The Financial Daily-Epaper-14-12-2010

International

SBP raises Rs31bn thru Sukuks See on Page 12

FO protests over France, Germany remarks See on Page 12

22 feared dead as SKorea boat sinks See on Page 12

*Crude Oil (brent)$/bbl 92.17

*Crude Oil (WTI)$/bbl 89.26

*Cotton $/lb 139.60

*Gold $/ozs 1,398.10

*Silver $/ozs 29.61

Malaysian Palm $ 1,188

GOLD (NCEL) PKR 38,220

KHI Cotton 40Kg PKR 9,752

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

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

Daily (9-Dec-2010)

Total Portfolio Invest (26 Nov-2010)

188.33

25.47

3.45

2632

-1.36

2.71

0.65

-0.19

-1.71

0.08

-0.18

SCRA(U.S $ in million)

Portfolio Investment

FIPI (13-Dec-2010)

Local Companies (13-Dec-2010)

Banks / DFI (13-Dec-2010)

Mutual Funds (13-Dec-2010)

NBFC (13-Dec-2010)

Local Investors (13-Dec-2010)

Other Organization (13-Dec-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (4-Dec-10)

Inflation CPI% (Jul 10-Nov 10)

Exports (Jul 10-Oct 10)

Imports (Jul 10-Oct 10)

Trade Balance (Jul 10-Oct 10)

Current A/C (Jul 10- Oct 10)

Remittances (Jul 10 - Nov 10)

Foreign Invest (Jul 10-Oct 10)

Revenue (Jul 10-Nov 10)

Foreign Debt (Sep 10)

Domestic Debt (Oct 10)

Repatriated Profit (Jul- Oct 10)

LSM Growth (Sep 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.39bn

14.44%

$7.17bn

$12.25bn

$(5.08)bn

$(533)mn

$4.43bn

$569mn

Rs 495bn

$58.41bn

Rs 5234.9bn

$203.80mn

-2.58%

4.10%

$1,051

171.30mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

21.98

2.00

1.70

10.64

PKR/Shares

111.42

188.39

42.86

36.43

36.48

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

13-Dec-2010

13-Dec-2010

13-Dec-2010

13-Dec-2010

13-Dec-2010

13-Dec-2010

13-Dec-2010

13-Dec-2010

13-Dec-2010

13-Dec-2010

13-Dec-2010

13.16%

13.39%

13.67%

14.00%

13.12%

13.40%

13.60%

13.95%

14.10%

14.17%

14.25%

14.29%

14.56%

14.73%

14.91%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 83.80 84.80

Canadian $ 84.25 85.35

Danish Krone 15.00 15.10

Euro 112.80 114.80

Hong Kong $ 10.90 11.00

Japanese Yen 1.006 1.032

Saudi Riyal 22.65 22.90

Singapore $ 64.90 65.90

Swedish Korona 12.00 12.10

Swiss Franc 86.65 86.75

U.A.E Dirham 23.25 23.45

UK Pound 134.80 136.80

US $ 85.60 85.90

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 84.38 84.58

Canadian $ 84.83 85.03

Danish Krone 15.17 15.21

Euro 113.08 113.35

Hong Kong $ 11.02 11.05

Japanese Yen 1.019 1.021

Saudi Riyal 22.85 22.90

Singapore $ 65.51 65.66

Swedish Korona 12.38 12.41

Swiss Franc 87.12 87.32

U.A.E Dirham 23.33 23.39

UK Pound 135.29 135.60

US $ 85.71 85.90

Inter-Bank Currency Rates

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CITIES MAX-TEMP MIN

ISLAMABAD 20°C 2°C KARACHI 29°C 11°C LAHORE 23°C 6°C FAISALABAD 23°C 5°C QUETTA 17°C -8°C RAWALPINDI 19°C 3°C

Weather Forecast

Index Close Change

KSE 100 11,596.69 23.47

Nikkei 225 10,293.89 81.94

Hang Seng 23,317.61 154.70

Sensex 30 19,691.78 182.89

ADX 2,744.89 21.38

SSE COMP. 2922.95 81.91

FTSE 100 5861.42 48.47

*Dow Jones 11423.53 13.21

Global Indices

Rehman Malik, InteriorMinistry receive threats

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani has emphasised the needfor developing a long-termstrategy to deal with the chal-lenges of poverty, unemploy-ment and terrorism in a moreproactive manner.

Addressing the participantsof the National Security andWar course at NationalDefence University (NDU)here on Monday, he said thegovernment was fully aware ofthe challenges and geared up toconfront them with the cooper-ation of the people.

He said that Pakistani people

have shown great resilience indifficult times and they werefully capable to secure a brightfuture for the country.

Dilating upon Pakistan'srelations with outside world,Gilani said that Pakistan's for-eign policy has been reorientedto furthering the economicinterests abroad.

The vibrant policy is aimedat maintaining constructiveengagement with the outsideworld keeping in view its ownnational interests besidesworking for the world peaceand stability, he said.

See # 11 Page 11

PM declares waragainst poverty

‘Challenges need proper planning’

DUBAI: Representativesfrom the Punjab Board ofInvestment and Trade (PBIT)signed 11 Memorandum ofUnderstandings (MoUs)worth $1.3 billion withpotential investors in theUAE here Monday.

These MoUs were signedduring the Pakistan Businessand Investment conferenceheld here in Dubai.

CEO of the PBIT SaadatMuzaffar said the MoUssigned for partnership in var-ious trade and investmentsectors of agri-business, live-stock, dairy, mines & miner-als, energy and internationalbusiness.

The conference was attend-ed by 140 delegates fromPakistan, while similar num-ber of UAE-based investorsand traders also attended themoot for matchmaking andfinalised agreements of

mutual interest.Furthermore, while

addressing the InvestmentConference CM PunjabShahbaz Sharif said Pakistanneeds increased investmentand trade opportunities fromthe UAE to build the econo-my and help it become moreindependent from foreignaid.

"We are not here to seek aidbut rather trade," MohammedShahbaz Sharif told a tradeconference in Dubai. "It isinvestment, trade, joint ven-tures and modern technologythat will empower us."

Sharif, leading a delegationof 100 businessmen fromPakistan, said the troubledSouth Asian country seeksinvestment from the UnitedArab Emirates - its secondlargest trade and investmentpartner - in sectors includingenergy, agriculture, livestock,

mining and telecommunica-tions.

Representatives from thePunjab Board of Investmentand Trade signed 11 initialagreements worth $1.3 bil-lion with potential investorsin the UAE at the event butsaid the nation is strugglingwith the perception thatPakistan is a risky invest-ment due to corruption andmounting Islamic militancy.

Sharif conceded that thecountry faces an uphill battlein attracting foreign invest-ment due to negative percep-tions in the global market,adding that the nation hasfallen behind India.

But he said the potential forgrowth is strong, given natu-ral resources and agriculture.UAE companies could seekconstruction deals in Punjabduring a slowdown at home,he said. -Agencies

Pak, UAE ink$1.3bn MoUs

Pakistan Investment Conference Dubai

Agri, dairy, mining, energy sectors marked for investmentPak seeks increased inflows from UAE: Shahbaz

Says Pakistan has strong potential for growth

Staff Reporter

KARACHI: Governor StateBank of Pakistan (SBP) ShahidKardar Monday said that gov-ernment's poor policies arespurring inflation in the coun-try.

Addressing members of thebusiness community at theFederation of PakistanChambers of Commerce andIndustry (FPCCI) in Karachi,he said the main reason ofprice hike was bad governanceand the present governmentwas not serious to providerelief to the poor.

Kardar said future strategy to

control inflation must includecoordinated and timelyresponse to changing macro-economic conditions alongwith a concerted effort to raisethe productive capacity of theeconomy.

Kardar stressed that anydelay in implementing such astrategy would only make thepolicy tradeoffs much moredifficult resulting in continuinguncertainty regarding desirableeconomic outcomes.

Responding to variousqueries regarding MonetaryPolicy, SBP Governor said thatMonetary Policy has played its

See # 10 Page 11

Govt fuelinginflation: SBP

Fed borrowing reaches Rs1500bn: Kardar

KARACHI: PetroleumMinister Syed Naveed Qamarhas said that the matters relat-ing to TurkmenistanAfghanistan, Pakistan, andIndia (TAPI) pipeline includ-ing gas pricing will be resolvedby April 30, 2011 and the gas isscheduled to be supplied by2015.

He was addressing a pressconference to give more detailson $7.6 billion TAPI project athis residence here on Monday.

Qamar who inked the GPFAin Ashgabat on Saturday, saidthe gas sales and purchase

agreement (GSPA) which isunder negotiation will besigned afterward, he added.

He said that gas pipelineframework agreement (GPFA)has been signed by oil minis-ters of all the member coun-tries while Inter-GovernmentalAgreement (IGA) by the headof states at recently concludedTAPI summit in Ashgabat onDecember 11, 2010.

Qamar said that the Britishcompany Gaffney ClineAssociate has submitted thegas reserve audit certificate to

See # 19 Page 11

Pricing pact byApr 2011: QamarIndia’s pull out to make no difference: Pak

ISLAMABAD: The AsianDevelopment Bank's (ADB)Board of Directors hasapproved a Microfinance RiskParticipation Program, markingADB's first large scale privatesector microfinance initiative.

A statement issued by theBank Monday said that pro-

gram will allow ADB to part-ner with financial institutions(IFIs) that actively lend tomicrofinance institutions(MFIs) in ADB's developingmember countries and to sharethe default risk on underlyingMFI loans.

See # 20 Page 11

ADB to shareMFIs loan risk

BoD approves $250 million for Participation Program

LONDON: Pakistan is nearlyready to launch a privatisationprogramme which aims tobring in foreign managementexpertise and tap internationalmarkets to turn around its flag-ging state-owned industries, itsprivatisation minister said in aninterview.

"You will see in the next 12months about 5 or 6 deals com-ing on the block," Waqar

Ahmed Khan told Reuters onSunday, adding that he expect-ed the first deal in January.

Pakistan privatisations in thepast have been dogged by alle-gations of corruption and accu-sations of companies beingsold off too cheaply.

Khan said this time the gov-ernment planned to sell minor-ity stakes or offer equity-linked

See # 14 Page 11

Pak eyes foreignfunds for SOEs

Settlement of Securities

SECPapproves

automationISLAMABAD: In line with itsefforts to promote greater relia-bility, efficiency and transparen-cy in the capital market opera-tions, the Securities andExchange Commission ofPakistan (SECP) has approvedthe project of 'Automation ofSecurities Settlement', at theCentral Depository Company ofPakistan Limited (CDC).

According to a press releaseissued here on Monday, it will beeffective on December 20.

The project has been finalisedin collaboration with theNational Clearing Company ofPakistan Limited (NCCPL) and

See # 12 Page 11

Govt notifiesend of wheat

export banISLAMABAD: The govern-ment here on Monday issued anotification for lifting of ban onexport of wheat and wheat prod-ucts from the country.

According to notificationissued by the Ministry ofCommerce in exercise of powerconferred by the sub section (1)

See # 15 Page 11

IranianFM fired

TEHRAN: Iranian PresidentMahmoud Ahmadinejad hasfired Foreign MinisterManouchehr Mottaki, the offi-cial IRNA news agency reportedon Monday, without giving rea-sons.

"I thank you and appreciatethe work and the services youhave rendered during yourtenure in the foreign ministry,"Ahmadinejad was quoted assaying in the directive carried byIRNA.

"I hope your efforts receivepraise by God and you will besuccessful in the rest of your lifeat the service of people of ourIslamic nation," he added.

Mottaki, a career diplomat, See # 13 Page 11

Roadsideblast killsone in KP

PESHAWAR: A bomb struck aschool bus on Monday, killinga mechanic and wounding twochildren as they were beingdropped home after class,police said.

The explosion ripped throughthe congested Bhana Marri areaon the outskirts of Peshawar.

Police said initially that thebus driver was killed, but lateridentified the dead man as amechanic whose workshop wasnearby. The driver was amongup to four people treated forinjuries after the attack.

"My house was nearby and Iwas standing up to get downwhen there was a deafeningexplosion. I saw a fireball andheard the explosion. I didn'tknow what happened afterthat," said nine-year-old ImamGulzar.

The windows of the bus fromthe Islamia Model School - afee-paying English-languageschool - were punched out inthe blast, the vehicle blackenedby fire and a nearby shop

See # 18 Page 11

Petraeusmeets

KayaniISLAMABAD: General DavidH Petraeus, Commander of theNato International SecurityAssistance Force, visitedPakistan Monday to meet withGeneral Ashfaq Parvez Kayani.

According to the statementissued by the US embassy theydiscussed various topics ofmutual interest and ways toimprove regional security.

This was General Petraeus'fourth visit to Pakistan as theNato ISAF Commander,although he has long-estab-lished relationships withGeneral Kayani and thePakistani military from his timeas the US Central Commandcommander.

According to sources the twodiscussed matters related tocheck posts at Pakistan-Afghanborder while Army Chief alsostressed on Nato commander to

See # 17 Page 11

KARACHI: Sindh Home Minister DrZulfiqar Mirza Monday said that tar-get-killers belong to the biggest partyof Karachi, media reported Monday.

"As Home Minister I take all theresponsibility and we are also deeplyconcerned, but nothing could be doneindividually," he said while addressingthe members of Karachi Chamber ofCommerce and Industry (KCCI).

He said it has been his ambition,desire and determination to bringpeace in the most populated city of the

country."Normal crime is since independence

when there was no existence of PPP,MQM or the ANP," he pointed out.

The minister said presently at least60 suspects of target killings with affil-iation of various political parties werein custody of the police and investiga-tions were underway.

"Alleged target killers were alsothoroughly interrogated by the JointInterrogation Team (JIT)," he told thebusinessmen.

Referring to the complaints of theKCCI members and its affiliated asso-ciations, Mirza said that the govern-ment was seeking the help of all thecoalition partners to dismantle theforces created hatred among the mass-es. Regarding the mafia of the extor-tionists, the minister was of the viewthat business community could also beblamed who succumbed to the pressureof the elements involved in the extor-tion and would not report to the policeon time. He said it was under the lead-

ership of the present government thatthe business community got rid of thenotorious criminal 'Rehman dacoitgang' of Lyari and added that the lawand order has considerably improvedby 40 per cent this year as compared tothe crime figures of the previous year.

Home Minister said that in most ofthe cases, internal factors wereinvolved in the law and order situationand suggested the business communityto help the government in law and

See # 16 Page 11

Mirza throws blame-bombs at MQMMQM Rabita Committee decides to send HM’s speech DVD to President, PM

No immediate plans to sell majority stakes: Waqar

KARACHI: Sindh Home Minister Dr Zulfiqar Mirza addressing the members ofKarachi Chambers of Commerce and Industry here on Monday. -APP

Karachi, Tuesday, December 14, 2010, Muharram-ul-Haram 7, Price Rs12 Pages 12

ADB to finance TAPI gasline project

2 Tuesday, December 14, 2010

TV PROGRAMMES

TUESDAY

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

Maya ke Sath11:00 News12:00 News13:10 Newsbeat (Rpt)14:10 Tonight With

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

Jasmeen23:00 News23:30 24

Staff Reporter

KARACHI: KhurshidAlam, Chairman, PakistanTanners Association hasagain strongly emphasisedthe need in a press state-ment issued today to plugthe leakages/corruption ofaround Rs350 billionannually in GovernmentState Enterprises as wellas sizeable leakages/cor-ruption in billions ofrupees in Federal Board ofRevenue (FBR) & otherGovernment Departmentsto replenish the losses ofthe country in repugnanceto the imposition of RGST& Flood Surcharge inPakistan.

Khurshid Alam,Chairman, PakistanTanners Association hashighlighted that theAgriculture sector is hav-ing 22 per cent share,while the tax collection isless than 2 per cent insteadof this the Leather SectorIndustry of Pakistan,

which is 2nd biggestexport oriented Industry ofthe country having 25 percent share, while it hasbeen documented in theTax network of Pakistanup to 60 per cent.

Khurshid Alam has alsoinformed to the Press thatthe Leather Industry ofPakistan is already one ofthe 100 per cent docu-mented Industries of thecountry and exportingL e a t h e r / L e a t h e rGarments/Allied LeatherProducts after necessaryvalue addition to the worthof around $1 Billion.

Chairman PakistanTanners' AssociationKhurshid Alam also addedthat the Government isalso holding up millions ofrupees of exporters'money under exportrebate, which is at presentaround 1 per cent. Now itseems impossible in thepresent state mechanismthat FBR could smoothlyrelease 15 per cent GST

refunds. To meet thisshortfall in working capi-tal, exporter/entrepreneurswould approach to Bankfor financing its export forwhich mark-up rate itselfis on a parallel rise. Thisindustry would lead to anultimate collapse.Government should wise-ly consider the implica-tions of RGST instead ofblindly following the IMFagenda.

Khurshid Alam,Chairman, PakistanTanners Associationappeals strongly to theGovernment of Pakistan toreconsider their decisionfor imposing RGST &Flood Surcharge particu-larly on Leather Industryof Pakistan, which isalready enjoying Zero rat-ing and to make brain-storming for getting theAgriculture & other sec-tors of the country into thefolder of Tax Regime tobroad the Tax spectrum ofthe country.

Tanners protestagainst RGST

imposition

Staff Reporter

KARACHI: SSGC man-agement has decided toshut down gas supplies tothe CNG stations in itsfranchise areas of Sindhand Balochistan for twodays in a week in order tocope with the increasinggas demand due to theonset of winter loads onthe system.

This shall, however, notapply to the CNG stationsthat have a valid restrain-ing order from the hon-

ourable Sindh HighCourt.

SSGC is committedtowards ensuring uninter-rupted gas supply to all itscustomers. The Companywas, however, compelledto take this decision inview of the cold weatherespecially in the northernpart of its franchise areas,which increases gas con-sumption manifoldsthereby resulting in fur-ther gas shortage.

The SSGC managementhas appealed to all its cus-

tomers to voluntarilyreduce their gas consump-tion in order to bridge thenatural gas demand-sup-ply equilibrium.

A committee under thesupervision of ZuhairSiddiqui, SGM(Customer andEngineering Services)and comprising of FaiyazMerchant, GM (Sales)and Salahuddin Ahmed,DCE (Sales) has beenformed to respond to thecustomers' queries relatedto gas supply.

SSGC to put cap onCNG outlets supply

Staff Correspondent

LAHORE: The Vice President ofSAARC Chamber of Commerce &Industry (SCCI) and former FPCCIPresident Iftikhar Ali Malik has urgedthe government to revise its priority listregarding supply of gas to the con-sumers. "The government should givetop priority to the industrial sectorinstead of domestic users as stoppageof industrial wheel means unemploy-ment and heavy loss to governmentexchequer."

In a statement issued Monday IftikharAli Malik said that the governmentshould restore supply of gas to theindustry in Punjab in the larger interestof the economy as more than 60 per

cent country's total industry exists inPunjab and any harsh step is bound tobackfire.

SAARC Chamber Vice President saidthat 40 per cent industry of India is run-ning on LNG and the government shouldensure availability of LNG by complet-ing the projects in pipeline. He said thatthe government must not rely on bureau-cracy but should take its own decisionsbased on popular will. It is not theindustry alone that has been put at stakebut the entire economy is in deep trou-ble due to unavailability of gas, he said.

Iftikhar Ali Malik appealed the PrimeMinister Syed Yousaf Raza Gillani tointervene in the matter and restore gassupply to the Punjab industry in thelarger interest of the country.

Saarc CCI urgesgovt to rescript gas supply plan

Staff Reporter

KARACHI: The CitizensArchive of Pakistan [CAP],in collaboration withRoutes2Roots, an Indiannon profit organizationworking for peace and dia-logue between Pakistanand India, introduce"Exchange for Change", aninteractive exchangebetween 2400 school chil-dren of Pakistan and India.Indeed the main philoso-phy and vision behindExchange for Change is toopen avenues for children

within Pakistan and Indiafor dialogue and under-standing of a shared histo-ry, culture and lives.

The project is based onthe premise that accessibil-ity to youth interaction anddirect information throughcommunication will in timelead to a more informedand fundamental under-standing of each other.Moreover, it is believed thatsuch interaction will in turnlead to a positive change inrestructuring cultural mis-conceptions and inter-gener-

ational conflict.During the 12-month life

of this project, a sustainedexchange of written, visualand oral histories will takeplace between 2400 schoolchildren, between the ages10 and 14, from 10 schoolsacross Pakistan and India.Participating schools havebeen chosen equally alongthree main economic strata;privileged, middle Incomeand underprivilegedschools and students areequally represented withinthe project.-PR

CAP working forbetter India ties

TUESDAY

Time Programmes8:00 Chai Time (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 News15:02 Akhri Sauda15:30 Tax Time (Rpt)16:15 Karobari Dunya17:05 Ghar Ka Kharch

(Rpt)18:05 Chai Time19:00 News19:05 Aap Ka Paisa19:30 Mang Raha Hai

Pakistan 20:00 News20:05 Islamabad Say 21:00 Pakistan Aaj Raat22:00 News22:05 Doosra Pehlu23:00 News23:05 Kamyab (Rpt)0:00 News

KARACHI: Sharat Sabharwal Indian HC, Jahangir Bader, Secretary General,Pakistan Peoples Party celebrate SAARC Silver Jubilee along with Iftikhar Ali

Malik, Vice President SAARC CCI.-Staff Photo

KARACHI: The Swiss International Air Lines top travel agents award Ceremonyheld recently at local hotel. Photo shows Chief Guest Consul General of

Switzerland Didier Boschung, Country Manager Yasmin Peermohamed, PresidentSBC, Farrukh Mazhar, with the recipient of award agents.-Staff Photo

KARACHI: The Consul General of the United ArabEmirates, Sohail bin Matar Al -Katebi, handing overaid for Sindh flood victims to UAE Red Crescent at

NLC Port.-Staff Photo

KARACHI: The Merck (Pvt) Ltd, launched itsCalendar 2011 at local hotel. Picture shows actingConsul General of Germany Dieter Freund, M D,

Merck Abdul Baqy Khan, Barrister Abdul R Sattar,present on the Occasion.-Staff Photo

KARACHI: Pakistan Association of Photo journalists(PAPJ) Finance Secretary Adeel Khan along with

Information Secretary Mohammad Arshad Presentinga Shield of PAPJ to the Japenese Photo journalistKuni Takahashi at Karachi Press club.-Staff Photo

KARACHI: Group photo of Dr A Q Khan along with Senator S M Zafer, Chancellor, Hamdard University,Prof Dr Nasim A Khan, Vice Chancellor Prof H K Abdul Hannan and Mohammad Akhter Khan during his

visit Hamdard University.-Staff Photo

Multinet Pak join

hands with

TelekomMalaysia

KARACHI: MultinetPakistan (Private)Limited (Multinet), aregionally renowned dataand voice communicationprovider, announced thatit has forged a strategicalliance with TelekomMalaysia Berhad (TM),Malaysia's leading NextGeneration Network serv-ice provider, to deliverseamless, secure and reli-able Internet ProtocolVirtual Private Network(IPVPN) services to itscorporate customers viaMulti-Protocol LabelSwitching (MPLS) tech-nology.

With the partnership,Multinet, and TM com-bine efforts to provideunparalleled IPVPN serv-ices, catering to the rapid-ly increasing demandfrom corporate customersin Pakistan and Malaysia,especially for multipoint-to-multipoint connectivityservices and highly scala-ble network solutions thatsupport the bandwidth-demanding applications.

"We are pleased to part-ner with TM, a well-established telecom carri-er with a fully-meshedMPLS IP network aroundthe globe, to provideseamless data connectivi-ty to suit the diverserequirements of our cus-tomers," said RashidShafi, Senior ExecutiveVice President ofMultinet. "I believe TMshares our vision to deliv-er best-in-class networkservices to our multina-tional customers."-PR

Inteleducation

awardhonoured

Staff Reporter

KARACHI: Intel PakistanCorporation organised theIntel Education AwardsCeremony in Karachi, incollaboration between theIntel Education Initiative,Ministry of Education,Government of Pakistanand Ministry of IT,Government of Sindh torecognise the impressiveperformance of outstand-ing schools and teachers inthe province of Sindh.

Of the many teachers andschools who participatedin the Intel Teach Programcontest, 5 emerged asgrand winners, who usedtechnology effectively inpromoting inquiry basedlearning.

"The program is now 8years old and is focused onteacher training to supporttechnology integrated andlearning to enhance stu-dents' 21st Century Skills.Intel Education Awards areheld keeping in mind theobjective of keeping teach-ers abreast with the latestteaching methodologies,"said Naveed Siraj, CountryManager, Intel PakistanCorporation.

UNFPAcalls fortimelycensusStaff Reporter

KARACHI: United NationsPopulation Fund (UNFPA)continues its efforts to sup-port the Government ofPakistan in raising awarenessabout the importance of theforthcoming population andhousing census in Pakistan.A provincial-level seminaron "Population Census andPakistan's Development"was organised in Karachi onMonday.

The seminar has specialrelevance as the theme ofthis year's World PopulationDay is "Everyone Counts"which highlights the impor-tance of data for develop-ment. The theme under-scores why reliable, disag-gregated data is so crucial toprogress and encouragespeople to participate in thecensus and other data col-lection efforts. "Reliabledata can make a difference,and the key is to collect,analyze and disseminatedata in a way that drivesgood decision making. Thenumbers that emerge fromdata collection can illumi-nate important trends. It isthe censuses, surveys andvital statistics initiativeswhich provide critical data toguide plans, policies and pro-grammes to meet people'sneeds and improve theirlives", said Rabbi Royan,Representative, UNFPA.

SeoulbecomesEtihad’snew stop

KARACHI: EtihadAirways inaugurated itsfirst ever service to SouthKorea, from Abu Dhabi toSeoul's IncheonInternational Airport.Seoul has become Etihad's65th destination on thenetwork in its seven yearsof operations, said a hand-out issued here.

Etihad Airways ChiefExecutive Officer, JamesHogan, said; "We aredelighted to commenceservices to South Korea,which has been a targetdestination for us for sometime. There is a strongrelationship betweenSouth Korea and theUnited Arab Emirates,built over a 40-year histo-ry of bilateral trade rela-tionships between thecountries.

We are confident this newroute will be a success forboth our passenger andcargo operations, and welook forward to facilitatingbusiness and leisure trafficbetween the two countries.The services have beenmade possible with the sup-port of the UAEGovernment and GeneralCivil Aviation Authority aswell as the South KoreanGovernment and its CivilAviation Authority. We aregrateful for the supportshown to Etihad and lookforward to a successful serv-ice." -PR

KESC advocates energy-savingKARACHI: The Karachi Electricity Supply Company (KESC) on Monday organiseda one-day energy conservation activity. A statement of the organisation said that theobjective of the Energy Conservation Initiative was to create awareness and eventu-ally transfer the ownership of the movement to the citizens of Karachi, with KESCworking as the lead programme driver.

The Karachi Energy Conservation Programme is a social service initiative and animportant facet of Karachi's energy usage policy, with the principal goal of saving200 MW of electricity in the city by 2011. KESC also arranged an EnergyConservation display area in Makro's main lobby where more than 800 consumerswere briefed on the Energy Conservation Initiative. Through demonstrations, con-sumers were informed that every appliance consumes energy on standby mode andEnergy Savers save 75 per cent electricity in comparison to a normal incandescentbulb. They were informed that even a night bulb, which is perceived as a "ZeroPower" bulb, consumes 15 watts. They were also briefed on the difference betweenthe consumption of conventional tube light (with chokes) and T5 tube lights.-APP

MUMBAI: The Indian rupeeregained most of its lost groundon Monday tracking a recoveryin local shares, but still endedweaker amid a lack of majorcapital inflows and the dollar'sstrength overseas.

With only a fortnight left forthe year to end, dealers expectthe rupee to move in a narrowrange with a weakening bias onuncertainty surrounding capitalinflows.

"In the short-term, the uncer-tainty over capital flows, highcurrent account deficit (and) oilprices should keep the rupeeweak," said Ananth Narayan G,head of fixed income, curren-cies, commodities of south Asiaat Standard Chartered Bank inMumbai.

"We don't expect the rupee torun away on either side."

Dealers expect the rupee toclosely track the stock marketfor the rest of 2010.

The partially convertible rupeeended at 45.1250/1350 per dol-lar, after dipping to the day's lowof 45.2650 and weaker thanFriday's close of 45.05/06.

Ananth Narayan expects therupee to be around 45.50 per dol-lar by end-December and at 44

by end-March.The one-year forward dollar

premium ended at 241.75 points,up from 239.25 points lastFriday and the one-month premi-um was up at 28.75 points fromthe previous 26.25 points.

The one-month offshore non-deliverable forward contractsclosed at 45.44, weaker than theonshore spot rate, indicating abearish near-term outlook.

In the currency futures market,the most traded near-month dol-lar-rupee contracts on theNational Stock Exchange, MCX-SX and the United StockExchange ended at 45.2675,45.2600 and 45.2750.

The total traded volume on thethree exchanges including allavailable contracts was low at$4.5 billion. -Reuters

Indian rupee off lows;dollar inflows muted

3Tuesday, December 14, 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 13/12/2010

A USD GBP CAD EUR JPY

O/N 0.23875 0.55625 0.98000 0.52875 SN 0.09766

1WK 0.25344 0.56313 1.02000 0.62000 0.10484

2WK 0.25625 0.56813 1.05167 0.64375 0.10992

1MO 0.26031 0.58125 1.09500 0.75375 0.12600

2MO 0.28063 0.63688 1.15000 0.84750 0.14875

3MO 0.30156 0.74750 1.23000 0.95563 0.18288

4MO 0.34750 0.82875 1.29750 1.02938 0.24288

5MO 0.40375 0.93625 1.36250 1.11188 0.30125

6MO 0.45631 1.04250 1.43917 1.20000 0.34688

7MO 0.51188 1.12125 1.50417 1.24500 0.40000

8MO 0.56563 1.20375 1.58000 1.29875 0.44688

9MO 0.61688 1.28563 1.64833 1.34875 0.49125

10MO 0.66813 1.36250 1.71833 1.40000 0.51625

11MO 0.72375 1.43000 1.80333 1.44513 0.53875

12MO 0.78500 1.49750 1.88917 1.48875 0.56875

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

USA 62.95 62.75 62.58UK 122.62 122.23 121.88EURO 91.48 91.19 90.98CANADA 62.92 62.72 62.56SWITZERLAND 57.18 57 56.85AUSTRALIA 56.74 56.56 56.41SWEDEN 9.72 9.69 9.66JAPAN 0.587 0.5851 0.5836NORWAY 11.39 11.36 11.33SINGAPORE 44.37 44.23 44.12DENMARK 12.28 12.24 12.2SAUDI ARABIA 16.79 16.73 16.69HONG KONG 8.07 8.05 8.03CHINA 8.75 8.73 8.7KUWAIT 230.1 229.37 228.76MALAYSIA 19.44 19.38 19.33NEW ZEALAND 49.66 49.5 49.37QATAR 17.31 17.25 17.21UAE 17.14 17.09 17.04KR WON 0.0666 0.0664 0.0662THAILAND 1.913 1.9006 1.9001

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3389 1.3392 1.3392 1.3183

USD-CHF 0.9674 0.9675 0.9849 0.9662

GBP-USD 1.5856 1.5861 1.5864 1.5720

USD-CAD 1.0033 1.0037 1.0105 1.0030

AUD-USD 0.9940 0.9944 0.9952 0.9837

EUR-JPY 112.0000 112.0400 112.0500 110.7100

EUR-GBP 0.8436 0.8439 0.8453 0.8350

EUR-CHF 1.2949 1.2953 1.3005 1.2917

GBP-JPY 132.7000 132.7700 133.0300 131.8300

CHF-JPY 86.4600 86.5200 86.5100 85.3700

CAD-CHF 0.9634 0.9638 0.9761 0.9622

Gold 1396.7300 1397.4500 1399.6000 1381.1400

Silver 29.5100 29.5700 29.6500 28.4900

As per 22.00 PST

Time Source Events Forecast Previous

5:01 GBP RICS House Price Balance -49% -49%

5:30 AUD Housing Starts q/q -5.0% 0.8%

14:30 GBP CPI y/y 3.1% 3.2%

14:30 GBP Core CPI y/y 2.6% 2.7%

15:00 EUR German ZEW Economic Sentiment 3.8 1.8

15:00 EUR Industrial Production m/m 1.4% -0.7%

15:00 EUR ZEW Economic Sentiment 10.3 13.8

18:30 USD Core Retail Sales m/m 0.7% 0.4%

18:30 USD PPI m/m 0.6% 0.4%

18:30 USD Retail Sales m/m 0.6% 1.2%

18:30 USD Core PPI m/m 0.2% -0.6%

20:00 USD Business Inventories m/m 0.9% 0.9%

Source Events Actual Forecast Previous

GBP Rightmove HPI m/m -3.0% -3.2%

CHF PPI m/m -0.2% 0.1% -0.4%

GBP PPI Input m/m 0.9% 0.7% 2.2%

CAD Capacity Utilization Rate 78.1% 76.6% 76.9%

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 13,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

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

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

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

ABLN 11.75 12.25 12.25 12.75 12.60 13.10 13.15 13.40 1340 13.65 13.45 13.95 13.60 14.10 13.70 14.20

JSBL 11.90 12.40 12.40 12.90 12.80 13.30 13.40 13.65 1350 13.75 13.45 13.95 13.70 14.20 14.00 14.50

ASPK 12.05 12.55 12.15 12.65 12.55 13.05 13.10 13.35 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20

CIPK 12.00 12.50 12.20 12.70 12.50 13.00 13.10 13.35 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20

DBPK 11.75 12.25 12.15 12.65 12.45 12.95 12.95 13.20 1320 13.45 13.35 13.85 13.40 13.90 13.60 14.10

FBPK 11.65 12.15 12.25 12.75 12.65 13.15 13.25 13.50 1345 13.70 13.55 14.05 13.65 14.15 13.85 14.35

FLAH 11.85 12.35 12.15 12.65 12.60 13.10 13.20 13.45 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20

HBPK 11.70 12.20 12.10 12.60 12.60 13.10 13.15 13.40 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20

HKBP 11.90 12.40 12.20 12.70 12.65 13.15 13.10 13.35 1330 13.55 13.40 13.90 13.60 14.10 13.65 14.15

N I PK 11.80 12.30 12.20 12.70 12.80 13.30 13.25 13.50 1340 13.65 13.50 14.00 13.60 14.10 13.70 14.20

HMBP 12.00 12.50 12.40 12.90 12.85 13.35 13.25 13.50 1335 13.60 13.50 14.00 13.60 14.10 13.70 14.20

SAMB 12.00 12.50 12.25 12.75 12.65 13.15 13.20 13.45 1340 13.65 13.45 13.95 13.60 14.10 13.75 14.25

MCBK 12.10 12.60 12.30 12.80 12.65 13.15 13.15 13.40 1330 13.55 13.40 13.90 13.50 14.00 13.75 14.25

NBPK 11.95 12.45 12.30 12.80 12.65 13.15 13.10 13.35 1325 13.50 13.40 13.90 13.60 14.10 13.70 14.20

SCPK 11.50 12.00 12.00 12.50 12.50 13.00 13.00 13.25 1325 13.50 13.45 13.95 13.50 14.00 13.70 14.20

UBPL 11.80 12.30 12.10 12.60 12.55 13.05 13.10 13.35 1330 13.55 13.45 13.95 13.60 14.10 13.70 14.20

AVE 11.87 12.37 12.21 12.71 12.62 13.12 13.15 13.40 1335 13.60 13.45 13.95 13.60 14.10 13.71 14.21

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)13/12/2010

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

1 week -0.90 -0.48 -0.97 0.84 -0.95 0.56 -0.99 0.961 month -0.72 -0.16 -0.40 -0.24 -0.62 -0.63 -0.68 0.533 months -0.77 -0.69 -0.79 -0.31 -0.86 -0.63 -0.60 0.486 months -0.88 0.19 -0.71 -0.22 -0.88 -0.86 -0.79 0.541 year -0.63 0.74 0.32 0.64 -0.08 -0.43 -0.67 0.192 years -0.65 0.73 0.30 0.69 0.01 -0.20 -0.63 0.58

Currencies CorrelationUSD/JPY

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.50 11.90 11.75 11.90 12.00 11.80 11.98

8-15dys 12.55 12.25 12.00 12.30 12.60 12.25 12.33

16-30dys 12.75 12.65 12.70 12.70 12.75 12.65 12.70

31-60dys 12.88 12.90 12.85 12.95 12.90 12.80 12.88

61-90dys 13.13 13.10 13.12 13.15 13.10 13.05 13.11

91-120dys 13.28 13.20 13.20 13.20 13.20 13.15 13.21

121-180dys 13.35 13.30 13.31 13.36 13.35 13.35 13.34

181-270dys 13.50 13.40 13.48 13.52 13.50 13.45 13.48

271-365dys 13.67 13.65 13.63 13.68 13.65 13.65 13.66

2-- years 13.95 14.00 13.85 13.90 13.90 13.85 13.91

3-- years 14.05 14.23 14.15 14.26 14.20 14.10 14.17

4-- years 14.10 14.25 14.22 14.28 14.25 14.10 14.20

5-- years 14.15 14.29 14.25 14.30 14.30 14.20 14.25

6-- years 14.15 14.30 14.23 14.32 14.30 14.22 14.25

7-- years 14.20 14.39 14.31 14.38 14.35 14.24 14.31

8-- years 14.20 14.05 14.15 14.33 14.05 14.16 14.16

9-- years 14.22 14.05 14.06 14.34 14.15 14.14 14.16

10--years 14.25 14.28 14.30 14.35 14.30 14.25 14.29

15--years 14.60 14.50 14.50 14.60 14.60 14.55 14.56

20--years 14.70 14.60 14.70 14.90 14.75 14.70 14.73

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for December 13, 2010

NEW YORK: The dollar fell broadlyon Monday, partly on concern a US taxcut deal could swell a large budgetdeficit at a time when the FederalReserve is committed to accommoda-tive monetary policy.

That China refrained -- for now --from raising interest rates to quell infla-tion also helped stoke risk appetite,which boosted stock and commodityprices and currencies such as theAustralian dollar and Canadian dollar.

But traders said the broad-based dol-lar decline was being driven at leastpartly by financing concerns. The eurowas up 1.1 per cent at $1.3382, whilethe dollar fell 1.3 per cent to 0.9673Swiss francs, a typical safe haven. Thedollar fell 0.4 per cent to 83.55 yen.

Volume was lower than usual as theholidays approached, and traders saidthe euro could run into resistancearound $1.34. Some said the market

was wary of getting stretched ahead ofa European Union summit this weekthat some hope will result in a perma-nent supportmechanism fortroubled euro-zone countries.

After buyingthe dollaragainst the eurofor fear thee u r o - z o n e ' sdebt crisis could spread, traders werereminded the United States also facesdebt problems of its own.

Moody's said a deal cut last week bythe White House and Republicans toextend Bush-era tax cuts could shift itsoutlook on the country's AAA rating,the highest for sovereign debt.

That followed a rise in US bondyields that began last week, with the 10-year yield hitting a six-month high,

though important support levels haveheld so far on Monday.

"This move is coming as the market

starts to price in the impact of the taxcut deal, and while Moody's saying itincreases the chances of a negative out-look on US ratings isn't new, traderscan't help but contemplate the 'what if'scenario," said Paresh Upadhyaya, headof Americas G10 strategy at BofAMerrill Lynch.

While the tax cut deal has led manyeconomists to upgrade their US growthforecasts and boosted equities, traders

say the rise in US yields was also driv-en by debt worries.

Michael Woolfolk, currency strategistat BNY Mellon, said markets are confi-dent that the deal will indeed boostgrowth, and that helped lift the dollarlast week.

But he said they also fear that withunemployment near 10 per cent, the UScentral bank will nonetheless press onwith a $600 billion bond-buying pro-gram to keep long-term rates low. That,together with tax cuts, may swell abudget deficit already in excess of $1trillion.

"You may see growth in the 3-4 percent area next year, but that will causeinflation." he said. "And it's going totake an act of God to get the Fed to trimits bond buying. That's what people areconcerned about."

The Fed holds its last policy meetingof the year Tuesday. -Reuters

Dollar down as debtworries, risk appetite rise

SHANGHAI: China's yuanended lower against the dollaron Monday after the People'sBank of China set a weakermid-point in the wake of a slightrise in the US dollar index.

Dealers said the Chinese cen-tral bank was in a tough posi-tion as it faces political pressureon one hand to let the yuan risewhile having to also controlheavy money inflows betting onyuan appreciation and the coun-try's bullish asset markets.

"It seems the central bank'sprimary task is hot money con-trol," said a dealer at a Chinesebank in Shanghai. "So, weexpect it may keep the yuanstable for a while to avoid fur-ther funds flowing into China.

The PBOC announced anincrease in bank reserverequirement ratios (RRR) lateon Friday while three industrysources told Reuters onMonday a selective rise inrequired reserves for Chinesebanks that was due to expirethis week would be extendedfor another three months, partof moves to curb liquidity.

On Sunday, state media cited a

statement from an annual poli-cy-setting economic conferencethat China would keep the yuanbasically stable at a reasonableand balanced level next year.

Meanwhile, political pressurewas expected from a meeting ofthe US-China JointCommission on Commerce andTrade, which will be held onDec. 14-15 and ChinesePresident Hu Jintao's visit to theUnited States, expected fromJan. 17-20. Spot yuan closed at6.6670 versus the dollar, downfrom Friday's close of 6.6556. Ithas risen 2.39 per cent since thePBOC announced a depeggingin mid-June.

Before trade began, the PBOCset the day's mid-point at 6.6630,which was weaker than Friday's6.6604. The mid-point is a levelfrom which the yuan may rise orfall 0.5 per cent against the dol-lar on a given day.

Offshore, one-year NDFswere at 6.5120 bid late onMonday from Friday's close of6.5005, with implied yuanappreciation in a year's timefalling to 2.32 per cent from2.50 per cent on Friday. -Reuters

Yuan ends lowerafter weak mid-point

LONDON: Sterling paredlosses against the dollar onMonday, as a sell-off in the UScurrency gathered pace onworries about US publicfinances and after Moody'sflagged concerns about thecountry's credit ratings.

Earlier the pound wasweighed down by a weak UKhousing sector survey andcomments from a Bank of

England policymaker who sug-gested more monetary easingwas possible if the euro-zone'sstruggles worsened.

Sterling was up 0.32 per centat $1.5869, having risen to ashigh as $1.5876, its highestsince Nov. 23. It went past its55-day moving average of1.5873 with some chartists say-ing a close above that levelcould be positive for the poundin the short term.

"It is a dollar story that ispushing up sterling," saidAshraf Laidi, chief marketsanalyst, at CMC Markets. "The

Moody's story has led to a sell-off in the dollar, but the poundis still losing ground against allthe other currencies."

The euro was up nearly 0.9per cent against the pound,having risen to as high as at84.55 pence, its highest sinceDec 7. It is likely to someresistance near its 100-daymoving average around 84.75pence, some traders said.

The latest FX positioningdata showed speculatorstrimmed bets against the dollarin the latest week and morethan doubled net short posi-tions in sterling, in line withincreased bets against the euro.

Trade in the euro will also beinfluenced by developments sur-rounding a summit of EuropeanUnion leaders later this week.The pound showed little reactionto higher-than-expected UKinput prices ahead of a key weekfor UK data, with inflation,labour market figures and retailsales all due. -Reuters

Stg gains vs $, butlags against euro

SEOUL: The Indian rupee andthe South Korean won slidagainst a broadly stronger dol-lar on Monday, leading slightfalls in Asian currencies in sub-dued trading.

Asian currencies are expect-ed to trade the rest of the yearin ranges as investors close outtheir books for the year, ana-lysts and dealers said.

However, since several Asiancurrencies have risen stronglythis year against the dollar,investors may also be temptedto take some profits.

"Asian currencies will risenext year with no changes inthe global picture of better fun-damentals in the region. Butinvestors are likely to takesome profits from their gainsthis year," said Jeong My-young, a currency strategist atSamsung Futures Inc in Seoul.

The won fell against thebroadly strong dollar, withimporter purchases of dollarsweighing. However, foreigninvestors swung to be net buy-ers of Seoul shares on Mondayas the main South Korea index

rose to a three-year high, offer-ing some support.

"I don't think the won willkeep falling. It's resistancelines are getting stronger, butexporters will eventually cometo the market," said a localbank dealer in Seoul.

The won was changing handsaround 1,145.9 per dollar onMonday, but South Koreaexporters expect it to strength-en to an average of 1,111 nextyear as exports are expected tostay strong, a private surveyshowed. -Reuters

Asian currencies

Korean won declines asdollar strengthens broadly

WELLINGTON/SYDNEY: The Australian andNew Zealand dollar inched up slightly on Mondayas the market took high Chinese inflation in itsstride, preferring to focus on the strength ofChinese trade as bullish for the currency.

All eyes are now set on the United States withthe Federal Reserve due to meet on Tuesdaybefore a slew of data including retail sales, con-sumer and producer prices, and housing later in theweek. Joseph Capurso, strategist atCommonwealth Bank, said he expects the centralbank to sound a little more upbeat based on thebroadening of the economic recovery.

"That may see US yields track a little bit higher,that might push up the US dollar against all curren-cies so the Aussie might fall away a little bit laterin the week," he said.

The Aussie dollar was trading around $0.9847Monday, well-entrenched in a narrow band of$0.9834-$0.9857. Support was seen around$0.9784, the 38.2 pct retracement of the Novemberdecline. Resistance is pegged at $0.9900, Friday'ssession high, and turnover very light.

"Liquidity might start to thin out later in theweek because of Christmas," said CBA's Carpuso.

The Aussie dollar showed little reaction toChina's inflation which soared past forecasts to a28-month high in November, putting pressure onthe government to tighten policy to slow down itsrapid economic growth.

The kiwi was largely steady on Monday, holdingjust above opening levels at about 40.7485/89 withsupport seen at $0.7435, the low on Dec. 8. Thefirst line of resistance is at $0.7578.

"The US dollar outlook, a downward revision tothe interest rate path, the momentum of data andtechnicals all point to weakness in the kiwi overthe next month," Westpac senior markets strategistImre Speizer said in a note to clients.

A sustained break below $0.74 will herald adecline to $0.71, Speizer said.

New Zealand investors are gearing up for a busyday on Tuesday, with November housing data,October retail sales and the government's half yearfiscal and economic update.

The Aussie consolidates against the kiwi aroundNZ$1.3159, after a six-week high of NZ$1.3214on Thursday, when surprisingly strong Australianjobs data stood in sharp contrast to dovish com-ments from NZ central bank. -Reuters

Aussie inches up, NZDsteady before US Fed meeting

Swiss francslips as traderseye macro dataZURICH: The Swiss franc waslower against the dollar onMonday as the greenback fol-lowed Treasury yields higher onthe back of improved U.S datalast week.

The franc also slipped againstthe euro after hitting a two-weekhigh of 1.2945 earlier in the ses-sion as traders trimmed shortpositions ahead of Swiss data dueon Monday and a central bankpolicy assessment later in theweek, pushing the franc backbelow the 1.30 per euro level.

Investors will look to Swissproducer and import price datadue at 0815 GMT for confirma-tion on the robustness of theSwiss economic recovery, whilethe Swiss National Bank is wide-ly expected to leave interest ratesunchanged on Thursday.

"While there are good reasonsto look for a lower euro-franc onfundamental grounds, it remainsto be seen whether and to whatdegree FX investors are willingto position themselves short theeuro-franc going into the SNB'squarterly MPA," said UBS econ-omist Reto Huenerwadel in aresearch note.

The franc was down 0.3 percent against the euro compared toFriday's New York close, tradingat 1.3002 per euro at 0732 GMT.The franc fell 0.3 per cent againstthe dollar to 0.9833 per dollar. -Reuters

Asia to stay in ranges until year-end

Moody's warning US outlook unnerves investors

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

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

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

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

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

accuracy and completeness cannot be guaranteed. The Financial Daily

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

use of these reports and recommendations.

Allowingimport ofused cars

Aiming at bringing down prices of locallyassembled cars, the government has allowedimport of secondhand cars. The perception beingcreated is that allowing import of used cars willhelp in bringing down prices of used vehicles andwill also help the government in mobilising someadditional revenue, many analysts believe.

However, some sector experts say it will: 1)open a floodgate and all sorts and types of vehi-cles will be imported, 2) cause huge drain of for-eign exchange reserves, 3) result in massive cor-ruption at embassies and consulates, and aboveall 4) adversely affect the local car manufacturingindustry.

It is suggested that the government abstain fromallowing import of used cars. However, if thepermission has to be granted, strict monitoring ofthe policy is extremely essential to save the man-ufacturers of parts and accessories in particular.

While it may be true that lately assemblers haveincreased prices in quick succession but blamingthem without finding the reasons responsible forthis increase is unfair. According to auto sectorexperts the prime factors responsible for priceincrease are: 1) plants running around 60 per centcapacity utilisation; 2) depreciation of rupee and3) hike in the price of steel around the globe.

Since most of the investment in assemblingunits has come from Japan the decision is likelyto chill economic relationship between the twocountries. It must be kept in mind that latelyJapan has extended huge support in rehabilitationof flood affectees and also considering helpingPakistan in power sector.

The experience shows whenever the govern-ment had allowed import of secondhand vehiclesthe decision didn't bode well for the indigenousauto industry. It is worth reminding that in 2007both the assemblers and manufacturers had madehuge investment for expanding capacities.However, by the time these capacities came ononline, global recession started and capacity util-isation plunged to 50 per cent.

If the government is serious in bringing downprices of vehicles it must exercise other optionsrather than allowing import of secondhand vehi-cles. The vehicle offtake can be increased by pro-viding auto financing facility for both the privateowners and public transporters.

It is evident that a decade old and highly deplet-ed taxis, minibuses, buses, and trucks are plyingaround already. These vehicles not only providehighly uncomfortable rides but also cause seriousroad accidents and multiply pollution.

The only reason for highly depleted publictransport is the absence of auto financing facility.The last scheme was offered in nineties and sincethen the response from the financial institutionshas been lackluster.

Sector experts have been saying that introduc-tion of an efficient and cost effective publictransport system can help in saving the peoplefrom owning their own vehicles as well as burn-ing motor gasoline, diesel and CNG worth billionof dollars.


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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

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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 125

Agroup of about 100 Afghanmembers of parliamentdemanded Monday that

President Hamid Karzai inaugurate theassembly by December 19, almostthree weeks after final results of afraud-marred election were declared.

Afghanistan's political crisis hasbeen simmering since the September18 ballot, with tension rising onreports that the attorney general'soffice had asked for the vote to beannulled.

The troubles present a worryingmessage for US President BarackObama, who will not want to see anyfurther signs of instability as he com-pletes a review of his Afghanistan warstrategy this week.

Consistent allegations of vote fraudin the September polls, as well as in apresidential election last year, haveraised questions about the credibilityof Karzai and his government as apartner at a time when US and NATOleaders are assessing their long-termcommitment to Afghanistan.

Final general election results fromthe country's 34 provinces werereleased on 1st December. Poll offi-cials had said late in November that anew parliament could be formed with-in a week but there has been noattempt to convene the assembly.

About 100 MPs, calling themselvesThe Administrative Board of theParliament, issued a three-point decla-

ration after gathering at parliament todiscuss their next move.

"We call on the president to inaugu-rate parliament," the group said in adeclaration given to Reuters by FawziaKufi, an outspoken member of parlia-

ment from the northeastern provinceof Badakhshan.

She earlier said Karzai "cannot delaythis any more" and echoed severalother successful candidates in sayingthat the attorney general's office didnot have the authority to call for theelection result to be annulled.

"The palace is behind this. Karzai isnot happy with the results," Kufi said.

Karzai has been critical of the poll,which is likely to have produced a par-liament with a larger, more vocal andcoherent opposition than the previouschamber.

"CONSIDERABLE FRAUD"Candidates stood as individuals, not

as members of parties, and the parlia-ment, like the previous one, is adiverse mixture of representatives of

ethnic groups and various politicalforces as well as independents.

There will likely be larger groups ofethnic Tajiks and Hazaras who maychallenge Karzai's traditional powerbase among Pashtuns, Afghanistan's

largest ethnic group.However, Afghan parliaments do not

have a history of organized oppositionand members tend to vote along tribaland ethnic lines, or according to per-sonal positions on issues.

Attorney General Ishaq Aloko, whowas appointed by Karzai, has not beenavailable for comment since Afghantelevision reported late Saturday thathis office had asked the SupremeCourt to cancel the election results.

Hafizullah Hafiz, the head of thecomplaints section in the attorney gen-eral's office, said a letter had been sentto the court asking it to scrap theresults and order a recount.

The legality of such a move was indoubt, analysts said.

The parliamentarians' declaration

also said neither the Supreme Courtnor the attorney general's office hadany authority "to interfere in the elec-tion process."

Supreme Court spokesman AbdulWakil Omari said candidates couldrefer individual complaints to the courtbut was vague when asked whether ithad the authority to cancel the wholeelection.

The court had not received anythingfrom the attorney general's office, hesaid.

The UN mission in Afghanistan hascongratulated election officials forconducting a vote in the middle of aninsurgency, but has also noted "consid-erable fraud" took place.

It also said on 1st December itlooked forward to the "prompt" inau-guration of the 249-seat wolesi jirga,or lower house, "as an important fur-ther step in Afghanistan's strengthen-ing of its democratic governance."

Dozens of candidates and electionofficials are being investigated and theIndependent Election Commission hasthrown out about a quarter of the 5.6million votes cast as fake.

Candidates and supporters, angryover the long delays, have beenprotesting since last month, calling forthe result to be scrapped. Some sayfailure to address grievances wouldpush Afghans toward an insurgency atits worst since the Taliban were oustedin 2001.-Reuters

Ah, AfghanParliament!

Two leading internationalfinancial institutionsfaulted Germany for

aggravating the euro zone crisisby spooking debt markets, butBerlin seems set to get its wayat this week's European Union(EU) summit.

EU leaders are not expectedto announce new measures toease market concerns about theregion's debt, though onesource said intense efforts werebeing made behind the scenesto find ways to inoculate Spainearly next year against thethreat of contagion.

The Bank for InternationalSettlements (BIS) and the headof the European InvestmentBank (EIB) both said GermanChancellor Angela Merkel'sdrive to make private bond-holders share losses in anyfuture euro zone sovereigndefault had intensified the cri-sis.

"The surge in sovereign cred-it spreads began on October 18,when the French and Germangovernments agreed to takesteps that would make it possi-ble to impose haircuts on bondsshould a government not beable to service its debt," theBasel-based BIS said in itsquarterly review.

EIB president PhilippeMaystadt said Merkel wasabsolutely right to demand aprivate sector contribution tofinancial rescues after an emer-gency safety net expires in2013, "but the way it was pre-sented created total confusion.

EU leaders are set to approvea two-sentence amendment tothe 27-nation bloc's Lisbontreaty on Thursday and Fridaythat would create a permanentEuropean StabilizationMechanism to lend to dis-tressed member states on strictconditions.

They will also endorse astatement by euro zone financeministers specifying that pri-vate sector investors will beexpected to contribute, on acase-by-case basis, in any sov-ereign debt restructuring after2013.

But at the insistence of Berlinand Paris, they are unlikely toincrease the existing rescuefund or to take any action on aproposal for commonEuropean bonds to help resolvethe crisis.

EU sources said euro zonefinance ministers would workin January on a more systemicresponse to the crisis, whichhas already driven Greece and

Ireland to require EU/IMFbailouts and threatens to spreadto Portugal, Spain and evenItaly.

NO ACTION ON E-BONDSEuro zone bond markets have

entered an end-of-year lull asinvestors close their books,with yield spreads on peripher-al debt just a touch wider onMonday, but EU officials arepreparing for another potentialwave of selling early in theNew Year.

A German governmentspokesman said indicationswere that the summit would nottake up a proposal to introducecommunal euro zone 'E-bonds'made by Jean-Claude Juncker -- veteran chairman of the singlecurrency area's finance minis-ters and Italian EconomyMinister Giulio Tremonti.

The spokesman also told anews briefing he was not awarethat any examination of anextension of the existingEuropean Financial StabilityFacility was under way, asreported by the FinancialTimes.

The newspaper saidEuropean officials were con-sidering options such as usingthe EFSF to buy bonds of dis-tressed states without resorting

to fully fledged bailouts.However, the German

spokesman said that would be abad idea and a senior euro zonesource told Reuters it was notbeing seriously considered.

Another EU source saidintensive work was going onbehind the scenes on ways tomake European crisis manage-ment instruments more flexibleand better able to help coun-tries before they become shutout of credit markets.

The crucial aim was toringfence Spain, the fourthlargest euro zone economy,against debt market contagion.Madrid was taking energeticmeasures to avoid being suckeddown with the crisis, the sourcesaid.

Experts are also studyinghow to access the full 440 bil-lion euros ($580 billion) in theemergency mechanism if nec-essary, despite pledges to main-tain a cash buffer given tosecure a top notch AAA creditrating for the EFSF, the sourceadded.

Luxembourg ForeignMinister Jean Asselborn saidthe 'E-bond' proposal, designedto reduce the borrowing costsof troubled euro zone states andprevent speculation against

their debt, had been excludedfrom the EU summit agenda.

"I hope we will never need totalk about euro bonds again,"he said. "If we manage tosecure the stability of the euroby making clear decisions thisweek, and I'm sure that theEuropean Union is capable ofdoing this... then I think we cando it," Asselborn toldDeutschlandfunk radio.

The Organization forEconomic Cooperation andDevelopment forecast a sub-dued economic recovery for theeuro zone due to deficit-cuttingausterity measures, butendorsed the EU's drive to givebudget consolidation priorityover boosting growth.

Economists have voiced con-cern that pay and public spend-ing cuts, combined with taxincreases prescribed to bringdown excessive deficits inGreece, Ireland, Spain andPortugal will prolong reces-sion, hitting revenues and mak-ing the required fiscal adjust-ment even harder.

But the OECD said in areport that euro zone countriesneeded the fiscal tighteningeven though it was likely todampen growth in the nearterm.-Reuters

Germany alleged foraggravating euro crisis

The United States willhold high-level tradetalks with China and the

European Union this week, test-ing the Obama administration'sability to tear down barriers thatimpede U.S. exports and eco-nomic growth.

The United States and Chinawill cap a rocky year of traderelations with two days of meet-ings beginning on Tuesday. TheUnited States on Thursday willthen shift from transpacific totransatlantic relations for talkswith the European Union (EU).

The separate dialogues pres-ent distinctly different chal-lenges, with fast growing Chinareceiving the bigger share ofUS attention this year.

Heading into the annual US-China Joint Commission onCommerce and Trade (JCCT)meeting, the Obama adminis-tration is under pressure fromCongress to show progress ontrade irritants ranging from beefto computer software.

Chinese Vice Premier WangQishan will head a delegationof nearly 100 officials for talksled on the US side by

Commerce Secretary GaryLocke and TradeRepresentative Ron Kirk.

A bipartisan group of USmembers of the House ofRepresentatives on Friday com-plained that promises made byChina at past JCCT meetingshave failed to lead to commer-cially meaningful marketaccess for US companies.

They urged Locke and Kirk topress China to commit to spe-cific targets for measuring howmuch it is cutting piracy of USsoftware and other intellectualproperty and boosting importsof American goods.

The United States is alsoexpected to press China toloosen export restraints on rareearth minerals used in a varietyof clean energy and high-techindustry technologies.

US concerns about China'scurrency, which the UnitedStates contends is significantlyundervalued, are not formallyon the agenda but will be in thebackground of the talks.

Another major topic will beChina's "indigenous innova-tion" policies that threaten to

force U.S. companies to trans-fer intellectual property toChina to participate in thatcountry's vast government pro-curement market.

A successful meeting wouldprovide momentum for a sum-mit between President BarackObama and Chinese PresidentHu Jintao in mid-January, saidJohn Frisbie, president of U.S.-China Business Council.

"China says it prefers toresolve things through dia-logue, not legislation or sanc-tions. I think this is an opportu-nity to show that," Frisbie said.

STALE US-EU MARRIAGEWhile the US-China trade

relationship is often fraughtwith tension, relations betweenthe United States and the 27member nations of the EU maysuffer from neglect.

"We treat this transatlanticrelationship like a stale mar-riage," said Kathyrn Hauser,executive director of theTransAtlantic BusinessDialogue, a private sector group.

"But when push comes toshove, the innovation and thejob creation that affects

Americans most significantly isbecause of our relations withthe Europeans," she said.

This week's TransAtlanticEconomic Council (TEC) meet-ing chaired by EU TradeCommissioner Karel De Guchtand White House DeputyNational Security AdviserMichael Froman will explorehow to cut regulatory barriersthat inhibit trade.

"If companies have to complywith two regulations, but theprotection they give consumersis the same, it's a dead weightloss," an EU official said,speaking on condition ofanonymity.

Past efforts to make businessregulations more compatible inthe United States and EuropeanUnion have been difficult. Butboth sides are embarking onnew regulations in areas rang-ing from clean energy to theInternet to financial servicesthat create opportunities forcooperation.

US and EU officials are alsoexpected to discuss prospectsfor concluding the long-runningDoha round of world trade talks

in 2011. The EU is eager to reach a

deal, but "there are doubtsabout whether there is a realwillingness to look at this onthe American side," the EUofficial said.

The United States will discussDoha with the Chinese onMonday in a pre-JCCT meeting.

The Obama administrationhas pushed China, India andBrazil to offer bigger marketopenings in agriculture, servic-es and manufacturing inexchange for cuts in farm subsi-dies and manufacturing tariffsthe United States is being askedto make.

With the outlook for conclud-ing the nine-year-old Doharound in doubt, some expertsbelieve the United States andthe European Union shouldnegotiate a transatlantic freetrade agreement to reduce bothtariff and regulatory barriers.

The EU official acknowl-edged the growing public dis-cussion of that, but said the ideais not part of the formal agendafor this week's TEC meeting.-Reuters

US to hold trade talkswith China first

Karzai has been critical of thepoll, which is likely to have produced

a parliament with a larger, morevocal and coherent opposition than

the previous chamber.

“

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

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

Sales (July 10 to Oct 10) 25,279

Production (Octy 10) 7,311

Sales (Oct 10) 7,459

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




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




DEWAN FAROOQ MOTORSProduction (July 10 to Oct 10) 186

Sales (July 10 to Oct 10) 70

Production (Octy 10) 0

Sales (Oct 10) 18

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

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

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

Spread (Sep 10) 7.57%

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

MS (Oct 10) 198

Kerosene (Jul 10 to Oct 10) 53

Kerosene (Oct 10) 15

JP (Jul 10 to Oct 10) 452

JP (Oct 10) 122

HSD (Jul 10 to Oct 10) 2,182

HSD (Oct 10) 664

LDO (Jul 10 to Oct 10)) 22

LDO (Oct 10) 6

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

Fuel Oil (Oct 10) 854

Others (Jul 10 to Oct 10) 3

Others (Oct 10) 1

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

MS (1 Oct 10) 40.71

MS % Chg 9.38%

Kerosene (1 Nov 10) 51.25

Kerosene (1 Oct 10) 47.31

Kerosene % Chg 8.33%

JP-1 (1 Nov 10) 51.48

JP-1 (1 Oct 10) 47.54

JP-1 % Chg 8.29%

HSD (1 Nov 10) 54.24

HSD (1 Oct 10) 50.38

HSD % Chg 7.66%

LDO (1 Nov 10) 49.51

LDO (1 Oct 10) 46.13

LDO % Chg 7.33%

Fuel Oil (1 Nov 10) 42,046

Fuel Oil (1 Oct 10) 39,276

Sector Updates

Symbol Close Vol (mn)NICL 2.57 19.84 LOTPTA 13.61 10.81 LPCL 3.74 10.81 ATFF 4.34 10.28 BAFL 10.63 10.05

Symbol Close ChangeUPFL 1,089.99 30.99 ULEVER 4,069.99 24.88 EXIDE 186.85 8.89 ILTM 175.03 8.33 FZTM 398.07 5.81

Symbol Close ChangeRMPL 2,005.00 -88NESTLE 2,425.52 -41.29SIEM 1,289.27 -9.98PSEL 160.00 -7.35POL 288.17 -3.34

Plus 203Minus 185Unchanged 18

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Tuesday, December 14, 2010 5

Dhiyan

Market would remain dull in the next two sessions whereindex could sink below 11,500 points level. However, theoverall short-term outlook is positive. Investors areadvised to rake in profits at higher levels and adopt “buyon dips” strategy. They can invest in fertiliser and energysectors. Those banking stocks which are expected toannounce good corporate results are also buyable .

Mohsin Adhi, Director Alfa Adhi Securities

Farhan Mansuri, VP Capital Markets Arif Habib LimitedLacklustre activities are likely to continue ahead of Moharramholidays with low volumes. After that we might see some range-bound activities where index would be moving between 11,700and 11,300 points. Investors are recommended to jump at bank-ing stocks only. As far as triggers are concerned launch ofMargin Trading System (MTS) and peaceful law & order situa-tion would boost the market.

DULLNESS TO DWELL AFTER ASHURA

Opening 11,620.16

Closing 11,596.69

Change 23.47

% Change 0.20

Turnover (mn) 182.16

Opening 3,628.81 Closing 3,618.00 Change 10.81% Change 0.30Turnover (mn) 9.86

Opening 2,945.08

Closing 2,915.31

Change 29.77

% Change 1.01

Turnover (mn) 0.27

HONG KONG/SHANGHAI:Shares in Shanghai and HongKong rose on Monday on reliefthat Beijing did not raise inter-est rates at the weekend, optinginstead for a further increase inbanks' reserve ratios.

Shanghai stocks ended 2.9per cent higher, while HongKong's Hang Seng index closedup 0.7 per cent.

Chinese stocks have wobbledin recent weeks on fears that arate rise was imminent as infla-tionary pressures accelerated.Data at the weekend showedconsumer prices rose at thefastest pace in 28 months.

Late on Friday, the centralbank raised lenders' reserverequirements for the third timein a month to absorb more liq-uidity from the system, a movewhich investors interpreted asofficial reluctance to raiseinterest rates again this year

after a surprise hike in October. Commodity-related plays, in

particular energy stocks, alsooutperformed in both Shanghaiand Hong Kong as the latesteconomic data from China andthe US pointed to a healthierglobal economy.

Those gains helpedShanghai's key stock index postits best gain in two months,climbing to 2,922.9 points asturnover rebounded from thelacklustre levels in recentweeks, when many investorstook to the sidelines on fears ofa rise in benchmark rates.

"There is unlikely to beanother interest rate rise withinthe year," said Zheng Weigang,senior trader at ShanghaiSecurities. "The market hasroom for a rebound, so this isan opportunity for some gains."

Heavyweight energy issuessaw active interest, with oil

major Sinopec Corp , thebiggest boost to the index, up 3per cent. China Shenhua theworld's most valuable coal pro-ducer, jumped 3.4 per cent.

Despite the hike in banks'reserve requirements, the finan-cial indexes in Shanghai andHong Kong rose 1.7 per centand 0.6 per cent, respectively.

HK FIRMS, INVESTORSCAUTIOUS

Shares of energy shares andproperty developers outper-formed the broader market inHong Kong, with real estatedevelopers bolstered by reportsof recovering secondary hometransactions over the weekend.

The Hang Seng index endedat 23,317.6 points, but overallactivity remained subduedwith volume in all but 6 coun-ters on the index below theirrespective average 30-day vol-umes.-Reuters

China, HK up as ratehike shelved for now

Nawaz Ali

KARACHI: Karachi StockExchange (KSE) ended loweron the first day of the week asinvestors booked profits aheadof a long weekend whileexperts said that negative newsregarding oil and bankingstocks too invited selling pres-sure in the respective sectors.

The benchmark KSE 100-Index lost 23 points to close at11,596 points while KSE 30-Index dropped 36 points, andKSE All Share Index was downby 11 points to close at 11,148

and 8,071 points."Stocks remained bearish

ahead of Ashura owing to limit-ed institutional & foreign inter-est", said Ahsan Mehanti,Director at Arif HabibInvestments.

It should be noted that theexchange would remain closedfrom Thursday onwards due toholidays on account ofAshura.

After a positive opening ofthe session market showedsome mix activities throughoutthe day moving on both sides ofthe index between 11,660

points (+ve 40) and 11,577points (-ve 42 points) asinvestors preferred to bookprofits ahead of Ashura holi-days. Further, oil stocks suf-fered selling over rejection ofOGDC-PPL bid by BritishPetroleum while bankingstocks too stayed in pressure ondownward rating revision offive banks therefore leading oiland banking stocks closed neg-ative.

The joint bid by Oil and GasDevelopment Company(OGDCL) and PakistanPetroleum Limited (PPL) to

purchase the BritishPetroleum's Pakistan assets hasbeen rejected last week.

However Mansha groupstayed in limelight as accordingto experts, bid to purchase UBLshares and sale of AES powerby Nishat Mills turnedinvestors attention towards thegroup's stocks.

Foreigners were slow andmainly sold as according toNCCPL they did a net-sellingof 1.35 million on Monday.

Investor participation wit-nessed some decline as 182.1million shares traded during the

day reducing by 50.9 millionshares as compared to aturnover of 233 million onFriday.

Volumes confined mainly tothe third tier stocks whereNimir Ind Chemical stood asthe volume leader with 19.84million shares followed byLotte Pakistan and with 10.81million shares and LafargePakistan Cement with around10.81 million shares.

Out of total 406 active issues203 advanced and 185declined while 18 issuesremained unchanged.

KSE bleeds as Ashura holidays draw nearer

TOKYO: Japan's Nikkei aver-age clawed back towards aseven-month high on Mondayas Chinese shares showedresilience to Beijing's efforts tocurb inflation and a softer yensupported exporters.

The market has been jitteryabout tightening steps in China,so investors in Tokyo greetedwith relief an increase in bankreserve requirement ratios onFriday, followed by Monday'sgains in closely watchedChinese equities, adding to thepositive mood.

Foreign funds have beenaggressively buying laggingTokyo shares, pushing theNikkei up more than 12 percent over the past six weeks.The benchmark remains anunderperformer globally on theyear, however, having shedaround 2.4 per cent year todate.

"The market started gainingafter investors saw that Chinesestocks reacted positively to theweekend's data, but investorsshied away from taking up newpositions ahead of a raft ofinflation-related data from theUS," said Teruhisa Ishikawa, a

manager at Mizuho InvestorsSecurities.

Market players will look forsigns of swifter recovery in theUnited States, the world'sbiggest economy, in the pro-ducer price index due onTuesday and the consumerprice index on Wednesday.

The benchmark Nikkeiclosed the day up 0.8 per centor 81.94 points at 10,293.89.

The broader Topix index rose1 per cent to 897.40.

Volume was solid at 2.1 bil-lion shares exchanging handson the Tokyo Stock Exchange'sfirst section, coming close tothe last week's closing average.

"Tokyo stocks remain veryfirm as prospects for the globaleconomy and global shares areimproving. The yen's weaknessis also helping Japanesestocks," said Ryosuke Okazaki,chief investment officer at ITCInvestment Partners Corp.

Exporters, who mostlyassumed a dollar/yen rate of80-83 yen for their earningsestimates, outperformed themarket as the dollar held steadyat around 84.14 yen supported

See # 23 Page 11

Nikkei up on firmerChina, softer yen

MUMBAI: The BSE Sensexclosed 0.9 per cent higher onMonday, helped by firm worldequities, but trading remainedchoppy as ongoing corruptionprobes kept investor sentimentwary.

Reliance Communicationsgained nearly 2 per cent after itannounced the launch of itsthird-generation (3G) mobileservices in four cities. The sec-ond-largest mobile operatorsaid it would cover all its 13zones by next March.

The 30-share BSE Indexclosed 0.94 per cent or 812.89points higher at 19,691.78, with25 of its components gaining.

It swung widely on the dayand fell as low as nearly 1 percent briefly.

"Global markets are doinggood. That has helped the senti-ment and we are in the positiveafter falling briefly," saidHimanshu Varia, head of insti-tutional sales at brokerage AsitC. Mehta.

Trade volume was low withonly 287 million shares tradedon the BSE, while gainers out-paced losers in the ratio of2.3:1.

The benchmark has declined6.7 per cent since hitting a near

record high in early Novemberfollowing a widening probeinto sale of telecom licencesand radio waves cheaply, that agovernment auditor said costthe authorities about $39 billionin lost revenue.

A bribes-for-loans scandalhas also weighed on sentiment.

Data from Nomura showedforeign funds sold only Indianshares of the seven Asian equitiesmarkets in the week to Dec. 10.

While the corruption inquiryhas temporarily dented the mar-ket sentiment, it has not tar-nished India's image as a lucra-tive investment destination,dealers said.

Mark Mobius, fund managerat Templeton AssetManagement told ReutersInsider India's growth potentialwas higher than that of its rivalChina.

India's main stock index is up12.8 per cent so far in 2010, driv-en by foreign fund investment of$28.7 billion. China's ShanghaiComposite Index is down 10.8per cent so far this year.

Energy giant RelianceIndustries, which has been alaggard this year with a 4.4 percent decline, led the gains onMonday.-Reuters

Indian shares rise;Reliance Comm up

US stocks late-morning

Wall St upon Chinainflation

move, mergersNEW YORK: Acquisitionsfrom large companies like GEand Dell, as well as China'smoves to curb inflation withoutraising interest rates, liftedappetite for stocks on Monday.

General Electric Co said itwill buy British oilfield servic-es company WellstreamHoldings Plc, and Dell Incagreed to buy data storagecompany CompellentTechnologies Inc.

Further supporting stocks,China's central bank extended aspecial increase in reserverequirements for top banks

See # 25 Page 11

FTSEhits 5-wk

closing highLONDON: Strong minershauled Britain's top share indexto a five-week closing high onMonday, buoyed by firmermetals prices on strong eco-nomic data from China, whilesector consolidation movesgave oil services firms a fillip.

The FTSE 100 closed up47.80 points, or 0.8 per cent, at5,860.75, its highest close sinceNov. 9, albeit in extremely lighttrade, as the UK market beganits last full week before theChristmas holiday period.

Miners provided the mainsupport for the blue-chip indexafter China's industrial outputin November beat expectations,sending copper to a recordhigh.

Kazakh copper producerKazakhmys was the top FTSE100 riser, up 4.1 per cent.

Integrated oil stocks were indemand, with BG Group up 0.8per cent, following the crudeprice higher.

Concerns remained overChina's soaring inflation,which sped to a 28-month highand showed signs of spreading

See # 24 Page 11

LOTPTA plant back on trackAamir Abidi

KARACHI: Lotte Pakistan after witnessing a shutdown of 14days started --initial-- production on Dec 11, 2010 and after 36hours of continuous process the operation is in full swing now.

Analysts expect that this halt would reduce company's4Q2010 production and sales by 13 per cent and 6 per centQoQ respectively.

Assuming average $295 per tonne primary margins in 4Q2010--15 per cent higher QoQ--, EPS is expected to remain at Rs0.67per share, as per the research analyst of Topline Securities. Thus,full year 2010 earnings would be higher by 22 per cent to Rs2.77as compared to last year EPS of Rs2.23, he added.

Nishat Millsto list AESPak Gen

Ahmed Siddique

KARACHI: According tonotice issued to Karachi StockExchange (KSE) Nishat MillsLimited (NML) in a Board ofDirectors' meeting on Dec 20,2010 will consider divestmentof its 10 per cent shareholdingin Pak Gen Power Limited--formerly AES Pak Gen(Private) Company (the PakGen)-- through Offer for Saleand Listing of Pak Gen.

However, industry sourcesrevealed that IPO would belaunched in the first quarter ofnext calendar year (1QCY11)and Nishat mills holds 11.9million shares of Pak Gen --Rs14 per share.

See # 22 Page 11

Al Meezan’sAUMs top

Rs25bnStaff Reporter

KARACHI: Al MeezanInvestment Management Ltd,the largest Shariah compliantasset management company inPakistan has achieved anothermilestone of having assetsunder management of overRs25 billion.

Chief Executive of AlMeezan Mohammad ShoaibCFA speaking on this milestonesaid, "In 2003, at the time ofour first open end fund launch -Meezan Islamic Fund, totalassets under management of AlMeezan were just Rs1 billion.”

He added that over next fouryears, we increased our AUMsto Rs10 billion. In the nextthree years, which has

See # 21 Page 11

Indonesia weak, others narrowly mixed

South East Asian stocks

European shares rise for 6thday, hit 26-mth high

Tuesday, December 14, 20106

Volume 182,161,737

Value 3,437,733,237

Trades 66,812

Advanced 203

Declined 185

Unchanged 18

Total 406

Current 8,071.95

High 8,112.45

Low 8,058.59

Change i11.03

Current 11,596.69

High 11,660.53

Low 11,577.41

Change i23.47

Current 11,148.40

High 11,191.78

Low 11,140.54

Change i36.13

Market KSE 100 Index All Share Index KSE 30 Index

Current 18,316.83

High 18,409.95

Low 18,306.80

Change i28.42

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Tariq Glass Industries Limited

TGL closed up 1.00 at 20.69. Volume was 2,090 per cent above aver-

age (trending) and Bollinger Bands were 65 per cent wider than normal.

The company's profit after taxation stood at Rs48.198 million which

translates into an Earning Per Share of Rs2.09 for the 1st quarter of

current fiscal year (1QFY11).

TGL is currently 27.9 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on TGL. Momentum oscillator is currently

indicating that TGL is currently in an overbought condition.

RSI (14-day) 82.04 Total Assets (Rs in mn) 1,364.78

MA (10-day) 17.48 Total Equity (Rs in mn) 618.44

MA (100-day) 16.82 Revenue (Rs in mn) 2,071.09

MA (200-day) 16.18 Interest Expense 45.22

1st Support 20.01 Profit after Taxation 141.72

2nd Support 19.35 EPS 10 (Rs) 6.135

1st Resistance 21.01 Book value / share (Rs) 26.77

2nd Resistance 21.35 PE 11 E (x) 2.47

Pivot 20.35 PBV (x) 0.77


As on Jun 30, 2010

MLCF closed up 0.22 at 3.23. Volume was 707 per cent above average

(trending) and Bollinger Bands were 17 per cent narrower than normal.

The company's loss after taxation stood at Rs618.798 million which

translates into a Loss Per Share of Rs1.49 for the 1st quarter of current

fiscal year (1QFY11).

MLCF is currently 7.4 per cent below its 200-day moving average and

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

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

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

forecasting oscillators are currently bullish on MLCF.


MA (10-day) 2.96 Total Equity (Rs in mn) 4,134.21


MA (200-day) 3.49 Interest Expense 2,059.48

1st Support 3.02 Loss after Taxation (2,583.96)

2nd Support 2.87 EPS 10 (Rs) (7.08)


2nd Resistance 3.43 PE 11 E (x) -

Pivot 3.15 PBV (x) 0.33

Maple Leaf Cement Factory Limited


As on Dec 31, 2009

LPCL closed up 0.35 at 3.74. Volume was 745 per cent above average

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

company's loss after taxation stood at Rs1.045 billion which translates

into a Loss Per Share of Rs0.80 for the nine months of current calen-

dar year (9MCY10).

LPCL is currently 13.7 per cent above its 200-day moving average and is



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

oscillators are currently bullish on LPCL. Momentum oscillator is currently

indicating that LPCL is currently in an overbought condition.






2nd Support 3.15 EPS 09 (Rs) (0.974)



Pivot 3.60 PBV (x) 0.50

Lafarge Pakistan Cement Ltd


As on Dec 31, 2009

ATBL closed up 0.07 at 1.77. Volume was 51 per cent above averageand Bollinger Bands were 54 per cent narrower than normal. The com-pany's loss after taxation stood at Rs1.316 billion which translates intoa Loss Per Share of Rs2.63 for the nine months of current calendaryear (9MCY10).ATBL is currently 21.1 per cent below its 200-day moving average andis displaying an upward trend. Volatility is relatively normal as comparedto the average volatility over the last 10 trading sessions. Volume indi-cators reflect volume flowing into and out of ATBL at a relatively equalpace. Trend forecasting oscillators are currently bullish on ATBL.






2nd Support 1.60 EPS 09 (Rs) (3.405)



Pivot 1.80 PBV (x) 0.36

Atlas Bank Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,504.14 1,510.90 1,491.69 1,496.16 -7.98 -0.53

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

4,539,440 - - 65,194.15 mn 1,162,058.80 mn 1,511.75

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

10.98 3.57 32.54 55.94 5.09 1,480.02

Attock Petroleum 691 5.63 325.56 327.00 324.50 324.88 -0.68 122033 374.20 287.99 250 - 300 20

Attock Refinery 853 6.82 119.61 122.99 120.28 121.61 2.00 2178306 137.20 78.51 - - - -

BYCO Petroleum 3921 - 11.26 11.45 11.11 11.21 -0.05 560548 12.49 10.00 - - - -

Mari Gas Company 735 16.19 119.51 120.20 119.00 119.51 0.00 35470 128.90 106.00 32.17 100B 31 -

National Refinery 800 3.84 262.24 264.90 258.11 259.31 -2.93 115078 275.40 189.08 125 - 200 -

Oil & Gas Development XD 43009 11.21 166.62 167.00 165.40 165.72 -0.90 196634 170.99 142.05 82.5 - 55 -

Pak Petroleum 11950 8.43 208.15 208.90 206.11 207.28 -0.87 378340 214.10 168.70 130 20B 90 20B

Pak Oilfields 2365 6.80 291.51 293.65 287.51 288.17 -3.34 1095673 293.80 230.05 180 - 255 -

Pak Refinery Limited 350 - 102.30 102.99 101.02 102.23 -0.07 15966 106.34 54.05 - - - -

PSO 1715 4.80 284.27 286.19 283.20 283.54 -0.73 391871 292.15 258.00 50 - 80 -

Shell Gas LPG 226 - 36.00 36.00 35.40 35.90 -0.10 3186 40.28 29.00 - - - -

Shell Pakistan 685 10.24 198.50 200.00 198.50 199.76 1.26 6883 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


984.09 993.81 980.89 986.40 2.31 0.24


9,747,317 - - 47,070.70 mn 130,260.64 mn 986.40


6.98 0.60 8.64 16.68 2.39 973.64

AL-Qadir Textile 76 - 5.50 6.50 5.61 5.61 0.11 4766 7.75 2.50 - - 10 -Amtex Limited XD 2415 9.75 4.35 4.45 4.25 4.29 -0.06 337655 18.30 4.25 - - 30 -Artistic Denim 840 6.29 21.93 23.02 21.75 22.66 0.73 57066 24.05 18.50 20 - 20 -Azgard Nine 4493 - 10.11 10.20 9.70 9.96 -0.15 2430420 12.32 9.70 - - - -Bannu Woolen XD 76 0.48 13.02 13.90 13.69 13.69 0.67 1800 14.50 8.60 - - 20 -Bata (Pak) 76 5.23 627.42 644.00 616.05 630.36 2.94 480 747.48 436.00 120 - - -Brothers Textile 98 - 0.78 0.65 0.38 0.65 -0.13 50003 1.10 0.12 - - - -Chakwal Spinning 400 0.55 1.10 1.48 1.14 1.25 0.15 247 2.59 0.56 - - 5 -Chenab Limited 1150 - 3.21 3.30 3.11 3.16 -0.05 165514 3.95 3.00 - - - -Colgate Palm 316 33.84 899.98 909.00 900.00 901.52 1.54 512 930.00 640.01 115 15B - -Colony Mills Ltd 2442 4.11 2.60 2.74 2.40 2.63 0.03 15906 3.33 2.26 - - - -Crescent Jute 238 - 0.83 0.98 0.71 0.84 0.01 43037 1.49 0.16 - - - -D S Ind Ltd 600 - 1.93 2.05 1.85 1.97 0.04 51567 2.37 1.44 - - - -Dawood Lawrencepur 514 49.44 41.62 42.75 41.26 42.02 0.40 5834 44.50 36.10 - - 5 -Dewan Khalid Textile 57 0.18 2.75 2.40 2.40 2.40 -0.35 1000 3.75 0.26 - - - -Dewan Mushtaq Textile 34 0.20 6.00 6.50 5.02 6.44 0.44 3509 6.88 1.60 - - - -Din Textile 204 0.55 26.65 26.00 25.50 25.50 -1.15 11420 30.90 20.80 - - 20 10BEllcot Spinning 110 0.60 20.17 20.20 19.63 19.65 -0.52 751 25.45 17.21 7.5 - 35 -Fazal Cloth 188 1.23 62.39 65.50 65.50 65.50 3.11 1100 65.50 41.00 - -100SD -Gadoon Textile XD 234 0.61 53.34 56.00 54.00 55.54 2.20 18188 56.00 34.65 - - 70 -Ghazi Fabrics 326 0.65 3.78 4.00 4.00 4.00 0.22 1000 5.00 1.13 - - 10 -Gul Ahmed Textile 635 3.69 24.60 25.70 25.68 25.70 1.10 824 26.25 19.99 5 - 12.5 -Gulistan Textile 190 1.39 24.37 23.16 23.16 23.16 -1.21 200 28.27 17.57 - 10B 10 -Gulshan Spinning 222 0.85 7.70 7.25 7.00 7.02 -0.68 2479 10.30 5.51 - 10B 10 20BHira Textile Mills Ltd. 716 0.76 4.00 4.29 4.00 4.03 0.03 120918 4.88 3.35 - - 10 -Ibrahim Fibres 3105 2.97 38.13 39.00 37.65 37.77 -0.36 17508 40.77 34.05 - - 20 -ICC Textile 100 - 2.27 2.30 2.15 2.15 -0.12 10760 2.70 0.30 - - - -Ideal Spinning 99 0.53 6.37 7.29 5.50 6.25 -0.12 55251 7.29 2.02 - - - -Idrees Textile 180 3.43 3.16 3.16 3.16 3.16 0.00 1000 5.35 2.60 - - 10 -Indus Dyeing 181 2.90 318.93 333.80 304.00 324.20 5.27 161 333.80 209.03 15 - - -Island Textile 5 0.16 166.70 175.03 175.03 175.03 8.33 500 175.03 75.05 - - 50 -J K Spinning 184 0.95 7.20 6.20 6.20 6.20 -1.00 2500 9.50 4.05 - - 20 5BJubilee Spinning 325 - 2.99 3.98 2.51 3.84 0.85 8535 3.98 1.99 - - - -Khalid Siraj 107 - 0.89 0.88 0.66 0.76 -0.13 12929 1.25 0.26 - - - -Kohinoor Ind 303 - 1.77 2.00 1.80 1.85 0.08 627664 2.00 1.01 - - - -Leather Up 60 2.12 2.00 1.78 1.75 1.78 -0.22 3500 3.00 1.10 - - - -Masood Textile 600 2.11 19.19 20.14 19.19 20.00 0.81 1706 22.59 18.01 15 - 15 100RMian Textile 221 - 0.69 0.60 0.60 0.60 -0.09 11593 0.98 0.01 - - - -Mohd Farooq 189 - 1.15 2.08 1.00 1.02 -0.13 9000 2.08 0.35 - - - -Mukhtar Textile 145 - 0.42 0.75 0.40 0.61 0.19 165371 0.95 0.14 - - - -Nagina Cotton 187 0.82 16.00 16.00 16.00 16.00 0.00 1004 17.50 12.80 - - 20SD -Nishat (Chunian) 1596 1.79 21.61 21.95 21.51 21.55 -0.06 700375 25.14 15.66 - 50R 15 -Nishat Mills 3516 5.14 58.90 60.45 58.65 59.85 0.95 3842570 63.18 45.81 20 - 25 45RPak Synthetic 560 3.21 9.45 10.20 9.30 9.51 0.06 257668 10.20 5.16 12.5 - - -Prosperity 185 1.04 14.02 13.98 13.15 13.66 -0.36 7977 20.50 12.51 20 - 30 -Ravi Textile 250 - 1.76 1.90 1.72 1.74 -0.02 276410 2.30 1.29 - - - -Reliance Weaving 308 0.61 8.94 8.70 8.70 8.70 -0.24 1000 12.00 8.01 - - 25SD -Rupali Poly 341 4.65 37.50 37.00 36.01 37.00 -0.50 102 38.10 31.25 40 - 40 -Saif Textile 264 0.37 4.56 5.50 4.10 4.55 -0.01 506 6.85 2.01 - - - -Salfi Textile 33 0.29 65.70 68.90 62.42 62.70 -3.00 232 68.90 22.30 - - 25 -Sally Textile 88 0.22 4.39 4.40 4.01 4.39 0.00 517 6.20 3.30 - - 10 -Samin Textile 134 5.35 6.18 6.78 6.06 6.42 0.24 158799 8.69 5.02 - - - 100RSana Ind 55 3.38 43.58 44.75 43.00 44.50 0.92 464 44.75 27.50 35 - 60 -Sapphire Fibre 197 1.16 123.25 125.25 123.25 124.68 1.43 140 125.25 94.05 - - 15 -Sargoda Spinning 312 0.45 2.32 2.32 2.25 2.32 0.00 1088 2.50 0.50 - - 5 -Service Ind 120 8.41 247.03 250.44 245.10 245.59 -1.44 10556 276.50 169.00 200 - - -Shadman Cot 176 1.46 8.32 8.00 7.32 8.00 -0.32 1000 15.00 7.32 - - - -Shahtaj Textile 97 - 18.20 18.35 18.10 18.32 0.12 2300 21.90 15.61 20 - 45 -Suraj Cotton 180 0.79 35.09 35.00 33.91 35.00 -0.09 3800 37.50 29.00 15 - 50 -Tata Textile 173 0.32 34.79 36.40 33.50 33.50 -1.29 200 36.40 15.00 - - 25 -Thal Limited 307 4.53 106.62 106.90 105.70 106.08 -0.54 11864 112.80 86.50 20 20B 80 20BTreet Corp 418 9.04 56.04 58.05 54.92 56.77 0.73 166898 60.50 37.25 - - - -Tri-Star Poly 215 - 1.00 1.09 1.00 1.00 0.00 7001 1.50 0.26 4 - - -Yousuf Weaving 400 0.59 1.57 1.86 1.57 1.70 0.13 33089 2.00 0.86 - - - -Zephyr Textile Ltd 594 4.93 4.20 3.75 3.60 3.75 -0.45 5000 4.90 1.50 - - - -Zil Limited 53 3.48 51.50 52.00 50.50 52.00 0.50 2217 55.00 35.52 40 10B 35 -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


1,084.95 1,097.82 1,074.22 1,088.37 3.42 0.32


1,193,818 - - 3,763.71 mn 5,105.07 mn 1,088.37


2.76 0.29 10.64 6.27 2.27 1,076.79

Diamond Ind 90 - 8.04 9.04 7.55 9.02 0.98 304 19.39 7.55 - - - -

Gauhar Engineering Ltd 22 - 0.49 0.50 0.50 0.50 0.01 1000 0.50 0.15 - - - -

Pak Elektron 1174 3.38 13.45 13.60 13.30 13.42 -0.03 76215 15.43 12.82 - 10B - 10B

Singer Pak 341 21.15 19.80 19.85 18.80 18.82 -0.98 4370 22.90 16.51 - 10B - -

Tariq Glass Ind 231 2.47 19.69 20.69 19.69 20.69 1.00 1111915 20.69 15.00 - - 17.5 -



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

FOOD PRODUCERS

Performance of SR Food Producers Index


1,637.72 1,673.37 1,594.41 1,641.09 3.37 0.21


853,023 - - 11,335.33 mn 222,317.08 mn 1,641.09


36.58 11.08 30.30 30.57 0.84 1,591.04

Abdullah Shah Ghazi Sugar 793 12.02 6.99 7.20 6.25 6.25 -0.74 2002 11.70 4.06 - - - -Adam Sugar 58 0.88 16.43 16.70 16.50 16.50 0.07 1000 16.90 11.00 10 - - -AL-Noor Sugar 186 5.08 51.99 52.45 50.00 50.00 -1.99 4313 53.00 39.25 40 - - -Ansari Sugar 244 0.26 5.50 5.50 5.50 5.50 0.00 1500 6.99 4.03 - - - -Bawany Sugar 87 - 4.91 5.91 5.20 5.74 0.83 36673 5.91 0.85 - - - -Chashma Sugar 287 1.01 13.04 13.50 12.10 12.50 -0.54 2002 15.47 8.50 - - - -Clover Pakistan 94 12.08 74.72 74.00 71.10 73.91 -0.81 1045 77.14 33.50 - - 15 -Colony Sugar Mills 990 - 3.90 4.88 4.00 4.87 0.97 44054 4.88 2.54 - - - -Dewan Sugar 365 - 4.61 5.59 4.25 4.64 0.03 629765 5.59 1.11 - - - -Habib Sugar 600 7.07 33.82 34.55 34.00 34.30 0.48 34434 36.00 27.00 35 25B - -Habib-ADM Ltd 200 11.80 12.43 12.80 12.50 12.74 0.31 5300 16.98 11.90 40 - 40 -Kohinoor Sugar 109 - 3.70 4.50 3.11 3.66 -0.04 5506 8.50 2.61 - - - -Mehran Sugar 143 3.47 58.39 60.00 58.15 58.82 0.43 17061 68.49 48.50 35 30B 35 20BMirpurkhas SugarSPOT 70 5.63 65.00 68.22 64.80 67.54 2.54 8566 68.22 53.64 25 10B 15 20BMirza Sugar 141 0.63 6.37 6.45 6.20 6.24 -0.13 20128 7.18 4.20 - - 10 -Mithchells Fruit 50 9.23 73.71 77.00 76.00 76.00 2.29 194 77.00 61.50 20 - - -National Foods 414 17.02 43.44 45.61 43.01 45.61 2.17 8842 57.00 39.01 - 25B 12 -Nestle Pakistan 453 26.64 2466.81 2515.00 2344.00 2425.52 -41.29 305 2515.00 1785.00 600 - 450 -Noon Pakistan 48 3.29 23.30 23.90 23.01 23.01 -0.29 381 27.30 17.51 - 10B 12 -Noon Sugar 165 - 14.00 13.95 13.95 13.95 -0.05 200 14.84 10.70 50 10B - -Pangrio Sugar 109 0.90 6.44 6.80 6.15 6.15 -0.29 6777 6.99 4.00 - - 10 -Quice Food 107 - 2.27 2.50 2.21 2.50 0.23 3000 3.40 1.60 - - - -Sakrand Sugar 223 - 3.01 3.00 2.91 2.91 -0.10 4500 3.90 2.11 - - - -Sanghar Sugar 119 0.98 13.79 13.90 13.50 13.72 -0.07 2010 14.25 13.00 10 - - -Shahmurad Sugar 211 16.86 11.82 12.02 11.50 11.63 -0.19 8367 13.50 9.75 15 - - -Shakarganj Mills 695 - 6.46 7.05 6.00 6.20 -0.26 4410 7.88 3.21 - - - -Sind Abadgar 104 - 6.02 7.02 5.02 5.11 -0.91 500 7.02 4.75 - - - -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,149.28 1,157.42 1,139.78 1,148.21 -1.07 -0.09


1,598,168 - - 6,768.53 mn 41,883.21 mn 1,178.41


4.21 1.07 25.35 20.42 4.85 1,148.21

Atlas Battery 101 4.83 159.75 162.75 160.80 161.75 2.00 3688 185.00 131.00 100 20B 100 20BAtlas Honda 626 8.19 108.64 114.04 108.25 112.97 4.33 1327 122.51 92.50 80 30B - -Dewan Motors 890 - 2.48 2.62 2.30 2.35 -0.13 1450506 2.87 1.20 - - - -Exide (PAK) 56 4.41 177.96 186.85 180.00 186.85 8.89 844 198.07 136.00 50 - 60 -Ghandhara Nissan 450 3.19 4.55 4.74 4.55 4.60 0.05 10006 6.09 4.03 - - - -Honda Atlas Cars 1428 - 10.97 11.40 10.91 11.27 0.30 31252 13.40 9.65 - - - -Indus Motors 786 5.73 252.83 252.00 250.00 250.83 -2.00 24836 282.45 215.99 100 - 150 -Pak Suzuki 823 11.07 69.85 70.50 69.00 69.50 -0.35 6157 79.50 69.00 5 - - -Sazgar Engineering 150 3.56 19.06 19.90 19.05 19.10 0.04 10399 27.58 17.92 - 20B 10 20BTransmission 117 - 1.78 2.45 1.91 1.93 0.15 59013 3.25 1.53 2 - - -



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,545.68 1,559.24 1,533.05 1,543.36 -2.32 -0.15


1,165,540 - - 1,336.62 mn 32,544.72 mn 1,552.22


8.29 3.15 38.02 131.49 15.86 1,543.36

Ados Pak 66 1.02 15.96 16.49 15.75 15.82 -0.14 7173 21.48 14.12 20 - - -

AL-Ghazi Tractor 215 5.27 219.00 219.95 217.10 219.90 0.90 249 227.45 200.00 400 - 150 -

Bolan Casting 104 - 44.00 43.51 43.50 43.51 -0.49 171 51.99 41.50 - 20B 25 10B

Dewan Auto Engineering 214 - 1.85 2.40 1.80 1.92 0.07 1112767 2.40 0.21 - - - -

Ghandhara Ind 213 10.32 11.40 11.16 11.10 11.15 -0.25 1024 18.80 10.55 - - - -

KSB Pumps 132 7.90 66.47 68.85 65.80 65.98 -0.49 7244 88.00 65.80 35 - - -

Millat Tractors XB 366 6.45 493.44 496.00 492.00 493.33 -0.11 36362 595.99 390.00 450 25B 650 25B

Pak Engineering 57 783.33 285.00 295.00 270.75 282.00 -3.00 549 324.80 254.64 125 - 100 -



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


949.78 961.92 939.26 954.62 4.85 0.51


462,283 - - 3,043.31 mn 35,840.56 mn 961.31


2.70 1.18 43.91 15.55 5.77 949.78

Cherat Papersack 115 2.73 78.09 78.80 76.50 76.60 -1.49 12701 83.23 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.48 2.82 2.50 2.63 0.15 403598 3.13 1.70 - - - -

Ghani Glass 1067 4.39 47.00 47.94 45.30 47.78 0.78 8051 61.99 45.30 30 10B 25 10B

MACPAC Films 389 - 2.77 3.08 2.85 3.07 0.30 18000 3.84 1.60 - - - -

Merit Pack 47 61.50 23.43 24.60 24.60 24.60 1.17 5496 24.60 13.00 - - - -

Packages Ltd 844 54.78 105.10 107.50 105.00 106.83 1.73 5769 111.00 98.00 32.5 - - -

Siemens EngineeringSPOT 82 10.64 1299.25 1299.00 1285.00 1289.27 -9.98 262 1381.00 1068.75 900 - 900 -

Tri-Pack Films 300 8.17 112.03 112.90 111.60 112.01 -0.02 8406 115.00 97.00 100 - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


1,017.66 1,045.19 1,003.27 1,026.98 9.32 0.92


28,912,933 - - 54,792.74 mn 74,712.93 mn 1,033.23


7.43 0.53 7.10 19.04 2.56 1,009.80

Al-Abbas Cement 1828 - 3.50 3.75 3.50 3.68 0.18 68978 3.90 2.80 - - - 100R

Attock Cement 866 6.63 63.00 63.90 62.36 63.00 0.00 12342 69.86 57.60 50 20B 50 -

Balochistan Glass Ltd 858 - 2.06 2.20 1.91 1.96 -0.10 3349 2.50 1.01 - - - -

Berger Paints 182 - 19.92 19.98 19.46 19.60 -0.32 2587 20.45 14.01 - - - 122R

Buxly Paints 14 - 7.91 8.91 8.85 8.91 1.00 1648 14.89 7.91 - - - -

Cherat Cement 956 25.73 11.45 11.60 11.31 11.32 -0.13 9492 12.75 9.51 - - - -

Dadabhoy Cement 982 16.08 1.95 2.15 1.81 2.09 0.14 136343 2.49 1.30 - - - -

Dandot Cement 948 - 2.50 2.60 2.40 2.50 0.00 20000 3.19 1.09 - - - -

Dewan Cement 3574 - 2.79 2.86 2.41 2.49 -0.30 1904751 3.10 1.30 - - - -

DG Khan Cement Ltd 3651 129.46 30.68 31.20 30.50 31.07 0.39 3330048 32.10 23.40 - 20R - 20R

EMCO Ind 350 3.77 3.50 3.19 2.51 3.17 -0.33 11503 4.70 2.11 - - - -

Fauji Cement 6933 16.36 4.89 5.53 4.83 5.40 0.51 9666052 5.53 4.52 - - - -

Fecto Cement 502 3.75 7.00 7.20 7.10 7.20 0.20 3000 8.20 4.25 - 10B - -

Flying Cement Ltd 1760 - 2.13 2.25 2.14 2.22 0.09 932324 2.25 1.70 - - - -

Gharibwal Cement 2319 - 8.19 8.05 7.80 8.05 -0.14 436 8.85 2.11 - - - -

Haydery Const 32 - 0.70 0.82 0.70 0.80 0.10 19004 1.39 0.25 - - - -

Kohat Cement 1288 - 7.15 7.27 7.15 7.23 0.08 46087 8.70 5.50 - - - -

Lafarge Pakistan Cmt. 13126 - 3.39 3.77 3.32 3.74 0.35 10809860 3.77 2.71 - - - -

Lucky Cement 3234 6.72 74.82 75.50 74.56 74.75 -0.07 313992 79.98 67.70 40 - 40 -

Maple Leaf Cement 5261 1.50 3.01 3.28 3.00 3.23 0.22 1520853 3.40 2.51 - - - -

Pioneer Cement 2228 - 7.10 7.24 7.10 7.13 0.03 99743 8.58 6.56 - - - -

Safe Mix Concrete 200 - 6.00 6.18 6.18 6.18 0.18 239 9.47 5.25 - - - -

Thatta Cement 798 475.00 18.57 19.00 18.51 19.00 0.43 525 22.24 18.00 - - - 50R



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


980.60 989.26 970.19 978.17 -2.43 -0.25


74,188 - - 3,596.11 mn 9,463.55 mn 980.60


3.21 1.06 33.10 30.91 9.63 975.60

Crescent Steel 565 3.89 25.23 25.85 24.50 24.92 -0.31 36470 26.23 23.75 - - 30 -

Dost Steels Ltd 675 - 3.02 3.11 2.91 2.92 -0.10 35694 3.39 1.65 - - - -

Huffaz Pipe 555 9.06 14.74 14.69 14.35 14.50 -0.24 6028 16.75 12.25 - 30B - -

International Ind 1199 10.64 51.26 51.70 50.91 51.08 -0.18 20056 54.00 44.00 - - 40 20B

Siddiqsons Tin 785 10.23 9.07 9.28 8.51 9.00 -0.07 12410 10.80 8.00 10 - 7.5 -



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,172.76 1,189.27 1,162.78 1,182.02 9.25 0.79


65,945 - - 1,186.83 mn 3,276.19 mn 1,182.02


5.96 0.45 7.47 25.28 4.24 1,151.51

Century Paper 707 - 16.20 16.50 16.25 16.37 0.17 54571 21.80 15.28 - 425R - -

Pak Paper Product 50 8.81 45.49 45.86 45.00 45.83 0.34 4423 62.85 38.61 20 - 25 33.33B

Security Paper 411 7.06 45.45 46.00 44.75 45.74 0.29 6951 46.00 38.00 50 - 50 -



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

CHEMICALS

Performance of SR Chemicals Index


1,319.39 1,334.91 1,315.53 1,325.85 6.47 0.49


44,211,888 - - 52,251.88 mn 291,714.77 mn 1,325.85


8.28 2.90 35.00 48.81 5.89 1,295.33

Agritech Limited 3924 8.62 23.70 23.97 22.52 23.79 0.09 7082 24.89 20.26 - - - -

Bawany Air 68 72.00 9.45 9.49 8.45 8.64 -0.81 3279 13.99 7.73 - - 5 10R

BOC (Pak) 250 11.60 84.83 84.94 83.12 84.46 -0.37 496 87.99 68.10 90 - 15 -

Clariant Pak 273 6.02 155.62 158.40 155.26 157.47 1.85 24160 164.89 149.72 125 - - -

Dawood Hercules XD 1203 7.20 172.42 174.25 172.35 173.61 1.19 4104 185.00 163.51 40 10B 40 -

Descon Chemical 1996 - 2.74 3.70 3.00 3.67 0.93 2600204 3.70 1.90 - - - -

Descon Oxychem Ltd. 1020 - 7.81 7.95 7.65 7.75 -0.06 68382 8.48 3.41 - - - -

Dewan Salman 3663 - 3.67 3.92 3.31 3.54 -0.13 8011387 4.24 1.28 - - - -

Dynea Pak 94 - 10.90 10.95 10.40 10.95 0.05 203 13.79 9.15 15 - 15 -

Engro Corp. Ltd XD 3277 10.18 186.05 186.20 184.71 185.35 -0.70 983343 189.59 171.00 6010B 40R 40 -

Engro Polymer 6635 - 14.48 14.55 14.25 14.28 -0.20 251454 15.20 11.61 - 27.5R - -

Fatima Fertilizer 22000 - 9.86 9.98 9.78 9.85 -0.01 519518 11.74 9.21 - - - -

Fauji Fertilizer 6785 8.52 116.61 118.25 116.62 117.55 0.94 1580848 118.25 104.21 131.5 10B 95 -

Fauji Fert.Bin Qasim XD 9341 6.67 35.38 35.64 35.15 35.37 -0.01 1541849 36.92 26.59 40 - 17.5 -

Gatron Ind 384 2.37 42.90 44.25 43.93 44.11 1.21 1005 46.59 38.00 - - 20 -

Ghani Gases Ltd 725 8.71 11.73 11.75 11.50 11.50 -0.23 41550 13.85 8.20 - - - -

ICI Pakistan 1388 7.83 138.50 139.74 138.50 139.01 0.51 76243 140.25 116.00 80 - 55 -

Leiner Gelatine 75 - 17.88 17.69 16.88 17.69 -0.19 355 24.00 7.10 12 - - -

Lotte Pakistan 15142 4.86 13.33 13.70 13.40 13.61 0.28 10811387 13.70 8.17 5 - - -

Mandviwala 74 - 1.78 2.35 1.55 2.21 0.43 721910 2.75 0.80 - - - -

Nimir Ind Chemical 1106 - 1.85 2.74 2.30 2.57 0.72 19843970 2.74 1.30 - - - -

Shaffi Chemical 120 - 2.83 3.10 2.52 2.79 -0.04 57225 3.40 1.80 - - - -

Sitara Chem Ind 214 10.17 124.67 125.00 122.00 124.08 -0.59 849 139.40 101.00 75 - 25 5B

Sitara Peroxide 551 14.50 13.47 13.75 13.31 13.34 -0.13 179740 14.69 7.67 - - - -

Wah-Noble 90 6.74 35.00 35.88 35.00 35.06 0.06 1055 46.25 32.00 50 - 50 -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


916.28 925.82 911.90 915.64 -0.64 -0.07


30,808 - - 3,904.20 mn 30,493.53 mn 916.70


7.21 1.61 22.31 44.54 6.18 906.88

Abbott (Lab) 979 8.76 100.00 101.45 99.13 99.90 -0.10 3180 104.00 83.00 120 - 20 -

Ferozsons (Lab) 250 6.34 84.01 84.95 83.50 84.00 -0.01 1312 115.00 82.20 10 20B - 20B

GlaxoSmithKline 1707 13.68 76.10 77.00 75.85 76.04 -0.06 6274 77.50 65.00 50 - - -

Highnoon (Lab) 165 7.33 26.20 26.55 26.25 26.45 0.25 5079 26.98 22.60 25 - - -

IBL HealthCare Ltd 200 6.45 8.00 8.95 7.51 8.00 0.00 13168 9.00 6.81 - - - -

Otsuka Pak 100 7.48 32.98 33.50 33.50 33.50 0.52 500 35.00 27.50 15 - - -

Searle Pak 306 5.54 61.50 61.80 61.55 61.57 0.07 1284 64.50 58.20 15 15B 30 -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


746.07 761.96 738.79 743.87 -2.20 -0.30


111,892 - - 3,242.17 mn 12,766.66 mn 759.54


5.56 1.42 25.53 11.08 1.99 743.87

Pak Int Cont. Terminal 1092 7.35 73.31 74.90 73.31 73.50 0.19 4834 77.77 60.05 - 20B 40 -

PNSC 1321 36.96 34.89 35.64 33.15 34.00 -0.89 107058 41.00 33.06 30 - 15 -



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

BOOK CLOSURES

Fauji Fertiliser Bin Qasim 14-Dec 20-Dec 12.50(iii) 12-06-2010 -

Oil and Gas Development Co 14-Dec 21-Dec 15(i) 12-06-2010 -

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

Siemens Pakistan 20-Dec 29-Dec 600 12-08-2010 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 7.9 8.89 7.95 8.88 0.98 2099

Pakistan Cables 54.86 56 52.5 55.99 1.13 10273

TRG Pakistan Ltd. 3.85 3.97 3.75 3.78 -0.07 1019807

Murree Brewery Co 84.1 88.3 81.05 88 3.9 17933

Shakarganj Food 1.2 1.2 1.2 1.2 0 1000

Shezan International 107.06 109.87 101.71 109.8 2.74 1666

Grays of Cambridge 53.6 55.5 50.93 51.51 -2.09 2072

Lakson Tobacco 314.81 328.4 317 317.03 2.22 1507

Pak Tobacco 115 114.2 114 114 -1 2200

Shifa Int.Hospitals 28.69 29.75 28.05 29.49 0.8 1406

PIAC(A) 2.42 2.58 2.38 2.44 0.02 328603

AKD Capital XD 50.19 52.69 51.02 52.69 2.5 4556

Pace (Pak) Ltd. 3.1 3.25 3.1 3.12 0.02 1721766

Netsol Technologies 18.71 19.14 18.51 18.72 0.01 279819

Pak Telephone 2 2.49 2 2.3 0.3 2798

Symbols Open High Low Close Change Vol

Tuesday, December 14, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -23.47 points at 11,596.69. Volume was 43

per cent above average and Bollinger Bands were 25 per cent wider than

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

resistance level at 11,645.65 and 2nd resistance level at 11,694.65, while

Index will continue to find its 1st support level at 11,562.55 and 2nd sup-

port level at 11,528.40.

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) 77.01 Support 1 11,562.55

MA (5-day) 11,569.38 Support 2 11,528.40

MA (10-day) 11,449.37 Resistance 1 11,645.65

MA (100-day) 10,386.77 Resistance 2 11,694.65

MA (200-day) 10,191.11 Pivot 11,611.55


Bank Alfalah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed down -0.24 at 10.63. Volume was 346 per cent above aver-

age (trending) and Bollinger Bands were 11 per cent wider than normal.

BAFL is currently 7.6 per cent above its 200-day moving average and is



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

oscillators are currently bullish on BAFL.

*Arif Habib Ltd 13 Buy

AKD Securities Ltd 10.25 Accumulate

TFD Research 14.01 Positive

RSI (14-day) 67.93 Free Float Shares (mn) 674.58

MA (10-day) 10.12 Free Float Rs (mn) 7,170.77

MA (100-day) 9.06 ** NOI Rs (mn) N/A

MA (200-day) 9.88 Mean 10.74

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


Fauji Cement Co Ltd


Technical Outlook

FCCL closed up 0.51 at 5.40. Volume was 1,599 per cent above average


FCCL is currently 1.3 per cent above its 200-day moving average and is

displaying a downward trend. Volatility is extremely high when compared

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

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

casting oscillators are currently bearish on FCCL. Momentum oscillator is

currently indicating that FCCL is currently in an overbought condition.




MA (100-day) 4.95 ** NOI Rs (mn) N/A

MA (200-day) 5.33 Mean 5.16



Nishat Mills Ltd


Technical Outlook

NML closed up 0.95 at 59.85. Volume was 1 per cent above average and

Bollinger Bands were 34 per cent wider than normal.

NML is currently 17.5 per cent above its 200-day moving average and is

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

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

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

tors are currently bullish on NML.

AKD Securities Ltd 59.97 Buy




MA (100-day) 50.32 ** NOI Rs (mn) 83.63

MA (200-day) 50.92 Mean 59.46



Dera Ghazi Khan Cement Co Ltd


Technical Outlook

DGKC closed up 0.39 at 31.07. Volume was 18 per cent below average

and Bollinger Bands were 26 per cent wider than normal.

DGKC is currently 15.5 per cent above its 200-day moving average and is

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


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

casting oscillators are currently bullish on DGKC.

*Arif Habib Ltd 42 Buy

AKD Securities Ltd 43.29 Buy




MA (100-day) 26.66 ** NOI Rs (mn) 45.59

MA (200-day) 26.90 Mean 30.86



Adamjee Insurance Co Ltd


Technical Outlook

AICL closed up 3.35 at 87.61. Volume was 377 per cent above average


AICL is currently 1.7 per cent below its 200-day moving average and is dis-

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


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

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

rently indicating that AICL is currently in an overbought condition.

AKD Securities Ltd 76 Accumulate

TFD Research 88 Neutral



MA (100-day) 75.36 ** NOI Rs (mn) 19.08

MA (200-day) 89.09 Mean 86.10



National Bank of Pakistan


Technical Outlook

NBP closed down -0.53 at 70.46. Volume was 21 per cent below average

and Bollinger Bands were 6 per cent wider than normal.

NBP is currently 4.5 per cent above its 200-day moving average and is dis-

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


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




MA (100-day) 66.26 ** NOI Rs (mn) 136.58

MA (200-day) 69.55 Mean 70.61



United Bank Ltd


Technical Outlook

UBL closed up 2.26 at 66.30. Volume was 74 per cent above average and

Bollinger Bands were 88 per cent wider than normal.

UBL is currently 16.4 per cent above its 200-day moving average and is



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

oscillators are currently bullish on UBL. Momentum oscillator is currently

indicating that UBL is currently in an overbought condition.

*Arif Habib Ltd 72.5 Buy

AKD Securities Ltd 56.82 Accumulate




MA (100-day) 56.08 ** NOI Rs (mn) 2.34

MA (200-day) 56.96 Mean 65.30


EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,279.40 1,315.78 1,268.31 1,291.28 11.88 0.93


15,342,709 - - 29,771.58 mn 18,941.33 mn 1,291.28


22.25 0.49 2.21 104.74 7.31 1,211.70

1st Fid Leasing 264 9.13 1.60 1.59 1.40 1.46 -0.14 63565 2.24 1.05 - - - -

AL-Meezan Mutual F. 1375 6.43 7.78 7.99 7.61 7.72 -0.06 470676 8.59 5.85 - - 18.5 -

Atlas Fund of Funds 525 1.75 4.45 4.39 4.01 4.34 -0.11 10282669 4.50 2.70 - - 2.2 -

B R R Guardian Mod. 780 3.66 1.69 1.96 1.60 1.61 -0.08 30541 2.37 0.90 - - 0 -

Constellation Modaraba 65 3.41 1.48 1.59 1.25 1.50 0.02 592 2.99 0.90 - - - -

Crescent St Modaraba 200 1.75 0.69 0.79 0.61 0.70 0.01 53161 1.10 0.16 - - 1.2 -

Elite Cap Modaraba 113 3.64 2.98 2.94 2.90 2.91 -0.07 100000 3.09 1.73 4.5 - 5 -

Equity Modaraba 524 10.06 1.63 1.80 1.61 1.61 -0.02 11001 2.37 0.86 - - - -

First Capital Mutual F. 300 10.13 4.44 4.45 3.65 4.05 -0.39 102 5.50 2.10 - - - -

First Dawood Mutual F. 581 0.64 2.08 2.10 1.95 2.02 -0.06 151003 2.24 1.30 - - - -

Golden Arrow 760 2.27 3.11 3.19 3.09 3.18 0.07 18936 3.88 2.56 - - 17 -

H B L Modaraba 397 2.26 6.63 6.79 6.75 6.79 0.16 121 7.00 5.11 5 - 11 -

Habib Modaraba 1008 5.81 6.54 6.74 6.69 6.74 0.20 10800 6.90 5.80 20 - 21 -

I B L Modaraba XD 202 22.64 3.45 2.90 2.45 2.49 -0.96 25326 3.69 1.06 - - 3 -

JS Growth Fund 3180 59.00 4.67 4.95 4.63 4.72 0.05 2420416 4.96 2.65 - - 5 -

JS Value Fund 1186 16.00 4.48 4.50 4.32 4.48 0.00 53394 4.73 2.31 10 - 10 -

KASB Modaraba 283 1.10 1.43 1.88 1.50 1.50 0.07 355 2.23 1.05 - - 2.8 -

Meezan Balanced Fund 1200 6.74 6.99 7.05 6.35 7.01 0.02 17401 7.10 5.15 - - 15.5 -

Mod Al-Mali 184 13.60 1.29 1.40 1.26 1.36 0.07 626 2.18 0.56 - - - -

Pak Prem FundSPOT 1698 12.54 9.01 9.04 9.00 9.03 0.02 553889 9.39 7.00 - - 18.6 -

PICIC Energy Fund 1000 2.03 6.97 7.15 6.76 6.98 0.01 17748 7.18 4.33 - - 10 -

PICIC Growth Fund 2835 7.90 12.01 12.60 12.10 12.33 0.32 722766 12.60 7.90 - - 20 -

PICIC Inv Fund 2841 7.22 6.24 6.50 6.20 6.35 0.11 227825 6.50 3.50 - - 10 -

Prud Modaraba 1st 872 2.23 0.92 1.04 0.96 0.98 0.06 36372 1.20 0.76 - - 3 -

Punjab Modaraba 340 - 1.32 1.89 1.32 1.35 0.03 35106 2.54 0.50 - - 1 -

Stand Chart Modaraba 454 4.52 9.00 9.23 8.62 9.23 0.23 28711 10.34 7.75 16.5 - 17 -

Tri-Star 1st Modaraba 212 - 1.70 1.70 1.35 1.35 -0.35 4873 5.80 0.50 - - - -

Tri-Star Mutual 50 5.17 1.74 1.94 1.85 1.86 0.12 650 2.87 0.86 - - - -

Trust Modaraba 298 3.38 1.75 1.76 1.76 1.76 0.01 625 4.40 1.15 - - 5 -

U D L Modaraba 264 1.64 5.75 5.79 5.75 5.76 0.01 3055 6.99 4.71 10 - 12.5 -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index


409.29 418.51 400.78 405.26 -4.03 -0.98


7,125,187 - - 30,336.44 mn 27,898.96 mn 432.08


9.47 0.27 0.91 99.56 3.38 405.26

AMZ Ventures 225 1.66 0.73 0.88 0.70 0.73 0.00 376498 0.95 0.42 - - - -

Arif Habib Investments 360 3.53 17.45 18.13 17.60 17.95 0.50 33480 19.98 13.00 - - - 20B

Arif Habib Limited 450 13.43 25.08 26.33 25.15 26.33 1.25 61914 34.00 24.40 15 25B - 20B

Arif Habib Corp 3750 4.41 23.98 24.45 23.86 24.01 0.03 1399574 27.02 20.90 - - 30 -

Dawood Equities 250 - 1.90 2.30 2.00 2.10 0.20 12376 2.70 1.51 - - - -

First National Equity 575 - 9.00 8.75 8.01 8.68 -0.32 131 11.75 6.84 - - - -

IGI Investment Bank 2121 16.25 2.54 2.67 2.55 2.60 0.06 125110 2.90 1.17 - - - -

Invest and Fin Sec 600 673.00 6.61 7.16 6.69 6.73 0.12 1298 9.00 6.16 - - 11.5 -

Invest Bank 2849 - 0.70 0.85 0.61 0.76 0.06 220663 1.00 0.44 - - - -

Ist Cap Securities 3166 - 3.59 3.89 3.50 3.75 0.16 444644 4.80 2.54 - 10B - 10B

Ist Dawood Bank 626 0.66 1.87 1.94 1.82 1.86 -0.01 59431 2.84 1.32 - - - -

Jah Siddiq Co 7633 - 11.30 11.54 10.88 10.94 -0.36 5216779 14.05 8.80 -243.778B 10 -

JOV and CO 508 - 3.97 4.00 3.84 3.89 -0.08 192538 5.38 1.96 - - - -

JS Global Cap 500 7.23 27.22 28.35 26.60 26.90 -0.32 14168 40.00 24.25 150 - - -

JS Investment 1000 26.96 6.56 6.75 6.45 6.47 -0.09 123367 7.59 5.10 - - - -

KASB Securities 1000 - 4.41 4.47 4.38 4.40 -0.01 17001 4.75 3.32 - - - -

Orix Leasing 821 4.96 6.28 7.19 6.71 6.75 0.47 102218 7.29 4.50 - - - -

Pervez Ahmed Sec 775 - 2.29 2.34 2.20 2.26 -0.03 105138 2.70 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.81 0.70 0.61 0.68 -0.13 16300 0.86 0.42 - - - -

Sec Inv Bank 514 11.20 3.25 3.25 2.80 2.80 -0.45 2130 3.90 1.65 - - - -



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

LIFE INSURANCE

Performance of SR Life Insurance Index


920.41 946.13 932.90 934.66 14.26 1.55


11,168 - - 2,290.72 mn 10,662.25 mn 945.23


93.42 3.60 3.85 355.53 3.81 920.41

EFU Life Assurance 850 43.99 80.11 80.15 77.00 77.42 -2.69 11167 86.95 57.00 5513.33B - -



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

BANKS

Performance of SR Banks Index


1,132.47 1,144.12 1,119.98 1,131.50 -0.96 -0.09


25,015,543 - - 257,548.02 mn 687,764.47 mn 1,136.69


8.13 1.13 13.94 40.49 4.98 1,111.48

Allied Bank Limited 7821 6.27 64.49 65.40 64.45 64.56 0.07 196397 65.40 50.00 40 10B 20 -Askari Bank 6427 7.97 16.77 16.96 16.70 16.74 -0.03 154462 17.20 14.23 - 20B - -Atlas Bank 5001 - 1.70 1.90 1.70 1.77 0.07 416639 2.55 1.50 - - - -Bank Alfalah 13492 13.63 10.87 10.90 10.55 10.63 -0.24 10053890 11.00 7.66 8 - - -Bank AL-Habib 7322 7.70 35.52 35.79 35.26 35.73 0.21 67172 35.79 29.76 20 20B - -Bank Of Khyber 5004 5.75 4.50 4.52 4.23 4.31 -0.19 148732 4.70 2.50 - - - -Bank Of Punjab 5288 - 10.15 10.29 9.94 9.96 -0.19 599541 10.59 8.00 - - - -BankIslami Pak 5280 812.50 3.09 3.35 3.17 3.25 0.16 122118 3.88 2.74 - - - -Faysal Bank XB 7309 4.75 14.87 14.93 14.65 14.72 -0.15 14560 17.10 13.01 - - - 20BHabib Bank Ltd 10019 7.24 117.44 117.76 115.70 115.96 -1.48 166994 118.99 92.55 60 10B - -Habib Metropolitan Bank 8732 7.87 25.65 25.75 25.25 25.75 0.10 36471 26.74 18.02 10 16B - -JS Bank Ltd 6128 - 2.58 2.64 2.50 2.63 0.05 319620 3.00 2.02 - - - 66RKASB Bank Ltd 9509 - 2.70 2.75 2.60 2.75 0.05 73129 2.90 2.16 - 26B - -MCB Bank Ltd XD 7602 9.59 218.29 218.70 216.00 216.38 -1.91 309979 223.50 182.61 110 10B 55 -Meezan Bank 6983 8.60 16.03 16.70 15.91 16.25 0.22 12621 16.70 14.05 - 5B - -Mybank Ltd 5304 - 2.43 2.57 2.36 2.37 -0.06 79047 2.69 1.81 - - - -National Bank 13455 6.15 70.99 70.81 70.16 70.46 -0.53 2390613 71.80 62.15 75 25B - -Network Mic Bank 300 - 1.50 1.48 1.16 1.30 -0.20 10302 1.95 0.62 - - - -NIB Bank 40437 - 3.03 3.17 3.05 3.10 0.07 3661168 3.18 2.46 - - - -Royal Bank Ltd 17180 - 4.41 4.95 4.32 4.75 0.34 46053 8.10 3.91 - - - -Samba Bank 14335 - 2.05 2.17 2.05 2.07 0.02 598902 2.65 1.51 - - -63.46RSilkbank Ltd 26716 - 2.70 2.89 2.72 2.80 0.10 3485713 3.08 2.50 - - - -Soneri Bank 6023 - 7.35 7.50 7.00 7.50 0.15 301034 8.00 5.01 - - - -Stand Chart Bank 38716 12.60 8.15 8.59 7.75 8.19 0.04 25563 8.80 6.00 - - - -Summit Bank Ltd 5000 - 3.27 3.45 3.20 3.31 0.04 185884 3.80 2.30 - - - -United Bank Ltd 12242 7.79 64.04 66.74 64.10 66.30 2.26 1724823 66.74 49.90 25 10B 10 -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


758.34 783.98 752.01 768.94 10.60 1.40


4,539,483 - - 11,111.34 mn 47,441.83 mn 768.94


12.61 0.66 5.20 79.54 6.31 748.94

Adamjee Insurance 1237 25.39 84.26 88.47 84.05 87.61 3.35 2673467 88.47 63.05 30 10B 10 -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,485.21 1,506.92 1,472.68 1,480.31 -4.90 -0.33


100,844 - - 12,202.80 mn 31,756.22 mn 1,507.88


9.52 1.09 11.41 66.79 7.02 1,480.31

Sui North Gas XD 5491 8.04 27.01 27.49 27.00 27.00 -0.01 44006 34.75 26.60 - - 20 -Sui South Gas 8390 3.04 20.29 20.54 20.00 20.18 -0.11 56838 30.70 19.99 - - 15 25B



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

ELECTRICITY

Performance of SR Electricity Index


1,262.95 1,282.40 1,255.96 1,267.68 4.73 0.37


19,665,088 - - 95,369.29 mn 103,563.44 mn 1,267.68


14.62 1.37 9.35 104.13 7.12 1,248.96

Genertech 198 - 1.04 1.10 1.02 1.05 0.01 136102 1.45 0.60 - - - -Hub Power 11572 6.69 36.08 36.60 36.15 36.52 0.44 594760 37.00 32.75 33.5 - 50 -Japan Power 1560 - 1.93 2.09 1.85 2.04 0.11 974885 2.25 1.20 - - - -KESC 7932 - 3.16 3.29 3.01 3.03 -0.13 4828907 3.29 1.94 - 31R - 7.8RKohinoor Energy 1695 10.56 19.00 19.70 19.00 19.00 0.00 7300 26.50 17.95 45 - 15 -Kohinoor Power 126 2.71 4.53 4.81 4.45 4.45 -0.08 64757 6.10 4.01 - - - -Kot Addu Power 8803 4.88 39.98 40.50 39.92 40.20 0.22 1280839 42.95 38.35 64.5 - 50 -Nishat Chunian Power Ltd 3673 3.44 15.62 15.95 15.45 15.67 0.05 3929233 15.95 10.25 - - - -Nishat Power Ltd 3541 25.66 15.93 16.30 15.79 15.91 -0.02 4031780 16.70 10.00 - - - -S G Power 178 - 1.00 0.80 0.70 0.77 -0.23 7000 1.69 0.32 - - - -Sitara Energy Ltd 191 3.44 18.98 18.80 18.41 18.44 -0.54 3101 23.49 17.98 20 - 20 -Southern Electric 1367 - 2.47 2.80 2.60 2.66 0.19 3677920 2.90 2.05 - - - -Tri-star Power XD 150 - 1.20 1.49 1.15 1.27 0.07 128503 1.75 0.65 3 - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


1,155.20 1,161.44 1,145.70 1,151.96 -3.24 -0.28


6,849,714 - - 50,077.79 mn 79,134.94 mn 1,155.20


6.19 0.80 12.84 62.56 10.10 1,135.08

Pak Datacom 78 4.92 79.80 79.78 79.10 79.78 -0.02 501 117.99 76.50 70 - 80 -Pakistan Telecomm Co A 37740 12.82 19.28 19.28 19.15 19.23 -0.05 161204 20.12 18.15 15 - 17.5 -Telecard 3000 0.75 2.54 2.66 2.46 2.52 -0.02 1672069 2.69 1.80 - - 1 -WorldCall Tele 8606 - 3.18 3.33 3.14 3.17 -0.01 5015940 3.33 2.31 - - - -Wateen Telecom Ltd 6175 - 4.10 4.19 3.92 3.97 -0.13 628220 4.50 3.35 - - - -



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

Ask Gen Insurance 204 6.21 11.00 10.62 10.21 10.24 -0.76 6500 12.75 9.26 - - - 25R

Central Insurance XB 279 6.72 60.90 63.75 58.51 59.12 -1.78 950 64.80 47.37 20 25B 10 10B

Century Insurance 457 6.83 10.68 11.35 10.80 10.92 0.24 4745 12.00 9.42 - - - -

EFU General Insurance 1250 - 44.03 44.98 42.80 42.90 -1.13 99992 48.63 34.76 40 8.7B - -

Habib Insurance 400 2.99 12.70 13.00 12.55 12.55 -0.15 4000 13.00 10.04 35 - - -

IGI Insurance 718 16.88 90.41 91.00 90.99 91.00 0.59 10080 93.45 68.27 35 - 10 20B

New Jub Insurance 791 15.89 58.95 60.00 58.10 58.94 -0.01 1026 60.90 52.25 30 20B - -

Pak Reinsurance 3000 41.92 15.98 16.80 15.85 16.35 0.37 1710613 17.20 12.80 30 - - -

PICIC Ins Ltd 350 - 6.84 6.50 6.30 6.31 -0.53 7056 8.30 1.66 - - - -

Premier Insurance 303 5.95 10.65 11.25 10.80 11.00 0.35 8983 11.25 8.00 20 15B - -

Silver Star Insurance 253 4.35 6.88 7.88 6.01 7.00 0.12 12007 8.17 6.01 - 20B - -

UPTO 100 VOLUME

POAF 8.50 9.50 9.50 9.50 1.00 100

FANM 2.90 3.05 3.05 3.05 0.15 100

PAKMI 0.93 1.10 1.05 1.05 0.12 100

JDMT 15.45 14.99 14.99 14.99 -0.46 100

SSML 2.30 2.60 2.50 2.50 0.20 100

STML 22.00 21.50 21.50 21.50 -0.50 100

GTYR 21.60 22.65 22.50 22.50 0.90 100

PSEL 167.35 160.00 160.00 160.00 -7.35 100

BAFS 59.00 61.95 60.00 60.00 1.00 52

ASFL 4.85 5.00 5.00 5.00 0.15 50

ATIL 37.30 37.98 37.98 37.98 0.68 50

RMPL 2093.00 2090.00 1996.00 2005.00 -88.00 50

AGIL 72.72 72.01 72.01 72.01 -0.71 40

HUSS 10.49 11.19 11.19 11.19 0.70 25

ULEVER 4045.11 4117.99 3916.04 4069.99 24.88 25

DSML 2.75 2.35 2.35 2.35 -0.40 21

BFMOD 3.84 3.25 3.25 3.25 -0.59 20

SFWF 7.48 8.25 8.25 8.25 0.77 16

FPRM 8.55 8.74 8.72 8.72 0.17 16

FZTM 392.26 399.99 393.00 398.07 5.81 16

UPFL 1059.00 1089.99 1006.06 1089.99 30.99 14

AASM 23.50 24.67 23.10 24.50 1.00 12

ICL 29.09 30.54 30.00 30.21 1.12 11

UNIC 6.01 6.01 6.01 6.01 0.00 10

CRTM 19.50 20.00 20.00 20.00 0.50 10

PMRS 49.50 49.40 49.40 49.40 -0.10 10

WYETH 1100.00 1100.00 1100.00 1100.00 0.00 10

STCL 8.55 8.90 8.30 8.70 0.15 7

JVDC 59.00 59.99 56.05 56.71 -2.29 6

JDWS 86.60 86.15 86.00 86.12 -0.48 5

GLPL 63.28 62.00 62.00 62.00 -1.28 5

GUSM 6.50 7.25 6.00 6.00 -0.50 4

ISIL 74.00 73.49 73.49 73.49 -0.51 4

CSIL 5.34 5.82 4.34 5.12 -0.22 3

GRYL 1.21 1.89 1.20 1.20 -0.01 2

DWTM 6.78 7.78 7.78 7.78 1.00 2

HUSI 9.69 9.45 9.45 9.45 -0.24 2

GAMON 1.70 2.36 1.75 2.06 0.36 2

PHDL 38.37 40.28 38.00 39.14 0.77 2

NBF 3.99 3.85 3.85 3.85 -0.14 1

FNBM 6.90 6.80 6.80 6.80 -0.10 1

DCM 1.58 1.26 1.26 1.26 -0.32 1

NJLIC 45.00 47.20 47.20 47.20 2.20 1

PKGI 7.32 8.00 7.47 7.47 0.15 1

AZAMT 2.60 2.79 2.55 2.55 -0.05 1

CFL 11.26 12.26 12.26 12.26 1.00 1

KOSM 1.00 1.05 1.02 1.05 0.05 1

PRET 28.89 29.30 29.30 29.30 0.41 1

SANE 2.99 3.00 3.00 3.00 0.01 1

KML 3.65 2.70 2.70 2.70 -0.95 1

BTL 47.00 47.90 47.90 47.90 0.90 1

KTML 5.26 5.71 5.64 5.64 0.38 1

FECS 48.03 50.40 50.40 50.40 2.37 1

SHJS 93.70 93.99 93.99 93.99 0.29 1

TICL 73.00 76.65 76.65 76.65 3.65 1

ALTN 10.00 9.00 9.00 9.00 -1.00 1

DADX 23.25 22.12 22.12 22.12 -1.13 1

HINO 135.00 135.00 135.00 135.00 0.00 1

ETNL 20.95 21.59 21.59 21.59 0.64 1

SAPL 132.99 130.00 130.00 130.00 -2.99 1

BIFO 49.30 51.76 50.50 50.50 1.20 1


FUTURE CONTRACTS

NML-DEC 59.11 60.44 58.85 59.99 0.88 451000

NBP-DEC 71.45 71.29 70.55 70.82 -0.63 385500

POL-DEC 292.97 294.90 289.10 289.51 -3.46 278500

AICL-DEC 84.32 88.53 84.98 87.94 3.62 257000

DGKC-DEC 30.80 31.30 30.67 31.10 0.30 248500

ANL-DEC 10.27 10.15 9.94 10.03 -0.24 185500

FFBL-DEC 35.70 35.70 35.40 35.59 -0.11 107500

ENGRO-DEC 187.49 188.05 185.00 186.32 -1.17 92500

MCB-DEC 218.59 219.45 216.80 216.99 -1.60 70000

UBL-DEC 64.50 67.35 65.10 66.08 1.58 68500

PPL-DEC 209.22 209.00 207.50 208.13 -1.09 42500

LUCK-DEC 75.16 75.60 75.05 75.13 -0.03 38500

FFC-DEC 116.99 118.25 116.99 118.20 1.21 25500

PSO-DEC 286.24 286.50 284.80 285.07 -1.17 19500

HUBC-DEC 36.44 36.50 36.50 36.50 0.06 8500

NETSOL-DEC 18.90 18.90 18.90 18.90 0.00 4000

BOP-DEC 10.30 10.05 9.90 9.98 -0.32 3500

OGDC-DEC 166.04 166.00 165.60 165.60 -0.44 2000

NCL-DEC 22.00 22.89 22.89 22.89 0.89 500


ZERO VOLUME

ASIC 15.00 16.00 16.00 16.00 1.00 0.00

BAPLR 0.15 0.14 0.14 0.14 -0.01 0.00

BHAT 260.00 259.00 259.00 259.00 -1.00 0.00

BILF 1.40 1.49 1.49 1.49 0.09 0.00

COTT 0.90 1.02 1.02 1.02 0.12 0.00

ESBL 2.75 2.74 2.74 2.74 -0.01 0.00

EWLA 3.50 3.22 3.22 3.22 -0.28 0.00

FCIBL 3.70 3.25 3.25 3.25 -0.45 0.00

GVGL 37.50 37.40 37.40 37.40 -0.10 0.00

HMIM 0.95 0.89 0.89 0.89 -0.06 0.00

MLCFPS 4.98 4.89 4.89 4.89 -0.09 0.00

MQTM 7.75 7.80 7.80 7.80 0.05 0.00

MSCL 5.61 6.61 6.61 6.61 1.00 0.00

NATM 8.55 9.55 9.55 9.55 1.00 0.00


Al-Abbas Cement 66.86 3.55 3.40 3.80 3.90 3.65

Allied Bank Limited 79.59 64.20 63.85 65.15 65.75 64.80

Attock Cement 50.64 62.30 61.55 63.80 64.65 63.10

Arif Habib Corp 40.36 23.75 23.50 24.35 24.70 24.10

Arif Habib Limited 49.94 25.55 24.75 26.75 27.10 25.95

Adamjee Insurance 73.56 84.95 82.30 89.35 91.15 86.70

Askari Bank 63.07 16.65 16.55 16.90 17.05 16.80

Azgard Nine 36.75 9.70 9.45 10.20 10.45 9.95

Attock Petroleum 56.08 323.90 322.95 326.40 327.95 325.45

Attock Refinery 55.28 120.25 118.90 123.00 124.35 121.65

Bank Alfalah 67.93 10.50 10.35 10.85 11.05 10.70

BankIslami Pak 48.07 3.15 3.10 3.35 3.45 3.25

Bank Of Punjab 56.71 9.85 9.70 10.20 10.40 10.05

Dewan Cement 65.66 2.30 2.15 2.75 3.05 2.60

DGK Cement 61.42 30.65 30.20 31.35 31.60 30.90

Dewan Salman 78.20 3.25 3.00 3.85 4.20 3.60

Dost Steels Ltd 52.29 2.85 2.80 3.05 3.20 3.00

EFU General Insurance 40.44 42.15 41.40 44.30 45.75 43.55

EFU Life Assurance 46.89 76.25 75.05 79.40 81.35 78.20

Engro Chemical 56.54 184.65 183.95 186.15 186.90 185.40

Faysal Bank 48.87 14.60 14.50 14.90 15.05 14.75

Fauji Cement 70.07 4.95 4.55 5.65 5.95 5.25

Fauji Fert Bin 63.76 35.15 34.90 35.65 35.90 35.40

Fauji Fertilizer 77.63 116.70 115.85 118.30 119.10 117.45

Habib Bank Ltd 70.37 115.20 114.40 117.25 118.55 116.45

Hub Power 63.48 36.25 35.95 36.70 36.85 36.40

ICI Pakistan 68.81 138.40 137.85 139.65 140.30 139.10

Indus Motors 47.02 249.90 248.95 251.90 252.95 250.95

JOV and CO 47.96 3.80 3.75 4.00 4.05 3.90

Japan Power 69.65 1.90 1.75 2.15 2.25 2.00

JS Bank Ltd 47.64 2.55 2.45 2.70 2.75 2.60

Jah Siddiq Co 44.21 10.70 10.45 11.35 11.80 11.10

Kot Addu Power 56.78 39.90 39.65 40.50 40.80 40.20

K.E.S.C 78.22 2.95 2.85 3.20 3.40 3.10

Lotte Pakistan 78.27 13.45 13.25 13.75 13.85 13.55

Lucky Cement 50.46 74.40 74.00 75.30 75.90 74.95

MCB Bank Ltd 63.50 215.35 214.35 218.05 219.75 217.05

Maple Leaf Cement 68.72 3.05 2.90 3.35 3.45 3.15

National Bank 62.53 70.15 69.85 70.80 71.15 70.50

Nishat (Chunian) 44.69 21.40 21.25 21.85 22.10 21.65

Netsol Technologies 45.08 18.45 18.15 19.05 19.40 18.80

NIB Bank 62.57 3.05 3.00 3.15 3.25 3.10

Nimir Ind.Chemical 86.22 2.35 2.10 2.80 3.00 2.55

Nishat Mills 59.01 58.85 57.85 60.65 61.45 59.65

Oil & Gas Dev. XD 61.05 165.10 164.45 166.70 167.65 166.05

PACE (Pakistan) Ltd. 64.52 3.05 3.00 3.20 3.30 3.15

Pervez Ahmed Sec 53.70 2.20 2.15 2.35 2.40 2.25

PIAC (A) 65.13 2.35 2.25 2.55 2.65 2.45

Pioneer Cement 43.24 7.10 7.00 7.20 7.30 7.15

Pak Oilfields 69.58 285.90 283.65 292.05 295.90 289.80

Pak Petroleum 66.97 205.95 204.65 208.75 210.20 207.45

Pak Suzuki 28.08 68.85 68.15 70.35 71.15 69.65

PSO XD 53.45 282.45 281.30 285.40 287.30 284.30

PTCLA 48.04 19.15 19.10 19.30 19.35 19.20

Shell Pakistan 55.53 198.85 197.90 200.35 200.90 199.40

Sui North Gas 32.45 26.85 26.65 27.30 27.65 27.15

Sitara Peroxide 55.46 13.20 13.05 13.65 13.90 13.45

Sui South Gas 28.83 19.95 19.70 20.50 20.80 20.25

Telecard 63.11 2.45 2.35 2.65 2.75 2.55

TRG Pakistan 36.92 3.70 3.60 3.90 4.05 3.85

United Bank Ltd 81.29 64.70 63.05 67.30 68.35 65.70

WorldCall Tele 77.10 3.10 3.00 3.30 3.40 3.20

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Adil Textile Mills Ltd 15-Dec 10:30

Askari Bank Ltd. 22-Dec 10:00

Fauji Fertiliser Bin Qasim Ltd 23-Dec 10:30

BOARD MEETINGS

Company Date Time

Tuesday, December 14, 2010 8

ISLAMABAD: Shaikh Abdul Hai Service Representative Samsung Electronics, Inam ul Haq National

Manager Customer Support, Asif Javed Senior Manager, and Arslan Amjad Assistant Manager

Customer Support inaugurating the Samsung Mobile Service Centre in Rawalpindi.-Staff Photo

ISLAMABAD: PakistanTelecommunication Company Ltd(PTCL) has introduced a unique "BillAlert Service" for the facilitation of itslandline and wireless postpaid cus-tomers.

The newly introduced service hasbeen launched to facilitate the cus-tomers and save them from any hassleof additional surcharge in case of latedepositing of bill.

With this service PTCL customerswill be informed about their total billamount and due date of paymentthrough an SMS alert on 10th and 17thof each month so that they can deposittheir bill on time, said a press releaseissued here.

Customers can subscribe to this serv-ice free of any charge on PTCL orderhelpline by getting their active cellnumber updated in the profile on whichthey want SMS Alert.

The added advantage is that cus-tomers can also deposit their bill in any

PTCL One Stop shop by showing thisSMS.

SEVP Commercial Naveed Saeed onthe launch of this unique service said,that it's a great pleasure for PTCL toprovide our customers with Bill Alertservice.

He further added that in this contem-porary era our schedules have becomeso hectic that, at times, we tend to for-get or delay things of prime impor-tance.

Depositing of our bill is one suchthing. We at PTCL, have introducedthis unique Bill Alert service to giveour customers reminders through SMSto save our customers from any incon-venience as a result of late or no depo-sition of their bills.

The SMS alerts on the 10th to 17th ofeach month would act like an addition-al aid in remembering to pay their billson time so that they can keep on avail-ing the best telecom network inPakistan.-APP

PTCL to now givebill-wake-up-calls

LONDON: Apple Inc is work-ing on a smaller iPad tablet withbuilt-in cameras that could shipearly next year, according tomanufacturers in Asia.

The launch of a new, smalleriPad would expand the iPhoneand Macintosh computermaker's portfolio of tabletgadgets that has made wavesacross the global technologylandscape and threatens the lap-top market.

Makers of parts of the newiPad are gearing up for a newround of production in the firstquarter, these sources said onFriday.

"Having different sizes expandsthe market and makes it appeal tomore people," said Kaufman Brosanalyst Shaw Wu.

A smaller iPad would be adeparture as Apple ChiefExecutive Steve Jobs has pub-licly rejected the idea of such adevice in October.

Wu said that while Jobs has ahistory of throwing Applewatchers off the scent of a goodrumor -- most famously whenhe derided the idea of iPods thatplay videos -- Apple has alsoworked on many prototypes thatnever see the light of day.

Apple's iPad resurrected themarket for tablet computerssince its introduction in January,with nearly 13 million unitsexpected to ship this year. Thattotal could almost triple nextyear, providing a much-neededboost for a global technologysector struggling with patchy

demand.Touchscreen chip designer

Wintek Corp, battery makerSimplo Technology Co Ltd andAVY Precision, a privately heldmaker of covers for electronicproducts, are among suppliersfor the next batch of iPads, fourpeople familiar with the situa-tion said.

Two sources said the supplierswere preparing for a new roundof production in the first quarterfor components previously sup-plied for the original iPad, whiletwo other sources said theywere ramping up for a new iPad.

In October, Jobs dismissedthe idea of a 7-inch iPad, say-ing the screen would be "toosmall to express the soft-ware."-Reuters

Smarter, shootingiPads due shortly

NEW DELHI: India's telecoms reg-ulator has recommended cancelling69 telecom licences, the governmentsaid here, confirming earlier mediareports in a case running parallel toan investigation into one of thebiggest corruption scandals to hitIndia this year.

The regulator has recommendedcancelling 38 licences of companiesincluding the Indian joint ventures ofTelenor, Sistema and Etisalat's forfailing to meet network rolloutrequirements, the government said.

The Telecom Regulatory Authorityof India (TRAI) also recommendedcancelling 31 other licences "afterlegal examination" junior telecomsminister Sachin Pilot said in a writ-ten reply to a question from a law-maker.

The TRAI's recommendations arenot binding, but the telecoms min-istry has said it would send notices tocompanies that have been named bythe regulator, asking them to defendtheir licences.

The case, which revolves around

the sale of telecom licences at lowprices, has led to the resignation ofIndia's telecoms minister, and,according to an official audit, haspossibly lost the state $39 billion inrevenue.

It has also frozen the country's par-liament for nearly a month as oppo-sition parties have demanded a fullparliamentary investigation.

The Indian government has decidedto set up a one-man committee of for-mer Supreme Court judge ShivarajPatil to examine the allocation oflicences and spectrum from 2001 to2009, Telecom Minister Kapil Sibalsaid on Thursday.

A government auditor said in itsrecent report that licences weregiven too cheaply and 85 licenceholders were ineligible to get themas they had suppressed facts and sub-mitted false documents.

Sibal said his ministry would sendnotices to all the companies by theend of this week, asking them toexplain why their licences should notbe cancelled. He had earlier said there

were 119 licensees who have not metrollout requirements.

Telecoms licensees in India arerequired to cover 90 percent of theservice area in metro cities and 10percent of the main town in otherparts within the first year.

The cancellation recommendationsinclude 10 licences held by SistemaShyam Teleservices, eight ofTelenor's India joint venture calledUninor, 14 of Loop Telecom, four ofAircel and two of Etisalat DBTelecom.

The 31 licences which the regula-tor wants cancelled after a legalexamination include 13 held byEtisalat DB, 10 of VideoconTelecommunications, six of LoopTelecom and one each of Aircel andSistema Shyam.

Last month, a source with directknowledge had told Reuters that the reg-ulator had recommended cancelling 38licences for not complying with rolloutrequirements, and to legally examine 31other licences which had "just met"them.-Reuters

India’s 69 telcosmaybe dislicensed

ISLAMABAD: PakistanTelecommunication Authority(PTA) has entered the race ofGlobal Mobile Awards 2011.

Organised by GSMAssociation, the event is calledthe Oscars of mobile phonesand telecommunication indus-try worldwide.

The telecom authority hassubmitted its nominationrecently for the category ofOutstanding AchievementAwards including Best GSMAChairman's Award andGovernment LeadershipAward, a website relating totelecom news reported.

Quoting official sources, itreported that this will be the16th Annual Global MobileAwards contest offering ninecategories and 22 titles.

It will be held on February 15in Barcelona, Spain as part ofthe GSMA Mobile WorldCongress to be continued fromFebruary 14 to 17, the maininternational event to be organ-ised to help new business mod-els evolve, adapt, new verticalsand players emerge, cuttingedge technologies come tofore, perceptions shift, andhuman lives improve.

It is the must-attend annual

gathering of the mobile indus-try in which 50,000 seniormobile leaders from 200 coun-tries will participate.

PTA top brass seems confi-dent to win the contest since ithas won two titles recently.Pakistan TelecommunicationAuthority and its Chief wereawarded the titles of Best MostProgressive Telecom Regulatorin South Asia of the year, andBest Telecom RegulatoryLeader of the Year by SouthAsian, Middle Eastern andNorth African (SAMENA)Telecommunication Council.

It merits mentioning thatGSMA Awards 2011 uniquelyoffers organisations across theglobal mobile eco-system theopportunity to showcase thelatest mobile products, servicesand initiatives to the world.The Awards are open to all eli-gible mobile companies andsupporters of the mobile eco-system - GSMA Members,Associate Members and Non-members.

The presentation of theawards takes place duringMobile World Congress --thelargest and leading mobileindustry event globally-- heldannually in Barcelona.-APP

PTA inGlobalMobileAwards

Ufone cuts

call rates lowStaff Reporter

KARACHI: Ufone has onceagain taken the industry bystorm by offering the lowestcall rate for a 20 second pulsepackage in the history ofPakistan.

Akbar Khan Chief MarketingOfficer Ufone said that BachatOffer has been designed toensure our valued customerscan remain in touch all thetime. With a general increasein prices for almost everythingin our daily lives it has becomeessential for all to watch ourexpenses. This package is themost pocket friendly packagetill date and our 20 secondbilling allows our customers tohave complete control overtheir calls and expenses. Ufonealways has and always willstep up to give the best value toour customers.

Mobilinkgives

“Jazba”to youth

Staff Reporter

ISLAMABAD: Mobilinklaunched its new package"Jazba" on Jazz with the free-dom to make subsidised callsall day and enjoyingunmatched "On-net" and "Off-Net" rates, said a handoutissued here.

"Jazba" brings a multitudeof superior offerings encasedin one simple package sur-passing all previous packagesand promos available in thecellular industry of Pakistan.Jazba is also enriched withhigh value Bundle-offers tosuit the communication needsof the subscriber.

Mobilink's vice-presidentMarketing, Bilal MunirSheikh said; "We havelaunched "Such Jazba" todeliver power-packed commu-nication for the Pakistaniyouth.

The launch of this packageby Mobilink Jazz signifiesthe importance of this seg-ment, which is vibrant andhas unique needs to fulfilltheir communication needs.Jazba fills that need andallows our young Pakistanisthe freedom to communicatewith their friends and familyconveniently and with ease.Also keeping in mind theelimited pockets of our youthsegment the value addedservices and bundles makethis the ideal connection forour youth today!"

India'sReliance

launches 3GMUMBAI: India's RelianceCommunications on Mondaylaunched third-generation (3G)mobile phone services in fourcities, and said it will cover 13telecoms zones by March nextyear.

Shares in India's No. 2 mobilecarrier, valued at about $6 bil-lion, rose as much as 2.5 per centafter the announcement, asinvestors hoped the new servicewould boost the company's earn-ings potential.

The third-generation (3G)services will facilitate fasterInternet on mobile phones andhelp operators grow their datarevenue in a market where voicecalls account for close to 90 percent of companies' revenue.

"Non-voice revenue should goup to 30 per cent for the industryin the years to come. We shouldbe at the higher end of this,"Syed Safawi, chief executive ofReliance Communications'wireless business, said at amedia briefing.

Non-voice revenue con-tributes "higher than 12-13 percent" currently, he said, butdeclined to give an exact pro-portion.

The company will offer 3Gservice plans starting from 199rupees ($4.4) a month to 2,499rupees a month, he added.

Reliance Comm, controlled bybillionaire Anil Ambani, spent$1.9 billion in winning 3G radioairwaves for 13 of India's 22telecoms zones in an auction thisyear, which saw bids coming farhigher than expected.-Reuters

LONDON: Copper hit succes-sive record highs on Monday,boosted by economic prospectsfor top consumer China, andsupply concerns that couldpropel prices even higher.

Benchmark copper on theLondon Metal Exchange fin-ished at $9,220, from $8,980 atthe close on Friday. The metalused in power and constructionearlier peaked at $9,235.25 atonne. Copper's gains alsoboosted other metals, withnickel and lead edging to one-month highs.

"Obviously the China out-look is helping copper, butmore than a general story it'svery much a (fundamental)copper story," said BNPParibas analyst Stephen Briggs.Base metals have reacted posi-tively to Chinese import dataout last week and the factBeijing has not raised interestrates despite climbing inflation.

Investors have been watch-ing closely for any policymoves that would dampendemand in the world's top cop-per consumer. Import datafrom China, which last weekshowed strong numbers after aslump in October and thelaunch of physically-backedexchange-traded products(ETPs) on Friday have raisedexpectations for demand butalso worries over potential

price distortions. These factors, against a mine

supply shortfall could propelthe metal to new peaks in themonths ahead, analysts say.

At the end of the second dayof trade, shares in ETFSecurities' physical copperETP ended at $46.4. ETFSphysical nickel prices closed at$122.14 while the tin ETP fin-ished at $129.15 per share.

Investor demand is seen asone driver behind metalsprices, sucking up availablecopper supply in particular.

These worries have pushedthe metal into a $47 a tonnebackwardation -- premium forcash material over the three-month contract -- comparedwith a discount of $20 a tonnein late October.

Investors also eyed a dominantposition controlling between 50and 80 per cent of cash warrantsfor copper, subject to LME lend-ing guidance. There was also adominant position of 50-80 percent on nickel.

In zinc LME stocks, a largewarranting of 25,875 tonnes wasregistered in New Orleans, help-ing boost total inventories by25,650 tonnes net to 656,375tonnes, the highest in six years.Zinc wound up at $2,320 from$2,274 a tonne. Zinc's cash dis-count to three months contractreached almost parity on Friday,signifying a lack of availableinventory, although it has sinceslipped a little.

Aluminium ended at $2,330versus Friday's close of $2,308a tonne. Stainless steel-makingingredient nickel closed overtwo per cent higher at $24,530from $23,980 a tonne, havinghit its highest in one month at$24,672. Tin traded at $26,150from $25,800 a tonne. Batterymaterial lead ended at $2,440versus $2,390 a tonne, havingalso edged to a one-month topof $2,451. -Reuters

Copper hits record highson China, fundamentals


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 10 2010

LME Official Prices, US$ per tonne for December 10 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2265 2315 9115 2399 23680 26270 2287 2275

Cash seller 2275 2316 9116 2402 23685 26275 2289 2280

3-months buyer 2220 2324 9065 2410 23750 26275 2287 2275

3-months seller 2230 2325 9069 2415 23755 26300 2288 2280

15-months buyer 2170 2382 8755 2367 23250 25875 2322 2290

15-months seller 2180 2387 8765 2372 23350 25925 2327 2300

27-months buyer 2170 2407 8310 2325 22600 2297 2345

27-months seller 2180 2412 8320 2330 22700 2302 2355

LONDON METAL EXCHANGE (METALS)

LONDON: Oil rose morethan a dollar on Monday inline with other commoditieson strong economic data outof China and after OPECagreed to keep its productiontargets unchanged.

The Organization of thePetroleum ExportingCountries decided onSaturday, as expected, tomaintain itsproduction poli-cy and leadingmember SaudiArabia said itstill favouredoil pricesbetween $70and $80 per bar-rel.

Optimism among investorswas boosted by data fromChina's National Bureau ofStatistics showing industrialoutput in November toppedexpectations, while headlineinflation rose to a 28-monthhigh to 5.1 per cent.

"It's not just oil (that isstrong) it is the entire com-modities spectrum," saidCarsten Fritsch, an oil analystat Commerzbank in Frankfurt,as Tokyo rubber futures andLondon copper hit historichighs, while gold also rose.

US crude for January rose$1.30 to $89.09 a barrel by1433 GMT. ICE Brent jumped

$1.82 to a high of $92.30. Thedollar fell by around 0.45 percent against a basket of cur-rencies.

Bullish sentiment wasunderlined by oil price hawkVenezuela, which called at theOPEC meeting for $100 oiland said OPEC should not liftoutput again through the endof 2011.

Prices have also been sup-ported by unseasonably coldweather in Europe, the UnitedStates and parts of East Asialeading to higher than normalenergy consumption for thistime of year.

In a note to clients, BarclaysCapital said "a June meetingeffectively gives the marketthe green light for the tilt at$100 and beyond" referring toOPEC's decision not to recon-vene earlier next year.

Expectations of higher oilprices have drawn investorsinto US crude oil futures alsoknown as West TexasIntermediate, data from the

Commodity Futures TradingCommission shows.

Speculators raised their netlong positions in US crudefutures to a record high in theseven days to Dec. 7, the dayprices hit $90 a barrel for thefirst time in over two years.

Several reports, includingone from the InternationalEnergy Agency last week rais-

ing its 2011 oildemand growthforecast, haveindicated thatfundamentalsare strong, withoil stocksbeginning tofall from histor-ically high lev-

els.But markets are worried that

much of the strength in com-modities stems from China,where high inflation is point-ing to a rise in interest rates.

Traders are watching closelyfor any policy moves thatwould dampen demand in theworld's number one energyconsumer.

China's implied oil demandin November rose 13.7 percent from a year earlier to arecord of nearly 9.3 millionbarrels per day, Reuters calcu-lations based on preliminaryofficial data showed onMonday. -Reuters

Oil jumps after OPEC outputrollover; eyes on China

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Monday'sRotterdam vegetable oil pricesat 22:00 PST.

RAPEOIL: Dutch/EU eurotonne fob exmill Feb11/Apr111065.00+20.00, May11/Jul111060.00+25.00, Aug11/Oct11980.00+10.00, Nov11/Jan12975.00+0.00.

SUNOIL: EU dlrs tonneextank six ports option Jan111465.00+20.00, Feb11/Mar111445.00+10.00, Apr11/Jun111415.00+20.00, Jul11/Sep111430.00+15.00.

LINOIL: Any origin dlrstonne extank RotterdamDec11/Jan12 1350.00+15.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Dec101245.00+25.00, Jan111252.50+27.50, Feb11/Mar111237.50+30.00, Apr11/Jun111200.00+15.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Jan11 1267.50,Feb11/Mar11 1260.00.

PALMOIL: RBD dlrs tonnefob Malaysia Jan111222.50+32.50, Feb11/Mar111215.00+30.00.

PALM OLEIN: RBD dlrstonne fob Malaysia Jan111232.50+32.50, Feb11/Mar111225.00+30.00, Apr11/Jun111190.00+30.00, Jul11/Sep111160.00.

PALM STEARIN: Dlrs tonnefob Malaysia Jan111172.50+22.50, Feb111172.50+27.50.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Dec101032.50+12.50.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamDec10/Jan11 1775.00+100.00,Jan11/Feb11 1775.00+105.00,Feb11/Mar11 1775.00+105.00.

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

13-Dec-2010 CRUDE100 JA11 US$ Per Barrel 88.71 89.11 87.20 89.09 174 88.08 89.09 70

13-Dec-2010 CRUDE100 FE11 US$ Per Barrel 89.15 89.60 87.70 89.60 117 88.59 89.60 50

13-Dec-2010 CRUDE100 MA11 US$ Per Barrel 89.00 90.10 89.00 90.10 1 89.08 90.10 1

13-Dec-2010 SILVER - SL500 JA11 US$ Per Troy Ounce 28.65 29.49 28.06 29.40 176 28.87 29.40 73

13-Dec-2010 SILVER - SL500 FE11 US$ Per Troy Ounce 28.74 29.41 28.74 29.41 - 28.88 29.41 -

13-Dec-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1388.10 1393.50 1372.70 1391.80 1,257 1385.80 1391.80 681

13-Dec-2010 GOLD 01oz FE11 US$ Per Troy Ounce 1388.80 1394.00 1373.00 1392.20 1,910 1386.30 1392.20 709

13-Dec-2010 GOLD 01oz MA11 US$ Per Troy Ounce 1389.00 1395.00 1374.00 1393.30 2,993 1387.30 1393.30 882

13-Dec-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1388.50 1391.80 1388.50 1391.80 - 1385.80 1391.80 -

13-Dec-2010 GOLD 100oz FE11 US$ Per Troy Ounce 1386.90 1394.00 1378.00 1392.20 32 1386.30 1392.20 5

13-Dec-2010 GOLD 100oz MA11 US$ Per Troy Ounce 1390.00 1392.20 1390.00 1392.20 - 1387.30 1393.30 -

13-Dec-2010 GOLD DE10 Per 10 grms 38196.00 38382.00 37850.00 38382.00 28 38220.00 38382.00 8

13-Dec-2010 GOLD JA11 Per 10 grms 38232.00 38409.00 37900.00 38394.00 17 38231.00 38394.00 35

13-Dec-2010 GOLD FE11 Per 10 grms 38332.00 38408.00 38332.00 38408.00 - 38245.00 38408.00 -

13-Dec-2010 KILOGOLD DE10 Per 10 grms 38279.00 38355.00 38279.00 38355.00 - 38192.00 38355.00 -

13-Dec-2010 KILOGOLD JA11 Per 10 grms 38290.00 38355.00 38290.00 38355.00 - 38203.00 38366.00 -

13-Dec-2010 TOLAGOLD50 DE10 Per Tola 44660.00 44749.00 44660.00 44749.00 - 44560.00 44749.00 -

13-Dec-2010 TOLAGOLD100 DE10 Per Tola 44660.00 44749.00 44660.00 44749.00 - 44560.00 44749.00 -

13-Dec-2010 MINIGOLD MON Per 10 grms 39344.00 39476.00 39344.00 39476.00 - 39313.00 39476.00 -

13-Dec-2010 MINIGOLD TUE Per 10 grms 39386.00 39423.00 39386.00 39423.00 - 39258.00 39423.00 -

13-Dec-2010 MINIGOLD WED Per 10 grms 39400.00 39436.00 39400.00 39436.00 - 39272.00 39436.00 -

13-Dec-2010 MINIGOLD THU Per 10 grms 39414.00 39449.00 39414.00 39449.00 - 39286.00 39449.00 -

13-Dec-2010 MINIGOLD FRI Per 10 grms 39428.00 39463.00 39428.00 39463.00 - 39300.00 39463.00 -

13-Dec-2010 TOLAGOLD MON Per Tola 45275.00 45378.00 45226.00 45378.00 1 45189.00 45378.00 1

13-Dec-2010 TOLAGOLD TUE Per Tola 44987.00 45317.00 44987.00 45317.00 4 45125.00 45317.00 16

13-Dec-2010 TOLAGOLD WED Per Tola 45071.00 45332.00 45071.00 45332.00 1 45141.00 45332.00 3

13-Dec-2010 TOLAGOLD THU Per Tola 45038.00 45348.00 45038.00 45348.00 1 45157.00 45348.00 1

13-Dec-2010 TOLAGOLD FRI Per Tola 45164.00 45376.00 44944.00 45363.00 6 45173.00 45363.00 9

13-Dec-2010 IRRI6W 16DE10 Per 100 kg 2402.00 2402.00 3303.00 3303.00 - 3307.00 3303.00 -

13-Dec-2010 RICEIRRI - 6 DE10 Per 100 kg 3306.00 3306.00 3302.00 3302.00 - 3306.00 3302.00 -

13-Dec-2010 RBD PALMOLEIN DE10 Per Maund 4909.00 4978.00 4909.00 4978.00 - 4909.00 4978.00 -

13-Dec-2010 KIBOR3M 10-Dec Per Rs. 100 86.52 86.52 86.46 86.46 - 86.52 86.46 -

13-Dec-2010 KIBOR3M 11-Mar Per Rs. 100 85.51 86.05 85.51 86.05 - 86.01 86.05 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Indian sugardrops on

poor demandMUMBAI: India's spot sugarfell on Monday due to poordemand and as cane crushinggained momentum, thoughhopes the government willallow exports of the sweetenerbefore this month-end restrict-ed the downside, dealers said.

In Kolhapur, a key market intop-producing Maharashtrastate, the most traded S-varietyfell by 0.74 per cent to 2,800rupees ($62) per 100 kg.

"Demand was weak from bulkbuyers. Supply situation isimproving as cane crushing hasgained momentum inMaharashtra and Uttar Pradesh,"said a dealer based in Kolhapur.

"Pries will remain steady atcurrent levels in next few ses-sions despite weak demand.Overseas markets are firm andmillers are expecting the govern-ment to allow exports byDecember-end," the dealer said.

India, the world's No. 2 sugarproducer after Brazil, couldapprove "open general licence"sugar exports in three tranchesof 500,000 tonnes each inDecember, January andFebruary, a senior industry offi-cial told Reuters last month. -Reuters

PHNOM PENH - CAMBODIA: Farmers cut rice in a field in Cambodia's Kampong Speu

province, some 60 km south of Phnom Penh. -Agencies

LONDON: Gold extended gainsabove $1,390 an ounce inEurope on Monday as the dollarsurrendered early gains againstthe euro, and as last week's pricedip of more than 2 per centbrought physical buyers back tothe market.

Concern over the outlook forthe euro-zone is also lendingsupport to gold, which is oftenseen as an alternative investment

to stocks, bonds and currencieswhich can become volatile intimes of market turbulence.

Gold hit a record high at$1,430.95 an ounce last Tuesdaybut quickly surrendered gains toend the week down 2.2 per cent.

Spot gold was bid at $1,397.15an ounce at 1535 GMT, against$1,383.15 late in New York onFriday. US gold futures forDecember delivery rose $13.10an ounce to $1,398.00.

"As long as the US dollarremains weak, (the environment)is favourable," said Peter Fertig,a consultant with QuantitativeCommodity Research.

The precious metal extendedearly gains as the euro movedback into positive territoryagainst the dollar, rising 1.0 percent after five straight sessions

of losses.US Treasuries prices fell for a

second day on Monday, putting10-year yields on track for theirlargest monthly gain in a year.

Gold also remains well sup-ported near $1,400 an ounce byongoing concerns over the healthof the euro-zone.

For now, gold's retreat fromrecord high has unleashed a freshwave of consumer demand from

jewellers and physical investors,analysts said.

On the investment side of thegold market, holdings of theworld's largest gold-backedexchange-traded fund, NewYork's SPDR Gold Trust,declined by a further 3.95 tonneson Friday.

The trust saw outflows of 8.2tonnes of metal last week, or 0.6per cent of its total gold hold-ings, its biggest one-week out-flow since early October. It isstill the world's sixth-largestholder of gold, ahead ofSwitzerland and Japan.

Elsewhere, silver was at$29.59 an ounce against $28.55,platinum was at $1,698.99 anounce versus $1,665.10, and pal-ladium was at $761.22 versus$728.28. -Reuters

Gold gains as dlrweakens, focus on yields

ICE coffee,sugar surgeas dlr slips

NEW YORK/LONDON: ICEarabica coffee and sugar futuressurged on Monday as the dollarsurrendered early gains againstthe euro, while cocoa rose incautious, choppy trade with afocus on supply risks fromIvory Coast.

In arabica coffee, buyers piledin at 2.1260-2.13 cents a lb anddealers noted a lack of originselling. ICE March arabicas wereup 6.85 cent or 3.3 per cent at$2.1645 per lb at 1626 GMT,while Liffe March robusta coffeefutures were up $27 or 1.4 percent at $1,935 a tonne in modestvolume of 4,043 lots.

Arabica coffee futures weresupported by concerns overtight availability of high-quali-ty beans, dealers said.

Sugar futures extended earlygains on investor buying as theeuro moved back into positiveterritory against the dollar.

An uncertain outlook for out-put and exports from India, theworld's second-largest produc-er, also underpinned the mar-ket. ICE March raw sugar wasup 0.91 cent or 3.1 per cent at30.04 cents a lb at 1628 GMT,while Liffe March white sugarwas up $32.30 or 4.5 per cent to$754.80 per tonne in modestvolume of 2,591 lots. Marchcocoa futures on ICE were up$22 or 0.8 per cent at $2,909 atonne at 1631 GMT, while LiffeMarch futures were up 15pounds or 0.8 per cent at 1,914pounds a tonne in reasonablevolume of 12,584 lots. -Reuters

SINGAPORE: The mostactive rubber contract on theTokyo Commodity Exchangesurged to a record on Mondayon fund buying driven by tightsupply in producing countriesand rising imports from topconsumer China.

TOCOM's May rubber con-tract hit a high at 396.4 yen a kgbefore settling at 395.5 yen, up13.6 yen from previous settle-ment. The previous record was388.9 yen a kg hit in 1980.

The most active MayShanghai rubber futures endedlimit up at 35,320 yuan a tonneto track rallies on Tokyofutures.

Fourth-month Shanghai rub-

ber is expected to rise over thenext four weeks to 38,915 yuanper tonne, a high touched onNov. 11, based on its wave pat-tern, according to Wang Tao, aReuters market analyst forcommodities and energy tech-nicals.

Sixth month Tokyo rubber isexpected to climb to 450 yenper kg over the next four weeks,based on its wave pattern.

Tight supply in Indonesia, theworld's second-largest rubberproducer after Thailand,delayed the shipment of at least10,000 tonnes of rubber fornearby delivery, boostingchances of a further rally inTokyo futures, dealers said.

"Rainfall is still very high inthe northern part of Sumatra,"said a dealer in Indonesia'smain growing island.

"Normally, when it rains inthe north, it's dry in the south,but these days, it also rainsthere which disrupt tapping."

China imported 1.68 milliontonnes of natural rubber fromJanuary to November 2010, anincrease of 9.9 per cent fromthe same period last year,according to preliminary data.

Rubber inventories in ware-houses monitored by theShanghai Futures Exchangerose 1.9 per cent from a weekearlier, the exchange said onFriday. -Reuters

Tokyo rubber hits recordhigh; Shanghai limits up

KUALA LUMPUR: Malaysianpalm oil futures hit a 30-monthhigh on Monday, bolstered byconcerns over supply tightnessduring the monsoon season anda firmer Chinese soyoil market.

"Production is going to fall inDecember, as output has beensizing down due to heavy rainsthat started two months ago,"said a trader with foreign bro-kerage in Kuala Lumpur.

The benchmark February2011 crude palm oil contractwas up 2.5 per cent at 3,722ringgit ($1,187.999) per tonne,after touching a high of 3,736ringgit -- a level unseen sinceJune 2008.

Overall traded volume more

than doubled to 26,915 lots of25 tonnes each, compared to theusual 10,000 lots.

"Today's strength is a continu-ation from last Friday afterMalaysian Palm Oil Board datashowed lower opening stocks inDecember, and investors wor-ried opening stocks would below in January as well," saidanother trader.

Industry regulator, theMalaysian Palm Oil Board,reported November palm oilstocks fell 8.7 per cent to theirlowest in four months asresilient export demand chasedweaker production.

A Reuters technical analysisshowed Malaysian palm oil may

rise further to 3,700 ringgit pertonne as its uptrend continues todevelop and an anticipated cor-rection did not occur.

China's most activeSeptember 2011 soyoil on theDalian Commodity Exchangejumped 2 per cent to a one-month high and lifted Malaysianpalm oil prices in Asian tradehours.

On Friday, China's centralbank raised lenders' reserverequirements for the third timein a month to mop up some ofthe excess cash in the economythat is driving prices higher.

US soyoil for Decemberdelivery rose 1.1 per cent inAsian trade. -Reuters

Palm at 30-mth highs onweather concerns, China

Shanghai copper risesShanghai copper closed

1,160 yuan higher at 68,480yuan. Shanghai copper wasexpected to rise to 69,690yuan as it had broken resist-ance at 67,620 yuan, accord-ing to Reuters market analystWang Tao.

OPEC keeps output targets, wants prices at $70 to $80/bbl


Eagles receiver Hall misses catch as he isdefended by Cowboys cornerback in NFL game

I want toquit Man

City: TevezLONDON: Manchester Citystriker Carlos Tevez said onSunday he wanted to leave theEnglish Premier League high-flyers as his relationship with"certain executives and indi-viduals" at the club "has bro-ken down beyond repair".

But City captain Tevez, in astatement issued by his agentKia Joorabchian, stressed hehad "no personal issue" withmanager Roberto Mancinidespite their seemingly frac-tious relationship, and thankedowner Sheikh Mansour for his"understanding and support".

It is understood that one ofthe people Tevez, who isreportedly homesick and look-ing for a move back toArgentina where his twodaughters live, has fallen outwith at Eastlands is City chiefexecutive Garry Cook.

Earlier on Sunday, City con-firmed they had rejected atransfer request from theArgentina striker, who hasscored 33 goals in 50 PremierLeague games since joiningfrom arch-rivals ManchesterUnited before the start of lastseason and who is not due toleave Eastlands until 2014.

However, Tevez appearedintent on departing, saying inhis statement: "I can confirm Ihave handed a transfer requestto the chairman of ManchesterCity Football Club.

"My feelings have notchanged and it is regrettablethat we have reached this situ-ation," added the 26-year-old,who missed City's 3-1 winover bottom of the table WestHam on Saturday through sus-pension.-Agencies

NEW DELHI: Indiaare playing too muchcricket resulting ininjuries to their pac-ers and that could hurtthe team's chances innext year's World Cupon the subcontinent,feels former Pakistancaptain WasimAkram.

Akram said theupcoming SouthAfrican tour justbefore the World Cupin February has beenill-timed and will onlyexhaust the Indian players.

"I have been keenly follow-ing Indian cricket for a whileand I can safely say that theyare playing too much cricket.Making a balanced cricketingcalendar has been a problemwith the Indian Board in thelast five-six years.

"There is a serious overkill.India play too many matchesround the year and no wondertheir fast bowlers are gettinginjured far too often," saidAkram.

"I will beg to differ withImran Khan's views on India'supcoming tour of SouthAfrica. Imran has said a toughtour of South Africa ahead ofthe World Cup will stand Indiain good stead. Not really.

"No matter how good theplayers' form is, the SouthAfrica series will end just acouple of weeks before theWorld Cup and that is little

too close. Although, they maynot be tired physically but itwill certainly take a mentaltoll on Indian cricketers. Sucha long tour is quite tiring andthere is a great risk ofinjuries," the legendary pacertold a website.

India's South Africa tourwill start on December 16 andinvolves three Tests, aTwenty20 and five ODIs.

Commenting upon India's 5-0 win over New Zealand inthe just-concluded ODI seriesat home, Akram said the resulthas once again proved India'smight in world cricket.

"The 5-0 clean sweepagainst New Zealand does notsay that New Zealand were aweak side but the result clear-ly indicates India have astrong bench strength. Evenafter resting the seniors beforethe South African tour, Indiaeasily outplayed the Kiwis inthe Tests and ODIs.-Agencies

India’s SA tourill-timed: Akram

Nepal Blindcricketers

to visit PakISLAMABAD: Nepal BlindCricket team will arrive inPakistan on December 16 toplay five matches against dif-ferent blind cricket teams ofthe country.

According to an official ofthe Pakistan Blind CricketCouncil, Nepal will play theirfirst match against Lahoreblind team in Lahore onDecember 18.

Their second match will beagainst Faisalabad team onDecember 20 and third matchagainst Mirpur AJK team onDecember 22.

They will play their last twomatches against Islamabad teamon December 23 and 24.-APP

Leghariclinches

Governor’sCup Golf

LAHORE: MuhammadLeghari of Royal Palm with anaggregate score of 213, net(74+68+71) emerged as titledwinner of the 27th MillatGovernor's Cup GolfTournament here at GymkhanaGolf Course Sunday.

Punjab Governor SalmaanTasser was the Chief Guestand distributed prizes amongthe winners. Salman Taseersaid this was a great day forhim because he had completeda hatrick of being the chiefguest at the Governor's CupGolf Championship.

Mian Misbah Rahman,Chairman Lahore Gymkhana,Mian Ahsan Saeed, ConvenorGolf, Sardar Murad, CaptainGolf were also present.

In his concluding address,Sikandar Mustafa Khan,Chairman Millat Tractorspromised to keep up promo-tion of golf through this presti-gious event. He stated that thiswas the 18th time that MillatTractors had sponsored thisevent.-APP

LONDON: Former Pakistancaptain Salman Butt has saidthousands of pounds of cashdiscovered by police searchesof his hotel room during spot-fixing inquiries was all part ofhis legitimate tour allowances.

Butt and pacemenMohammad Asif andMohammed Aamer were allprovisionally suspended by theInternational Cricket Council(ICC) following allegationsresulting from a 'sting' opera-tion conducted by Britain's'News of the World' newspaperthat they had all conspired in

the bowling of deliberate no-balls as part of a betting scamduring the fourth Test againstEngland at Lord's in August.

There were subsequentnewspaper accusations thatpolice had discovered £15,000in marked notes in Butt's hotelroom.

However Butt, in an excerptof an interview at his Lahorehome with Sky Sports due tobe broadcast in full here onMonday, said: "Well I thinkeverybody knows the PCB(Pakistan Cricket Board) paysus daily allowances on tours

and it was a long tour."About 11,000 pounds of that

money was from our dailyallowances and being the cap-tain I had an extra entertain-ment allowance whichamounts to about 4,500 poundsfrom the tour, which I had withme."

Butt's case, and that of Asifand Aamer, will be heard by athree-man panel chaired byEnglish lawyer Michael Beloff,who heads the ICC's code ofconduct commission, at a hear-ing in Doha, Qatar, nextmonth.-Online

‘Fixing’ money wasall allowances: Butt

KARACHI: Pakistan may notbe hosting any match of the2011 World Cup but the coun-try' Cricket Board would stillbe richer by $15 million to $17million from the tournament.

Sources told PTI that thePCB have confirmed that theInternational Cricket Council(ICC) and the three hostnations of the World Cup --India, Sri Lanka andBangladesh -- have assuredPakistan it would get its shareof hosting fees, sponsorshipand ticket revenue earningsfrom the matches it was sup-posed to host.

Pakistan was given 14matches including a semi-final of the World Cup butafter militants attacked the SriLankan team in Lahore lastyear, the ICC shifted thegames to other three hostcountries.

"But despite the disappoint-

ment of not being part of theWorld Cup as hosts Pakistanhas been reassured it wouldget the hosting fees of the 14matches plus part of the spon-sorship and ticker sale rev-enues earned from thesematches wherever they arehosted," one source said.

He said, in the recent execu-tive board meeting, the newPresident of the ICC SharadPawar had assured PCBChairman Ijaz Butt thatPakistan would benefit finan-cially from the World Cup.

Since the attack on the SriLankan team, Pakistan hasbeen forced to play all itshome series at neutral venuesbecause of the volatile securi-ty situation in the country.

But the source said despiteplaying at neutral venues thePCB had still earned profitsfrom its "home" series playedin the UAE, New Zealand and

in England in the last twoyears.

"Ijaz Butt has been lobbyingeffectively to ensure thatPakistan still retains the titleof hosting rights of the match-es moved from Pakistanensuring the PCB does notlose out on the hosting feespaid to countries by the ICCfor the World Cup matches,"the source said.

The source said besides get-ting a hosting fees of $10.5million, the ICC and other hostcountries will also pay thePCB additional compensationfor the loss of hosting rights.

The PCB had initiated legalproceedings against the ICCafter it moved away the WorldCup matches from Pakistanlast year but both parties set-tled their dispute and reachedan agreement on payment ofhosting fees and compensa-tion.-Online

WC share without hosting any match

PCB set toearn $16mn

SYDNEY: England could gothrough the entire tour ofAustralia unbeaten accordingto wicketkeeper Matt Prior,who scored a century to helpthe tourists grind out a drawagainst state side Victoria overthe weekend.

England have won three anddrawn three of their matchessince they arrived in Perth atthe end of October, including acomprehensive victory overAustralia in Adelaide last weekthat gave them a 1-0 lead in thefive-test Ashes series.

Wicketkeeper Prior, whostruggled to get a bat in thefirst two Ashes tests thanks tothe strong performance ofEngland's top order, said it wasa run they were desperate tocontinue.

"If we carry on playing thebrand of cricket we have beenthere's no reason why we can'tgo through the tour unbeaten,"Prior, who hit an unbeaten 102,told reporters.

"If we can manage to do that,it would be a fantastic feat --but something we're certainlytargeting."

The England squad lost allfive Ashes tests and two oftheir five tour matches on the2006-07 trip Down Under andthe importance of winning -- ornot losing -- every game hasbeen a key philosophy on thistour.

Prior admitted the last day ofthe three-day match at theMelbourne Cricket Ground(MCG) on Sunday had been"pretty boring" for fans but

that it was important not tolose after being presented withan unlikely victory target of311 runs.

"You can't take for grantedbeing on a good run.Sometimes you have to dig inand make sure you continueit," added Prior, who arrives inPerth with the rest of the squadon Monday afternoon.

"You could go on playingyour shots and potentially risklosing the game ... we didn'twant to do that. We were hellbent we were going to getthrough the day."

"Winning is a habit, and oneyou want to protect," he added."If we'd lost, we'd be very, verydisappointed people."

Another of the central con-cepts of the 2010-11 touring

party has been that of stabili-ty but an abdomen injury toStuart Broad has robbed themof the chance of putting outthe same team for the thirdAshes test.

The trio of seamers vying forthe chance to replace him inthe team for Perth failed toimpress against Victoria --Chris Tremlett, Tim Bresnanand Ajmal Shahzad taking justone wicket between them.

"This was not an easy wicketto get batsmen out," reasonedPrior. "I don't think any bowlerwas going to charge in and takea whole load. "I thought allthree of them bowled beautiful-ly, didn't let the batters score at arate. They all did a very, verygood job on a wicket that wasn'thelpful at all.-Reuters

Prior hopeful of an Ashes clean sweep

Englishmenlaugh offWarne’s

comebackPERTH: England coach AndyFlower on Monday laughed offsuggestions champion leg-spin-ner Shane Warne could make ashock Ashes comeback asAustralia become increasinglydesperate to find a way to winback the prized urn.

The Warne sideshow hasreached fever pitch in Australiaas the once dominant cricketnation contemplates a worrying1-0 deficit after two AshesTests, leading to growing callsfor the 41-year-old to return inthe Boxing Day Test at theMCG in Melbourne.

Just after Warne was romanti-cally linked to English modeland occasional film star LizHurley and also announced thathe had again split with his wifeSimone, with whom he hasthree children, there were aswathe of questions about apossible comeback at pressconferences held by both theAustralian and English camps.

Speaking ahead of the thirdTest at the WACA ground inPerth, starting on Thursday,Flower laughed off any thoughtof Warne resuming his 145-Testcareer after almost four yearsout of the game.

Australian debutant MichaelBeer, who will become the 10thspinner tried by Australia sinceWarne's retirement, also dis-missed talk of a comeback bythe legend. "They bring that upthree times a year, don't they?"he said.-Agencies

MADRID: Lionel Messimade brilliance look routinewith a stunning double tohelp Barcelona to a 5-0 winover Real Sociedad thatrestored the champions' two-point lead over Real Madridat the top of La Liga onSunday.

Real had gone a point clearthanks to a 3-1 success at bot-tom side Real Zaragoza,Cristiano Ronaldo blasting ina free kick between goalsfrom Mesut Ozil and AngelDi Maria.

Barca responded in stylewith another crushing win, aninth straight league victoryfor Pep Guardiola's side thattook their goal tally to 26 in

their last six matches in allcompetitions.

Messi's brace lifted him to17 for the season after 15games, level with Real'sRonaldo.

Barca have 40 points toReal's 38 and the La Ligagiants pulled further away atthe top of the standings afterVillarreal and Espanyol bothlost.

Villarreal went down 1-0 atGetafe on Saturday and areeight behind Real, whileEspanyol, who squanderedthe lead to lose 2-1 at AthleticBilbao on Sunday, are twofurther back in fourth.

Barca were already twogoals to the good at the Nou

Camp when Messi bagged hisfirst of the night in the 47thminute after a move ofbreathtaking skill.

He exchanged close passessix times with Brazil fullback Daniel Alves as theysliced through the Sociedaddefence for the ArgentineWorld Player of the Year tofinish coolly past goalkeeperClaudio Bravo.

His pace and trickery weretoo much for the visitors andhe left at least four Sociedadplayers for dead when hewaltzed across the penaltyarea and clipped the ball intothe net for his second andBarca's fourth in the 87thminute.-Agencies

Messi leads Barcato Sociedad rout

BARCELONA: Lionel Messi fights for the ball against Real Sociedad's Griezmann duringtheir Spanish First Division Soccer League match at Nou Camp Stadium.-Reuters


International & Continuation

CONTINUATION

Euro zoneneeds fiscaltightening:

OECD BRUSSELS: Euro zone coun-tries must consolidate publicfinances even though this islikely to dampen economicgrowth in the near term, theOrganisation for EconomicCooperation and Development(OECD) said on Monday.

The OECD said that as soonas upward risks to price stabil-ity -- which the EuropeanCentral Bank defines as infla-tion below, but close to 2 percent -- in the medium termemerge, the central bankshould withdraw its monetarypolicy stimulus.

ECB interest rates are at arecord low of 1 per cent now.-Reuters

Canadaindustrial

capacity usebeats forecastsOTTAWA: Strong demand forvehicles and other manufac-tured goods lift Canada's indus-trial capacity use to a higher-than-expected 78.1 per cent inthe third quarter, suggestingbusinesses are coping with astronger currency.

The rate rose for the fifth con-secutive quarter to reach a two-year high and was up from the76.9 per cent rate in the secondquarter, according to StatisticsCanada on Monday. Theagency revised the estimate forthe second quarter from 76 percent previously.

The gain of 1.2 per centagepoints was smaller than in theprevious three quarters but stillexceeded a market forecast thatindustries would operate at just76.5 per cent of their potentialoutput in the period. The ratepeaked in the first quarter of2007.

The manufacturing sector,battered by the strong Canadiandollar and weak demand in theUS market, drove most of thegains, Statscan said. The sec-tor's capacity use rate jumpedto to 81.2 per cent from arevised 78.7 per cent in the pre-vious quarter.-Reuters

PARIS: Two leading interna-tional financial institutionsfaulted Germany for aggravat-ing the euro zone crisis byspooking debt markets, butBerlin seems set to get its wayat this week's European Unionsummit.

EU leaders are not expectedto announce new measures toease market concerns about theregion's debt, though one sourcesaid intense efforts were beingmade behind the scenes to findways to inoculate Spain earlynext year against the threat ofcontagion.

The Bank for InternationalSettlements (BIS) and the headof the European InvestmentBank (EIB) both said GermanChancellor Angela Merkel'sdrive to make private bondhold-ers share losses in any futureeuro zone sovereign default hadintensified the crisis.

"The surge in sovereign cred-it spreads began on Oct. 18,when the French and Germangovernments agreed to takesteps that would make it possi-ble to impose haircuts on bondsshould a government not beable to service its debt," theBasel-based BIS said in itsquarterly review.

EIB president PhilippeMaystadt said Merkel wasabsolutely right to demand aprivate sector contribution tofinancial rescues after an emer-gency safety net expires in2013, "but the way it was pre-sented created total confusion".

EU leaders are set to approvea two-sentence amendment tothe 27-nation bloc's Lisbontreaty on Thursday and Fridaythat would create a permanentEuropean StabilisationMechanism to lend to distressedmember states on strict condi-tions.

They will also endorse a state-ment by euro zone finance min-isters specifying that privatesector investors will be expect-ed to contribute, on a case-by-case basis, in any sovereigndebt restructuring after 2013.

But at the insistence of Berlinand Paris, they are unlikely toincrease the existing rescuefund or to take any action on aproposal for common Europeanbonds to help resolve the crisis.

EU sources said euro zonefinance ministers would work inJanuary on a more systemicresponse to the crisis, which hasalready driven Greece andIreland to require EU/IMFbailouts and threatens to spreadto Portugal, Spain and evenItaly.

Euro zone bond markets haveentered an end-of-year lull asinvestors close their books, withyield spreads on peripheral debtjust a touch wider on Monday,but EU officials are preparingfor another potential wave ofselling early in the new year.

A German governmentspokesman said indicationswere that the summit would nottake up a proposal to introducecommunal euro zone 'E-bonds'made by Jean-Claude Juncker -- veteran chairman of the singlecurrency area's finance minis-ters -- and Italian EconomyMinister Giulio Tremonti.

The spokesman also told anews briefing he was not awarethat any examination of anextension of the existingEuropean Financial StabilityFacility was under way, asreported by the FinancialTimes.

The newspaper said Europeanofficials were consideringoptions such as using the EFSFto buy bonds of distressed stateswithout resorting to fullyfledged bailouts.

However, the Germanspokesman said that would be abad idea and a senior euro zonesource told Reuters it was notbeing seriously considered.

Another EU source said inten-sive work was going on behindthe scenes on ways to makeEuropean crisis managementinstruments more flexible andbetter able to help countriesbefore they become shut out ofcredit markets.

The crucial aim was toringfence Spain, the fourthlargest euro zone economy,against debt market contagion.Madrid was taking energeticmeasures to avoid being suckeddown with the crisis, the sourcesaid.

Experts are also studying howto access the full 440 billioneuros ($580 billion) in theemergency mechanism if neces-sary, despite pledges to main-tain a cash buffer given tosecure a top notch AAA creditrating for the EFSF, the sourceadded.

Luxembourg ForeignMinister Jean Asselborn saidthe 'E-bond' proposal, designedto reduce the borrowing costs oftroubled euro zone states andprevent speculation againsttheir debt, had been excludedfrom the EU summit agenda.

"I hope we will never need totalk about euro bonds again," hesaid. "If we manage to securethe stability of the euro by mak-ing clear decisions this week,and I'm sure that the EuropeanUnion is capable of doing this...then I think we can do it,"Asselborn toldDeutschlandfunk radio.

The Organisation forEconomic Cooperation andDevelopment forecast a sub-dued economic recovery for theeuro zone due to deficit-cuttingausterity measures, butendorsed the EU's drive to givebudget consolidation priorityover boosting growth.

Economists have voiced con-cern that pay and public spend-ing cuts, combined with taxincreases prescribed to bringdown excessive deficits inGreece, Ireland, Spain andPortugal will prolong recession,hitting revenues and making therequired fiscal adjustment evenharder.

But the OECD said in a reportthat euro zone countries neededthe fiscal tightening eventhough it was likely to dampengrowth in the near term.-Reuters

BIS, EIB

blame Germany of

fuelling euro crisis

premier and the visit will provide a unique opportunity for twocountries to enhance their trade and commercial ties by inkingseveral agreements. Projects of around 20 billion dollars havebeen completed in Pakistan with Chinese help. Work on projectsof 14 billion dollars was continuing, while agreements would besigned for another 20 billion dollars will be signed.

The Chinese premier will also attend the inauguration ceremo-ny of China Pakistan Friendship Centre that houses a paintingsexhibition. He will also hold meetings with opposition leaders andservices chiefs. President Asif Ali Zardari will hold a banquet inhonour of the visiting dignitary. -Agencies

Continued from page 12No #1

Members of National Assembly Syed Haider Abbas Rizvi,Saeed Ahmad Zafar, Additional secretary of ministry of defencecivil Aviation Authority and audit officials. -Agencies


The minister said that cotton cess had not been increased in thelast three years and the willingness of stakeholders to increase thecess will pay its dividends in the shape of better research out-comes by the scientists. "Cotton is an exceedingly important cropfor industry and the government is trying its best to increases theproduction of the crop adding that agreement with Monsanto is astep in that direction", he said. Internationally compatible pricingfor agriculture produces is an ideal mechanism to motivate thefarmers. Agriculture research base to be enhanced to increase theper acre yield to meet the growing demands of the country, headded. He said that agriculture scientists are very important andprogress in agriculture sector is not possible without their dedicat-ed efforts. Nazar Gondal stressed the importance of scientificresearch in agriculture and lauded the efforts of scientists for theirinvaluable contributions. -APP


Wisconsin during the weekend. Officials said plunging temper-atures and winds could make clearing roads even more difficultand could lead to a slow morning commute, even in places wherethe storm had passed. With the wind chill, temperatures in someareas were expected to be well below zero.

"With the snow, pretty much the worst of it's over, but we'regoing to get cold temperatures through Tuesday," said JimTaggart, National Weather Service meteorologist in Chanhassen,Minn. He said the weather the region is experiencing is what it"normally would get in January" but not December. InMinneapolis, heavy snow caused the inflatable roof of theMetrodome to collapse Sunday. Video inside the stadium aired byFox Sports showed the inflatable Teflon roof sagging before ittore open, dumping massive amounts of snow across one end ofthe playing field. -Reuters


The issue, known as the Government of Pakistan Ijara Sukuk, is athree-year bond. The central bank said in October, it planned to raise80 billion rupees by selling Islamic bonds, with the first auction onNov 8, with settlement on Nov 15, in which it raised Rs51.84 billion.Settlement for the auction held on Monday will be on Dec 20.


conceal the evidence but court will get to the bottom of this.Chief Justice Iftikhar Chaudhry has said that everything will be


Seoul-based Insung Corporation - which owns the boat - said aSouth Korean fishing trawler operating nearby first contactedInsung officials about the sinking early Monday. Tearful familymembers of the missing sailors gathered at Insung's office in thesoutheastern port city of Busan and waited for news on their lovedones. The brother-in-law of the boat's missing skipper, Yu Young-sup, said the captain had told him he didn't want to work on thetrawler any longer in a recent phone call. "I only hope he willreturn home alive," Kim Sun-su said, according to South Korea'sYonhap news agency. The search for survivors was scaled downlater Monday, and rescuers said it was increasingly unlikely fur-ther survivors would be found. Two New Zealand fishing boatswere released from the effort, but three Korean vessels searchedon, officials said. The trawler had 42 people on board when itsunk: eight South Koreans, eight Chinese, 11 Indonesians, 11Vietnamese, three Filipinos and one Russian, South Korea'sForeign Ministry said in a statement. The confirmed dead includ-ed two Indonesians, two South Koreans and one Vietnamese, aministry official said, speaking on condition of anonymitybecause of office rules. He said four Chinese sailors were missingwhile four other Chinese were rescued. -Reuters


cooperation in all areas had lately been on the increase.Pakistan was, therefore, surprised and disappointed at the

reported remarks made by the two leaders, a statement issued bythe foreign office here on Monday. Both France and Germanywere well aware of the great sacrifices being rendered by Pakistanin the ongoing fight against terrorism. Therefore, incriminatingPakistan in the context of terrorism was unjustified and uncalledfor, the statement stressed. -APP


week of December. Out of the total contracted quantity of 1.2million tons, TCP has so far received 948,197 MT sugar.Theimported sugar is being supplied to USC, CSD, provincial govern-ments and private parties (sold to them through tenders as per gov-ernment directive). The USC has so far lifted 346,899 MT, CSD2,523 MT, provinces 160,156 MT (against their both allocations)and private parties have lifted 56,831 MT. After deliveries to USC,CSD, provinces and private parties, TCP has stocks of 353,828 MTsugar in its godowns as on Dec 13. The import of sugar by TCPand its deliveries to USC, provinces and sale through tenders toprivate parties has helped stabilise prices in the local market. -APP


made clear and there will be no negligence tolerated in the inves-tigation process of the Hajj fraud. Later talking to the media out-side the Supreme Court, Minister for Science and TechnologyAzam Khan Hoti has said that he will abide by the law and he hasformally submitted his reply to the court. He said whoever isguilty will not escape the hands of the law, justice should prevailand the culprits must be captured though they can not escape fromthe wrath of Allah. -Online

part in correcting the macroeconomic imbalances, but othergovernment policies have not been that supportive. "Had the SBPnot responded, the inflation outlook and reserve position of thecountry would have been worse," he added.

Kardar said that in cumulative terms, Pakistan's economy hasexperienced an inflation of 66 per cent between June 2007 and


The prime minister said that Pakistan joined the world in the war against terrorism after9/11 forits own interests and the world peace at large. He said that the process of strategic dialogue has beeninitiated with Washington for long term relationship. Prime Minister said that fraternal relation withChina is the cornerstone of our policy. China supports our policy against terrorism and our bilateralties have strengthened in diverse fields including defense, education, mining, telecommunicationand tourism. Yousuf Raza Gilani said that Pakistan was actively participating in the programmes ofthe OIC and it was extending support on vital issues. "Pakistan is committed to the principles andobjectives of Saarc", he said. He said that Pakistan stands for dialogue for the resolution of Kashmirdispute with Indian. He said Islamabad would continue to support the cause of Kashmiri peoplemorally, politically and diplomatically. Turning to the internal affairs, the prime minister said thatthe government was making efforts to improve governance and deliver on its promises.

In this connection, he said major structural reforms have been undertaken in different sectorsincluding petroleum, industrial and agriculture. -NNI


the three Stock Exchanges.The CDC will automate the mechanism for settlement of book-entry securities at the CDC through

straight-through processing solution while eliminating the need for any manual intervention.The said mechanism would allow securities to be automatically transferred from the respective

sellers' account to the respective buyers' account instead of being routed through the member's mainaccount.The new system while establishing a link between the National Clearing and SettlementSystem and the Central Depository System will not only bring in more efficiency but also assist inpreventing misuse of book entry securities to a large extent. In order to ensure effective implemen-tation of the project the amendments have already been approved by the SECP to the regulatoryframework of the CDC and NCCPL along with necessary system developments and mock sessionsfor the market participants to provide them with hands-on training on the new system.-NNI


was appointed to the post of foreign minister in August 2005. He is currently in Senegal on an offi-cial visit. A fluent speaker of English who is also comfortable in Urdu and Turkish, Mottaki earneda degree in social sciences from the University of Bangalore in India and a graduate degree in inter-national relations from Tehran University in 1991. -Agencies


investments such as convertible bonds to bring in foreign firms to provide the management expert-ise to raise the value of the companies before bigger stakes are sold. Pakistan also hoped to announceearly next year it had found one or two such foreign companies, or strategic investors, to buy intoPakistani state-owned firms, which, he said, "will lend credibility to the whole process."

He declined to name them, but said Pakistan was looking for companies with the experience, tech-nical, management and financial capabilities to help firms realise their potential. He also said he waslooking at multiple stock exchange listings, which would subject the privatisation process to inter-national scrutiny and bring investment into Pakistan. "We want to give tremendous credibility andtotal transparency to this whole privatisation programme," he said.-Reuters


of section 3 of the Import and Export (control) Act, 1950, the federal government has made thefollowing further amendment in Export Policy Order.In Schedule-I, against Sr No 8 in column (1),the entries relating thereto in columns (2),(3) and (4) shall be omitted and in Schedule-II, against SrNo.6 in columns (1), the entries relating thereto in columns (2), (3) and (4) shall also be omitted.


order. He further urged the KCCI members to come forward and assist the provincial governmentin procurement of vehicles and other necessary equipment as it lacks resources to fulfill all the budg-etary demands of the Police Department.-Agencies


increase the number check posts on Afghan border so that activities of terrorists could be con-trolled. It was also agreed in the meeting that intelligence sharing would be enhanced regarding ter-rorists. While Nato Commander David Petraeus also lauded the steps taken by Pakistani army forcontrolling the movement of terrorists and assured his complete support. -Online


damaged in the blast, said.Driver Gohar Ali said there were only two girls left on the bus becauseall the others had already been taken home.

"While I was en route to drop off the last two, there was a blast on my right-hand side. I heard itand then passed out. I don't know what happened after that," he said. -Agencies


all the stakeholders, certifying the presence of 4 to 14 trillion cubic meters of gas in Yolotan/Osman and adjacent gas fields. He said the gas fields have been developed and the process to startproduction from these gas fields, located in the east of Turkmenistan will be initiated as the projectproceeds forward. The minister pointed out that 56-inch diameters 1680 kilometers long pipelinewill supply 3.2 billion cubic feet of gas per day, of which Afghanistan has a share of 500 mmcf perday, and Pakistan and India having a share of 1.325 mmcf per day each. He said that AsianDevelopment Bank (ADB) has funded the studies for the project while the project will be financedthrough a private sector consortium which will complete and run the multi-billion dollars pipeline.ADB has also assured to finance the project, he added.

He said IP gas pipeline is in the advance stage as its pricing had been finalised, GSPA, IGA andGPFA are already been signed and currently physical survey of the area is being conducted.Replying to a question on the current status of liquefied natural gas (LNG) projects, the minister saidthat the first gas by the private sector will be injected in the pipeline by the end of 2011. -APP


The proposed program will support the expansion of lending to MFIs, in turn enabling increasedprovision of financial services to the undeserved. This will help address the significant unmetdemand from the poor for financial services, and provide additional funding for micro-borrowers.

Under the terms of the program, ADB will typically assume up to 50 per cent of the default riskon loans made to MFIs, in aggregate up to a maximum of $250 million. Director General ADB'sPrivate Sector Operations Department Philip Erquiaga said that microcredit has been shown to playan important role in providing seed money for businesses and improving the lives of the poor.

"This program will allow microfinance institutions to expand lending to segments of the popula-tion who currently lack access to funds", he added. He said that microfinance industry has boomedin recent years with Asian institutions estimated to have over 47 million borrowers as of the end of2008, with outstanding loans of over $10 billion. Demand is enormous, with as many as 600 millionto 1 billion poor workers worldwide needing services, including a large number in Asia and thePacific, home to two-thirds of the world's poor, he added. Microfinance businesses seeking to servethis market are hampered by limited access to finance from banks, exchange rate issues, and otherbarriers. The risk sharing arrangement, proposed by ADB to a range of international and local finan-cial institutions, will allow these participants to boost loans to microfinance institutions, which inturn will result in scaled up assistance to groups currently unable to access funds, such as poorhouseholds, women and cash-strapped small enterprises, he added. -APP


October 2010."This is almost twice the level of inflation seen during June 2003 and June 2007,which was 36 per cent," he added. He said that the credit extended for 'commodity operations',including both wheat and sugar, grew by 288 per cent during the last three years compared to 33 percent in the three years before that. "Borrowings of this scale would not have been possible withoutan upward pressure on market interest rates," he said and added that the borrowing of governmentagencies for financing its wheat, urea, and sugar trading operations was Rs382 billion at just under3 per centage points above KIBOR, indicating the interest rate regime that the private sector wouldhave to face in competition with the sovereign.

been a very turbulent period for capital markets in Pakistan, we have crossed Rs. 25 billion mark, said he.


If IPO price is assume to be Rs20-30 per share, then one-time impact on the company bottom linewould be around of Rs0.2-0.50 per share.


by higher Treasury yields after improving US data late last week.Construction machinery makerKomatsu Ltd gained 1.4 per cent and carmaker Mitsubishi Motors Corp climbed around 1.7 per cent.Still, short-term technical trends signalled the Nikkei remained overheated, which inhibitedinvestors from chasing Tokyo stocks strongly on rallies, analysts said.-Reuters


beyond food prices, putting pressure on the government to ratchet up its monetary tightening pol-icy. "I think there's a bit of short-term relief that despite the high inflation numbers, China's author-ities have yet to raise interest rates, although one suspects it could only be a matter of time beforethat happens," Henk Potts, equity strategist at Barclays Wealth, said.

Oil services firms Petrofac and Amec rose 3.5 per cent and 2.1 per cent respectively, with tradersciting a read-across from sector consolidation moves from mid-cap peers Wellstream and John WoodGroup, with the FTSE 250 index hitting its highest since November 2007.-Reuters


rather than raise benchmark interest rates over the weekend, easing concerns that tightening itsmonetary policy could lead to a slowdown in one of the major growth engines of the global econo-my. China's "foot is still firmly on the gas pedal, and that has lifted the risk trade in general," saidBurt White, managing director and chief investment officer at LPL Financial in Boston.

The Dow Jones industrial average gained 39.66 points, or 0.35 per cent, to 11 449.98. TheStandard & Poor's 500 rose 5.12 points, or 0.41 per cent, to 1 245.52. The Nasdaq Composite added6.26 points, or 0.24 per cent, to 2 643.80.US President Barack Obama's tax deal with Republicanswill likely win grudging passage in the US Congress, backers and critics agreed, after Obamaclashed with liberals in his own party who branded it a giveaway to the rich.-Reuters


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LEBANON: Snow covered cars are seen parked in the mountain town of Sofar, Lebanon. -Reuters

ISLAMABAD: SupremeCourt of Pakistan Mondayrejected the challenge to theconstitution of the bench hear-ing contempt of court chargescase against PCO judges.

Earlier on Saturday, formerchief justice Abdul HameedDogar objected the presence oftwo judges on the SupremeCourt bench constituted to hearcontempt charges against himand other superior courtjudges.

He said the two judges hadbeen appointed on his recom-mendation.

"Propriety demands thatJustice Khilji Arif Hussain andJustice Tariq Parvez may kind-ly step down from the bench inthe interest of justice and fairplay so that the requirement ofArticle 10-A of theConstitution is fully met,

which is now a fundamentalright guaranteed to a citizen,"said the application moved byAhmed Raza Khan Kasuri onbehalf of Justice (Retd) Dogar.

The oath of Justice Dogar,who was named the SupremeCourt chief justice soon afterthe November 3, 2007, emer-gency imposed by former pres-ident Pervez Musharraf, washeld unconstitutional by a 14-judge bench in its verdict onJuly 31 last year.

The July 31 verdict also heldillegal all actions taken by theformer president, including theappointment of a number ofjudges.

The four-judge bench com-prises of Justice MahmoodAkhtar Shahid Siddiqui,Justice Jawwad S Khwaja,Justice Khilji Arif Hussain andJustice Tariq Parvez and heard

Monday contempt chargesagainst Justice Dogar and otherjudges for taking oath underthe PCO in defiance of arestraining order issued by aseven-judge bench onNovember 3, 2007.

Besides Justice Dogar, theother judges facing contemptcharges are: Iftikhar HussainChaudhry, a former chief jus-tice of the Lahore High Court,and eight sitting judges -Justice Sayed Zahid Hussain ofthe Supreme Court and JusticesKhurshid Anwar Bhinder,Hamid Ali Shah, Zafar IqbalChaudhry, Hasanat AhmedKhan, Syed Shabbar RazaRizvi, Yasmin Abbasey andJehanzaib Rahim of differenthigh courts.

This was the third challengeagainst the composition of thebench. -Agencies

Dogar demurs atbench formation

ISLAMABAD: Pakistan isexpected to ink a series ofagreements as Premier WenJiabao of China visit toPakistan aimed at boostingcooperation in energy and agri-culture sectors and furtherstrengthen strategic coopera-tion.

During the three-day officialvisit, Premier Jiabao will holdmeetings with President AsifAli Zardari, Prime MinisterSyed Yousuf Raza Gilani andother Pakistani leaders.

"China is Pakistan's true andmost reliable friend. TheGovernment and people ofPakistan look forward to wel-coming their most honouredfriend," a statement from theForeign Office said.

The Chinese Premier isexpected to hold "in-depthexchange of views" withPakistani leaders to intensifystrategic coordination andcommunication, supportingdisaster reconstruction work,intensifying culture and peopleto people exchanges and coor-dination on international andregional affairs to safeguardcommon interest.

Premier Jiabao who willarrive here after his visit toIndia at the invitation of PrimeMinister Yusuf Raza Gilaniwill also address a businessforum and meet chief execu-tives of Pakistani companies.

Around 150 business leaderswill accompany the Chinese

See # 1 Page 11

Pak, China mayink array of pacts

Jiabo due in Pakistan tomorrow

WELLINGTON: A SouthKorean fishing boat sank in theAntarctic Ocean's frigid watersMonday, with 22 sailors fearedkilled in the open sea wherevessels trawl for deep-waterfish.

Five sailors were confirmeddead and 20 survivors wererescued shortly after the 614-ton vessel went down some1,400 miles (2,250 kilometers)south of New Zealand, abouthalfway to Antarctica, SouthKorea's Foreign Ministry andcoast guard said. Seventeensailors were missing.

Anyone who fell into suchwaters would typically be dead

in 10 minutes without specialsuits or lifejackets, thoughnearby fishing boats searchedfrantically in hopes that somemay be in a life raft, NewZealand's rescue coordinationcenter said.

"We were fortunate that therewere a number of vessels in thegeneral area where the boatsank, so they were able to pro-vide assistance," said RossHenderson, a spokesman forthe center.

It was unclear why the vesselsank in light winds and a rela-tively mild 3-foot (1-meter)swell. Lee Wu-won of

See # 7 Page 11

22 feared dead asSKorea boat sinks

ISLAMABAD: The FederalInvestigation Agency (FIA)Monday submitted its investi-gation report before theSupreme Court regarding theirregularities in Hajj arrange-ments here on Monday.

The report was submitted byFIA Director General WasimAhmed.

A seven-member benchheaded by Chief JusticeIftikhar Muhammad Chaudhryis hearing this case.

Religious Secretary AghaSarwar Qazalbash admittedbefore the court that a higheramount was paid to acquirebuildings on rent for Hajj pil-grims through a front man.

"There is no direct agreementwith the owners of the rented

buildings," he said.In his written reply, Federal

Minister Azam Swati said thatsecretary religious affair onDec 9 gave a verbal statementin his house saying that HamidSaeed Kazmi is 100 per centinvolved in the Hajj fraud.

Kazmi's counsel Latif Khosademanded a resignation fromAzam Swati for accusing hisclient of corruption.

Member standing committeeBilal Yasin informed the courtthat Rao Shakil offered hisservices to him and the FIAteam which is sent to SaudiArabia is also under the influ-ence of Rehman Malik, on thisstatement CJ said that let themdo whatever they can to

See # 6 Page 11

FIA places probereport before SC

Hajj Scam

Swati gives evidence against Kazmi

MoD directives

PAC voicesconcernover non

complianceISLAMABAD: TheMonitoring andImplementation Committee ofPublic Account Committee(PAC) Monday expressed seri-ous concern over non-compli-ance of its directives and rec-ommendations by Ministry ofDefence (MoD) regardingrecoveries of unauthorisedexpenditures during fiscal year2005-06.

"More than one-year hasgone but only few directives ofPAC were being implemented,"the committee observed.

The Monitoring &Implementation Committee ofPublic Account Committee metat Parliament house under theChairpersonship of YasmeenRehman to review whether itsdirectives regarding implemen-tation of Ministry of Defencefor the fiscal year of 2005-06were being carried out or not.

PAC also expressed its con-cern over unauthorisedappointment of consultant inCivil Aviation Authority whichcaused a loss of Rs3.7 millionto exchequer of Civil AviationAuthority and directed thePrincipal Accounting Officer ofMinistry of Defence NajmulHassan to pursue the matter atthe Departmental AccountsCommittee (DAC) level and fixresponsibility of particular per-son and report the committeewithin two weeks.

The meeting was attended by See # 2 Page 11

SBP raisesRs31 billion thru Sukuks

Staff Reporter

KARACHI: Governmentraised Rs31.17 billion by sell-ing Islamic bonds in thedomestic market, the StateBank of Pakistan said Monday.

The cut-off margin will be thebenchmark six-month Treasurybill weighted average yield.

In the last Treasury Bill auc-tion on Dec 1, the weightedaverage yield for six-monthswas 13.3701 per cent.

See # 5 Page 11

Midwestin deepfreeze

CHICAGO: A powerful stormthat unleashed snow and strongwinds across the upperMidwest left behind danger-ously cold temperatures, prom-ising a new set of challengesfor people working to dig out.

The weekend storm closedmajor highways in severalstates, canceled more than1,600 flights in Chicago andcollapsed the roof of theMinnesota Vikings' stadium.

At least six weather-relateddeaths were reported. Nearly 2feet of snow fell in parts ofMinnesota and Wisconsinbefore marching east intoIllinois, Indiana and Michigan.

The storm was headed north-east toward Canada, accordingto the National WeatherService, with some snow possi-ble Monday in Michigan,northern Indiana through partsof Pennsylvania and New York.Nearly 2 feet of snow fell inparts of Minnesota and

See # 4 Page 11

FO protestsover France,Germanyremarks

ISLAMABAD: Pakistan onMonday conveyed its disap-pointment to France andGermany over the reportedremarks by the FrenchPresident and the GermanChancellor relating to Pakistan.

Foreign Office conveyedgovernment's disappointmentseparately to the Ambassadorof France and the GermanCharge d' Affaires in Islamabadat the reported remarks byPresident Nicolas Sarkozy andChancellor Angela Merkelrelating to Pakistan followingtheir meeting with the IndianPrime Minister in New Delhiand Berlin, respectively.

It was underlined thatPakistan enjoyed excellentrelations with both France andGermany and that bilateral

See # 8 Page 11

ISLAMABAD: PakistanCentral Cotton Committee(PCCC) has approved Rs288million for the year 2010-11besides increasing cotton cessby Rs50 per bale to generateand spend more on the agricul-ture research.

Federal Minister for Foodand Agriculture NazarMuhammad Gondal chairedthe 79th meeting of PakistanCentral Cotton Committee(PCCC) here on Monday.

The minister said that 11 mil-lion cotton bales productionare expected despite this yeardespite the most catastrophicfloods in the country.

Gondal said that the previ-ously charged cotton cess ofRs20 per bale has beenincreased to Rs50 in consulta-tion with All Pakistan TextileMills Association (APTMA) togenerate revenue for agricul-ture research in the country.

See # 3 Page 11

11mn cotton balesexpected this year

Cotton cess up at Rs50/bale

Sugar-ladenship arrives

KARACHI: A vessel MVTransocean, carrying 19,260metric tonnes of importedsugar for Trading Corporationof Pakistan (TCP) has arrivedat Karachi Port and com-menced discharging fromMonday.

According to TCP here onMonday, three more ships, MVAL-JABER XV, MV Rainbowand MV Yon Phung Ho carry-ing a total of around 40,000MT imported sugar are sched-uled to arrive by Dec 20.

In addition to above ship-ments, 1710 containers con-taining 42,420 MT sugar havealso arrived during the first

See # 9 Page 11

SC founded bench to hear contempt case

The Financial Daily-Epaper-14-12-2010

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