 10 20B - 20B

GlaxoSmithKline 1707 13.69 75.02 77.50 74.00 76.10 1.08 47435 77.50 65.00 50 - - -

Highnoon (Lab) 165 7.26 26.37 26.70 25.62 26.20 -0.17 110429 26.98 22.60 25 - - -

Searle Pak 306 5.53 61.25 62.00 61.25 61.50 0.25 24271 64.50 58.00 15 15B 30 -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


732.06 773.32 723.22 746.07 14.01 1.91


1,201,090 - - 3,242.17 mn 12,863.46 mn -


5.59 1.43 25.53 11.08 1.98 -

Pak Int Cont. Terminal 1092 7.33 71.51 76.65 71.05 73.31 1.80 1129933 77.77 60.05 - 20B 40 -

PNSC 1321 37.92 34.99 35.69 33.60 34.89 -0.10 71157 41.00 33.06 30 - 15 -



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

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 Mutual 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

Monday, December 13, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 213.50 points at 11,620.16. Volume was 100

per cent above average and Bollinger Bands were 22 per cent wider than

normal. 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


National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed up 2.50 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 CFS Shares (mn) N/A

MA (200-day) 69.64 CFS Rs (mn) N/A

Mean 70.14 CFS Rate N/A

Median 70.05 ** NOI Rs (mn) 132.16

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


Nishat Mills Ltd


Technical Outlook

NML closed down -3.48 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







Median 60.60 ** NOI Rs (mn) 85.97



Bank Al-Falah Ltd


Technical Outlook

BAFL closed up 0.85 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







Median 10.50 ** NOI Rs (mn) N/A



Dera Ghazi Khan Cement Co Ltd


Technical Outlook

DGKC closed down -0.37 at 30.68. Volume was 70 per cent below average

(consolidating) and Bollinger Bands were 21 per cent wider than normal.

DGKC is currently 14.1 per cent above its 200-day moving average and is



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

tors are currently bullish on DGKC.

*Arif Habib Ltd 42 Buy








Median 31.17 ** NOI Rs (mn) 45.58



Fauji Fertiliser Bin Qasim Ltd


Technical Outlook

FFBL closed up 1.36 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


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






Median 36.21 ** NOI Rs (mn) 22.88



Pakistan Oilfields Ltd


Technical Outlook

POL closed up 16.32 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



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.



TFD Research 281.35 Neutral






Median 283.00 ** NOI Rs (mn) 278.20



Lucky Cement Ltd


Technical Outlook

LUCK closed down -1.64 at 74.82. Volume was 66 per cent below average

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

LUCK is currently 5.5 per cent above its 200-day moving average and is

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


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

Trend forecasting oscillators are currently bullish on LUCK.



TFD Research 72.75 Neutral






Median 75.88 ** NOI Rs (mn) 29.30


EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,192.96 1,295.64 1,190.55 1,279.40 86.45 7.25


41,491,110 - - 29,771.58 mn 18,645.52 mn -


19.69 0.43 2.21 104.74 8.27 -

1st Fid Leasing 264 10.00 1.36 1.70 1.35 1.60 0.24 14355 2.24 1.01 - - - -

Allied Rental 600 3.08 15.20 15.10 14.50 14.55 -0.65 174900 17.00 14.01 15 - 22.5 -

AL-Meezan Mutual F. 1375 6.48 6.90 8.59 6.99 7.78 0.88 1113591 8.59 5.85 - - 18.5 -

Atlas Fund of Funds 525 1.79 4.20 4.50 3.90 4.45 0.25 10689170 4.50 2.70 - - 2.2 -

B F Modaraba 75 2.53 3.89 3.90 2.89 3.84 -0.05 10064 4.90 2.89 - - - 10B

B R R Guardian Mod. 780 3.84 1.71 2.15 1.55 1.69 -0.02 48569 2.37 0.90 - - 0 -

Constellation Modaraba 65 3.36 1.46 1.77 1.16 1.48 0.02 8477 2.99 0.90 - - - -

Crescent St Modaraba 200 1.73 0.70 0.79 0.16 0.69 -0.01 379290 1.10 0.16 - - 1.2 -

Elite Cap Modaraba 113 3.73 2.87 3.00 2.80 2.98 0.11 301473 3.09 1.73 4.5 - 5 -

Equity Modaraba 524 10.19 1.59 1.85 1.50 1.63 0.04 126746 2.37 0.86 - - - -

First Capital Mutual F. 300 11.10 5.10 4.44 3.75 4.44 -0.66 54002 5.50 2.10 - - - -

First Dawood Mutual F. 581 0.66 2.03 2.20 1.95 2.08 0.05 213515 2.24 1.30 - - - -

Golden Arrow 760 2.22 3.02 3.25 3.00 3.11 0.09 1111488 3.88 2.56 - - 17 -

H B L Modaraba 397 2.21 6.83 7.00 6.40 6.63 -0.20 127399 7.00 5.11 5 - 11 -

Habib Modaraba 1008 5.64 6.61 6.90 6.53 6.54 -0.07 153146 6.90 5.80 20 - 21 -

JS Growth Fund 3180 58.38 4.39 4.96 4.40 4.67 0.28 13419645 4.96 2.65 - - 5 -

JS Value Fund 1186 16.00 4.48 4.69 4.25 4.48 0.00 1973464 4.73 2.31 10 - 10 -

Meezan Balanced Fund 1200 6.72 6.30 7.10 6.00 6.99 0.69 448794 7.10 5.15 - - 15.5 -

Mod Al-Mali 184 12.90 1.03 1.50 1.00 1.29 0.26 213648 2.18 0.56 - - - -

NAMCO Balanced Fund 1000 6.23 3.25 4.00 3.55 3.99 0.74 70531 4.00 2.25 5 - 15 -

Nat Bank Modaraba 250 6.39 6.49 7.74 5.52 6.90 0.41 231406 8.00 4.50 - - 10 -

Pak Modaraba 125 4.65 1.15 1.15 0.93 0.93 -0.22 5224 1.40 0.30 - - 3 -

Pak Prem FundSPOT 1698 12.51 8.79 9.05 8.76 9.01 0.22 2761412 9.39 7.00 - - 18.6 -

Paramount Modaraba 59 6.68 8.50 8.90 8.50 8.55 0.05 8634 9.45 7.25 15 - 18 -

PICIC Energy Fund XD 1000 2.03 6.29 7.18 6.10 6.97 0.68 328421 7.18 4.33 - - 10 -

PICIC Growth Fund 2835 7.70 10.99 12.01 10.52 12.01 1.02 1896633 12.01 7.90 - - 20 -

PICIC Inv Fund 2841 7.09 5.23 6.33 5.25 6.24 1.01 4785362 6.33 3.50 - - 10 -

Prud Modaraba 1st 872 2.09 0.90 0.95 0.81 0.92 0.02 253054 1.20 0.76 - - 3 -

Punjab Modaraba XD 340 - 1.70 1.60 1.30 1.32 -0.38 43871 2.54 0.50 - - 1 -

Stand Chart Modaraba 454 4.41 8.85 9.30 8.51 9.00 0.15 358352 10.70 7.75 16.5 - 17 -

Tri-Star 1st Modaraba 212 - 1.30 1.74 1.25 1.70 0.40 21875 5.80 0.50 - - - -

Tri-Star Mutual 50 4.83 1.40 2.00 0.90 1.74 0.34 14272 2.87 0.86 - - - -

Trust Modaraba 298 3.37 1.50 1.75 1.51 1.75 0.25 5199 4.40 1.15 - - 5 -

U D L Modaraba 264 1.63 5.79 5.79 5.51 5.75 -0.04 119644 6.99 4.71 10 - 12.5 -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index


441.03 446.98 398.22 409.29 -31.74 -7.20


42,716,158 - - 30,336.44 mn 28,067.33 mn -


9.20 0.26 0.91 99.56 3.41 -

AMZ Ventures 225 1.66 0.58 0.80 0.52 0.73 0.15 509240 0.95 0.42 - - - -

Arif Habib Limited 450 12.80 26.48 26.80 24.90 25.08 -1.40 206223 34.00 24.40 15 25B - 20B

Dawood Equities 250 - 2.00 2.49 1.81 1.90 -0.10 48337 2.70 1.51 - - - -

Grays Leasing 215 - 1.61 2.50 0.82 1.21 -0.40 12920 2.90 0.18 - - - -

IGI Investment Bank 2121 15.88 2.65 2.89 2.43 2.54 -0.11 155107 2.90 1.17 - - - -

Invest and Fin Sec 600 661.00 7.90 7.60 6.50 6.61 -1.29 13556 9.00 6.16 - - 11.5 -

Invest Bank 2849 - 0.65 0.81 0.55 0.70 0.05 391013 1.00 0.44 - - - -

Ist Cap Securities 3166 - 3.50 3.60 3.40 3.59 0.09 51342 4.80 2.54 - 10B - 10B

Ist Dawood Bank 626 0.67 1.90 2.04 1.81 1.87 -0.03 222151 2.84 1.32 - - - -

Jah Siddiq Co 7633 - 13.18 13.39 10.80 11.30 -1.88 37742883 14.05 8.80 -243.778B 10 -

JOV and CO 508 - 4.18 4.34 3.85 3.97 -0.21 1034518 5.38 1.96 - - - -

JS Global Cap 500 7.32 30.17 30.00 26.50 27.22 -2.95 56236 40.00 24.25 150 - - -

JS Investment 1000 27.33 7.03 7.05 6.31 6.56 -0.47 1402833 7.59 5.10 - - - -

Orix Leasing 821 4.62 6.50 6.98 6.10 6.28 -0.22 9000 7.29 4.50 - - - -

Pervez Ahmed Sec 775 - 2.32 2.40 2.15 2.29 -0.03 548946 2.70 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.57 0.81 0.52 0.81 0.24 60989 0.86 0.42 - - - -

Stand Chart Leasing 978 6.23 2.60 3.00 2.40 2.99 0.39 15382 3.00 1.95 - - - -



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

LIFE INSURANCE

Performance of SR Life Insurance Index


962.53 972.35 881.64 920.41 -42.13 -4.38


54,218 - - 2,290.72 mn 10,765.67 mn -


104.82 4.03 3.85 355.53 3.39 -

American Life 500 6.52 17.11 19.50 16.03 19.50 2.39 5964 20.40 16.03 - - - -

EFU Life Assurance 850 45.52 83.39 86.40 76.08 80.11 -3.28 22548 86.95 54.51 5513.33B - -

New Jub Life Insurance 627 30.20 47.87 47.50 43.64 45.00 -2.87 17104 49.14 39.68 10 - - -



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

BANKS

Performance of SR Banks Index


1,089.29 1,145.55 1,091.69 1,132.47 43.18 3.96


131,622,499 - - 257,548.02 mn 687,285.72 mn -


8.08 1.13 13.94 40.49 5.01 -

Allied Bank Limited 7821 6.27 62.42 65.25 61.60 64.49 2.07 1556884 65.25 50.00 40 10B 20 -

Askari Bank 6427 7.99 16.85 17.20 16.50 16.77 -0.08 3459638 17.20 14.23 - 20B - -

Atlas Bank 5001 - 1.64 1.72 1.55 1.70 0.06 463325 2.55 1.50 - - - -

Bank Alfalah 13492 13.94 10.02 11.00 10.00 10.87 0.85 29994542 11.00 7.66 8 - - -

Bank AL-Habib 7322 7.66 34.01 35.70 34.10 35.52 1.51 817727 35.70 29.71 20 20B - -

Bank Of Khyber 5004 6.00 4.27 4.70 3.94 4.50 0.23 405625 4.70 2.50 - - - -

Bank Of Punjab 5288 - 9.72 10.38 9.90 10.15 0.43 14590702 10.59 7.89 - - - -

BankIslami Pak 5280 772.50 3.40 3.60 3.00 3.09 -0.31 688807 3.88 2.70 - - - -

Faysal Bank XB 7309 4.80 14.66 15.15 14.50 14.87 0.21 1438515 17.10 13.01 - - - 20B

Habib Bank Ltd 10019 7.34 113.42 118.99 112.13 117.44 4.02 2428703 118.99 92.55 60 10B - -

Habib Metropolitan Bank 8732 7.84 25.01 25.74 24.02 25.65 0.64 2703955 26.74 18.02 10 16B - -

JS Bank Ltd 6128 - 2.61 2.75 2.50 2.58 -0.03 530693 3.00 2.00 - - - 66R

KASB Bank Ltd 9509 - 2.74 2.80 2.25 2.70 -0.04 180215 2.90 2.16 - 26B - -

MCB Bank Ltd XD 7602 9.68 208.07 223.50 209.00 218.29 10.22 6883011 223.50 182.61 110 10B 55 -

Meezan Bank 6983 8.48 15.76 16.50 15.70 16.03 0.27 837876 16.50 14.05 - 5B - -

Mybank Ltd 5304 - 2.40 2.60 2.30 2.43 0.03 821666 2.69 1.81 - - - -

National Bank 13455 6.20 68.49 71.80 68.30 70.99 2.50 42275487 71.80 62.15 75 25B - -

NIB Bank 40437 - 2.95 3.09 2.88 3.03 0.08 6238892 3.18 2.46 - - - -

Royal Bank Ltd 17180 - 4.98 5.00 4.21 4.41 -0.57 367030 8.10 3.91 - - - -

Samba Bank 14335 - 1.80 2.15 1.77 2.05 0.25 3072658 2.65 1.51 - - -63.46R

Silkbank Ltd 26716 - 2.71 2.79 2.60 2.70 -0.01 5340512 3.08 2.50 - - - -

Soneri Bank 6023 - 7.24 7.44 7.00 7.35 0.11 361758 8.00 5.01 - - - -

Stand Chart Bank 38716 12.54 8.00 8.39 7.85 8.15 0.15 121610 8.80 6.00 - - - -

United Bank Ltd 12242 7.53 61.96 64.90 62.01 64.04 2.08 6039512 64.90 49.90 25 10B 10 -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


760.08 777.99 744.11 758.34 -1.74 -0.23


8,621,368 - - 11,111.34 mn 47,025.42 mn -


12.52 0.65 5.20 79.54 6.35 -

Adamjee Insurance 1237 24.42 82.18 85.78 81.07 84.26 2.08 5764922 85.78 63.05 30 10B 10 -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,560.23 1,578.89 1,463.00 1,485.21 -75.02 -4.81


3,173,563 - - 12,202.80 mn 31,854.00 mn -


9.51 1.09 11.41 66.79 7.02 -

Sui North Gas XD 5491 8.04 27.32 27.85 26.60 27.01 -0.31 1051622 34.75 26.60 - - 20 -

Sui South Gas 8390 3.06 21.89 22.15 19.99 20.29 -1.60 2121941 30.70 19.99 - - 15 25B



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

ELECTRICITY

Performance of SR Electricity Index


1,241.80 1,276.45 1,236.44 1,262.95 21.16 1.70


96,306,512 - - 95,369.29 mn 103,457.55 mn -


14.20 1.33 9.35 104.13 7.33 -

Genertech 198 - 0.81 1.12 0.78 1.04 0.23 339341 1.45 0.60 - - - -Hub Power 11572 6.61 36.41 36.68 36.00 36.08 -0.33 2910251 37.00 32.75 33.5 - 50 -Japan Power 1560 - 1.84 1.99 1.61 1.93 0.09 949804 2.25 1.20 - - - -KESC 7932 - 2.34 3.24 2.30 3.16 0.82 33406011 3.24 1.94 - 31R - 7.8RKohinoor Energy 1695 10.56 18.87 19.84 19.00 19.00 0.13 24639 26.50 17.95 45 - 15 -Kohinoor Power 126 2.76 4.79 5.30 4.01 4.53 -0.26 217733 6.10 4.01 - - - -Kot Addu Power 8803 4.86 39.69 40.50 39.51 39.98 0.29 3800081 42.95 38.35 64.5 - 50 -Nishat Chunian Power Ltd 3673 3.43 14.99 15.80 14.55 15.62 0.63 22795501 15.80 10.05 - - - -Nishat Power Ltd 3541 25.69 15.77 16.70 15.63 15.93 0.16 24163897 16.70 10.00 - - - -Sitara Energy Ltd 191 3.54 18.51 19.35 18.15 18.98 0.47 19316 23.49 17.98 20 - 20 -Southern Electric 1367 - 2.18 2.50 2.09 2.47 0.29 7628289 2.90 2.05 - - - -Tri-star Power XD 150 - 1.07 1.25 0.82 1.20 0.13 50523 1.75 0.65 3 - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


1,158.93 1,176.23 1,129.11 1,155.20 -3.73 -0.32


38,783,541 - - 50,077.79 mn 79,418.68 mn -


6.18 0.79 12.84 62.56 10.12 -

Pak Datacom 78 4.93 80.00 80.00 76.50 79.80 -0.20 6708 117.99 76.50 70 - 80 -

Pakistan Telecomm Co A 37740 12.85 19.74 19.99 19.15 19.28 -0.46 2107775 20.12 18.15 15 - 17.5 -

Telecard 3000 0.76 2.26 2.58 2.15 2.54 0.28 6165430 2.69 1.80 - - 1 -

WorldCall Tele 8606 - 2.62 3.24 2.61 3.18 0.56 30503628 3.24 2.31 - - - -



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

Ask Gen Insurance 204 6.67 11.45 11.49 10.00 11.00 -0.45 21046 12.75 9.26 - - - 25R

Atlas Insurance 369 5.93 37.50 38.00 37.00 37.30 -0.20 12522 38.00 27.37 40 10B - -

Century Insurance 457 6.68 11.33 11.48 10.60 10.68 -0.65 19563 12.00 9.42 - - - -

EFU General Insurance 1250 - 46.17 46.89 43.90 44.03 -2.14 162916 48.63 34.76 40 8.7B - -

Habib Insurance 400 3.02 12.90 13.00 12.25 12.70 -0.20 69313 13.00 10.04 35 - - -

IGI Insurance 718 16.77 91.00 93.45 86.10 90.41 -0.59 125861 93.45 68.27 35 - 10 20B

New Jub Insurance 791 15.89 58.50 60.90 56.60 58.95 0.45 5488 60.90 52.25 30 20B - -

Pak Reinsurance 3000 40.97 16.43 16.78 15.91 15.98 -0.45 2265427 17.20 12.80 30 - - -

PICIC Ins Ltd 350 - 6.97 6.99 6.01 6.84 -0.13 70350 8.30 1.66 - - - -

Premier Insurance 303 5.76 10.50 10.98 10.10 10.65 0.15 44206 10.98 8.00 20 15B - -

Reliance Insurance 252 4.06 6.55 6.61 6.50 6.61 0.06 10418 7.70 6.15 - - - -

Silver Star Insurance 253 4.27 7.00 7.00 6.57 6.88 -0.12 41475 8.17 6.10 - 20B - -

UP TO 5000 VOLUME

STML 22.50 23.10 21.38 22.00 -0.50 4601SALT 55.04 65.70 54.62 65.70 10.66 4550KASBM 1.90 1.89 1.31 1.43 -0.47 4070SAPT 103.95 104.99 102.99 104.99 1.04 4001SLYT 3.82 4.50 3.80 4.39 0.57 3818DCM 1.55 1.80 1.31 1.58 0.03 3753GTYR 22.22 22.59 21.60 21.60 -0.62 3734FZCM 48.98 62.39 51.24 62.39 13.41 3709IDYM 274.95 320.25 274.95 318.93 43.98 3656EXIDE 191.20 198.00 172.12 177.96 -13.24 3646ATEL 15.00 17.00 15.00 17.00 2.00 3402JOPP 8.05 9.24 7.30 7.90 -0.15 3252NMBL 1.50 1.95 1.15 1.50 0.00 3156ANSS 6.25 6.99 5.20 5.50 -0.75 3000MLCFPS 4.28 4.99 4.00 4.98 0.70 2986SURC 35.05 35.10 34.10 35.09 0.04 2927SANE 2.32 3.25 2.98 2.99 0.67 2850SHDT 14.09 15.09 13.09 14.38 0.29 2850SING 18.80 20.45 18.80 19.80 1.00 2621CICL 60.10 61.99 58.51 60.90 0.80 2478TSML 34.00 36.75 34.00 35.90 1.90 2463PKGI 6.90 7.50 6.10 7.32 0.42 2363STJT 17.67 18.99 17.35 18.20 0.53 2333ZTL 3.70 4.20 3.80 4.20 0.50 2200GLPL 62.50 66.48 61.05 63.28 0.78 2074HINO 139.01 141.00 133.00 135.00 -4.01 2073ALQT 4.05 5.50 5.05 5.50 1.45 2037GATM 24.88 26.25 24.25 24.60 -0.28 2013COTT 0.91 1.10 0.81 0.90 -0.01 2001DNCC 2.50 2.60 2.45 2.50 0.00 2000PUNO 41.29 43.19 39.14 43.19 1.90 2000SIBL 2.90 3.25 2.58 3.25 0.35 1992GATI 41.30 43.95 39.00 42.90 1.60 1974GSPM 7.55 7.70 7.00 7.70 0.15 1840CSIL 4.01 5.48 3.26 5.34 1.33 1839OTSU 34.00 34.00 32.40 32.98 -1.02 1813SCL 91.78 92.99 84.15 85.58 -6.20 1720ISIL 72.96 74.99 68.60 74.00 1.04 1576DIIL 11.19 11.24 7.81 8.04 -3.15 1350ARUJ 4.10 4.75 4.10 4.50 0.40 1300FRSM 20.50 21.50 20.15 20.50 0.00 1255ILTM 131.20 166.70 137.76 166.70 35.50 1222ADAMS 16.60 16.75 15.72 16.43 -0.17 1213FNEL 8.98 9.00 8.01 9.00 0.02 1213UNIC 6.40 6.70 5.12 6.01 -0.39 1174MSOT 18.75 19.40 18.06 19.19 0.44 1125FANM 3.07 3.10 2.80 2.90 -0.17 1104DWTM 0.00 6.78 4.80 0.00 0.00 1052TRPOL 0.60 1.18 0.60 1.00 0.40 1045TICL 70.03 73.00 66.36 73.00 2.97 1008GAIL 4.29 5.00 4.21 4.47 0.18 1007NONS 14.25 14.00 13.99 14.00 -0.25 1000GAEL 0.45 0.49 0.45 0.49 0.04 1000TAJT 0.39 0.56 0.39 0.56 0.17 1000SIEM 1300.00 1330.00 1290.00 1299.25 -0.75 800ETNL 22.00 21.50 20.20 20.95 -1.05 785RMPL 1972.00 2108.00 1876.00 2093.00 121.00 782BROT 0.58 0.78 0.25 0.78 0.20 707SHCM 9.90 10.10 8.10 8.32 -1.58 640SGPL 1.00 1.30 0.98 1.00 0.00 600SHJS 95.60 100.00 91.00 93.70 -1.90 593CPAL 2.47 2.40 1.20 1.20 -1.27 587FRCL 2.18 2.78 1.35 2.24 0.06 537ALTN 10.10 11.25 10.00 10.00 -0.10 526BCML 10.73 10.73 9.00 9.10 -1.63 510MSCL 7.50 7.50 5.61 5.61 -1.89 506QUET 43.04 43.04 38.81 40.03 -3.01 503SGMLPS 3.55 4.64 3.64 3.78 0.23 501BELA 1.25 1.25 1.25 1.25 0.00 500BILF 1.92 1.90 1.15 1.40 -0.52 489LPGL 18.91 19.90 15.91 17.88 -1.03 454BWHL 33.15 33.15 30.31 31.83 -1.32 435PECO 291.54 301.84 275.00 285.00 -6.54 402PGCL 20.70 21.10 20.05 20.72 0.02 391MFFL 71.00 74.25 71.00 73.71 2.71 385MEHT 57.00 59.80 55.00 56.00 -1.00 355PHDL 33.00 38.59 32.51 38.37 5.37 330WYETH 1006.25 1100.00 1000.00 1100.00 93.75 328FIBLM 3.53 3.45 2.53 3.45 -0.08 276FASM 35.99 36.75 31.25 33.50 -2.49 255ULEVER 4105.00 4128.00 4002.99 4045.11 -59.89 214DATM 0.64 0.50 0.21 0.32 -0.32 205GRAYS 54.11 56.42 50.51 53.60 -0.51 199MFTM 1.00 1.35 1.10 1.15 0.15 198AASM 24.61 24.72 23.00 23.50 -1.11 191KML 3.17 3.65 2.20 3.65 0.48 188HUSS 11.00 11.49 10.49 10.49 -0.51 157BAFS 61.84 62.95 57.00 59.00 -2.84 133ISTM 6.49 6.95 6.00 6.95 0.46 121UPFL 1104.33 1100.99 1010.01 1059.00 -45.33 111LIBM 58.60 58.60 56.60 56.60 -2.00 110TRIBL 1.70 1.76 1.70 1.76 0.06 100JVDC 59.99 60.00 58.00 59.00 -0.99 95MQTM 7.78 7.90 7.29 7.75 -0.03 52NSRM 11.17 13.17 12.17 13.17 2.00 50FZTM 408.99 419.00 371.02 392.26 -16.73 44FECS 40.00 48.03 42.00 48.03 8.03 33ASFL 2.50 4.85 2.61 4.85 2.35 33CRTM 19.55 19.50 18.50 19.50 -0.05 23ZAHT 3.98 4.87 2.98 2.98 -1.00 22MUCL 13.45 14.40 13.45 14.40 0.95 20RCML 33.99 35.00 34.00 34.00 0.01 20HWQS 20.75 22.78 20.00 21.70 0.95 17SAPL 130.97 132.99 128.00 132.99 2.02 17SFL 112.00 123.25 112.00 123.25 11.25 13TOWL 12.90 12.00 12.00 12.00 -0.90 10EMCO 3.38 3.50 3.20 3.50 0.12 9ICL 28.75 29.09 27.00 29.09 0.34 7SHNI 13.00 14.00 13.00 14.00 1.00 7DADX 25.75 25.75 23.25 23.25 -2.50 5KCL 9.45 9.45 9.00 9.00 -0.45 5PSEL 169.35 169.35 161.01 167.35 -2.00 5BUXL 9.25 9.25 7.91 7.91 -1.34 4ASHT 4.00 4.99 3.00 4.99 0.99 4GUTM 28.26 28.26 24.37 24.37 -3.89 4SJTM 0.51 1.51 0.51 1.51 1.00 4SASML 5.00 6.02 5.02 6.02 1.02 3LATM 7.00 8.00 6.01 6.51 -0.49 3DREL 639.99 639.99 608.00 639.99 0.00 3KOHS 3.92 4.70 3.70 3.70 -0.22 2WAZIR 7.60 8.49 7.60 8.49 0.89 2PAKL 2.82 3.60 2.82 3.60 0.78 2BWCL 22.80 22.80 22.80 22.80 0.00 1AKGL 5.00 5.50 5.50 5.50 0.50 1HUSI 10.64 10.30 9.69 9.69 -0.95 1AATM 1.08 1.08 0.95 0.95 -0.13 1BHAT 262.25 260.00 258.99 260.00 -2.25 1BTL 46.75 47.98 47.00 47.00 0.25 1GFIL 4.75 4.75 3.76 3.78 -0.97 1HMIM 0.51 0.97 0.51 0.95 0.44 1ARPAK 15.00 16.00 16.00 16.00 1.00 1ESBL 2.80 2.90 2.75 2.75 -0.05 1SLCL 2.90 2.90 1.40 1.40 -1.50 1FIMM 54.00 54.00 54.00 54.00 0.00 1

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 Al-Falah 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

D.G.K.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

J.O.V.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

K.E.S.C 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) Ltd. 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

P.I.A.C.(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

P.S.O. XD 54.73 283.40 282.50 285.80 287.30 284.90

P.T.C.L.A 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

Monday, December 13, 2010 8

WaMu ends hearings on $10bn deal to end bankruptcy

Goldmanunit winsauction for

PaternosterCHICAGO: A unit ofGoldman Sachs Group Inc haswon the auction for UK-basedPaternoster , the specialist pen-sions business, for an undis-closed sum.

A majority of shareholdershas agreed to sell their stake toRothesay, a UK-basedGoldman unit, subject to regu-latory approval and other con-ditions, Paternoster said in astatement.

Paternoster, set up by formerPrudential Plc executive MarkWood, had originally beenexpected to fetch up to 300 mil-lion pounds, The FinancialTimes reported. The final deal,however, was valued at lessthan that, the FT said.

"The Board of Paternosterbelieves that this transactionwould create an excellent com-bination to exploit the opportu-nities in the growing BulkAnnuity market and enhancethe long term security of its pol-icyholders," Paternoster said ina statement on its website.

Paternoster was put up forsale by its original backers,including Deutsche Bank, sev-eral months ago. Earlier thisyear, Paternoster helpedDeutsche Bank execute thelargest-ever longevity insur-ance transaction when it helpedBMW hedge its longevity riskfor its UK operations pensionscheme.

The London-based companyhad assets of 3.3 billion euros(2.8 billion pounds) at the endof last year. -Reuters

Madoff trusteeclaim also

targets RBS:ABN AMRO

AMSTERDAM: Dutch bankABN AMRO has said a $270million (170 million pounds)claim filed against it by atrustee seeking to recoupmoney for victims of BernardMadoff was related to opera-tions now owned by Britishbank RBS .

Irving Picard, the trustee forthe liquidation of Bernard L.Madoff Investment SecuritiesLLC, is seeking to recoup morethan $1 billion from sevenfinancial groups for victims ofconvicted US swindler Madoff.State-owned ABN AMRO wasone of the seven groups namedin the complaint, butspokesman Hans van Zon said aclaim sent to ABN AMRO for$270 million relates to the com-pany's wholesale banking busi-ness that was bought by RBS."We are aware of this actionand will vigorously defend ourposition. It would be inappro-priate to comment further atthis stage in the process," RBSspokeswoman Sarah Smallsaid. ABN AMRO, however, isstill facing a claim of $230 mil-lion, which it received via itsunit Fortis Prime FundSolutions, spokesman Van Zonsaid. He reiterated earlier com-ments that the bank woulddefend itself "vigorously.

The seven firms earliernamed in the claim areCitigroup's Citibank, NatixisSA, Fortis, ABN AMRO,Banco Bilbao VizcayaArgentaria, Nomura andMerrill Lynch, now owned byBank of America . The finan-cial institutions received trans-fers of money from Bernard L.Madoff Investment SecuritiesLLC (BLMIS) through numer-ous Madoff feeder funds whenthey either knew or should haveknown of Madoff's fraud, thetrustee said. -Reuters

WILMINGTON: AmericanInternational Group Inc., thebailed-out insurer, aims tosell shares early next year asthe government winds downits stake in the company.

“We hope to be able to goto the market with a publicoffering of AIG this spring,but we have work to do tomake that happen,” MarkHerr, a spokesman for theNew York-based insurer, saidin a statement. “We areworking as diligently as wecan to achieve this as quicklyas possible, subject to marketconditions.”

The Treasury Departmentsaid in September it plans toconvert its $49 billion pre-ferred stake in the insurerinto common shares and sellthe securities. The companyand Treasury may hold anoffering for the stock in thefirst half of next year andraise more than $10 billion,Reuters reported, citingunidentified people. TheWall Street Journal said theUS aims to dispose of morethan $15 billion in shares,with the insurer selling atleast $2 billion in new stock.

The US is selling holdingsin financial firms that tax-payers bailed out at thedepths of the financial crisis.The Treasury this weekdivested its remaining stockin Citigroup Inc. for $10.5billion.

AIG slipped 94 cents, or2.1 per cent, to $43.01 at12:47 p.m. in New YorkStock Exchange composite

trading. The insurer hasadvanced about 43 per centthis year. The US will holdabout 92 per cent of the com-mon shares after the conver-sion.

Capital MarketsChief Executive Officer

Robert Benmosche is seek-ing funds from privateinvestors to replace US capi-tal. The company sold $2 bil-lion of bonds on Nov. 30 inits first offering since the2008 bailout.

“We are completelyfocused on finishing work onthe plan to restructure AIGand put it in a stronger posi-tion to begin repaying tax-payers and return fully to theprivate sector,” said MarkPaustenbach, a Treasuryspokesman. “We are makinggood progress on the recapi-talization plan but it is pre-mature to speculate aboutnext steps.”

AIG is focusing on globalproperty-casualty coverageand US life insurance afterselling more than $50 billionin assets to help repay itsbailout. The $182.3 billionrescue includes a $60 billionFederal Reserve credit line,an investment of as much as$69.8 billion from Treasury,and up to $52.5 billion to buymortgage-linked securitiesowned or backed by AIG.

Hartford Financial ServicesGroup Inc. and LincolnNational Corp., the other twoUS insurers bailed out by theTreasury, repaid their rescuesthis year. -Agencies

AIG plansearly stakesale as UScuts share

WASHINGTON: Mary Schapiro testifies before the Senate Insurance, and Investment Subcommittee hearing. -Reuters

Staff ReporterKARACHI: Some negativeactivities were observed in theinsurance stocks last week atthe Karachi Stock Exchange(KSE) with around 8.7 millionshares traded altogether in lifeand non-life insurance stocks. Adamjee Insurance stood as thevolume leader with 5.7 millionshares followed by PakReinsurance with 2.2 million

shares. EFU Life Assurance was thetop loser of the week as it fellby Rs3.28 to close at Rs80.11and New Jubilee Life Insurancedecreased by Rs2.87 to close atRs45 while American LifeInsurance increased by Rs2.39to close at Rs19.50 andAdamjee Insurance was up byRs2.08 to close at Rs84.26 to bethe major gainers of the week.

Insurers at KSEgo weak last wk

US closes 2more banks,bring year’stotal to 151

WASHINGTON: US authori-ties shut down two banks,bringing the number of clo-sures this year to 151, as small-er financial institutions contin-ue to struggle with depressedreal estate markets and a lackof job growth in the economy.

The Federal DepositInsurance Corp has said itexpects bank closures to peakthis year after 140 closures in2009. The bulk of this year'sclosures have been smallerinstitutions, each with less thana billion dollars in assets, aslarge banks have recoveredmore quickly from the 2007-2009 financial crisis.

The FDIC announced the fol-lowing closures:

Paramount Bank ofFarmington Hills, Michigan.Had total assets of $252.7 mil-lion and $213.6 million in totaldeposits. Level One Bank willassume Paramount's depositsand branches and open as nor-mal on Saturday. TheParamount failure will cost theFDIC's deposit insurance fundabout $90.2 million. It was thefifth closure of an FDIC-insured bank in Michigan thisyear. Earthstar Bank ofSouthampton, Pennsylvania.Had assets of $112.6 millionand $104.5 million in totaldeposits. Polonia Bank willtake over the deposits andbranches and will open as nor-mal on Saturday. -Reuters

MANILA: ING Group hassaid it had agreed to sell itsPhilippine investment man-agement unit to the Bank ofthe Philippine Islands (BPI), the country's largest lenderby market value, for anundisclosed amount.

ING Group said it decidedto separate its banking andinsurance and investmentmanagement businesses anddivest the latter before theend of 2013 as part of theagreement with theEuropean Commission inOctober 2009.

At the end of September

2010, ING's Philippineinvestment managementunit had 78.4 billion pesos($1.8 billion) worth ofassets under management,while BPI's asset manage-ment and trust had 458 bil-lion pesos.

"ING will continue to beactive in the Philippinesthrough ING Bank...INGBank will continue to focuson its strong franchise infinancial markets, lendingand syndications, structuredfinance and corporatefinance," ING said. -Reuters

ING sells Philippineinvestment arm to BPI

NEW YORK: AmeripriseFinancial Inc, a financial plan-ning giant built on home-grown trainees, has its sightsset on experienced brokersfrom Wall Street rivals.

For most of its history,Ameriprise and its predeces-sors filled their ranks of finan-cial planners by recruitingthousands of college graduateseach year, training them asplanners and setting them upin their own practices.

The system had some advan-tages, but it also contributed topoor performance when manynovices fell flat. DonaldFroude, presidentofAmeriprise Financial Advisorsand a veteran of the brokeragebusiness, changed that practicewhen he arrived in 2008 fromLegg Mason Inc.

At the same time,Ameriprise pared back itstraining program.

"If we want to look more likeMerrill Lynch, MorganStanley or Wells Fargo, weneeded to become a destina-tion for advisers who don'twant to run a franchise,"Froude told Reuters.

This year Ameriprise haslured about 300 brokers fromother firms, he said, comparedwith just 40 trainees. Fiveyears ago, the company hired1,729 trainees but only recruit-ed 61 experienced brokers.

Recruiting peaked last year,

when 550 made the jump.Ameriprise hopes that its

financial strength -- the com-pany spent $2 billion on cashacquisitions in the wake of the2008 crisis -- will also helplure more brokers.

"The plan for 2011 is a con-tinuation of the same plan weput in place in '09 and '10: wewant more advisers and wewant higher quality advisers,"said Froude. "We want moreclients and we want deeperrelationships with them."

Froude earlier in his careerwas chief executive of Quick& Reilly, the discount broker-age that over time became amore full-service broker. Healso helped integrate Bank ofAmerica's various mutual fundassets into Columbia AssetManagement.

Ameriprise is unusual inwealth management, beyondits traditional reliance onchoosing novices over recruit-ing. Client relationships arebuilt around financial planningand include an emphasis onlife insurance and annuities.

The company also managesthree kinds of advisers: 2,100Ameriprise advisers employedby the company, 7,600 fran-chisees who are self-employedbut who use the Ameriprisebrand, and 2,000 independentswho work through SecuritiesAmerica.

Accounts generally have

between $100,000 and $5 mil-lion to invest, but the companytraditionally has not been con-sidered a serious rival.

Yet the financial crisis creat-ed an opportunity, as strugglesamong the big banks droverecord thousands of brokers tochange jobs. Froude expectsWall Street advisers will beattracted to the comprehensiveplanning approach used atAmeriprise.

"We're going after the expe-rienced adviser who may bedisenchanted with their(employers') leadership struc-ture," he said.

To be sure, most Wall Streetfirms are spending more timethese days talking about"holistic" relationships: com-plementing investments withloans, retirement planning andotherwise deeper understand-ing of the client.

This comprehensiveapproach has great appeal toinvestors, and it also happensto be more lucrative for advis-ers.

Froude says clients who usethe firm's financial planningservices are twice as content,have twice as many assets atAmeriprise and generatetwice the revenue. That's keyas Ameriprise aims to delivera 12 per cent profit marginand touts itself as more of anasset management firm. -Reuters

Ameriprise sets itssights on rivals’ brokers

Ping Anmay buycosmetics

firm JahwaSHANGHAI: Ping An

Insurance (Group) of

ChinaLtd is in talks to acquire

state-owned cosmetics maker

ShanghaiJahwa in a deal worth

as much as 6.58 billion yuan

($988 million), the China

Business News reported, cit-

ing an unidentified source

close to the Shanghai unit of

the country's state asset watch-

dog.

Jahwa shares were suspend-

ed from trading on Monday

pending announcement of

"important matters", fuelling

speculation of a possible

restructuring.-Reuters

LONDON: The court-appoint-ed trustee trying to recovermoney for investors defraudedby convicted swindler BernardMadoff raised his claim againstSwiss bank UBS to $2.5 bil-lion.

UBS rejected the claim. "TheUS trustee's allegations arecompletely unfounded andwithout merit," UBS spokes-woman Tatiana Togni said.

The trustee, New Yorklawyer Irving Picard, also filedlawsuits against multibillion-dollar US money mangerTremont Group Holdings andMadoff Securities InternationalLtd, Madoff's London branch,as the statute of limitationsdeadline nears on December 15for such claims.

Picard, trustee for the liqui-dation of Bernard L. Madoff

Investment Securities LLC,sued UBS last month for morethan $2 billion, accusing it ofcollaborating in Madoff's epicglobal fraud.

In the latest filing against thebank, he added $550 million tothe total recovery sought in USBankruptcy Court in NewYork.

UBS spokeswoman Tognisaid, "UBS was not aware ofany wrongdoing by Madoff.We will take all appropriatesteps to demonstrate that theallegations are false andunfounded."

In Picard's initial claim, UBSwas accused of sponsoring for-eign feeder funds that sentclient money to the once-respected money manager,lending the feeder funds "anaura of legitimacy" while

shielding itself from liabilitythrough secret side agree-ments.

In recent weeks, Picard hasalso sued JPMorgan Chase &Co to recover $6.4 billion andHSBC, Europe's biggest bank,for $9 billion.

Madoff is serving a 150-yearprison sentence after pleadingguilty in March 2009 to run-ning a decades-long invest-ment fraud of up to $65 billion.

The complaint againstMadoff's London branch seeks$80 million and names asdefendants former MSIL direc-tors: Madoff's brother Peter,Madoff's sons Mark andAndrew, Stephen Raven, LeonFlax, Christopher Dale, PhilipToop and Malcolm Stevenson.Raven was lead director. -Reuters

Madoff trustee adds to UBSclaim, sues London firm


Benjamin Raich of Austria clears a gate during WorldCup Giant Slalom skiing race

Sajjad stormsinto last-64in WorldSnooker

KARACHI: Dazzling

Muhammad Sajjad stormed

into the last-64 round of IBSF

World Snooker Championship

on Saturday when he came

from 0-3 down to register an

exciting 4-3 victory over

Garry Gilliard of New

Zealand at Faiha Sports City

Hall in Damascus, Syria,

according to information

received here.

26-year-old Sajjad from

Sargodha produced his best

under pressure in international

arena made a sluggish start

before making a grand come-

back to reach the knock-out

stage.

The Kiwi cueist Gilliard

was at his best when pocketed

the first three frames to put his

Pakistani opponent under

tremendous pressure in his

last league round.

But Asian number two

Sajjad reaffirmed his class by

snatching the next four frames

at trot to claw his way from

jaws of defeat to chalk out an

amazing win. The sixth frame

saw Sajjad at his brilliant best

as he masterly potted the mul-

ticolored for a break of 123,

his second century of the

event.

Sajjad, who lost in the last

32-round of last year's cham-

pionship in

Hyderabad emerge 23-63,

37-54, 28-63, 66-57, 109-02,

131-01, 80-42 winner.

Sajjad ended runner-up in 7-

men pool 'A' with five wins

and one loss to group lead

Noppadol Sangnil of

Thailand.

Diminutive Sajjad, who

enjoyed wonderful year

abroad with Asian Games

bronze medal in China, is

looking in great nick to go

beyond round of 32 this year.

Pakistans' two other cuemen

Imran Shehzad and Sohail

Shehzad already qualified for

the last 64 stage.-APP

KARACHI: The PakistanCricket Board and the BCCIare at loggerheads over theICC's new Future ToursProgrammes as the PCB claimsthat the Indian board is reluc-tant to give definite time framesfor upcoming series.

Sources in the PCB aware ofthe discussions at the ICC chiefexecutives meeting held recent-ly in Dubai to discuss the 2012-2020 FTP confirmed that Indiahad agreed to play againstPakistan in this period but hasnot given specific dates, report-ed PTI.

"The PCB's biggest issue isthat India has said it would playtwice against Pakistan at neu-tral venues but has given nodates. Secondly they are notwilling to give enough time toPakistan to play a full series,"one source said.

"The time frame given byIndia means that Pakistan can-

not play a full series against itand secondly the Indian boardhas made it clear any matchesagainst Pakistan would bedependent on clearance fromtheir government," he said.

The source disclosed that inthe new FTP, India had suggest-ed twice touring Pakistan forshort series and host Pakistantwice.

"The PCB is not happy withthe situation because it wants alonger series meaning morematches against India and con-firmed dates. On other hand,India has just said they wouldplay Pakistan in the periodsthey are free of other commit-ments in the FTP."

The source said PCB'sbiggest concern is that lessnumber of matches againstIndia mean loss of valuablefinances. "The cancellation oftwo series against India meansa loss of around USD 70 mil-

lion for the PCB which is a lotof money." Pakistan's nextscheduled series against Indiais also in 2012. India has notplayed a bilateral series againstPakistan since 2007. TheIndians were due to tourPakistan in early 2009 for a fullseries but the plan was can-celled due to the 2008 Mumbaiterror attacks.

The source also disclosed thatthe PCB was unhappy that theICC after earlier agreeing isnow not willing to give Iconstatus to Indo-Pak series.

"Allowing Icon status wouldhave meant that where Pakistanplayed two series against a par-ticular team in the FTP againstIndia it would have playedthree because of its icon sta-tus," the source stated.

The source said Pakistan wasalso not happy with other teamslike Australia not giving a fullseries to Pakistan. -Online

PCB-BCCI lock hornsover ICC’s tour plan

SYDNEY: Ricky Ponting maybe just one test defeat awayfrom becoming the firstAustralian captain in 120 yearsto lose three Ashes series but heis not entertaining any retire-ment thoughts.

Ponting, who turns 36 on Dec19, has not been at the top ofhis form with the bat while histeam trail England 1-0 in thefive-match series with threetests remaining.

"My absolute focus is on allthe things within my control,

preparing the team and myselfto perform at our very best inPerth, Melbourne and thenSydney over the next threetests," Ponting wrote in theAustralian newspaper onSaturday.

"I have not stopped for onemoment to consider retirement.The question of my future ascaptain is ultimately a decisionfor Cricket Australia and cate-gorically the future ofAustralian cricket must comefirst.

"I have every confidence inmy ability to score runs and bethe experienced batsman andleader that my teammates canrely on."

"As captain, I am accountablefor the performance of my teamand I accept that our mostrecent results mean that I ambeing assessed more criticallythan at other times in my careeras captain.

"The team is my priority, notmy own ego or the status thatcomes with being the captain of

the Australian cricket team."Ponting conceded England

had dominated the series so far."We've been ordinary, we've

played poorly. I haven't playedthe way I would like to haveplayed, especially in Adelaide,but I don't think I'm that faraway.

"I've got to keep trusting theway I prepare and play andkeep working hard. If anythingI might have worked a bit toohard on my batting over the lastcouple of weeks."-Reuters

Ponting walks hardon smouldering Ashes

LONDON: Chelsea managerCarlo Ancelotti said he wasoptimistic for his team andhad the full support of ownerRoman Abramovich despite aloss of form that has led cap-tain John Terry to questionthe team's desire.

The Premier League cham-pions have won only two oftheir last eight games in allcompetitions and slipped tothird in the league table afterearlier looking like theywould run away with thechampionship.

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, 20

goals ahead of most teamsand now we are trailingbehind," Terry was quoted bylocal newspapers on Friday assaying.

"So we need to go on a goodrun and now would be theperfect time with Tottenham,Man Utd and Arsenal comingup. It would be ideal for us.

"At times, you are going tohave to just do a lot betterthan the opposition and, at theminute, we are not wanting itas much as them."

Ancelotti, however, deniedthere was a lack of appetite,saying his team were motivat-ed but just rather unhappyafter picking up five pointsfrom the last 18.

"This is normal and we haveto do everything to move onquickly," he told a news con-ference.

"I'm not fearing for my job,I feel I have total supportfrom my players, this is themost important thing, I feel Ihave total support from myclub," the Italian said.

"For this reason I do notfear. I am an optimist and I

think everything will be okaythis season."

'TOTAL SUPPORT'He said he had spoken to

Russian owner Abramovichafter Wednesday's 1-0 defeatby Marseille in theChampions League and had

been reassured."He gave me total support,

he understood the problem ofthe team, he is doing the bestto give everyone of us at theclub, the players, myself andmy staff, total support," hesaid.

Chelsea have 30 pointsfrom 16 games and sit twopoints behind leaders Arsenaland one behind second-placed Manchester Unitedwho have a game in hand.Manchester City are fourthon 29, while fifth-placedSpurs have 26.

The champions' morale washit by the unexpected depar-ture of popular assistantcoach Ray Wilkins last monthand they have not been helpedby the absence since Augustof midfield talisman FrankLampard.

Lampard will not be avail-able to face Spurs butAncelotti said the Englandinternational should be backin time for the Dec. 19 matchat home to ManchesterUnited.

"He trained well, he doesn'thave a problem to train,everything is okay but... It isbetter to check on Thursdaywith a friendly game and afterthat play against ManchesterUnited," the coach said.

Terry found some comfortin the fact that no matter howtricky things were forChelsea, other PremierLeague giants were sufferingmore.

"The good thing is we arenot like Liverpool. We are notout of it," he said. "We arestill in with a very goodchance."-Reuters

Coach upbeat despite poor Chelsea form

LAS VEGAS: WBA President Mendoza, trainer Roach, Khan and coach Alex Ariza celebrateKhan's victory over Maidana in Las Vegas. -Reuters

BCCI tocontinueModi'sprobing

NEW DELHI: The BCCI onSaturday decided to retain thethree-member panel probingcharges of financial irregulari-ties against former IndianPremier League (IPL) chair-man, Lalit Modi.

In its Special GoverningMeeting (SGM), the Boarddecided to extend the term ofthe Disciplinary Committeecomprising Arun Jaitley,Jyotiraditya Scindia &Chirayu Amin till the end ofthe inquiry on Modi.

CNN-IBN was the firstchannel that came up with thenews on Saturday that theSGM will extend the tenure ofthe Disciplinary Committee,probing the charges againstthe former IPL boss. It alsoreported that the SGM willalso ratify proceedings of thecommittee of Jaitley, Scindia& Amin, which could be anobvious reaction to Modi'scounsel challenging the ten-ability of the committee afterthe AGM.

Modi's legal counsel,Mehmood Abdi, had chal-lenged the legality of the com-mittee last month since it wasnot re-constituted or re-nomi-nated at the BCCI AGM inSeptember. Modi's camp hadtime and again opposed thenomination of Amin andJaitley citing bias.-Online

MacGillslams

selecters SYDNEY: Stuart MacGill, theformer Australian Test legspin-ner, has slammed the decisionof his country's selectors to callup Michael Beer, a slow left-armer who has played just fivefirst-class games, for the thirdAshes Test at Perth next week.

"I am gobsmacked, shocked,I honestly cannot believe it,"MacGill told Sydney's DailyTelegraph. "The team will haveto change again after the nextTest. Good on Michael Beer,good bloke and good player,but look at this as a job inter-view and show me his qualifi-cations to get this job. He does-n't have any. He is not qualifiedfor the job they have given him.Sending him out there nextweek, what are they trying todo?"

MacGill, who played 44 Testsbefore his retirement in 2008,reserved particular criticism forcomments made by AndrewHilditch, the selection panelchairman.

Mobilink 4thGolf tourneyheld in Khi

Staff Reporter

KARACHI: Mobilink organ-ised the 4th indigo InvitationalGolf Tournament-2010 at theKarsaz Golf Club, Karachi.

For the past three years, the18-hole tournament has consis-tently attracted golfing enthusi-asts from within the Mobilink-Indigo customers. The basicgoal of organizing the event isentertainment and fun whileplaying golf.

Mobilink's DirectorCustomer Care- Fareed Bajwasaid; "It is a great pleasure tosee the enthusiasm displayedby the golfers in Karachi, at theIndigo Golf Tournament. Withyour fervor and support overthe years, this recreationalevent has turned into a popularsporting activity. By sponsor-ing healthy events, Mobilinkaims to support exciting activi-ties, which promote social har-mony and foster a participativespirit in the community." Morethan 100 participants took partin the golfing tournament. Theincreasing number of participat-ing golfers is surely a positivetrend. The significant perform-ers were presented high-valuedgifts from Mobilink. Valuableprizes were given to the suc-cessful players in various cate-gories. The Main Event win for"Best Player-Net" was reward-ed to Arif Usmani who scored65, the "Runner up-Net" wasAbdullah with a score of 67 andthe "Second "Runner up-Net"was Asim Hafeez who scored68.

LAS VEGAS: Amir Khanused a series of combinationsto the head and powerful bodyshots to grind out a 12-roundunanimous decision overMarcos Maidana in their WBAtitle fight.

The 23-year-old Khan onSaturday survived the toughesttest of his boxing career to suc-cessfully defend his 140-poundtitle.

"I was hit by his best shotsand I am still there," Khan said.

"I know I made mistakes, butI worked hard and came backstronger than ever.

"He's a strong fighter, and hehits hard. My chin was tested.I'm not taking anything awayfrom him. He's a great champion.I proved today I've got a chin."

Khan (24-1, 17 KOs) startedquickly, knocking Maidanadown late in the opening roundbut it proved to be the loneknockdown of the fight at theMandalay Bay hotel and casino.

The relentless Maidana (29-2) regrouped and by the 10thround he bloodied and buckledKhan's knees, almost sendingthe British champion to thecanvas.

Khan responded with a flurryof punches in the 11th and 12throunds to take the fight on allthree judges' scorecards.

The Bolton fighter, who isbased in California, finishedthe fight with blood flowingfrom his nose.

Judges Jerry Roth and C.J.Ross scored the bout 114-111for Khan, and GlennTrowbridge favoured Khan113-112.

Maidana was not happy withthe judges' scores, saying hedid enough to recover from theknockout and score points inthe later rounds to earn thetitle.

"I thought I won it," theArgentine fighter said. "I didenough in the final rounds butthey gave him the decision."

Maidana, who has a reputa-tion as a dangerous and some-times dirty fighter, had onepoint deducted by referee JoeCortez in the fifth round afterhe tried to elbow Khan duringa break in the action. Theelbow missed and hit Cortez inthe chest.

The 27-year-old Maidanamade Khan work every roundfor the victory as the twobrawled in the centre of thering with very few clinches orbackpeddling from eitherfighter.

Khan suffered his only lossin 2008 -- a shocking defeat ashe was knocked out byColombia's Breidis Prescott.

Khan, the 2004 Olympic sil-ver medalist, said he chose tofight Maidana because hewanted to show he was pre-pared to go up against thetoughest in his weight class.

"I made a mistake in my pastnow I am a different fighterthanks to (trainer) FreddieRoach," Khan said in the ringafter the fight.

Khan was fighting for justthe second time in the UnitedStates. He stopped PaulieMalignaggi in the 11th roundof a one-sided fight last May inNew York. -Agencies

Amir cloutshis way toWBA win

With oil prices near$90 a barrel for thefirst time in two

years, one of the biggestquestions for analysts is hasthe Organisation of thePetroleum ExportingCountries assembled enoughspare capacity to quenchover-heated markets thistime?

At least five major banksincluding Goldman Sachs,Societe Generale and JPMorgan raised their mid orlong-term oil price forecastslast week, betting on fasterthan expected oil demandgrowth slashing the world'sbuffer supplies within two tothree years.

The most bullish forecastcame from Goldman Sachs,the largest investment bankin commodities. The bank'senergy analysts warned thatif their projections for globaloil demand growth of over 2million barrels per day (bpd)in both 2011 and 2012 provecorrect, Opec spare capacitycould quickly be exhausted.

But even with oil at a 26-month peak on the back ofnear record demand over thelast quarter, the majority ofindustry analysts remainmore sanguine about the sup-ply outlook ahead of thepro-ducer group's meeting inQuito, Ecuador, on Saturday.

Exact data on Opec sparecapacity remains a closelyguarded secret within indi-vidual members, but themajority of industry analystspeg the current figure atbetween 5 and 6 million bpd.

That compares with as lit-tle as 1.5 million bpd in 2008when prices were spirallingtowards $150 a barrel, beforethe global financial crisis

slashed demand and sawprices crash.

"Overall, global demand isnot growing fast enough todraw down spare capacityover the next 2-3 years," saidManouchehr Takin, SeniorPetroleum upstream analystat the Centre for GlobalEnergy Studies (CGES) inLondon.

Takin said Saudi Arabiaalone, the world's largestcrude oil exporter, is sittingon up to 5 million bpd ofspare capacity. Its size andability to substantially rampup production lends it swayover the rest of Opec.

Opec itself has stated thegroup holds more than 6 mil-lion bpd of capacity, and saidin its annual world oil out-look report this level wouldbe maintained until 2014.

If that is to be the case,Saudi Arabia will cede somepower to other members. Thekingdom has no plans toexpand capacity after ramp-ing its production capabili-ties to 12.5 million bpd in2009, Saudi-owned al-Hayatnewspaper reported inOctober, citing high levelsources.

By contrast, Abu Dhabi'sNational Oil Company(ADNOC) plans to add213,000 barrels per day(bpd) to its crude productionby 2012, with a longer termtarget to increase output byabout 400,000 bpd to 1.8million bpd over the next 10years.

In Iraq, analysts polled byReuters in October forecastproduction in the one Opecmember currently exemptfrom output targets would hit2.8 million bpd next yearfrom around 2.5 million cur-

rently, before leaping to 4.6million by 2015.

Analysts at JBC Energy inVienna, who advise severalOpec members, estimatedcurrent UAE spare capacityat 500,000 bpd, with Kuwaitsitting on 350,000 bpd.

Peter Wells, analyst at UK-based Neftex PetroleumConsultants said while hesaw Saudi Arabia's sparecapacity as lower than someat 3.4 million, he calculatedNigeria, Algeria, Libya,Qatar and Iran all also hadspare capacity between150,000 and 300,000 bpdeach.

WHEN TO GETNERVOUS

Analysts say that histori-cally the market does notbecome nervous until sparecapacity dips to 2 millionbpd or below.

Societe Generale said theysee spare capacity droppingtowards 2 million bpdbetween 2013 and 2015,though noted that next year itwill remain "ample".

Several on the industryside think even SocGen'smore conservative viewcould be underestimatingsupplies.

"In our base case scenario,we see Opec's spare capacitydeclining to a low of 4.7 mil-lion bpd in 2012 and 2013before starting to move upagain," analysts at JBCEnergy said.

"Increasing Iraqi produc-tion capacity and weakeningglobal oildemand growth arethe main factors behind thisdevelopment," they added,saying Iraq spare capacitycould hit 8 million bpd with-in 10 years.

Stronger demand than most

are predicting would berequired to drag spare capac-ity down before then.

While demand grew by arapid 2.5 million bpd thisyear, according to theInternational Energy Agency(IEA), most analysts see thisas partly a rebound fromdeclining demand during theeconomic crisis in

2008/2009.The IEA sees demand

increasing by just over 1.3million bpd in 2011, substan-tially below the rate this year.Opec sees demand growingby just under 1.2 millionbpd.

Demand growth at thatpace will largely be met bycountries outside the produc-

er group.Additionally increased

Opec production of crude-like natural gas liquids(NGL) will effectivelyincrease the supply of oilwhile not counting againstOpec production targets.

"There's a huge tranche ofOpec NGL capacity comingonstream next year. That

could be as much as 700,000bpd," said Greg PriddyatEurasia Group.

"Even if demand growsfaster than currently expect-ed and non-Opec supply sur-prises to the downside,you're still unlikely to see thecall on Opec rise by morethan 500,000 bpd next year."-Reuters

HAS OPEC BUILT ENOUGH

CAPACITY DURING THE LEAN YRS?* OPEC, EXPERTS SEE GROUP'S SPARE CAPACITY AT 5-6 MLN BPD

* 2MN BPD YR/YR DEMAND GROWTH NEEDED TO ABSORB SPARE CAP

"I was born in 1992. Youhave been negotiating all mylife. You cannot tell us thatyou need more time,"Christina Ora of theSolomon Islands complainedto delegates at U.N. talks onfixing global warming.

Her line from a brief, rivet-ing speech to a 2009 climatesummit inCopenhagen wasemblazoned on activists' T-shirts at the latest U.N. talksin Mexico, expressing exas-peration at small steps meantto slow floods, droughts,heat waves and rising sealevels.

The two-week 190-nationconference in Cancun, aCaribbean resort, agreed onSaturday to step up actionagainst climate change,including a goal of $100 bil-lion a year to help the poorfrom 2020 and action to pro-tect carbon-absorbing rain

forests.Almost all admit it fell

woefully short of actionneeded. Cancununderscoredthat a treaty, as urged by Ora,is out of reach because ofdisparate economic interestsamong China, the UnitedStates, OPEC oil exportersand Pacific islands.

"Signs that climate changeis happening and with cata-strophic consequences arethere -- flooding in Pakistan,heat waves inRussia, China,"Norwegian EnvironmentMinister Erik Solheim said.

"This is a huge step for-ward but of course not suffi-cient based on science," hesaid of the Cancun agree-ments that at least restoresome faith in the UnitedNations after Copenhagenfell short of the widespreadgoal of reaching a treaty.

The U.N. panel of climate

scientists in 2007 said green-house gas emissions wouldhave to peak by 2015 to givea chance of limiting a rise inaverage temperatures to 2degrees Celsius (3.6 F)above pre-industrial times --a ceiling agreed to inCancun.

But based on current pro-jections, that will not hap-pen.

Existing government poli-cies for combating globalwarming will lead to a rise inworld temperatures of about3.6 C (6.5 F) above pre-industrial times, according toNiklas Hoehne, director ofenergy and climate policy atconsultancy Ecofys.

'MATTER OF OURSURVIVAL'

Surging economic growthin emerging nations led byChina and Indiaare helpingto ease poverty but are driv-

ing up world emissions evenas rich nations' economiesflounder.

Such changes do not soundlike much, but the differencebetween an Ice Age and nowis only about 5 degrees C (9F).

A new treaty has eluded theworld since a U.N. ClimateConvention was agreed to inRio de Janeiro in 1992. Theconvention's 1997 KyotoProtocol only binds about 40rich nations to curb emis-sions during an initial periodending in 2012.

Outside the conferencehall, youth delegates wearingblue T-shirts with Ora's quotewaved banners saying, "1.5to stay alive." They say atemperature rise ceiling of1.5 C (2.7 F) is needed toavoid the worst impacts.

Even to some delegates,especially from vulnerable

African nations and low-lying islands at risk of sealevel rise, the talks seem likerearranging the deck chairson the Titanic.

"This is a matter of our sur-vival," said Colin Beck, wholike Ora is from the SolomonIslands and a vice-chair ofthe Alliance of Small IslandStates.

Average world tempera-tures have already risenabout 0.8 degree C (1.4 F)since the IndustrialRevolution and 2010 is set tobe among the top three yearson record, vying with 1998and 2005, since recordsbegan in the 19th century.

'THINGS YOUCAN DO NOW'

Despite the gloom, otherssay a response is happeningaway from the glacial U.N.talks, with investment shiftsfrom coal, gas and oiltoward

renewable energies. China isinvesting heavily in projectsranging from solar power tohigh-speed rail links.

"We've been trying toemphasize that the focusshouldn't solely be on thestruggles with the treatynegotiations -- this word andthat word -- because thereare things you can do now,"World BankPresident RobertZoellick said.

"Business is not sittingback and waiting for thisprocess to come to a result.... The world is movingahead anyway," said Yvo deBoer,climate adviser at audit,tax and advisory groupKPMG and a former U.N.climate chief.

He listed concerns over cli-mate, energy prices, energysecurity, materials scarcity,consumer preferences and arealisation that things had to

change with the world popu-lation set to reach 9 billionby 2050 from 6.8 billionnow. The U.N. panel of cli-mate scientists says it is atleast 90 percent likely thathuman activities are the maincause of most of the globalwarming in the past half-cen-tury. Natural causes cannotbe completely ruled out.

Rajendra Pachauri, thehead of the panel, warneddelegates inCancun that oneunderestimated effect of cli-mate change was that waterexpands as it warms, raisingthe oceans at the same timeas more flows in from melt-ing glaciers.

The world is destined toexperience a rise in sea lev-els of 0.4 to 1.4 metres (1-4feet) simply because heat inthe atmosphere will gradual-ly reach ever greater oceandepths. -Reuters

Climate talks: 18 years, too little action?

The mounting intensity ofprotests against higheruniversity fees suggests

that more and more ordinarypeople may be angry enoughabout austerity cuts to take toBritain's streets in comingmonths.

Thousands of students andothers laid siege to London'sgovernment district onThursday, producing scenes offighting, vandalism, horsebackpolice charges and bloodiedpolice and protesters not seenin Britain for years.

The chaos even affected theroyal family, when a limousinecarryingPrince Charles and hiswife was attacked by protest-ers.

The government aims to

almost triple tuition fees to upto 9,000 pounds ($14,260),shifting the burden of payingfor higher education from stateto student as part of severespending cuts intended totackle a record budget deficit.

"If I were the government Iwould be very worried ... Ithink the protests are going togrow. This is a governmentwith a bit over six months inoffice and it's confronting themost intense social protests forover 20 years," said AlexCallinicos, professor ofEuropean Studies at King'sCollege London.

Analysts have begun torecall how a hugely unpopularlocal tax was scrapped aftermass riots in London during a

demonstration by 200,000people in 1990, which alsohastened Margaret Thatcher'sfall from power.

EFFECTS NOT YET FELTStudent fees are not seen as

bringing down theC o n s e r v a t i v e - L i b e r a lDemocrat coalition, whichtook office only in May, andpolls indicate that the publicsupport the austerity drive inprinciple.

But the effects of the harsh-est cuts in a generation haveonly just begun to be felt.

Hundreds of thousands ofpublic sector workers will losetheir jobs and millions ofBritons will have to scrimp asunemployment, child andhousing benefits are slashed or

capped.Sales tax on many goods

will rise from next year, manypublic services will be cut, andthe retirement age will rise.

"In the abstract, everybody'sin favour of everybody elsesaving money. But when it'syour library, your hospital,that's when you getmobilised," said PatrickDunleavy, professor of politi-cal science at the LondonSchool of Economics.

Stoking public anger now isthe fact that the Lib Demshave gone back on a pre-elec-tion pledge not to raise tuitionfees.

Some student leaders inLondon refused to condemnthe violence, and many pro-

testers said it was the only waytheir cause would be noticed.

The law raising tuition feesadvanced in parliament onThursday despite abstentionsor 'No' votes from a number ofgovernment lawmakers.

But it still has a number ofstages to go before becominglaw, and students say theirprotests are not over yet.

"There are going to be awhole series of further actions,direct actions, further occupa-tions, and I think in the newyear we will see this rise ten-fold," Clare Solomon, presi-dent of the University ofLondon students' union, toldreporters.

COMMON CAUSE?Until recently, Britain's stu-

dents were seen as much lesspolitical, and militant, thanthose of earlier generations.

But many have spoken ofcampaigning for wider socialjustice, and making commoncause with the trade unions,who are planning a massdemonstration in March. Someunion representatives havealso been present at the stu-dent rallies.

"There is a sense that peopleare beginning to feel that thecoalition government has soldthem a pup (deceived them),that the spendingcuts aren't theway forward and there is analternative, and are beginningto protest about that," saidPaul Nowak, head of organisa-tion for the umbrella Trades

Union Congress.The prospect of peaceful

protesters mingling withincreasingly agitated youths isa challenge for police, whofailed to prevent the attack onPrince Charles's car.

Their preferred tactic is "ket-tling", in which groups of pro-testers are hemmed into asmall area for hours at a time.Police say it limits the damagefrom violent protests, but stu-dents say it causes anger toboil over.

"Once you've got a fear ofviolence, police adopt tacticsto try and stop the violence,and that causes the violence,"said Ivor Gaber, political jour-nalism professor at CityUniversity London. -Reuters

More violent protests loom in UK as cuts bite


International & Continuation

CONTINUATION

Kabul plansnational

electronicID cards

KABUL: War-tornAfghanistan lacks basicnational infrastructure, yet onSunday the governmentunveiled plans for a $100million electronic identifica-tion system with cards to beissued to all Afghans withinfive years.

A chip in the wallet-sizeidentification cards will holda drivers' licence, vehicleregistration, signature andvoting registration and wouldaid fairer, more transparentand efficient future elections,the Ministry ofCommunications said.

After three decades of con-flict, Afghanistan is strug-gling to rebuild its economyand crumbling infrastructuresuch as roads, electricity andwater access.

A September parliamentaryelection was tainted by wide-spread allegations of fraud,including reports of fakevoter identification cards andrepeat voting.

"We consider this a veryimportant initiative for thedevelopment ofAfghanistan," Minister forCommunication andInformation TechnologyAmirzai Sangeen told a newsconference at which a $101.5million contract for the proj-ect was signed with Afghancompany Grand TechnologyResources.

"In our country the need forhaving proper identificationis a very urgent matter," hesaid. "Giving ID cards toeveryone is a process ... prob-ably it is a three to five yearprocess."

The Ministry of Financewill fund the project from itsdevelopment budget, as thegovernment believes the sys-tem will help improve thecountry's security.

Distributing ID cards ininsurgent strongholds in thesouth and east of the countrycould prove difficult, howev-er, as insurgents often intimi-date or target Afghans seen tobe cooperating with the gov-ernment or foreign troops.-Reuters

STOCKHOLM: Swedishpolice investigating two blaststhat rocked central Stockholmon Saturday night, killing oneperson and wounding two, saidon Sunday they had good leadsinto what they said were "terrorcrimes."

Before the explosions, theSwedish news agency TTreceived a threatening letterabout Sweden's military pres-ence in Afghanistanand carica-tures of the ProphetMohammad drawn severalyears ago by a Swedish car-toonist.

A senior Swedish securitypolice official told a news con-ference on Sunday the blastswere being treated as "terrorcrimes" and police had estab-lished good leads.

Anders Thornberg, directorof operations at the SecurityPolice, said police could nei-ther confirm that the man whodied was a suicide bomber nordiscuss his identity, as somefamily members had not yetbeen informed.

"We are investigating this asterror crimes according toSwedish law ... we have notraised the security (threat)level," Thornberg said, addingthat the police were stepping

up their presence in the capital.The drama began when a car

burst into flames near a busyshopping street in the city cen-tre, followed by explosionsinside the car which police saidwere caused by gas canisters.

The second explosion, about300 metres (yards) away and10 to 15 minutes later, killedone man and wounded twopeople.

"Most worrying attempt atterrorist attack in crowded partof centralStockholm. Failed -but could have been truly cata-strophic," Foreign MinisterCarl Bildt said in a message onTwitter, which was also shownon his blog.

Police vans cordoned off sev-eral streets around the bodyand towed away the car. Therest of the city centre was calm,with people having a normalSaturday night out.

Several hours after the blast,the man's body was still lyingon the pavement, covered witha white sheet.

Swedish newspapers all saidthe dead man had blown him-self up.Dagens Nyheter quoteda man called Pascal, a trainedmedic, as saying "It looked asif the man had been carryingsomething that exploded in his

stomach.""He had no injuries to the

face or body in general and theshops around were not dam-aged."

The Aftonbladet quoted asource as saying the man wascarrying six pipebombs, ofwhich only one exploded, anda rucksack full of nails and sus-pected explosive material.

The paper quoted eyewit-nesses as saying the man wasshouting in what was apparent-ly Arabic.

TT said the email it receivedwas also sent to the SecurityPoliceand had sound files inSwedish and Arabic.

"Our actions will speak forthemselves, as long as you donot end your war against Islamand humiliation of the Prophetand your stupid support for thepig Vilks," TT quoted a man assaying in one recording.

TT said the threat was linkedto Sweden's contribution to theU.S.-led NATO force inAfghanistan, where it has 500soldiers, mainly in the north.

It also referred to caricaturesof the Prophet Mohammad bythe Swedish artist Lars Vilks,who depicted the Prophet withthe body of a dog in a cartoonin 2007.-Reuters

Sweden saysStockholm blasts

were “terror crimes”

CAIRO: Hundreds ofEgyptian activists and mem-bers of opposition groupsprotested on Sunday againstwhat they said were viola-tions during a parliamentaryvote that handed the rulingparty a huge victory lastmonth.

Opposition and independ-ent monitors said the elec-tions were fraught with bal-lot stuffing, voter intimida-tion and other abuses.Officials said the processwas fair, all complaints werebeing checked, and any vio-lations did not challenge theresults.

"Void, void, void," protest-ers chanted, referring to theparliament vote, during thedemonstration by severalhundred people in downtownCairo.

"This is not a council, it isa cabaret," they chanted.

Protests increased in Egyptbefore the parliamentaryvote and activists threatenmore before the 2011 presi-dential race. But demonstra-tions rarely number morethan a few hundred and areusually quickly quashed bysecurity forces.

The protesters on Sundayincluded members of opposi-tion movements Enough andApril 6, as well as Egypt'stwo biggest oppositiongroups in the outgoing par-liament, the MuslimBrotherhood and the liberalWafd party. Security forcessurrounded them but allowedthe protest to go ahead.

The Muslim Brotherhood,which controlled a fifth ofseats in the previous parlia-

ment, won only one thisyear. Just 14 of the 508 con-tested seats went to partiesother than the NDP.

The Brotherhood boy-cotted the second round ofthe vote after winning noseats in the first stage, andrefused to acknowledge theseat it won in the run-off.

Wafd also withdrew andrefused to acknowledge thesix seats it won after the sec-ond round. It called on suc-cessful candidates to choosebetween the party or parlia-ment.

Egypt's ruling NationalDemocratic Party securedabout 80 percent of seats,while analysts said many ofthe independent candidateswho secured most of theremaining seats have links tothe ruling party.-Reuters

Egyptians protestparliamentary

vote results

DHAKA: A man was killedand some 150 people wereinjured when police firedtear gas and rubber bulletsto disperse wage protests bytextile workers in theBangladesh capitalDhakaand main port city ofChittagong on Sunday.

Police said a male workerwas killed and some 100were injured inChittagong,some 300 km (190 miles) tothe southeast of thecapitalDhaka, while around50 others were injured dur-ing the violence inDhaka.

"We can so far confirmdeath of one male worker,"police officerReza Al Masud

told reporters in Chittagong.Police earlier said around

4,000 workers attackedpolice and vandalized atleast 20 vehicles, includingsetting fire to one, in theport city.

Another 50 people wereinjured as garments workersclashed with police andsmashed vehicles at Kuril inDhaka. It took police sever-al hours to bring the situa-tion under control.

The violence forced some300 industrial units, mostlygarment factories, to closedown in the ChittagongExport Procession Zone.Factory officials and police

said they would be reopenedas soon as possible.

The government raisedminimum monthly salariesfor garment workers coupleof months ago, but the pro-testers said they were notbeing paid accordingly.

The new minimum wagewas raised to 3,000 taka($43), from 1,662 taka ($24)earlier, payable fromDecember 1.

Garments account formore than 80 percent ofBangladesh's annual exportsworth of more than $16 bil-lion, and have been a main-stay of the economy.-Reuters

Bangladesh policebreak up workersprotests: one dead

DALEA: Supporters of the separatist Southern Movement group marchduring a protest in the southern city.-Reuters

will address the joint session of parliament on Dec 19. Later hewill have interaction with Pakistani media. He will leave forChina on the same day.-APP

Continued from page 12No #1

country's ego and warned to civil disobedient movement if theydo not change their policies. He said that the inflation has madelife of the employees' community miserable and added that 70 percent masses income is only six thousand.

He said that the corruption has become wealthy richer while thepoor masses are paying for it, the prices are being hiked everymonth and the flour, sugar, chicken and power have broken back ofthe masses. He said that only one lac and eighty thousands air-con-dition holders are paying power bills while there is .6 million ille-gal air-conditions which are exempted from bill and burden is beingput on the poor people. Imran Khan said that PPP and PML-N aremisleading the people through aerial firing against each other,adding there is no investment in the country due to the corruption.He said that there is no law in the country and noted he spent eightdays at jail but there was no any big thief or robber. -Online


the other said it was the controlled explosion of a bomb.Iraq hasbeen without a new government since an inconclusive election inMarch, and the country's main factions argued for months beforereaching a deal last month that includes all major parties.

Iraqi Prime Minister Nuri al-Maliki was formally charged onNovember 25 to put together a cabinet and had 30 days to deliveraccording to a constitutional deadline. -Reuters


Chief Minister also met with CEO of Burj Khalifa along withrepresentatives from companies such as Emaar, Habib Bank andOman Insurance. They discussed the investment incentivesoffered by Pakistan particularly Punjab and the political will ofthe government to prioritize UAE investment and trade interest inPakistan. Earlier, Chief Minister Punjab and Chairman of thePunjab Board of Investment and Trade (PBIT), MohammadShahbaz Sharif started the second day of his business visit toDubai, UAE with a meeting with Haji Muhammad Rafiq Gigawho is the Chairman Giga Group of Companies.

At an event organised by Habtoor Group, the Chief MinisterPunjab said that the success that Habtoor Group has seen in UAEremains an inspiration for Pakistani companies. Meanwhile the100-CEO delegation and chamber representatives from Punjabhave visited the Dubai Chamber of Commerce, the SharjahChamber of Commerce and Economic Department of Dubai.

Punjab Board of Investment and Trade have signed MOUs ofcollaboration and exchanged ideas on how to jointly work to estab-lish trade and investment projects in Punjab. The delegates havealso met their counterparts in respective sectors to explore poten-tial joint ventures. The Chief Minister Punjab is on a 3-day visit toUAE accompanied by a 100-CEO delegation with top companiesrepresented from the sectors of agribusiness, livestock and dairy,mines, minerals and energy and international business. -APP


Tanvir Ashraf Kaira said that after completion of this gas proj-ect the complexion of the region would be changed and new chap-ters of relationship would be initiated between neighboring coun-tries. Tanvir Ashraf Kaira has termed TAPI as a historic milestone


in the region. -Online

accepting invoices from the members.The amount of unpaid incentive /commission under the afore-

said agreement is a sum of UK pounds 2,689,500 plus interest forthe period of default to be decided by the court," the documentadded. As of December 3, 2010, the total value of this claim is UKPound 2,689,500 plus 8 per cent annum interest, commencingfrom November 30, 2010, at the daily rate of UK Pound 589.48per day till the judgement or the settlement of the claim, theclaimant pleaded. -APP


new director. "The board's functions include approving plans torestructure (Dubai World) and its affiliates, as well as approvingthe draft annual budget and final accounts and adopting its admin-istrative and financial systems and those of its subsidiaries, theadoption of financing and borrowing from financial institutionsand providing them financial guarantees," said an official state-ment carried by WAM. State-owned Dubai World won creditorsupport from all its creditors in November for a $25 billionrestructuring plan, one of the first major milestones in resolvingthe debt headache which has plagued the Gulf Arab emirate sincelast year. In its debt deal, presented to creditors earlier this yearand seen by Reuters, Dubai World had said there would be a newmanaging director and chief financial officer for the company,whose assets range from shipping to real estate. Sunday'sannouncement made no reference to this.

Observers were divided on Sunday about the ramifications ofthe move with some viewing it as a confidence boosting movewhile others fretted that it may signal more issues to come. "Ifthey put the heaviest hitters in Dubai on the board of the compa-ny that was successfully restructured, I sense they realise that theDW story is certainly not over yet," said a financial industrysource, asking not to be identified. Dubai World plans to sell itsprized assets over a period of eight years to generate as much as$19.4 billion to pay off creditors, according to the restructuringproposal document obtained by Reuters. It said in the documentasset disposals over an eight-year period will help generate up toa maximum of $19.4 billion, while similar sales based on currentprices would be worth a maximum of $10.4 billion. -Reuters


incident. The deaths come days before U.S. President BarackObama is due to complete a review of his Afghanistan war strate-gy and underline the rising tide of violence. Violence is at itsworst across Afghanistan since the Taliban were ousted in 2001,with military and civilian casualties at record highs.

In a further blow for Obama, his special representative forPakistan and Afghanistan, veteran diplomat Richard Holbrooke,was in critical condition on Saturday after surgery to repair a tearin his aorta. The attack in the south had the highest toll in a singlebattlefield incident since a May suicide bomb near a military con-voy in Kabul that also killed six.

A border policeman shot dead six U.S. soldiers last month, buthe was on a training exercise with the troops he killed, and alreadyinside their security cordon when he opened fire. Hameed said thebomber had tried to enter the base but his vehicle detonated at agate outside, wounding three Afghans and four foreign soldiers, inaddition to those killed. It was not clear whether the device hadgone off prematurely or whether the bomber had been killed by


situation during the month of Muharram. Ulemas from all over the country have assured their fullcooperation with government, he added. -Online


Republican administration of President George W. Bush, even those for wealthier Americans.Democrats had hoped to allow tax rates to rise for the wealthiest 2 percent of U.S. households to

avoid increasing the country's record-high debt level. House Democrats also are particularly angeredthat the deal did not toughen taxes on estates of the richest Americans as much as they wanted. In acaucus last week, they rejected the tax deal and chanted, "Just say no!" Despite the opposition inObama's own party, Axelrod said he did not expect significant changes to the tax deal. "We can'tchange it in major ways and expect that it is going to pass. ... I expect that the framework that wasagreed to will be largely what is voted on," he said. White House economic adviser Austan Goolsbeealso predicted the package would pass.


grief over the sad demise of MA Zuberi, Editor-in-Chief of the Daily Business Recorder andPatron- in-Chief of Aaj News. Prime Minister telephoned Wamiq Zuberi, Editor Business Recorderand son of the deceased, Sunday evening and condoled with him over the death of his father.

He lauded the invaluable contribution of late MA Zuberi for the promotion of healthy journalismas well as the social services for the people which would be long remembered. The Prime Ministerprayed to Almighty Allah to shower his countless blessings upon the departed soul and grantstrength to the members of the bereaved family to bear this irreparable loss with equanimity.

Furthermore, President Asif Ali Zardari expressed his deep grief and sorrow over the demise of MA Zuberi, patron in chief of AAJ News and founder and editor in chief of Business Recorder news-paper. The President paid tributes to the services of late MA Zuberi for promotion of media in thecountry. The President prayed to Allah Almighty to rest the departed soul in eternal peace and grantcourage to the bereaved family to bear the loss with patience and courage.


Faysal Islamic Savings Growth Fund, ABL Cash Fund, ABL Islamic Cash Fund, AH Dow JonesSafe Pakistan Titans 15 Index Fund.


government to ensure a stable Afghanistan because historically, Pakhtuns have always ruled inAfghanistan. He further said that the US and the world are making a big mistake by recognising theTajik minority in Afghanistan, adding that "Not all the Pakhtuns are Taliban". -NNI


industries have also affected manufacturing of export products.He was of view that if the situation remains the same, all the industries would be shutdown.


guards, he added. Taliban spokesman Qari Mohammad Yousuf claimed responsibility for the attackon behalf of the Islamist group. "It was one of our suicide bombers, who used a minibus for thisattack on the base," he told Reuters by telephone from an undisclosed location.

Intensified fighting cost the lives of more than 690 foreign troops in 2010, around one third ofthe total 2,260 who have died in more than nine years of conflict. June was the bloodiest monthever for foreign forces in Afghanistan, with 103 deaths. The rise in troop deaths is a major chal-lenge for Obama and his administration, who are under pressure to find an exit from an increas-ingly unpopular war. Holbrooke's illness comes just before the White House is due to roll out itsassessment of the revised strategy for the troubled region that Obama unveiled a year ago, whichincluded an extra 30,000 U.S. troops. Afghan President Hamid Karzai joined Obama and otherofficials in wishing Holbrooke a speedy recovery, saying on Sunday he was "greatly moved"when he learnt of his condition.

"I don't think it is an immediate concern for the U.S. government because you have a strong groupof senior representatives for the U.S. here in Kabul already," said Andrew Exum, a Fellow at theCentre for a New American Security.

Average turnover stood at 182 million shares increasing by 32 million from an average volume of150 million shares previous week. Dewan Salman was the top traded stock with 104.7 million sharesmainly due to investor interest in Dewan group stocks on news of debt restructuring. Other volumeleaders include Lotte Pakistan with 79.9 million shares and National Bank with 42.2 million shares.

Out of total 429 active issues 242 advanced and 170 declined while 17 issues remained unchanged.


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RGST Bill

MQM has rightto protest, says

MuktharGUJRAT: Federal Defence Minister,Chaudhry Ahmad Mukhtar has said thatPML-N Quaid Mian Nawaz Sharif inwhich position interfering in the parlia-ment as he is not an elected member of it.

According to media reportsChaudhry Ahmad Mukhtar whilespeaking to media at Gujrat said thatwhy Chief Minister Shahbaz Sharifvoicing against RGST bill as healready has signed the bill.

He further said that MQM ChiefAltaf Hussain had the right of protesthowever the country could not affordsuch demonstrations. He said thatthere is no truth in the disclosures ofWikileaks. -Online

Resolutionmoved against

Governor Taseerfor violating lawLAHORE: Pakistan MuslimLeague (N) has submitted a resolu-tion in Punjab AssemblySecretariat against GovernorPunjab Salman Taseer for leavingthe country without notifying.

The resolution has been submittedby Member Provincial Assembly(MPA) Dr Zammarrud YasmeenRana; in which it is mentioned thatGovernor Salman Taseer left countrywithout informing and the seat ofgovernor left vacant.

It has been requested from the pres-ident to take notice, as this is a non-constitutional act, which violates thearticle 104 of the constitution.

Governor Punjab, who is consid-ered as constitutional head of theprovince, traveled to Karachi viaflight PK 303 on December 5th andthen flew to Colombo through inter-national flight VL 189 the sameevening. He returned back to Lahoreby the eve of December 8.

Against this act, this has beendemanded from President Asif AliZardari to take strict notice as SalmanTaseer committed a serious violationof the constitution and it is mandato-ry for every parliamentarian to obeythe constitution. -Online

Kaira hopesTAPI bringsprosperity

LAHORE: Provincial Minister ofFinance and Planning &Development, Tanvir Ashraf Kairahas said that TAPI (Turkmenistan,Afghanistan, Pakistan and India) gaspipeline project would bring pros-perity and progress in region and thisproject would play a vital role tocope with the energy requirements ofthe country.

Talking MPAs at his residencehere on Sunday the Minister saidthat agreement on TAPI gas proj-ect in Ashkhabad was the historicone and this project would pavethe new avenue of progress in theregion he said that TAPI projectwould complete by 2013-14 and3.2 billion metric feet gas wouldbe obtained in which 1325 millionmetric feet gas would be providedto Pakistan which would be neces-sary for fulfillment of our energyrequirements.

See # 5 Page 11

ISLAMABAD: Pakistan attachesgreat importance to its cordial andfriendly ties with United ArabEmirates and desires to furthercement the socioeconomic and traderelations between the two countries.

This was stated by Chief MinisterPunjab Mian Shahbaz Sharif duringhis meeting with Governor of DubaiInternational Financial Center(DIFC) Ahmed Humaid Al Tayer,said a press release received here.

He thanked the UAE governmentand said that the UAE, and particu-larly Sheikh Nahyan Bin Mubarak AlNahyan, has always shown support

for Pakistan and this support trans-lates into concrete investments inPakistan.

The Governor of DubaiInternational Financial Center(DIFC) Ahmed Humaid Al Tayerwelcomed the Punjab Chief Ministerand assured continued support of theUAE government to Pakistan.

Dr Naseeer Saidi, Chief Economist& Head of External Relations DIFCalso gave presentation on DIFC.

He also pointed out the areas whereDIFC could support to Pakistan thatcould help in reviving the economy.

See # 4 Page 11

Pakistan, UAEcement bonds

FALLUJA: A suicide car bomberkilled 13 people and woundeddozens near government buildings inthe mainly Sunni Iraqi city ofRamadi on Sunday, police and hospi-tal sources said.

The attack came as Iraqi politicalleaders moved toward forming a newgovernment and just days before oneof the most religious days for Shi'ite.

A police official and a hospitalsource said 13 people were killed and41 wounded in the blast in westernAnbar province, once a stronghold ofthe al Qaeda Islamist militant group.

Hikmet Khalaf, the deputy gover-nor of Anbar, said the blast in centralRamadi, 100 km (60 miles) west ofBaghdad, targeted a complex inwhich the provincial council isbased. He put the toll at seven deadand 25 wounded.

"It (the explosion) was at a crowd-ed crossroad. There were civilianvehicles passing and it is also theentrance to the main governmentoffices," said Khalaf.

"They are criminals from al-Qaeda.Who else besides them would do

something like killing innocent peo-ple?"

The sprawling desert province ofAnbar was the heartland of a SunniIslamist insurgency after the 2003US-led invasion. Its main cities,Ramadi and Falluja, witnessed someof the fiercest fighting of the war.

But local Sunni tribal chiefs turnedon al Qaeda, helping US forces bringrelative peace to the region.

Last December, twin suicide blastskilled at least 24 and wounded morethan 100 just outside the provincialgovernment headquarters in Ramadi.The governor of Anbar province wascritically wounded in one of theattacks, but survived.

A police source said a car bombexploded at the entrance to the officecomplex, which also houses thepolice headquarters for the provinceand other government buildings.

A simultaneous explosion tookplace nearby at a bus terminal, twopolice sources said. One source saidit was a roadside bomb and onepoliceman had been injured, while

See # 3 Page 11

Iraq car bombkills 13, hurts dozen

The Financial Daily

expresses its heartfelt grief over the very sad

demise of M A Zuberi and

conveys its deep condolences

to the bereaved family members

LAHORE: Federal Law MinisterBabar Awan has said that loot salehas begun in Punjab, adding thatTakht-e-Lahore (Lahore Throne)has now ordered seizure of petrolpumps of Lahore.

Addressing the party workers inLahore, he urged Nawaz Sharif notto do politics in the name ofoppressed people.

Voicing opposition against aPunjab government's plan to sealLahore's petrol pumps, he said thatthe move will deprive poor peopleof their livelihood.

"All petrol pumps were allowed tooperate under LDA law and thatNawaz Sharif should also supportthe petrol pump owners," he said.

The Federal Law Minister saidthat his party condemns police high-handedness of students and teach-ers. "Why doesn't Nawaz Sharifspeak in support of teachers and stu-dents?" he questioned.

"There is a need to improvePunjab's governance." He asked thePunjab government to announce theschedule for the local body election.

Federal Law Minister said corrup-tion was on the rise in the Punjaband the educational institutionswere on the sale in the province.

Babar pointed out that whenNawaz Sharif said that there wascorruption in the country he is rightbecause the biggest province hasbeen mismanaged none other thanby his younger brother, ShahbazSharif.

He was addressing the party work-ers at Lahore. He was very criticalof Sharif brothers' Raiwind Palace.

He suggested to Nawaz toannounce the date for holding oflocal bodies elections. The minis-ter said his party was not follow-ing the policy of reconciliationbecause we were scared of any-one. -Agencies

Awan allegesPunjab govtplundering

Wen Jiabaodue on 17th

ISLAMABAD: Chinese PrimeMinister Wen Jiabao will arrive hereon Dec 17 on a three-day official visiton the invitation of Prime MinisterSyed Yousuf Raza Gilani.

Prime Minister Gilani himself willreceive Chinese Premier Wen Jiabaoat the airport.

Dozens of chief executives of com-panies and 250 business leaders willaccompany the Chinese premier. Thevisit will be a unique opportunity fortwo countries to enhance their tradeand commercial ties. Many commer-cial deals will be signed during thevisit.

Up to 20 billion dollars worth ofprojects with Chinese help have beencompleted in Pakistan. Work on proj-ects of 14 billion dollars is continuingat present while projects of another 20billion dollars will be signed betweenthe two sides.

A large media delegation will comewith the Chinese Premier who willalso have interaction with Pakistanimedia.

There will be an official meetingbetween the two Prime Ministers thatwill be followed with ceremony ofsigning MoUs at Prime MinisterHouse.

A briefing for visiting dignitary willbe held at office of National DisasterManagement Authority at PMSecretariat.

An unveiling of plaque ceremonywill be held at Star-Crescent (Chaand-Tara) Chowk, followed by opening ofpaintings-pictures exhibition andChinese premier will meet with com-mon people of Pakistan.

Chinese Premier will also holdmeetings with opposition leaders andservices chiefs. He will also meet withbusiness executives of Pakistan on thesame day.

President Asif Ali Zardari will holda banquet in honour of the visitingdignitary. The Chinese Prime Minister

See # 1 Page 11

Urges Punjab to announce LB poll schedule

ISLAMABAD: PTI ChairmanImran Khan has announced tolaunch long march and civil disobe-dient movement if the rulers do notchanged their polices, adding thathe would pay his all money in bankaccount in tax if all the politicians

disclose their assets.Addressing PTI workers at

Aabpara Chowk, Imran Khan saidthat during their visits, all the rulersbegging for loan and bow before theUS leaders and compromise over

See # 2 Page 11

Imran warns ofdisobedience call

PTI chief urges govt to mend ways

RAMADI: Iraqi security forces inspect the scene of a car bomb attack in Ramadi, west of Baghdad. -Reuters

Nahyan, Shahbaz discuss bilateral ties

the financial daily-epaper-13-12-2010

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