The Financial Daily-Epaper-10-12-2010
12
International PAC seeks ministries secret funds record See on Page 12 Awan declares war against graft See on Page 12 Madoff suits take aim at big banks See on Page 12 *Crude Oil (brent)$/bbl 91.32 *Crude Oil (WTI)$/bbl 88.86 *Cotton $/lb 133.62 *Gold $/ozs 1,390.90 *Silver $/ozs 28.79 Malaysian Palm $ 1,157 GOLD (NCEL) PKR 38,212 KHI Cotton 40Kg PKR 9,860 Yearly(Jul, 2010 up to 8-Dec-2010) Monthly(Nov, 2010 up to 8-Dec-2010) Daily (8-Dec-2010) Total Portfolio Invest (26 Nov-2010) 184.89 22.16 0.27 2632 0.16 -1.11 1.01 -0.58 -0.59 1.04 0.07 SCRA(U.S $ in million) Portfolio Investment FIPI (9-Dec-2010) Local Companies (9-Dec-2010) Banks / DFI (9-Dec-2010) Mutual Funds (9-Dec-2010) NBFC (9-Dec-2010) Local Investors (9-Dec-2010) Other Organization (9-Dec-2010) (U.S $ in million) NCCPL GDR update Commodities Forex Reserves (4-Dec-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Oct 10) Imports (Jul 10-Oct 10) Trade Balance (Jul 10-Oct 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10-Oct 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Oct 10) LSM Growth (Sep 10) GDP Growth FY10E Per Capita Income FY10 Population $16.39bn 14.44% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $569mn Rs 495bn $58.41bn Rs 5234.9bn $203.80mn -2.58% 4.10% $1,051 171.26mn 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 24.25 2.00 1.70 10.57 PKR/Shares 111.37 207.74 42.83 36.41 36.22 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 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 13.16% 13.39% 13.67% 14.00% 13.23% 13.36% 13.58% 13.94% 14.09% 14.13% 14.23% 14.28% 14.53% 14.68% 14.88% Money Market Update Symbols Buy (Rs) Sell (Rs) Australian $ 83.90 84.90 Canadian $ 84.20 85.20 Danish Krone 15.10 15.20 Euro 113.20 115.20 Hong Kong $ 10.90 11.00 Japanese Yen 1.026 1.052 Saudi Riyal 22.70 22.90 Singapore $ 64.80 65.80 Swedish Korona 12.10 12.20 Swiss Franc 86.75 86.85 U.A.E Dirham 23.20 23.40 UK Pound 134.70 136.20 US $ 85.55 85.85 Open Mkt Currency Rates Symbols Buying Selling TT Clean TT & OD Australian $ 84.49 84.69 Canadian $ 84.80 85.00 Danish Krone 15.29 15.32 Euro 113.99 114.25 Hong Kong $ 11.02 11.05 Japanese Yen 1.021 1.023 Saudi Riyal 22.84 22.89 Singapore $ 65.35 65.50 Swedish Korona 12.50 12.53 Swiss Franc 87.07 87.28 U.A.E Dirham 23.32 23.37 UK Pound 135.51 135.83 US $ 85.67 85.85 Inter-Bank Currency Rates Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com www.thefinancialdaily.com CITIES MAX-TEMP MIN ISLAMABAD 23°C 2°C KARACHI 28°C 11°C LAHORE 20°C 5°C FAISALABAD 22°C 2°C QUETTA 13°C -9°C RAWALPINDI 23°C 3°C Weather Forecast Index Close Change KSE 100 11,569.09 60.84 Nikkei 225 10,285.88 53.55 Hang Seng 23,171.80 79.28 Sensex 30 19,242.36 454.12 ADX 2,761.60 7.00 SSE COMP. 2,810.95 37.60 FTSE 100 5,817.87 23.34 *Dow Jones 11,387.24 14.76 Global Indices India hot favourite for 2011 Cricket WC: Imran See on Page 12 LONDON: Demonstrators speak to police officers during a protest, in central London. Reuters Special Correspondent ISLAMABAD: The Executive Committee of the National Economic Council (ECNEC) on Thursday approved 33 projects costing over Rs600 billion including foreign exchange component of Rs130 billion. The Executive Committee of the National Economic Council (ECNEC) met here with the Federal Minister for Finance, Economic Affairs and Planning & Development, Dr Abdul Hafeez Shaikh in the chair. Several federal ministers, Deputy Chairman Planning Commission, Governor State Bank of Pakistan, Special Assistants to Prime Minister on Water and Social Sector, Provincial Ministers for Finance and Planning & Development and representa- tives from Gilgit-Baltistan, AJK and representatives of the spon- soring agencies also attended the meeting. The projects were approved in the sectors of transport and communications, irrigation, food and agriculture, education and health, energy, information technology and cities develop- ment. To overcome the power short- age, five projects of energy costing Rs81.5 billion including Power Distribution Enhancement Investment Programme, Phase-II, National Compact Florescent Lamps, Addition of 500 & 220-KV sub- stations into NTDC System and Combined Cycle Power Plant of 320 MW to be gifted by UAE were approved. These projects will help to enhance the existing capacity in the system through conserva- tion and efficient distribution efforts. Moreover, four projects of transport & communication sec- tor costing Rs96.2 billion com- prising 'Procurement of (US Origin) 150 Diesel Electric Locomotives' 'Improvement, Widening and Construction of Kohlu-Sibbi Road Project (Length 162.5 Km)' 'Improvement and Widening of Jaglot-Skardu Road (S-I) (167 Km)' and 'Extension of Motorway (M-4) from Khanewal to Multan 57-km. To ensure food security in the country, three projects of agri- culture sector approved by ECNEC included 'Punjab Economic Opportunities Program (PEOP)' 'Pak-China National Project for Controlled Atmosphere (CA) and advanced Ventilated Cold Storage' and 'National Project for Enhancing Existing Capacity of Grain Storage'. The projects will help to reduce poverty in the rural areas and enhance existing food grain storage capacity. To provide primary healthcare and to achieve the MDGs, important projects of health sec- tor were also approved. These were 'Prime Minister's Program for Prevention and Control of Hepatitis (Prime Minister's Emergency Action on Hepatitis)' 'Expanded See # 15 Page 11 Rs600bn uplift plans greenlit Finance Minister Shaikh chairs Ecnec meeting Rs81.5bn for energy, Rs96bn for transport sanctioned ISLAMABAD: Nicolas Martin, Chief Financial Officer of ASHORE, UK has said that his company is interested to invest in Pakistan especially in the fertiliser industry owing to the increasing demand of the country and investment for farm mechanisation could also be initiated. He said this during his meet- ing with Federal minister for food and agriculture Nazar Muhammad Gondal here on Thursday accompanied by Ahmed Jaudet Bilal, CEO Agritech. Federal Minister said there is a huge potential for local and foreign investment in the agri- culture related industries in Pakistan. "We would welcome and encourage foreign investment in the agriculture sector and other industries related to the sector. Fertilisers are one area where the local demand increases annually and the country has to import the commodity to fulfill the domestic requirements," he said. "We have increased the sup- port price of wheat that has resulted into surplus wheat and encouragement for the farmers. The farmers are now willing to reinvest on their crops to get even better results which has eventually increased the demand for fertilizers and other inputs", said the minister. The meeting was also attend- ed by Additional Secretary Minfa, Shafqat Hussain Naghmi and other senior See # 10 Page 11 UK keen to invest in Pak agro sector ISLAMABAD: A counsel for country's sensitive agency on Thursday apprised the Supreme Court that eleven missing pris- oners of Adyala Jail had been arrested along with a number of terrorists from their hideouts in army operational areas. Raja Muhammad Irshad, counsel for Federation, Pakistan Army, Inter-Services Intelligence, Intelligence Bureau, Military Intelligence, told a three-member bench con- sisting of Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil-ur-Rehman Ramday that after Court's direction a massive operation was launched and more than 20 terrorists including these eleven people had been arrested in the operational areas. He said they were in safe and secure hands and would be charged under Army Act. He assured that their trial would be held in General Field Court Martial in accordance with law. Recording his statement on behalf of respondents, he said that the impression should be dispelled that Pakistan Army and its other institutions were above law and the Court. He said negative impression was given by certain elements who had been playing in the hands of those people who were out to secure their vested inter- ests. He said "I want to record a statement to dispel the impres- sion that Pakistan Army or any See # 9 Page 11 Agencies admit missings custody Adyala Prisoners ISLAMABAD: President Asif Ali Zardari is scheduled to ink an agreement on the $7.6 bil- lion Turkmenistan- Afghanistan-Pakistan-India (TAPI) gas pipeline project with the Turkmen and Afghan heads of States at Ashgabat on December 11. The 1640-km long Turkmenistan-Afghanistan- Pakistan-India (TAPI) pipeline will pass through the volatile Afghan territory to link with Pakistan's national gas network near Multan and terminate at Fazilka in India. Indian Prime Minister Manmohan Singh is not likely to attend the signing of the "inter-governmental agree- ment" as he has left on a three- day visit to Belgium to partici- pate in the India-EU summit, diplomatic sources said. Indian Petroleum Minister Murli Deora is likely to lead the Indian delegation. The project conceived in 1995 was initially designed to provide gas from Turkmenistan to Pakistan, through Afghanistan. However, India was later invited to join the project in 2008. President Zardari will also hold bilateral meetings with Afghan President Hamid Karzai and Turkmen President Gurbanguly Berdimuhamedov and discuss further strengthen- ing of ties in all spheres. Minister for Petroleum and Natural Resources Naveed Qamar will ink an agreement on Gas Pipeline Framework See # 12 Page 11 Pak inks TAPI deal this week Imran Farooq Murder 34year old Pakistani suspect copped LONDON: British police on Thursday arrested a 34-year- old man on suspicion of mur- dering Pakistani politician Imran Farooq, who was attacked in London in September. Scotland Yard said the man was arrested at a residential address in, north London. "He has been taken to a north London police station where he will be interviewed by detec- tives," the police headquarters said in a statement. Detectives recovered a kitchen knife and a brick used in the attack. Detectives from Scotland Yard's counter-terror- ism command have taken charge of the murder inquiry due to fears that the killing may be politically motivated. "Detectives believe there are other people who may hold vital information about the attack and continue to urge them to come forward," Scotland Yard said. "They still want to trace two men and speak to them in con- nection with the incident." Both men were of "Asian appearance", in their 20s or 30s with short, dark hair. One was of stocky build, the other slim, they said. Farooq claimed asy- lum in Britain in 1999. -Reuters Karachi, Friday, December 10, 2010, Muharram-ul-Haram 3, Price Rs12 Pages 12 FX reserves shrink to $16.39bn Staff Reporter KARACHI: Country's foreign exchange reserves fell to $16.39 billion in the week ending Dec 4, down from $16.74 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $12.65 billion from $12.97 bil- lion in the week ending Dec 4, and those held by commercial banks also eased to $3.74 billion from $3.77 billion, said the State Bank of Pakistan. "The State Bank of Pakistan's reserves fell due to debt pay- ments," said Syed Wasimuddin, chief spokesman of the central bank. Earlier the reserves got a boost in September after the IMF sent Pakistan $450 million and said that the money would go toward the budget to help with addition- al spending for flood relief and immediate foreign exchange needs. PM snubs Cameron’s visit to Pak LONDON: British Prime Minister David Cameron's attempts to mend fragile rela- tions with Pakistan have been dashed after being snubbed by Pakistan's prime minister. Cameron had asked to go to Islamabad at the end of his Afghanistan trip in a bid to try and patch up contact with Pakistan, following his contro- versial remark during his visit to India that Pakistan faced 'both ways on terror', the Daily Mail reported. But his attempt to invite him- self ended in a firm refusal, as Pakistan Prime Minister Syed Yousuf Raza Gilani said that he did not want to be 'tagged on' to a visit to Afghanistan. Cameron often tries to squeeze several countries into a single foreign visit, as the busy premier has to try and deal with the recession and cuts agenda at home. His last trip to the region See # 13 Page 11 4-nation project to cost $7.6bn ISLAMABAD: A new report by Transparency International shows people believe corruption has increased over the last three years. The political and public sec- tors were seen as the most cor- rupt, the report said. The corruption appears to be on the rise worldwide, according to the latest report released by Transparency International. According to a private See # 14 Page 11 Pak going up in corruption index Transparency Int'l latest report shows Staff Reporter ISLAMABAD: Country's consumer price index (CPI) rose 15.48 per cent in November from a year ago, the Federal Bureau of Statistics said on Thursday. The CPI was up 1.52 per cent over October. Pakistan's wholesale price index (WPI) rose 24.65 percent in November from a year earli- er, and up 3.48 percent over October, according to the bureau. "Though the pressure on food prices is expected to slightly decline, C PI inflation may rise in the coming month because of an increase in elec- tricity tariffs and a possible hike in fuel prices, along with a low-base effect." The other indicators, including Wholesale Price Index (WPI) and Sensitive Price Indicator (SPI) also increased by 24.65 and 23.25 per cent respectively during the month of November, according to figures released by Federal Bureau of Statistics (FBS). Nov inflation up 15.48pc YoY ISLAMABAD: The govern- ment has lifted ban on import of recondition vehicles and allowed the import of the old vehicles for five years. According to notification of commerce ministry, the recon- dition vehicles can be imported through personal gift luggage scheme or dealer and their import was allowed but these vehicles should be five years old. The federal cabinet and Economic Coordination Committee earlier in principle approved the decision. A committee of the Ministry of Commerce, which was set up to see the technical aspects of the decision, had given green signal four days ago. It may be noted that the import of the recondition vehi- cles were banned during gov- ernment of former President Pervez Musharraf. It is said that the lifting of ban on the import of the old vehicles would not put any impact on auto industry and there is no possibility of declining prices of vehicles, manufacturing in the country. According to figures, more than 45,000 used cars were imported in year 2007, when the government had granted permission for import of five- year used cars. The permission was restrict- ed to three years, due to which the import in year 2009 declined to 6000. Govt lifts ban on used cars import Russia, China aim to invest in PSM KARACHI: The Pakistan Steel Mills has received Expression of Interest (EoI) from 10 companies including China and Russia to boost its production from present 1.1 million tonnes per annum to 1.5 million tonnes. "After appointing a consult- ant from international market for evaluating the expressions of interest, the process of awarding this contract to a for- eign company will be complet- ed within next three months," said Imtiaz Ahmed Khan Lodhi, the Chief Executive Officer (CEO) of the Steel Mills. In this regard, PS manage- ment has already given a detailed presentation to Federal Ministry of Industries and Production, and the Planning Commission of Pakistan, he said in an interview to APP on Thursday. According to Pakistan Steel's CEO, after starting work on the first phase of expansion, the Mill will initiate a second phase named Green Field Project to double its production See # 11 Page 11
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The Financial Daily Epaper
Transcript of The Financial Daily-Epaper-10-12-2010
International
PAC seeks ministries secret funds record See on Page 12
Awan declares war against graft See on Page 12
Madoff suits take aim at big banks See on Page 12
*Crude Oil (brent)$/bbl 91.32
*Crude Oil (WTI)$/bbl 88.86
*Cotton $/lb 133.62
*Gold $/ozs 1,390.90
*Silver $/ozs 28.79
Malaysian Palm $ 1,157
GOLD (NCEL) PKR 38,212
KHI Cotton 40Kg PKR 9,860
Yearly(Jul, 2010 up to 8-Dec-2010)
Monthly(Nov, 2010 up to 8-Dec-2010)
Daily (8-Dec-2010)
Total Portfolio Invest (26 Nov-2010)
184.89
22.16
0.27
2632
0.16
-1.11
1.01
-0.58
-0.59
1.04
0.07
SCRA(U.S $ in million)
Portfolio Investment
FIPI (9-Dec-2010)
Local Companies (9-Dec-2010)
Banks / DFI (9-Dec-2010)
Mutual Funds (9-Dec-2010)
NBFC (9-Dec-2010)
Local Investors (9-Dec-2010)
Other Organization (9-Dec-2010)
(U.S $ in million)
NCCPL
GDR update
Commodities
Forex Reserves (4-Dec-10)
Inflation CPI% (Jul 10-Nov 10)
Exports (Jul 10-Oct 10)
Imports (Jul 10-Oct 10)
Trade Balance (Jul 10-Oct 10)
Current A/C (Jul 10- Oct 10)
Remittances (Jul 10-Oct 10)
Foreign Invest (Jul 10-Oct 10)
Revenue (Jul 10-Nov 10)
Foreign Debt (Sep 10)
Domestic Debt (Oct 10)
Repatriated Profit (Jul- Oct 10)
LSM Growth (Sep 10)
GDP Growth FY10EPer Capita Income FY10Population
$16.39bn
14.44%
$7.17bn
$12.25bn
$(5.08)bn
$(533)mn
$3.50bn
$569mn
Rs 495bn
$58.41bn
Rs 5234.9bn
$203.80mn
-2.58%
4.10%
$1,051
171.26mn
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
24.25
2.00
1.70
10.57
PKR/Shares
111.37
207.74
42.83
36.41
36.22
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
09-Dec-2010
09-Dec-2010
09-Dec-2010
09-Dec-2010
09-Dec-2010
09-Dec-2010
09-Dec-2010
09-Dec-2010
09-Dec-2010
09-Dec-2010
09-Dec-2010
13.16%
13.39%
13.67%
14.00%
13.23%
13.36%
13.58%
13.94%
14.09%
14.13%
14.23%
14.28%
14.53%
14.68%
14.88%
Money Market Update
Symbols Buy (Rs) Sell (Rs)
Australian $ 83.90 84.90
Canadian $ 84.20 85.20
Danish Krone 15.10 15.20
Euro 113.20 115.20
Hong Kong $ 10.90 11.00
Japanese Yen 1.026 1.052
Saudi Riyal 22.70 22.90
Singapore $ 64.80 65.80
Swedish Korona 12.10 12.20
Swiss Franc 86.75 86.85
U.A.E Dirham 23.20 23.40
UK Pound 134.70 136.20
US $ 85.55 85.85
Open Mkt Currency Rates
Symbols Buying Selling
TT Clean TT & OD
Australian $ 84.49 84.69
Canadian $ 84.80 85.00
Danish Krone 15.29 15.32
Euro 113.99 114.25
Hong Kong $ 11.02 11.05
Japanese Yen 1.021 1.023
Saudi Riyal 22.84 22.89
Singapore $ 65.35 65.50
Swedish Korona 12.50 12.53
Swiss Franc 87.07 87.28
U.A.E Dirham 23.32 23.37
UK Pound 135.51 135.83
US $ 85.67 85.85
Inter-Bank Currency Rates
Subscribe now
Tel: 92-21-5311893-6Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com
www.thefinancialdaily.com
CITIES MAX-TEMP MIN
ISLAMABAD 23°C 2°C KARACHI 28°C 11°C LAHORE 20°C 5°C FAISALABAD 22°C 2°C QUETTA 13°C -9°C RAWALPINDI 23°C 3°C
Weather Forecast
Index Close Change
KSE 100 11,569.09 60.84
Nikkei 225 10,285.88 53.55
Hang Seng 23,171.80 79.28
Sensex 30 19,242.36 454.12
ADX 2,761.60 7.00
SSE COMP. 2,810.95 37.60
FTSE 100 5,817.87 23.34
*Dow Jones 11,387.24 14.76
Global Indices
India hot favourite for 2011 Cricket WC: Imran
See on Page 12
LONDON: Demonstrators speak to police officers during a protest, in central London. Reuters
Special Correspondent
ISLAMABAD: The ExecutiveCommittee of the NationalEconomic Council (ECNEC) onThursday approved 33 projectscosting over Rs600 billionincluding foreign exchangecomponent of Rs130 billion.
The Executive Committee ofthe National Economic Council(ECNEC) met here with theFederal Minister for Finance,Economic Affairs and Planning& Development, Dr AbdulHafeez Shaikh in the chair.
Several federal ministers,Deputy Chairman PlanningCommission, Governor StateBank of Pakistan, SpecialAssistants to Prime Minister onWater and Social Sector,Provincial Ministers forFinance and Planning &Development and representa-tives from Gilgit-Baltistan, AJKand representatives of the spon-soring agencies also attendedthe meeting.
The projects were approved inthe sectors of transport and
communications, irrigation,food and agriculture, educationand health, energy, informationtechnology and cities develop-ment.
To overcome the power short-age, five projects of energycosting Rs81.5 billion includingPower DistributionEnhancement InvestmentProgramme, Phase-II, NationalCompact Florescent Lamps,Addition of 500 & 220-KV sub-stations into NTDC System andCombined Cycle Power Plant of320 MW to be gifted by UAEwere approved.
These projects will help toenhance the existing capacity inthe system through conserva-tion and efficient distributionefforts.
Moreover, four projects oftransport & communication sec-tor costing Rs96.2 billion com-prising 'Procurement of (USOrigin) 150 Diesel ElectricLocomotives' 'Improvement,Widening and Construction ofKohlu-Sibbi Road Project(Length 162.5 Km)'
'Improvement and Widening ofJaglot-Skardu Road (S-I) (167Km)' and 'Extension ofMotorway (M-4) fromKhanewal to Multan 57-km.
To ensure food security in thecountry, three projects of agri-culture sector approved byECNEC included 'PunjabEconomic OpportunitiesProgram (PEOP)' 'Pak-ChinaNational Project for ControlledAtmosphere (CA) and advancedVentilated Cold Storage' and'National Project for EnhancingExisting Capacity of GrainStorage'.
The projects will help toreduce poverty in the rural areasand enhance existing food grainstorage capacity.
To provide primary healthcareand to achieve the MDGs,important projects of health sec-tor were also approved.
These were 'Prime Minister'sProgram for Prevention andControl of Hepatitis (PrimeMinister's Emergency Action onHepatitis)' 'Expanded
See # 15 Page 11
Rs600bn upliftplans greenlit
Finance Minister Shaikh chairs Ecnec meeting
Rs81.5bn for energy, Rs96bn for transport sanctioned
ISLAMABAD: NicolasMartin, Chief Financial Officerof ASHORE, UK has said thathis company is interested toinvest in Pakistan especially inthe fertiliser industry owing tothe increasing demand of thecountry and investment forfarm mechanisation could alsobe initiated.
He said this during his meet-ing with Federal minister forfood and agriculture NazarMuhammad Gondal here onThursday accompanied byAhmed Jaudet Bilal, CEOAgritech.
Federal Minister said there isa huge potential for local andforeign investment in the agri-culture related industries inPakistan.
"We would welcome andencourage foreign investment
in the agriculture sector andother industries related to thesector.
Fertilisers are one area wherethe local demand increasesannually and the country has toimport the commodity to fulfillthe domestic requirements," hesaid.
"We have increased the sup-port price of wheat that hasresulted into surplus wheat andencouragement for the farmers.The farmers are now willing toreinvest on their crops to geteven better results which haseventually increased thedemand for fertilizers and otherinputs", said the minister.
The meeting was also attend-ed by Additional SecretaryMinfa, Shafqat HussainNaghmi and other senior
See # 10 Page 11
UK keen to investin Pak agro sector
ISLAMABAD: A counsel forcountry's sensitive agency onThursday apprised the SupremeCourt that eleven missing pris-oners of Adyala Jail had beenarrested along with a number ofterrorists from their hideouts inarmy operational areas.
Raja Muhammad Irshad,counsel for Federation, PakistanArmy, Inter-ServicesIntelligence, IntelligenceBureau, Military Intelligence,told a three-member bench con-sisting of Chief Justice IftikharMuhammad Chaudhry, JusticeGhulam Rabbani and JusticeKhalil-ur-Rehman Ramday thatafter Court's direction a massiveoperation was launched andmore than 20 terrorists includingthese eleven people had beenarrested in the operational areas.
He said they were in safe andsecure hands and would becharged under Army Act.
He assured that their trialwould be held in General FieldCourt Martial in accordancewith law.
Recording his statement onbehalf of respondents, he saidthat the impression should bedispelled that Pakistan Armyand its other institutions wereabove law and the Court.
He said negative impressionwas given by certain elementswho had been playing in thehands of those people who wereout to secure their vested inter-ests.
He said "I want to record astatement to dispel the impres-sion that Pakistan Army or any
See # 9 Page 11
Agencies admitmissings custody
Adyala Prisoners
ISLAMABAD: President AsifAli Zardari is scheduled to inkan agreement on the $7.6 bil-lion Turkmenistan-Afghanistan-Pakistan-India(TAPI) gas pipeline projectwith the Turkmen and Afghanheads of States at Ashgabat onDecember 11.
The 1640-km longTurkmenistan-Afghanistan-Pakistan-India (TAPI) pipelinewill pass through the volatileAfghan territory to link withPakistan's national gas networknear Multan and terminate atFazilka in India.
Indian Prime MinisterManmohan Singh is not likelyto attend the signing of the"inter-governmental agree-ment" as he has left on a three-day visit to Belgium to partici-pate in the India-EU summit,
diplomatic sources said.Indian Petroleum Minister
Murli Deora is likely to leadthe Indian delegation.
The project conceived in1995 was initially designed toprovide gas from Turkmenistanto Pakistan, throughAfghanistan.
However, India was laterinvited to join the project in2008.
President Zardari will alsohold bilateral meetings withAfghan President HamidKarzai and Turkmen PresidentGurbanguly Berdimuhamedovand discuss further strengthen-ing of ties in all spheres.
Minister for Petroleum andNatural Resources NaveedQamar will ink an agreementon Gas Pipeline Framework
See # 12 Page 11
Pak inks TAPIdeal this week
Imran Farooq Murder
34year oldPakistanisuspectcopped
LONDON: British police onThursday arrested a 34-year-old man on suspicion of mur-dering Pakistani politicianImran Farooq, who wasattacked in London inSeptember.
Scotland Yard said the manwas arrested at a residentialaddress in, north London.
"He has been taken to a northLondon police station where hewill be interviewed by detec-tives," the police headquarterssaid in a statement.
Detectives recovered akitchen knife and a brick usedin the attack. Detectives fromScotland Yard's counter-terror-ism command have takencharge of the murder inquirydue to fears that the killing maybe politically motivated.
"Detectives believe there areother people who may holdvital information about theattack and continue to urgethem to come forward,"Scotland Yard said.
"They still want to trace twomen and speak to them in con-nection with the incident."
Both men were of "Asianappearance", in their 20s or 30swith short, dark hair. One wasof stocky build, the other slim,they said. Farooq claimed asy-lum in Britain in 1999. -Reuters
Karachi, Friday, December 10, 2010, Muharram-ul-Haram 3, Price Rs12 Pages 12
FX reservesshrink to$16.39bn
Staff Reporter
KARACHI: Country's foreignexchange reserves fell to $16.39billion in the week ending Dec 4,down from $16.74 billion theprevious week, the central banksaid on Thursday.
Reserves held by the StateBank of Pakistan (SBP) fell to$12.65 billion from $12.97 bil-lion in the week ending Dec 4,and those held by commercialbanks also eased to $3.74 billionfrom $3.77 billion, said the StateBank of Pakistan.
"The State Bank of Pakistan'sreserves fell due to debt pay-ments," said Syed Wasimuddin,chief spokesman of the centralbank.
Earlier the reserves got a boostin September after the IMF sentPakistan $450 million and saidthat the money would go towardthe budget to help with addition-al spending for flood relief andimmediate foreign exchangeneeds.
PM snubsCameron’svisit to Pak
LONDON: British PrimeMinister David Cameron'sattempts to mend fragile rela-tions with Pakistan have beendashed after being snubbed byPakistan's prime minister.
Cameron had asked to go toIslamabad at the end of hisAfghanistan trip in a bid to tryand patch up contact withPakistan, following his contro-versial remark during his visit toIndia that Pakistan faced 'bothways on terror', the Daily Mailreported.
But his attempt to invite him-self ended in a firm refusal, asPakistan Prime Minister SyedYousuf Raza Gilani said that hedid not want to be 'tagged on' toa visit to Afghanistan.
Cameron often tries to squeezeseveral countries into a singleforeign visit, as the busy premierhas to try and deal with therecession and cuts agenda athome. His last trip to the region
See # 13 Page 11
4-nation project to cost $7.6bn
ISLAMABAD: A new reportby Transparency Internationalshows people believe corruptionhas increased over the last threeyears.
The political and public sec-tors were seen as the most cor-
rupt, the report said.The corruption appears to be
on the rise worldwide, accordingto the latest report released byTransparency International.
According to a private See # 14 Page 11
Pak going up incorruption index
Transparency Int'l latest report shows
Staff Reporter
ISLAMABAD: Country'sconsumer price index (CPI)rose 15.48 per cent inNovember from a year ago, theFederal Bureau of Statisticssaid on Thursday.
The CPI was up 1.52 per centover October.
Pakistan's wholesale priceindex (WPI) rose 24.65 percentin November from a year earli-er, and up 3.48 percent overOctober, according to thebureau.
"Though the pressure on
food prices is expected toslightly decline, C PI inflationmay rise in the coming monthbecause of an increase in elec-tricity tariffs and a possiblehike in fuel prices, along with alow-base effect."
The other indicators,including Wholesale PriceIndex (WPI) and SensitivePrice Indicator (SPI) alsoincreased by 24.65 and 23.25per cent respectively duringthe month of November,according to figures releasedby Federal Bureau ofStatistics (FBS).
Nov inflation up 15.48pc YoY
ISLAMABAD: The govern-ment has lifted ban on importof recondition vehicles andallowed the import of the oldvehicles for five years.
According to notification ofcommerce ministry, the recon-dition vehicles can be importedthrough personal gift luggagescheme or dealer and theirimport was allowed but thesevehicles should be five yearsold.
The federal cabinet andEconomic CoordinationCommittee earlier in principleapproved the decision.
A committee of the Ministryof Commerce, which was setup to see the technical aspectsof the decision, had givengreen signal four days ago.
It may be noted that theimport of the recondition vehi-cles were banned during gov-ernment of former PresidentPervez Musharraf.
It is said that the lifting ofban on the import of the oldvehicles would not put anyimpact on auto industry andthere is no possibility ofdeclining prices of vehicles,manufacturing in the country.
According to figures, morethan 45,000 used cars wereimported in year 2007, whenthe government had grantedpermission for import of five-year used cars.
The permission was restrict-ed to three years, due to whichthe import in year 2009declined to 6000.
Govt lifts ban onused cars import
Russia,China aim
to invest in PSM
KARACHI: The PakistanSteel Mills has receivedExpression of Interest (EoI)from 10 companies includingChina and Russia to boost itsproduction from present 1.1million tonnes per annum to 1.5million tonnes.
"After appointing a consult-ant from international marketfor evaluating the expressionsof interest, the process ofawarding this contract to a for-eign company will be complet-ed within next three months,"said Imtiaz Ahmed KhanLodhi, the Chief ExecutiveOfficer (CEO) of the SteelMills.
In this regard, PS manage-ment has already given adetailed presentation to FederalMinistry of Industries andProduction, and the PlanningCommission of Pakistan, hesaid in an interview to APP onThursday.
According to Pakistan Steel'sCEO, after starting work on thefirst phase of expansion, theMill will initiate a secondphase named Green FieldProject to double its production
See # 11 Page 11
2 Friday, December 10, 2010
TV PROGRAMMES
FRIDAY
Time Programmes7:00 News8:00 News9:05 Subah SavereMaya ke Sath11:00 News12:00 News13:10 Newsbeat (Rpt)14:10 Tonight WithJasmeen (Rpt)15:00 News16:00 News17:30 Samaa Metro18:00 News18:30 Samaa Sports19:30 Crime Scene20:03 Newsbeat21:00 News22:03 Awam Ki Awaz23:00 News23:30 24
TFD Report
KARACHI: In its 2010annual report, PakistanTe l e c o m m u n i c a t i o nAuthority (PTA) rankedwi-tribe Pakistan as num-ber one in both the'Technology Neutral' and'Technology-wise' cate-gories for highest Qualityof Service, despite beingthe youngest broadbandcompany, after just overone year of launchingcommercial services.PTA's acknowledgmentof wi-tribe's service qual-ity emphasizes that thecompany is passionate
about delivering nothingshort of excellence to itscustomers.
To celebrate thisachievement, PTAChairman, Dr.Mohammed Yaseen, wasinvited by wi-tribePakistan's CEO, MustafaPeracha and his team fora cake-cutting ceremonyat wi-tribe's head officein Islamabad. During theceremony, wi-tribe's CEOMustafa Perachaexpressed his delight onthe recent achievement,stating, "I am elatedabout wi-tribe's successin Pakistan. I'm also
thankful to PTA for rec-ognizing our effort totake broadband to thenext level."
On the team's effort hesaid, "Today, I proudlyshare wi-tribe's feat withmy dedicated team, ourcommunity, customersand partners, who havecontinuously extendingtheir trust and support.We aim to deliver anexceptional and personal-ized broadband experi-ence to our customers,and believe in constantevolution, which willcontinue to reflect in allour offerings."
Wi-tribe ranked topbroadband provider
KARACHI: A delegationcomprising representativesfrom PresidentialSecretariat of Iran onThursday offered to reha-bilitate the healthcare facil-ities ruined during recentfloods in Sindh.
In a meeting followed bya briefing by SindhMinister for Health, DrSaghir Ahmed they regret-ted that devastating floodsin province causedirreparable damage to 106government-owned healthfacilities including hospi-tals.
The minister informedthere were also another 56different health centers thathave been severely affectedduring the calamity.
The delegation, led byIran's Consul General
Abbas Abdul Allai, told theminister that their govern-ment had already dis-patched four fully equippedambulances and these afternecessary clearance fromconcerned authorities inPakistan will be put in usefor flood sufferers.
They also requested theminister to provide themwith a working paper so asto help develop strategeyfor rehabilitation of thehealth centers and hospitalsin flood hit areas.
Dr Saghir Ahmed on theoccasion paid tribute to theMuslim countries, includ-ing Iran for their tremen-dous contribution towardsrelief and rehabilitation offlood sufferers in Pakistan.
"Both federal and provin-cial governments are doing
their optimum for rehabili-tation of the sufferers yetthe intensity demand sup-port of friend countries,particularly those from theMuslim world," said theminister for health.
Dr Saghir Ahmed appre-ciated Iran government forits offer to support rebuild-ing of the essential publicservice facilities.
He said a detailed reportrelated to loss in health sec-tor and required assistancewill be provided to theConsul General of Iran.
The Health Minister saiddespite the critical situationgovernment had ensured toarrange medical camps andtent hospitals in all affectedareas including those in theremotest corners, for thepeople in need..-APP
Iran to rebuildhealth centres inflood hit areas
Staff Reporter
KARACHI: InternationalDay of Persons withDisabilities was celebratedby the Network ofOrganisations Working forPeople with DisabilitiesPakistan (NOWPDP), aninitiative of the Aga KhanCouncil for Pakistan. Theday was celebrated in col-laboration with theInclusive Society Pakistanand special educationschools from acrossKarachi.
Over 300 parents of chil-dren with disabilities
attended the event titled"Celebrating Disability"where the care and nurtur-ing of children with dis-abilities was discussed.
Dr Seema Ahmed, a con-sultant at the College ofSpeech and LanguageTherapy at the ZiauddinHospital, while addressingthe participants said thatthe attitude of parentsplayed a big role in deter-mining a child's future.She encouraged parents tokeep a broader vision fortheir children. "If a parentis confused, that confusionwill seep into the child.
NOWPDP marksdisabled’s day
Staff Correspondent
ISLAMABAD: KhalidAthar, Chief Editor,Monthly TeletimesInternational Weekly AsianTelegraph has been award-ed 9th Teradata NationalICT Excellence Award inIT Media & Publication,said a handout issued here
on Thursday.Khalid Athar, is a veteran
journalist with almost 30years experience of workincluding with Jang,Nawa-e-Waqt and DawnGroups. Besides hisattachment with PPA(News Agency), he is the
publisher and Chief Editorof Monthly TeletimesInternational, which is theonly tri-regional magazinefocused towards the IT&Telecom sector of theMiddle East, Asia andAfrica.
The 9th Teradata annualIT Excellence Awardsrecognised outstanding
achievements by individu-als in Pakistan IT commu-nity. According to KhuramRahat, Teradata ManagingDirector for Pakistan andBangladesh, "Teradata isvery pleased to host theawards programme andhonour individuals.
Khalid Athar getsTeradata laurel
FRIDAY
Time Programmes8:00 Pakistan Aaj Raat
(Rpt)9:00 News9:15 Pehla Sauda10:00 News 10:15 Bazaar11:00 News11:05 Ghar Ka Kharch12:00 News12:15 Power Lunch13:00 News13:05 Islamabad Say
(Rpt)14:00 News15:05 Siyasat Mana Hai
(Rpt)16:00 News16:02 Akhri Suada16:30 Karobari Dunya17:00 News17:05 Ghar Ka Kharch
(Rpt)18:00 News18:05 Chai Time19:00 Headlines19:30 Mang Raha Hai
Pakistan 20:00 Headlines20:05 Islamabad Say21:00 Pakistan Aaj Raat22:00 Headlines22:05 Dosra Pehlu23:00 News23:05 Siyasat Mana Hai
(Rpt)0:00 News
Swissenvoy visits
OICCIKARACHI: SwissAmbassador to Pakistan,Christoph Bubb, alongwith the Consul General inKarachi, Didier Boschung,visited the OverseasInvestors Chamber ofCommerce and Industry(OICCI) to familiarise him-self with the business envi-ronment in the country andto obtain the ground reali-ties of operating inPakistan from the businesscommunity's perspective.
A statement on Thursdaysaid that the prime objec-tive of the Envoy's visit toOICCI was to identifyavenues for bilateral col-laboration with Pakistanincluding identification ofsunrise industries whichmay be of interest to Swissinvestors.
It said that the currentenergy crisis along with thesocial and political situa-tion of the country was alsodiscussed in detail.
The envoy who inquiredabout the initiatives beingtaken by the Governmentof Pakistan called forimproving the image of thecountry for potentialinvestors.-APP
Swiss Firstwins seat
designaward
KARACHI: SwissInternational Air Lines,captured the Best SeatDesign Award for SWISSFirst as announced todayby Global Traveler maga-zine in its seventh con-secutive year of the GTTested Reader Surveydrawing from more than25,000 frequent and luxu-ry travelers worldwide,said a statement issuedhere.
"We're delighted to bethere, of course. To earnthis award for the secondyear running is not just anhonor and a reward for ourcontinuous investments inour First Class product; it'san incentive to maintainthese endeavors, too," saidMarkus Binkert, SWISSManaging Director ofProduct and Services."Our First Class is a cor-nerstone of the SWISSproduct range. Needless tosay, it's also an area inwhich we attach para-mount importance tooffering top-quality serv-ice - as one would expectfrom a Swiss-based air-line. The feedback wereceive from our US cus-tomers is especially vitalto us here: after all, NorthAmerica is our mostimportant market outsideEurope," Binkert said.-PR
Ufonecomes upwith newcall rates
KARACHI: Ufone hasonce again taken the indus-try by storm by offering thelowest call rate for a 20 sec-ond pulse package in the his-tory of Pakistan.
Akbar Khan ChiefMarketing Officer Ufonesaid that Bachat Offer hasbeen designed to ensure ourvalued customers canremain in touch all the time.With a general increase inprices for almost everythingin our daily lives it hasbecome essential for all towatch our expenses. Thispackage is the most pocketfriendly package till date andour 20 second billing allowsour customers to have com-plete control over their callsand expenses. Ufone alwayshas and always will step upto give the best value to ourcustomers.-PR
ISLAMBAD: President Asif Ali Zardari giving away the award of Human RightsDefenders to Sharmila Farooqi, Sindh Information Advisor during a ceremony to
commemorate the Universal Human Rights Day at the Aiwan-e-Sadr.-APP
KARACHI: Provincial Minister Shazia Marri posing for a group photo with the students duringthe prized distribution ceremony of Institute of Bussiness Management.-Online
KARACHI: Mohammad Zulfikar Akhtar, ACA,CFA, FCCA (UK), Senior Manager, A F Ferguson &Co and Amyn Malik Senior Manager KPMG and
others at the ICAP workshop on "ClarityInternational Standards on Auditing".-Staff Photo
ISLAMABAD: Shaikh Abdul Hai ServiceRepresentative Samsung Electronics, Inam ul HaqNational Manager Customer Support, Asif Javed
Senior Manager and Arslan Amjad, AssistantManager Customer Support Inaugurating the
Samsung Mobile Service Centre in Rawalpindi.-Staff Photo
KARACHI: Provincial Minister of LocalGovernment Sindh Agha Siraaj Durrani presidingthe inaugurating event of Water Treatment Plant.Secretary of Local Government Khurshed Naeem
Malik, Administrator CDGK Fazal ul Rehman,Chief Controller Buildings Manzoor Qadir and
other are also present.-Staff Photo
KARACHI: Sheraton organised an SPG event inorder to promote this loyality program within the
local market.-Staff Photo
KARACHI: Sindh Chief Minister Syed Qaim Ali presenting Shahi Cap and Ajrakto Ambassador of Switzerland Christopher Bubb at Chief Minister House.-App
FMFB-Phonouredfor socialreporting
KARACHI: FirstM i c r o F i n a n c e B a n kPakistan (FMFB-P), aninstitution of the Aga KhanAgency for Microfinance,was awarded a certificate ofrecognition in the Silvercategory for reporting onSocial Indicators toMicrofinance InformationExchange (MIX) by theWorld Bank affiliate,CGAP (Consultative Groupfor Assisting the Poor) inthe year 2010.
This is the second consec-utive Social PerformanceReporting Award won byFMFB-P. The award wasinitially launched in 2009by CGAP together with itspartners the Michael &Susan Dell Foundation, theFord Foundation, and theSocial Performance TaskForce (SPTF).
The award is designed topromote greater transparen-cy in social performancereporting of MicrofinanceInstitutions (MFIs) andrecognises the efforts ofMFIs in establishing astrong social performanceoutlook within their organi-sation.
Around 350 MFIs submit-ted reports on their socialperformance to the MIXthis year for the Awards,easily surpassing the 200that were received in 2009."This is a tremendousresponse to the call forgreater transparency," saidXavier Reille, LeadMicrofinance Specialist atCGAP.-PR
MUMBAI: The Indian rupeeweakened for a secondstraight session on Thursday,dragged by a more than 2-percent fall in local shares whichstoked foreign fund outflowworries while a broadlystrong dollar also weighed.
The partially convertiblerupee closed at 45.21/22 perdollar, 0.3 per cent weakerthan its 45.09/10 close onWednesday, when it haddropped 1 per cent on the day-- its worst one-day fall sinceNov. 12.
"Today's rupee fall wasmostly due to the stock mar-ket which saw a very sharpsell-off without much realnews. Guess that the marketis nervous and perhaps FIIs(foreign institutionalinvestors) will wait now,some may even withdraw abit," said Ananth Narayan G.,head of fixed income, curren-cies and commodities atStandard Chartered Bank inMumbai.
FIIs have dumped $381.22million worth of shares onTuesday and Wednesday,after having been net buyersin the six preceding sessions.However, the total foreignfund inflows into local shares
still stand at a record $28.9billion in 2010, in addition tothe $17.5 billion seen in2009.
Traders said there were nomajor inflows expected aheadof the Punjab and Sind Bankinitial public offering (IPO),which opens on Dec. 13.
One-month offshore non-deliverable forward contractswere quoted at 45.43, weakerthan the onshore spot rate,suggesting a bearish near-term outlook. In the currencyfutures market, the most trad-ed near-month dollar-rupeecontracts on the NationalStock Exchange, MCX-SXand United Stock Exchangeclosed at 45.3775, 45.38 and45.3850.
The total traded volume onthe three exchanges, inclusiveof all available contracts, wasat a low $5.3 billion. -Reuters
Indian rupee slips for2nd day on weak shares
3Friday, December 10, 2010
Currency Rates
Karachi: The following are the London Inter-Bank Offered Rates (LIBOR).
British Members Association Interest Settlement Rates.
AT 11:00 LONDON TIME 09/12/2010.
A USD GBP CAD .EUR JPY
O/N 0.24000 0.55625 0.98167 0.60125 SN 0.09500
1WK 0.25469 0.56250 1.02500 0.64625 0.10375
2WK 0.25625 0.56688 1.05750 0.66125 0.10938
1MO 0.26219 0.58000 1.09833 0.76125 0.12500
2MO 0.28188 0.63500 1.15000 0.85125 0.15000
3MO 0.30219 0.74500 1.23000 0.96313 0.18250
4MO 0.34875 0.82813 1.29750 1.03313 0.24250
5MO 0.40563 0.93563 1.36417 1.11438 0.30125
6MO 0.45719 1.04125 1.43917 1.20500 0.34750
7MO 0.51125 1.11875 1.50583 1.25000 0.40000
8MO 0.56500 1.20250 1.58000 1.30125 0.44750
9MO 0.61531 1.28500 1.65000 1.35125 0.49250
10MO 0.66625 1.36000 1.71833 1.40125 0.51750
11MO 0.72125 1.42875 1.80500 1.44625 0.54250
12MO 0.78250 1.49688 1.89250 1.49000 0.56875
Countries Selling Buying BuyingTT & OD TT Clean OD/T.CHQ
U.S.A. 85.85 85.65 85.46U.K. 135.83 135.51 135.20EURO 114.25 113.99 113.72CANADA 85.00 84.80 84.58SWITZERLAND 87.28 87.07 86.84AUSTRALIA 84.69 84.49 84.27SWEDEN 12.53 12.50 12.47JAPAN 1.02 1.02 1.02NORWAY 14.34 14.30 14.27SINGAPORE 65.50 65.35 65.18DENMARK 15.32 15.29 15.25SAUDI ARABIA 22.89 22.84 22.78HONG KONG 11.05 11.02 11.00CHINA 12.90 12.87 12.83KUWAIT 304.13 303.42 302.62MALAYSIA 27.36 27.29 27.22NEW ZEALAND 64.32 64.17 64.00QATAR 23.58 23.52 23.46U.A.E. 23.37 23.32 23.26KR WON 0.08 0.08 0.08THAILAND 2.86 2.85 2.84
London Inter Bank Offered Rates (LIBOR)
Name Bid Ask High Low
EUR-USD 1.3189 1.3193 1.3324 1.3171
USD-CHF 0.9858 0.9862 0.9892 0.9822
GBP-USD 1.5744 1.5748 1.5838 1.5735
USD-CAD 1.0101 1.0105 1.0124 1.0068
AUD-USD 0.9849 0.9853 0.9882 0.9779
EUR-JPY 110.7000 110.7400 111.6200 110.6000
EUR-GBP 0.8374 0.8378 0.8414 0.8363
EUR-CHF 1.3003 1.3007 1.3099 1.2997
GBP-JPY 132.1300 132.2000 132.8900 132.1200
CHF-JPY 85.0900 85.1400 85.3500 84.9500
CAD-CHF 0.9754 0.9762 0.9785 0.9730
Gold 1387.7300 1388.1600 1394.4500 1380.7500
Silver 28.8000 28.8700 28.9800 28.1900
As per 22.00 PST
Time Source Events Forecast Previous
10th-17th CNY Foreign Direct Investment ytd/y 15.7%
Tentative CNY Trade Balance 21.2B 27.2B
12:00 EUR German WPI m/m 0.5% -0.3%
12:45 EUR French Industrial Production m/m 0.4% 0.1%
14:00 EUR Italian Industrial Production m/m 0.8% -2.1%
14:30 GBP PPI Input m/m 0.7% 2.1%
14:30 GBP PPI Output m/m 0.4% 0.6%
18:30 CAD Trade Balance -2.0B -2.5B
18:30 USD Trade Balance -43.5B -44.0B
18:30 USD Import Prices m/m 0.9% 0.9%
19:55 USD Prelim UoM Consumer Sentiment 72.4 71.6
Source Events Actual Forecast Previous
NZD Official Cash Rate 3.00% 3.00% 3.00%
JPY Final GDP q/q 1.1% 1.0% 0.9%
AUD Employment Change 54.6K 21.3K 36.9K
AUD Unemployment Rate 5.2% 5.2% 5.4%
EUR German Final CPI m/m 0.1% 0.1% 0.1%
GBP Halifax HPI m/m -0.1% 0.3% 1.8%
GBP Trade Balance -8.5B -8.1B -8.4B
Previous Day
Top Economic Events
Central Bank Next Meeting Last Change Current
Interest Rate
Bank of England Jan 13 2011 Mar 05 2009 0.50%
Bank of Japan Dec 21 2010 Dec 19 2008 0.10%
European Central Bank Jan 13 2011 May 07 2009 1%
Federal Reserve Dec 14 2010 Dec 16 2008 0.25%
Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%
The Reserve Bank of Australia Feb 01 2011 Nov 02 2010 4.75%
Bank of Canada n/a Sep 08 2010 1%
Major Central Banks Overview
Division of National Bank of Pakistan (NBP)KARACHI, December 09,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:
1WEEK 2 WEEK 1 MONTH 3 MONTH 6 MONTH 9 MONTH 1YEAR 2YEARS
BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK
ABPL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
ABLN 12.30 12.80 12.30 12.80 12.90 13.40 13.15 13.40 1340 13.65 13.45 13.95 13.60 14.10 13.70 14.20
JSBL 12.50 13.00 12.60 13.10 12.85 13.35 13.45 13.70 1350 13.75 13.45 13.95 13.70 14.20 14.00 14.50
ASPK 12.40 12.90 12.50 13.00 12.70 13.20 13.10 13.35 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20
CIPK 12.40 12.90 12.50 13.00 12.70 13.20 13.15 13.40 1335 13.60 13.40 13.90 13.60 14.10 13.70 14.20
DBPK 12.30 12.80 12.35 12.85 12.50 13.00 12.90 13.15 1320 13.45 13.35 13.85 13.40 13.90 13.60 14.10
FBPK 12.50 13.00 12.45 12.95 12.70 13.20 13.15 13.40 1340 13.65 13.55 14.05 13.65 14.15 13.85 14.35
F LAH 12.40 12.90 12.45 12.95 12.75 13.25 13.15 13.40 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20
HBPK 12.45 12.95 12.55 13.05 12.75 13.25 13.15 13.40 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20
HKBP 12.40 12.90 12.45 12.95 12.80 13.30 13.10 13.35 1330 13.55 13.40 13.90 13.60 14.10 13.65 14.15
N I P K 12.35 12.85 12.55 13.05 12.95 13.45 13.05 13.30 1310 13.35 13.15 13.65 13.20 13.70 13.25 13.75
HMBP 12.50 13.00 12.55 13.05 12.90 13.40 13.10 13.35 1335 13.60 13.50 14.00 13.60 14.10 13.70 14.20
SAMB 12.40 12.90 12.45 12.95 12.75 13.25 13.10 13.35 1335 13.60 13.45 13.95 13.60 14.10 13.75 14.25
MCBK 12.25 12.75 12.40 12.90 12.65 13.15 13.05 13.30 1330 13.55 13.40 13.90 13.50 14.00 13.75 14.25
NBPK 12.35 12.85 12.40 12.90 12.65 13.15 13.10 13.35 1325 13.50 13.40 13.90 13.60 14.10 13.70 14.20
S CP K 12.35 12.85 12.40 12.90 12.65 13.15 13.00 13.25 1325 13.50 13.45 13.95 13.50 14.00 13.70 14.20
UBPL 12.25 12.75 12.40 12.90 12.65 13.15 13.10 13.35 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20
AVE 12.38 12.88 12.46 12.96 12.73 13.23 13.11 13.36 1333 13.58 13.44 13.94 13.59 14.09 13.71 14.21
Karachi Inter Bank Offered Rates (KIBOR)
Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)09/12/2010
Period AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD USD/CAD USD/CHF
1 week 0.91 -0.59 0.87 0.95 0.81 0.95 -0.96 -0.911 month 0.79 0.62 0.72 0.85 0.68 0.83 -0.37 -0.603 months 0.66 0.76 0.72 0.92 0.53 0.34 -0.34 -0.836 months 0.79 0.21 0.70 0.89 0.59 0.73 -0.66 -0.731 year 0.23 0.75 0.82 0.78 0.27 0.05 -0.12 -0.132 years -0.39 0.65 0.53 0.47 -0.19 -0.38 0.47 0.15
Currencies CorrelationEUR/GBP
KASB BMA ELXIR GSL ICSL JSCM AvgRate
0-7days 12.70 12.60 12.45 12.45 12.60 12.55 12.56
8-15dys 12.75 12.70 12.60 12.60 12.70 12.65 12.67
16-30dys 12.85 12.85 12.80 12.85 12.80 12.80 12.83
31-60dys 12.88 12.90 12.90 12.90 12.90 12.90 12.90
61-90dys 13.08 13.13 13.11 13.10 13.10 13.10 13.10
91-120dys 13.25 13.18 13.20 13.18 13.20 13.20 13.20
121-180dys 13.30 13.30 13.29 13.33 13.40 13.35 13.33
181-270dys 13.50 13.40 13.48 13.50 13.50 13.45 13.47
271-365dys 13.65 13.63 13.63 13.65 13.60 13.65 13.64
2-- years 13.90 13.80 13.85 13.95 13.85 13.85 13.87
3-- years 14.10 14.18 14.14 14.15 14.10 14.10 14.13
4-- years 14.12 14.20 14.20 14.20 14.15 14.10 14.16
5-- years 14.15 14.28 14.25 14.25 14.25 14.20 14.23
6-- years 14.18 14.24 14.22 14.28 14.25 14.22 14.23
7-- years 14.20 14.30 14.30 14.30 14.30 14.24 14.27
8-- years 14.25 13.97 14.15 14.28 14.00 14.15 14.13
9-- years 14.30 14.08 14.12 14.29 14.15 14.10 14.17
10--years 14.30 14.28 14.28 14.30 14.25 14.25 14.28
15--years 14.60 14.40 14.50 14.60 14.50 14.55 14.53
20--years 14.70 14.50 14.65 14.85 14.65 14.70 14.68
Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for December 09, 2010
NEW YORK: The dollar rose againstthe euro on Thursday after an Irish polit-ical party said it would vote against anemergency European Union bailout forthe country and a ratings agency cutIreland's sovereign debt rating.
The euro fell to session lows around$1.3169 and was last trading at $1.3185,down about 0.5 per cent on the day.
Ireland's Labor Party said it would voteagainst the 85 billion euro bailout when itcomes before parliament next week, andtraders said that raises concerns aboutIreland's ability to service and redeemoutstanding debt.
"Word the Irish Labour Party will voteagainst the bailout sent us down here totest the lows. Some longs are dumpingeuros here," said Brian Dolan, chiefstrategist at Forex.com in Bedminster,New Jersey. "It's a question of peopleworrying about sovereign default risk,which is bad for the euro.
Fitch's move to cut its rating forIreland, which secured an emergencyEuropean Union bailout last month,weighed on the euro.
Dolan saidtraders will tar-get $1.3150next, "and thebig level belowthat is the 200-day movingaverage of$1.3110."
The dollar slipped 0.1 per cent to 83.90yen as US bond yields eased, whilestrong employment data lifted theAustralian dollar 0.6 per cent to $0.9844.
A sharp rise in US Treasury yields overthe last two sessions -- which sent USTreasury prices into their sharpest fall innearly two years -- has boosted the dollaragainst the yen and euro on the view theeconomy is gaining traction.
A larger-than-expected decline inweekly claims for first-time US joblessbenefits added to that view.
Some analysts, however, feared the
extension of Bush-era tax cuts thatsparked the bond sell-off would swell thebudget deficit and stoke inflation.
With volume lightening up as investorsclose their books for the year, traders saidthat debate would not likely end soon.
The tax deal has "created a growthstory that is positive for the US," saidDaragh Maher, FX strategist at CreditAgricole.
But Commonwealth Foreign Exchangeanalyst Omer Esiner said that if USgrowth falters in the months ahead, thatwould renew the focus on an "alreadyperilous fiscal position" and causeinvestors to "abandon US assets acrossthe board."
Analysts said investors were wary oftaking on big positions as liquidity driesup toward year end, and this was why thedollar's rise had been limited comparedwith the jump in Treasury yields.
The dollar index has risen only 0.7 percent this week while the 10-year US yieldhas soared around 25 basis points.
The US bond market may be vulnera-ble to more selling if a 30-year USTreasury auction on Thursday attractsonly limited demand. A 10-year auctionon Wednesday saw average demand.
The 10-year US Treasury yield was at3.23 per cent, off a high around 3.33 percent hit on Wednesday. -Reuters
Euro falls on doubts aboutIrish bailout, downgrade
SHANGHAI: China's yuanended up slightly against thedollar on Thursday, despite theweaker mid-point set by thePeople's Bank of China due tothe dollar index's fall in earlyAsian trade.
Dealers said the market maylet the dollar's performanceguide the Chinese currency'smovements in the near term.But the yuan may rise slightlynext week because of politicalpressures from the US-Chinameeting and Chinese PresidentHu Jingtao's visit to the UnitedStates.
"The market is insipidrecently as most of us havereached our whole year target,"said a dealer at a Chinese bankin Shenzhen. "The dollar's per-formance is leading the yuanfor now."
Spot yuan finished at 6.6550versus the dollar, rising slightlyfrom Wednesday's close of6.6617. It has risen 2.57 percent since the PBOC
announced a depegging in mid-June.
Before trade began, thePBOC set the day's mid-pointat 6.6654, which was weakerthan Wednesday's 6.6616. Themid-point is a level from whichthe yuan may rise or fall 0.5per cent against the dollar on agiven day.
The yuan has largelyremained stable since mid-November when the currencyhit its highest level since itslandmark revaluation in July2005.
The market is also taking await-and-see attitude ahead ofa deluge of Chinese economicdata for November, includingtrade figures, due on Friday.
Offshore, one-year NDFswere at 6.5130 bid late onThursday, little changed fromWednesday's close of 6.5180,with implied yuan appreciationin a year's time rising to 2.34per cent from 2.26 per cent. -Reuters
Yuan ends up, defiesweaker mid-point
LONDON: Sterling waspulled down by the euro onWednesday, as Ireland's ratingsdowngrade and political uncer-tainty weighed on the singlecurrency, in turn knocking thepound down against a firmerUS dollar.
Analysts said Ireland's woesreinforce market concerns abouteuro-zone sovereign debt which,along with strong UK economic
data, have tended to strengthensterling against the euro.
"Because of proximity toEurope, and the dollar generallybouncing higher, that's affectedsterling as well," said GeraldineConcagh, economist at AIBGroup Treasury in Dublin.
The euro slipped to the day'slow of $1.3166 on the politicaluncertainty in Ireland, and thepound also fell as low as$1.5711, past its 100-day mov-ing average at $1.5743.
Sterling showed little reactionto the Bank of England's mone-tary policy committee (MPC)
keeping policy unchanged, inline with market expectations.
The pound was last down 0.5per cent at $1.5723, pullingaway from a two-week high of$1.5842 hit earlier in the day.
The euro was flat against thepound at 83.90 pence afterfalling to 83.62. Near termresistance is seen around its200-day moving average, cur-rently around 85.33 pence.
"Sterling has been strongerthan the euro for the past cou-ple weeks, with good econom-ic data from the UK that pointsto continued economic recov-ery," said Marcus Hettinger,global currency strategist atCredit Suisse.
With the euro-zone grapplingwith the sovereign debt crisis,concerns are mounting that thiscould hurt British exports andgrowth. This risk factor wouldhave been discussed at theMPC, the minutes of whichwill be released in two weeks.-Reuters
Stg dips with ailingeuro on Irish woes
SINGAPORE: Asian curren-cies rose broadly on Thursday,with the dollar losing steam asUS bond yields dipped after adizzying spike in the two pre-vious days.
A jump in the Australian dol-lar on data showing the coun-try's employment is growingfaster than expected, causedthe greenback to come underbroad selling pressure, andhelped Asian currencies suchas the Singapore dollar rise.
The fact that US equities roseovernight despite a jump in USTreasury yields, which wouldmake borrowing more expen-sive, showed that investors still
had an appetite for riskierassets, an FX strategist for aUS bank in Singapore said.
Asian stocks and currencieswere both higher on Thursday.
"The risk environment isactually quite positive despitethe volatility in the USTreasury market," the strategistsaid.
The South Korean wonedged higher, taking in itsstride the South Korean centralbank's widely expected deci-sion to hold interest ratessteady after raising them lastmonth. The dollar slipped 0.3per cent against the Singaporedollar and last stood at
S$1.3106.The Singapore dollar has
gained roughly 7 per cent sofar this year, buoyed by thecountry's strong economic per-formance and a broader pushby global investors into higheryielding emerging marketassets, and market playersexpect further gains in 2011.
The Singapore dollar couldappreciate by about 6 per centagainst the US dollar by theend of next year, the MonetaryAuthority of Singapore(MAS), the country's centralbank, had said in a survey ofeconomists released onWednesday. -Reuters
Asian currencies edgeup as dollar falters
SYDNEY/WELLINGTON: The Australian dol-lar surged a cent on Thursday as a stellar jobsreport suggested markets were underestimating therisk of a rate hike in the months ahead, while theNew Zealand dollar laboured with a dovish centralbank outlook on policy.
The interbank market did move to price in a lit-tle more chance of move from the Reserve Bank ofAustralia (RBA), but still implies just a 14 per centprobability of a rise in the 4.75 per cent cash rateat the next policy meeting in February.
That probability rises to just 58 per cent by May,though dealers say this is in part due to a reluc-tance by investors to wager money in such distantcontracts this close to year-end.
Analysts have no such inhibitions and mostexpected a move by the second quarter at the latestif not sooner.
"Rates will need to rise further, and we expectmultiple hikes next year," said Paul Bloxham, chiefeconomist at HSBC. "At this stage we think thenext rise will be in Q2 2011, and that the cash ratewill rise to 5.75 per cent by early 2012."
The market has around 40 basis points of tight-ening priced for the next 12 months.
The startling 54,600 rise in employment was par-ticularly well timed for Aussie bulls as the curren-
cy had been undermined by a run of soft datarecently.
That helped the currency leap 0.8 per cent to$0.9868, from an early low of $0.9777, challeng-ing Fibonacci resistance at $0.9862, the 50 per centretracement of the November 5-December 1 fall.
The currency rose as high as A$0.9885, well upon the week's trough of $0.9752, with some ana-lysts predicting further gains.
In contrast to its neighbour, the New Zealanddollar has struggled after a dovish view from thecentral bank caused analysts to scale back rateexpectations.
The kiwi fell about three-quarters of a cent afterthe Reserve Bank of New Zealand left interestrates on hold at 3 per cent as expected, but said theextent of future rate rises was likely to be less thanpreviously forecast.
The central bank also signalled it would need tosee evidence of a more robust economic recoverybefore it would move on rates, causing expecta-tions for the next rate hike to be pushed back fromMarch to June 2011.
Once the stellar jobs figures came through theAussie surged to a six week high of NZ$1.3164,close to breaching key resistance levels, said DerekRankin of Rankin Treasury. -Reuters
Aussie dollar jumps onjobs boom, outpaces NZD
Swiss francup vs dlr,
eyes on SNBZURICH: The Swiss francrose against the dollar onThursday as US bond yieldspaused after a big jump oninflation fears following thedeal to extend US tax cuts.
The greenback lost groundagainst a basket of major cur-rencies, reversing gains afterPresident Barack Obama struckthe tax deal expected to boost2011 growth by as much as apercentage point, while furtherswelling the US deficit.
The franc was flat against theeuro compared to the New Yorkclose, trading at 1.3082 pereuro at 0744 GMT. The francwas up 0.2 per cent against thedollar at 0.9834 per dollar.
Meanwhile, domestic attentionis turning to the Swiss NationalBank policy review on Dec. 16,when it is expected to keep itsbenchmark rate target at a low0.25 per cent due to the strongSwiss franc and despite a robustSwiss recovery.
The Swiss franc, whichinvestors regard as a safehaven, has risen some 12 percent against the euro so far thisyear amid concerns about theeuro-zone debt crisis, althoughit has traded in a tight rangebetween 1.30 and 1.32 in recentdays. -Reuters
Traders continue to eye bond yields, dollar up vs euro
Disclaimer:All reports and recommendations have been prepared for your information
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information should only be used by investors who are aware of the risk inher-
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International and its employees are not responsible for any loss arising from
use of these reports and recommendations.
For the kindattention ofagri lendersIn a recent meeting of Agricultural Credit
Advisory Committee, a special panel has beenconstituted to develop a strategy in consultationwith federal and provincial governments andother stakeholders for the growth of agricultur-al credit in the country.
While chairing the meeting, Shahid Kardar,Governor, State Bank of Pakistan told the par-ticipants to hold meaningful discussions at thefederal and provincial level to formulate aholistic strategy for the development of agricul-tural credit with the consensus of all the majorstakeholders.
Governor urged the banks to understand theneeds of the economy and improve their pene-tration in the sector, as it is commerciallyviable, offering attractive potential cash flowsand extensive backward and forward linkagesin the value chain. He also advised banks todevelop a comprehensive agricultural financepolicy, dedicate human resource, and simplifyprocedures and other prerequisites for buildinglending portfolios and timely provision of cred-it to the farmers.
Kardar's speech seemed loaded with rhetoricand devoid of clear understanding of Pakistan'sagriculture sector. It also appears that he is try-ing to reinvent the wheel. The financial institu-tions as well as the central banks are fullyaware of the stumbling blocks which do notallowed banks to extend credit to the farmers,not the feudal lords.
For the convenience of the members of spe-cial committee it is necessary to highlight themajor impediment. These include: 1) unclearmindset and lack of expertise prevailing inthe financial institutions, 2) very high interestrate is charged on agriculture loans as com-pared to the credit extended to manufacturingsector, 3) absence of comprehensive cropinsurance schemes, 4) outdated and highlytempered land record, and 5) rent seekers andturncoats not only getting the largest percent-age of the credit disbursed but also getting theloans written off.
It is good that the governor is fully cognisantof the losses caused by the devastating floodsturning Rs32 billion loans delinquent out oftotal advances of Rs53 billion extended to thefarmers of the deluge-affected areas.Encouraging the financial institutions to extendmore loans to farmers and bringing down inter-est rates on agriculture loans is just not possiblewithout introducing mandatory comprehensivecrop insurance scheme.
If the SBP is serious in enhancing creditextension to the farmers then it must take twoimmediate steps: 1) change the mindset of theexisting bankers and/or recruit new broad ofexecutives having better understanding of theagriculture sector as well as the banking, 2) joinhands with insurance companies to come upwith comprehensive policies because presentschemes only cover credit not the crops.
4Friday, December 10, 2010
Publisher & Editor-in-Chief: Amir A. Ashary
Editor: Shakil H. Jafri
Executive Editor: Manzar Naqvi
Honorary Advisory Board
Haseeb Khan, FCA
Asim Abbas Ashary, CPA
Akhtar M. Zaidi, FCA
Dr. A. Hadi Shahid, FCA
Muhammad Arif
S. Muneer Hussain Rizvi
Khurram Shehzad, CFA
Prof. Zakaria Sajid (KU)
Zahid Bukhari SVP HBL (retd)
Ismat Sabir
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The Financial Daily InternationalVol 4, Issue 123
Astrategy developed by theIndian military to fight a light-ning and limited war with
Pakistan without crossing nuclear redlines has stirred concern across the bor-der and in the United States, but theplan is years, if not decades away frombattle readiness.
Cold Start involves the deployment ofbattle groups inside Pakistan within 72hours of a Mumbai-style attack to carryout a punitive operation without threat-ening the survival of the Pakistani stateand triggering a nuclear confrontation.
It flows from the Indian government'sslow-footed response to an attack onparliament in 2001, which was alsotraced back to Pakistani militantgroups, when it took months for thelarge, lumbering army to deploy on theborders.
By then, the element of surprise waslong gone, and Delhi had come underintense international pressure to climbdown.
Pakistan says the Indian battle plan isat the heart of its refusal to move forcesaway from the Indian border to fightmilitants on the Afghan borderlands,hindering the US war against al Qaedaand Taliban.
It has drawn concern in the Pentagontoo, which worries about any disruptionof its long supply line for troops inAfghanistan that runs through Pakistan.
But as the US ambassador to Delhisaid in secret cables published byWikileaks and corroborated by inde-pendent military experts, the Indianarmy's Cold Start doctrine is a mixtureof myth and reality.
The military has neither the maneu-verability nor the firepower to rapidlydeploy and fight the air and land battleenvisaged in the strategy, and it is noteven clear whether the civilian authori-ties have signed off on the plan.
Above all, the idea that you can fighta conventional war without risking anuclear confrontation between twoneighbours with a troubled history formore than 60 years is a vast gamble, saymilitary analysts.
"It has never been and may never beput to use on a battlefield because ofsubstantial and serious resource con-straints, but it is a developed opera-tional attack plan announced in 2004and intended to be taken off the shelf
and implemented within a 72-hour peri-od during a crisis," Ambassador TimRoemer wrote in a February 2010cable.
Indeed, as Roemer notes, if the Indiangovernment really intended to imple-ment Cold Start and thus risk "rollingthe nuclear dice", the Mumbai attackswere an opportunity.
"First, the Government of India (GoI)refrained from implementing Cold Starteven after an attack as audacious andbloody as the Mumbai attack, whichcalls into serious question the GOI'swillingness to actually adopt the ColdStart option."
Roemer also questioned Pakistan'ssincerity in drumming up fears over theIndian military plan, saying it had failedto deter Pakistani mischief inside Indiaeven though they had known its exis-tence since 2004.
On Tuesday, a bomb went off in aholy Indian town, killing a child andwounding several Hindu worshippers,an attack that reinforced concerns thatIndia remained vulnerable, and that tieswith Pakistan could quickly unravel ifacts of violence were linked to militantsbased there.
Pakistan has warned that the Indianbattle plan further destabilised regionalsecurity, and that it would take meas-ures to counter the strategy. Retired
Pakistani army general Talat Masoodsaid it was a fallacy to think the twocountries could fight a limited warwithout the risk of escalation.
"So the potential of a nuclear conflictas a result of Cold Start doctrine is verymuch a possibility and surely, it willresult in escalation to the conventionallevel," he said.
OPERATIONAL PLANBut there is no denying that the Cold
Start plan exists in some form and thereare proponents in the Indian securityestablishment who think they can fighta limited war without crossingPakistan's nuclear threshold.
"I would say that Cold Start is in theexperimental state of development,having moved beyond pure speculationbut more than a decade or two awayfrom full implementation," said WalterLadwig, a South Asia security affairs
expert at Oxford University who haswritten a seminal paper on Cold Start.
Ladwig said the army had yet toorganise itself into integrated battlegroups envisaged under the plan andthe tank corps are not fully operational.
Only 20 per cent of armoured vehi-cles had night vision capabilities andthe artillery had less than 10 per cent ofthe self-propelled guns that groundforces would require for a rapid thrustacross the border.
The army also did not have enoughattack helicopters and the transport hel-icopters that it had could barely lift 15per cent of the troops and armourrequired for such an operation.
Pakistan was well aware of the short-comings of the Indian army and for allits protests over the plan, it was not asconcerned as made out to be, Ladwigsaid.
"What it has done is handedIslamabad and Rawalpindi a propagan-da coup," Ladwig said.
"Although Cold Start is explicitly aresponse to Pakistan's support for ter-rorism, leaders in Islamabad have man-aged to portray India's pursuit of a lim-ited war capability as evidence of NewDelhi's 'hostile intent' and 'hegemonic'designs that will 'destabilize the region-al balance'."
Retired Indian army brigadierGurmeet Kanwal who heads the Centrefor Land Warfare Studies in New Delhisays the doctrine was essentially anattempt to address the problem ofmobilisation of 1.1 million-strongarmy. It is also aimed at taking the bat-tle into Pakistan.
"It is essentially a pro-active deter-rence strategy with the clear implica-tion that the Indian armed forces willtake the initiative and the next war inthe plains will be fought in the adver-sary's territory," he said.-Reuters
Indian plan to deter Pakistan
Israel launched retaliatory airstrikes on the Gaza Strip Thursdayhours after its top soldier warned
troops to be prepared for possible"wider action" on the enclave'svolatile border.
An Israeli military spokeswomansaid the strikes were aimed at threeseparate targets, two of which Gazamilitants confirmed were sites theyused for training. No casualties werereported.
The air strikes were launchedovernight after a mortar fired by Gazamilitants wounded an Israeli man at afarm.
"The situation on the Gaza Strip bor-der is fragile these days," Israeliarmed forces chief General GabyAshekenazi told troops based near theGaza border, according to the Maarivdaily.
Ashekenazi cited a large number ofexplosive devices on the border andrising activity against Israel at thenorthern edge of Gaza, predictingmore incidents.
"We may need to be prepared forwider action. The next round will bebig and it needs to end in a way thatleaves no doubt who won. We are sig-nificantly stronger than the other
side," the commander said, accordingto Maariv. Militants in the enclaveruled by the Islamist Hamas factionhave fired some 200 rockets and mor-tars at Israel this year, the Israeli armysays.
They fired about five mortar roundslate Wednesday and fragments fromone wounded a man. He was taken byhelicopter to hospital in Beersheba,
but his injuries were not life-threaten-ing, the army spokeswoman said.
He was the first casualty sinceMarch, when a Thai farm laborer waskilled by a mortar shell.
HEAVY BLASTSIsrael usually responds to the attacks
with tank fire or air strikes againstmilitant targets or the tunnels they useto smuggle goods and arms into theterritory from Egypt.
Thursday, Israeli missiles hit a train-ing field of the Hamas armed wing,causing damage to several nearbyhouses and a primary school of 700
students, witnesses said."All the windows in the three floors
of our houses were smashed. Our bed-room door was blown in," said onewoman. "Every time they hit the train-ing camp we get hurt," her son said.
Israel holds Hamas responsible forall mortar and rocket attacks, regard-less of which of Gaza's militant fac-tions fires them. Thursday's attack wasclaimed by the Popular ResistanceCommittees and the Popular Front forthe Liberation of Palestine, who saidtheir fighters had confronted Israeliarmy forces that penetrated the borderfence with the enclave.
Israel ended 38 years of Gaza occu-pation in 2005 but it began blockadingthe strip in 2007 after Hamas Islamistshostile to the Jewish state seizedpower from Palestinians prepared tonegotiate peace with Israel.
Palestinians and some UnitedNations officials say Israel's occupa-tion can only truly end when it givesup control of Gaza's borders, coastand airspace.-Reuters
Israel bloodying its hands again
When not a lot is happening inPakistan and especiallyBalochistan in terms of big
investments, Tethyan Copper Company(TCC) can kick off the first ever largescale Copper-Gold project at Reko Diqhaving 5.9 billion tonnes of mineralresource within four to five years withan initial investment of 3.3 billion USdollars.
The government's vision is to trans-form these resources into a source ofrevenue for the province so thatBalochistan would be self-sufficientwithin coming years. The security situ-ation in the country has been a big rea-son to hamper international investment.While governments, both federal andprovincial invite the foreign investorsto come and invest, it is important thatconducive environment is created sothat FDI can flow in.
There has been uproar in the mediarecently about the project saying that itis 'ripping-off' Pakistan. If one looksbeyond media hype and examine theregulatory structure of mining industryin Pakistan, the nature of the globalmining business and the terms of agree-ment between TCC and the provincialgovernment of Balochistan, it will berevealed that the Reko Diq project is, infact favorable deal for Pakistan andBalochistan.
The Spokesperson of the Companysaid TCC is a joint venture of CanadianBarrick Gold and Chillian Antofagastahas completed the exploration of thedeposit in Reko Diq and submitteddetailed feasibility report to governmentof Balochistan in August. Reko Diq issituated 500 KM from Quetta in north-west of Balochistan and 70 KM west ofNaukundi town of Chaghi district, bor-der Afghanistan and Iran. The companywas named after the name of Tethyanbelt, a well-known geological formationknown for copper deposits that runsacross central and southeast Europe,
Turkey, Iran, Pakistan throughHimalayan region into Burma, Malaysia,Indonesia and Papua New Guinea.
When compared with all otherExploration Licenses issued by theprovincial government under theBalochistan Mineral rules, none of thelicenses have government's participa-tion except in the case of Reko Diqproject. Therefore, when this projectgoes into production, government will
earn 25% of profit in addition to royal-ties and taxes. While the other projectsif they go into production will generateonly royalties and taxes. It seems thatthis very important advantage is beingover shadowed in faulty and inadequateanalyses of mining industry practices.
TCC's investment in Reko Diq proj-ect the first foreign investment willprove as an engine for foreign invest-ment in the region and will motivatemore foreign investors to come for-ward. That will not only benefitBalochistan but also Pakistan.
The estimated production of 22 billionpounds of copper and 13 million ouncesof gold in form of payable metal over 56years of mine life will need huge invest-ment in infrastructure and a combina-
tion of expertise and technology to real-ize. Assuming the development of theproject with international standards andFDI is successful; the project is boundto serve as a catalyst for attracting otherinvestors to be followed exploration andmining development.
TCC has overwhelming support ofthe local communities as more than 80per cent of its employees are fromBalochistan. A detailed feasibility
report has already been submitted togovernment of Balochistan in Augustlast and hopefully, the provincial gov-ernment would prefer exploration com-pany (TCC) for mining. As TCC hadmade risk investment of more thanUS$220 million on exploration of thedeposit and it is not only common prac-tice world over that that the companywhich made risk investment in explo-ration is given lease for mining but alsounder the Balochistan Mineral Rules.Under the agreement reached betweencompany and government ofBalochistan, both Federal andBalochistan governments will have52% of the free cash flows in the formof royalty, taxes and share.
The total expected investment was
about US$3.3 billion to be made fordeveloping the supporting infrastruc-ture to making the project functional.The company would spend US$300-400 million annually on procurement ofgoods and services of which nearly halfwould be spent locally.
About transportation of mined miner-al, the annual production of concentratewould be 600,000 tonnes that would bepumped through 682 KM long pipelinefrom the site to Gwadar port for furthershipment to international markets viasea. The estimated annual productionfrom the Reko Diq mine is 200,000tonnes of copper and 250,000 ounces ofgold. This copper and gold will be soldat international market prices quoted atLondon Metal Exchange. This will alsoactivate the Gwadar port which till nowis underutilized.
About the recruitment policy of thecompany, local residents of Balochistanwould be given preference in skilledemployment. When the operationsbegin, 2500 persons would beemployed permanently while almostthe same number of people would beemployed indirectly as suppliers andcontractors.
TCC has also been involved in socialservice for the development of the areawith the active participation of commu-nity. The company had spent over onemillion dollars on a number of commu-nity investments initiatives in educa-tion, health, skilled development etc.
Recently a local organization called"Voice of Chagai" held a demonstrationin Dalbaldin, raising concern over therecent controversies stirred up about themanaging company of TCC, saying thatthe way Reko Diq project is beingdeveloped by TCC, it will usher an eraof prosperity for the local people.
Reko Diq project can literally 'makeor break' the future of large scale min-ing in Balochistan and flow of FDI inPakistan.-Online
Sitting on the Goldmine
If one looks beyond media hypeand examine the regulatory
structure of mining industry in Pakistan,the nature of the global mining businessand the terms of agreement between TCC
and the provincial government ofBalochistan, it will be revealed that theReko Diq project is, in fact favorable
deal for Pakistan and Balochistan
“
But there is no denying that the ColdStart plan exists in some form and there
are proponents in the Indian securityestablishment who think they can fight alimited war without crossing Pakistan's
nuclear threshold.
Israel ended 38 years of Gazaoccupation in 2005 but it began
blockading the strip in 2007 after HamasIslamists hostile to the Jewish state seized
power from Palestinians prepared tonegotiate peace with Israel.
“
FERTILISER000 tonnesUrea Offtake (Jan to Sep 10) 4,190Urea Offtake (Sep 10) 324Urea Price (Rs/50 kg) 851DAP Offtake (Jan to Sep 09) 680DAP Offtake (Sep 10) 226DAP Price (Rs/50 kg) 2,628
AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 10 to Oct 10) 26,842
Sales (July 10 to Oct 10) 25,279
Production (Octy 10) 7,311
Sales (Oct 10) 7,459
INDUS MOTOR COProduction (July 10 to Oct 10) 17,013
Sales (July 10 to Oct 10) 16,622
Production (Oct 10) 4,827
Sales (Oct 10) 4,830
HONDA ATLAS CARProduction (July 10 to Oct 10) 5,481
Sales (July 10 to Oct 10) 5,172
Production (Octy 10) 1,514
Sales (Oct 10) 1,340
DEWAN FAROOQ MOTORSProduction (July 10 to Oct 10) 186
Sales (July 10 to Oct 10) 70
Production (Octy 10) 0
Sales (Oct 10) 18
BANKING SECTORScheduled bank (Rs in mn)Deposit (Nov 6,10) 4,729,932
Advances (Nov 6,10) 3,011,868
Investments (Nov 6,10) 1,897,426
Spread (Sep 10) 7.57%
OIL MARKETING CO(000 tons)MS (Jul 10 to Oct 10) 744
MS (Oct 10) 198
Kerosene (Jul 10 to Oct 10) 53
Kerosene (Oct 10) 15
JP (Jul 10 to Oct 10) 452
JP (Oct 10) 122
HSD (Jul 10 to Oct 10) 2,182
HSD (Oct 10) 664
LDO (Jul 10 to Oct 10)) 22
LDO (Oct 10) 6
Fuel Oil (Jul 10 to Oct 10) 3,086
Fuel Oil (Oct 10) 854
Others (Jul 10 to Oct 10) 3
Others (Oct 10) 1
PRICES (Ex-Refinery) RsMS (1 Nov 10) 44.53
MS (1 Oct 10) 40.71
MS % Chg 9.38%
Kerosene (1 Nov 10) 51.25
Kerosene (1 Oct 10) 47.31
Kerosene % Chg 8.33%
JP-1 (1 Nov 10) 51.48
JP-1 (1 Oct 10) 47.54
JP-1 % Chg 8.29%
HSD (1 Nov 10) 54.24
HSD (1 Oct 10) 50.38
HSD % Chg 7.66%
LDO (1 Nov 10) 49.51
LDO (1 Oct 10) 46.13
LDO % Chg 7.33%
Fuel Oil (1 Nov 10) 42,046
Fuel Oil (1 Oct 10) 39,276
Sector Updates
Symbol Close Vol (mn)DSFL 3.72 35.85 JSCL 11.74 12.26 WTL 2.90 11.14 DFML 2.41 10.84 LOTPTA 13.03 8.34
Symbol Close ChangeNESTLE 2,392.42 113.92 RMPL 2,060.00 42.60 WYETH 1,100.00 40.00 BATA 633.72 13.82 IDYM 305.00 13.03
Symbol Close ChangeUPFL 1,022.06 -37.94ULEVER 4,049.60 -21.27INDU 254.43 -7.03LAKST 300.00 -4.94SCL 85.58 -4.48
Plus 165Minus 231Unchanged 15
Top 5 Volume Leaders
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Active Issues
Friday, December 10, 2010 5
Dhiyan
Short-term outlook is neutral to positive with index movingbetween 11,200 and 11,700 points. Yet, we might see small correc-tion too. Volumes are likely to remain dull next week due toMoharram. Invest in those banking and insurance stocks whichhaven't performed during the whole year. As far as triggers are con-cerned, foreigners' interest and good corporate results would giverise to positive activities in the bourse. Market may show a margin-al recovery today.
Mohammad Sohail, CEO Topline Securities
Zia Shaafi, Senior equity dealer Pearl SecuritiesSome positive activities are likely in the coming days where indexcan touch 11,800-12,000 points, however correction is also possi-ble. Offload gradually at higher levels. For new investments utiliseonly 20 per cent of cash to invest in blue chips, but for the remain-ing 80 per cent wait for dips. Hopes of good upcoming corporateearnings would support the market while any negative law andorder situation could hurt it. Market would be lackluster today.
SOME RECOVERY FORETOLD
Opening 11,629.93
Closing 11,569.09
Change 60.84
% Change 0.52
Turnover (mn) 194.59
Opening 3,665.74 Closing 3,630.34 Change 35.40% Change 0.97Turnover (mn) 11.92
Opening 2,964.98
Closing 2,943.80
Change 21.18
% Change 0.71
Turnover (mn) 0.43
HONG KONG/SHANGHAI:Shanghai shares slipped to atwo-month low on Thursday asa fall in energy stocks offsetstrong gains by railway-relatedissues off the back of govern-ment infrastructure plans.
Hong Kong's Hang Seng rosea mild 0.3 per cent in low vol-ume, recovering some ofWednesday's 1.4 per cent drop.
The index was supported by a3.4 per cent rise in ChinaUnicom and a 1 per centincrease in index heavyweightHSBC.
The Hang Seng has beenlargely rangebound since mid-November, but brokers expectthe benchmark to gain about 19per cent by the end of 2011,boosted by China's economicgrowth and capital inflowsflooding into Asia, a Reuterspoll shows.
Shanghai's key stock indexfell 1.3 per cent to close at itslowest level since earlyOctober and below the closely-
watched 250-day moving aver-age for a second successive ses-sion.
Oil major Sinopec Corpdropped 1.3 per cent. Theworld's most valuable coal pro-ducer, China Shenhua EnergyCo Ltd, slipped 1.6 per cent.Buyers stayed away frombanks, such as Industrial andCommercial Bank of China,which fell 0.9 per cent to be thebiggest drag on the index.
"No one wants to take a riskwith all the rumours of a raterise going around," said LiWenhui, analyst at HuataiSecurities in Nanjing.Speculative investors, awaitinginflation data due on Saturday,are cautiously selecting sectorsthey see as safe bets in the nearterm, with many keeping to thesidelines while they await clar-ification of the government'smonetary policy.
"Everybody is just waiting.This is a sensitive period withhigh inflation expected and a
likely interest rate rise," saidRen Chengde, an analyst atGalaxy Securities in Shanghai.
Buyers are therefore goingto focus on sectors such as railand steel, which will benefitfrom Beijing's plan to invest upto 4 trillion yuan in the coun-try's high speed rail network.,the analyst said. Indeed, rail-way-related issues bucked thetrend in both volume andprices in Shanghai and HongKong.
Railway manufacturer JinxiAxle jumped to its 10 per centlimit, while China RailwayErju gained 7.3 per cent.
In Hong Kong, ChinaRailway shares rose 6 per cent.In contrast, Air China sharesslumped 6 per cent in HongKong on speculation a high-speed rail network would eatinto the carrier's market share.
Among the Hang Seng's 45constituents, China Unicomwas the top performer, rising by3.4 per cent.-Reuters
Shanghai at 2-mth;Hong Kong gets up
Nawaz Ali
KARACHI: After a heavybull-run a day earlier, KarachiStock Exchange (KSE) endedlower on Thursday as investorsbooked profits at inflated lev-els.
The benchmark KSE 100-Index lost 60 points to close at11,569 points while KSE AllShare Index fell by 37 pointsand KSE 30-Index was downby 89 points to close at 8,043points and 11,154 pointsrespectively.
Experts said that high infla-tion numbers, expected delay inIMF tranche and negative newsregarding a leading broker too
affected the market."Investors booked profits as
market was in overbought zonewhile news regarding a leadingmarket participant knockedinvestor morale down somewhat",said Farhan Mansuri, VP CapitalMarkets Arif Habib Limited.
It should be noted that indexgained more than 1.7 per cent aday earlier closing above11,600 levels after July, 2008.
Following last day's bullishmood, market opened the ses-sion on a positive note onThursday with an added advan-tage of 13 plus points.Thereafter some mixed activi-ties were observed during thefirst hour with index moving on
both sides.However, then profit-taking
by the investors mainly in ener-gy and banking stocks andreduced foreign activity finallysent the index in the bearish ter-ritory as according to expertsmarket is in overbought region.Therefore index breached11,600 levels and at about11:33 am touched the lowestlevel of the day of 11,558points (-ve 71 points).
Further, the higher CPI infla-tion number of 15.48 per centin November, expected delay inIMF tranche and news regard-ing the leading memberJehangir Siddiqui too dampedinvestor sentiment.
The 5th IMF tranche is likelyto be delayed as the tranche islinked to the implementation ofsome reforms but the govern-ment is facing strong resistancefrom the major political paritiesover the approval of RGST.
"The bill is yet to be tabled inNational Assembly and such anopposition can prove to be ahindrance for the approval of5th tranche in the upcomingmeeting between IMF's execu-tive board and Pakistan", saidan equity dealer at a local bro-kerage house.
Turnover was marginallylower as 194.5 million sharestraded in the overall marketwhich is 1.1 million shares less
as compared to a turnover of195.6 million shares a day ear-lier.
Dewan Group stocks stayedin limelight on news of debtstructuring therefore DewanSalman stood as the top tradedstock of the day with 35.8 mil-lion shares. Other volume lead-ers include Jahangir SiddiquiCo with 12.2 million shares fol-lowed by WorldCall Telecomwith 11.1 million shares,Dewan Motors with 10.8 mil-lion shares, and Lotte Pakistanwith 8.3 million shares.
Out of total 411 active issues231 declined and 165 declinedwhile 15 issues remainedunchanged.
Profiting, high CPI, JS newsblow 60-pt hole in KSE gains
MUMBAI: The BSE Sensexfell 2.3 per cent on Thursday,its biggest one-day slide inmore than six months, on fearsof a widening regulatory crack-down on companies and deep-ening probe into a telecom cor-ruption scandal.
The government will sendnotices to telecom firms by theend of this week as part of theinvestigation into sale of tele-coms licences and airwavescheaply that a governmentauditor said resulted in a poten-tial $39 billion revenue loss forthe government, telecoms min-ister Kapil Sibal said.
Shares in RelianceCommunications, India's No. 2mobile operator, fell 5.7 percent to 122.50 rupees, theirlowest close. Bigger rivalBharti Airtel fell 2.6 per cent to338.60 rupees.
The 30-share BSE index shed2.31 per cent, or 454.12 points,to 19,242.36, its lowest closesince Nov. 26, with all but threecomponents closing in the red.
"People are really concernedand panicked with the corpo-rate governance issues mostlyin small and mid-sized compa-nies," said Arun Kejriwal,strategist at research firmKRIS. "There is also fears ofliquidity drying up ahead of theholiday season."
Last week, the Securities andExchange Board of India hadbarred the founders and relatedentities of four small firmsfrom trading on the stockexchanges for "fraudulent andunfair" trade practices.
"People are quite circumspectright now," said AmbareeshBaliga, vice president of KarvyStock Broking. "The overallmarket mood will remain slug-gish and fund flows will slowbecause of the holiday season."
Foreign funds dumped $93.6million worth of local shares onTuesday, after having been netbuyers in the six preceding ses-sions. Still, total foreign fundflows into local shares stand ata record $29.2 billion this year.
Top lender State Bank ofIndia dropped 4.3 per cent,HDFC Bank ended down 1.8per cent and mortgage lenderHousing Development FinanceCorp fell 1.9 per cent.
Brokerage HDFC Securitiessaid in a report the margins ofmost banks were likely to beunder pressure in this quarter toDec. 31 after they hiked depositrates in the last three months.
Traders said there was alsofear that increase in lendingrates would crimp creditgrowth.
Bucking the trend, shares inmost export-driven outsourcingcompanies rose on hopes thatUS President Barack Obama'smove to extend tax cuts wouldhelp the US economy in thenear term.
India's top software servicesexporters get about half theirrevenue from the United States.Bellwether Infosys Technologiesadvanced 0.5 per cent.
In the broader market, loserswere nearly 9 times the numberof gainers on volume of 394million shares.-Reuters
India shares fallmost in 6 months
TOKYO: Japan's Nikkei aver-age climbed 0.5 per cent onThursday and briefly hit aseven-month high as foreignfunds shifted their focus tofinancials from exporters intheir continued buying spree inTokyo stocks.
Buying by overseas investorshas helped drive Tokyo equities12 per cent higher since thebeginning of November. Capitalflows data showed they were netbuyers of Japanese stocks for afifth straight week last week.
Investors said momentumplayers are increasing theirholdings in Tokyo shares, withfunds looking beyond exportersand aggressively adding under-weight financial stocks as theNikkei claws toward the 10,300mark.
"Valuations of financial
stocks are just millimeters fromhistoric lows and they're alsoattractive as they have one ofthe highest dividend yields onthe market," said NicholasSmith, director of equityresearch at MF Global FXASecurities in Tokyo.
According to ThomsonReuters StarMine, financialshares are the most undervaluedamong Tokyo equities with aprice-to-book ratio of 0.7 times,while their average dividendyield stands at 2.4 per cent, oneof the highest on the market.
"Financial shares are alsoattractive as they tend to bemore domestic than other equi-ties and because of that less tiedto exchange rates and other fac-tors that are causing problemsfor exporters," Smith said.
See # 19 Page 11
Nikkei gainsas foreign funds
snap up financials
JS Invest OKSrepurchaseof its JSGFcertificates
KARACHI: The board ofdirectors of JS Investment Ltdhas approved the re-purchaseprogramme of JS Growth Fund(JSGF) certificates.
According to a communiquéissued to KSE on Thursday, the
See # 18 Page 11
S’pore, Thai,Malaysian
bourses mullonline co-tradeKARACHI: The stockexchanges of Malaysia,Singapore and Thailand areworking on a plan to establishan electronic trading systemgiving access to the investors ofthree markets simultaneously.The project is likely to comeonline by mid 2011.
See # 16 Page 11
US stocks late-morning
Wall St upon claims
figures butgains limited
NEW YORK: The S&P 500and the Nasdaq rose slightly onThursday after encouragingdata on the jobs market, butgains were limited by astronger US dollar.
The Labor Department saidthe four-week moving averagefor claims for unemploymentbenefits slipped to a two-yearlow, reviving hopes a labormarket recovery is under way.
But the Dow was pressuredby major manufacturer DuPontafter it gave a lackluster out-look for 2011. Blue-chip ExxonMobil also slipped due to thestrong dollar.
"Today is a good day to berelatively weak, considering we
See # 20 Page 11
Mostly gain; banks pushIndonesia to record high
South East Asian stocks
Europe shares rise for 4th dayon growth optimism
ANNOUNCEMENTS
Company Period Div/Bon/Right PAT (Rs in mn) EPS(Rs)
Mirza Sugar Yearly 10% D 139.20 9.87
Pangrio Sugar Yearly 10% D 75.40 6.85
BMA Capitalco-hostingLondon SEmoot today
Staff Reporter
KARACHI: BMA Capital isco-hosting a Conference onPrivatisation and CapitalMarkets today (Friday) at theLondon Stock Exchange.
See # 17 Page 11
Lenders leadFTSE gains;eyes set onChina data
LONDON: Banks helpedBritain's top shares rise onThursday after the Bank ofEngland (BoE) kept interestrates and quantitative easingmeasures unchanged, while USjobs figures raised hopes that arecovery was under way.
The FTSE 100 was up13.43 points, or 0.2 per cent,at 5,807.96, eradicatingWednesday's losses, thoughgains were muted, with sometraders speculating that atightening of monetary poli-cy in China could be immi-nent.
"Risk appetite has been tem-pered somewhat ahead of therelease of some importantChinese (trade) data tonight,"said Michael Hewson, marketanalyst at CMC Markets.
"This has led to some cautionthat the Chinese may act onmonetary policy ahead of theweekend."
See # 21 Page 11
Friday, December 10, 20106
Volume 194,594,669
Value 5,559,933,511
Trades 85,392
Advanced 165
Declined 231
Unchanged 15
Total 411
Current 8,043.45
High 8,096.57
Low 8,034.44
Change i37.88
Current 11,569.09
High 11,649.59
Low 11,558.38
Change i60.84
Current 11,154.63
High 11,266.70
Low 11,141.11
Change i89.10
Market KSE 100 Index All Share Index KSE 30 Index
Current 18,275.58
High 18,423.61
Low 18,241.80
Change i98.23
KMI 30 IndexSymbolsAlert ! Unusual Movements
Technical AnalysisFundamental Highlights
As on Jun 30, 2010
Dewan Automotive Engineering Limited
DWAE closed up 0.20 at 0.94. Volume was 3,173 per cent above aver-
age (trending) and Bollinger Bands were 30 per cent wider than normal.
The company's loss after taxation stood at Rs59.99 million which trans-
lates into a Loss Per Share of Rs2.80 for the 1st quarter of current fis-
cal year (1QFY11).
DWAE is currently 8.7 per cent above its 200-day moving average and
is displaying an upward trend. Volatility is high as compared to the aver-
age volatility over the last 10 trading sessions. Volume indicators reflect
very strong flows of volume into DWAE (bullish). Trend forecasting
oscillators are currently bullish on DWAE.
RSI (14-day) 57.40 Total Assets (Rs in mn) 1,022.94
MA (10-day) 0.70 Total Equity (Rs in mn) (1,445.96)
MA (100-day) 0.62 Revenue (Rs in mn) 121.42
MA (200-day) 0.76 Interest Expense 112.64
1st Support 0.81 Loss after Taxation (514.93)
2nd Support 0.61 EPS 10 (Rs) (24.062)
1st Resistance 1.10 Book value / share (Rs) (67.57)
2nd Resistance 1.19 PE 11 E (x) -
Pivot 0.90 PBV (x) (0.01)
Technical AnalysisFundamental Highlights
As on Jun 30, 2009
PSYL closed up 1.00 at 8.45. Volume was 1,633 per cent above aver-
age (trending) and Bollinger Bands were 22 per cent wider than normal.
The company's profit after taxation stood at Rs41.538 million which
translates into an Earning Per Share of Rs0.74 for the 1st quarter of
current fiscal year (1QFY11).
PSYL is currently 11.7 per cent above its 200-day moving average and
is displaying an upward trend. Volatility is relatively normal as compared
to the average volatility over the last 10 trading sessions. Volume indi-
cators reflect very strong flows of volume into PSYL (bullish). Trend
forecasting oscillators are currently bullish on PSYL. Momentum oscil-
lator is currently indicating that PSYL is currently in an overbought con-
dition.
RSI (14-day) 72.96 Total Assets (Rs in mn) 1,302.17
MA (10-day) 7.07 Total Equity (Rs in mn) 898.81
MA (100-day) 6.53 Revenue (Rs in mn) 2,452.65
MA (200-day) 7.21 Interest Expense 19.26
1st Support 7.75 Profit after Taxation 42.33
2nd Support 7.05 EPS 09 (Rs) 0.755
1st Resistance 8.80 Book value / share (Rs) 16.04
2nd Resistance 9.15 PE 10 E (x) 2.85
Pivot 8.10 PBV (x) 0.53
Pakistan Synthetics Limited
Technical AnalysisFundamental Highlights
As on Jun 30, 2010
SEPCO closed up 0.15 at 2.25. Volume was 1,018 per cent above aver-
age (trending) and Bollinger Bands were 72 per cent narrower than nor-
mal. The company's loss after taxation stood at Rs86.56 million which
translates into a Loss Per Share of Rs0.63 for the 1st quarter of current
fiscal year (1QFY11).
SEPCO is currently 30.3 per cent below its 200-day moving average
and is displaying a downward trend. Volatility is low as compared to the
average volatility over the last 10 trading sessions. Volume indicators
reflect moderate flows of volume into SEPCO (mildly bullish). Trend
forecasting oscillators are currently bearish on SEPCO.
RSI (14-day) 56.13 Total Assets (Rs in mn) 11,457.73
MA (10-day) 2.17 Total Equity (Rs in mn) 2,081.08
MA (100-day) 2.46 Revenue (Rs in mn) 5,541.96
MA (200-day) 3.23 Interest Expense 987.88
1st Support 2.16 Profit after Taxation 52.68
2nd Support 2.00 EPS 10 (Rs) 0.385
1st Resistance 2.41 Book value / share (Rs) 15.23
2nd Resistance 2.50 PE 11 E (x) -
Pivot 2.25 PBV (x) 0.15
Southern Electric Power Co Ltd
Technical AnalysisFundamental Highlights
As on Jun 30, 2009
DFML closed up 0.56 at 2.41. Volume was 2,457 per cent above aver-
age (trending) and Bollinger Bands were 149 per cent wider than nor-
mal. The company's loss after taxation stood at Rs41.81 million which
translates into a Loss Per Share of Rs0.47 for the 1st quarter of current
fiscal year (1QFY11).
DFML is currently 35.2 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 indica-
tors reflect very strong flows of volume into DFML (bullish). Trend fore-
casting oscillators are currently bullish on DFML. Momentum oscillator is
currently indicating that DFML is currently in an overbought condition.
RSI (14-day) 79.89 Total Assets (Rs in mn) 4,496.92
MA (10-day) 1.65 Total Equity (Rs in mn) (471.36)
MA (100-day) 1.58 Revenue (Rs in mn) 1,557.02
MA (200-day) 1.78 Interest Expense 105.73
1st Support 2.02 Loss after Taxation (1,390.03)
2nd Support 1.57 EPS 09 (Rs) (15.623)
1st Resistance 2.75 Book value / share (Rs) (5.30)
2nd Resistance 3.03 PE 10 E (x) -
Pivot 2.30 PBV (x) (0.45)
Dewan Farooque Motors Limited
OIL AND GAS
Performance of SR Oil and Gas Index
Open High Low Close Change % Change
1,511.75 1,523.25 1,497.57 1,502.25 -9.50 -0.63
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
8,073,823 - - 65,194.15 mn 1,175,050.79 mn 1,511.75
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
11.11 3.61 32.54 55.94 5.04 1,475.03
Attock Petroleum 691 5.64 326.78 330.00 323.50 325.37 -1.41 396240 374.20 287.99 250 - 300 20
Attock Refinery 853 6.57 117.59 118.90 116.20 117.28 -0.31 1881904 137.20 78.51 - - - -
BYCO Petroleum 3921 - 11.68 11.70 11.34 11.47 -0.21 1068399 12.49 10.00 - - - -
Mari Gas Company 735 16.27 120.38 121.00 119.85 120.04 -0.34 48064 128.90 106.00 32.17 100B 31 -
National Refinery 800 3.90 264.06 270.00 261.50 263.35 -0.71 259150 275.40 189.08 125 - 200 -
Oil & Gas DevelopmentSPOT 43009 11.40 169.59 169.98 168.10 168.45 -1.14 271884 170.99 142.05 82.5 - 55 -
Pak Petroleum 11950 8.48 208.95 211.80 207.55 208.44 -0.51 1735058 214.10 168.70 130 20B 90 20B
Pak Oilfields 2365 6.75 289.81 293.80 285.37 285.95 -3.86 2923957 293.80 226.00 180 - 255 -
Pak Refinery Limited 350 - 102.39 105.98 99.02 102.29 -0.10 98503 106.34 50.70 - - - -
PSO 1715 4.83 286.74 288.50 284.51 285.47 -1.27 449384 292.15 253.51 50 - 80 -
Shell Gas LPG 226 - 36.06 36.40 35.25 36.40 0.34 1006 40.28 28.05 - - - -
Shell Pakistan 685 10.18 199.58 200.90 198.30 198.54 -1.04 8673 204.40 182.05 330 - 40 -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
PERSONAL GOODS
Performance of SR Personal Goods Index
Open High Low Close Change % Change
976.23 988.69 967.81 979.75 3.52 0.36
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
18,441,003 - - 47,070.70 mn 129,237.15 mn 980.94
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
7.13 0.62 8.64 16.68 2.34 973.64
Amtex Limited XD 2415 9.89 4.55 4.69 4.31 4.35 -0.20 518507 18.48 4.31 - - 30 -Artistic Denim 840 5.89 21.25 21.75 21.00 21.19 -0.06 3010 24.05 18.01 20 - 20 -Azam Textile 133 0.30 2.55 2.45 2.10 2.15 -0.40 6002 3.45 1.45 - - 7.5 -Azgard Nine 4493 - 10.68 10.74 9.94 10.06 -0.62 5861962 12.32 9.59 - - - -Bannu Woolen XD 76 0.47 13.36 13.48 13.00 13.45 0.09 1001 14.50 8.60 - - 20 -Bata (Pak) 76 5.25 619.90 639.99 610.00 633.72 13.82 10984 747.48 436.00 120 - - -Brothers Textile 98 - 0.59 0.25 0.25 0.25 -0.34 105 1.50 0.12 - - - -Chakwal Spinning 400 0.48 1.39 1.40 1.10 1.10 -0.29 20010 2.59 0.56 - - 5 -Chenab Limited 1150 - 3.14 3.35 3.10 3.21 0.07 12540 3.95 3.00 - - - -Colgate Palm 316 34.07 899.57 920.00 900.00 907.75 8.18 20285 930.00 640.01 115 15B - -Colony Mills Ltd 2442 3.70 2.62 2.64 2.37 2.37 -0.25 46062 3.33 2.26 - - - -Crescent Jute 238 - 0.78 1.00 0.41 1.00 0.22 188291 1.49 0.16 - - - -D S Ind Ltd 600 - 1.91 2.00 1.82 1.83 -0.08 14560 2.37 1.44 - - - -Dar-es-Salaam 80 - 2.21 2.00 2.00 2.00 -0.21 500 4.50 1.75 - - - -Dawood Lawrencepur 514 46.64 40.00 40.05 38.50 39.64 -0.36 14751 44.50 36.10 - - 5 -Dewan Farooque Spin. 600 4.13 5.10 5.20 5.10 5.12 0.02 6000 8.00 2.05 - - - -Dewan Mushtaq Textile 34 0.17 5.48 5.65 4.70 5.54 0.06 6975 6.88 1.60 - - - -Ellcot Spinning 110 0.62 21.20 21.50 20.15 20.59 -0.61 5103 25.45 17.21 7.5 - 35 -Fazal Cloth 188 1.12 56.66 59.49 59.00 59.42 2.76 900 59.49 41.00 - -100SD -Gadoon Textile XD 234 0.55 50.95 51.44 49.00 50.82 -0.13 13178 52.50 34.65 - - 70 -Gulistan Spinning 146 1.15 6.68 7.38 6.00 6.02 -0.66 1384 8.86 5.01 - 10B 10 -Gulshan Spinning 222 0.86 7.39 7.69 7.00 7.05 -0.34 1326 10.30 5.51 - 10B 10 20BHira Textile Mills Ltd. 716 0.75 4.24 4.36 3.91 3.98 -0.26 220248 4.88 3.35 - - 10 -Ibrahim Fibres 3105 3.02 40.23 39.00 38.26 38.39 -1.84 117663 40.77 34.05 - - 20 -ICC Textile 100 - 2.09 2.70 1.61 2.32 0.23 89595 2.70 0.30 - - - -Ideal Spinning 99 0.53 5.79 6.58 5.10 6.18 0.39 1450883 6.58 2.02 - - - -Idrees Textile 180 3.49 3.25 3.90 2.70 3.21 -0.04 144842 5.35 2.60 - - 10 -Ishaq Textile 97 1.25 6.75 6.95 6.00 6.95 0.20 101 6.95 4.00 - - 8 -J K Spinning 184 1.24 8.55 9.50 7.56 8.11 -0.44 1243 9.90 4.05 - - 20 5BJubilee Spinning 325 - 3.31 3.00 2.95 2.99 -0.32 2500 3.97 1.99 - - - -Khalid Siraj 107 - 0.61 0.79 0.55 0.61 0.00 15536 1.20 0.25 - - - -Kohat Textile 208 0.77 1.30 1.50 1.40 1.45 0.15 11000 1.50 0.46 - - - -Kohinoor Ind 303 - 1.47 1.79 1.43 1.73 0.26 356710 1.94 1.01 - - - -Kohinoor Spinning 1300 0.36 1.00 1.00 1.00 1.00 0.00 4977 2.00 0.16 - - 5 -Kohinoor Textile 1455 3.86 5.47 5.78 5.15 5.40 -0.07 6240 6.30 4.51 - - - -Liberty Mills 226 2.97 58.60 56.60 56.60 56.60 -2.00 110 59.99 54.50 50 - 30 -Masood Textile 600 1.92 18.40 19.40 18.06 18.20 -0.20 611 22.59 18.01 15 - 15 100RMukhtar Textile 145 - 0.36 0.39 0.34 0.34 -0.02 1063 0.95 0.14 - - - -Nagina Cotton 187 0.86 16.97 16.75 16.00 16.75 -0.22 1002 17.50 12.80 - - 20SD -Nishat (Chunian) 1596 1.78 22.12 22.15 21.25 21.40 -0.72 1573365 25.14 15.66 - 50R 15 -Nishat Mills 3516 5.09 61.90 62.24 58.81 59.33 -2.57 7211490 63.18 45.23 20 - 25 45RPak Synthetic 560 2.85 7.45 8.45 7.40 8.45 1.00 207989 8.45 5.16 12.5 - - -Prosperity 185 1.09 14.35 14.70 13.51 14.30 -0.05 2505 20.50 12.51 20 - 30 -Quetta Textile 130 0.65 40.85 42.25 38.81 40.03 -0.82 503 47.00 25.80 - 632R 20 -Ravi Textile 250 - 1.60 1.64 1.51 1.57 -0.03 84426 2.30 1.29 - - - -Redco Textile 213 - 0.90 0.90 0.68 0.90 0.00 5500 1.45 0.61 - - - -Reliance Weaving 308 0.60 8.82 9.05 8.53 8.57 -0.25 31894 12.00 8.01 - - 25SD -Saif Textile 264 0.40 4.70 5.70 5.00 5.00 0.30 1002 6.85 2.01 - - - -Salfi Textile 33 0.29 60.36 63.25 57.35 62.99 2.63 702 63.25 21.52 - - 25 -Salman Noman 42 1.27 2.98 3.25 2.99 2.99 0.01 1000 3.25 1.30 - - - 5BSamin Textile 134 5.03 5.76 6.39 5.51 6.04 0.28 306 8.69 5.02 - - - 100RSana Ind 55 3.15 42.76 42.37 41.51 41.51 -1.25 330 42.79 27.50 35 - 60 -Sargoda Spinning 312 0.44 2.11 2.38 2.13 2.29 0.18 14312 2.50 0.50 - - 5 -Saritow Spinning 133 0.38 2.33 2.30 2.30 2.30 -0.03 5000 2.99 1.10 - - - -Service Ind 120 8.60 240.67 252.70 237.11 251.23 10.56 41734 276.50 169.00 200 - - -Shahpur Textile 140 0.63 0.44 0.55 0.44 0.45 0.01 1585 1.90 0.18 - - - -Suraj Cotton 180 0.77 34.10 34.99 34.50 34.50 0.40 525 37.50 29.00 15 - 50 -Tata Textile 173 0.33 33.80 35.00 32.11 33.75 -0.05 6326 35.55 15.00 - - 25 -Thal Limited 307 4.53 106.43 107.50 105.12 105.97 -0.46 32638 112.80 86.50 20 20B 80 20BTreet Corp 418 8.85 56.37 57.25 55.31 55.55 -0.82 19938 60.50 37.25 - - - -Yousuf Weaving 400 0.52 1.40 1.60 1.20 1.49 0.09 18699 2.00 0.86 - - - -Zil Limited 53 3.48 50.66 52.30 52.00 52.01 1.35 1000 55.00 35.52 40 10B 35 -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
HOUSEHOLD GOODS
Performance of SR Household Goods Index
Open High Low Close Change % Change
1,084.41 1,090.02 1,072.32 1,082.43 -1.98 -0.18
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
248,163 - - 3,763.71 mn 5,087.21 mn 1,084.41
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
2.76 0.29 10.64 6.27 2.27 1,076.79
AL-Abid Silk 115 2.64 24.72 24.50 23.51 24.50 -0.22 182 35.00 23.00 7.5 - -20B 20RPak Elektron 1174 3.39 13.60 13.68 13.25 13.45 -0.15 174753 15.43 12.82 - 10B - 10BSinger Pak 341 22.02 19.50 19.70 19.60 19.60 0.10 133 23.00 16.51 - 10B - -Tariq Glass Ind 231 2.24 17.69 18.69 17.98 18.69 1.00 73092 18.80 14.60 - - 17.5 -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
FOOD PRODUCERS
Performance of SR Food Producers Index
Open High Low Close Change % Change
1,603.56 1,639.25 1,592.09 1,617.05 13.50 0.84
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
1,059,979 - - 11,335.33 mn 219,931.55 mn 1,617.05
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
36.86 11.17 30.30 30.57 0.83 1,588.17
Adam Sugar 58 0.87 16.74 16.50 16.06 16.43 -0.31 601 16.90 11.00 10 - - -AL-Noor Sugar 186 5.13 51.52 53.00 50.25 50.50 -1.02 103 53.00 39.25 40 - - -Ansari Sugar 244 0.25 6.20 6.99 5.20 5.20 -1.00 2000 6.99 4.03 - - - -Bawany Sugar 87 - 3.20 4.20 2.53 3.91 0.71 37609 4.20 0.85 - - - -Chashma Sugar 287 1.04 12.90 12.90 12.90 12.90 0.00 25000 15.47 8.50 - - - -Clover Pakistan 94 11.87 73.47 77.14 69.80 72.64 -0.83 1104 77.14 33.50 - - 15 -Colony Sugar Mills 990 - 3.85 3.80 3.41 3.41 -0.44 1537 4.00 2.54 - - - -Crescent Sugar 214 9.91 5.30 5.25 5.25 5.25 -0.05 2000 6.65 5.00 - - - -Dewan Sugar 365 - 3.22 3.99 3.12 3.61 0.39 343908 3.99 1.11 - - - -Habib Sugar 600 6.91 33.60 33.85 33.50 33.52 -0.08 31659 36.00 26.80 35 25B - -Habib-ADM Ltd 200 11.30 12.51 12.50 12.16 12.20 -0.31 6720 16.98 11.90 40 - 40 -Ismail Ind 505 32.15 72.00 74.80 68.60 72.01 0.01 541 77.70 67.38 15 - 17.5 110RJ D W Sugar 490 2.93 86.74 89.40 86.50 87.45 0.71 615 89.89 63.50 40 - 0 12.5RMehran Sugar 143 3.42 59.32 59.50 57.10 57.87 -1.45 3285 68.49 48.50 35 30B 35 20BMirpurkhas SugarSPOT 70 5.48 64.53 66.70 64.00 65.76 1.23 7214 67.00 53.64 25 10B 15 20BMirza Sugar 141 0.63 6.38 7.18 6.15 6.26 -0.12 457792 7.18 4.20 - - 10 -National Foods 414 16.10 43.72 44.20 43.00 43.16 -0.56 1105 57.00 39.01 - 25B 12 -Nestle Pakistan 453 26.28 2278.50 2392.42 2320.00 2392.42 113.92 4502 2392.42 1785.00 600 - 450 -Noon Pakistan 48 3.35 24.60 25.83 23.40 23.42 -1.18 2062 27.30 17.51 - 10B 12 -Pangrio Sugar 109 0.89 6.10 6.99 6.00 6.13 0.03 82232 6.99 4.00 - - 10 -Premier Sugar 38 8.80 47.11 48.50 46.76 47.98 0.87 103 53.81 32.50 30 - - -Quice Food 107 - 2.08 2.10 2.06 2.07 -0.01 2000 3.40 1.60 - - - -Rafhan Maize 92 3.26 2017.40 2108.00 1919.00 2060.00 42.60 271 2108.00 1229.00 900 - 600 -S S Oil 57 0.28 3.27 3.25 3.25 3.25 -0.02 10000 3.89 3.00 - - - -Sanghar Sugar 119 0.97 13.68 13.99 13.41 13.50 -0.18 12011 14.90 13.00 10 - - -Shahmurad Sugar 211 17.62 12.55 12.37 11.66 12.16 -0.39 11479 13.50 8.92 15 - - -Shakarganj Mills 695 - 6.73 6.70 6.02 6.18 -0.55 12185 7.88 3.21 - - - -UniLever Pakistan 665 18.90 4070.87 4099.95 4010.01 4049.60 -21.27 109 4345.00 3775.00 458 - 178 -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
AUTOMOBILE AND PARTS
Performance of SR Automobile and Parts Index
Open High Low Close Change % Change
1,178.41 1,179.67 1,151.30 1,156.48 -21.94 -1.86
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
11,031,535 - - 6,768.53 mn 41,833.46 mn 1,179.26
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
4.32 1.10 25.35 20.42 4.72 1,156.48
Agriautos Ind 144 5.38 72.42 72.90 71.00 71.03 -1.39 2051 73.00 65.75 40 - 90 -
Atlas Battery 101 4.76 160.82 160.26 159.50 159.52 -1.30 675 187.90 131.00 100 20B 100 20B
Atlas Honda 626 7.82 109.80 109.00 107.55 107.88 -1.92 513 122.51 92.50 80 30B - -
Baluchistan Wheels Ltd. 133 5.70 31.90 30.33 30.31 30.32 -1.58 125 36.72 28.25 15 - 25 -
Dewan Motors 890 - 1.85 2.58 1.85 2.41 0.56 10839698 2.58 1.20 - - - -
Exide (PAK) 56 4.20 181.06 178.00 175.11 178.00 -3.06 200 198.07 133.00 50 - 60 -
General Tyre 598 18.97 22.10 22.00 22.00 22.00 -0.10 500 26.70 21.00 - - 20 -
Ghandhara Nissan 450 3.13 4.75 4.84 4.50 4.50 -0.25 47405 6.09 4.03 - - - -
Ghani Automobile Ind 200 6.75 4.40 5.00 4.32 4.32 -0.08 1004 5.75 3.55 - - - -
Honda Atlas Cars 1428 - 11.54 11.64 11.30 11.36 -0.18 57870 13.40 9.65 - - - -
Indus Motors 786 5.81 261.46 260.00 254.00 254.43 -7.03 61486 282.45 215.99 100 - 150 -
Pak Suzuki 823 11.35 71.99 72.43 71.00 71.26 -0.73 17706 79.50 69.25 5 - - -
Sazgar Engineering 150 3.63 19.51 19.50 19.40 19.46 -0.05 2300 27.58 17.92 - 20B 10 20B
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
INDUSTRIAL ENGINEERING
Performance of SR Industrial Engineering Index
Open High Low Close Change % Change
1,552.22 1,565.66 1,539.67 1,546.36 -5.86 -0.38
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
249,398 - - 1,336.62 mn 32,447.55 mn 1,555.48
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
8.29 3.15 38.02 131.49 15.86 1,546.36
Ados Pak 66 1.03 15.65 16.00 15.50 16.00 0.35 7050 21.48 14.12 20 - - -
AL-Ghazi Tractor 215 5.18 217.99 218.00 216.05 216.20 -1.79 1428 227.45 200.00 400 - 150 -
Bolan Casting 104 - 44.18 44.00 44.00 44.00 -0.18 1218 51.99 40.50 - 20B 25 10B
Dewan Auto Engineering 214 - 0.74 0.99 0.70 0.94 0.20 155538 1.00 0.21 - - - -
Ghandhara Ind 213 10.20 11.33 11.20 10.85 11.02 -0.31 32312 18.80 10.55 - - - -
Hinopak Motor 124 - 133.41 138.99 135.00 135.02 1.61 714 147.89 108.11 17.15 - - -
KSB Pumps 132 8.38 70.01 69.99 69.25 69.96 -0.05 208 88.00 68.81 35 - - -
Millat Tractors XB 366 6.47 496.72 499.48 493.00 494.42 -2.30 57677 595.99 390.00 450 25B 650 25B
Pak Engineering 57 776.72 279.00 290.04 275.00 279.62 0.62 303 324.80 254.64 125 - 100 -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
GENERAL INDUSTRIALS
Performance of SR General Industrials Index
Open High Low Close Change % Change
961.31 966.66 946.84 956.35 -4.96 -0.52
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
127,942 - - 3,043.31 mn 35,901.44 mn 961.31
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
2.72 1.19 43.91 15.55 5.72 955.45
Cherat Papersack 115 2.82 81.29 81.61 78.10 79.13 -2.16 99148 83.23 34.00 - - 20 25B
ECOPACK Ltd 230 - 2.27 2.39 2.17 2.17 -0.10 5975 3.13 1.70 - - - -
Ghani Glass 1067 4.55 49.48 49.45 48.15 49.45 -0.03 5901 61.99 45.75 30 10B 25 10B
Merit Pack 47 55.80 21.26 22.32 22.32 22.32 1.06 3102 22.32 11.81 - - - -
Packages Ltd 844 53.77 105.55 105.55 104.01 104.85 -0.70 9137 111.88 98.00 32.5 - - -
Siemens EngineeringSPOT 82 10.69 1300.29 1318.00 1290.00 1296.00 -4.29 128 1381.00 1068.75 900 - 900 -
Tri-Pack Films 300 8.17 112.67 113.00 111.26 112.01 -0.66 4551 115.00 96.01 100 - - -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
CONSTRUCTION AND MATERIALS
Performance of SR Construction and Materials Index
Open High Low Close Change % Change
1,033.23 1,036.37 1,002.57 1,009.80 -23.43 -2.27
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
16,366,300 - - 54,792.74 mn 73,230.36 mn 1,033.23
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
7.40 0.53 7.10 19.04 2.57 1,009.80
Al-Abbas Cement 1828 - 3.43 3.65 3.30 3.31 -0.12 33655 4.00 2.80 - - - 100R
Attock Cement 866 6.62 63.46 63.00 62.70 62.87 -0.59 11545 69.86 57.60 50 20B 50 -
Balochistan Glass Ltd 858 - 2.07 1.99 1.65 1.66 -0.41 1010 2.50 1.01 - - - -
Berger Paints 182 - 18.90 19.10 18.70 19.01 0.11 8409 20.45 14.01 - - - 122R
Cherat Cement 956 25.16 11.50 11.85 11.06 11.07 -0.43 28732 12.75 9.51 - - - -
Dadabhoy Cement 982 14.92 2.00 2.14 1.86 1.94 -0.06 37605 2.49 1.30 - - - -
Dewan Cement 3574 - 2.76 2.91 2.68 2.73 -0.03 6516229 2.91 1.30 - - - -
DG Khan Cement Ltd 3651 126.96 31.87 31.80 30.32 30.47 -1.40 3543804 32.10 23.40 - 20R - 20R
Fauji Cement 6933 14.79 4.99 4.98 4.85 4.88 -0.11 281047 5.50 4.52 - - - -
Fecto Cement 502 3.65 7.04 7.00 7.00 7.00 -0.04 12744 8.20 4.25 - 10B - -
Flying Cement Ltd 1760 - 1.91 2.10 1.95 1.99 0.08 1440878 2.20 1.70 - - - -
Frontier Ceramics 77 - 2.00 2.24 1.55 2.03 0.03 146 5.00 1.18 - - - -
Gammon Pak 283 - 1.68 1.55 1.55 1.55 -0.13 10000 2.90 0.98 - - - -
Gharibwal Cement 2319 - 7.92 8.85 7.31 8.35 0.43 43493 8.85 2.11 - - - -
Haydery Const 32 - 0.69 0.79 0.69 0.70 0.01 6011 1.39 0.25 - - - -
Kohat Cement 1288 - 7.18 7.39 7.03 7.04 -0.14 18907 8.70 5.50 - - - -
Lafarge Pakistan Cement13126 - 3.43 3.50 3.17 3.21 -0.22 1551361 3.65 2.71 - - - -
Lucky Cement 3234 6.69 75.86 75.95 74.00 74.49 -1.37 2387330 79.98 67.70 40 - 40 -
Maple Leaf Cement 5261 1.38 2.99 3.00 2.91 2.97 -0.02 293503 3.40 2.51 - - - -
Maple Leaf(Pref) 541 2.96 4.10 4.02 4.00 4.02 -0.08 1275 8.89 3.51 9.75 - - -
Pioneer Cement 2228 - 7.15 7.20 7.01 7.09 -0.06 137809 8.58 6.56 - - - -
Safe Mix Concrete 200 - 6.19 6.15 5.90 6.08 -0.11 32986 9.47 5.25 - - - -
Shabbir Tiles 361 - 8.64 9.60 8.21 8.28 -0.36 796 11.00 6.30 - - - -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
INDUSTRIAL METALS AND MINING
Performance of SR Industrial Metals and Mining Index
Open High Low Close Change % Change
980.16 997.15 963.09 979.56 -0.60 -0.06
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
118,443 - - 3,596.11 mn 9,468.04 mn 980.16
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
3.20 1.06 33.10 30.91 9.65 972.71
Crescent Steel 565 3.95 24.99 26.23 24.55 25.25 0.26 39612 26.23 23.75 - - 30 -
Dost Steels Ltd 675 - 3.10 3.14 3.00 3.02 -0.08 53705 3.39 1.65 - - - -
Huffaz Pipe 555 9.13 14.74 14.95 14.51 14.60 -0.14 7812 16.75 12.25 - 30B - -
International Ind 1199 10.63 50.80 51.24 50.76 51.00 0.20 17310 54.00 44.00 - - 40 20B
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
FORESTRY AND PAPER
Performance of SR Forestry & Paper Index
Open High Low Close Change % Change
1,151.51 1,193.53 1,147.58 1,167.71 16.20 1.41
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
43,868 - - 1,186.83 mn 3,236.52 mn 1,167.71
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
5.89 0.44 7.47 25.28 4.29 1,103.63
Century Paper 707 - 16.40 16.75 16.10 16.13 -0.27 7559 21.80 15.28 - 425R - -
Pak Paper Product 50 8.70 45.50 45.83 44.90 45.24 -0.26 9346 62.85 38.61 20 - 25 33.33B
Security Paper 411 6.98 43.68 45.86 44.00 45.26 1.58 26963 45.86 38.00 50 - 50 -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
CHEMICALS
Performance of SR Chemicals Index
Open High Low Close Change % Change
1,302.99 1,321.18 1,298.62 1,311.53 8.55 0.66
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
56,833,152 - - 52,251.88 mn 290,464.77 mn 1,311.53
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
8.13 2.85 35.00 48.81 6.00 1,293.61
Agritech Limited 3924 8.59 23.32 24.00 23.30 23.70 0.38 1290 25.38 20.26 - - - -
Bawany Air 68 72.50 8.53 8.70 8.70 8.70 0.17 2000 13.99 7.73 - - 5 10R
Clariant Pak 273 5.96 156.00 156.90 155.75 156.00 0.00 1251 164.89 149.72 125 - - -
Dawood Hercules XD 1203 7.15 173.50 174.00 172.25 172.50 -1.00 10328 185.00 163.51 40 10B 40 -
Descon Chemical 1996 - 2.73 2.94 2.51 2.67 -0.06 64633 2.94 1.78 - - - -
Descon Oxychem Ltd. 1020 - 8.16 8.14 7.75 7.83 -0.33 161113 8.48 3.20 - - - -
Dewan Salman 3663 - 3.01 3.94 3.08 3.72 0.71 35850955 3.94 1.28 - - - -
Dynea Pak 94 - 10.85 10.90 10.20 10.90 0.05 150 13.79 9.15 15 - 15 -
Engro Corp. Ltd XD 3277 10.28 187.30 189.49 186.51 187.07 -0.23 2660501 189.59 171.00 6010B 40R 40 -
Engro Polymer 6635 - 14.13 14.80 14.15 14.66 0.53 3059692 15.20 11.61 - 27.5R - -
Fatima Fertilizer 22000 - 10.11 10.14 9.80 10.00 -0.11 3741151 11.74 9.21 - - - -
Fauji Fertilizer XD 6785 8.37 114.00 115.60 113.99 115.47 1.47 1466446 115.60 104.20 131.5 10B 95 -
Fauji Fert. Bin QasimSPOT 9341 6.84 36.20 36.51 36.00 36.26 0.06 2893200 36.51 26.59 40 - 17.5 -
Ghani Gases Ltd 725 8.72 11.94 11.99 11.45 11.51 -0.43 137315 13.85 7.85 - - - -
ICI Pakistan 1388 7.76 137.69 140.25 137.20 137.82 0.13 535479 140.25 116.00 80 - 55 -
Lotte Pakistan 15142 4.65 13.16 13.25 12.95 13.03 -0.13 8336094 13.25 8.16 5 - - -
Mandviwala 74 - 1.46 1.78 1.31 1.45 -0.01 95516 2.75 0.80 - - - -
Nimir Ind Chemical 1106 - 1.54 1.76 1.51 1.73 0.19 1390442 1.76 1.16 - - - -
Shaffi Chemical 120 - 2.30 2.35 2.06 2.29 -0.01 2256 3.40 1.80 - - - -
Sitara Chem Ind 214 10.14 123.48 124.75 121.75 123.70 0.22 389 139.40 101.00 75 - 25 5B
Sitara Peroxide 551 14.51 13.46 13.85 13.20 13.35 -0.11 227504 14.69 7.67 - - - -
United Distributors 92 - 9.10 9.99 8.51 8.51 -0.59 505 17.80 8.51 10 10B - -
Wah-Noble 90 6.71 35.18 35.49 34.50 34.88 -0.30 540 46.25 32.00 50 - 50 -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
PHARMA AND BIO TECH
Performance of SR Pharma and Bio Tech Index
Open High Low Close Change % Change
909.47 921.47 908.28 916.70 7.23 0.79
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
18,963 - - 3,904.20 mn 30,520.74 mn 916.70
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
6.74 1.50 22.31 44.54 6.61 906.07
Abbott (Lab) 979 8.76 99.87 100.98 99.50 100.00 0.13 5205 104.00 79.51 120 - 20 -
GlaxoSmithKline 1707 13.68 75.28 76.40 75.00 76.05 0.77 11952 76.40 65.00 50 - - -
Highnoon (Lab) 165 7.20 25.80 26.35 25.80 25.98 0.18 828 26.98 22.60 25 - - -
Searle Pak 306 5.56 61.50 61.85 61.50 61.85 0.35 905 64.50 57.95 15 15B 30 -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
INDUSTRIAL TRANSPORTATION
Performance of SR Industrial Transportation Index
Open High Low Close Change % Change
759.54 761.99 739.23 751.09 -8.45 -1.11
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
35,628 - - 3,242.17 mn 12,864.90 mn 759.54
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
5.58 1.43 25.53 11.08 1.98 727.84
Pak Int Cont. Terminal 1092 7.44 75.47 75.76 73.13 74.40 -1.07 25873 77.77 60.05 - 20B 40 -
PNSC 1321 36.96 33.97 34.00 33.60 34.00 0.03 9755 41.00 33.06 30 - 15 -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
BOOK CLOSURES
Fauji Fertiliser Bin Qasim 14-Dec 20-Dec 12.50(iii) 6-Dec -
Oil and Gas Development Co 14-Dec 21-Dec 15(i) 6-Dec -
Mirpurkhas Sugar Mills 16-Dec 30-Dec 15.20(B) - 30-Dec
Siemens Pakistan 20-Dec 29-Dec 600 8-Dec 29-Dec
JS Investment # 21-Dec 27-Dec - - 27-Dec
Asian Stocks Fund # 22-Dec 28-Dec - - 27-Dec
Safeway Mutnal Fund # 22-Dec 28-Dec - - 27-Dec
Maple Leaf Cement # 22-Dec 29-Dec - - 29-Dec
Descon Chemicals # 24-Dec 30-Dec - - 30-Dec
BOC Pakistan # 11-Jan 17-Jan - - 17-Jan
INDICATIONS
# Extraordinary General Meeting
Company From To D/B/R Spot AGM/Date
OTHER SECTORS
Johnson & Philips 8.4 9.24 8.01 8.37 -0.03 1202Pakistan Cables 51.05 52.89 50.25 52.89 1.84 502TRG Pakistan Ltd. 3.72 3.85 3.7 3.72 0 1537437Murree Brewery Co. 83.01 85.8 82.6 84.3 1.29 7848Shakarganj Food 1.24 1.25 1.1 1.23 -0.01 3000Shezan International 103.79 108.97 100.21 104.72 0.93 1259Shifa Int.Hospitals 28.6 28.8 27.8 27.8 -0.8 1090Eye Television 21 20.95 20.95 20.95 -0.05 350PIAC (A) 2.22 2.35 2.2 2.25 0.03 178156AKD Capital XD 45.53 47.8 46.95 47.8 2.27 41030Pace (Pak) Ltd. 2.9 2.99 2.84 2.87 -0.03 699763Netsol Technologies 18.89 19 18.6 18.64 -0.25 194388Pak Telephone 1.9 2.3 1.76 2.18 0.28 6000
Symbols Open High Low Close Change Vol
Friday, December 10, 20107
Technical Analysis Leverage Position
KSE 100 INDEX
Technical Outlook
KSE 100 INDEX closed down -60.84 points at 11,569.09. Volume was 58
per cent above average and Bollinger Bands were 15 per cent wider than
normal. As far as resistance level is concern, the market will see major 1st
resistance level at 11,626.30 and 2nd resistance level at 11,683.55, while
Index will continue to find its 1st support level at 11,535.10 and 2nd sup-
port level at 11,501.15.
KSE 100 INDEX is currently 13.8 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) 77.92 Support 1 11,535.10
MA (5-day) 11,495.35 Support 2 11,501.15
MA (10-day) 11,358.53 Resistance 1 11,626.30
MA (100-day) 10,357.10 Resistance 2 11,683.55
MA (200-day) 10,171.79 Pivot 11,592.35
Technical Analysis Leverage Position
Nishat Mills Ltd
Brokerage House Fair Value Rs Recommendations
Technical Outlook
NML closed down -2.57 at 59.33. Volume was 91 per cent above average
and Bollinger Bands were 36 per cent wider than normal.
NML is currently 16.6 per cent above its 200-day moving average and is
displaying an upward trend. Volatility is extremely high when compared to
the average volatility over the last 10 trading sessions. Volume indicators
reflect moderate flows of volume into NML (mildly bullish). Trend forecast-
ing oscillators are currently bullish on NML.
AKD Securities Ltd 59.97 Buy
TFD Research 74.2 Positive
RSI (14-day) 57.83 Free Float Shares (mn) 175.80
MA (10-day) 60.28 Free Float Rs (mn) 10,430.21
MA (100-day) 50.08 ** NOI Rs (mn) 87.71
MA (200-day) 50.89 Mean 60.57
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis Leverage Position
National Bank of Pakistan
Brokerage House Fair Value Rs Recommendations
Technical Outlook
NBP closed down -1.19 at 70.24. Volume was 137 per cent above average
and Bollinger Bands were 13 per cent narrower than normal.
NBP is currently 4.3 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) 63.19 Free Float Shares (mn) 318.37
MA (10-day) 68.06 Free Float Rs (mn) 22,362.10
MA (100-day) 66.24 ** NOI Rs (mn) 122.99
MA (200-day) 69.72 Mean 70.83
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis Leverage Position
Dera Ghazi Khan Cement Co Ltd
Brokerage House Fair Value Rs Recommendations
Technical Outlook
DGKC closed down -1.40 at 30.47. Volume was 14 per cent below aver-
age and Bollinger Bands were 20 per cent wider than normal.
DGKC is currently 13.4 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 DGKC (mildly bullish). Trend forecasting oscilla-
tors are currently bullish on DGKC.
*Arif Habib Ltd 42 Buy
AKD Securities Ltd 43.29 Buy
TFD Research 36.85 Positive
RSI (14-day) 58.50 Free Float Shares (mn) 182.55
MA (10-day) 29.98 Free Float Rs (mn) 5,562.29
MA (100-day) 26.59 ** NOI Rs (mn) 44.19
MA (200-day) 26.88 Mean 31.12
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis Leverage Position
Adamjee Insurance Co Ltd
Brokerage House Fair Value Rs Recommendations
Technical Outlook
AICL closed up 2.04 at 83.99. Volume was 480 per cent above average
(trending) and Bollinger Bands were 62 per cent narrower than normal.
AICL is currently 6.1 per cent below its 200-day moving average and is dis-
playing an upward trend. Volatility is extremely low when compared to the
average volatility over the last 10 trading sessions. Volume indicators
reflect moderate flows of volume into AICL (mildly bullish). Trend forecast-
ing oscillators are currently bullish on AICL.
AKD Securities Ltd 76 Accumulate
TFD Research 88 Neutral
RSI (14-day) 66.64 Free Float Shares (mn) 74.22
MA (10-day) 81.39 Free Float Rs (mn) 6,233.97
MA (100-day) 75.33 ** NOI Rs (mn) 18.15
MA (200-day) 89.42 Mean 83.31
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis Leverage Position
Pakistan Oilfields Ltd
Brokerage House Fair Value Rs Recommendations
Technical Outlook
POL closed down -3.86 at 285.95. Volume was 113 per cent above aver-
age and Bollinger Bands were 64 per cent wider than normal.
POL is currently 21.7 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 POL (mildly bullish). Trend forecasting oscilla-
tors are currently bullish on POL. Momentum oscillator is currently indicat-
ing that POL is currently in an overbought condition.
*Arif Habib Ltd 317.2 Buy
AKD Securities Ltd 296.6 Buy
TFD Research 281.35 Neutral
RSI (14-day) 71.15 Free Float Shares (mn) 107.94
MA (10-day) 274.35 Free Float Rs (mn) 30,864.50
MA (100-day) 239.61 ** NOI Rs (mn) 249.39
MA (200-day) 234.96 Mean 288.73
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis Leverage Position
Fauji Fertiliser Bin Qasim Ltd
Brokerage House Fair Value Rs Recommendations
Technical Outlook
FFBL closed up 0.06 at 36.26. Volume was 56 per cent above average and
Bollinger Bands were 16 per cent wider than normal.
FFBL is currently 22.4 per cent above its 200-day moving average and is
displaying an upward trend. Volatility is low as compared to the average
volatility over the last 10 trading sessions. Volume indicators reflect very
strong flows of volume into FFBL (bullish). Trend forecasting oscillators are
currently bullish on FFBL. Momentum oscillator is currently indicating that
FFBL is currently in an overbought condition.
*Arif Habib Ltd 34.7 Sell
AKD Securities Ltd 32.06 Accumulate
TFD Research 29.1 Negative
RSI (14-day) 82.00 Free Float Shares (mn) 326.94
MA (10-day) 35.12 Free Float Rs (mn) 11,854.79
MA (100-day) 29.94 ** NOI Rs (mn) 20.20
MA (200-day) 29.77 Mean 36.24
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis Leverage Position
Engro Corporation
Brokerage House Fair Value Rs Recommendations
Technical Outlook
ENGRO closed down -0.23 at 187.07. Volume was 173 per cent above aver-
age (trending) and Bollinger Bands were 12 per cent narrower than normal.
ENGRO is currently 1.5 per cent above its 200-day moving average and is
displaying an upward trend. Volatility is relatively normal as compared to
the average volatility over the last 10 trading sessions. Volume indicators
reflect moderate flows of volume into ENGRO (mildly bullish). Trend fore-
casting oscillators are currently bullish on ENGRO.
*Arif Habib Ltd 176 Sell
AKD Securities Ltd 238.8 Buy
TFD Research 208.75 Positive
RSI (14-day) 62.42 Free Float Shares (mn) 131.09
MA (10-day) 185.57 Free Float Rs (mn) 24,523.89
MA (100-day) 179.34 ** NOI Rs (mn) 80.82
MA (200-day) 184.36 Mean 187.59
* Target price for Dec-10 & **Net Open Interest in future market
EQUITY INVESTMENT INSTRUMENTS
Performance of SR Equity Investment Instruments Index
Open High Low Close Change % Change
1,237.65 1,283.89 1,209.24 1,243.62 5.97 0.48
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
4,682,125 - - 29,771.58 mn 17,980.90 mn 1,243.62
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
20.12 0.44 2.21 104.74 8.09 1,192.96
1st Fid Leasing 264 8.88 1.42 1.65 1.35 1.42 0.00 12301 2.24 1.01 - - - -
AL-Meezan Mutual F. 1375 6.46 7.59 8.59 7.03 7.75 0.16 135842 8.59 5.85 - - 18.5 -
B R R Guardian Mod. 780 3.64 1.71 2.15 1.60 1.60 -0.11 16611 2.37 0.90 - - 0 -
Constellation Modaraba 65 3.45 1.48 1.77 1.30 1.52 0.04 2986 2.99 0.90 - - - -
Crescent St Modaraba 200 1.53 0.65 0.67 0.60 0.61 -0.04 42404 1.10 0.16 - - 1.2 -
Elite Cap Modaraba 113 3.63 2.99 2.92 2.90 2.90 -0.09 13500 3.09 1.73 4.5 - 5 -
Equity Modaraba 524 11.13 1.62 1.85 1.55 1.78 0.16 59044 2.37 0.86 - - - -
First Capital Mutual F. 300 9.38 4.10 3.75 3.75 3.75 -0.35 25000 5.50 2.00 - - - -
First Dawood Mutual F. 581 0.65 2.05 2.08 1.95 2.05 0.00 33007 2.24 1.30 - - - -
Golden Arrow 760 2.26 3.09 3.25 3.06 3.17 0.08 599996 3.88 2.56 - - 17 -
H B L Modaraba 397 2.22 6.75 6.65 6.65 6.65 -0.10 5014 7.00 5.11 5 - 11 -
Habib Modaraba 1008 5.78 6.75 6.70 6.62 6.70 -0.05 21254 6.90 5.80 20 - 21 -
I B L Modaraba XD 202 25.45 2.90 2.80 2.80 2.80 -0.10 200 3.69 1.06 - - 3 -
JS Growth Fund 3180 58.13 4.83 4.90 4.55 4.65 -0.18 680810 4.96 2.65 - - 5 -
JS Value Fund 1186 15.71 4.56 4.59 4.25 4.40 -0.16 1101418 4.73 2.31 10 - 10 -
Meezan Balanced Fund 1200 6.24 6.50 6.54 6.25 6.49 -0.01 288945 6.64 5.15 - - 15.5 -
Mod Al-Mali 184 13.80 1.18 1.50 1.15 1.38 0.20 71448 2.18 0.56 - - - -
NAMCO Balanced Fund 1000 6.09 3.78 4.00 3.90 3.90 0.12 402 4.00 2.25 5 - 15 -
Nat Bank Modaraba 250 6.24 6.07 6.80 5.52 6.74 0.67 125501 8.00 4.50 - - 10 -
Pak Modaraba 125 5.50 1.00 1.15 1.00 1.10 0.10 2534 1.40 0.30 - - 3 -
Pak Prem FundSPOT 1698 12.54 8.96 9.05 8.80 9.03 0.07 1076151 9.39 7.00 - - 18.6 -
Paramount Modaraba 59 6.64 8.50 8.50 8.50 8.50 0.00 2000 9.45 7.20 15 - 18 -
PICIC Energy Fund XD 1000 1.85 6.40 6.38 6.26 6.38 -0.02 22303 6.45 4.33 - - 10 -
PICIC Growth Fund 2835 7.06 11.27 11.49 10.95 11.01 -0.26 164260 11.49 7.90 - - 20 -
PICIC Inv Fund 2841 6.56 5.81 5.95 5.60 5.77 -0.04 87820 6.05 3.50 - - 10 -
Prud Modaraba 1st 872 2.05 0.91 0.95 0.90 0.90 -0.01 45475 1.20 0.76 - - 3 -
Punjab Modaraba XD 340 - 1.35 1.40 1.39 1.39 0.04 301 2.54 0.50 - - 1 -
Stand Chart Modaraba 454 4.49 8.99 9.30 8.99 9.16 0.17 12079 10.99 7.75 16.5 - 17 -
Tri-Star Mutual 50 3.94 1.40 1.48 1.21 1.42 0.02 11238 2.87 0.86 - - - -
U D L Modaraba 264 1.57 5.64 5.79 5.51 5.51 -0.13 22161 6.99 4.71 10 - 12.5 -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
FINANCIAL SERVICES
Performance of SR Financial Services Index
Open High Low Close Change % Change
432.08 433.40 412.57 414.53 -17.55 -4.06
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
13,475,028 - - 30,336.44 mn 28,344.01 mn 441.03
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
10.60 0.28 0.91 99.56 3.25 414.53
AMZ Ventures 225 1.61 0.65 0.80 0.66 0.71 0.06 280523 0.95 0.42 - - - -
Arif Habib Investments 360 3.41 18.00 17.75 17.15 17.32 -0.68 76177 19.98 13.00 - - - 20B
Arif Habib Limited 450 12.81 26.03 26.00 24.90 25.10 -0.93 81952 34.00 24.40 15 25B - 20B
Arif Habib Corp 3750 4.43 25.37 25.60 24.11 24.11 -1.26 5762574 27.02 20.90 - - 30 -
Dawood Equities 250 - 1.86 2.03 1.85 1.88 0.02 2549 2.70 1.51 - - - -
Grays Leasing 215 - 1.25 1.15 1.15 1.15 -0.10 1000 2.90 0.18 - - - -
IGI Investment Bank 2121 15.94 2.51 2.60 2.55 2.55 0.04 11107 2.90 1.17 - - - -
Invest and Fin Sec 600 661.00 6.87 7.00 6.50 6.61 -0.26 5100 9.00 6.16 - - 11.5 -
Invest Bank 2849 - 0.69 0.69 0.55 0.65 -0.04 60125 1.00 0.44 - - - -
Ist Cap Securities 3166 - 3.50 3.42 3.41 3.41 -0.09 454 4.80 2.54 - 10B - 10B
Ist Dawood Bank 626 0.66 1.95 2.04 1.84 1.86 -0.09 11190 2.84 1.32 - - - -
Jah Siddiq Co 7633 - 12.74 12.74 11.74 11.74 -1.00 12263477 14.05 8.80 -243.778B 10 -
JOV and CO 508 - 4.05 4.07 3.90 3.96 -0.09 192925 5.38 1.96 - - - -
JS Global Cap 500 7.41 29.02 29.00 27.57 27.57 -1.45 14538 40.00 24.25 150 - - -
JS Investment 1000 26.96 6.99 6.92 6.31 6.47 -0.52 324167 7.59 5.10 - - - -
KASB Securities 1000 - 4.50 4.50 4.40 4.40 -0.10 9313 4.75 3.32 - - - -
Orix Leasing 821 4.78 6.25 6.80 6.10 6.50 0.25 1505 7.29 4.50 - - - -
Pervez Ahmed Sec 775 - 2.18 2.30 2.15 2.20 0.02 106471 2.70 1.35 -231.08R - -
Saudi Pak Leasing 452 - 0.63 0.67 0.52 0.67 0.04 17331 0.86 0.42 - - - -
Sec Inv Bank 514 12.96 3.00 3.24 2.80 3.24 0.24 103 3.90 1.65 - - - -
Stand Chart Leasing 978 5.25 2.70 3.00 2.40 2.52 -0.18 15010 3.00 1.95 - - - -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
LIFE INSURANCE
Performance of SR Life Insurance Index
Open High Low Close Change % Change
926.19 938.55 881.64 930.57 4.39 0.47
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
4,474 - - 2,290.72 mn 10,809.97 mn 962.53
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
99.48 3.83 3.85 355.53 3.57 926.19
American Life 500 6.32 17.99 18.90 17.99 18.90 0.91 1002 20.40 16.03 - - - -
East West Life 455 - 2.61 2.51 2.45 2.51 -0.10 500 4.62 2.05 - 10R - 20R
EFU Life Assurance 850 45.94 80.08 82.75 76.08 80.85 0.77 2968 86.95 54.51 5513.33B - -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
BANKS
Performance of SR Banks Index
Open High Low Close Change % Change
1,136.69 1,141.55 1,116.13 1,122.81 -13.87 -1.22
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
16,192,944 - - 257,548.02 mn 680,700.48 mn 1,136.69
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
8.11 1.13 13.94 40.49 4.99 1,089.29
Allied Bank Limited 7821 6.26 64.98 64.75 64.05 64.37 -0.61 51731 65.10 48.51 40 10B 20 -Askari Bank 6427 7.95 16.73 16.97 16.50 16.69 -0.04 354796 17.20 14.23 - 20B - -Atlas Bank 5001 - 1.61 1.65 1.55 1.56 -0.05 82112 2.55 1.50 - - - -Bank Alfalah 13492 13.18 10.38 10.50 10.25 10.28 -0.10 2401180 10.55 7.66 8 - - -Bank AL-Habib 7322 7.51 34.81 34.90 34.50 34.83 0.02 53886 35.00 29.50 20 20B - -Bank Of Khyber 5004 6.13 4.06 4.70 4.08 4.60 0.54 241818 4.70 2.50 - - - -Bank Of Punjab 5288 - 10.22 10.30 9.91 9.93 -0.29 1635323 10.59 7.85 - - - -BankIslami Pak 5280 810.00 3.29 3.39 3.17 3.24 -0.05 17638 3.88 2.70 - - - -Faysal Bank XB 7309 4.73 14.91 15.15 14.50 14.65 -0.26 276786 17.10 13.01 - - - 20BHabib Bank Ltd 10019 7.21 116.23 116.90 114.50 115.37 -0.86 217257 117.00 92.55 60 10B - -Habib Metropolitan Bank 8732 7.61 25.46 25.05 24.70 24.90 -0.56 27711 26.74 18.02 10 16B - -JS Bank Ltd 6128 - 2.66 2.70 2.50 2.59 -0.07 151994 3.00 2.00 - - - 66RKASB Bank Ltd 9509 - 2.70 2.75 2.60 2.60 -0.10 20150 2.90 2.16 - 26B - -MCB Bank Ltd XD 7602 9.69 221.90 222.75 218.00 218.70 -3.20 611398 223.50 182.61 110 10B 55 -Meezan Bank 6983 8.50 16.17 16.19 15.70 16.06 -0.11 238091 16.32 14.05 - 5B - -Mybank Ltd 5304 - 2.46 2.59 2.41 2.52 0.06 111036 2.69 1.81 - - - -National Bank 13455 6.13 71.43 71.65 70.01 70.24 -1.19 7134322 71.80 62.15 75 25B - -NIB Bank 40437 - 3.06 3.04 2.91 2.92 -0.14 990815 3.18 2.46 - - - -Royal Bank Ltd 17180 - 4.54 4.60 4.45 4.46 -0.08 44704 8.10 3.91 - - - -Samba Bank 14335 - 1.88 1.86 1.77 1.84 -0.04 83974 2.65 1.51 - - -63.46RSilkbank Ltd 26716 - 2.70 2.73 2.64 2.67 -0.03 847119 3.08 2.50 - - - -Soneri Bank 6023 - 7.21 7.20 7.00 7.05 -0.16 58951 8.00 5.01 - - - -Stand Chart Bank 38716 12.31 8.18 8.10 8.00 8.00 -0.18 16500 8.80 6.00 - - - -Summit Bank Ltd 5000 - 3.31 3.49 3.27 3.31 0.00 36597 3.80 2.30 - - - -United Bank Ltd 12242 7.53 64.55 64.74 63.70 64.05 -0.50 523652 64.90 49.90 25 10B 10 -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
NON LIFE INSURANCE
Performance of SR Non Life Insurance Index
Open High Low Close Change % Change
753.38 777.99 744.30 757.64 4.26 0.57
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
3,894,308 - - 11,111.34 mn 46,894.29 mn 760.08
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
12.48 0.65 5.20 79.54 6.37 748.94
Adamjee Insurance 1237 24.34 81.95 85.78 81.51 83.99 2.04 3041434 85.78 63.05 30 10B 10 -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
GAS WATER AND MULTIUTILITIES
Performance of SR Gas Water and Multiutilities Index
Open High Low Close Change % Change
1,503.75 1,514.82 1,463.00 1,490.84 -12.92 -0.86
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
449,165 - - 12,202.80 mn 32,001.03 mn 1,560.23
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
9.44 1.08 11.41 66.79 7.08 1,490.84
Sui North Gas XD 5491 8.15 27.28 27.85 26.60 27.40 0.12 232126 34.75 26.60 - - 20 -Sui South Gas 8390 3.04 20.58 20.53 19.99 20.21 -0.37 217039 30.70 19.99 - - 15 25B
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
ELECTRICITY
Performance of SR Electricity Index
Open High Low Close Change % Change
1,253.67 1,271.56 1,243.98 1,252.98 -0.68 -0.05
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
11,436,487 - - 95,369.29 mn 102,533.35 mn 1,253.67
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
14.01 1.31 9.35 104.13 7.43 1,241.80
Genertech 198 - 0.91 1.10 0.80 0.95 0.04 97256 1.45 0.60 - - - -Hub Power 11572 6.63 36.39 36.65 36.11 36.20 -0.19 422867 37.00 32.75 33.5 - 50 -Japan Power 1560 - 1.70 1.88 1.70 1.81 0.11 216735 2.25 1.20 - - - -KESC 7932 - 2.57 2.78 2.58 2.75 0.18 4906724 2.78 1.94 - 31R - 7.8RKohinoor Energy 1695 10.56 19.45 19.84 19.00 19.00 -0.45 18036 26.50 17.95 45 - 15 -Kohinoor Power 126 2.62 4.26 4.30 4.01 4.30 0.04 3052 6.10 4.01 - - - -Kot Addu Power 8803 4.86 40.10 40.50 39.90 40.00 -0.10 188339 42.95 38.35 64.5 - 50 -Nishat Chunian Power Ltd 3673 3.24 15.20 15.20 14.55 14.78 -0.42 789571 15.80 10.00 - - - -Nishat Power Ltd 3541 25.31 15.96 16.14 15.63 15.69 -0.27 1929963 16.70 10.00 - - - -Sitara Energy Ltd 191 3.55 19.06 19.05 19.00 19.05 -0.01 10100 23.49 17.98 20 - 20 -Southern Electric 1367 - 2.10 2.34 2.09 2.25 0.15 2847172 2.90 2.05 - - - -Tri-star Power XD 150 - 1.02 1.16 1.02 1.08 0.06 6652 1.75 0.65 3 - - -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
FIXED LINE TELECOMMUNICATION
Performance of SR Fixed Line Telecommunication Index
Open High Low Close Change % Change
1,144.50 1,156.83 1,129.11 1,141.64 -2.86 -0.25
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
13,613,216 - - 50,077.79 mn 78,834.71 mn 1,158.93
P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low
6.17 0.79 12.84 62.56 10.14 1,135.08
Pak Datacom 78 4.94 79.90 80.00 79.99 79.99 0.09 5020 117.99 76.50 70 - 80 -Pakistan Telecomm Co A 37740 12.82 19.44 19.42 19.15 19.23 -0.21 407588 20.12 18.15 15 - 17.5 -Telecard XD 3000 0.70 2.25 2.45 2.23 2.35 0.10 2059357 2.69 1.80 - - 1 -WorldCall Tele 8606 - 2.67 3.03 2.67 2.90 0.23 11141251 3.03 2.31 - - - -Wateen Telecom Ltd 6175 - 3.49 4.00 3.46 3.94 0.45 3277442 4.50 3.35 - - - -
Paid up Last 60 days 2009 2010
Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR
(%) (%) (%) (%)
Atlas Insurance 369 5.90 37.50 37.21 37.05 37.10 -0.40 2026 38.00 27.37 40 10B - -
Central Insurance XB 279 6.72 59.00 59.50 59.10 59.15 0.15 659 64.80 47.37 20 25B 10 10B
Century Insurance 457 6.73 10.73 11.48 10.75 10.76 0.03 1047 12.00 9.42 - - - -
EFU General Insurance 1250 - 45.24 46.44 44.50 44.64 -0.60 45135 48.63 34.76 40 8.7B - -
Habib Insurance 400 3.09 12.51 12.99 12.51 12.96 0.45 8567 13.00 10.04 35 - - -
IGI Insurance 718 16.51 88.91 92.89 86.10 89.00 0.09 6208 92.89 68.27 35 - 10 20B
Pak Reinsurance 3000 41.23 16.33 16.55 16.00 16.08 -0.25 720435 17.20 12.80 30 - - -
PICIC Ins Ltd 350 - 6.41 6.99 6.01 6.56 0.15 38176 8.30 1.66 - - - -
Premier Insurance 303 5.83 10.75 10.90 10.50 10.78 0.03 10496 10.90 8.00 20 15B - -
Silver Star Insurance 253 4.12 7.00 6.75 6.57 6.63 -0.37 20000 8.17 6.01 - 20B - -
United Insurance XB 400 1.94 6.52 5.92 5.92 5.92 -0.60 106 7.20 4.49 - 16B - -
UPTO 100 VOLUME
FANM 3.00 3.10 3.10 3.10 0.10 100
GATM 25.40 24.50 24.50 24.50 -0.90 100
TRPOL 1.00 1.18 1.15 1.15 0.15 100
BIFO 46.55 48.87 48.30 48.59 2.04 100
UPFL 1060.00 1100.00 1010.01 1022.06 -37.94 77
MFTM 1.10 1.35 1.15 1.15 0.05 70
GATI 41.01 41.95 39.04 41.89 0.88 63
WYETH 1060.00 1100.00 1098.00 1100.00 40.00 51
ZTL 3.80 4.15 4.15 4.15 0.35 50
BAFS 60.00 62.95 59.00 59.00 -1.00 46
PAKT 115.00 114.00 114.00 114.00 -1.00 40
PASM 10.20 10.50 10.31 10.50 0.30 39
LAKST 304.94 300.00 299.99 300.00 -4.94 35
FRSM 21.25 21.30 20.50 20.50 -0.75 27
NSRM 12.17 13.17 13.17 13.17 1.00 25
HUSS 11.00 11.49 11.49 11.49 0.49 25
SHJS 94.49 91.01 91.01 91.01 -3.48 25
FECS 44.00 46.00 45.75 45.75 1.75 21
LPGL 17.91 16.91 16.91 16.91 -1.00 21
ASFL 2.85 3.85 3.85 3.85 1.00 20
ALTN 10.70 11.25 11.00 11.00 0.30 20
FEROZ 84.98 84.99 83.50 84.99 0.01 20
GRAYS 51.86 54.44 53.00 53.00 1.14 18
GLPL 61.10 63.75 61.06 63.41 2.31 13
FNEL 8.86 8.94 8.94 8.94 0.08 10
IDYM 291.97 305.00 305.00 305.00 13.03 10
RCML 34.50 35.00 34.00 34.00 -0.50 10
ZAHT 3.94 3.98 3.98 3.98 0.04 10
CSIL 4.25 5.15 3.35 4.49 0.24 7
AGIC 10.64 10.99 10.00 10.00 -0.64 6
BILF 1.30 1.90 1.40 1.40 0.10 6
SLYT 4.15 4.39 3.80 4.06 -0.09 6
SHNI 13.50 14.00 14.00 14.00 0.50 5
CFL 13.02 12.05 12.05 12.05 -0.97 5
RUPL 35.40 36.29 36.29 36.29 0.89 5
TICL 66.36 69.67 69.67 69.67 3.31 5
LEUL 1.82 1.80 1.77 1.80 -0.02 5
PHDL 36.76 38.59 34.93 36.55 -0.21 5
NJLIC 45.93 45.90 43.64 45.90 -0.03 4
AGSML 6.00 7.00 6.00 6.00 0.00 4
DADX 25.75 24.47 24.47 24.47 -1.28 4
FZTM 392.00 409.00 390.00 390.00 -2.00 3
SFL 117.60 122.50 122.50 122.50 4.90 3
THCCL 19.17 19.65 18.57 19.29 0.12 3
EMCO 3.20 3.50 3.50 3.50 0.30 3
STPL 9.45 9.18 8.82 9.18 -0.27 3
DWTM 5.78 6.78 6.78 6.78 1.00 2
DINT 26.50 27.00 25.51 26.26 -0.24 2
MTIL 0.55 0.69 0.69 0.69 0.14 2
IBLHL 7.70 8.65 7.99 7.99 0.29 2
SCL 90.06 85.58 85.58 85.58 -4.48 2
DIIL 9.35 8.54 8.40 8.54 -0.81 2
SLCL 2.40 1.40 1.40 1.40 -1.00 1
NJICL 58.95 60.90 58.85 58.85 -0.10 1
GUTM 25.65 24.37 24.37 24.37 -1.28 1
SHCM 8.10 9.10 9.10 9.10 1.00 1
ASHT 4.00 4.99 4.99 4.99 0.99 1
HUSI 9.70 10.30 9.69 9.69 -0.01 1
STML 22.44 23.10 23.10 23.10 0.66 1
SAPT 102.99 104.99 104.99 104.99 2.00 1
KOHS 3.92 4.70 4.70 4.70 0.78 1
MSCL 6.50 5.61 5.61 5.61 -0.89 1
ATEL 16.00 16.00 15.40 16.00 0.00 1
TREI 1.82 1.95 1.94 1.94 0.12 1
MDTL 49.35 51.80 51.80 51.80 2.45 1
BUXL 8.81 8.30 8.11 8.30 -0.51 1
ICL 27.00 28.35 28.29 28.29 1.29 1
PGCL 20.05 20.72 20.72 20.72 0.67 1
WAZIR 7.60 7.60 7.60 7.60 0.00 1
PAKL 3.60 3.60 3.60 3.60 0.00 1
PSEL 161.01 167.35 167.35 167.35 6.34 1
Symbols Open High Low Close Change Vol
FUTURE CONTRACTS
NML-DEC 62.09 62.00 58.99 59.38 -2.71 1313500
POL-DEC 291.22 294.49 286.05 287.31 -3.91 1175000
NBP-DEC 71.93 72.00 70.50 70.69 -1.24 940500
DGKC-DEC 31.88 31.60 30.51 30.61 -1.27 786500
LUCK-DEC 76.26 76.50 74.50 74.73 -1.53 312000
AICL-DEC 82.42 86.01 82.99 84.39 1.97 260000
ENGRO-DEC 188.64 190.89 187.15 188.10 -0.54 234500
PPL-DEC 209.92 211.75 208.00 209.37 -0.55 200500
ANL-DEC 10.78 10.55 10.00 10.13 -0.65 150500
MCB-DEC 221.97 222.15 218.07 218.96 -3.01 122500
FFBL-DEC 35.23 35.51 35.10 35.32 0.09 94000
PSO-DEC 289.12 289.10 286.50 287.94 -1.18 70500
BOP-DEC 10.28 10.19 9.93 10.00 -0.28 34500
UBL-DEC 64.50 64.50 62.00 64.50 0.00 32000
PTC-DEC 19.70 19.50 19.30 19.31 -0.39 15000
OGDC-DEC 167.64 166.90 165.12 166.00 -1.64 12500
NCL-DEC 23.00 21.85 21.85 21.85 -1.15 9000
HUBC-DEC 36.82 36.25 36.25 36.25 -0.57 5000
FFC-DEC 115.34 115.34 115.34 115.34 0.00 1000
Symbols Open High Low Close Change Vol
ZERO VOLUME
ARM 14.50 14.55 14.55 14.55 0.05 0.00
BCML 9.00 9.10 9.10 9.10 0.10 0.00
BFMOD 3.89 3.84 3.84 3.84 -0.05 0.00
COTT 0.86 0.90 0.90 0.90 0.04 0.00
DATM 0.30 0.32 0.32 0.32 0.02 0.00
DNCC 2.48 2.50 2.50 2.50 0.02 0.00
ESBL 2.79 2.75 2.75 2.75 -0.04 0.00
FTSM 1.74 1.70 1.70 1.70 -0.04 0.00
Symbols Open High Low Close Change Vol
Al-Abbas Cement 53.38 3.20 3.05 3.55 3.75 3.40
Allied Bank Limited 79.09 64.05 63.70 64.75 65.10 64.40
Attock Cement 50.15 62.70 62.55 63.00 63.15 62.85
Arif Habib Corp 40.99 23.60 23.10 25.10 26.10 24.60
Arif Habib Limited 36.45 24.65 24.25 25.75 26.45 25.35
Adamjee Insurance 66.64 81.75 79.50 86.00 88.05 83.75
Askari Bank 62.69 16.45 16.25 16.95 17.20 16.70
Azgard Nine 37.56 9.75 9.45 10.55 11.05 10.25
Attock Petroleum 56.73 322.60 319.80 329.10 332.80 326.30
Attock Refinery 49.11 116.00 114.75 118.70 120.15 117.45
Bank Al-Falah 67.09 10.20 10.10 10.45 10.60 10.35
BankIslami Pak 45.87 3.15 3.05 3.35 3.50 3.25
Bank.Of.Punjab 57.58 9.80 9.65 10.20 10.45 10.05
Dewan Cement 78.57 2.65 2.55 2.85 3.00 2.75
D.G.K.Cement 58.50 29.90 29.40 31.40 32.35 30.85
Dewan Salman 84.44 3.20 2.70 4.10 4.45 3.60
Dost Steels Ltd 59.74 2.95 2.90 3.10 3.20 3.05
EFU General Insurance 49.30 43.95 43.25 45.90 47.15 45.20
EFU Life Assurance 57.03 77.05 73.20 83.70 86.55 79.90
Engro Chemical 62.42 185.90 184.70 188.85 190.65 187.70
Faysal Bank 47.90 14.40 14.10 15.05 15.40 14.75
Fauji Cement 44.16 4.80 4.75 4.95 5.05 4.90
Fauji Fert Bin 82.00 36.00 35.75 36.50 36.75 36.25
Fauji Fertilizer 72.27 114.45 113.40 116.05 116.65 115.00
Habib Bank Ltd 73.27 114.30 113.20 116.70 118.00 115.60
Hub Power 60.37 36.00 35.80 36.55 36.85 36.30
ICI Pakistan 65.73 136.60 135.35 139.65 141.45 138.40
Indus Motors 50.78 252.30 250.15 258.30 262.15 256.15
JOV and CO 50.14 3.90 3.80 4.05 4.15 4.00
Japan Power 60.09 1.70 1.60 1.90 2.00 1.80
JS Bank Ltd 45.48 2.50 2.40 2.70 2.80 2.60
Jah Siddiq Co 44.21 11.40 11.05 12.40 13.05 12.05
Kot Addu Power 53.07 39.75 39.55 40.35 40.75 40.15
K.E.S.C 81.08 2.60 2.50 2.80 2.90 2.70
Lotte Pakistan 73.33 12.90 12.80 13.20 13.40 13.10
Lucky Cement 49.50 73.65 72.85 75.60 76.75 74.80
MCB Bank Ltd 68.73 216.90 215.05 221.65 224.55 219.80
Maple Leaf Cement 54.39 2.90 2.85 3.00 3.05 2.95
National Bank 63.19 69.60 69.00 71.25 72.25 70.65
Nishat (Chunian) 43.33 21.05 20.70 21.95 22.50 21.60
Netsol Technologies 43.42 18.50 18.35 18.90 19.15 18.75
NIB Bank 53.56 2.90 2.85 3.00 3.10 2.95
Nimir Ind.Chemical 66.81 1.60 1.40 1.85 1.90 1.65
Nishat Mills 57.83 58.00 56.70 61.45 63.55 60.15
Oil & Gas Dev. XD 73.12 167.70 166.95 169.60 170.70 168.85
PACE (Pakistan) Ltd. 49.04 2.80 2.75 2.95 3.05 2.90
Pervez Ahmed Sec 50.80 2.15 2.05 2.30 2.35 2.20
PIAC (A) 50.91 2.20 2.10 2.35 2.40 2.25
Pioneer Cement 41.80 7.00 6.90 7.20 7.30 7.10
Pak Oilfields 71.15 282.95 279.95 291.35 296.80 288.35
Pak Petroleum 70.25 206.70 205.00 210.95 213.50 209.25
Pak Suzuki 34.64 70.70 70.15 72.10 73.00 71.55
PSO XD 56.80 283.80 282.15 287.80 290.15 286.15
PTCLA 48.03 19.10 19.00 19.40 19.55 19.25
Shell Pakistan 53.09 197.60 196.65 200.20 201.85 199.25
Sui North Gas 34.50 26.70 26.05 27.95 28.55 27.30
Sitara Peroxide 56.39 13.10 12.80 13.75 14.10 13.45
Sui South Gas 28.47 19.95 19.70 20.50 20.80 20.25
Telecard 54.74 2.25 2.10 2.45 2.55 2.35
TRG Pakistan 31.26 3.65 3.60 3.80 3.90 3.75
United Bank Ltd 76.27 63.60 63.10 64.60 65.20 64.15
WorldCall Tele 69.04 2.70 2.50 3.05 3.25 2.85
Company RSI 1st 2nd 1st 2nd Pivot
(14-day) Support Resistance
TECHNICAL LEVELS
Mehran Sugar Mills 09-Dec 10:30
Mirza Sugar Mills Limited 09-Dec 10:30
Pangrio Sugar Mills Limited 09-Dec 12:00
KASB Securities Limited 09-Dec 10:00
Fauji Fertiliser Bin Qasim Ltd 23-Dec 10:30
BOARD MEETINGS
Company Date Time
China regional bank IPOslook to cash in on rural growth
TD Bank eyes Chrysler Financial
Friday, December 10, 2010 8
Staff Reporter
KARACHI: Governor, StateBank of Pakistan (SBP), ShahidH Kardar, has constituted a spe-cial committee which will devisea strategy in consultation withFederal and ProvincialGovernments and other stake-holders for growth of agricultur-al credit in the country.
While chairing a meeting ofthe Agricultural Credit AdvisoryCommittee (ACAC) here at StateBank building, SBP Governorsaid the Committee would con-sist of representatives from theState Bank, commercial banks,agriculture chambers and associ-ations, said SBP release.
He said that the Committeewould hold meaningful discus-sions at the Federal andProvincial level to formulate aholistic strategy for the develop-ment of agricultural credit withthe consensus of all the majorstakeholders.
The Committee will be headedby Executive Director,Development Finance Group ofSBP, Muhammad Ashraf Khanwhile Director SME FinanceDepartment of SBP MansoorHassan Siddiqui, SeniorExecutive Vice President,Agriculture Group, NationalBank of Pakistan Ziaullah Khan,Head Retail and ConsumerGroup, Habib Bank Limited,Abid Sattar, Executive Vice-President and Country Head,Agriculture, Askari CommercialBank, Farooq Abid Tung, CEO
Icepak Ltd, Mansoor Arifeen,Chief Executive SpecialistsGroup Inc. farmers Sultan Barqand Dr Syed Nadeem Qamar ofSindh Agriculture Chamberwould be members of the com-mittee.
Kardar urged the banks tounderstand the needs of theeconomy and improve their pen-etration in the sector, as it iscommercially viable offeringattractive potential cash flowsand extensive backward and for-ward linkages in the value chain.
Banks need to develop a com-prehensive agricultural financepolicy, dedicated human resource,simplified procedures and otherprerequisites for building lendingportfolios and timely provision ofcredit to farmers, he added.
He said the Federal andProvincial governments, revenuedepartments, farmers' associa-tions and other stakeholders alsoneed to contribute to value addi-tion of the sector throughautomation of land records, mar-keting and storage channels,introduction of latest farmingtechniques, efficient extensionservices, water management etc.,to facilitate the banks in theirendeavour to expand agriculturefinance as a viable business line.
The SBP Governor informedthe participants that the agricul-ture sector was not only thelargest sector of the country'seconomy it was also the sourceof livelihood for at least 45 percent of the total employed labourforce in the country.
Focal bodywill scoutways to upfarm-loans
SBP head stresses on agri-credit, forms panel
KARACHI: National Bank ofPakistan has been awardedBank of the Year Award 2010.
The Banker Magazineannounced the most coveted
award - "The Best Bank Award2010", during an award ceremo-ny held at London on December02.
During the award ceremony,NBP was awarded the "TheBest Bank Award 2010" theaward was received by Dr Asif
A Brohi, SEVP/Group ChiefOperations Group.
The said award is given torecognise and promote indus-try-wide excellence in the glob-
al banking industry and it iscountry-based and is on bothquantitative and qualitativeassessment. According torecently announced "The BestBank Award 2010" by TheBanker magazine of UK, NBPhas excelled in performance
against all the banks inPakistan.
In June 2010 The Bankermagazine published a list ofTop 1000 Banks from all over
the world. In that listing NBPwas ranked No.1 in Pakistanbased banks on Strength, Size,Soundness, Profit andPerformance. NBP, based onTier 1 Capital Strength, wasawarded as the Top Bank inPakistan.-Online
UK journal ranks NBPas top Pakistani bank
ISLAMABAD: MCB, throughits Treasury & FX Group is set-ting up the Bank's IslamabadTreasury office.
According to a press releaseissued here the initiative fol-lows the developments madeby the recently-opened LahoreTreasury.
The Islamabad Treasurywould ensure that a full productsuite is provided to bank's valu-
able clients at their doorstep inthe nation's capital, an increas-ingly important financial centre.
Treasury products and expert-ise will now be delivered to awider client base in a customer-friendly manner and with addedconvenience, bringing a person-al touch while enhancing servicequality to bank's clients, it said.
This office will have teammembers experienced in the
field to help strengthen existingrelationships and to identifypotential new ones in theregion.
It will not only augmentMCB's Wholesale,Commercial, Consumer, andIslamic Banking businesses butalso extend full support in'cross-sell' activities for theBank's diverse product suite.-NNI
MCB’s Islamabadtreasury unit soon
LONDON: The chairman ofthe Financial Services Authoritydefended its decision to clearthe former head of bailed-outbank Royal Bank of Scotland ofwrongdoing, but said "rules tokeep bankers honest" wereneeded.
The FSA was criticised forclearing Fred Goodwin, thecontroversial former chief exec-utive of RBS, of wrongdoingearlier this month, after closinga lengthy investigation into thepublic rescue of the bank.
"An enforcement case needsto rest not on popular desire tofind someone to blame but onwhether rules were broken,"Adair Turner said in a columnpublished in Wednesday's
Financial Times.Turner said demands for a
report to be published were not"valid" as the FSA had producednone, "even for internal use."
But senior members of a fail-ing bank could be barred fromsimilar functions in the bankingindustry if they failed to demon-strate that they had warnedagainst risk-taking, he added.
"It would, for instance, bepossible to set a rule that noboard member or senior execu-tive of a failing bank will beallowed to perform a similarfunction at a bank unless theycan positively demonstrate tothe regulator that they warnedagainst and sought to reduce therisk-taking that led to failure."
The FSA said last week thatRBS had made a series of baddecisions in the years immedi-ately before the financial crisis,such as buying Dutch peer ABNAMRO.
Turner said a report lookingjust at the RBS story wouldonly add little to the under-standing of what went wrong,and that the causes of the crisisand the role of ill-designedinternational regulations werealready well understood.
"In some other sectors wewant bold risk-taking, whichmight sometimes result in fail-ure, shareholder loss or even thedanger of bankruptcy. Butbanking is different," he said.-Reuters
FSA chairman Turnerchampions RBS ruling
LONDON : Credit card giantsMasterCard and Visa came underintense cyber attack onWednesday as supporters ofWikiLeaks retaliated for movesagainst Julian Assange after therelease of US diplomatic cablesthat angered and embarrassedWashington.
The Swedish prosecutionauthority, whose arrest order forAssange over accusations of sex-ual offenses led a British court toremand the 39-year-oldWikiLeaks website founder incustody, also said it had reportedan online attack to police.
Assange's online supporters hitthe corporate website of creditcard firm MasterCard in apparentretaliation for its blocking ofdonations to the WikiLeaks web-site.
"We are glad to tell you thathttp://www.mastercard.com/ isdown and it's confirmed!" said anentry on the Twitter feed of agroup calling itself AnonOps,which says it fights against cen-sorship and "copywrong."
Visa Inc's site was temporarilyunavailable late on Monday in theUnited States and the same groupclaimed responsibility for bring-ing it down.
Sources told Reuters thatWikiLeaks' next release mayhighlight US government reportson suspected militants held atGuantanamo Bay, which someUS officials fear could showsome detainees were freeddespite intelligence assessmentsthey were still dangerous.
Mark Stephens, Assange's prin-cipal lawyer in London, denied
the WikiLeaks founder hadordered the cyber strikes, whichappeared to target companiesseen as cooperating with effortsto rein in Wikileaks.
Assange "did not give instruc-tions to hack" the company web-sites, Stephens told Reuters.
MasterCard, calling the attack"a concentrated effort to flood ourcorporate web site with trafficand slow access," said onWednesday all of its services hadbeen restored and that card hold-er account data was not at risk.
But it said the attack, mountedby hackers using simple toolsposted on the Web, had extendedbeyond its website to paymentprocessing technology, leavingsome customers unable to makeonline payments usingMasterCard software.
Assange spent the night in aBritish jail and will appear for ahearing next Tuesday.
CARRY ONAssange, who has lived period-
ically in Sweden, was accusedthis year of sexual misconduct bytwo female Swedish WikiLeaksvolunteers. The pair's lawyer saidtheir claims were not a politicallymotivated plot against Assange.
"It has nothing to do withWikiLeaks or the CIA," saidlawyer Claes Borgstrom, whosewebsite also came under cyberattack, according to officials.
Assange has angered USauthorities and triggered head-lines worldwide by publishingthe secret cables.
The US State Department saidthat while the US government didhave responsibility for the leaks, it
was important to highlight that theWikileaks releases "put real livesand real interests at risk."
WikiLeaks vowed it wouldcontinue making public details ofthe confidential US cables. Onlya fraction of them have been pub-lished so far.
Assange has become the publicface of WikiLeaks, hailed by sup-porters including Australian jour-nalist John Pilger and Britishfilmmaker Ken Loach as adefender of free speech, but he isnow battling to clear his name.
For Visa and MasterCard, theworld's two largest credit anddebit card processors, the attackraised questions about the vulner-ability of core operations -- andconsumers' ability to use credit,debit and online payments insteadof cash.
Nevertheless, investors in bothcompanies largely reacted with ashrug. Shares of both companiesclosed up over 1 per cent,although Visa slipped slightly inafter-hours trading.
"You don't see this being along-term or terminal situationwhere they can't find a fix," saidMichael Nix, principal atGreenwood Capital Associates,which owns Visa shares.
A spokesman for Visa did notimmediately return calls seekingcomment.
Online payment servicePayPal, which was among com-panies which suspendedWikiLeaks' accounts used to col-lect donations, said it had acted atthe behest of the US government.
"On November 27th, the StateDepartment, the US government
basically, wrote a letter sayingthat the WikiLeaks activities weredeemed illegal in the UnitedStates and as a result our policygroup had to make the decision ofsuspending the account," OsamaBedier, PayPal's vice president ofplatform and emerging technolo-gy, told a conference in Paris.
Swiss Postfinance, the bankingarm of state-owned Swiss Post,which also closed a WikiLeaksdonation account, said it hadtaken countermeasures and anearlier wave of cyber attacksappeared to be waning.
"The community around JulianAssange have said, 'We're leavingit now, we've shown what we cando. The community has decidedto go for MasterCard and Visanow,' Postfinance spokesmanAlex Josty said.-Reuters
WikiLeaks sympathisers hit MasterCard, Visa
KARACHI: Siemens hasreceived authorisation fromGermany's Federal FinancialSupervisory Authority toengage in banking operations.
A statement issued here saidthat the Siemens Bank GmbHwill support sales at the compa-ny's three Sectors- Industry,Energy and Healthcare, byexpanding, with loans andguarantees, the product portfo-lio of Siemens' financial servic-es unit in the area of salesfinancing, in particular.
Through deposit banking
activities, the bank will alsoincrease the flexibility ofSiemens' internal financingoperations and optimize riskmanagement. The statementsaid that now that it has beengranted a banking license,Siemens can in future offerloans from Germany as part ofinvestment and project financ-ing operations and thereby pro-mote sales of its own products.
The Bank will be a wholly-owned subsidiary of Siemens AGand will take the legal form of aGmbH (stock corporation).-APP
Siemens licensed tobank from Germany
ANZ to cut50 jobs inAus, paste
in Asia hubsSYDNEY: Australia and NewZealand Banking Group plansto move some finance process-ing roles to its back offices inBangalore and Manila resultingin about 50 job losses inAustralia, a spokesman said.
Australia's fourth-largestlender, which is expanding inAsia, is looking to improveefficiency and simplify thestructure, the spokesman saidadding Accenture will buildand manage the offshorefinance function for 5 years.
Banks and other servicesfirms globally have over thelast 15 years moved swathes ofback office operations to cen-tres such as Bangalore to tapthe low cost and army ofEnglish speaking graduates.
ANZ, employs about 3,500people at its back office inBangalore and earlier this yearsaid it planned to have 300employees at its Manila off-shore unit.-Reuters
Rise in costhits recordSCB profit
HONG KONG/LONDON:
Standard Chartered said costsare rising quickly as it fights tohire and retain staff in its hotAsian markets, taking thegloss off record income andprofits.
Finance director RichardMeddings said StandardChartered was likely to make"significant hirings" next yearafter adding about 7,000 staffthis year, although he saidcompetition for bankers wasdriving up costs.
The increased costs and aslight slowdown in growth inthe fourth quarter comparedwith the third quarter draggedthe bank's London-listedshares down 2.6 per cent to1,830 pence by 9 a.m. Britishtime. Its Hong Kong shareswere up 2.8 per cent.
"The statement highlightsthe extent to which Asiagrowth brings with it increasedinvestment spend and marginpressure," said Mike Trippitt,analyst at Oriel Securities.
Income in the second half of2010 was expected to clock inat levels similar to the first sixmonths of the year, the banksaid in a trading update beforethe end of the year.
Cost growth is outpacingincome growth, however -- bya "significant" amount in itswholesale banking arm -- asthe bank fights to hire andretain talent and higher regula-tion costs bite.
"About 30 per cent of ourstaff are in China and Indiaand these markets are verycompetitive for talent,"Meddings told reporters on aconference call. ""We will behiring significant numbers(next year), but also we willundoubtedly see some attri-tion," he added.
Meddings said he would aimto grow costs at the same paceas income next year after astep-up in investment in infra-structure and hiring this year,which increased the bank'sheadcount by nearly 10 percent to about 85,000.
The cost of meeting tougherregulatory requirements hadalso stepped up in the secondhalf. "There's a much moreintensive regulatory demandon the bank and the industryacross geographies,"Meddings said.
He said the bank, which isbased in London but makesover four-fifths of its profit inAsia, had no plans to leaveLondon after it warned inAugust that an increasing reg-ulatory burden was making it aless attractive base.
The bank said margins thisyear were set to be lower than2009 due to pressure on assetmargins across a number ofdifferent countries.-Reuters
Big banksplan newplatform
for FX dealsBANGALORE: The big glob-al banks involved in currencytrading plan a banks-only deal-ing system, in a move toreclaim lost business, the WallStreet Journal said, citing sev-eral people familiar with thesituation.
The move marks an effort byleading banks to regain lostground since access to EBS, thelargest forex dealing system,was opened to hedge funds andother non-banking financialplayers like high frequencytraders in 2005, the Journalsaid.
EBS is owned by Icap PLC,the interdealer broker.
The planned venture is tenta-tively named Pure FX and hasthe backing from most of the 10largest banks in global foreign-exchange dealing, according tothe paper.
But none of the banksinvolved in Pure FX is thoughtto be considering leaving EBS,whose FX prices are viewed asthe industry benchmark, partic-ularly in key currencies like theeuro, dollar and yen, peopletold the paper.
The ten banks named by theJournal are Deutsche Bank AG,UBS AG, Barclays Capital Plc,Citigroup Inc, Royal Bank ofScotland Group Plc, JPMorganChase & Co, HSBC HoldingsPlc, Credit Suisse Group,Goldman Sachs Group Inc andMorgan Stanley.
All the ten banks declined tocomment to the Journal. Nonecould immediately be reachedfor comment.-Reuters
LONDON: Copper fell from anearlier record high on Thursdayas investors worried aboutdemand in China ahead of keytrade data from the top metalsconsumer, offsetting bullishsigns of market tightness.
Benchmark copper for three-month delivery on the LondonMetal Exchange closed at$8,940 a tonne, from $9,015 atthe close on Wednesday.
Prices of the metal used inpower and construction earliertraded as high as $9,091, upmore than 20 per cent year-to-date.
"Trade should remain choppyhere because we are at historicalhighs," VTB Capital analystAndrey Kryuchenkov said.
"Tin and copper are funda-mentally looking quite good inthe long run," he said, citingmarket tightness.
But investors were nervyahead of Chinese imports andexports data due early on Friday,following recent concerns thatthe country could further tightenits monetary policy and losesome appetite for copper.
However, the copper marketlooked well supported amidgrowing concerns about market
tightness.Fanning concerns about mar-
ket tightness, ETF Securitiessaid this week it would launchthe first physically backedexchange-traded products (ETP)
for base metals from Friday.The UK-based company will
initially offer products backedby physical copper, nickel andtin. Supply shortages have beena major factor behind the surgein copper prices in recentmonths, due to a combination offalling ore grades, labour prob-lems and project delays.
A trend of falling LME inven-tories this year has fuelled sup-
ply concerns. On Wednesday,copper stocks slipped 800 tonnesto 349,450 tonnes, having fallenfrom 6-1/2 year highs at 555,075tonnes hit in mid-February.
Worries about supplies in thenear term have pushed the metalinto a $35 a tonne backwarda-tion -- premium for cash materi-al over the three-month contract-- compared with a discount of$20 a tonne in late October.
Aluminium closed at $2,338versus $2,375, after earlier hit-ting a one-month high at $2,408.LME stocks for the metal, usedin transport and packaging, fell3,125 tonnes to 4.27 milliontonnes.Steel-making ingredientnickel was at $23,600 from$24,000, after earlier hitting aone-month high at $24,400,while battery material lead wasat $2,405 from $2,405. Zincclosed at $2,300 a tonne from$2,314, while tin was at $25,895from Wednesday's closing bid of$25,600. -Reuters
Copper falls from recordhigh as China data eyed
9Friday, December 10, 2010
POLYPROPYLENE(PP) LINEAR LOW (LL)
Cash & Settlement 1310 1250
December (3rd Wednesday) 1320 1260
January (3rd Wednesday) 1320 1260
LONDON METAL EXCHANGE (PLASTIC)
LME Official Prices, US$ per tonne for December 08 2010
LME Official Prices, US$ per tonne for December 08 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC
ALLOY
Cash buyer 2240 2295.5 8881 2361 23745 25575 2275 2245
Cash seller 2245 2296 8882 2362 23750 25580 2276 2250
3-months buyer 2210 2312 8848 2375 23800 25575 2285 2260
3-months seller 2220 2313 8849 2380 23810 25600 2285.5 2270
15-months buyer 2165 2370 8585 2335 23265 25175 2320 2275
15-months seller 2175 2375 8595 2340 23365 25225 2325 2285
27-months buyer 2165 2405 8185 2292 22450 2295 2330
27-months seller 2175 2410 8195 2297 22550 2300 2340
LONDON METAL EXCHANGE (METALS)
LONDON: US crude oilfutures prices turned negativeon Thursday, erasing previousgains of as much as $1 after thedollar strengthened and datafrom Europe showed a build upin oil stocks despite coldweather.
Analysts and traders alsocited profit taking ahead ofNew Year andconcerns aboutChina raisinginterest rates tocool growth as thereason for oil'sfall for a thirdconsecutive ses-sion after reach-ing a 26-month high earlier thisweek.
"After the move above $90you expect to see some profittaking and a reluctance to gotoo long... There is nervous-ness about the China inflationnumber due Saturday. If it is ahot number, an interest ratehike might cause the dollar tosoar and affect commodities,"said Richard Ilczyszyn, seniormarket strategist at Lind-Waldock in Chicago.
Benchmark US light crudeoil futures for January traded22 cents down at $88.06 at
1612 GMT after rising morethan $1 earlier on Thursday.ICE Brent crude was down 25cents to $90.52.
Oil was up earlier on the dol-lar's weakness and was sup-ported by a report whichshowed that US initial joblessclaims fell more than expectedlast week.
"On the supporting side thereis the additional demandbecause of the (cold) weather.And then on the other hand ifyou look at the US statistics(DOE weekly) that werereleased yesterday they werenot really supportive. Theywas showing an increase ingasoline stocks and an increasein distillate stocks and it showsa low demand in the US," saidChristophe Barret, an analystat Credit Agricole in London.
In Europe, a major report byEuroilstock for November aswell as last week's data from
oil analyst Pieter Kulsenshowed an increase in oil prod-ucts stocks.
Traders and analysts saidthey were cautious ahead of thepossible Chinese rate rise and ameeting this weekend of theOrganisation of the PetroleumExporting Countries, whichwill look at its output targets.
O P E Ca p p e a r sunlikely toraise oil sup-ply targets tocap an oilprice rallywhen it meetsin the
Ecuadorean capital Quito, butcould hint at the possibility ofhigher production later.
"We would be cautiousgoing into next week, withthe very real possibility thatthe Chinese may move on therate front," said Edward Meir,oil analyst at brokers MFGlobal.
"We do not think that thismove is completely discountedyet, and should it occur, it willlikely cause further weaknessin Chinese equity markets,which is bound to spill overinto commodities." -Reuters
Oil falls for third day ondollar, Europe oil stocks
Europeanvegetableoil prices
ROTTERDAM: The follow-ing were the Thursday'sRotterdam vegetable oil price'sat 22:00 PST.
SOYOIL: EU degummedeuro tonne fob exmill Jan11986.00, Feb11 989.00,Mar11/Apr11 992.00,May11/Jul11 993.00,Aug11/Oct11 996.00.
RAPEOIL: Dutch/EU eurotonne fob exmill Feb11/Apr111035.00+25.00, May11/Jul111030.00+25.00, Aug11/Oct11965.00+10.00, Nov11/Jan12970.00+10.00.
SUNOIL: EU dlrs tonneextank six ports option Jan111440.00, Feb11/Mar111420.00+0.00, Apr11/Jun111395.00+10.00, Jul11/Sep111405.00+5.00.
LINOIL: Any origin dlrstonne extank RotterdamDec11/Jan12 1332.50+22.50.
CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Dec101210.00+10.00, Jan111215.00+12.50, Feb11/Mar111205.00+10.00, Apr11/Jun111180.00+2.50.
PALMOIL: RBD dlrs tonnecif Rotterdam Feb11/Mar111225.00.
PALMOIL: RBD dlrs tonnefob Malaysia Feb11/Mar111180.00+7.50.
PALM OLEIN: RBD dlrstonne fob MalaysiaFeb11/Mar11 1190.00+7.50,Apr11/Jun11 1162.50+10.00,Jul11/Sep11 1142.50+10.00.
COCONUT OIL: Phil/Indondlrs tonne cif RotterdamDec10/Jan11 1640.00+10.00,Jan11/Feb11 1640.00+10.00,Feb11/Mar11 1640.00+10.00.
CASTOROIL: Any origindlrs tonne extank RotterdamFeb11/Mar11 1925.00+0.00. -Reuters
National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest
Date Quotation in lots Settlement Settlement in Lots
Price Price
9-Dec-2010 CRUDE100 JA11 US$ Per Barrel 88.00 89.30 87.48 88.41 224 89.12 88.41 65
9-Dec-2010 CRUDE100 FE11 US$ Per Barrel 88.59 89.78 88.00 88.92 112 89.62 88.92 25
9-Dec-2010 CRUDE100 MA11 US$ Per Barrel 89.06 89.37 89.06 89.37 - 90.08 89.37 -
9-Dec-2010 SILVER - SL500 JA11 US$ Per Troy Ounce 28.88 29.11 28.05 28.50 328 28.57 28.50 76
9-Dec-2010 SILVER - SL500 FE11 US$ Per Troy Ounce 28.89 28.89 28.51 28.51 - 28.58 28.51 -
9-Dec-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1393.00 1396.00 1372.00 1384.00 1,802 1386.90 1384.00 915
9-Dec-2010 GOLD 01oz FE11 US$ Per Troy Ounce 1392.20 1396.30 1373.00 1384.50 2,368 1387.40 1384.50 887
9-Dec-2010 GOLD 01oz MA11 US$ Per Troy Ounce 1393.40 1397.50 1373.40 1385.50 2,588 1388.40 1385.50 993
9-Dec-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1391.80 1391.80 1384.00 1384.00 - 1386.90 1384.00 -
9-Dec-2010 GOLD 100oz FE11 US$ Per Troy Ounce 1390.00 1395.50 1374.00 1384.50 46 1387.40 1384.50 11
9-Dec-2010 GOLD 100oz MA11 US$ Per Troy Ounce 1393.40 1393.40 1384.50 1384.50 - 1388.40 1385.50 -
9-Dec-2010 GOLD DE10 Per 10 grms 38190.00 38336.00 37857.00 38127.00 33 38212.00 38127.00 9
9-Dec-2010 GOLD JA11 Per 10 grms 38314.00 38348.00 37875.00 38138.00 12 38223.00 38138.00 41
9-Dec-2010 GOLD FE11 Per 10 grms 38362.00 38362.00 38153.00 38153.00 - 38238.00 38153.00 -
9-Dec-2010 KILOGOLD DE10 Per 10 grms 38309.00 38309.00 38100.00 38100.00 - 38185.00 38100.00 -
9-Dec-2010 KILOGOLD JA11 Per 10 grms 38320.00 38320.00 38100.00 38100.00 - 38196.00 38111.00 -
9-Dec-2010 TOLAGOLD50 DE10 Per Tola 44696.00 44696.00 44451.00 44451.00 - 44551.00 44451.00 -
9-Dec-2010 TOLAGOLD100 DE10 Per Tola 44696.00 44696.00 44451.00 44451.00 - 44551.00 44451.00 -
9-Dec-2010 MINIGOLD MON Per 10 grms 39402.00 39402.00 39177.00 39177.00 - 39263.00 39177.00 -
9-Dec-2010 MINIGOLD TUE Per 10 grms 39444.00 39444.00 39218.00 39218.00 - 39304.00 39218.00 -
9-Dec-2010 MINIGOLD WED Per 10 grms 39458.00 39458.00 39232.00 39232.00 - 39318.00 39232.00 -
9-Dec-2010 MINIGOLD THU Per 10 grms 39374.00 39374.00 39246.00 39246.00 - 39332.00 39246.00 -
9-Dec-2010 MINIGOLD FRI Per 10 grms 40500.00 40500.00 39163.00 39163.00 1 39249.00 39163.00 1
9-Dec-2010 TOLAGOLD MON Per Tola 45293.00 45293.00 45030.00 45030.00 - 45131.00 45030.00 -
9-Dec-2010 TOLAGOLD TUE Per Tola 44624.00 45341.00 44624.00 45078.00 4 45179.00 45078.00 5
9-Dec-2010 TOLAGOLD WED Per Tola 45099.00 45357.00 44950.00 45094.00 4 45195.00 45094.00 4
9-Dec-2010 TOLAGOLD THU Per Tola 44828.00 45261.00 44828.00 45110.00 2 45211.00 45110.00 2
9-Dec-2010 TOLAGOLD FRI Per Tola 45100.00 45277.00 44700.00 45014.00 5 45115.00 45014.00 11
9-Dec-2010 IRRI6W 09DE10 Per 100 kg 2402.00 2402.00 3300.00 3300.00 - 3301.00 3300.00 -
9-Dec-2010 RICEIRRI - 6 DE10 Per 100 kg 3308.00 3308.00 3307.00 3307.00 - 3308.00 3307.00 -
9-Dec-2010 RBD PALMOLEIN DE10 Per Maund 4912.00 4912.00 4910.00 4910.00 - 4912.00 4910.00 -
9-Dec-2010 KIBOR3M 10-Dec Per Rs. 100 86.53 86.54 86.53 86.54 - 86.53 86.54 -
9-Dec-2010 KIBOR3M 11-Mar Per Rs. 100 85.50 85.99 85.50 85.99 - 85.93 85.99 -
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Indian sugar
edges up on
exports hopesMUMBAI: India's spot sugaredged higher on Thursdaytracking gains in overseas mar-kets and as mills raised priceshoping the government willsoon allow exports of thesweetener, dealers said.
"Millers raised prices. Theywere optimistic over exportsand were expecting the govern-ment will allow exports beforeDecember end," said ShrikantKarwa, a sugar dealer based inPhaltan, Maharashtra.
India, the world's number 2sugar producer after Brazil,could approve "open generallicence" sugar exports in threetranches of 500,000 tonneseach in December, January andFebruary, a senior industry offi-cial told Reuters last month.
In Kolhapur, a key market intop-producing Maharashtrastate, the most traded S-varietyedged up by 0.25 per cent to2,800 rupees ($61.92) per 100kg, while at the Vashi spot mar-ket, near Mumbai, it rose by 1per cent.
A pick-up in cane crushing andhigher quota for Decemberrestricted the upside, Karwa said.The country has made available1.5 million tonnes of non-levysugar for December, higher than1.4 million tonnes it had releasedfor November, the governmentsaid in a statement. -Reuters
CHANDIGARH - INDIA: Farmers sit beside sacks filled with potatoes at a wholesale vegetable
market in the northern Indian city of Chandigarh. -Reuters
LONDON: Gold rose in choppytrade on Thursday, as the gyra-tions in the US dollar put theprice on track for its most volatilesession in two weeks whileinvestors weighed up the outlookfor US economic growth.
Weekly US jobless data sig-nalled the economy is recovering,which boosted risk appetite andknocked the dollar, while in theeuro-zone, concern over Ireland'sfinances stopped the euro from
drawing strength from the green-back's decline.
Gold swung from intradaygains of nearly 1 per cent to a lossof 0.2 per cent in the mostvolatile trading session sinceNov. 25, according to Reutersdata. Gold, which hit a recordhigh earlier this week, has comeunder pressure as the dollar hasbenefited from greater yieldappeal and the perception that USgovernment efforts will result inlonger-term growth.
The metal is set for its largestweekly fall since late October.
Spot gold was last quoted at$1,384.15 an ounce at 1615GMT, up 0.2 per cent on the day,having fallen for two consecutivedays away from Tuesday's$1,430.95 record high.
US February gold futures
reversed earlier losses to rise $2.1an ounce to $1,385.40.
"We suggested recently thathigher interest rates pose one ofthe more significant potentialheadwinds for spot gold prices,and the sharp rise in yields to six-month highs does appear to beslowing gold's recent ascent,"said Nic Brown, Natixis com-modities strategist.
With the 3 per cent decline seenover the last three days however,
physical demand has resurfaced,particularly in Asia, where premi-ums for physical delivery inHong Kong held steady, whilescrap supply was muted.
Reflecting the lack of investorappetite for gold this week was afourth successive decline in hold-ings of metal in the SPDR GoldTrust, the world's largestexchange-traded fund backed byphysical bullion.
Spot silver rallied 1.2 per centto $28.68 an ounce, after declin-ing to a one-week low of $27.96on Wednesday.
Platinum fell 0.6 per cent to$1,671 an ounce, while palladi-um rose 2.0 per cent to $738.72,taking some heart from the risein other industrial commoditiessuch as crude oil and base met-als. -Reuters
Gold up in choppiestsession in two weeks
Sugar, cocoadips; Coffee
surgesLONDON: ICE cocoa futureseased on Thursday as dealerslocked in gains from this week'sfour-month highs as attentionfocused on potential supply risksdue to a political impasse in IvoryCoast after a disputed election.
ICE raw sugar eased, under-pinned by uncertainty over howmuch sugar India will export tohelp relieve a shortfall beforeBrazil's next harvest in 2011,while ICE arabica coffee firmed,supported by tight supplies ofhigh-quality arabicas.
March cocoa futures on ICEwere down $18 or 0.6 per cent at$3,017 a tonne at 1627 GMT,within sight of the four-monthpeak. Liffe second-month cocoawas down 12 pounds or 0.60 percent to 1,997 pounds per tonne inreasonable volume of 12,205 lots.
Sugar prices were lower inchoppy trade, underpinned byforecasts for rainfall in Brazil anduncertainty over how much sugarIndia would export.
ICE March raw sugar futureswere down 0.26 cent or 0.9 percent at 28.72 cents a lb at 1634GMT. Liffe March white sugarwas down $1.90 or 0.3 per cent to$730.50 per tonne in low volumeof 1,828 lots.
ICE arabica coffee futures werehigher, supported by tight sup-plies of high-quality product.
ICE March arabicas were up0.50 cent or 0.24 per cent at$2.0515 per lb at 1635 GMT,while Liffe March robusta coffeefutures were up $17 or 0.9 percent at $1,899 a tonne in modestvolume of 6,516 lots. -Reuters
NEW YORK: US cottonfutures closed mixedWednesday as players bracedfor reports due from the USAgriculture Department onThursday and Friday, brokerssaid.
The benchmark March cottoncontract on ICE Futures USrose 1.58 cents to end at$1.3195 per lb, after movingfrom $1.2642 to $1.3372. Therest of the board ranged from2.60 cents lower to 0.89 centfirmer. a
Volume traded hit 24,762lots, over a third below the 30-day average of 35,335 lots,Thomson Reuters preliminarydata showed.
Cotton is the best performingcommodity in the Reuters-Jefferies commodity index, upnearly 75 per cent year-to-date.
Sharon Johnson, senior cot-ton analyst for commodity bro-kerage Penson Futures inAtlanta, said fiber contractswere 'choppy' and it was fairlyeasy to yank fiber contractseither way given how thin thevolume was.
Analysts said fiber contractsmay have received a boost froma mixed bag of commercial andinvestor buying. Chinese cottonprices did not provide anyinspiration to the market as theMay cotton futures was lastdone at 26,360 yuan per tonne,
down 550 on the day. Traders awaited a pair of
reports from the US AgricultureDepartment -- weekly exportsales data on Thursday and theUSDA's monthlysupply/demand data on Friday.
Brokers forecast US cottonexport sales ranging from300,000 to 400,000 runningbales (RBs, 500-lbs each),against total sales in last week'sdata of 636,900 RBs.
Analytical firm InformaEconomics raised its US cottonplantings forecast in 2011 to12.2 million acres, a four-yearhigh and nearly 12 per cent high-er than 2010 cotton sowings of10.909 million acres. -Reuters
US cotton ends mixedas USDA reports eyed
KUALA LUMPUR:
Malaysian crude palm oil roseto a fresh 29-month high onThursday as investors bet heav-ier monsoon rains next monthwould cut production.
Investors also expected astocks and production report bythe Malaysian Palm Oil Boarddue on Friday to show a draw-down in inventories and loweryields at a time of resilientexport demand.
Palm oil, which has gained 36per cent this year, also drew sup-port from grains markets pricingin tight supplies ahead of an pos-sible extension of a US ethanolsubsidy programme and rainspounding Australian wheat crops.Bullish agricultural fundamentalshave outweighed the rising dollartrend that usually signals adeclining investor appetite forriskier commodities and equitiesassets.
"The palm oil market took abreather yesterday but morecues from the grains marketsindicate that food supplies are
tight," a trader with a foreigncommodities brokerage said.
The benchmark Feb 2011crude palm oil on the BursaMalaysia Derivatives Exchangerose as much as 1.3 per cent to3,640 ringgit ($1,157), a levelunseen since July 4, 2008,before giving up some gains tosettle at 3,598 ringgit.
Traded volumes more than dou-bled to 22,294 lots of 25 tonneseach from the usual 10,000 lots.Reuters' technical analysis sug-gested a bull trend will stay intactfor Malaysian palm oil so long asa support at 3,525 ringgit pertonne holds firm.
Investors booked some profitsin other vegetable oil marketsahead of key US crop reportexpected to reflect tight sup-plies and a spike in demand,mostly from China. US soyoilfor December delivery edgedup 0.1 per cent and the mostactive September 2011 soyoilcontract on China's DalianCommodity Exchange fell 0.1per cent. -Reuters
Palm rises as outputseen curbed by rain
Tokyo rubber
ends near
30-year highSINGAPORE: Tokyo rubberfutures ended near a 30-year-peak on Thursday as tight sup-ply and firm oil helped the con-tracts defy pressure from astronger yen.
The key Tokyo CommodityExchange rubber contract forMay delivery settled 3.1 yen akg higher at 380.3 yen, havinghit a high 382.5 yen a kg, itshighest since Nov 11, when thecontract jumped to a 30-yearhigh at 383 yen.
The most active Shanghairubber futures for May deliveryended at 33,100 yuan a tonne,up from Wednesday's close of32,200 yuan. The contractstruck a lifetime high around38,900 yuan in November.
In the physical market, Thai,Indonesian and Malaysian rub-ber grades changed hands atrecord highs as tyre makersrushed to stock up on fears thatprices would rise further afterbad weather disrupted supplyin main producing countries. -Reuters
Shanghai copper
surgesShanghai's benchmark
third month copper contractrose 2.6 per cent to 67,050yuan ($10,062). Prices earli-er touched a one-month highof 67,590 yuan.
Two major report shows oil stocks build in Europe
10Friday, December 10, 2010
Newcastle United's new coach Pardewarrives for a press conference in Newcastle
Thievesstrip offSampras'
memorabiliaLOS ANGELES: Americantennis player Pete Sampras hashad most of his trophies andother memorabilia stolen froma storage facility, he said.
The Los Angeles Timesreported that the thieves madeoff with most of his trophiesfrom his 64 tour wins, twoDavis Cups, an Olympic ringand six trophies for his worldnumber one rankings from1993 to 1998.
But Sampras still has all butone of his grand slam trophies.
"I have 13 of my 14 GrandSlam trophies. My firstAustralian Open trophy (1994)is gone, and so is everythingelse," the now-retired Samprastold the newspaper.
Sampras, 39, said his tro-phies were stored in a ware-house in Los Angeles. He onlyonly discovered they weremissing about three weeksago.
"Losing this stuff is like hav-ing the history of my tennislife taken away," he said.-Reuters
SYDNEY: Legendary leg-spinner Shane Warne haslabelled calls for his return toTest cricket in a bid to boostAustralia's flagging Asheshope as "very flattering". Buthe has also said Australiashould now think about hand-ing a debut to left-arm spinnerMichael Beer.
Warne, 41, has not playedTest cricket since retiring fol-lowing Australia's 5-0 white-wash of England on home soilin 2007. Australia's all-timeleading Test wicket-taker, with708 in 145 matches, Warne hashinted at a comeback.
Calls for his return intensi-fied after Ashes-holdersEngland crushed Australia byan innings and 71 runs inAdelaide on Tuesday to go 1-0up with three to play in the cur-rent series. Brisbane cricket fanRoss Heywood has establisheda website devoted to raisingfunds to entice Warne to makehimself available for the rest ofthe Ashes series. MeanwhileSydney Morning Herald
columnist Peter FitzSimons hassaid Warne, widely regarded asan excellent cricket tactician,should replace Ricky Pontingas Australia captain. "RickyPonting, we love you andthanks, but it just isn't work-ing... Shane Warne should beoffered the captaincy if he willjust make a three-Test come-back," FitzSimons wrote.
But Warne played a straightbat to those overtures in hiscolumn for Britain's DailyTelegraph newspaper here onWednesday, saying: "There hasbeen a bit written in Australiaand people have been askingme about making a comeback.All I can say is that it is veryflattering to hear those words."As for Ponting, Australia's cap-tain when they lost Ashesseries in England in 2005 and2009, Warne added: "It must betough for Ricky Ponting at themoment. Leading a losing teamand being the only captain whocould lose three Ashes series inthe modern era is hard for sucha great player."-APP
Comeback callsflatter Warne
CAPE TOWN: Senior Indiabatsman Rahul Dravid haswarned South Africa that theycould be making a big mistakeif they prepare green-top pitch-es for the Test series startingnext week as his side also pos-sess no less a potent pace bat-tery than the home side.
Dravid, who was among thesecond batch of Indians landedat coach Gary Kirsten's acade-my for pre-tour preparations,said his side's seam bowlersalso have the ability to makethe most of ideal fast-bowlingconditions.
"It will be a very competitiveseries, but I believe if our seambowlers Zaheer (Khan) andIshant (Sharma) and Sreesanthcan remain fit throughout theseries, we will do very well,"said Dravid at the ClaremontClub Academy.
Dravid said he expects thethree-match Test series to befought fiercely but any attemptby South Africa to prepare fast-bowling friendly pitches couldbackfire.
"South Africa is an excellentteam, especially in SouthAfrican conditions -- and wewill have to play excellentcricket to beat them," Dravidwas quoted as saying by'Sport24'.
This stylish batsman dis-agreed that a series defeat byIndia would mean that SouthAfrica are the world's top Test-playing nation.
"No, we have shown in thelast four or five years that wecan play everywhere. We didwell in Australia and Englandand have even won a Test herein South Africa on the lasttour."
Green-top pitcheswill backfire onProteas: Dravid
AVM Razigrabs CAS
veteranstrophy
PESHAWAR: Air ViceMarshal Razi Nawab andPakistan's most Davis CupperHamid-ul-Haq grabbed thetrophy of the Men's veterans'doubles in ongoing Chief ofAir Staff (CAS) Khyber OpenTennis Championship beingplayed here at Officer MessCourts on Wednesday.
Pairing with Hamid-ul-Haq,Pakistan's prolific DavisCupper with AVM RaziNawab he fully exhausted bothInayatullah and Inamullah inthe marathon three sets battlelasted for one hour and 24minutes.
Both Hamid-ul-Haq andRazi Nawab showed tremen-dous class by keeping theiropponents at bay all the timewith some beautiful base lineshorts and cross court smasheswere also witnessed.
There was better coordina-tion witnessed betweenHamid-ul-Haq and RaziNawab while 59-year-oldInayatullah was too good byresponded well. They havelacked coordinator otherwiseboth gave tough resistance tostrong rivals.
Winning the first setInayatullah and Inamullahfailed to keep their rhythmicdisplay as both Hamid-ul-Haqand Razi Nawab dominatedthe proceedings by winningthe set 6-4. There was toughbattle between the two pairs asthey stretched to super-tie-breaker. Later Hamid-ul-Haqand Razi Nawab took the deci-sive set by 11-9.
In the Men's singles semi-finals top seed Aqeel Khansetup final showdown with hisyounger brother Jalil Khan inthe Men's singles. The final ofthe Men's singles will beplayed on Friday.-APP
New COOappointed
by PCBLAHORE: Pakistan CricketBoard (PCB) has appointedSubhan Ahmed as ChiefOperating Officer with theapproval of PCB GoverningBoard.
According to press release,Subhan Ahmed was appointedas Chief Operating Officerafter completion of the tenureof Waseem. Earlier, SubhanAhmed was serving as seniorGeneral Manger InternationalCricket in PCB.-Online
LONDON: Samir Nasri isfast emerging as Arsenal'skey player as the Gunnersenter what Arsene Wengersays is a crucial part of theseason.
The Frenchman scored hisfifth goal in four games tohelp Arsenal beat PartizanBelgrade on Wednesday andqualify for the last 16 of theChampions League and withskipper Cesc Fabregasinjured he ran the show inmidfield.
"He's in the form of hislife," Fabregas said in hisprogramme notes. "Now he'sgetting the goals too and he'sone of the players that is lead-ing the team.
"He's in one of those peri-ods. When you're hot, you'rehot and we have to take
advantage of his form."Despite a crowded treat-
ment room, three PremierLeague home defeats andsome worrying form on theroad in Europe, Arsenal findthemselves well-placed for apush for silverware this sea-son.
Manager Arsene Wengerbelieves his side can hit topform before the ChampionsLeague resumes in February.
"We have played somegreat games since the start ofthe season although weweren't at our best tonight,"Wenger said after a nervy dis-play against the Serbs.
"But what is extremelyimportant for a group likeours is that we are still in thecompetitions and when weplay now in the last 16 hope-
fully we have done well in thePremier League and theLeague Cup and we can havea high level of confidencebecause that will be needed."
Arsenal have a 50-50chance of playing eitherBarcelona or Real Madrid inthe last 16 of the tournamentbut striker Robin van Persie,who scored his first goal forthe club since May onWednesday, is not worried.
"We have to believe," VanPersie said. "Everythingstarts with belief and if youdon't believe you might aswell not play football. Webelieve we can achieve thingsthis season.
"As a football fan I wouldlove to be involved in a gameagainst Real Madrid orBarcelona."-Reuters
Arsenal cashing inon Nasri hot streak
MELBOURNE: Openingbatsman Phillip Hughes hasdeclared himself ready to takeon England's attack at the thirdtest in Perth, a year and halfafter being bullied out of theside by their seamers onAustralia's losing Ashes tour.
Australia captain RickyPonting anointed Hughes "nextcab off the rank" to replaceSimon Katich at Perth after theopener was struck out by anAchilles injury during thehosts' heavy loss to England inthe second test at Adelaide thisweek.
The 22-year-old Hughes wasdropped after two tests againstEngland last year, where heproved susceptible to short-pitched bowling, and doubtsover his technique remainahead of Perth, where theWACA ground's quick andbouncy pitches are traditional-ly beloved of fast bowlers. "Toget that support from Ricky isfantastic, obviously (he's) theAustralian captain and he'sbeen around for so long,"Hughes told Australian televi-sion on Thursday. "I knowmentally and technically I'm
ready. I just can't wait to seewho (the selectors) pick."
Hughes has played only twotests for Australia since beingdropped after making a total 57runs in three innings atEngland, his last knock anunbeaten 86 in a 10-wicketthrashing of New Zealand inMarch. He scored two and 82against an England XI in a tourmatch in Hobart last month,but was dismissed cheaplyplaying for state side NewSouth Wales this week, nickingto the keeper after trying to cuta short delivery.
The dismissal was eerilysimilar to his struggles inEngland, where he fell prey toshort-pitched bowling outsideoff-stump. England captainAndrew Strauss takes his teamto Perth with a 1-0 lead in thefive-test series and has alreadyfired a psychological barb atHughes, who scored two and81 during a tour match againstan England XI in Hobart lastmonth. "He's obviouslyworked a bit on his technique,but I think there are weakness-es there that we can exploitdefinitely," Strauss said after
the Adelaide win.Katich's injury may also
offer Marcus North anotherchance of redemption after themiddle order batsman madejust 49 runs in three innings ofthe series, but the selectors'greatest dilemma lies withtheir bowlers. After managingone wicket for 517 in the sec-ond innings at Brisbane, arevamped attack was clob-bered for 620-5 declared inAdelaide, prompting localmedia and fans to ask whether41-year-old legspinner ShaneWarne might be coaxed out of
retirement. Warne wrote thathe was "flattered" in his col-umn in a British newspaperthis week, but has enjoyeddodging the question.
Another Australian legspin-ner great, Richie Benaud, hadhis own take. "The reallyannoying thing about that isthat no one's asked me if I wantto make a comeback!" the 80-year-old joked on Australiantelevision. "Shane is the great-est legspinner that has everbeen, but if he allowed himselfto be pressured into playing,he'd be off his head."-Reuters
Oz fresh blood ready to face Englishmen
NEW DELHI: India will bethe overwhelming favouritesto win next year's World Cupwith home advantage and anideal build-up on tour in SouthAfrica, Pakistan's 1992 WorldCup-winning captain ImranKhan said.
"India is easily the favouriteteam, going by their form anddepth both in bowling and bat-ting," the former Pakistani all-rounder told reporters onThursday after the broadcast-ing arrangements for the 2011tournament were announced.
"I think the South Africa tourwill do them good. Thetougher is the tour, the betterprepared you are for the WorldCup."
India will contest three testmatches in South Africa start-ing on Dec. 16 followed by aTwenty20 and five one-dayersbefore heading home to pre-pare for tournament starting onFeb. 19 hosted by themselves,Sri Lanka and Bangladesh.
India are ranked number onetest team by the ICC(International Cricket Council)and the number two one-dayinternational (ODI) sidebehind holders Australia.
"India is the favourite teamand Sri Lanka is a close sec-ond. They will also have homeadvantage, which matters alot," Imran added.
Australia beat Sri Lanka inthe final to clinch the last
World Cup in the Caribbeanand 1996 winning captainArjuna Ranatunga said hiscompatriots should again dowell.
"Sri Lanka is one of thefavourites. They have built agood team but my only worryis their middle order," said theportly Sri Lankan, whoseastute captaincy fashioned theteam's stunning 1996 WorldCup victory over theAustralians.
"In 1996, we had a strongmiddle order. But of coursethis team has better bowlersand both (Muttiah)Muralitharan and (Lasith)Malinga are match-winningbowlers," he added.-Reuters
Imran terms Indiaas WC favourites
Pietersenfined forspeeding
MELBOURNE: Englandbatsman Kevin Pietersen wasbooked for speeding in aLamborghini arranged by hisfriend Shane Warne whiledriving back from a beachresort near Melbourne onThursday, local police said.
Pietersen, man-of-the-match in England's crushingwin over Australia in the sec-ond Ashes test in Adelaidethis week, was clocked by apatrol car near the port city ofGeelong and fined Australian$239 (£149)
The England team declinedto comment but said no disci-plinary action would be takenagainst Pietersen.
"Geelong highway policedetected by laser a yellowLamborghini travelling northalong the Geelong Ring Roadat 121kph in a 100 zone about2:35pm on Thursday," apolice spokesperson said.-Reuters
Pak drivercompetesin World
Series FinalLAHORE: Pakistan's onlyinternational racing driver,Adnan Sarwar will be takingpart in the final of the 2010Sodi World Series RacingChampionship being heldFriday at Dubai Autodrome.
Adnan will be competingagainst 20 drivers from 14 coun-tries from across the globe. Thefinal race will be held at 4 PMDubai time and is part of thechampionship in which Adnanhas previously scored Pakistan'sbest international race result byfinishing 4th. The Bank Alfalahsupported driver is the first localPakistani racing driver to havebroke into the international rac-ing circuit and has representedPakistan in China, India andUAE in the past.
Adnan told APP from Dubaion Thursday that he is goodframe of mind to put up encour-aging performance in the chal-lenging event. "I know the taskis quite tough but I am confi-dent to achieve productiveresults".-APP
LONDON: Arsenal's Samir Nasri challenges Partizan Belgrade's Sasa Ilic and RadosavPetrovic during their Champions League soccer match.-Reuters
UTAH: Jazz center Jefferson goes to the basket against Miami Heat center Ilgauskas duringthe second half of their NBA basketball game in Salt Lake City.-Reuters
11Friday, December 10, 2010
International & Continuation
CONTINUATION
UPDATE1-BoE keepsrates at 0.5
pct, makes nochange to QELONDON: The Bank ofEngland voted to make nochange to its monetary policythis month, in a widely expect-ed decision as it waits to seehow much growth next yearsuffers from UK public spend-ing cuts and euro zone turmoil.
None of the more than 60 econ-omists polled by Reuters lastweek expected the BoE'sMonetary Policy Committee tochange the 0.5 percent interestrate and 200 billion pounds ($317billion) of quantitative easing thathave been in place since February.
Financial markets did notmove after the decision.
"The economic news over thepast month has been consistentwith policy on hold," saidGeorge Buckley, chief UKeconomist at Deutsche Bank.
Despite a debt bailout for neigh-bouring Ireland, the economicoutlook for Britain has changedlittle since November's MPCmeeting and consumer price infla-tion has risen further above its 2percent target to 3.2 percent.
Manufacturing activity hasbeen strong following robustoverall economic growth of 0.8percent in the third quarter,though trade data on Thursdaywas unexpectedly weak, castingdoubt on the BoE's hopes of anexport-led recovery next year.
The central bank will not pub-lish details of the MPC's vote ordiscussion until Dec. 22, butmost economists expect a repeatof last month's three-way policysplit.-Reuters
SYDNEY: Australian employ-ment blew away forecasts bysurging 54,600 in November asfirms took on many more full-time workers, a resoundingcounterpoint to recent soft dataand an omen that interest ratesmay not stay on hold for toolong.
The Australian dollar leapedhalf a cent as the jump in jobsfar surpassed expectations of a19,000 rise while full-time hiresclimbed 55,100. The jobless ratedropped to 5.2 percent, from 5.4percent, even though the partici-pation rate hit a record high of66.1 percent as more peoplewent looking for work.
Such unalloyed strength sup-ported the Reserve Bank ofAustralia's (RBA) confidence inthe economic outlook and itsrationale for raising interest ratesto 4.75 percent last month as apre-emptive strike against infla-tion.
"Another absolutely scorchingresult," said James McIntyre, aneconomist at CommonwealthBank. "Annual employmentgrowth of 3.7 percent shows theeconomy is in very rude health."
"I guess it also poses the ques-tion that if we keep seeing num-bers like this, the RBA may findcome February that instead ofbeing ahead of the curve it hasfallen behind."
Top RBA officials had intimat-ed they were comfortable withwhere rates were and there was
little prospect of an imminenttightening. The market had gonemuch further and pushed out thetiming of any further hike to thesecond half of 2011.
Interbank futures are still notfully priced for a move to 5.0percent until August.
"Absolutely extraordinarynumbers," enthused BrianRedican, a senior economist atMacquarie. "That's a lot morepeople working and earning,with more incomes and greaterdemand."
"This should be a wake up callfor the markets which havegrown far too complacent aboutthe risks of a rate hike in thenear term," he warned. "EveryRBA meeting will be a live onewhen you have jobs growth likethis."
The jobs figures were a wel-come contrast to some softerdata recently. In particular it sug-gested the surprisingly meagrerise of 0.2 percent in third-quar-ter gross domestic product(GDP) understated the truestrength of the economy.
That was an argument madeby RBA Assistant GovernorPhilip Lowe on Wednesday,who noted that GDP tended tobounce around from quarter toquarter but looking past the sta-tistical noise the economy washeading toward faster growth asexpected.
Employment has sped past allexpectations this year with a rise
of 402,500, a breakneck pace foran economy with a potentiallabour force of just 12 million.An equivalent increase in U.S.payrolls this year would havebeen 5 million.
Much of the growth has beenin full-time jobs, which tend tooffer better pay and conditionsthan part-time work, helpingboost incomes and confidenceacross the economy.
Jobs growth has been fastest inthe booming mining and energysector, running at 20 percent ayear, though the biggest hiringhas been in professional, scien-tific and technical services, edu-cation and health.
A record pace of resourceinvestment is also driving jobsin construction. The A$43 bil-lion Gorgon liquefied gas projectalone will employ 10,000 at thepeak of construction.
Most forward indicators oflabour demand like vacanciesand business surveys point tofurther jobs growth ahead, albeitat a more restrained tempo.
The sting in the tail is thatunemployment was approachinglows that have bred wage andprice pressures in the past.
The RBA will be especiallykeen to avoid a repeat of 2007 to2008 when the jobless rate fellsteadily to a trough of 4 percentwhile annual underlying infla-tion raced to peak of 4.7 per-cent, far above its 2 to 3 percenttarget. -Reuters
Aussie employmentastounds, rouses
rate riskWASHINGTON: New U.S.claims for unemployment bene-fits fell more than expected lastweek and the four-week mov-ing average slipped to a freshtwo-year low, reviving hopes alabor market recovery wasunder way.
Initial claims for state unem-ployment benefits dropped17,000 to a seasonally adjusted421,000, the Labor Departmentsaid on Thursday, below econo-mists' expectations for 425,000.
"It's another report that sug-gests the monthly employmentnumbers that we got last weekprobably understated the posi-tion in jobs, and it's anothernumber that suggests we'regoing to get some upside sur-prises in economic activity,"said Michael Strauss, chiefeconomist at Commonfund inWilton, Connecticut.
The government's employ-ment report last week showedemployers added a mere 39,000jobs in November and the job-less rate rose to 9.8 percentfrom 9.6 percent.
A separate report from theCommerce Department onThursday showed wholesaleinventories rose 1.9 percent inOctober, while sales increasedat the fastest rate in sevenmonths, adding to optimismabout a healthy holiday shop-ping season.
Stocks on Wall Street opened
higher on the jobless claimsreport, while prices for U.S.government debt raced to ses-sion highs. The U.S. dollartrimmed gains versus the euro.
The surprisingly small gain inemployment last month hadblurred the labor market pictureand the bigger-than-expecteddrop in new claims shouldstrengthen perceptions adurable recovery is under way.
The tepid economy and jobsmarkets are expected to receivea boost from a deal struck bythe Obama administration andRepublican lawmakers onMonday to maintain all Bush-era tax cuts through 2012,extend emergency unemploy-ment benefits and cut employeepayroll taxes by 2 percentagepoints.
In a sign that a gradual labormarket healing was firmlyentrenched, the four-week aver-age of new jobless claims,viewed as a better measure ofunderlying labor market trends,fell 4,000 to 427,500, still thelowest since early August 2008.
Both initial claims and thefour-week average have nowheld below the 450,000 levelfor five straight weeks. The450,000 mark is generally con-sidered by economists as thelevel consistent with jobgrowth.
"The change coincides with amodest improvement in small
firms' sentiment and the end ofthe contraction in bank lendingto commercial and industrialcompanies," said IanShepherdson, chief U.S. econo-mist at High FrequencyEconomics in Valhalla, NewYork.
"This is not an accident, inour view. Small firms, whichemploy half the work force,have been hamstrung by tightcredit. If claims continue todrift down it would be reason-able to expect better payrollnumbers very soon."
The number of people stillreceiving benefits under regularstate programs after an initialweek of aid fell 191,000 to 4.09million in the week ended Nov.27, the lowest since mid-November 2008, from 4.28million the prior week.
Economists had expected so-called continuing claims to dipto 4.25 million from a previous-ly reported 4.27 million.
The number of people onemergency unemployment ben-efits fell 233,032 to 3.71 mil-lion in the week ended Nov. 20,the latest week for which datais available. A total of 8.30 mil-lion people were claimingunemployment benefits duringthat period under all programs.
Emergency benefits for 4 mil-lion people which were due toexpire by February are now setto be extended.-Reuters
US jobless claimsfall, bolster
recovery hopes
The spokesman rejected Indian Foreign Secretary's claim thatJammu and Kashmir was an integral part of India and said it wasnot an integral part of India but awaiting settlement in accordancewith the relevant UN Security Council resolutions. Replying toanother question, the spokesman said, "Pakistan is looking for-ward to resumption of dialogue process so that issues like plightof fishermen are addressed in an effective manner."
He said Pakistan was making serious efforts for resumption ofcomposite dialogue with India to resolve all outstanding issuesincluding Kashmir but it would not compromise on its security atany cost. The spokesman said that the Indian Home Secretary'sremarks on Mumbai attack trial in Pakistan were misleading. Hesaid, "Pakistan is seriously pursuing the trial." Nevertheless, inorder for the trial to conclude successfully, Indian cooperation isabsolutely essential, he added.
Continued from page 12No #1
Palaniappan Chidambaram as saying after a meeting onKashmir. After several failed rounds of peace talks between mod-erate separatists and New Delhi, and a rise in killings blamed onsecurity forces, India announced an 8-point confidence buildingmeasure in September. -Agencies
Continued from page 12No #2
the investigation till now is also infected with corruption.He added that this court will not let these culprits go without a
fair trial and will not take pressure from anyone. He said its'strange that no statement has been taken from the minister whichshows the minister religious affair is being supported.
In response to this DG FIA Waseem Ahmed said that minister'sstatement is yet to be recorded. Federal minister for religiousaffairs Hamid Saeed Kazmi with minister of science and technol-ogy Azam Hoti were present during the hearing. Court wasadjourned till Dec 13, 2010.
Continued from page 12No #3
representatives and bureaucrats must fulfill their responsibilitiesbeyond self interest and should follow rules, laws and constitu-tion. The minister said: "we will fully strengthen our judiciary andjudicial system to curb unlawful practices and corruption." Heemphasized the need to follow PPRA rules in letter and spirit inorder to bring transparency and ending corruption.
He said that during awareness raising campaign for eradicatingcorruption, the relevant service rules would be dispatched to alldepartments.He said that end of corruption is pre-requisite forrestoring people's trust in the institutions of Pakistan and progressof country. -APP
Continued from page 12No #4
the educational process for an indefinite period. -Online
Continued from page 12No #5
Madoff, Citi either knew or should have known that Madoff'sinvestment advisory business was a fake, and that the funds Citireceived from these two Madoff feeder funds came from Madoff'sfraudulent activities," said Picard. Picard noted that warning signsto Citi included an email from and a meeting with an early Madoffwhistleblower stating that the Madoff investments were a Ponzischeme. Similar allegations were made against Natixis, with thetrustee seeking 400 million dollars.
"Armed with knowledge of many badges of fraud, Natixis andits related entities nevertheless provided substantial momentumfurthering Madoff's Ponzi scheme, especially in Europe," saidMark Kornfeld, a lawyer for the trustee. The suites seek to recov-er addition funds from Fortis (230 million dollars); ABN Amro(270 million); BBVA (45 million); Nomura (35 million); andMerrill Lynch (16 million). In a separate announcementWednesday, Picard said he was seeking 100 million dollars fromSandra Manzke, members of her family, and the Maxam CapitalManagement which she created.
Picard also filed a complaint in London seeking to recover atleast 80 million dollars from the British unit of the Madoff funds,Madoff Securities International Ltd. Madoff, who touted himselfas one of New York's most successful money managers, wasarrested in early December 2008 for running a pyramid scheme.He was sentenced in June 2009 to 150 years in prison. Madoff'svictims, including charities, major banks, Hollywood moguls andsavvy financial players, handed him tens of billions of dollarsover more than two decades. The amount of money stolen remainselusive: Madoff originally claimed to have been managing 65 bil-
Continued from page 12No #6
Malik said that concrete steps have been taken in curtailing cor-ruption from the country, we have the backing of the judicial sys-tem and anyone found guilty will be prosecuted, says Malik.
He said Lashkar-e-Jhangvi, Tehreek-e-Taliban and al Qaedahave close links with each other and are spreading chaos in thecountry, while threat of terrorist attack is present duringMoharram but the government is doing its level best to make thesecurity foolproof. -Agencies
Continued from page 12No #7
not done so then the recoveries would be made from the salaryof information secretary, he further directed. The members of com-mittee told Chaudhry Nisar Ali Khan that the matters related tochairman PARC Zafar Altaf, DG Health, Abdul Rashid Juma andchairman SEME Bank were not different from the case of MurtazaSolangi. Upon it Chaudhry Nisar directed the respective ministriesto stop the payment of salaries to them immediately and furnish thedetails about their appointment to the committee. -Online
Continued from page 12No #8
lion dollars, but in October the court-appointed liquidator said thereal bottom line was 21.2 billion dollars. -Reuters
of its organ is above law and defy Court's orders. They submitthemselves before the Constitution and hold the Apex Court in thehighest regard."
"They appreciate what the Court is doing for the constitutionalgovernance of the country," he added. He said these institutions werebound to follow order and judgement of this Court. Giving details ofthe incident, he said these prisoners soon after their release from thejail voluntarily given themselves in the custody of people who dis-guised themselves as secret agencies personnel. -Agencies
Continued from page 1No #9
officials of the ministry. Nicolas Martin also discussed otherpotential areas for investment like value addition to agricultureproduces, tractors manufacturing, etc. -NNI
Continued from page 1No #10
capacity to 3 million tonnes per year.The Steel Mills, he said, has also been approached by private
firms registered in Brazil, Indonesia and others for supply of rawmaterial. Pakistan Steel, a state run leading industry, was set upwith cooperation of former Soviet Union in early 1970s near PortQasim. "On December 31, we will be in a no profit-no loss posi-tion. By end of June 2011, Pakistan Steel will have small net prof-it on its accounts," Acting Chief Executive Officer Imtiaz AhmedKhan Lodhi said.
Continued from page 1No #11
Agreement (GPFA) at Ashgabat on Dec 10 that has already beenapproved by the federal cabinet.
Under the project Pakistan will get 30 billion cubic meters ofgas annually and has also indicated that in case India backs out atany stage, it will be willing to purchase the additional gas.
Continued from page 1No #12
had ended with Cameron causing great offence - first toPakistan for casting doubt on its commitment to fighting terror,and second to Israel for criticising their treatment of thePalestinians while addressing Turkey, which is also a Muslimcountry. -Online
Continued from page 1No #13
television channel, the report said that the increase was most evi-dent in Europe, where 73 per cent of people polled believed corrup-tion had risen over the last three years. North America wasn't farbehind - 67 per cent of people there thought corruption was now morewidespread. The findings are outlined in Transparency International's(TI) 2010 Global Corruption Barometer, a public opinion surveyreleased by the Berlin-based organization on Thursday to coincidewith the United Nations' International Anti-Corruption Day.
It said that six out of 10 people surveyed around the world said cor-ruption had increased in the last three years, with one in four peoplereporting that they had paid bribes in the last year.
The EU Commissioner for Home Affairs, Cecilia Malmstroem,said in an interview with German daily Die Welt that Europe wouldincrease its efforts to combat corruption. "The measures taken so farby the EU have not yet led to any conclusive results," she said.
Globally, the political and public sectors were seen as most corrupt,with nearly 80 percent of respondents believing political parties were
Continued from page 1No #14
Programme on Immunization (EPI), and 'National Programme for Family Planning & PrimaryHealth Care (NP-FP & PHC), "The Lady Health Workers' Programme" (LHWP) - Phase-II'
In his concluding address Dr Abdul Hafeez Shaikh asked the Planning Commission to present adetailed plan in the next ECNEC with a rationalized portfolio reflecting balanced regional growthand focus on completion of projects to provide maximum benefits to the citizens.
He also emphasised the need for improving the monitoring and evaluation of projects to ensuretransparency and best utilisation of national resources.
Continued from page 5No #15
affected. Public officials came in second, at 62 per cent. The report showed that in the past year, 25 percent of those surveyed worldwide had paid a bribe to one of nine institutions and services, with the policenamed as the most common recipient of these bribes. The report also noted that bribery and corruptioncontinues to disproportionally affect the poor and the young, with lower income earners twice as likely topay bribes for basic services like utilities, education and medical services. -NNI
Reportedly Thirachai Phuvanatnaranubala, Secretary General of Thailand's Securities & ExchangeCommission has termed the move part of a proposed single securities market providing easy accessto the investors and boosting market liquidity in Southeast Asia. Bursa Malaysia, SingaporeExchange and Stock Exchange Thailand are "set to join and go live by the second half of 2011"while the Philippines Stock Exchange will join the alliance in the first half of 2012, he told a region-al finance conference. The four countries are part of the 10-member Association of Southeast AsianNations. It is unclear if Indonesia, Brunei and Vietnam will also join in. Officials said Cambodia andLaos are expected to launch their stock markets next year, leaving only military-ruled Myanmarwithout a bourse. The proposed regional exchange is in line with plans to create a European-styleeconomic community for Southeast Asia by 2015, Thirachai said.-Agencies
Continued from page 5No #16
Minister for Privatisation, Senator Waqar Ahmad Khan, is the keynote speaker at the event whichis intended to inform leading institutional investors in the UK of the tremendous investment oppor-tunities available in Pakistan. Leading public and private sector firms from Pakistan will be present-ing at the event including Engro, Lucky Cement, OGDC, KESC, MCB, UBL, Hubco, PPL and oth-ers. The event is already generating a lot of interest with leading investors all registered to attend.
Continued from page 5No #17
company said that the repurchase programme will commence from December 13, 2010 and thepurchase agent is KASB Securities Ltd. JS Investment will repurchase 57.504 million certificatesfrom the cash balance of JSGF.-APP
Continued from page 5No #18
The benchmark Nikkei closed the day up 0.5 per cent at 10,285.88. At one point it hit a seven-month high of 10,298.25. The broader Topix index rose 0.5 per cent to 891.60. The securities sector.ISECU.T outperformed the broader market with a 3.2 per cent jump, while the insurance sector.IINSU.T added 2.9 per cent and banking gained 2.6 per cent. Banks were also boosted after posi-tive indications for the sector helped their U.S. and European counterparts gain. U.S. banks climbedas the spike in Treasury yields has made lending and trading more profitable while European bankshares gained as investors bet that concerns about the euro zone debt crisis will slowly abate andfinancials will perform well. Mitsubishi UFJ Financial Group, Japan's biggest bank by assets,jumped 3.7 per cent to 417 yen, while Sumitomo Mitsui Financial Group (8316.T) added 3.5 percent to 2,712 yen. Foreign investors bought a net 210.7 billion yen ($2.5 billion) of Japanese stocksin the week to December 4, the highest since early April, finance ministry data showed.
They were net buyers for the fifth straight week, bringing their total net buying to 730.6 billionyen over that period, and were net buyers for nine out of the last 10 weeks.-Reuters
Continued from page 5No #19
had a 3 per cent rally in the first 3 days this month," said Frank Gretz, market analyst and techni-cian for Shields & Co, a brokerage in New York. "Typically the month of December is strong at thebeginning and strong at the end, and there is a lot of bullishness around."
Investors said they remained bullish for a year-end rally. The CBOE Volatility Index VIX, a barom-eter of Wall Street anxiety, fell more than 1 per cent to 17.56, its lowest level since April. The VIXusually moves inversely to the benchmark S&P index. The VIX closed under 18 for two straight days,which analysts consider to be the start of a sustained period below its long-term average of just above20, said MKM derivatives strategist Jim Strugger. The Dow Jones industrial average was down 26.56points, or 0.23 per cent, at 11,345.92. The Standard & Poor's 500 Index was up 0.74 point, or 0.06 percent, at 1,229.02. The Nasdaq Composite Index was up 2.20 points, or 0.08 per cent, at 2,611.36.Technical signs and a forecast from an international bank suggested a positive outlook for US stocks.Exxon Mobil was down 0.6 per cent at $71.43. Financial stocks outperformed other sectors with Bankof America up 2.6 per cent at $12.31 and JPMorgan Chase gaining 1.2 per cent to $40.74.-Reuters
Continued from page 5No #20
Barclays, up 4.5 per cent, led banks higher, but Standard Chartered shed 3.6 per cent after issuinga trading update. The BoE's Monetary Policy Committee voted to keep interest rates at a record lowof 0.5 per cent and total asset purchases at 200 billion pounds, shrugging off concerns over risinginflation and the UK's anaemic growth outlook. In London, mining shares and energy stocks under-pinned blue-chip gains. Oil major BG Group rose 3.6 per cent as it said it expected very low unitcosts for the initial development of the Tupi and Guara fields in the Santos Basin, offshore Brazil.Elsewhere, Cobham added 3.7 per cent after the defence contractor's demotion to the FTSE 250 wasconfirmed, to be replaced by engineering group IMI. Equities look set to remain a preferred assetclass into 2011. On the downside, traders said sentiment among retailers was hit after first-halfresults from HMV, which highlighted the cold snap in Britain was undermining Christmas trading.
Morrison Supermarket shed 1 per cent, while Next and Marks & Spencer, fell 2.4 and 2 per cent,respectively.-Reuters
Continued from page 5No #21
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NEW DELHI : Former cricket captains from India Kapil Dev, West Indies' Vivian Richards and Imran Khan pose with the ICC Cricket World Cup 2011 trophy in New Delhi. -Reuters
ISLAMABAD: Prime MinisterSyed Yousuf Raza Gilani whilereiterating Pakistan's firmresolve in the fight against ter-rorism and militancy stressedthe need for enhanced regionalcooperation to root out thismenace for peace, prosperityand socioeconomic develop-ment of the region.
"Terrorism is a regionalproblem and there should be aregional solution. There shouldbe increased cooperation in thefight against terrorism", Gilanisaid in an interview with aTurkish television, telecast byPakistan state-owned televi-sion on Thursday night.
Prime Minister Gilani, whogave the interview during hisofficial visit to Turkey, saidPakistan on its part was doingall to fight this menace with aresolve. "We have the will aswell as resolve to fight terror-ism and militancy."
He also mentioned the suc-cessful military operation inSwat and Malakand as well asthe achievements in SouthWaziristan and said his govern-ment was following the 3-Ds(Dialogue, Development andDeterrence) policy to deal withthe issue of militancy.
Prime Minister, however,emphasized that militaryactions alone were not thesolution to tackle terrorism andmilitancy, adding, there was aneed to address the problemsof people in backward areassuch as poverty, hunger, educa-tion, health etc throughenhanced socio-economicdevelopment and by eliminat-ing deprivations of people.
In the regional context, healso referred to and termed thetrilateral process initiated byTurkey between Pakistan andAfghanistan as an importantinitiative for enhanced mutualunderstanding and cooperation.
President Asif Ali Zardariwill soon visit Turkey for a tri-lateral meeting of Pakistan-Afghanistan-Turkey, he added.
To a question, the PrimeMinister said his governmentwas not in favour of drone attacksand considers such attacks ascounterproductive, adding thedrone attacks which cause collat-eral damage often help the mili-tants - who are isolated from thecommon tribal people - regain thesupport of people.
Gilani said his governmenthad also discussed this issue(drone) with the United States
and seeking the drone technol-ogy so that such attacks arecarried out by our own forces,adding, "We also ask them toshare with us actionable intelli-gence."
About Iran's nuclear pro-gramme, the Prime Ministersaid, every country has theright to acquire the nucleartechnology for peaceful pur-poses, adding, however,Pakistan also stands committedto international rules of non-proliferation.
Prime Minister Gilani termedhis visit to Turkey as very suc-cessful and said the 18 MoUssigned after the High LevelCooperation Council (HLCC)meeting co-chaired by him andTurkish Prime Minister RecepTayyip Erdogan would helpfurther strengthen the alreadyexisting close and friendly tiesbetween the two brotherlynations through increasedcooperation in diverse fields.
Gilani said, the MoUs signedbetween the two countrieswould be implemented asbefore the HLCC meetings theconcerned ministers fromPakistan and Turkey haddetailed discussions on theprojects. -APP
Gilani urges joint efforts tocrush terrorism
Prime Minister talks to Turkish television
Special Correspondent
ISLAMABAD: Pakistan onThursday cautioned that creat-ing exceptions for any countryin civil nuclear cooperationwas not only a step backwardin terms of promoting nuclearcooperation for peaceful pur-pose but also had seriousimplications for regional andglobal security.
Referring to France-Indianuclear accord at a weeklybriefing here, Foreign OfficeSpokesman Abdul Basit saidthat country-specific excep-tions were inherently counter-productive as these resulted inmistrust and non-cooperation.
The spokesman underlinedthat there was no alternative tocriteria based approachestowards promoting internation-al cooperation, peace and pros-perity around the world.
Commenting on Pakistan'sposition on the Fissile MaterialCut-off Treaty (FMCT), thespokesman said that Pakistanwould never compromise on itslegitimate security require-ments.
He said, "Pakistan's positionon the issue is based on princi-ples and keeping with oursecurity interests."
Answering a question he didnot agree that Pakistan-Francerelations were on the slideadding that these relationswere on the upward trajectory.
"President Sarkozy is plan-ning to visit Pakistan next yearand that will provide a goodopportunity to take bilateralrelations to new heights," headded.
The spokesman when askedrepeatedly to give his views onleaks by the WikiLeaks aboutPakistan said these pertained toofficial communications withinthe US government systemtherefore Pakistan could not bein a position to confirm theirveracity.
He said United States hadalerted Pakistan of the unau-thorised leaks. He, however,said as the Foreign Office wasnot in a position to confirmtheir veracity therefore, itwould not be appropriate toreact to them.
The spokesman, however,
categorically stated thatPakistan and its leadershipwere fully cognisant of nation-al interests and there wouldnever be any compromise onthem.
The spokesman said therewere laid down procedures andguidelines for meeting of gov-ernment officials with foreigndiplomats but Foreign Officecould not issue any directionsto politicians on how to con-duct themselves.
About visit of the PakistaniForeign Minister to India, hesaid this was contingent uponagreement on the agenda andoutcome of the meetingbetween the two ForeignMinisters.
The spokesman pointed outthat during his visit to Pakistanin July this year, IndianForeign Minister had invitedMakhdoom Shah MehmoodQureshi to visit India.
He hoped that there would besome agreement in the contextof agenda and the outcome ofthe meeting and the visit wouldtake place early next year.
See # 1 Page 11
Pak warns againstnuclear exceptions
‘Kashmir not an integral part of India but awaiting settlement’
Madoff suitstake aim atbig banks
NEW YORK: Seven big glob-al banks from the UnitedStates, Europe and Japan weresued Wednesday by the trusteeseeking to recover assets fromthe massive Bernard Madofffraud case.
The trustee, Irving Picard, isseeking more than one billiondollars from the banks, claim-ing they knew or should haveknown of the fraud in acceptingmoney through various Madofffunds.
The seven latest banks addedto the litigation are US-basedCitibank and Merrill Lynch --now part of Bank of America --the broken-up former Belgianbank Fortis; Natixis of France;Dutch-based ABN Amro;Spain's Banco Bilbao VizcayaArgentaria (BBVA); andJapan's Nomura.
The separate complaints filedin New York allege that thebanks enabled the MadoffPonzi scheme "by opening aspigot of new money into theMadoff feeder fund network."
Because they were promisedhefty returns, "the financialinstitutions hedged their expo-sure to the derivative investorsby purchasing shares of thefeeder funds."
The suit against Citibank,which is part of Citigroup,seeks 425 million dollars.
"Armed with considerablenon-public information about
See # 6 Page 11
LHC CJtakes noticeof torture on
studentsLAHORE: The Chief Justice ofthe Lahore High Court (LHC),Justice Ijaz Chaudhry onThursday took suo motu noticeof the police torture of teachersand students who protested out-side the Punjab Assembly.
The clash erupted onWednesday when a large num-ber of students and teachersgathered outside the assemblyto protest against the privatisa-tion of educational institutions.They also condemned the for-mation of the board of gover-nors in several colleges.
Police baton-charged the pro-testers, who responded bythrowing stones, smashing win-dows in two MPAs’ cars, break-ing CCTV cameras anddestroying furniture used bysecurity officials.
The police arrested some 20teachers and 10 students. Theywere detained at Qila GujjarSingh police station and RaceCourse police station.Constable Muhammad Shafiand several IJT activists wereinjured in the clashes.
The court has asked IGPunjab Tariq Saleem Dogar tosubmit a detailed report onJanuary 12. -Agencies
ISLAMABAD: The arrestedformer Director General HajjRao Shakeel confessed beforethe Supreme Court that therehas been corruption in Hajjarrangements, while Chief jus-tice Iftikhar MohammadChaudhry has expressed hisdissatisfaction over the inves-tigation reports provided bythe FIA.
On Thursday a seven mem-ber bench headed by CJIftikhar Mohammad Ch hearda suo moto notice case regard-ing the alleged corruption inhajj arrangements.
During the hearing arrestedex DG Hajj Rao Shakil admit-ted that there has been corrup-tion in the arrangements andthis was done under the super-
vision of minister for religiousaffair.
Ex DG informed the courtthat the buildings acquiredfrom April to June were justunder 2-km from Haram andthese were according to themerit and he is not responsiblefor any dealings after that.
CJ in his remarks said if youare innocent and so is yourfederal minister and secretarythen who is guilty?, Howcome upon receiving oneSMS from you the federalsecretary your name wasexcluded from the ECL".
CJ expressing anger on DGFIA said which law are theyfollowing, the FIA has beentrying to conceal evidence and
See # 3 Page 11
DG Hajj admitsmismanagement
Corruption Scandal
ISLAMABAD: FederalMinister for Law, Justice andParliamentary Affairs onThursday announced to launchanti-corruption campaign inApril, 2011 in all governmentdepartments to sensitise andraise awareness in order toaddress the menace of corrup-tion and eradicate it from thecountry.
He was addressing a first-ever meeting held on this issuein his ministry on the occasionof International Anti-Corruption Day.
The minister emphasised theneed of discipline and efficien-cy for effective role of govern-ment employees and strength-ening of institutions in thecountry. He said that rootingout corruption from country isessential for restoration of peo-
ple's trust on institutions.The minister reiterated on the
International Anti-corruptionDay: "I want to convey thismessage to bureaucracy beinga part and parcel of service ofPakistan they should performtheir duties with honesty anddedication beyond any affilia-tion to any political party orany caste or creed."
He said that people ofPakistan are paying theirsalaries in the form of taxesand in return governmentemployees should serve thepublic with honesty.
He said that discipline is notpossible withoutAccountability andGovernment officials shouldobey rules in their true spirit.
He said that elected See # 4 Page 11
Awan declareswar against graft
LAHORE: The students'protest against the privatisationof their colleges is continuedacross Punjab along with studyboycott at all the institutes.
According to media reports,the students held protestdemonstrations were held inMultan, Faisalabad, MianChannu, Vehari, Jaranwal andDera Ghazi Khan against thethrashing of teachers and stu-dents in Lahore on Wednesday.
In Multan, the students ofEmerson College, Civil LinesCollege and CommerceCollege assailed the DirectorColleges office and ransackedit. The students tried to enterMumtazabad office and venttheir ire on a motorbike paredoutside it.
In Faisalabad, the studentstook to roads to express soli-darity with the students andteachers thrashed by the policeyesterday. They blocked thetraffic by burning tyres onJaranwala Road, SumundriRoad, Sargodha Road,Samanabad Road andSheikhupura Road.
On the other hand, policebooked 42 person includingJibran Butt, Chairman JointAction Committee, NazimJamiat Lahore Akhzar Nazir.
Also, Islami Jamiat Tulabaannounced a black day todayagainst torture on students;where as Punjab ProfessorsAssociation has alsoannounced a boycott against
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Punjab studentsgo on a rampage
ISLAMABAD: InteriorMinister Rehman Malik hassaid that conspiracy to dis-member Balochistan from thecountry would not be allowedto succeed, addingBrahamdagh Bugti is trying toseek political asylum.
Talking to media after meet-ing of National Press Academyon Thursday, Interior Ministersaid that it has been decided inthe meeting that in order toimprove the peace and securityand curb terrorism in the coun-try, efficiency of the policeforce needs to be improved andin this respect a policy for spe-cial training will be introducedwhereas investigative expertisewill also be improved.
The interior ministerinformed that the DNA test ofJamil Fakhri's son is accurate
and the actor has beeninformed about it and all therelevant documents acquiredfrom the Pakistani HighCommission have been handedover to the bereaved family.
Answering to a question,minister said BrahamdaghBugti is said to be present inAfghanistan and is seekingpolitical asylum, it is hopedthat none of the countrieswould grant him asylum.
Baloch brothers should comedown from the mountains andplay their role in the develop-ment of the country, he empha-sised that any effort of dis-membering Balochistan will befoiled. Only a handful ofextremists are trying to dis-member Balochistan but theywill never succeed in this.
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B'stan separatistsurged to shun bids
India says end
to Kashmirviolence nearNEW DELHI: India's govern-ment said Thursday the con-tours of a political solution tomonths of violent protestsagainst Indian rule in the dis-puted Kashmir region werelikely to emerge in the nextfew months.
More than 100 people havebeen killed in the protests, thebiggest since a separatist rebel-lion broke out in 1989, andseparatist demands haveranged from granting of auton-omy to outright independencefrom India.
"Contours of a political solu-tion to the Kashmir problem arelikely to emerge in the next fewmonths," a government state-ment quoted Home Minister
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Justice Ejazsworn in as
LHC CJLAHORE: Justice Ijaz AhmedChaudhry Thursday was swornin as Chief Justice of LahoreHigh Court (LHC).
Punjab Governor SalmanTaseer administered oath toJustice Ijaz Chaudhry atGovernor House, Lahore.
Chief Minister of PunjabShahbaz Sharif, Law MinisterRana Sanaullah, SeniorMinister Raja Riaz, otherprovincial cabinet members,high court judges and govern-ment officials attended theoath-taking ceremony. -Online
PAC seeksministries’secret funds
recordISLAMABAD: PublicAccounts Committee (PAC)has directed Auditor General(AG) to provide details of thesecret funds in respect of all theministries.
PAC met here Thursday.AG presented audit objec-
tions before the committee onaccounts of the informationministry for the financial year2008-9.
Audit authorities told thecommittee the informationministry had not provideddetails about the expenses ofRs 277 million incurred by it.
Information secretary SohailMansoor told this was a secretfund which was legally protect-ed therefore, the details couldnot be furnished on this count.
When inquired by the mem-bers of committee, informationsecretary told that the ministryhighlighted the performance ofelected government and notone party.
Member of committee RiazHussain Pirzada said fund wasbeing used by the ministryagainst the opposition.Particularly it is used to buy theloyalties of the people, healleged. Wiki Leaks hadrevealed every thing and whatwas left secret now, he ques-tioned.
Voicing surprise over thepresence of DG Radio MurtazaSolangi in the meeting, mem-ber of the committee RiazFatiana inquired from him thathis contract had expired in June2010 and he was not grantedextension then how he wasretaining his post till now.Secondly it had also been learntthat he was charged withharassing the women, Fatianasaid.
AG while expressing wonderover it said that the decisionstaken by him had no legalstanding.
Nisar issued the directivesthat not only Murtaza Solangishould be expelled from RadioPakistan but also the amount of6-month salary paid to him berecovered from him. If it was
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Privatization of edu institutes
