The Financial Daily-Epaper-20-12-2010

International

Musharraf says Gul wanted premiership See on Page 12

Afghan group supports TAPI See on Page 12

Snow in Europe hits flights, strands cars See on Page 12

Crude Oil (brent)$/bbl 91.67

Crude Oil (WTI)$/bbl 88.02

Cotton $/lb 150.12

Gold $/ozs 1,379.20

Silver $/ozs 29.13

Malaysian Palm $ 1,144

GOLD (NCEL) PKR 38,478

KHI Cotton 40Kg PKR 9,752

Yearly(Jul, 2010 up to 14-Dec-2010)

Monthly(Nov, 2010 up to-14-Dec-2010)

Daily (14-Dec-2010)

Total Portfolio Invest (3 Dec-2010)

192.31

29.58

-3.48

2680

4.40

3.78

0.37

-2.20

-3.52

-2.61

-0.22

SCRA(U.S $ in million)

Portfolio Investment

FIPI (15-Dec-2010)

Local Companies (15-Dec-2010)

Banks / DFI (15-Dec-2010)

Mutual Funds (15-Dec-2010)

NBFC (15-Dec-2010)

Local Investors (15-Dec-2010)

Other Organization (15-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-Nov 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

$746mn

Rs 495bn

$58.41bn

Rs 5234.9bn

$203.80mn

-2.58%

4.10%

$1,051

171.31mn

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

21.50

2.00

1.70

10.79

PKR/Shares

111.42

184.28

42.86

36.43

36.99

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

15-Dec-2010

15-Dec-2010

15-Dec-2010

15-Dec-2010

15-Dec-2010

15-Dec-2010

15-Dec-2010

15-Dec-2010

15-Dec-2010

15-Dec-2010

15-Dec-2010

13.16%

13.39%

13.67%

14.00%

13.07%

13.40%

13.60%

13.95%

14.10%

14.16%

14.23%

14.26%

14.55%

14.73%

14.91%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 84.00 85.00

Canadian $ 84.00 85.00

Danish Krone 15.10 15.20

Euro 113.00 115.00

Hong Kong $ 11.00 11.10

Japanese Yen 1.010 1.035

Saudi Riyal 22.75 22.95

Singapore $ 64.30 65.30

Swedish Korona 12.10 12.20

Swiss Franc 86.75 86.85

U.A.E Dirham 23.25 23.50

UK Pound 133.00 134.70

US $ 85.55 85.95

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 84.60 84.80

Canadian $ 84.44 84.64

Danish Krone 15.16 15.19

Euro 112.89 113.15

Hong Kong $ 11.01 11.03

Japanese Yen 1.023 1.025

Saudi Riyal 22.83 22.88

Singapore $ 65.14 65.30

Swedish Korona 12.51 12.54

Swiss Franc 88.27 88.47

U.A.E Dirham 23.31 23.36

UK Pound 132.96 133.27

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 12°C LAHORE 19°C 4°C FAISALABAD 21°C 5°C QUETTA 14°C -8°C RAWALPINDI 21°C 3°C

Weather Forecast

Index Close Change

KSE 100 11,786.09 113.45

Nikkei 225 10,303.83 7.46

Hang Seng 22,714.85 46.07

Sensex 30 19,864.85 217.08

ADX 2,715.55 0.53

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Global Indices

Tendulkar makes history,finishes 50th Test century

See on Page 9

Karachi, Monday, December 20, 2010, Muharram-ul-Haram 13, Price Rs12 Pages 12

ISLAMABAD: Chinese Prime Minister Wen Jiabao waves hand as his counterpart PM Gilani applauds in the Parliament House Islamabad. -APP

Amir Abidi

KARACHI: Gas produced byE&P firms in Pakistan waslowest in the month ofNovember 2010 which stood at3.8 billion cubic feet per day(bcfd).

This production is down 12per cent compared to the peaklevel of 4.3 bcfd witnessed inMarch 2010 while it was alsodown 5 per cent when com-pared to similar month of lastyear, according to the provi-sional numbers released byPakistan Petroleum

Information Service.Similarly, oil production in

the month of November was 7-month low at an average 63kbarrels per day.

This was also down 6 percent and 4 per cent whencompared with oil productionfigures during November2009 and October 2010,respectively.

On the other hand, averageoil and gas production during5MFY11 remained flat at 64kbarrels per day (bpd) and3.9bcfd, respectively.

See # 9 Page 11

Nov oil, gasoutput deflates

YoY: gas falls 5pc; oil slips 6pc

ISLAMABAD: PrimeMinister Gilani has called ameeting today (Monday) toreview the issue of gas load-shedding, especially the gasscarcity in Punjab, which ishurting the industrial outputbig time.

According to media reports

Prime Minister Syed YousufRaza Gilani has summoned ahigh-level meeting to reviewthe issue of gas load-sheddingwhile Chief Minister PunjabMian Shahbaz Sharif has beeninvited through a special invi-tation to attend the meeting.

See # 11 Page 11

Talks to circlearound gas cuts

Gilani chairs high-level meet today

Ahmed Siddique

KARACHI: According to thedata released by PakistanTelecommunication Authority(PTA), the total teledensityreached 64.2 per cent in4MFY11, increased by 60bpscompared to 63.8 per cent in3MFY11.

Once again cellular teleden-sity contribute around morethan 94 per cent to move theoverall teledensity. Cellular

teledensity surged 0.7 per centMoM to 60.5 per cent tillOctober 10 as compared to60.1 per cent in September2010.

The total subscribers havenow reached to 100.72 millionup by 0.6 per cent MoM tillOctober 2010 as compared to100.13 million subscribers inSeptember 10.

During the month underreview, China Mobile

See # 10 Page 11

4M teledensityclimbs to 64pc

Cell-users reach 100.72 million

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani Sunday telephonedInterior Minister Sind, DrZulfiqar Mirza and discussedwith him the prevailing tensesituation between coalitionpartners, media reported.

According to the mediasources, Prime Minister Gilaniconveyed Mirza the reserva-tions expressed by MQM duringits meeting with the premier.

Sources further added thatPM Gilani instructed Mirza notto issue any further statementwhich could hurt coalition,already weaken by the pull out

of JUI-F.PM Gilani also urged Mirza

to follow the PPP reconcilia-tion policy in the greater inter-est of the country.

Earlier, a high-level delega-tion of MQM met PrimeMinister Syed Yousuf RazaGilani here at PM House onSunday.

The delegation headed by DrMuhammad Farooq Sattar,Minister for OverseasPakistanis included BabarKhan Ghauri, Minister forPorts and Shipping, SyedHaider Abbas Rizvi, MNA,

See # 5 Page 11

PM gags Mirza,pacifies MQM

MQM delegation meets Gilani

NA sitting

starts todayISLAMABAD: President AsifAli Zardari has summoned thesession of National Assemblytoday (Monday).

According to official sourcesPresident Asif Ali Zardari hassummoned the session of theNational Assembly on Mondaywhile Speaker NationalAssembly Dr Fehmida Mirzawill preside over the session.

During the session the processof legislation on several issuesincluding increasing ratio ofinflation, prevailing law andorder situation in the country

See # 8 Page 11

Al Qaeda

wants to

bring Pak

down: BidenWASHINGTON: Al Qaeda istrying to "bring down" nuclear-armed Pakistan, US VicePresident Joe Biden warnedSunday, days after a war reviewtip-toed around Islamabad's rolein fighting extremists.

"Our overarching goal and ourrationale for being there is todismantle, ultimately defeat al-Qaida... to make sure that terror-ists do not, in fact, bring downthe Pakistani government, whichis a nuclear power," Biden said.

The vice-president, in an inter-view with NBC's "Meet thePress" program, repeated threadsof a one-year report on the USmilitary surge in Afghanistanthat pointed to progress butwarned that more time wasneeded.

Unveiling the policy assess-ment, President Barack Obamaurged Islamabad to do more torein in extremists holed up alongthe Afghan border but alsorenewed US commitment tomajor aid programs for Pakistan.

The report trod carefully onthe uneasy US anti-terror allyfollowing pointed criticisms ofIslamabad's nuclear safety andother areas of policy revealed inthe US cables published byWikiLeaks and other reports. -Agencies

CRC

finalises

19th amend

draft ISLAMABAD: The constitu-tional reforms' committee hasfinalised the draft of the 19thamendment, also extending itapproval.

24 members signed theapproved-f ina l i sed-draf t ,which would be sent toNational Assembly forapproval today (Monday).

The meeting of theConstitutional Reforms'Committee was held inParliament House as presidedover by its' chairman RazaRabbani to discuss reserva-tions/ objections of SupremeCourt over appointment ofjudges according to the 18thamendment, demanding theissue to be reviewed inParliament.

After a detailed review of therelevant article, the 24 mem-bers signed the approved draftof 19th amendment.

Talking to media after themeeting, chairman of the com-mittee Senator Mian RazaRabbani said that the finalised-draft of 19th amendment wouldbe submitted in Assembly sec-retariat, today (Monday).

The bill would be debatedboth in NA and Senate, for itsapproval.-Online

Ghulam Raza Rajani

KARACHI: The buyingmomentum of offshoreinvestors continued in the firstthree trading days of the lastweek in the local bourses and itattracted fresh net inflow of$22.56 million, as per NationalClearing Company of PakistanLimited (NCCPL) data.

Furthermore, foreign invest-ment hiked 90.3 per cent WoW

compared with $11.85 millionwitnessed in week ended on10th December 2010.

On the other hand, positiveactivities continued at localbourses, as KSE 100-Indexclosed by gaining 1.4 per centor 165.93 points at 11,786.09.

Weekly average volume wit-nessed 18.8 per cent decline to148.20 million shares against182.41 million shares traded

See # 6 Page 11

Offshorers snapup $23mn shares

KSE during Last Week

ISLAMABAD: President AsifAli Zardari has once againextended hand of friendship toPML-N Quaid Mian NawazSharif and invited him to nom-inate senior party representa-tives to "jointly take difficultdecisions required to take ourcountry forward".

Spokesperson to thePresident Farhatullah Babarsaid that the invitation has beenextended in a letter addressedto the former prime minister in

response to Nawaz Sharif's let-ter of November 10 in whichhe had raised some issues andvoiced his concerns.

The President had promptlyacknowledged the letter andpromised to send a detailedreply soon, he said. The formalreply was delivered to MianNawaz Sharif was delivered athis residence in Rai Wind, hesaid.

The President in his letteralso sought cooperation of the

PML-N in the RGST Bill 2010reminding him that his party'snominee Ishaq Dar along withall the Senators of all majorpolitical parties had unani-mously recommended theRGST law with some 15amendments.

"The Senate adopted thoserecommendations along withthe Bill, and referred it to theNational Assembly. We alsohoped for your support in theNational Assembly for the pas-

sage of this important reformmeasure", the letter said.

A copy of the letter was alsosent to the Prime Minister.

Taking note of the PML-NQuaid's concern about theEhtesab Bill the Presidentrecalled the history of how theproposed bill passed throughsuccessive stages of legislativeprocess before the PML-Nprotested that their amend-ments had not been fully incor-porated in it.

"In this backdrop", thePresident said, "TheChairperson of the StandingCommittee has decided toreconsider the Bill and todeliberate upon the outstandingissues arising out of the dis-senting note of the PML-Nmembers", the Presidentassured Mian Nawaz Sharif.

Pointing out the need for therestructuring of the public sec-tor enterprises (PSEs) for pur-suing the economic reforms

agenda, President soughtNawaz Sharif support saying,"We will be grateful if yourparty facilitates the govern-ment in its restructuring plansfor these entities, and extendssupport tour policy to promotepublic private partnership toprotect Pakistan's nationalinterests".

Outlining the plans forrestructuring of the PSEs thus,"A restructuring plan of

See # 7 Page 11

Sharif's help over reforms soughtPresident Zardari writes back to PML-N leader

Special Correspondent/Agencies

ISLAMABAD: ChinesePremier Wen Jiabao vowing toboost strategic cooperationwith Pakistan has lauded andaffirmed his rock-solid andeverlasting relationship withPakistan, and expressing hispride over China's neighboringally and friend, lauded thestruggle and hardships Pakistanhad endured on its way to crisisand success.

"It is our collective objectiveto strengthen strategic tiesbetween our two countries," hetold a joint session of parlia-ment on Sunday.

He expressed his intense hap-piness, and pride that he wasaddressing a Parliament in fullsession, and paid glowing trib-utes to all the well-wishers andfriends who had alwaysendeavored to enhance theover-strong Pakistan-Chinarelationship.

Expressing a déjà vu, he citedhis earlier visit to Pakistan fivetears ago, when he was given a

standing ovation by Pakistanimasses, he said that he alwaysfelt at home in these livelymoments.

He lauded Pakistan's stand oncertain issues pertaining toChinese affairs, which includedthe Taiwanese controversy, andthe 2008 Chinese earthquake,whence Pakistan had providedfull assistance to its neighbor-ing ally.

He said that China hadalways stood thick and thinwith its Pakistani friends on allof its issues, citing full andwhole-hearted Chinese assis-tance during the 2005 earth-quake that destroyed a majorchunk of Azad Kashmir and itsenvirons.

He also pledged strategicsupport to Pakistan, which hedeclared was imminent andmandatory for both countries,besides strengthening alreadysecure ties.

The Chinese Premier laudedPakistan's struggle against ter-rorism and stressed on globalcommunity to acknowledgePakistan's sacrifices and rav-

ages it suffered in its waragainst terrorism.

Assuring China's full supportin war against terrorism, hestressed on researching the rootcauses of the evil, and toaddress them, in order to eradi-cate the menace from its folds.

He informed that China hadspecifically permitted the ICPBank to open its branches inIslamabad and Karachi, whilesteps were underway to startcurrency exchange as well.

Among other economic coop-eration, he cited full support toPakistan and a Pakistan-Chinafriendship year, in 2011, offer-ing 500 scholarships forPakistan in the coming threeyears, free cataract treatmentfor two years, and 100Pakistani students for learningChinese; assuring that Chinawould continue the practice ofproviding welfare and trainingfor Pakistani students, andacknowledged.

Acknowledging the impor-tance of Pakistan's stature inMuslim Ummah, he said that

See # 12 Page 11

Chinese Prime Minister addresses Parliamentarians

Gilani thanks Jiabao, vows to enhance bilateral relations

China salutesPak sacrifices

2 Monday, December 20, 2010

TV PROGRAMMES

MONDAY

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

Maya ke Sath11:10 The Reema Show

(Rpt)12:00 News13:10 Faisla Aap Ka

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

Jasmeen23:00 News23:30 24

LAHORE: The US and theGovernment of Punjab are launch-ing a new long-term project that willimprove the daily lives of Pakistanicitizens by expanding access toclean water, quality education, goodroads and upgraded health facilities.

At a ceremony US Agency forInternational Development(USAID) Pakistan Mission DirectorAndrew Sisson and the ChiefMinister of Punjab, Shahbaz Sharif,signed a statement of cooperation tokick off a $10 million (Rs857 mil-lion), five-year Municipal ServiceDelivery Program.

USAID will provide technical

assistance and resources to allow theGovernment of Punjab to improvethe delivery of municipal services tocitizens in 11 districts throughoutSouthern Punjab. Many of these dis-tricts were severely affected by therecent floods and have been identi-fied as among the most underservedin the province.

"USAID's partnership with Punjabwill help improve basic service deliv-ery in a transparent way," Mr. Sissonsaid. "The program will help the gov-ernment become more responsive tocommunity priorities, and give peo-ple a chance to be a real part of thedecision-making process."

The Chief Minister of Punjabspoke of the need to promote educa-tion and health care and thanked theUnited States for being a "goodfriend." He especially pointed outthat the combination of indigenousresources combined with the vision-ary support of friends like the US iskey to progress.

The United States is committed toworking with the people of Pakistanto build strong and stable institu-tions that will lead to more prosper-ous and secure Pakistan. The pro-gram is funded with money from theKerry-Lugar-Berman EnhancedPartnership Act. -PPI

USAID to assist development programme

Punjab $10mn upliftschemes kicked off

ISLAMABAD: TheSecurities and ExchangeCommission of Pakistanregistered eight compa-nies having foreigninvestment in November.

According to a state-ment issued by theCommission three foreigncompanies have also beenregistered during themonth.

Among the 8 companieshaving foreign investment,

Chinese nationals investedin three companies. Theremaining five companieshave foreign investmentby foreign nationals fromNigeria, South Korea, UK,Egypt, US, France, Bruneiand Croatia.

As for the sector-wisebreakdown, five compa-nies are from the tradingsector and the remainingthree are from finance andbanking, power genera-

tion and lodging.Five companies were

registered in Lahore, twoin Islamabad and one inKarachi.

Out of three foreigncompanies, two belong toSouth Korean constructionsector, and one is fromHong Kong's furniture sec-tor. Two foreign compa-nies were registered inLahore and one inKarachi. -APP

SECP registers8 foreign firms

I S L A M A B A D :Minister forInformation andBroadcasting, QamarZaman Kaira said onSunday said thatChinese premier WenJiabao's address to thejoint session of theparliament was areflection of warmrelationship betweentwo brotherly coun-tries.

Talking to APP, hesaid "the speech of theChinese premier to thejoint session of theparliament was thereflection of the emo-tion of the bothnations."

He said the people'srepresentatives havegiven very warm wel-come to Chinese pre-mier adding the wholePakistani nation havegreat respect for thepeople of China andits leadership.

The Minister saidthe Chinese premier inhis speech has wishedfor the prosperity, sta-bility and develop-ment of the Pakistan.

He said that he also

announced develop-ment projects andcooperation in differ-ent sectors.

"The relationshipbetween Pakistan andChina is between thetwo nation and notconfined to the twogovernments."

Kaira said leader ofthe opposition hasalso welcomed thespeech of ChinesePrime Minister. Kairasaid all the politicalparties have alwaysshowed harmony,maturity on nationalissues.

He hoped that thepositive attitude of thepolitical parties willremain same in thefuture and it wouldhelp country to moveon the path of devel-opment and prosperi-ty.

He said $25 to $30billion Chineseinvestment is expect-ed in different sectorsof the country.

Pakistan and Chinainked 13 agreementsand Memoranda ofUnderstanding for

cooperation in econo-my, energy, banking,security and technolo-gy.

He said China wouldgive a grant of $ 229million for floodaffected road networkand agriculture sectorleading to provisionof rice processors andlatest technology ofcold storage.

"A total of 500scholarships to thePakistani students willbe offered to enablethem to learn Chineselanguage and study inadvance science andtechnology sector.Besides, a total of1,000 Cataracts opera-tions would be under-taken by the Chinesesurgeons," he added.

The Minister saidPakistan-China strate-gic relations would befurther strengthenedwith the current visitof Chinese Premier.

He said the strategicrelations between twofriendly countrieswere aimed at peaceand stability in theregion. -APP

Kaira praises

Jiabao speech

ISLAMABAD: ThePakistan Economy Watch(PEW) Sunday said anindependent authorityshould be established withultimate intervention pow-ers to tackle repeated foodcrises and frequent pricehikes.

Toothless departmentshave not served any pur-pose since decades, it said.

Dr Murtaza Mughal,

president PEW said thatthe holding TradingCorporation of Pakistan(TCP) responsible for fail-ures would only makesense after giving themautonomy.

He said that TCP waspresently acting as a logis-tic company and a tradingarm of the governmentwhich cannot take criticaldecisions.

It should no moreremain bound to followspecific directives of theministries led by politi-cians who are driven bytheir own interests, hesaid.

Dr Murtaza Mughal saidthat a new independentauthority or empowered-TCP should have final sayin assessment, policyplanning and execution

aimed at market stabilisa-tion.

Such an organisationshould have financial inde-pendence and authority totake punitive actionsagainst those who holdback stocks; its chiefshould enjoy constitutionalprotection, he demanded.

He said that the board ofindependent authoritymust comprise retired

judges and honest bureau-crats from all provinces,AJK and Gilgit-Baltistan.

He said that a powerfulmafia of profiteers fre-quently bought wholestock of commoditiesimported to reduce prices.

The consignmentsshould be off-loaded insmall quantities at differ-ent cities to ensure massbenefit, he said.-Agencies

Govt holds TCP strings:Pak Economy Watch

MONDAY

Time Programmes8:00 Amnay Samnay

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

(Sat Rpt)14:00 News15:02 Akhri Sauda15:30 Munafa Khor

Hoshiyar (Rpt)16:15 Karobari Dunya17:05 Ghar Ka Kharch

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

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

(Sun Rpt)0:00 News

Town Local Government

Gulshan-e-Iqbal, Karachi

CDGK/ADVT/TMA-1092/10 GIT/813/2010

Use dust- bins adn keep the enviroment cleanwww.tmagulshan.com99055-9

No: T.O/I.S & S/G.I.T/847/2010 Karachi dated: 18-12-2010

TENDER NOTICESealed tenders are invited from all the interested

Contractors / Firms / Parties for the following works:

S.N

o

01

02

03

Name of Work

Repair / Maintenance of

front and Rear differential

and Blade and other work

of Vehicle No.1038

Frukawa (Loader) for

Sanitaion Department,

Gulshan-e-Iqbal Town. Open Rate

Open Rate

Rs:10,64.848

+ Open Rate

2% Quoted

Amount

2% Quoted

Amount

Rs: 21,297/-

2% Quoted

Amount

Rs:

3,000/-

Rs:

3,000/-

Rs:

3,000/-

Complete Engine over-

hauling and Turbo

Assembly and other works

of Vehicle No. NL-01

Loader (liugong) of

Sanitation Department

Gulshan-e-Iqbal Town.

Improvement of

Infrastruction of Block-

“A”, Dhorajee Society, UC

No.02, Gulshan-e-Iqbal

Town

Estimated

Amount

2% Earnest

MoneyTender

Cost

TERMS & CONDITIONS.01)

02)

03)

04)

05)

06)

07)

08)

09)

10)

11)

12)

13)

The Tender document are available for sale with effect from the

first date of publication of this NIT in the press from the Office of

1) TOWN OFFICER (Infrastructure & Services) (2) TOWN

OFFICER (FINANCE) Gulshan-e-Iqbal Town situated at main

building of Gulshan-e-Iqbal Town near KDA Police Station

Block-14, University Road Karachi from 9.00 AM to 2.00 PM on

any working day on payment of non-refundable cost of tender

through Pay Order from any Schedule Bank in favour of Gulshan-

e-Iqbal Town and on Submission of a written application at the

above Address. No tender will be sold on the Tender Opening

Date.

2% Earnest Money in shape of Pay Order as mentioned above

should be enclosed along with Tender documents. The tenders in

sealed cover mentioning the name of the work / Number of Work

should be dropped in the Tender Box kept in the office of TEN-

DER OPENING COMMITTEE, in the Committee Room,

Gulshan-e-Iqbal Town Karachi by 2:00 P.M. on 06-01-2010.

Earnest Money equal to 2% of the Offer Amount of the work

should be enclosed along with Tender in shape of Pay Order from

any Schedule Bank in favour of GULSHAN-E-IQBAL TOWN.

The tender will be received on 06-01-2010 and will opened on the

same day at 2:30 P.M by the TENDER OPENING COMMITTEE

Room as mentioned above in the presence of contractors or their

authorized representative.

In case of the Opening Date is declared as a public holiday by the

Government, the next official working day shall be deemed to be

the date for submission and opening of tenders at the same time.

Conditional tender will not be accepted.

Tender in unsealed covers will not be entertained.

The total bid as well as the rates in items must be filled both in

FIGURE AND WORDS and in case of any correction is made by

the Contractor himself, then each correction must be intiated by

the Contractor.

The Pay Order of Earnest Money of First, Second and Third bid-

ders will not be returned till finalization of the case.

Canvassing in connection with tenders is strictly prohibited and

tendrs submitted by the Contractors who resort to canvassing will

be liable for rejection.

The decision of the Tenders opening Committee will be final.

TheTender can be seen on SPPRA’S website

www.pprasindh/gov.pk and website of Town Local Government,

Gulshan-e-Iqbal www.tmagulshan.com.

The Authority of GULSHAN-E-IQBAL Karachi may ACCEPT

or REJECT any or all tendrs subject to the Provision of Provision

of SPPRA Rules 2010.

ISLAMABAD: Chief of Army Staff General Ashfaq Parvez Kayani, Chairman Joint Chiefs of Staff Committee (CJCSC), GeneralKhalid Shameem Wayne, Air Chief Marshal Rao Qamar Suleman, Chief of Air Staff, Pakistan Air Force and Admiral Noman Bashir,

Chief of Naval Staff listening the Chinese Premier Wen Jiabao address to the joint session of Parliament.-APP

TOWN OFFICER (I.S&S)

T.L. Govt. GULSHAN-E-IQBAL

ISLAMABAD: Interior Minister Senator A Rehman Malik appreciating Pakistan Army, Police, Rangers, FC, Islamabad Administration and Law

Enforcement Agencies for making foolproof security arrangement for the visit of Chinese PM at Ministry of Interior.-APP

8 million

children

die every

year: WJOKARACHI: More than 8million children under fivedie every year. Almost 90per cent of all child deathsare attributable to just sixconditions: neonatal caus-es, pneumonia, diarrhoea,malaria, measles, andHIV/AIDS. During 1960-1990, child mortality indeveloping regions washalved to one child in 10dying before age five, saysa WHO report.

The aim is to further cutchild mortality by twothirds by 2015. Reachingthe MDG on reducing childmortality will require uni-versal coverage with keyeffective, affordable inter-ventions: care for new-borns and their mothers;infant and young childfeeding; vaccines; preven-tion and case managementof diarrhoea, pneumoniaand sepsis; malaria control;and prevention and care ofHIV/AIDS. -APP

Reconciliationcure to issues:

Raza AbidiISLAMABAD: PoliticalAdvisor to President,Senator Syed Faisal RazaAbidi on Sunday said thePPP government is pursu-ing reconciliation policy torepeal malignity and differ-ences among the politicalparties and make thefriendly environment in thecountry.

In a brief telephonicinterview with a private TVchannel, he said reconcilia-tion policy is only solutionof all the problems beingfacing by the country. Italso causes the develop-ment and prosperity of thecountry and its masses, headded.

"A dream of reconcilia-tion was seen by ShaheedMohtarma Benazir Bhutto,but President Asif AliZardari is pursuing thatdream for major interest ofthe country," he said.

The Advisor said the PPPreconciliation policy wouldbe seen more powerful inthe future.-APP

Govt topromotenurses:

SharmilaKARACHI: ProvincialAdvisor to Chief MinisterSindh on Information Ms.Sharmila Faruqui has saidthat Sindh government isconsidering the promotionof the nurses to the highergrades and their protectionat hospitals will beensured.

This she said whilespeaking as a chief guest atthe Nurses ChristmasDinner 2010 at Christ theKing Seminary last night.The advisor said that nurs-ing was a noble professionand history shows thatnurses had played a vitalrole in serving sufferinghumanity and their love,affection and care havesaved the lives of countlessinjured and sick people.Sharmila expressed herdissatisfaction over work-ing environment in privatehospitals where goodsalary and job securitywere not provided to thenurses and some timeangry protesters thrashthem for nothing.

She further said nurseswere an essential andimportant part of the socie-ty and without them, thesociety was incomplete, sothey all should pay themdue respect because theybelong to loftier professionof the earth. -PPI

3Monday, December 20, 2010

NEW YORK: Oil prices rose onFriday in seesaw trading andposted a weekly gain as support-ive US economic data and gaso-line futures combined to offsetthe dollar's strength amidrenewed concerns about euro-zone debt problems.

Optimism that the US economyis gathering steam was bolsteredby news that the ConferenceBoard's measure of leading eco-nomic indicators rose 1.1 per centin November, the biggest risesince March and the fifth straightmonthly gain.

In a separate report, theEconomic Cycle ResearchInstitute said its gauge of futuregrowth rose to its highest levelsince May.

Refinery snags and expecta-tions for holiday driving demandboosted US gasoline futures, sup-porting crude futures even as

heating oil futures ended the dayslightly lower. Heating oil stillmanaged a gain for the week.

US crude for January deliveryrose 32 cents to settle at $88.02 abarrel, bouncing off an $87.01low but stalling when it reachedan intraday peak of $88.52.

For the week, crude gained 23cents, or 0.26 per cent, ahead ofthe January contract's expirationon Monday and after posting a1.57 per cent loss the previousweek.

Prices reached a 26-month highof $90.76 on Dec. 7.

"After the market's rally above$90 it's trying to consolidatebelow, waiting for a cue as towhether we're going to see ayear-end sell-off or whether moreeconomic optimism is going topush crude higher," said GeneMcGillian, analyst, TraditionEnergy in Stamford, Connecticut.

Money managers increasedtheir net long crude oil futurespositions to a record high in theweek to Tuesday, according to aweekly report from theCommodity Futures TradingCommission released late onFriday. But technicals indicatedcrude could be set to slip to$85.41 over the next week, basedon its wave pattern and aFibonacci retracement analysis.

ICE Brent crude for February,in front-month position afterJanuary contract's expiration onThursday, rose 7 cents to settle at$91.67 a barrel, also in choppytrading.

February Brent crude's premi-um over US February crude wasat $3.07, down from Thursday's$3.58 premium comparingJanuary contracts which was aseven-month high for the spread.-Reuters

Oil higher as growthhopes offset euro woes

NEW YORK: The euro is like-ly to struggle anew in theupcoming week as marketsremain fearful about sovereigndebt issues in the peripheraleuro-zone economies, andinvestors are well-advised to beshort the currency going into2011.

A five-notch downgrade ofIreland by Moody's and budgetwarnings by the InternationalMonetary Fund on Fridayweighed on the currency andwill continue to cloud the euro'snear-term outlook.

An agreement by EuropeanUnion leaders to set up a per-manent mechanism from mid-2013 did nothing to assuagethose fears. Investors were hop-ing for more aggressive solu-tions to address the region's fis-cal crisis, such as increasing

the European FinancialStability Facility or issuingjoint European sovereignbonds.

"There are plenty of potentialcatalysts for the euro to golower. And we might see theeuro hit $1.26 over the next twoweeks or so," said JamesDailey, chief investment officerand senior portfolio manager atTEAM Asset Strategy Fund inHarrisburg, Pennsylvania.Dailey's firm manages assets ofaround $180 million.

Should the euro fall to $1.26,Dailey said he is looking tocover his portfolio's short posi-tions.

On Friday, the euro slid to atwo-week low at $1.3133 andwas last at $1.3181, 0.4 percent lower on the day. On theweek, the euro-zone currencywas down 0.2 per cent,although for December, it is up1.5 per cent.

On the charts, immediate sup-port for euro/dollar lies at$1.3104, the 200-day movingaverage. Below that level,$1.2970, the Dec. 1 low, looms.

In the options market, riskreversals, a measure of curren-cy sentiment, remained skewedtoward euro puts, or bets for acurrency depreciation. OnFriday, the one-month 25-deltarisk reversals were at -2.375vols, unchanged from the previ-ous session.

To be fair, the option market'sview on the euro has improvedover recent sessions, althoughrisk reversals on the euro arestill way below the levels seenin mid-October, when senti-ment on the currency was itsmost positive.

BEARISH EURO CALLFROM CITIFX

CitiFX, meanwhile, has putout another bearish call on theeuro, adding a 15 per cent shortposition in its overlay portfolioand cutting dollar shorts to 5

per cent from 15 per cent.Steven Englander, global headof FX strategy at Citi, calls thisa "significant change" in thebank's positioning.

Over the medium-term,Englander believes the euro-zone will be able to resolve itsissues, but he says the nextmonth may be a "bit rough."

"The lack of liquidity as year-end approaches and the difficul-ties in coming up with compre-hensive solutions on sovereigndebt make us prefer euro shortsto longs for the time being,"Englander said.

In the United States, there is aslew of data due this week, allof which is expected to showthe world's largest economy isgrowing, albeit at a modestpace.

Two economic indicators forNovember, durable goodsorders and personalincome/consumption, will helpguide forecasts for fourth-quar-ter growth, with more positivenews likely on the consumerside.

CIBC World Markets hasrecently upgraded its fourth-quarter US growth forecast to 3per cent, with the downbeatNovember non-farm payrollsdata looking increasingly likean outlier amid other positivesignals.

These reports should keep abid on the dollar and continueto push US 10-year yields high-er.

TEAM Strategy's Daileythinks the back-up in bondyields is a reflection of theacceleration of US growth, allsupportive of the dollar. But hesays US Treasuries could rallythis week as investors seek to"de-risk" their portfolios, but by2011, yields could rise onceagain. He forecasts 10-yearyields to rise to between 4 percent and 4.5 per cent by end-2011. -Reuters

Markets still euro-focused;further losses seen

US dollar weekly outlook

Risk reversals still skewed toward euro puts

Near-term euro support is at 200-day moving average

BANKOK: Asian currencieshad a second weekly loss as thehighest US Treasury yields inseven months and improvingeconomic data out of the world'slargest economy damped senti-ment toward emerging-marketassets.

"The rising US yields meansAsia's higher-yielding assetsbecome less attractive, weighingon regional currencies," saidTsutomu Soma, a bond and cur-rency dealer at Okasan SecuritiesCo. in Tokyo. "We have seensome good US economic databoosting demand for the dollar aswell."

The Philippine peso weakened1.2 per cent to 44.23 per dollar,South Korea's won slid 0.8 percent to 1,152.58 and theSingapore dollar lost 0.4 per centto S$1.3125.

The peso had its worst weeksince the five-day period endedNov. 12 on speculation overseas

investors are paring bets the cur-rency will rise as the central bankregulates the availability of dol-lars.

Governor Amando Tetangcosaid on Nov. 9 policy makers willcurb excess volatility in the spotmarket after the peso surged to atwo-year high five days earlier.The currency has dropped 2 percent since his statement. Themonetary authority typically sellsdollars to banks through curren-cy swaps to control the supply ofpesos in the financial system.

"There were a lot of foreignplayers who shorted the dollarand are now unwinding positionsas the year comes to an end," saidAntonio Espedido, treasurer atChina Banking Corp. in Manila."The central bank is controllingthe supply of dollars and that iswhy you have this pressure onthe peso."

The won completed a secondconsecutive weekly loss after

Yonhap Infomax reported thatSouth Korea may impose a banklevy on lenders' short- and long-term overseas debt. The govern-ment may unveil details of theplan on Dec. 19, Deputy FinanceMinister Shin Je Yoon said.

Singapore's dollar dropped fora second straight week as exportsgrew at the slowest pace in a yearin November. Non-oil domesticexports climbed 10 per cent froma year earlier, after a 34.5 percent gain in October, the tradepromotion agency said.

Elsewhere lasts week, theIndian rupee dropped 0.7 percent to 45.355 per dollar andThailand's baht declined 0.2per cent to 30.13. Indonesia'srupiah slipped 0.1 per cent to9,035, China's yuan was littlechanged at 6.6560 per dollarand Malaysia's ringgit wassteady at 3.1350. Taiwan's dol-lar added 0.3 per cent toNT$30.51. -Agencies

Mostly fall for 2nd week asUS economic data improves

Asian currencies

NEW YORK: US cottonfutures rose nearly 3 per cent tosettle at a one-month peak andnear record highs on Friday asspeculators plowed into the mar-ket on the notion it had run outof new supply in the near-term.

"Basically, the projection isthat there's very little cotton, ifany, to be delivered into theMarch contract," said MikeStevens, an independent cottonanalyst in Mandeville,

Louisiana."It's not a new story, but one

that is driving this market untilwe find a way to ration orreduce the demand."

But some think cotton could

actually fall in the comingweek, ending a three-week run-up, if investors decide to takeprofit ahead of Friday's pre-Christmas holiday.

"Next week is a short week ...longs may decide to cash in,"said Sharon Johnson, seniorcotton analyst at commoditybrokers Penson Futures inAtlanta, Georgia.

The key March cotton con-tract on ICE Futures US settledup 4.0 cents, or 2.7 per cent, at$1.5012 per lb. That took themarket to its highest level sinceNov. 10, when it hit a recordpeak of $1.5195.

Cotton has been the best per-

forming commodity in theReuters-Jefferies commodityindex, up over 80 per cent yearto date.

For this week, March cottonwas up 10 per cent, extendingits 22 per cent gain from twoprevious weeks.

If supply fears continue, cot-ton could rally to a new recordabove $1.60 a lb with someintermittent profit-taking, inde-pendent analyst Stevens said.

"I'm shooting darts in thedark here, but this is very pos-sible," he said. "You're talkingabout a market that's doubledin price over the last sixmonths. -Reuters

US cotton nears recordas demand fears rule

NEW YORK/LONDON:Gold prices turned higher lateFriday, moving back to the topof the session range, as someinvestors returned to the yellowmetal as a safe-haven playwhen the euro fell in responseto Moody's downgrade ofIreland's credit rating.

"You're seeing some flight toquality as the euro sells off inreaction to the downgrade ofIreland and all the other conta-gion issues," said FrankMcGhee, head precious metalstrader at Integrated BrokerageServices LLC in Chicago.

Spot gold was bid at$1,376.80 an ounce by 2053GMT, against $1,370.46 late inNew York on Thursday. USgold futures for February deliv-ery were also up, gaining $8.20to $1,379.20 per ounce.

Gold has been fluctuatingwith the dollar/euro exchange

rate and with investors con-trasting needs to own safeassets as Europe faces thethreat of debt contagion and totake profits from gold asstronger economic data lessensthe need to guard against risk.

Earlier, gold slipped below$1,370 an ounce as the dollarmoved higher versus the euro,and as US leading economicindicators jumped inNovember.

Signs the US economy is gath-ering steam as the year draws toa close boosted optimism aboutprospects for the coming year,according to two separate eco-nomic research firms.

Gold sold off after the news,dipping below the 50-day mov-ing average for the secondstraight session. But later itmoved back above the medi-um-term measure, keepingprices within their higher

plateau in a wide 3-monthrange around peak levels.

Though the precious metalhas been moving closely in linewith fluctuations in the euro-dollar exchange rate as thefinancial markets wind downfor Christmas, many analystsremain bullish as they lookahead to 2011.

Investor demand for gold-backed exchange-traded fundsremained light, with holdingsof the world's largest, NewYork's SPDR Gold Trust,falling to a two-month low of1,283.757 tonnes on Thursday.

Among other precious met-als, silver rose to $29.14 anounce in late trade, against$28.87 on Thursday. Platinumwas higher at $1,699.50 anounce versus $1,694.49 andpalladium pushed up to$739.22 versus $736.50 anounce. -Reuters

Gold firms as EU debtfears drive safety play

NEW YORK/LONDON:Arabica coffee futures boundedhigher on Friday to close at a 13-1/2-year high, and raw sugarclosed up nearly 5 per cent as itapproached a 30-year top, asfund buying poured into thesemarkets.

Cocoa futures closed lower onhedging pressure from Ghana,the world's second biggest grow-er, while the market shruggedoff the political crisis in top pro-ducer Ivory Coast after buildingin a small risk premium.

Arabica coffee futures easilyflew higher as producer sellingwas light and fund buying droveprices up sharply after automaticbuy orders were triggered above$2.20, basis March.

ICE March arabicas soared8.75 cents, or 4 per cent, to fin-ish at $2.2530 per lb, thestrongest settlement since June1997. Total volume was about24 per cent below the 30-dayaverage as many players hadalready squared up their posi-tions before the end of the year.

On a weekly basis, this pushedsecond-position March up 7.5per cent on the week, the biggestweekly percentage gain sincemid-June, which was when the

market first began its sustainedrally.

Liffe March robusta coffeesettled up $39 at $1,986 a tonne,lifted by spillover support in thearabica market.

Fund buying and producershort-covering against a back-drop of tight supplies propelledraw sugar futures to close upnearly 5 per cent, climbing near-ly 2 cents to the session peak at32.97 cents, basis March.

This brought the spot contractvery close the last month's 30-year top at 33.39 cents per lb.

ICE March raw sugar surged1.50 cents, or 4.8 per cent, toclose at 32.50 cents per lb, thestrongest settlement since Nov.10. On a spot basis, it closed theweek up 11.6 per cent, the highestweekly gain since early October.

Liffe March white sugarclosed up $23.40 at $790.70 pertonne.

ICE benchmark March cocoafutures fell $52, or 1.7 per cent,to settle at $2,951 per tonne, fin-ishing the week up 2.2 per centand within sight of a four-monthpeak of $3,140 touched on Dec. 7.

London second-month cocoasettled down 18 pounds at 1,996pounds per tonne. -Reuters

Arabica soars to 13-1/2year top; sugar up

TORONTO: The Canadian

dollar ended lower against the

US currency for a second

straight session on Friday as

investors trained their focus on

the troubles in the euro-zone,

which spurred a flight to safe-

ty to the US dollar.

Canada's currency fell as low

as C$1.0147 to the US dollar,

or 98.55 US cents, its lowest

point since Dec. 2, as the euro

came under pressure after

Moody's Investors Service

slashed Ireland's credit rating

by five notches.

The credit rating agency also

warned that further down-

grades could follow if Ireland

is unable to stabilize its debt

situation.

The Canadian dollar finished

at C$1.0128 to the US dollar,

or 98.74 US cents, down

sharply from its Thursday's

finish of C$1.0059 to the US

dollar, or 99.41 US cents. For

the week, it is down 0.33 per

cent.

Looking ahead, next

Tuesday's Canadian consumer

price index report for

November will likely be the

highlight of the week, while

October figures for retail sales

and monthly GDP will also be

considered.

If the forecasts are correct,

the CPI report will prove that

the surprising jump in

October's annual inflation rate

to 2.4 per cent was just a blip

and therefore not a concern for

the Bank of Canada.

"I think a lot of people are

looking to see if that increase

was substantiated or not," said

David Tulk, senior macro

strategist at TD Securities,

who is looking for inflation to

return below the Bank of

Canada's 2.0 per cent target.

Inflation had been lower

than expected for much of the

year, so markets are looking

for reassurance that the trend

won't suddenly be reversed.

Such a reassurance would

leave the central bank in a

comfortable position to hold

its key interest rate unchanged

at 1 per cent for at least the

first quarter of 2011. -Rueters

Canada dollar slipson eurozone woes

Specs boostUSD shortpositions

NEW YORK: Currency spec-ulators increased their betsagainst the US dollar in the lat-est week, data from theCommodity Futures TradingCommission showed on Friday.

The value of the dollar's netshort position rose to $9.46 bil-lion in the week ending Dec.14, from $8.42 billion the previ-ous week, according to Reutersand CFTC calculations.

The biggest change in position-ing was in the yen, with investorsslashing their net long contracts byalmost half to 12,735. "We thinkthis was the right move, asdollar/yen has not kept up with therise in US Treasury yields, so wethink the currency pair has quite abit of upside potential still," TDSecurities in a research notes.

Euro short bets, meanwhile,declined a bit.-Reuters

Copper up asmkt eyes

2011 demandboost

NEW YORK/LONDON:Copper closed up on Friday,notching its third consecutiveweek of gains, as short-termtechnical momentum and bullishdemand prospects from China inthe new year kept prices buoyantnear all-time record peaks.

Copper bulls were unfazed bya broad-based drop in globalequity markets and a rallyingdollar, and instead focused on apositive stream of economic datathat suggested improved demandconditions in the year ahead.

London Metal Exchange(LME) benchmark copper endedup $79 at $9,070 a tonne, nearly$200 away from its all-timerecord peak at $9,267.50 hit onDec. 14.

COMEX copper for Marchdelivery climbed 4.30 cents, or 1per cent, to settle at $4.1590 per lb.

On Tuesday, it hit its own all-time high at $4.2290.

Copper has rallied more than50 per cent since early June,with much of the rise in recentweeks tied to speculation thatChina will return to the globalcopper market early next yearafter a period of destocking.

Stocks of copper in LMEwarehouses rose for the fifth dayin a row. Latest data showed asmall increase of 600 tonnes, to361,400 tonnes. That is littlemore than seven days of globalconsumption, however.Inventories in warehouses moni-tored by the Shanghai FuturesExchange rose 10 per cent onthe week.

Overall, global stocks estimat-ed at above 1.2 million tonnesaccount for more than threeweeks of global consumption.

Also on the radar are the phys-ical base metal exchange tradedproducts listed in London byETF Securities.

Latest data from ETFSecurities showed that theamount of copper held to back aphysical copper exchange tradedproduct jumped by about 570tonnes to 595.2 tonnes as ofDec. 16, from Dec.14. -Reuters

Wheat, corn

log gains

for weekWINNIPEG: US corn futuresrose on Friday and notched aweekly gain of 6.5 per cent,their biggest in two months, asa private forecaster cut nextyear's acreage outlook.

Soybeans and wheat alsoclimbed after Informa Economicsreleased new US acreage andproduction estimates.

Chicago Board of Trade cornfor March delivery rose 9 cents,or 1.5 per cent, on Friday to$5.96-1/2 a bushel.

Wheat futures rose on sup-port from weather problems inthe US Plains and Australia anda technical rebound from sell-offs this week, traders said.

CBOT March wheat futuresshook off earlier weakness torise 7 cents, or 0.9 per cent, to$7.56-3/4 a bushel, in line withthe higher-protein wheats tradedin Minneapolis and Kansas City.

The contract recorded aweekly gain of 2.9 per cent.

CBOT soybeans for Januarydelivery rose 9-3/4 cents, or 0.8per cent, to $12.98-3/4 abushel, posting a weekly gainof 2 per cent.-Reuters

Sterling

plunges as

Lloyds lets

out warning LONDON: Sterling fell to athree-month low against thedollar on Friday after LloydsBanking Group warned of fur-ther provisions on Irish assets,heightening concerns about UKexposure to Ireland's debt crisis.

The announcement exacerbat-ed selling pressure on thepound, already under pressureas a very weak UK consumerconfidence survey added toworries that the government'splanned public spending cutscould hit the UK economy hard.

Sterling fell more than 1 percent against the dollar to$1.5454, its weakest since mid-September, before recoveringslightly to $1.5488.

Traders said the pound accel-erated losses as stop loss orderswere triggered on the break of$1.5485, the low hit in lateNovember. It could now falltowards its 200-day movingaverage, currently at $1.5386.

Sterling also fell against theeuro, particularly as a recordhigh reading in a German busi-ness sentiment survey contrast-ed with recent weak UK data.

The euro was up 0.3 per centat 84.94 pence, though it wasoff an earlier high of 85.53pence, its strongest in nearly amonth and above its 200-daymoving average at around85.15 pence.

Moves were exaggerated dueto thin trading conditions, how-ever, while analysts said shortcovering in the euro against thepound ahead of the Christmasholiday also helped the euro.

The pound's broad lossespushed its trade-weightedindex down as low as 80.1, itsweakest since early November.

The Bank of England's semi-annual Financial StabilityReport showed Britain's banksremained vulnerable toincreased European sovereigndebt turmoil and potential bub-bles in emerging market assetsand junk bonds.-Reuters

Ireland downgrade lifts dollar, limits crude rise

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.

China,a friend

in the deedWhile many developed countries are willing to

provide aid and soft-term loans to Pakistan theyrarely follow any medium or long-term economiccooperation plan. Contrary to this China has a his-tory spread over decades of assisting Pakistan incompleting some of the most difficult projects likeKarakoram Highway and Gwadar port. Signing ofMoUs and agreements for undertaking projectsover $30 billion to be completed over the five yearswould further consolidate the relationship.

China had agreed to provide assistance for 36projects in Pakistan to be completed under afive-year development plan, the most importantbeing a gigawatt nuclear power plant as part ofPakistan's plan to add 8,000MW electricity gen-eration capacity by 2025 to overcome its linger-ing energy shortfall.

Pakistan's immediate concern is reconstruction ofinfrastructure damaged by the recent floods. Chinaagreed to provide $400 million as soft-loan forinfrastructure rebuilding in the affected areas.

One of the symbols of China Pakistan friendshipis Karakoram Highway, the mainroad to theChinese border through the Himalayas. Hundredsof Chinese workers sacrificed their lives during itsconstriction during seventies. To further strengthenthis route, plan includes constriction of a railwaylink, development of an energy corridor, and estab-lishment of transit/trade corridor by using the leg-endary highway as an alternate trade route. Chinahas already prepared a feasibility report of laying arailway track in the difficult terrain of Karakoramlinking both the states through Khunjarab Pass.Chinese feasibility report covered the railway trackup to Havelian, a town near Islamabad.

China has already become one of the top fiveimport sources of Pakistan. Major importsinclude machinery, chemicals, garments/othertextile products, stationery, construction materi-als like tiles, sanitary, crockery etc. Over 120Chinese companies have invested in oil, gas,IT/telecom, power generation, engineering, auto-mobiles, infrastructure, and mining sectors ofPakistan. The companies included ZTE, HuaweiTechnologies, China National MachineryImp/Exp Corporation, Metallurgical ConstructionCorporation of China, China International Waterand Electric Corporation, China Mobile, ChinaPetroleum, Sino Hydro, TBEA, Dong Fang,China Roads and Bridge Corporation, ChinaHarbour Engineering, Haier etc.

There are clear possibilities of active Sino-Pakco-operation in the sectors like oil and gas, mining,financial sector, infrastructure, power (coal, hydel,gas based) IT and telecom, chemicals, fertilisers,glass, polymers, textile manufacture (value added),engineering goods, textile machinery, assemblingof hybrid automobiles, electronics, automotives,fisheries, agricultural implements, agricultural andagro-based industry, food/fruit processing/packag-ing, livestock/dairy farming, and pesticides.

Some of the quarters have expressed their appre-hensions on growing Chinese-Indian economicrelationship. They tend to forget that China andIndia are world's fastest growing economies andjust can't turn their backs on each other that toowhen they share the borders. Pakistan has to proveit is a more dependable trading partner and a pre-ferred destination for Investment. Friendship growswhen interests are common.

Long Live Pak-China Friendship.


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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

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The Financial Daily InternationalVol 4, Issue 129

No man is a hero to his valet.That caution seems truer todaythan ever. Indeed, in the age of

WikiLeaks, the stubborn indelibility ofe-mail, and a democratized, 24/7cybermedia that are avid to feed whatturns out to be our insatiable appetitefor details of the private behavior ofpublic figures, you could take thatproverb further and say all of us nowknow what the valet did, and that'swhy there aren't any heroes any more.

And yet Richard Holbrooke, whodied so tragically and so abruptly thisweek, was a great man even in thisWikiLeaks age. As I have been readingthe public and private tributes to him,and talking about him with his many,many other friends, I have realized thathe turned the old aphorism on its head:Described by the US President as "agiant" and remembered in a front-pageobituary in The New York TimesHolbrooke was even more beloved andadmired by those closer to him. If hehad had a valet, I suspect he wouldhave mourned and respectedHolbrooke the most of all.

If I hadn't known him, I'm sure thatassertion would have surprised mebecause, as you can divine even fromthe glowing public tributes, he was nopussycat and he wasn't Mother Teresaeither. He was a bully, and not onlywhen negotiating with Bosnian andAfghan warlords, but also in his deal-ings with less exotic (though in theview of some people, equally noxious)creatures such as journalists. In a beau-tiful appreciation of him this week,veteran diplomatic writer Carla Anne

Robbins captured this quality with herrecollection of Holbrooke as "one ofthe most unapologetic spinners" shehad ever known. He had a powerfulsense of his own importance and a the-

atrical view of the world-with himself,of course, usually cast in a central role.

In today's pasteurized and homoge-nized professional world, we are suspi-cious of the larger-than-life characterhe so easily inhabited. If he had beensent to a "leadership coach" or to a PRadviser, I am sure he would have beenurged to tone it down, to be lessintense, less aggressive, less vivid.That is not just a suspicion. BarackObama was unstinting in his posthu-mous praise, but before Holbrooke'saorta tore, his lion-sized approach tolife was creating strains with the "nodrama Obama" White House: He didn'tget a seat on Air Force One on thePresident's last two trips toAfghanistan, and struggled to make hisvoice heard in Obama's inner circle.

But Holbrooke's unapologetic pug-nacity was central to his effectivenessin the world. In this age of milquetoast

leadership in business, as in publiclife, he offers a powerful counter-example. As a tribute to a man I amhonored to have called my friend, I'dlike to suggest three lessons in leader-

ship from one of the most accom-plished statesmen, and finest men, ofour time:

Believe in what you do, and do whatyou believe: The day after Holbrooke'sdeath, another mutual friend called mefor help with a beloved project he haslong yearned to do, but delayed. Oneof Holbrooke's great strengths was hisdetermination to commit his life to bigproblems he cared about deeply. Timeand again, he threw himself back intowhat Teddy Roosevelt described as thearena. That is why what would havebeen intolerable arm-twisting and self-promotion in someone else was part ofhis charm and effectiveness-hedeployed those big guns in the serviceof big causes and ones to which he wastotally dedicated.

Kick up and kiss down: Appeasingthe boss, then coming home and kick-ing the dog is how most of us live our

lives, even if we aren't proud to admitit. Holbrooke did the opposite. His bel-licosity with some of the scariest guysin the world is legend. But he could bedisarmingly humble, even about thingsthat mattered to him a lot, in private. Asmall but telling example: He and hisold friend Leslie Gelb debated Afghanpolicy at a lunch I attended not toolong ago. Gelb, a fierce critic of theadministration, spoke more convinc-ingly than Holbrooke-a fact he instant-ly and gracefully conceded.

Be a hero to your valet: Few peoplelived a more public life, or one morededicated to the big issues of ourtimes, than Holbrooke. Yet he alwaysfound time to care about the relativelytrivial problems of his friends: He wasindefatigable when he pitched a story,but the times he sought me out themost energetically were when hethought I needed his help as a person.No one mattered more to him than KatiMarton, his brilliant, beautiful andwise wife. And I have rarely seen amore compelling example of uxorious-ness than Richard flacking for Katiwhen one of her books was published.Afghan President Hamid Karzai had iteasy compared to an editor beingharangued about the virtues of Kati'slatest (and usually award-winning)book.

The ultimate lesson is authenticity.He really was a giant: He had a giant'svoice, a giant's impact and a giant'sheart. Whether you were his valet orhis president, those things added up toa heroic impact because they fittogether so well.-Reuters

Lessons He Taught…

Tarique Khan JavedPresident, OverseasPakistani Investors

Forum

Very encouragingnews is coming fromFata front. South

Waziristan has been cleared.Action in Kurram, Orakzai,Mohmand is continuingwith good success rate.Now only 16 per cent of KPis not under control includ-ing North Waziristan.However, a light at the endof the tunnel is now visible.Decisive action must con-tinue to bring 100 per centarea under government con-trol without any delay.Currently, leads on all ter-rorist attack point to NorthWaziristan. Therefore USpressure or no pressure, it isin our national interest tocommit 40,000 troops inNorth Waziristan and clearthe area once for all. This isa matter of life and death forPakistan because any fur-ther attack from this area onWestern or Indian target canpush us into War and maycost us a lot.

Wooly-minded leaderslike Imran Khan of TIP andMunawar Hassan of JI con-tinue to appose current mil-itary operations in Fata call-ing such action as detrimen-tal for Pakistan.

I believe that of all thewars fought by our Armythis one is most useful. Itssuccess will result in open-ing a new chapter of peaceand prosperity in Pakistan,in general and in the sofar neglected Fata, inparticular.

The enormous sacrificesbeing given by Pakistanarmy in the current opera-tion are heart breaking! Thecost is very high as the wellfunded foreign terrorists areequipped with latest tech-nology, and money seems tobe no constraint for them.Huge amount of moneyseems to be coming to them

from Middle East, India andRussia. The terrorists haveadvantage of occupying allhigh grounds and thus it isvery easy for them to killlarge number of our sol-diers, when they approachto capture these strategicpositions.A FORBIDDEN LAND -

A NO GO AREACan we afford to leave

these strategic heights andcome back so that the ter-rorists can retake it or weshould stay put, this time,all over Fata? Can we allowour territory to become aplayground of arm dealers,drug barons and internation-al terrorist, as has been thecase for the last 62 years, onthe ground that capturingFata region is impossible? Ifcapturing Fata is impossiblehow Gilgit, Chitral, andNorthern Balochistan werecaptured and pacified. Whatis so special about this cen-tral belt which is not pre-vailing in the north andsouth of the same border?Are the people of somesuper race or the mountainshigher and more difficult topenetrate? Both these possi-ble reasons are not true. Infact the topography ofChitral, Gilgit and NorthernBalochistan are far moredifficult than that of centralbelt which is a relativelylow lying barren regionwith few high spots. As faras the people are concernedthey are mainly the samePathan race with some vari-ation in Chitral and Gilgit.

A MYTH OF THEPAST BROKENBY SANDEMAN

Around 1866 when RobertSandeman started to enterthe forbidden Marri andBugti areas in hot pursuit ofraiders, people likeMerewether of Sindh, wor-ried endlessly. The prevail-ing impression and wisdomwas that the Baloch tribes-men were extraordinaryfighters and the terrain mostdifficult to penetrate andhold. All dire predictionscame to nothing whenSandeman comfortablyestablished the Quetta can-tonment in 1877 and gradu-ally Balochistan, as weknow it today came intobeing. We owe the currentshape of Pakistan toSandeman's bold andunconventional behavior.

PAST RELUCTANCE

AND ITS RESULTSIn my opinion the lack of

attention by PunjabGovernment under Britishrule and subsequentPakistan Governments isthe reason why Fata was notincorporated in Pakistan.Pakistan in fact withdrew itsarmy from bases left byBritishers and added to thepower of lawless class inthe region. Since 1947, thelawless elements have beenexploiting the common manof the area with an impunitythey never knew in Britishtime. They are ready to doany thing for money. Theygot new clients the Arab,Chechen, Uzbek terroristswhen Soviet Union invadedAfghanistan. These ele-ments came to fight theinvaders, however for thepowerful warlords in Fatathey become lucrative ten-ants and providers of wellpaying jobs for their sup-porters. With their majorsource of incomedrugs/arms smuggling, kid-napping, and extortion anymoral consideration neverconstrained them.Therefore, it can be under-stood easily that their reli-gion is money and for thatthey would not mind lettingIndians or Russians comeand live amongst them, aslong as they pay good pre-mium rent, for their other-wise commerciallyunrentable properties. Theyhave no issue in taking upjobs involving killing ownbrothers, as long as thesalary is high.

Our innocent soldiers arefacing such ruthless ele-ments in Fata. These ele-ments are particularly noto-rious in the Khyber,Kurram, Orakzai, andBajour Agencies nearPeshawar, Bunnu andKohat, thus these cities areshaking with regularattacks. These elements areenraged and surprised at thedaring of our soldiers whohave entered their mostsecret and well defendedhideouts. Our Air Force andUS drones have done a greatjob in this respect. Theseneed to be intensified toreduce casualties of our sol-diers.

FATA SHOULDBE ABSORBED

INTO PAKISTANTo respect the scarifies of

our soldiers and to protect

the interests of the commonpeople of Fata, the wholearea should be permanentlyincorporated into Pakistanignoring the calls of peoplelike Imran Khan andMunawar Hassan. Theirargument is based on a his-tory of halfhearted attemptsof the past to incorporatethese areas into mainstream.They have not studied indetail the finer points ofhow the process of incorpo-ration of Chitral, Gilgit andNorthern Balochistan dif-fered from the methods fol-lowed by British Punjab. Ifsame resolve, clarity of pur-pose and financial resourceswere available, Fata couldalso have been incorporatedlong time ago. However,Punjab Government consid-ering the cost never fol-lowed the Sandemanian sys-tem, as followed elsewhere.

Common people of Fatahave suffered immensely inthe hands warlords, foreignterrorists and in recent timesas collateral damage of ourarmed forces and US droneattacks. They deserve better.Everyone, I know from thatarea desires to be treated asa proper Pakistani. Theywish to vote, they wish toescape collective punish-ment, they wish to see prop-er legal system with landregistry system establish sothat their property couldbecome sellable and ofgreater value. They wish tosee schools, colleges andtraining centers open in theirarea. They wish to see cine-mas, internet cafes, gamingparlours in their areas as inrest of the country.

As the world acknowl-edges, poverty is the rootcause of terrorism inPakistan and this fact ismost relevant for Fata. Westis ready to invest in theregion to create jobs andease poverty. However, noreal progress can be made inthis regard if infrastructurefor the abovementionednecessities is not created.The foremost among themis the establishment of sev-eral cantonments all overFata, followed by FC bases,police and local levy forceon the line of securityarrangement in NorthernBalochistan. Moreover,civil courts and land reg-istry in big population cen-ters will create a good mar-ket for property, leading to

development of hotels,shopping malls, small facto-ries etc. Substantial invest-ment is expected to come tothis area in the shape offacilities like hospital, diag-nostic centers, brandedschools, and other educa-tional facilities.

ROLE OF OVERSEASPAKISTANIS

Poverty in the Fata area isappalling since ever. Thefirst cause of poverty is thegenerally poor land qualityand the second is the law-lessness. This has notallowed capital formationand jobs' creation. As aresult the people of this areahave always been forced tofind jobs elsewhere leavingthe families behind. Theylive in constant anxietyworrying about their fami-lies as well as missing thembig time. A very large per-centage of these have foundjobs in the Middle East.This desperate lot alsoknown as Overseas FataPakistanis (OFP) have, overthe years, accumulated con-siderable wealth, whichcould have been used to cre-ate jobs near their homes ifnormal laws were applica-ble in their area. However,given the lawlessness thesame wealth is invested insettled areas while povertypersists in Fata. Besides themoney which was broughtby OFP into Pakistan up tonow, it is estimated thatthose still living abroadhave additional $100 bil-lion. A large part of thismoney will flow into Fataonce the area is absorbed byPakistan. One reason forthis is that with the settle-ment and pacification ofFata, all kinds of illegalactivity and violence willreduce substantially all overPakistan. This will lead toreturn of OverseasPakistanis in large numbersgenerally and the Fata basedparticularly. An overseasPakistani in general is veryuncomfortable with thesocial structure of the Westand this is particularly truefor the people from Fata.Thus given a chance ofpeaceful existence in theirown country they will pre-fer to return. They will notonly bring with them theirwealth but also their con-nections and latest technol-ogy and help make Pakistana Leading Economic Power.

Decisive Action

Must Go on in Fata

He was a bully, and not only when

negotiating with Bosnian and

Afghan warlords, but also in his dealings

with less exotic (though in the view of

some people, equally noxious) creatures

such as journalists

“

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 (Oct 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)LOTPTA 13.17 34.95NICL 2.11 30.96JSCL 11.59 22.07DSFL 3.12 18.80BAFL 10.55 16.46

Symbol Close ChangeULEVER 4,455.10 409.99BATA 685.48 58.06RMPL 2,149.64 56.64IDYM 348.75 29.82NESTLE 2,489.75 22.94

Symbol Close ChangeSIEM 1,270.04 -29.21PECO 261.25 -23.75COLG 880.00 -19.98MIRKS 54.50 -10.50UPFL 1,050.00 -9.00

Plus 216Minus 181Unchanged 20

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Monday, December 20, 2010 5

Dhiyan

Bullish activities are likely to sustain due to continued foreign buy-ing and expected increase in institutional activity at the year-end.Further, visit of Chinese prime minister and positive statement by PMGilani regarding capital markets will boost the investor sentimentswhile political situation, as well, seems to be stable in the comingdays. Therefore index is expected to touch 12,000 points level thisweek. Investors are recommended to go for oil & gas, banking andselected fertiliser stocks. Market would be bullish today.

Salman Naqvi, Head of Sales Aba Ali Habib Securities

Ahsan Rasheed, Director Research & Marketing AMJ Growth Market outlook is bullish as it will welcome the visit of Chinesepremier bullishly. Index is likely to move between 11,677 and11,953 and will soon cross 12,000 points level while it has astrong support at 11,408 points. Investors are advised to take posi-tions in blue chip stocks of fertiliser, refinery, and power sectors.Closing of the year 2010 may attract more local & foreign invest-ment which may result in new highs. A green day is probable.

OMENS ARE GREEN

Opening 11,620.16Closing 11,786.09Change 165.93% Change 1.43Turnover (mn) 444.62



FRANKFURT: Traders are pictured at their desks in front of the DAX board at the stock exchange.-Reuters

Weekly Review

NEW YORK: Investors willbe taking advantage this weekof the some of the last remain-ing trading days of the year toplace their bets on what will bethe winners of 2011.

One of the defining charac-teristics of 2010 has been thestrong correlation across assetclasses. Movements in the dol-lar or in bonds had just as muchimpact on equities as more fun-damental factors, such as cor-porate outlooks.

The tight relationships cameas investors focused on thesame factors -- further stimulusfrom the Federal Reserve, sov-ereign debt worries in the euro-zone and the strength of theeconomic recovery.

The macro focus has meantinvestors made the same tradesrather than differentiating indi-vidual sectors and industries.

"No matter how much workyou put in trying to pick win-ners and losers, the profit avail-able from doing so was waybelow normal," said CharlieBlood, director of financialmarkets strategy at BrownBrothers Harriman in NewYork.

Analysts expect that correla-tion to ease in the coming year,allowing sectors to see moredivergence and affordinginvestors more chances to out-perform the market.

"It's structurally just unsus-tainable to have that kind of(correlation) because it doesn'tallow for diversification," saidNicholas Colas, chief marketstrategist at the ConvergExGroup in New York.

"I do think it has to reverse -- it's just not a healthy part ofthe capital market," he said.

Even as investors repositionthemselves, the broad market islikely to drift until year-endwith this week shortened by

the Christmas holiday.Indeed, Wall Street's fear

gauge, the CBOE Volatilityindex, or VIX, on Friday fell toits lowest level since April.

Investors will also take in around of economic data thisweek, including the final read-ing of gross domestic productfor the third quarter, new andexisting home sales forNovember and December con-sumer sentiment.

Stocks that have been thebest performers for the year arealready seeing a pullback, sug-gesting investors are happy tolock in profits as they searchfor fresh opportunities.

Salesforce.com, one of thebest-performing stocks on theS&P 500 this year, has backedoff last week, sliding 8.1 percent. Even so, the stock is up85 per cent for the year.

Mid-cap Netflix, anotherinvestor favorite this year, hasshed 12.6 per cent since thebeginning of December,though that still leaves thestock up some 226 per cent thisyear.

Similarly, small- and mid-cap indexes have outpacedblue chips with the S&PMidCap 400 index and S&PSmallCap 600 index both upmore than 24 per cent in theyear to date compared to theS&P 500's 11.6 per centgain.

But with valuations on small-er companies becomingstretched, investors are likelyto shift into blue-chip namesnext year, said Bob Gorman,chief portfolio strategist at TDWealth Management inToronto.

"The extent of the valuationgap would suggest to us youprobably start to see that rota-tion into bigger companieswith more consistent sales,

earnings and dividend growthand that are selling at lowermultiples," said Gorman.

Investors will also continueto put their faith in technologyshares next year on the expec-tation they will benefit fromcorporate and consumer spend-ing as well as strong balancesheets.

The sector's sensitivity to theeconomy made for a lacklusterperformance for the sectoroverall this year with the S&Ptech sector gaining 8.7 percent, though some of the year'sbest gainers were in the techspace.

Financials are starting to lookfavorable to some, particularlywith the possibility the largebanks could resume payingdividends next year, but othersview the uncertainties of finan-cial reform as too much of aheadwind.

Colas said he likes financialsas a contrarian play, noting:"They don't seem to go downvery much when the bad newsstrikes and that's usually a signthat it's an OK contrarianinvestment."

Others are betting the lessflashy industrials sector willhold onto its leadership posi-tion next year after gaining22.8 per cent so far in 2010.

"They haven't attracted thehot money like emerging mar-kets have or like the trendyconsumer stocks or cloud com-puting have," said DerekHernquist, chief investmentofficer of Integrative Capital inCharlotte, North Carolina.

"When I see those majorbroad groups are attractingthe smooth, steady moneyflows that they are, it seemslike it would point to ahealthier economy," which isnot fully priced in yet, saidHernquist. -Reuters

Investors placingbets on year 2011

Wall Street weekly outlook

Nawaz Ali

KARACHI: Foreign buying inoil and banking stocks tookKarachi Stock Exchange (KSE)on a high-ride last week whichended above 11,700 pointslevel --29-month high aftergaining more than 1.4 per centin a three-day week.

The benchmark KSE 100-Index increased by 165 points -1.43 per cent-- to close at11,786 points - its highest closesince July 2008.

KSE 30-Index gained 129points -1.16 per cent-- and KSEAll Share Index grew by 109points -1.35 per cent-- to closeat 11,314 and 8,192 pointsrespectively.

"The bullish trend continuedat the bourse as increased activ-ity was witnessed in oil & gasand banking sectors", saidRabia Tariq, analyst at JSGlobal Capital.

Though market closed on anegative note on the first day ofthe week with a loss of 23points as investors opted tobook profits ahead of a longweekend. Further, selling brokeout in oil stocks in the wake ofa rejected OGDC-PPL co-bidby British Petroleum.Downward rating revision offive banks also led to off-load-ing of banking stocks whichultimately closed negative.Index at a moment during intra-day trading touched the lowestlevel of 11,577 points duringthe week.

However, heavy buying by

the foreign investors then keptthe market under bullishregime, therefore the indexgained 75 and 113 points onTuesday and Wednesdayrespectively and at a momentduring the week it touched thehighest level of 11,817 pointsdespite tension on the politicalfront.

According to NCCPL data,foreign investors did a net-buy-ing of around $22.6 millionduring the three-day-last-week.A highest single day net-buyingof $19.5 since Sep 1, 2009 wasalso witnessed in the weekincluding a $20 million transac-tion of Unilever.

According to an analyst at JSGlobal Capital oil stocks ralliedon news of BP assets' saleprice. Further, the Abu DhabiGroup's (ABG) considerationof offloading its strategic stakein UBL helped generate interestin the scrip as well.

Moreover, market completelyignored the tension on the polit-ical front where JUI (F) quit thecoalition government after afederal minister of the partywas sacked by the prime minis-ter.

Volumes however stayed onthe lower side as the localinvestors preferred to stay onthe sidelines ahead ofMoharram holidays. It shouldbe noted that stock exchangeand banks were closed onThursday and Friday due toAshura. About 444.6 millionshares exchange hands with an

See # 3 Page 11

Gulf stocks mkt

Dubai shares

surge on DIC

debt dealDUBAI: Dubai's shares rose fora second day as DubaiInternational Capital LLC, aninvestment company owned bythe emirate's ruler, reached anagreement with creditors torestructure about $2.5 billion.Abu Dhabi's benchmark gained.

Arabtec Holding Co., thebiggest construction company inthe United Arab Emirates,advanced the most since Dec. 7and Dubai Islamic Bank PJSC,the biggest Shariah-compliantlender in the country, gained themost since Dec. 1.

Dubai's DFM General Indexincreased as much as 0.9 percent, before closing 0.1 per centhigher at 1,641.15 at 2 p.m. inthe emirate. Abu Dhabi's indexincreased 0.3 per cent, the mostin more than a week.

"Positive development overthe weekend with the DICrestructuring" pushed stockshigher, said Akram Annous,MENA strategist at Al MalCapital PSC in Dubai. ''It'sanother resolution of an out-standing issue tied to debtrestructuring which needs to bedealt with for the economy tomend.''

Borse Dubai Ltd., the compa-ny that controls Dubai's twostock exchanges, sold shares inNasdaq OMX Group Inc. to helppay $1.1 billion of a $2.45 bil-lion term-loan. It raised $497million from the sale of 22.78million shares to Nasdaq OMXand $175 million from the saleof 8 million Nasdaq OMXshares to Nomura Holdings Inc,the Dubai government's mediaoffice said in an e-mailed state-ment Dec. 16.

Separately, Abu Dhabi offered$1.5 billion to buy the 20 percent stake in London StockExchange Group Plc owned byBorse Dubai, the Sunday Timesreported, without saying whereit got the information. The threestock exchanges in the UAEmay merge as part of the deal,the report said.

Arabtec jumped 2.6 per cent to2 dirhams. Dubai Islamic gained1.9 per cent to 2.17 dirhams.

See # 4 Page 11

Abu Dhabi may buy Dubai's 20pcstake in London stock exchange: report

Asian stocks gain as Chinarefrains from raising rates

ANNOUNCEMENTS

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

Adil Textile Yearly - -23.69 -3.07

Short weekgets longgains for

Khi bourse

Monday, December 20, 20106

Volume 444,617,233

Value 14,828,986,465

Trades 213,162

Advanced 216

Declined 181

Unchanged 20

Total 417

Current 8,192.27

High 8,212.28

Low 8,058.59

Change h109.29

Current 11,786.09

High 11,817.92

Low 11,577.41

Change h165.93

Current 11,314.24

High 11,354.37

Low 11,140.54

Change h129.71

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

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

Nimir Industrial Chemicals Ltd.

NICL closed up 0.26 at 2.11. Volume was 553 per cent above aver-

age (trending) and Bollinger Bands were 306 per cent wider than

normal. The company's loss after taxation stood at Rs2.377 million

which translates into a Loss Per Share of Rs0.01 for the 1st quarter

of current fiscal year (1QFY11).

NICL is currently 22.7 per cent above its 200-day moving average

and is displaying an upward trend. Volatility is extremely high when

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

Volume indicators reflect moderate flows of volume into NICL (mild-

ly bullish). Trend forecasting oscillators are currently bullish on NICL.

RSI (14-day) 63.86 Total Assets (Rs in mn) 1,674.73

MA (10-day) 1.54 Total Equity (Rs in mn) 114.34

MA (100-day) 1.48 Revenue (Rs in mn) 1,383.58

MA (200-day) 1.72 Interest Expense 88.00

1st Support 2.00 Loss after Taxation (146.72)

2nd Support 1.85 EPS 09 (Rs) (0.663)

1st Resistance 2.30 Book value / share (Rs) 0.52

2nd Resistance 2.45 PE 10 E (x) -

Pivot 2.15 PBV (x) 4.08


As on Dec 31, 2009

WTL closed up 0.01 at 3.19. Volume was 340 per cent above aver-

age (trending) and Bollinger Bands were 76 per cent wider than nor-

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

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

months of current calendar year (9MCY10).

WTL is currently 4.1 per cent below its 200-day moving average and

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

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

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

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

Momentum oscillator is currently indicating that WTL is currently in

an overbought condition.


MA (10-day) 2.87 Total Equity (Rs in mn) 11,379.05


MA (200-day) 3.34 Interest Expense 523.03

1st Support 3.03 Loss after Taxation (490.82)

2nd Support 2.83 EPS 09 (Rs) (0.570)



Pivot 3.15 PBV (x) 0.24

WorldCall Telecom Limited


As on Jun 30, 2010

KESC closed down -0.33 at 2.83. Volume was 32 per cent above

average and Bollinger Bands were 300 per cent wider than normal.

The company's loss after taxation stood at Rs1.782 billion which

translates into a Loss Per Share of Rs0.09 for the 1st quarter of cur-

rent fiscal year (1QFY11).

KESC is currently 15.6 per cent above its 200-day moving average

and is displaying an upward trend. Volatility is extremely high when


Volume indicators reflect very strong flows of volume into KESC

(bullish). Trend forecasting oscillators are currently bullish on KESC.


MA (10-day) 2.68 Total Equity (Rs in mn) (525.11)


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

1st Support 2.72 Loss after Taxation (14,641.22)

2nd Support 2.64 EPS 10 (Rs) (0.74)

1st Resistance 2.88 Book value / share (Rs) (0.02)


Pivot 2.80 PBV (x) (115.43)

Karachi Electric Supply Corp Ltd


As on Dec 31, 2009

SILK closed up 0.04 at 2.74. Volume was 72 per cent below aver-

age (consolidating) and Bollinger Bands were 65 per cent narrower

than normal. The company's loss after taxation stood at Rs700.335

million which translates into a Loss Per Share of Rs0.32 for the nine

months of current calendar year (9MCY10).

SILK is currently 8.7 per cent below its 200-day moving average

and is displaying an upward trend. Volatility is relatively normal as


Volume indicators reflect volume flowing into and out of SILK at a

relatively equal pace. Trend forecasting oscillators are currently bull-

ish on SILK.


MA (10-day) 2.72 Total Equity (Rs in mn) 196.91


MA (200-day) 3.00 Interest Expense 5,855.52

1st Support 2.65 Loss after Taxation (2,902.91)

2nd Support 2.60 EPS 09 (Rs) (3.224)



Pivot 2.75 PBV (x) 12.53

Silkbank Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,504.14 1,535.82 1,490.21 1,525.21 21.07 1.40

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

23,239,645 - - 65,194.15 mn 1,185,134.09 mn -

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

11.03 3.59 32.54 55.94 5.07 -

Attock Petroleum 691 5.66 325.56 328.48 324.02 326.47 0.91 444046 374.20 287.99 250 - 300 20

Attock Refinery 853 6.73 119.61 122.99 118.50 120.00 0.39 4597542 137.20 78.51 - - - -

Mari Gas Company 735 16.25 119.51 121.00 119.00 119.93 0.42 139765 128.90 106.00 32.17 100B 31 -

National Refinery 800 3.90 262.24 265.40 254.65 263.19 0.95 790246 275.40 189.08 125 - 200 -

Oil & Gas Development XD 43009 11.33 168.12 168.73 164.77 167.52 -0.60 2387783 170.99 142.05 82.5 - 55 -

Pak Petroleum 11950 8.88 208.15 218.68 206.11 218.28 10.13 3725680 218.68 168.70 130 20B 90 20B

Pak Oilfields 2365 6.92 291.51 296.38 287.21 293.15 1.64 7598354 296.38 230.05 180 - 255 -

Pak Refinery Limited 350 - 102.30 103.65 100.59 101.91 -0.39 212382 106.34 55.00 - - - -

P.S.O 1715 4.84 284.27 288.50 283.01 285.97 1.70 3230164 292.15 258.00 50 - 80 -

Shell Gas LPG 226 - 36.00 37.30 35.40 36.16 0.16 10216 40.28 29.05 - - - -

Shell Pakistan 685 10.47 198.50 204.70 198.50 204.16 5.66 122308 204.70 182.05 330 - 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 1,002.74 980.28 998.53 14.44 1.47


33,613,296 - - 47,070.70 mn 130,814.11 mn -


7.05 0.61 8.64 16.68 2.37 -

AL-Qadir Textile 76 - 5.50 7.00 5.61 6.10 0.60 5768 7.75 2.50 - - 10 -

Amtex Limited XD 2415 9.89 4.35 4.64 4.25 4.35 0.00 1107522 18.30 4.25 - - 30 -

Artistic Denim 840 6.32 21.93 23.02 21.75 22.76 0.83 57915 24.05 18.50 20 - 20 -

Azam Textile 133 0.29 2.60 2.79 1.32 2.07 -0.53 25057 3.45 1.32 - - 7.5 -

Azgard Nine 4493 - 10.11 10.45 9.70 10.15 0.04 12921655 12.32 9.70 - - - -

Babri Cotton 33 0.38 9.10 9.25 8.10 9.25 0.15 6291 18.75 8.10 - - - 15B

Bannu Woolen XD 76 0.47 13.02 13.90 13.25 13.25 0.23 5072 14.50 9.00 - - 20 -

Bata (Pak) 76 5.68 627.42 689.00 616.05 685.48 58.06 8097 747.48 436.00 120 - - -

Brothers Textile 98 - 0.78 0.68 0.30 0.50 -0.28 55010 1.10 0.12 - - - -

Chakwal Spinning 400 0.55 1.10 1.48 1.10 1.25 0.15 12412 2.59 0.56 - - 5 -

Chenab Limited 1150 - 3.21 3.33 3.08 3.17 -0.04 237734 3.95 3.00 - - - -

Colony Mills Ltd 2442 4.14 2.60 2.83 2.40 2.65 0.05 49744 3.33 2.26 - - - -

Crescent Jute 238 - 0.83 1.02 0.71 0.90 0.07 226051 1.49 0.16 - - - -

D S Ind Ltd 600 - 1.93 2.05 1.85 1.90 -0.03 209276 2.37 1.44 - - - -

Dawood Lawrencepur 514 52.32 41.62 44.47 40.50 44.47 2.85 108444 44.50 36.10 - - 5 -

Din Textile 204 0.54 26.65 26.00 25.15 25.15 -1.50 11540 30.90 20.80 - - 20 10B

Ellcot Spinning 110 0.60 20.17 20.50 19.60 19.70 -0.47 8581 25.45 17.21 7.5 - 35 -

Gadoon Textile XD 234 0.61 53.34 56.85 54.00 55.93 2.59 125098 56.85 37.00 - - 70 -

Gul Ahmed Textile 635 3.88 24.60 26.99 24.81 26.99 2.39 17085 26.99 19.99 5 - 12.5 -

Hira Textile Mills Ltd. 716 0.76 4.00 4.34 4.00 4.05 0.05 250522 4.88 3.35 - - 10 -

Ibrahim Fibres 3105 2.95 38.13 39.00 37.50 37.55 -0.58 44203 40.77 34.05 - - 20 -

ICC Textile 100 - 2.27 2.30 1.55 1.95 -0.32 25278 2.70 0.30 - - - -

Ideal Spinning 99 0.51 6.37 7.29 5.10 6.05 -0.32 1514042 7.29 2.02 - - - -

J K Spinning 184 0.96 7.20 7.25 5.31 6.31 -0.89 9092 9.50 4.05 - - 20 5B

Jubilee Spinning 325 - 2.99 4.80 2.51 4.50 1.51 8540 4.80 1.99 - - - -

Khalid Siraj 107 - 0.89 0.88 0.55 0.70 -0.19 13133 1.25 0.26 - - - -

Khurshid Spinning 132 - 1.00 3.00 1.00 2.99 1.99 29500 3.00 1.00 - - - -

Kohinoor Ind 303 - 1.77 2.00 1.65 1.78 0.01 729355 2.00 1.01 - - - -

Kohinoor Textile 1455 3.92 5.26 5.71 5.30 5.49 0.23 10755 6.30 4.51 - - - -

Leather Up 60 2.15 2.00 2.34 1.75 1.81 -0.19 8505 3.00 1.10 - - - -

Masood Textile 600 2.10 19.19 20.14 18.76 19.89 0.70 7714 22.59 18.01 15 - 15 100R

Mian Textile 221 - 0.69 0.60 0.50 0.59 -0.10 11605 0.98 0.01 - - - -

Mohd Farooq 189 - 1.15 2.08 1.00 1.30 0.15 10071 2.08 0.35 - - - -

Mukhtar Textile 145 - 0.42 0.75 0.40 0.47 0.05 225925 0.95 0.14 - - - -

Nishat (Chunian) 1596 1.85 21.61 22.79 21.51 22.28 0.67 4643610 25.14 15.66 - 50R 15 -

Nishat Mills 3516 5.12 58.90 60.90 58.65 59.66 0.76 8287795 63.18 45.81 20 - 25 45R

Pak Synthetic 560 3.01 9.45 10.20 8.30 8.92 -0.53 711583 10.20 5.16 12.5 - - -

Paramount Spinning 174 0.75 10.50 10.50 10.30 10.30 -0.20 19914 11.25 7.00 - 10B 10 10B

Prosperity 185 1.10 14.02 14.35 13.15 14.35 0.33 7990 20.40 12.51 20 - 30 -

Ravi Textile 250 - 1.76 1.90 1.60 1.66 -0.10 366138 2.30 1.29 - - - -

Saif Textile 264 0.35 4.56 5.50 4.00 4.37 -0.19 59020 6.85 2.01 - - - -

Sally Textile 88 0.20 4.39 4.40 3.90 4.00 -0.39 14409 6.20 3.36 - - 10 -

Samin Textile 134 4.63 6.18 6.78 5.11 5.55 -0.63 397180 8.69 5.02 - - - 100R

Sana Ind 55 3.41 43.58 45.99 42.11 44.92 1.34 6364 45.99 27.50 35 - 60 -

Saritow Spinning 133 0.40 2.30 2.60 2.30 2.45 0.15 37485 2.99 1.10 - - - -

Service Ind 120 8.21 247.03 250.44 238.00 239.83 -7.20 17337 276.50 169.00 200 - - -

Shahtaj Textile 97 - 18.20 19.40 17.50 18.61 0.41 9276 21.90 15.61 20 - 45 -

Suraj Cotton 180 0.76 35.09 35.00 33.00 33.92 -1.17 37491 37.50 29.00 15 - 50 -

Thal Limited 307 4.68 106.62 109.72 103.96 109.40 2.78 552540 112.80 86.50 20 20B 80 20B

Treet Corp 418 9.03 56.04 58.05 54.92 56.71 0.67 233687 60.50 37.25 - - - -

Tri-Star Poly 215 - 1.00 1.17 1.00 1.00 0.00 7102 1.50 0.26 4 - - -

Yousuf Weaving 400 0.49 1.57 1.86 1.36 1.41 -0.16 48351 2.00 0.86 - - - -

Zephyr Textile Ltd 594 5.03 4.20 4.25 3.60 3.82 -0.38 7104 4.90 1.50 - - - -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


1,084.95 1,109.61 1,074.22 1,099.05 14.09 1.30


2,026,488 - - 3,763.71 mn 5,150.61 mn -


2.74 0.29 10.64 6.27 2.28 -

Gauhar Engineering Ltd 22 - 0.49 0.75 0.50 0.65 0.16 6000 0.75 0.15 - - - -

Pak Elektron 1174 3.47 13.45 14.00 13.30 13.78 0.33 520645 15.43 12.90 - 10B - 10B

Tariq Glass Ind 231 2.43 19.69 21.40 19.60 20.28 0.59 1493626 21.40 15.90 - - 17.5 -



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

FOOD PRODUCERS

Performance of SR Food Producers Index


1,637.72 1,745.77 1,594.41 1,727.54 89.82 5.48


1,656,142 - - 11,335.33 mn 231,226.94 mn -


38.91 11.79 30.30 30.57 0.79 -

AL-Noor Sugar 186 5.03 51.99 52.45 48.11 49.49 -2.50 7888 53.00 39.25 40 - - -

Bawany Sugar 87 - 4.91 6.73 5.20 5.25 0.34 43283 6.73 0.85 - - - -

Chashma Sugar 287 1.00 13.04 13.50 12.10 12.32 -0.72 22803 15.47 8.50 - - - -

Crescent Sugar 214 12.26 6.23 6.50 6.00 6.50 0.27 6570 6.65 5.00 - - - -

Dewan Sugar 365 - 4.61 5.59 3.30 3.87 -0.74 937945 5.59 1.11 - - - -

Habib Sugar 600 7.18 33.82 35.86 34.00 34.83 1.01 247383 36.00 27.31 35 25B - -

Habib-ADM Ltd 200 11.44 12.43 12.80 12.36 12.36 -0.07 5400 16.98 11.90 40 - 40 -

Kohinoor Sugar 109 - 3.70 5.20 3.11 5.19 1.49 11209 7.50 2.61 - - - -

Mehran Sugar 143 3.42 58.39 60.00 57.80 57.90 -0.49 32741 68.49 48.50 35 30B 35 20B

Mirpurkhas SugarXDXB 84 4.55 65.00 68.22 53.28 54.50 -10.50 17363 68.22 53.28 25 10B 15 20B

Mirza Sugar 141 0.62 6.37 6.45 5.77 6.09 -0.28 89747 7.18 4.20 - - 10 -

National Foods 414 18.13 43.44 49.74 43.01 48.58 5.14 27316 56.80 39.01 - 25B 12 -

Pangrio Sugar 109 0.90 6.44 6.80 5.88 6.19 -0.25 25626 6.99 4.00 - - 10 -

S S Oil 57 0.30 3.35 3.50 3.35 3.50 0.15 15000 3.89 3.00 - - - -

Sakrand Sugar 223 - 3.01 3.20 2.91 2.92 -0.09 10000 3.90 2.11 - - - -

Shahmurad Sugar 211 16.67 11.82 12.02 11.40 11.50 -0.32 18118 13.50 10.33 15 - - -

Shakarganj Mills 695 - 6.46 7.05 5.60 5.92 -0.54 34968 7.88 3.21 - - - -

Tandlianwala 1177 311.36 35.90 35.90 34.25 34.25 -1.65 5423 36.75 27.50 - - - -

UniLever Pakistan 665 20.80 4045.11 4475.66 3916.04 4455.10 409.99 15708 4475.66 3775.00 458 - 178 -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,149.28 1,166.97 1,129.85 1,154.33 5.04 0.44


3,717,581 - - 6,768.53 mn 42,490.66 mn -


4.17 1.06 25.35 20.42 4.90 -

Agriautos Ind 144 5.38 72.72 72.06 71.01 71.04 -1.68 7206 73.00 65.75 40 - 90 -

Atlas Battery 101 4.83 159.75 162.75 159.61 161.85 2.10 8343 185.00 131.00 100 20B 100 20B

Atlas Honda 626 8.81 108.64 122.10 108.25 121.62 12.98 11332 122.51 92.50 80 30B - -

Dewan Motors 890 - 2.48 2.62 2.00 2.20 -0.28 3276277 2.87 1.20 - - - -

Exide (PAK) 56 4.43 177.96 196.19 180.00 187.60 9.64 7734 198.07 136.00 50 - 60 -

Ghandhara Nissan 450 3.26 4.55 4.89 4.55 4.70 0.15 46038 5.75 4.03 - - - -

Ghani Automobile Ind 200 6.64 4.47 4.95 4.25 4.25 -0.22 16603 5.75 3.55 - - - -

Honda Atlas Cars 1428 - 10.97 11.45 10.91 11.39 0.42 88842 13.40 9.65 - - - -

Indus Motors 786 5.80 252.83 257.00 248.00 254.01 1.18 107119 282.45 215.99 100 - 150 -

Pak Suzuki 823 10.85 69.85 70.50 66.75 68.11 -1.74 64628 77.90 66.75 5 - - -

Sazgar Engineering 150 3.68 19.06 19.99 18.80 19.75 0.69 19411 27.58 17.92 - 20B 10 20B

Transmission 117 - 1.78 2.45 1.80 1.85 0.07 62374 3.25 1.53 2 - - -



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,545.68 1,559.24 1,532.30 1,540.33 -5.35 -0.35


2,095,651 - - 1,336.62 mn 32,436.39 mn -


8.30 3.15 38.02 131.49 15.85 -

Ados Pak 66 1.04 15.96 16.80 15.75 16.20 0.24 10503 21.48 14.12 20 - - -

AL-Ghazi Tractor 215 5.27 219.00 222.00 217.10 220.10 1.10 5080 227.45 200.00 400 - 150 -

Dewan Auto Engineering 214 - 1.85 2.40 1.08 1.57 -0.28 1947433 2.40 0.21 - - - -

Ghandhara Ind 213 10.31 11.40 11.56 11.10 11.14 -0.26 32230 18.80 10.55 - - - -

KSB Pumps 132 8.01 66.47 68.85 65.20 66.90 0.43 15964 88.00 65.20 35 - - -

Millat Tractors XB 366 6.45 493.44 496.49 492.00 493.23 -0.21 81445 595.99 390.00 450 25B 650 25B



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


949.78 1,018.94 939.26 1,006.24 56.46 5.94


5,010,755 - - 3,043.31 mn 37,100.76 mn -


2.78 1.22 43.91 15.55 5.58 -

Cherat Papersack 115 2.79 78.09 80.43 76.50 78.30 0.21 96051 83.23 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.48 3.18 2.50 2.66 0.18 2884402 3.18 1.70 - - - -

Ghani Glass 1067 4.59 47.00 50.50 45.30 49.89 2.89 85339 61.99 45.30 30 10B 25 10B

MACPAC Films 389 - 2.77 4.05 2.85 3.29 0.52 680283 4.05 1.60 - - - -

Merit Pack 47 61.43 23.43 25.90 24.54 24.57 1.14 92297 25.90 13.01 - - - -

Packages Ltd 844 60.39 105.10 117.77 105.00 117.77 12.67 1085796 117.77 98.00 32.5 - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


1,017.66 1,051.33 1,003.27 1,027.82 10.16 1.00


53,599,177 - - 54,792.74 mn 74,679.30 mn -


7.86 0.56 7.10 19.04 2.42 -

Al-Abbas Cement 1828 - 3.50 3.75 3.45 3.54 0.04 79935 3.75 2.80 - - - 100R

Attock Cement 866 6.63 63.00 63.90 62.36 62.98 -0.02 165559 69.86 57.60 50 20B 50 -

Balochistan Glass Ltd 858 - 2.06 2.46 1.91 2.05 -0.01 19406 2.50 1.01 - - - -

Berger Paints 182 - 19.92 20.60 19.01 20.45 0.53 103479 20.60 14.01 - - - 122R

Buxly Paints 14 - 7.91 10.91 8.85 10.91 3.00 7447 14.89 7.91 - - - -

Cherat Cement 956 25.16 11.45 11.60 11.05 11.07 -0.38 24492 12.75 9.51 - - - -

Dadabhoy Cement 982 14.69 1.95 2.15 1.81 1.91 -0.04 153432 2.49 1.30 - - - -

Dandot Cement 948 - 2.50 2.60 2.40 2.60 0.10 20000 3.19 1.09 - - - -

Dewan Cement 3574 - 2.79 2.86 2.25 2.34 -0.45 4285399 3.10 1.30 - - - -

DG Khan Cement Ltd 3651 129.25 30.68 31.59 30.50 31.02 0.34 7409241 32.10 23.40 - 20R - 20R

EMCO Ind 350 3.29 3.50 3.49 2.35 2.76 -0.74 12416 3.99 2.11 - - - -

Fauji Cement 6933 15.58 4.89 5.55 4.83 5.14 0.25 12503614 5.55 4.52 - - - -

Fecto Cement 502 3.76 7.00 7.90 7.10 7.21 0.21 15500 8.20 4.25 - 10B - -

Flying Cement Ltd 1760 - 2.13 2.25 1.90 2.02 -0.11 1666924 2.25 1.70 - - - -

Haydery Const 32 - 0.70 0.82 0.67 0.73 0.03 45979 1.39 0.25 - - - -

Kohat Cement 1288 - 7.15 7.40 7.10 7.13 -0.02 112939 8.70 5.50 - - - -

Lucky Cement 3234 6.86 74.82 77.20 74.51 76.39 1.57 3972333 79.98 67.70 40 - 40 -

Maple Leaf Cement 5261 1.40 3.01 3.30 3.00 3.02 0.01 2188336 3.30 2.51 - - - -

Pioneer Cement 2228 - 7.10 7.65 6.85 6.94 -0.16 1932576 8.58 6.56 - - - -

Thatta Cement 798 444.75 18.57 19.00 17.71 17.79 -0.78 6100 22.24 17.71 - - - 50R



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


980.60 996.95 968.70 986.14 5.55 0.57


294,113 - - 3,596.11 mn 9,527.53 mn -


3.23 1.07 33.10 30.91 9.58 -

Crescent Steel 565 3.96 25.23 25.85 24.50 25.32 0.09 51422 26.23 23.75 - - 30 -

Dost Steels Ltd 675 - 3.02 3.11 2.82 2.86 -0.16 88608 3.39 1.65 - - - -

Huffaz Pipe 555 9.17 14.74 14.88 14.33 14.67 -0.07 15142 16.75 12.25 - 30B - -

International Ind 1199 10.68 51.26 52.00 50.60 51.26 0.00 161602 53.99 44.00 - - 40 20B



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,172.76 1,193.26 1,162.78 1,180.29 7.53 0.64


89,396 - - 1,186.83 mn 3,271.40 mn -


6.03 0.45 7.47 25.28 4.19 -

Century Paper 707 - 16.20 16.70 16.23 16.30 0.10 75673 21.49 15.28 - 425R - -

Pak Paper Product 50 8.80 45.49 46.95 44.02 45.78 0.29 6020 62.85 38.61 20 - 25 33.33B

Security Paper 411 7.06 45.45 46.00 44.75 45.75 0.30 7703 46.00 38.00 50 - 50 -



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

CHEMICALS

Performance of SR Chemicals Index


1,319.39 1,349.73 1,313.14 1,339.37 19.98 1.51


106,466,455 - - 52,251.88 mn 294,129.75 mn -


8.26 2.89 35.00 48.81 5.91 -

Agritech Limited 3924 8.67 23.70 24.45 22.52 23.92 0.22 43333 24.89 20.26 - - - -

Bawany Air 68 82.50 9.45 10.00 8.45 9.90 0.45 16297 13.99 7.73 - - 5 10R

Clariant Pak 273 6.04 155.62 159.75 155.26 158.02 2.40 41726 164.89 149.72 125 - - -

Dawood Hercules 1203 7.37 172.42 179.00 172.00 177.69 5.27 82500 185.00 163.51 40 10B 40 -

Dewan Salman 3663 - 3.67 3.92 2.99 3.12 -0.55 18804506 4.24 1.28 - - - -

Engro Corp. Ltd XD 3277 10.67 186.05 195.00 184.71 194.20 8.15 8514738 195.00 171.00 6010B 40R 40 -

Fatima Fertilizer 22000 - 9.86 9.98 9.72 9.80 -0.06 1220091 11.74 9.21 - - - -

Fauji Fertilizer 6785 8.56 116.61 118.88 115.95 118.09 1.48 3420801 118.88 104.21 131.5 10B 95 -

Fauji Fer. Bin Qasim XD 9341 6.60 36.63 35.64 34.60 35.00 -1.63 4429051 36.92 26.59 40 - 17.5 -

Gatron Ind 384 2.36 42.90 45.60 41.91 43.97 1.07 5066 46.59 38.00 - - 20 -

ICI Pakistan 1388 7.79 138.50 141.91 138.00 138.21 -0.29 1015978 141.91 116.00 80 - 55 -

Lotte Pakistan 15142 4.70 13.33 13.83 13.03 13.17 -0.16 34949326 13.83 8.17 5 - - -

Mandviwala 74 - 1.78 2.45 1.55 2.19 0.41 974425 2.75 0.80 - - - -

Nimir Ind Chemical 1106 - 1.85 2.74 2.00 2.11 0.26 30958028 2.74 1.30 - - - -

Shaffi Chemical 120 - 2.83 3.10 2.52 2.70 -0.13 60159 3.40 1.80 - - - -

Sitara Chem Ind 214 10.05 124.67 125.00 121.50 122.57 -2.10 8789 139.40 101.00 75 - 25 5B

Sitara Peroxide 551 14.83 13.47 13.80 13.13 13.64 0.17 945507 14.69 7.67 - - - -

Wah-Noble 90 6.68 35.00 36.68 34.75 34.76 -0.24 7127 46.25 32.00 50 - 50 -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


916.28 938.52 908.71 931.08 14.80 1.62


219,252 - - 3,904.20 mn 31,113.48 mn -


6.94 1.55 22.31 44.54 6.42 -

Abbott (Lab) 979 8.96 100.00 103.00 99.13 102.26 2.26 37125 104.00 84.00 120 - 20 -

Ferozsons (Lab) 250 6.34 84.01 85.49 83.50 84.00 -0.01 9873 114.00 82.20 10 20B - 20B

GlaxoSmithKline 1707 14.13 76.10 79.50 75.06 78.55 2.45 39674 79.50 65.00 50 - - -

Highnoon (Lab) 165 7.28 26.20 26.55 26.25 26.28 0.08 17012 26.98 22.60 25 - - -

Searle Pak 306 5.49 61.50 62.00 61.00 61.00 -0.50 90365 64.50 58.20 15 15B 30 -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


746.07 761.96 733.76 743.87 -2.20 -0.30


233,220 - - 3,242.17 mn 12,766.66 mn -


5.55 1.42 25.53 11.08 2.00 -

Pak Int Container Terminal 1092 7.35 73.31 74.90 72.50 73.50 0.19 24717 77.77 60.05 - 20B 40 -

PNSC 1321 36.96 34.89 35.64 33.15 34.00 -0.89 208503 41.00 33.06 30 - 15 -



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

BOOK CLOSURES

Mirpurkhas Sugar Mills 16-Dec 30-Dec 15,20(B) 8-Dec 30-Dec

ICC Textiles# 19-Dec 29-Dec - - 29-Dec

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

Colony Sugar Mills# 21-Dec 27-Dec - - 27-Dec

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

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

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

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

Hala Enterprises# 23-Dec 29-Dec - - 29-Dec

Altern Energy# 23-Dec 30-Dec - - 30-Dec

Shaffi Chemicals# 23-Dec 30-Dec - - 30-Dec

Amtex Ltd# 24-Dec 31-Dec - - 31-Dec

Pakistan Reinsurance# 24-Dec 31-Dec - - 31-Dec

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

Nadeem Textile Mills 24-Dec 31-Dec 20 14-Dec 31-Dec

Byco Petroleum Pakistan 25-Dec 31-Dec - - 31-Dec

Mehran Sugar Mills - - 10(F), 10(B)- -

Husein Industries 28-Dec 4-Jan - - 31-Dec

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

Pangrio Sugar Mills 22-Jan 31-Jan 10 - 31-Jan

Mirza Sugar Mills 22-Jan 31-Jan 10 - 31-Jan

INDICATIONS

# Extraordinary General Meeting

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

Monday, December 20, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 165.93 points at 11,786.09. Volume was 26 per

cent above average and Bollinger Bands were 27 per cent wider than nor-

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

resistance level at 11,845.10 and 2nd resistance level at 11,904.15, while

Index will continue to find its 1st support level at 11,699.85 and 2nd sup-

port level at 11,613.60.

KSE 100 INDEX is currently 15.5 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) 81.59 Support 1 11,699.85

MA (5-day) 11,648.93 Support 2 11,613.60

MA (10-day) 11,549.59 Resistance 1 11,845.10

MA (100-day) 10,416.82 Resistance 2 11,904.15

MA (200-day) 10,212.62 Pivot 11,758.90


Bank Al-Falah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed down -0.32 at 10.55. Volume was 7 per cent above average

and Bollinger Bands were 24 per cent wider than normal.

BAFL is currently 7.0 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 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) 63.19 Free Float Shares (mn) 674.58

MA (10-day) 10.34 Free Float Rs (mn) 7,116.80

MA (100-day) 9.08 CFS Shares (mn) N/A

MA (200-day) 9.86 CFS Rs (mn) N/A

Mean 10.65 CFS Rate N/A

Median 10.72 ** NOI Rs (mn) N/A

* Target price for Jun-11 & **Net Open Interest in future market


National Bank of Pakistan


Technical Outlook

NBP closed down -0.23 at 70.76. Volume was 92 per cent above average


NBP is currently 4.8 per cent above its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

ing oscillators are currently bullish on NBP.

*Arif Habib Ltd 82.1 Buy

AKD Securities Ltd 61.96 Neutral







Median 71.20 ** NOI Rs (mn) 140.26



Fauji Cement Co Ltd


Technical Outlook

FCCL closed up 0.25 at 5.14. Volume was 50 per cent above average and

Bollinger Bands were 19 per cent narrower than normal.

FCCL is currently 3.4 per cent below its 200-day moving average and is

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


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

oscillators are currently bullish on FCCL.







Median 5.19 ** NOI Rs (mn) N/A



Engro Corporation


Technical Outlook

ENGRO closed up 8.15 at 194.20. Volume was 381 per cent above aver-

age (trending) and Bollinger Bands were 1 per cent narrower than normal.

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

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


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

casting oscillators are currently bullish on ENGRO. Momentum oscillator is

currently indicating that ENGRO is currently in an overbought condition.

*Arif Habib Ltd 176 Sell

AKD Securities Ltd 238.8 Buy

TFD Research 208.75 Neutral






Median 189.86 ** NOI Rs (mn) 85.75



Nishat Mills Ltd


Technical Outlook

NML closed up 0.76 at 59.66. Volume was 39 per cent below average and

Bollinger Bands were 17 per cent wider than normal.

NML is currently 17.0 per cent above its 200-day moving average and is

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


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

ing oscillators are currently bullish on NML.








Median 59.78 ** NOI Rs (mn) 86.89



Pakistan Oilfields Ltd


Technical Outlook

POL closed up 1.64 at 293.15. Volume was 250 per cent above average

(trending) and Bollinger Bands were 76 per cent wider than normal.

POL is currently 24.2 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 very

strong flows of volume into POL (bullish). Trend forecasting oscillators are

currently bullish on POL. Momentum oscillator is currently indicating that

POL is currently in an overbought condition.

*Arif Habib Ltd 317.2 Buy


TFD Research 281.35 Neutral






Median 291.80 ** NOI Rs (mn) 252.59



Dera Ghazi Khan Cement Co Ltd


Technical Outlook

DGKC closed up 0.34 at 31.02. Volume was 41 per cent below average


DGKC is currently 15.2 per cent above its 200-day moving average and is

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


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

oscillators are currently bullish on DGKC.

*Arif Habib Ltd 42 Buy








Median 31.05 ** NOI Rs (mn) 43.28


EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,279.40 1,322.48 1,268.31 1,301.03 21.63 1.69


25,653,597 - - 29,771.58 mn 18,950.64 mn -


19.58 0.43 2.21 104.74 8.31 -

1st Fid Leasing 264 10.00 1.60 1.70 1.40 1.60 0.00 113196 2.24 1.05 - - - -

AL-Meezan Mutual F. 1375 6.70 7.78 8.05 7.60 8.04 0.26 800736 8.59 5.85 - - 18.5 -

Atlas Fund of Funds 525 1.65 4.45 4.39 4.01 4.10 -0.35 10320686 4.50 2.70 - - 2.2 -

B R R Guardian Mod. 780 3.84 1.69 1.96 1.40 1.69 0.00 55985 2.37 0.90 - - 0 -

Crescent St Modaraba 200 1.53 0.69 0.79 0.55 0.61 -0.08 89577 1.10 0.16 - - 1.2 -

Elite Cap Modaraba 113 3.63 2.98 3.00 2.90 2.90 -0.08 165500 3.09 1.73 4.5 - 5 -

Equity Modaraba 524 10.63 1.63 1.80 1.60 1.70 0.07 152514 2.37 0.86 - - - -

First Dawood Mutual F. 581 0.67 2.08 2.28 1.95 2.12 0.04 296440 2.28 1.30 - - - -

Golden Arrow 760 2.29 3.11 3.25 3.09 3.20 0.09 216604 3.88 2.56 - - 17 -

H B L Modaraba 397 2.40 6.63 7.75 6.71 7.20 0.57 509653 7.75 5.11 5 - 11 -

Habib Modaraba 1008 5.78 6.54 6.75 6.66 6.70 0.16 59045 6.90 5.80 20 - 21 -

I B L Modaraba XD 202 18.36 3.45 2.90 1.82 2.02 -1.43 28528 3.69 1.06 - - 3 -

JS Growth Fund 3180 63.50 4.67 5.15 4.63 5.08 0.41 8648807 5.15 2.65 - - 5 -

JS Value Fund 1186 15.68 4.48 4.56 4.15 4.39 -0.09 554447 4.73 2.31 10 - 10 -

Meezan Balanced Fund 1200 6.95 6.99 7.30 6.35 7.23 0.24 82867 7.30 5.15 - - 15.5 -

Mod Al-Mali 184 12.50 1.29 1.40 1.15 1.25 -0.04 22140 2.18 0.56 - - - -

Nat Bank Modaraba 250 5.74 6.90 6.90 6.20 6.20 -0.70 5002 8.00 4.50 - - 10 -

Pak Modaraba 125 4.95 0.93 1.10 0.95 0.99 0.06 17365 1.40 0.30 - - 3 -

Pak Prem Fund 1698 12.51 9.01 9.04 8.90 9.01 0.00 1360875 9.05 7.00 - - 18.6 -

PICIC Energy Fund 1000 1.93 6.97 7.15 6.52 6.65 -0.32 129821 7.18 4.33 - - 10 -

PICIC Growth Fund 2835 7.72 12.01 12.60 11.90 12.04 0.03 1159770 12.60 7.90 - - 20 -

PICIC Inv Fund 2841 7.16 6.24 6.50 6.15 6.30 0.06 537331 6.50 3.50 - - 10 -

Prud Modaraba 1st 872 2.16 0.92 1.04 0.95 0.95 0.03 158816 1.20 0.76 - - 3 -

Punjab Modaraba 340 - 1.32 2.38 1.23 1.31 -0.01 48924 2.54 0.50 - - 1 -

Stand Chart Modaraba 454 4.60 9.00 9.40 8.62 9.39 0.39 32377 10.30 7.75 16.5 - 17 -

Tri-Star 1st Modaraba 212 - 1.70 1.70 1.35 1.35 -0.35 5973 5.80 0.50 - - - -

Trust Modaraba 298 3.42 1.75 1.80 1.75 1.78 0.03 8245 4.40 1.15 - - 5 -

U D L Modaraba 264 1.64 5.75 5.79 5.71 5.79 0.04 61107 6.99 4.71 10 - 12.5 -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index


409.29 427.93 400.78 416.43 7.14 1.74


28,923,023 - - 30,336.44 mn 28,468.86 mn -


10.64 0.28 0.91 99.56 3.25 -

AMZ Ventures 225 1.70 0.73 0.95 0.60 0.75 0.02 786884 0.95 0.42 - - - -

Arif Habib Limited 450 13.38 25.08 27.64 25.15 26.23 1.15 294103 34.00 24.40 15 25B - 20B

Dawood Equities 250 - 1.90 2.41 2.00 2.05 0.15 36266 2.69 1.51 - - - -

Grays Leasing 215 - 1.21 1.89 1.10 1.25 0.04 5047 2.90 0.18 - - - -

IGI Investment Bank 2121 16.63 2.54 2.84 2.55 2.66 0.12 2314293 2.90 1.17 - - - -

Invest and Fin Sec 600 723.00 6.61 7.75 6.65 7.23 0.62 35338 9.00 6.16 - - 11.5 -

Invest Bank 2849 - 0.70 0.97 0.61 0.85 0.15 953079 1.00 0.44 - - - -

Ist Cap Securities 3166 - 3.59 3.90 3.16 3.49 -0.10 508988 4.80 2.54 - 10B - 10B

Ist Dawood Bank 626 0.69 1.87 1.95 1.82 1.93 0.06 91216 2.84 1.32 - - - -

Jah Siddiq Co 7633 - 11.30 12.04 10.88 11.59 0.29 22065444 14.05 8.80 -243.778B 10 -

JOV and CO 508 - 3.97 4.04 3.75 3.82 -0.15 509742 5.38 1.96 - - - -

JS Global Cap 500 7.66 27.22 29.00 26.50 28.48 1.26 38722 40.00 24.25 150 - - -

JS Investment 1000 27.71 6.56 6.95 6.40 6.65 0.09 626022 7.59 5.10 - - - -

Orix Leasing 821 5.04 6.28 7.19 6.13 6.85 0.57 112787 7.29 4.50 - - - -

Pervez Ahmed Sec 775 - 2.29 2.34 2.15 2.21 -0.08 268777 2.70 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.81 0.70 0.60 0.65 -0.16 22824 0.86 0.46 - - - -

Trust Inv Bank 586 3.11 1.76 2.00 1.75 1.99 0.23 106499 2.98 1.24 - - - -



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

LIFE INSURANCE

Performance of SR Life Insurance Index


920.41 946.13 900.75 902.85 -17.55 -1.91


31,970 - - 2,290.72 mn 10,401.42 mn -


10.65 2.30 3.85 355.53 5.96 -

EFU Life Assurance 850 43.18 80.11 80.15 75.50 76.00 -4.11 28462 86.95 57.15 5513.33B - -



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

BANKS

Performance of SR Banks Index


1,132.47 1,158.35 1,119.98 1,143.77 11.30 1.00


65,175,825 - - 257,548.02 mn 695,576.91 mn -


8.22 1.15 13.94 40.49 4.92 -

Allied Bank Limited 7821 6.33 64.49 65.80 64.45 65.15 0.66 517712 65.80 50.00 40 10B 20 -Askari Bank 6427 8.15 16.77 17.40 16.70 17.11 0.34 1674538 17.40 14.23 - 20B - -Atlas Bank 5001 - 1.70 2.09 1.67 1.97 0.27 1687032 2.55 1.50 - - - -Bank Alfalah 13492 13.53 10.87 10.94 10.50 10.55 -0.32 16463115 11.00 7.66 8 - - -Bank AL-Habib 7322 7.76 35.52 36.00 35.26 36.00 0.48 351282 36.00 30.01 20 20B - -Bank Of Khyber 5004 5.59 4.50 4.68 4.17 4.19 -0.31 160007 4.70 2.50 - - - -Bank Of Punjab 5288 - 10.15 10.29 9.81 9.89 -0.26 3423646 10.59 8.00 - - - -BankIslami Pak 5280 830.00 3.09 3.40 3.01 3.32 0.23 280940 3.88 2.74 - - - -Faysal Bank XB 7309 4.78 14.87 14.98 14.65 14.82 -0.05 128859 17.10 13.01 - - - 20BHabib Bank Ltd 10019 7.47 117.44 121.99 114.25 119.56 2.12 1718035 121.99 92.55 60 10B - -Habib Metropolitan Bank 8732 7.96 25.65 26.59 25.25 26.03 0.38 345471 26.74 18.02 10 16B - -JS Bank Ltd 8150 - 2.58 2.70 2.47 2.55 -0.03 1528793 3.00 2.03 - - - 66RKASB Bank Ltd 9509 - 2.70 2.75 2.55 2.70 0.00 82662 2.90 2.16 - 26B - -MCB Bank Ltd 7602 9.80 218.29 222.10 216.00 221.01 2.72 3328179 223.50 182.61 110 10B 55 -Meezan Bank 6983 8.59 16.03 16.70 15.91 16.24 0.21 25295 16.70 14.05 - 5B - -Mybank Ltd 5304 - 2.43 2.74 2.07 2.50 0.07 739539 2.74 1.81 - - - -National Bank 13455 6.18 70.99 72.24 70.16 70.76 -0.23 15179958 72.24 62.15 75 25B - -Network Mic Bank 300 - 1.50 2.40 1.16 1.64 0.14 10305 2.40 0.62 - - - -NIB Bank 40437 - 3.03 3.17 3.02 3.03 0.00 6160335 3.18 2.46 - - - -Royal Bank Ltd 17180 - 4.41 5.00 4.32 4.90 0.49 206683 8.10 3.91 - - - -Samba Bank 14335 - 2.05 2.17 1.97 2.00 -0.05 972799 2.65 1.51 - - -63.46RSilkbank Ltd 26716 - 2.70 2.89 2.70 2.74 0.04 5008895 3.08 2.50 - - - -Soneri Bank 6023 - 7.35 8.30 7.00 7.90 0.55 1542157 8.30 5.01 - - - -Stand Chart Bank 38716 12.58 8.15 8.59 7.75 8.18 0.03 63793 8.80 6.00 - - - -United Bank Ltd 12242 7.65 64.04 67.39 64.10 65.11 1.07 3575795 67.39 49.90 25 10B 10 -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


758.34 783.98 752.01 766.67 8.34 1.10


7,775,435 - - 11,111.34 mn 47,284.48 mn -


11.24 0.58 5.20 79.54 7.08 -

Adamjee Insurance 1237 25.19 84.26 89.45 84.05 86.92 2.66 5239151 89.45 63.05 30 10B 10 -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,485.21 1,506.92 1,468.25 1,485.36 0.15 0.01


883,799 - - 12,202.80 mn 31,874.43 mn -


9.50 1.08 11.41 66.79 7.03 -

Sui North Gas XD 5491 8.10 27.01 27.49 26.90 27.20 0.19 687456 34.75 26.60 - - 20 -

Sui South Gas 8390 3.04 20.29 20.54 19.95 20.19 -0.10 196343 30.70 19.95 - - 15 25B



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

ELECTRICITY

Performance of SR Electricity Index


1,262.95 1,287.96 1,251.50 1,273.62 10.66 0.84


38,782,837 - - 95,369.29 mn 104,093.20 mn -


14.29 1.34 9.35 104.13 7.29 -

Altern Energy 3426 20.61 10.00 9.11 9.00 9.07 -0.93 5002 11.88 9.00 - - - -Genertech 198 - 1.04 1.18 0.90 0.99 -0.05 566062 1.45 0.60 - - - -Hub Power 11572 6.76 36.08 37.25 36.15 36.89 0.81 7274578 37.25 32.75 33.5 - 50 -Japan Power 1560 - 1.93 2.10 1.85 1.88 -0.05 1246877 2.25 1.20 - - - -KESC 7932 - 3.16 3.29 2.72 2.83 -0.33 8186524 3.29 1.94 - 31R - 7.8RKohinoor Energy 1695 10.92 19.00 19.70 19.00 19.65 0.65 19999 26.50 17.95 45 - 15 -Kohinoor Power 126 2.90 4.53 4.90 4.45 4.75 0.22 159127 6.10 4.01 - - - -Kot Addu Power 8803 4.96 39.98 40.95 39.92 40.80 0.82 3016374 42.68 38.35 64.5 - 50 -Nishat Chunian Power Ltd 3673 3.44 15.62 15.95 15.45 15.70 0.08 5436488 15.95 10.32 - - - -Nishat Power Ltd 3541 25.56 15.93 16.30 15.79 15.85 -0.08 7553002 16.70 10.65 - - - -S G Power 178 - 1.00 1.43 0.70 1.01 0.01 20525 1.69 0.32 - - - -Sitara Energy Ltd 191 3.47 18.98 18.85 18.41 18.61 -0.37 10143 23.49 17.98 20 - 20 -Southern Electric 1367 - 2.47 2.80 2.36 2.40 -0.07 5056805 2.90 2.05 - - - -Tri-star Power XD 150 - 1.20 1.49 1.09 1.23 0.03 231331 1.75 0.65 3 - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


1,155.20 1,162.44 1,138.79 1,151.55 -3.65 -0.32


20,086,404 - - 50,077.79 mn 79,146.96 mn -


6.19 0.79 12.84 62.56 10.11 -

Pakistan Telecomm Co A 37740 12.83 19.28 19.39 19.15 19.25 -0.03 2678655 20.12 18.15 15 - 17.5 -Telecard 3000 0.72 2.54 2.67 2.32 2.41 -0.13 2917615 2.69 1.80 - - 1 -WorldCall Tele 8606 - 3.18 3.33 2.95 3.19 0.01 14486103 3.33 2.31 - - - -



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

Ask Gen Insurance 204 6.14 11.00 10.62 10.13 10.13 -0.87 7700 12.75 9.75 - - - 25R

Central Insurance XB 279 6.82 60.90 63.75 58.11 60.01 -0.89 5245 64.80 47.37 20 25B 10 10B

Century Insurance 457 7.03 10.68 11.45 10.80 11.25 0.57 15149 12.00 9.42 - - - -

EFU General Insurance 1250 - 44.03 44.98 42.80 43.60 -0.43 142448 48.63 34.76 40 8.7B - -

Habib Insurance 400 3.11 12.70 13.20 12.55 13.05 0.35 16310 13.20 10.04 35 - - -

IGI Insurance 718 16.51 90.41 91.00 86.51 89.00 -1.41 23574 93.45 68.27 35 - 10 20B

Pak Reinsurance 3000 41.28 15.98 16.80 15.85 16.10 0.12 2176193 17.20 12.80 30 - - -

PICIC Ins Ltd 350 - 6.84 7.00 6.15 6.75 -0.09 74240 8.30 1.66 - - - -

Premier Insurance 303 6.06 10.65 11.29 10.41 11.22 0.57 23818 11.29 8.00 20 15B - -

Reliance Insurance 252 4.05 6.61 6.61 6.60 6.60 -0.01 24000 7.70 6.15 - - - -

Silver Star Insurance 253 4.34 6.88 7.88 6.01 6.98 0.10 16527 8.17 6.01 - 20B - -

UP TO 5000 VOLUME

DATM 0.32 0.55 0.32 0.45 0.13 4802PRET 28.89 29.30 29.30 29.30 0.41 4700SIBL 3.25 3.25 2.75 3.02 -0.23 4634CLOV 74.72 77.19 71.10 71.50 -3.22 4606JDWS 86.60 86.15 83.02 84.87 -1.73 4565TSMF 1.74 1.94 1.10 1.22 -0.52 4454SING 19.80 19.85 18.80 18.82 -0.98 4370DMTM 6.00 7.44 5.02 5.11 -0.89 4153PAKD 79.80 80.00 79.10 80.00 0.20 4031PTEC 2.00 2.49 2.00 2.34 0.34 3502IDRT 3.16 3.29 2.92 3.27 0.11 3501SKFL 1.20 1.39 1.20 1.31 0.11 3500QUICE 2.27 2.50 2.21 2.30 0.03 3500MUBT 1.00 1.00 0.70 0.75 -0.25 3499PKGI 7.32 8.45 6.60 6.62 -0.70 3334ICL 29.09 31.70 30.00 31.70 2.61 3299SIEM 1299.25 1353.73 1268.00 1270.04 -29.21 3294STCL 8.55 8.99 8.30 8.65 0.10 3177GSPM 7.70 7.80 7.00 7.20 -0.50 3106ESBL 2.75 2.74 2.70 2.70 -0.05 3076GRAYS 53.60 55.50 50.93 51.38 -2.22 3028DCM 1.58 1.55 1.26 1.50 -0.08 3002ATIL 37.30 38.69 37.31 37.36 0.06 2920DYNO 10.90 10.95 10.40 10.60 -0.30 2803UNIC 6.01 6.68 5.41 6.03 0.02 2785RUPL 37.50 37.45 35.26 36.49 -1.01 2506ANSS 5.50 5.50 5.03 5.03 -0.47 2500KHTC 16.00 17.90 16.00 17.90 1.90 2500FPRM 8.55 8.74 8.61 8.61 0.06 2455JOPP 7.90 8.89 7.95 7.95 0.05 2100REWM 8.94 8.95 8.65 8.95 0.01 2073SANSM 13.79 13.90 13.50 13.85 0.06 2068BOC 84.83 85.40 83.12 84.99 0.16 2045ISIL 74.00 73.49 69.26 71.75 -2.25 2011BPBL 0.99 0.99 0.90 0.90 -0.09 2000NONS 14.00 13.95 13.00 13.52 -0.48 1900MLCFPS 4.98 4.98 4.15 4.23 -0.75 1676BFMOD 3.84 3.74 3.25 3.70 -0.14 1647SRSM 2.32 2.46 2.10 2.40 0.08 1593LAKST 314.81 335.00 317.00 326.25 11.44 1565PECO 285.00 295.00 261.25 261.25 -23.75 1560SHCM 8.32 8.00 7.00 7.00 -1.32 1500PMRS 49.50 51.50 46.35 47.52 -1.98 1488DKTM 2.75 2.50 2.40 2.50 -0.25 1488GTYR 21.60 22.65 21.51 21.51 -0.09 1474CRTM 19.50 21.50 19.05 19.50 0.00 1352FCONM 1.48 1.59 1.25 1.43 -0.05 1286NJICL 58.95 60.00 57.11 59.46 0.51 1276DIIL 8.04 9.70 7.55 9.70 1.66 1234HINO 135.00 135.00 132.50 134.50 -0.50 1214ADAMS 16.43 16.75 16.50 16.57 0.14 1200KML 3.65 2.98 2.05 2.50 -1.15 1179COLG 899.98 930.00 880.00 880.00 -19.98 1141FZCM 62.39 68.50 65.50 68.50 6.11 1101GLPL 63.28 62.00 61.01 61.02 -2.26 1070FNEL 9.00 8.75 8.01 8.72 -0.28 1069GWLC 8.19 8.25 7.50 8.25 0.06 1067SCLL 2.99 2.99 2.43 2.45 -0.54 1044NAGC 16.00 16.75 16.00 16.70 0.70 1006BTL 47.00 47.99 47.00 47.00 0.00 1002GFIL 3.78 4.00 4.00 4.00 0.22 1000KOHTM 1.45 1.45 1.40 1.40 -0.05 1000SUTM 39.83 39.83 38.01 38.01 -1.82 900SMCPL 6.00 6.18 5.90 6.17 0.17 750BCL 44.00 44.00 43.50 43.90 -0.10 723SLCL 1.40 2.00 1.01 2.00 0.60 718OTSU 32.98 33.50 32.00 32.07 -0.91 650IDYM 318.93 350.15 304.00 348.75 29.82 614ETNL 20.95 22.00 20.36 20.40 -0.55 604NESTLE 2466.81 2550.00 2312.02 2489.75 22.94 603JDMT 15.45 14.99 14.00 14.00 -1.45 600DADX 23.25 23.22 21.54 21.54 -1.71 582NOPK 23.30 23.90 23.01 23.65 0.35 576FRCL 2.24 2.49 1.71 2.07 -0.17 574SHNI 14.00 14.00 12.25 12.45 -1.55 558PGCL 20.72 20.72 18.72 18.72 -2.00 533ILTM 166.70 183.78 168.50 183.00 16.30 532SANE 2.99 3.70 3.00 3.30 0.31 526HUSI 9.69 10.39 8.45 9.49 -0.20 509LPGL 17.88 17.69 15.69 17.50 -0.38 508ALICO 19.50 19.85 18.50 19.85 0.35 502DFSM 5.12 5.99 4.50 4.50 -0.62 501QUAT 13.24 13.25 13.05 13.05 -0.19 501MUBD 2.00 3.00 2.00 3.00 1.00 500PUNO 43.19 44.90 43.19 44.90 1.71 500SASML 6.02 7.02 5.02 5.60 -0.42 500OLTM 2.00 2.45 2.00 2.00 0.00 500POAF 8.50 9.90 9.50 9.88 1.38 500SFL 123.25 130.91 123.25 130.35 7.10 447SALT 65.70 68.90 62.42 62.55 -3.15 432MFFL 73.71 79.00 72.40 74.89 1.18 417KASBM 1.43 1.88 1.40 1.40 -0.03 356WAZIR 8.49 8.49 8.00 8.25 -0.24 300BWCL 22.80 23.90 22.80 23.50 0.70 299FRSM 20.50 21.10 19.60 20.00 -0.50 251CSIL 5.34 5.82 4.02 4.02 -1.32 207CPMFI 4.44 4.45 3.65 4.25 -0.19 203GUTM 24.37 23.16 23.16 23.16 -1.21 202TATM 34.79 36.40 33.50 34.85 0.06 201ATEL 17.00 17.00 17.00 17.00 0.00 200MQTM 7.75 8.30 7.80 8.30 0.55 200FANM 2.90 3.05 3.00 3.00 0.10 200FASM 33.50 35.00 33.50 33.50 0.00 199PSEL 167.35 162.00 160.00 162.00 -5.35 150SAPL 132.99 133.00 126.00 129.00 -3.99 148SZTM 7.00 7.00 6.00 6.00 -1.00 125HUSS 10.49 11.19 10.19 11.19 0.70 113BILF 1.40 2.45 1.40 1.40 0.00 103GAMON 1.70 2.36 1.56 2.30 0.60 102AABS 94.90 94.90 94.00 94.50 -0.40 100STML 22.00 22.10 21.50 22.10 0.10 100SCL 85.58 85.58 85.58 85.58 0.00 100ASFL 4.85 6.00 4.50 4.71 -0.14 88FZTM 392.26 414.00 390.00 405.00 12.74 85RMPL 2093.00 2167.90 1996.00 2149.64 56.64 75SFWF 7.48 8.25 7.28 7.28 -0.20 75BAFS 59.00 61.95 57.00 58.90 -0.10 61TOWL 12.00 12.00 12.00 12.00 0.00 60AASM 23.50 25.70 23.10 25.01 1.51 44WYETH 1100.00 1100.00 1085.00 1099.81 -0.19 38BHAT 260.00 274.00 259.00 261.00 1.00 33UPFL 1059.00 1099.00 1006.06 1050.00 -9.00 29DSML 2.75 2.35 2.35 2.35 -0.40 21KOSM 1.00 1.28 0.55 1.10 0.10 21ISTM 6.95 7.00 6.95 7.00 0.05 20SJTM 1.51 1.50 1.48 1.48 -0.03 20BIFO 49.30 53.50 50.50 53.50 4.20 12JVDC 59.00 59.99 56.05 58.90 -0.10 11GUSM 6.50 7.25 5.26 6.16 -0.34 11SAPT 104.99 104.99 104.85 104.85 -0.14 11AWTX 89.00 89.00 89.00 89.00 0.00 10FECS 48.03 52.50 50.40 51.95 3.92 8PHDL 38.37 41.09 37.20 40.95 2.58 6NJLIC 45.00 47.20 45.10 45.10 0.10 6

Symbols Open High Low Close Change Vol

Al-Abbas Cement 59.40 3.45 3.35 3.65 3.80 3.55

Allied Bank Limited 81.20 64.65 64.15 65.50 65.85 65.00

Attock Cement 50.52 62.75 62.55 63.30 63.65 63.10

Arif Habib Corp 40.24 23.65 23.40 24.35 24.75 24.05

Arif Habib Limited 48.79 25.90 25.55 26.80 27.35 26.45

Adamjee Insurance 69.26 86.35 85.75 87.90 88.85 87.30

Askari Bank 66.20 16.95 16.80 17.25 17.45 17.15

Azgard Nine 40.73 10.00 9.80 10.40 10.60 10.20

Attock Petroleum 57.66 324.15 321.85 328.60 330.80 326.30

Attock Refinery 52.61 118.35 116.75 121.75 123.50 120.15

Bank Al-Falah 63.19 10.45 10.30 10.75 10.90 10.60

BankIslami Pak 51.67 3.10 2.85 3.45 3.60 3.25

Bank.Of.Punjab 54.83 9.75 9.65 10.05 10.20 9.95

Dewan Cement 59.90 2.25 2.20 2.40 2.50 2.35

D.G.K.Cement 61.00 30.55 30.10 31.55 32.05 31.10

Dewan Salman 65.59 2.95 2.80 3.30 3.45 3.15

Dost Steels Ltd 48.13 2.85 2.80 2.95 3.00 2.90

EFU General Insurance 44.93 43.40 43.25 43.85 44.10 43.70

EFU Life Assurance 43.35 75.35 74.65 76.85 77.65 76.15

Engro Chemical 72.26 190.55 186.85 196.45 198.65 192.75

Faysal Bank 50.40 14.70 14.55 14.95 15.10 14.85

Fauji Cement 55.62 5.10 5.00 5.25 5.35 5.20

Fauji Fert Bin 59.01 34.65 34.35 35.30 35.55 34.95

Fauji Fertilizer 74.40 116.40 114.70 119.35 120.55 117.65

Habib Bank Ltd 75.41 117.05 114.55 122.05 124.50 119.50

Hub Power 67.36 36.65 36.45 37.20 37.45 36.95

ICI Pakistan 63.50 137.45 136.75 139.45 140.70 138.75

Indus Motors 50.91 249.00 244.00 258.00 262.00 253.00

J.O.V.and CO 45.77 3.70 3.60 3.95 4.10 3.85

Japan Power 58.57 1.85 1.80 1.95 2.00 1.90

JS Bank Ltd 44.05 2.50 2.45 2.60 2.65 2.55

Jah Siddiq Co 44.21 11.35 11.15 11.95 12.25 11.70

Kot Addu Power 65.85 40.35 39.95 41.10 41.40 40.65

K.E.S.C 65.83 2.75 2.65 2.90 2.95 2.80

Lotte Pakistan 67.27 13.00 12.85 13.35 13.55 13.20

Lucky Cement 56.70 75.60 74.85 77.15 77.95 76.40

MCB Bank Ltd 68.74 219.65 218.25 222.25 223.45 220.85

Maple Leaf Cement 53.46 3.00 2.95 3.10 3.15 3.05

National Bank 62.09 70.40 70.00 71.20 71.60 70.80

Nishat (Chunian) 51.24 21.65 21.05 22.85 23.40 22.25

Netsol Technologies 40.58 18.30 18.15 18.70 18.95 18.55

NIB Bank 57.42 3.00 2.95 3.10 3.15 3.05

Nimir Ind.Chemical 63.86 2.00 1.85 2.30 2.45 2.15

Nishat Mills 58.16 58.80 57.95 60.50 61.35 59.65

Oil & Gas Dev. XD 65.35 166.10 164.70 168.80 170.15 167.40

PACE (Pakistan) Ltd. 54.38 2.95 2.90 3.05 3.10 3.00

Pervez Ahmed Sec 50.72 2.10 2.05 2.30 2.40 2.25

P.I.A.C.(A) 56.58 2.30 2.20 2.45 2.60 2.40

Pioneer Cement 38.04 6.80 6.70 7.10 7.30 7.00

Pak Oilfields 72.31 288.65 284.15 297.00 300.90 292.50

Pak Petroleum 78.26 211.40 204.55 221.90 225.55 215.05

Pak Suzuki 29.65 67.20 66.30 68.80 69.50 67.90

P.S.O. XD 57.24 283.80 281.65 288.30 290.65 286.15

P.T.C.L.A 48.58 19.15 19.05 19.40 19.50 19.25

Shell Pakistan 63.42 200.90 197.60 206.10 208.00 202.80

Sui North Gas 34.92 26.90 26.65 27.45 27.70 27.20

Sitara Peroxide 60.47 13.25 12.85 13.90 14.20 13.50

Sui South Gas 30.39 20.05 19.85 20.30 20.45 20.15

Telecard 55.12 2.35 2.25 2.50 2.60 2.40

TRG Pakistan 37.25 3.70 3.60 3.90 4.00 3.80

United Bank Ltd 71.96 64.60 64.05 65.95 66.75 65.40

WorldCall Tele 71.92 3.00 2.80 3.35 3.45 3.15

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Gharibwal Cement Ltd 20-Dec 4:30

Nishat Mills Ltd 20-Dec 11:00

Ecopack Limited 21-Dec 1:00

Habib Sugar Mills Ltd 22-Dec 12:00

Dewan Farooque Spinning Mills Ltd 22-Dec 4:00

Dewan Cement Ltd 22-Dec 5:00

Dewan Sugar Mills Ltd 22-Dec 4:30

International Industries Ltd 22-Dec 10:30

Askari Bank Ltd. 22-Dec 10:00

Fauji Fertilizer Bin Qasim Ltd. 23-Dec 10:30

Sindh Abadgar’s Sugar Mills Ltd 24-Dec 4:00

Fauji Fertilizer Company Ltd 24-Dec 10:00

BOARD MEETINGS

Company Date Time

Monday, December 20, 2010 8

Insurance companies jointhe Cancun climate talks

Snow drives10pc jump in

insuranceclaims

LONDON: Heavy snow acrossmuch of Britain has fuelled asharp rise in motor insuranceclaims, roadside recoverygroup AA said on Friday.

AA said it had received 10per cent more claims thanThursday, the last snow-freeday, with 21 per cent of themoverall related to snow or ice,while in Scotland, the propor-tion of snow-related claims was51 per cent.

Insurers typically facesharply higher claims expensesduring cold winters as policy-holders seek to recoup the costof repairing weather-relateddamage to homes and vehicles.

Last winter, the coldest for 30years, the industry paid 650million pounds to settle weath-er-related claims, a spokesmanfor the Association of BritishInsurers said.

Shares in leading generalinsurers Aviva, RSA, andAdmiral were down bybetween 1.5 per cent and 0.1per cent by 4:15 p.m. Britishtime, while the Stoxx 600Europe insurance index was 1per cent lower. -Reuters

Lloyd's namesChaplin asnew Asia

Pacific chiefSINGAPORE: Insurance mar-ket Lloyd’s has appointedclaims boss Kent Chaplin as thenew head of its Singapore-based Asia Pacific operations.

Chaplin, who will start in therole in January 2011 and waspreviously head of claims,replaces Keith Stern, who hastaken up the role of regionalmanager for the UK andIreland.

Chairman of the market'sClaims Service Review Board,David Lang has been named asthe new head of claims.

Lloyd's director of interna-tional markets, Jose Ribeirosaid: "I am delighted to wel-

come Kent to the team. Hisskills and industry experiencewill be an asset to our opera-tions in Asia and key to ouraspirations to build on Lloyd'spresence in this important mar-ket."

Chaplin added: "I am pleasedto be given this exciting oppor-tunity and very much look for-ward to working with the mar-ket to further develop theLloyd's platform and extendour footprint in the region."

Commenting on the appoint-ment of Lang, Lloyd's directorof performance management,Tom Bolt said: "It gives megreat pleasure to welcomeDavid to the team. I am surethat he will continue to build onthe superb work that has beencarried out by Kent Chaplin,the market and his team indeveloping and steering Lloyd'sclaims strategy to date."

Lang added: "I eagerly antic-ipate working with Tom, theLloyd's claims team and themarket. The emphasis placedon claims in Lloyd's strategicplans demonstrates a continuedcommitment to delivering apre-eminent service to clients."-Agencies

ISLAMABAD: PrivatisationCommission (PC) is all set tosell off three state-run insur-ance companies namely StateLife Insurance Corporation,Pakistan ReinsuranceCompany, National InsuranceCompany.According to a statement PCis plans to proceed with equi-ty Linked Instruments(Convertible Bonds) for StateOwned Enterprises (SOEs) ininternational markets to tapprivate sector for funding turn-around efforts and to utilise theproceeds to fund future growthplans of these entities.

The other entities on privati-sation list are PakistanRailways, Pakistan SteelMills, PTDC Motels andRestaurants, Utility StoresCorporation and Stores,Printing Corporation ofPakistan, Services Hotel,Sindh Engineering andRepublic motors Limited andthe above-mentioned insur-ance companies.

100 per cent SOEs in thechemical, textile, nitrogen fer-tiliser, cement, rice, roti andlight engineering sectors while98 per cent units of automobileindustry, 96 per cent ghee(Oil) mills and 100 per cent ofphosphate fertiliser units havebeen privatised, the delegationwas told. A visiting 8-memberAustralian parliamentary dele-gation led by the President ofthe Legislative Assembly ofAustralia (Chairperson StateSenate) Amanda Fazio, cur-rently on an official goodwillvisit to Pakistan was given abriefing on the privatisationpolicy, programme, initiatives,available investment opportu-nities, and the process. Thedelegation was informed thatPakistan's privatisation pro-gramme being transparent andopen is seen as the most suc-cessful in the South Asia,Central Asia and the MiddleEast regions by the leadinginvestment houses and theinvestment groups as it yieldedover $ 9 billion proceeds(Rs476 billion) through theprivatisation of 167 transac-tions.

The delegation was told thatthe purpose of undertaking theprivatisation of SoEs is toreduce the participation of thegovernment in commercialactivities, to deregulate theeconomic and commercialfunctions, to help the economymove from state control to pri-vate one, switch from the

monopolistic to the competi-tive markets, financial repres-sion to financial liberalisationand to turnaround the ineffi-cient SOEs into efficient pri-vate enterprises.

The PC has also 12 activetransactions in the services,power, banking, industrial,infrastructure, production andmanufacturing sectors, whichinclude Pakistan Post, SMEBank Limited, HeavyElectrical Complex, PakistanMachine Tool factory,Pakistan MineralDevelopment Corporation,National Power ConstructionCompany, Morafco Industries(Machinery on 'as is where isbasis' and six power supplyand generation firms i.e.Islamabad Electrical SupplyCompany, Peshawar ElectricalSupply Company, QuettaElectrical Supply Company,Hyderabad Electrical SupplyCompany, FaisalabadElectrical Supply Companyand Jamshoro PowerCompany Limited.

The delegation wasinformed that the present gov-ernment’s privatisation policyemphasises on the sale of 26per cent shares of the entitieson the privatisation list withthe management control forvalue addition, improving theefficiencies and enhancing theproduction and making themprofitable before offering theturnaround entities to thepotential and sound investorsinstead of just divesting themajority chunk.

Banking industry had beenprivatised substantially due towhich 80 per cent of the bank-ing sector is under privateownership, Elucidating thesalient features of the revolu-tionary project BenazirEmployees Stock OptionScheme (BESOS) of the pres-ent government to empowerthe workers of the SOEs. Thedelegation was informed thattwelve per cent GOP Shares of77 SOEs valuing to the tune ofRs116.082 billion were beinggiven to employees free ofcost on the basis of length ofservice of employees. Thebriefing also focusedInstitutional Arrangements,TOR & Composition ofCabinet Committee onPrivatisation (CCOP), func-tions of PrivatisationCommission (PC), composi-tion of PC Board and thedetailed procedure of theprocess. -NNI

PC set tosell off 3state-runinsurers

HONG KONG: AIA advertising on a building in the Central Business District in Hong Kong.-Reuters

Staff Reporter

KARACHI: Some mixedactivities were observed in theinsurance stocks last week atthe Karachi Stock Exchange(KSE) with around 8 millionshares traded together in lifeand non-life insurance stocks.Adamjee Insurance stood as thevolume leader with 5.2 millionshares followed by Pakistan

Reinsurance with 2.1 millionshares. Top gainers of the weekinclude Adamjee Insurancewhich increased by Rs2.66 toclose at Rs86.92 and PremierInsurance up by Rs0.57 to closeat Rs11.22 while EFU LifeAssurance fell by Rs4.11 toclose at Rs76 and ShaheenInsurance lost Rs1.55 to closeat Rs12.45 to be the major los-ers of the week.

Insurers at KSEmove both ways

Restructuringunderwayto split up

RMB assetsJOHANNESBURG: SouthAfrican investment firm RMBHoldings said it plans to list itsinsurance assets, as it restruc-tures to separate them from itsbanking assets to give investorsmore flexibility.

RMB, which holds stakes ofsome of South Africa's largestfinancial services firms, said ina statement on Wednesday itwill spin off the insuranceassets under the name of RMIHolding, giving shareholdersone share in RMI for everyRMB share.

The move will also allowRMB's unit FirstRand, SouthAfrica's second-largest bankinggroup, to shed some of itsinsurance holdings, potentiallymaking FirstRand a moreattractive target for foreigninvestors.

RMB said the changes wouldgive investors more flexibilitywith investment choices.

South Africa, the continent'slargest economy, is increasing-ly seen as a gateway to the fast-growing region.

"I think they were concernedthat with the group becomingmore diverse the market wouldstart to apply a conglomeratediscount," said Johann Scholtz,an analyst at AfrifocusSecurities.

RMB will also buy a 45 percent stake in insurance firmOutsurance for 3.75 billionrand ($549 million) fromFirstRand. That will doubleRMB's stake in Outsurance to90 per cent.

Shares of RMB rose 3.9 percent to 37.02 rand by 1450GMT, while FirstRand gained0.8 per cent to 18.80 rand. TheJohannesburg Stock ExchangeAll Share Index was up 0.15per cent.

FirstRand, unlike rivalsStandard Bank and Absa , doesnot have a major foreign share-holder, and market participantshave long speculated it couldbe an eventual target of anoverseas bank.

"If foreigners buy a bank theywant a bank, they don't wantadditional insurance assets inthere," said Afrifocus' Scholtz.

HSBC in October walkedaway from exclusive talks tobuy up to a 70 per cent stake inNedbank, another SouthAfrican commercial bank.RMB will also sell a 5 per centstake to black investment groupRoyal Bafokeng Holdings for2.5 billion rand. -Reuters

LONDON: Insuranceinvestors hoping to find shelterfrom Europe's sovereign debtcrisis should take refuge ininternational non-life compa-nies with little exposure to theweaker economies of the eurozone.

Insurers invest large chunksof the premiums they receivefrom customers in governmentbonds, usually considered risk-free, but now some of thesehave been hit by the eurozone's debt woes.

European insurers hold 1.2trillion euros ($1,599 billion)of euro zone governmentbonds, some 17 per cent oftheir financial assets, accord-ing to the European CentralBank.

"Whenever there's a crisis ina certain asset class the insur-ers will always get trashedbecause they are by definitionmassive asset managers withvery geared portfolios," saidJoy Ferneyhough, an analyst atstockbroker Execution Noble.

Their shares have become abellwether for investor nerv-ousness about sovereign risk inthe single currency area.

The Stoxx 600 Europeaninsurance share index hasrecouped most of a 10 per centdrop in the run-up to Ireland'sbailout last month, but con-cerns over sovereign credit-worthiness will weigh on thesector until the crisis is over,

analysts say.They say companies with the

smallest holdings of bondsissued by Portugal, Ireland,Greece or Spain -- currently atthe center of default fears -- aregenerally those with no opera-tional presence in those coun-tries. This is because insurerstypically hold a country's debtonly to the extent that they dobusiness there, using its bondsto provide financial backingagainst payouts to customers.

So problematic sovereigndebt is mostly concentratedamong local insurers in theissuing countries, and makesup only a small part of the port-folios of big pan-Europeanplayers.

Holdings of risky sovereigndebt as a proportion of tangiblecore equity ranges from zero inthe case of Britain's RSA,Prudential and Legal &General to 48 per cent forMapfre of Spain, reflecting itsfocus on its home market,according to analysts atMorgan Stanley.

Non-life companies couldalso prove a safer bet than lifeinsurers because they tend tohold short-dated governmentdebt, seen as less risky thanlong-dated bonds, to underpinthe typically short-term poli-cies they write.

"During periods of height-ened concerns over sovereigndebt we would favor the short-

tail, non-life names where theinvestment portfolios are low-risk and invested in short-datednear-cash instruments," theMorgan Stanley analysts wrote.

The Lloyd's of London insur-ance market, which coverscomplex, large-scale risks suchas hurricanes, also holds virtu-ally no debt from the weakereuro zone countries and offersa good "hideout" from the debtcrisis, Execution Noble'sFerneyhough said.

The ECB provided somereassurance to investors lastweek, saying insurers' overallexposure to peripheral euro-zone debt appeared "manage-able. The sector's shares, up 3.4per cent this year against an 8per cent rise in the wider mar-ket, have so far avoided thedouble-digit falls seen in early2009 amid worries about awave of recession-driven cor-porate bond defaults.

Insurers say that as they usu-ally hold bonds to maturity,losses on the value of their sov-ereign debt portfolios willremain largely unrealised, andthey would take a hit only inthe event of an actual defaultby an issuing government.

"My conclusion is that it'snot a general problem for theEuropean industry. If it is aproblem, it's very companyspecific," Swiss Re chief econ-omist Thomas Hess toldReuters. -Reuters

Non-life insurers ahaven in euro debt crisis

WASHINGTON: Authoritiesclosed six more banks onFriday, bringing the number ofclosures so far this year to 157as the aftermath of the 2007-2009 financial crisis continuedto take a toll.

Smaller financial institu-tions, in particular, continue tofeel the impact of the strug-gling housing market, weakeconomy and high unemploy-ment. The bulk of this year'sclosures have been smallerinstitutions, each with less than$1 billion in assets. Largebanks have recovered morequickly from the financial cri-sis. The Federal DepositInsurance Corp (FDIC) hassaid it expects bank closures topeak this year after 140 clo-sures in 2009.

The FDIC announced the fol-lowing closures on Friday:

Appalachian CommunityBank of McCaysville, Georgia;had assets of $68.2 million.Peoples Bank of EastTennessee of Madisonville,Tennessee, to assume thedeposits

Chestatee State Bank ofDawsonville, Georgia; hadassets of $244.4 million. Bankof the Ozarks of Little Rock,Arkansas, to assume thedeposits.

Bank of Miami, NationalAssociation of Coral Gables,Florida; had assets of $448.2million. 1st United Bank ofBoca Raton, Florida to assumethe deposits.

United Americas Bank,National Association, ofAtlanta, Georgia; had assets of$193.8 million. State Bank andTrust Company of Macon,Georgia to assume the

deposits. Community NationalBank of Lino Lakes,Minnesota; had assets of $31.6million. Farmers & merchantsBank of Manchester, Iowa toassume deposits. FirstSouthern Bank of Batesville;had assets of $191.8 million.Southern Bank of Poplar Bluff,Missouri to assume deposits.

FDIC Chairman Sheila Bairhas said that while the numberof failures already exceeds the2009 tally of 140, the totalassets of this year's failureswill probably be lower.

On November 23 the FDICreleased its latest quarterlyreport on the state of the bank-ing industry. It showed that theindustry overall continues torecover from the financial cri-sis but that large banks aredoing better than smaller insti-tutions. -Reuters

US closes 6 more banks;2010 failures tally at 157

During the last week


Bakheet Al Jasmi of UAE competes in the heats of theMen's 4 x 100m Medley Relay

Salman Butt preparessecond

reply to ICCLAHORE: The spot-fixingsaga continues as Salman Butt'sattorney prepares to send afresh reply to the InternationalCricket Council (ICC), after theworld body rejected his initial40-page response to allegationsagainst him.

The former Test skipper hadfiled the initial reply to the ICCthrough his attorney BarristerAitzaz Ahsan and Shahid Syed.Syed told Express News thatthe ICC's bias in the case was'obvious'. He said the entireappeal has been decided by theex-parte decision on a prelimi-nary response without hearingButt or his counsel.

He said that Butt's prelimi-nary response was sent on timeand contained his objections tojurisdiction, composition andprocess of the tribunal in thelanguage of the law, addingthat it was the legal right ofrespondent. Syed also said thatthe reply was not made publicbecause of ICC's confidentiali-ty but "the truth will come outsoon" when the response ismade public. Syed added thathe has strongly advised Butt toimmediately appeal the ICC'sdecision before the Court ofArbitration for Sports. Spot-fixing tainted fast bowlersMuhammad Aamir and Asif'slawyers have prepared theircases and submitted them tothe ICC. Aamir's lawyerShahid Kareem sent his case aday earlier on Thursday, whileBarrister Allan AlexanderCameron, who is the brother ofthe British Prime MinisterDavid Cameron, preparedAsif's case today.

Nat’l cricket’steam securitymanager quitsISLAMABAD: The SecurityManager of Pakistan CricketTeam, Khawaja Najam Javedhas resigned, media said Sunday.

Talking to the media, he saidthat he had tendered his resig-nation with PCB ChairmanEjaz Bhatt on December 14.

Pakistan Cricket Team hasleft for New Zealand withoutJaved, who was the securitymanager of the team in lasttwo tours of Pakistan team toEngland and then United ArabEmirates (UAE).-NNI

ATHENS: Zinedine Zidaneand Ronaldo joined a star-stud-ded squad for a United Nationscharity match in Greece organ-ised to raise funds to supportflood-devastated Pakistan andearthquake hit Haiti.

The World Cup-winning leg-ends and UNDP ambassadorsbrought together an All Starsteam who drew 2-2 againstGreek giants Olympiakos infront of 30,000 fans in Athens,although players changed sidesfreely in a night of entertain-ment on Tuesday, according todetails provided by the UN onThursday.

Ronaldo did not feature in thematch due to injury, but Zidanejoined a host of past and pres-ent stars for the eighth annualMatch Against Poverty.

Portugal's Ricardo Sa Pintoscored twice for Zidane's men,who were coached by RadomirAntic and Hugo Sanchez.

The hosts, who started with ateam of fringe players and clublegends before bringing onmuch of their current XI mid-way through the first half, cameback in the second half throughKostas Mitroglou's double.Zidane, who was substituted toa standing ovation in the 70thminute, said: "It is importantthat we reach out in solidaritywith those affected by extremepoverty".

"We cannot allow the peopleof Haiti and Pakistan to sufferin silence. Through this matchwe hope to let the world knowwe're in this together", Zidanetold a pre-match news confer-

ence."It really inspires me tosee that despite the economiccrisis in Greece the people of

this great country still cometogether in solidarity with thepoor of the world", Ronaldo

added.I'm really impressed that the

stadium is sold outtonight."The UNDP Directorof Communications, StephaneDujarric, stressed that sportscan be a powerful tool forbringing a positive impact tomillions of people. Throughsport we can bring peopletogether to focus on a com-mon goal a world withoutpoverty where everyone onthe planet can live with digni-ty, he said.

The owner of Olympiacos,Evangelos Marinakis, said histeam will donate its share of themoney raised to a group thathelps children with specialneeds, as well as to homelessand disadvantaged communi-ties.-APP

Zidane, Ronaldo raisefunds for Pak victims

PARIS: Denmark's CarolineWozniacki ended the year thewomen's world number one,but the consensus is thatSerena Williams is the bestplayer on earth.

The problem as ever with theAmerican, who will turn 30next year, is her level of com-mitment to the sport as shecontinues to dabble in every-thing from acting to fashiondesign to her charity work inAfrica.

Williams opened the yearwith a blast when she won theAustralian Open for the fifthtime by defeating comebackqueen Justine Henin in a toughthree-setter final.

She then played just twotournaments before turning upin Paris in May for the FrenchOpen where, as top seed, shelost in the quarter-finals toAustralia's Samantha Stosur,who went on to lose to Italy'sFrancesca Schiavone in thefinal.

One again though chargesthat Williams was past her bestwere firmly quashed a fewweeks later when she swept toher 13th Grand Slam title inimperious style at Wimbledonwinning all seven games instraight sets including a lop-sided final against Russia'sVera Zvonareva.

Oddly, that was the last gameshe played in 2010 as Williamssliced open the bottom of herfoot while stamping on a bro-ken glass in a Munich restau-rant just days after her Londontriumph.

That meant no US Open andno season-ending WTA

Championship and she haseven pulled out of January'sAustralian Open as she contin-ues the healing process.

What the rest of the year willhold in store for the Americandiva is impossible to discernalthough she has no doubt thatshe can win again.

"This decision, though heavyon my heart, is the right one,"Williams said when announc-

ing her withdrawal fromMelbourne.

"I am praying for a healthyrecovery and I promise myAussie fans and my fansaround the world that I will beback better than ever as soonas I can be."

In her absence, the ever-

popular Kim Clijsters suc-cessfully defended the USOpen title concluding with a6-2, 6-1 demolition ofZvonareva which at 59 min-utes was the fastest finalsince timing records werefirst kept.

Prior to that, the Belgian hadcontinued to push ahead withthe thrilling comeback shelaunched in August 2009,

although she came up short inthe first three Grand Slams ofthe year.

There was more success forClijsters at the WTA TourChampionships in Doha at theend of October where shedefeated Wozniacki in thefinal, although the Dane wasalready assured of finishingthe year top ranked after a winearlier in the tournament.

The 20-year-old Dane is theyoungest player to end the yearas number one since MartinaHingis in 2000, but she hasstill to convince everyone thatshe is worthy of being the topranking player.

A model of consistency, fit-ness and regularity,Wozniacki has been pannedfor being one-dimensionaland lacking imagination andshe has been compared toDinara Safina who was worldnumber one for most of 2009despite also never having wona major.

The big Russian endured atorrid year in 2010 strugglingwith injuries and lack of confi-dence to the extent that she hasslumped to 63rd in the rank-ings.

If tennis legend MartinaNavratilova is to be believed,the same fate will not befallWozniacki.

"Wozniacki played great allyear but not done that well inthe Slams," she said.

"But she was the best playerday in, day out. She needs towin a Slam, she wants to win aSlam and most likely next yearshe'll win one."

Other talking points in

women's tennis as the yearends were whether Henin andMaria Sharapova can onceagain compete at the top.

Henin's comeback fromretirement was derailed in Junewhen she damaged ligamentsin her right elbow in a fallwhile losing to Clijsters atWimbledon.

Her recovery has been slow,but trainer Carlos Rodriguez

says the 28-year-old "definite-ly has three great years at thehighest level ahead of her."

Sharapova has struggled toreproduce the form thatbrought her three Grand Slamtitles following an operationon her right shoulder inOctober 2008.

But she has a new coach inthe shape of Swede ThomasHogstedt and a new determina-tion to add to her Grand Slamtotal.

Serena to return after AprilSerena Williams has

announced she is unlikely toplay again until April as themystery surrounding her footinjury deepens.

In July this year the former

world No 1 cut her foot onsome broken glass in a Munichrestaurant and has since under-gone two rounds of surgery ina bid to get herself back oncourt. But this news is the lat-est blow to Williams' recoveryand comes just weeks after sheannounced her withdrawalfrom defending her title at theAustralian Open.

Amid fears the injury couldbe a cover for a more seriousproblem, when asked about herprogress, Williams said: "Ihope to be out of the cast andback on court by the spring.

"I looked at my foot andknew it shouldn't be like that.The big toe was drooping andit was obvious something was-n't right. I had a scan and thedoctors decided I shouldn'tplay.

"Pushing myself back intointensive training only causedfurther injury and damage.While I desperately want to getback, it is imperative for myhealth that I continue to workwith my doctors to ensure myfoot heals properly."

An April return would putWilliams' chances of appear-ing at the French Open indoubt but would allow herplenty of time to get back intothe swing of things forWimbledon.-Agencies

If Caroline’s Queen, then Serena is the King

Sachin Tendulkarsmashed a historic 50thTest ton as he steered an

unbroken 170-run partnershipwith MS Dhoni to reduceIndia’s deficit to 37 on thefourth day of the first Testagainst South Africa onSunday.

Tendulkar (104) and Dhoni(89) denied the SouthAfricans any success in thepost-lunch session

The duo, who added 117runs from 28.1 overs, werenot at any discomfort facingthe South African bowlers asthey scored at a brisk pace,raising hopes of saving thematch though there is morethan one day’s play left in thematch.

Tendulkar stood rock solidwhile Dhoni was even moreaggressive than his seniorpartner at one stage. Dhonigave Dale Steyn some specialtreatment by hitting the SouthAfrican strike bowler for aflurry of fours, that too afterthe home side had taken thenew ball.

South Africa took the new

ball after 2.1 overs in thepost-lunch session butTendulkar and Dhoni wereundeterred as they punishedMorne Morkel with threefours in the same over — twoof them coming from theIndian captain’s blade.

Dhoni raced to his 20th Testfifty in quick time, from just41 balls with the help of ninefours.

Surprisingly, the Indian duodid not take much chanceagainst left-arm spinner PaulHarris who was hit for just afour — by Dhoni.

Earlier, India lost the wick-ets Rahul Dravid (43), VVSLaxman (8) and Suresh Raina(5) and nightwatchman IshantSharma (23) in the morningsession and trailed by 207runs as they reached 277 forsix at lunch.

Resuming at 190 for two,the visitors added just 87 runsfrom the 33.4 overs they facedin the morning session, whichstarted half an hour beforescheduled time to compensatefor loss of time on the firstday. -Agencies

Sachin shines onwith 50th test ton

MUMBAI: Veteran batsmanRahul Dravid and off-colourpacer Irfan Pathan failed to finda place in India's 30-strong listof probables announced onSaturday for next year's ODIcricket World Cup in the sub-continent.

In a squad which didn't offerany major surprises, youngstersCheteshwar Pujara and AjinkyaRahane were included alongwith established stars such asSachin Tendulkar and VirenderSehwag. The squad would bepruned to half by next monthand chairman of selectors KrisSrikkanth said whatever be thefinal combination, it would dowell at the quadrennial mega-event starting February 19 andto be played in India, Sri Lankaand Bangladesh.

"As you know there are nobig surprises. This is a proba-bles team and everyone selectshimself. There is one moremonth to go to select the finalteam and we will sit down andthink calmly before finalisingthe team," Srikkanth toldreporters after a meeting of the

selection panel."I am confident that the team

will do well in the World Cup.They have been doing well inone-day cricket. The WorldCup is happening in the sub-continent and I am confidentthat the team will do well," headded. Apart from the omissionof the 37-year-old Dravid, whohas not played an ODI sinceSeptember last year, andPathan, on the sidelines sinceFebruary 2009 in ODIs, therearen't any surprise selections.

The batting list expectedlyfeatures Tendulkar, Sehwag,Gautam Gambhir, YuvrajSingh, Rohit Sharma andSuresh Raina. The 22-year-old

Pujara along with Virat Kohliare among the youngsterspicked at least in the prelimi-nary squad.

The bowling line-up is alsoon the expected lines with thepace attack led by Zaheer Khanfeaturing Ashish Nehra, SSreesanth, Munaf Patel andIshant Sharma.

The spin department has theexperienced Harbhajan Singhalong with Amit Mishra,Piyush Chawla, Pragyan Ojhaand R Ashwin. Apart fromMahendra Singh Dhoni, theprobables list has three otherwicketkeepers in Parthiv Patel,Wriddhiman Saha and DineshKarthik.-Agencies

No Dravid, Pathanin India WC squad

Alam eyesNZ tour to readyfor WC

KARACHI: Pakistan teammanager Intikhab Alam hopes asuccessful tour of New Zealandwill put the squad in the perfectposition to mount a seriousWorld Cup challenge.

"Although the pitches in NewZealand and the sub-continent,where we play the World Cup,are different, a six-match one-day series at the end of the tourwill help us build a combinationand overcome our shortcom-ings," Alam told . Pakistan, whodeparted Saturday, open the tourwith the first of three Twenty20internationals on December 26before playing two Tests and sixone-dayers, their last commit-ment before theFebruary 19-April 2 World Cup. Bangladesh,India and Sri Lanka jointly hostthe mega event. Alam, a formercoach and captain, said NewZealand will be low on moralebut tough to beat at home. "It istrue that NZ were blanked inBD (4-0) and in India (5-0) inthe ODI and would be low onconfidence, but they will beplaying on home ground andwould be tough to beat," -APP

Australia nameunchanged

12-man squadfor fourth test

PERTH: Australia named anunchanged 12-man squad forthe fourth test in Melbournefollowing the team's dominant267-run win over England inPerth on Sunday.

Opening batsman PhillipHughes has retained his place inthe side following twin failuresat the WACA ground, whileuntried spinner Michael Beerholds hopes of being selected forMelbourne after being the onlyman left out in Perth. CaptainRicky Ponting remains the soleinjury concern after breakinghis little finger in a catchattempt during the dismissal ofEngland batsman Jonathan Trotton Saturday. Ponting rated him-self a good chance to play inMelbourne despite admittingthat the injury was 'sore andangry'. "Should the NSP(National Selection Panel)determine the need for a stand-by player for Ricky Ponting, thiswill be announced in duecourse," a team statement said.

10 Monday, December 20, 2010Analysis & Feature

0Chinese Premier WenJiabao left New Delhion Friday, vowing that

India will never be a rival,but his rhetoric has done littleto lift Indian unease over along-running border disputeand China-Pakistan relations.

Despite the effusive dis-plays of warmth during Wen'svisit neither side appears any-where close to resolving dif-ferences over their disputedborder, China's policy onKashmir and its close securi-ty ties with India's arch-rival,Pakistan.

"Because the relationshiphad entered into a roughphase, China probably calcu-lated that the downward trendneeded to be arrested and thatexplains the visit," saidKanwal Sibal, who wasIndia's former foreign secre-tary from 2002-03.

"But...he did not seem tocome prepared with any con-crete decisions or signals toarrest these problems."

Wen's visit is the first by aChinese premier in five yearsand he brought with himmore than 300 business exec-utives, many of whom signeddeals with Indian firms worthmore than $16 billion.

Even as trade ties betweenthe world's two fastest-grow-ing major economies contin-ue to flourish, with Wen set-ting an ambitious target of$100 billion by 2015, he gavefew firm commitments onwhen and how India's bal-looning trade deficit withChina would be addressed.

Wen said he would giveIndian companies greateraccess to the I.T., pharmaceu-ticals and agricultural prod-ucts sectors in China, in a bidto assuage Indian exporters,who have been frustratedwith the slow pace at whichthey see China opening up itsmarkets.

"I don't think that's going tohappen quickly," Sibal said."China doesn't yield ground

quickly. Even with powerfulplayers, China hasn't donemuch to satisfy theirdemands."

"My fear is that while thetrade volumes will increase,the trade deficit will alsoincrease."

India's trade deficit withChina is by far the highestamong its trade partners andcould touch $25 billion thisyear, which would accountfor around a fifth of India'stotal expected annual deficit.

India has sought to diversi-fy its trade basket, but rawmaterials and other low-endcommodities such as iron orestill make up about 60 percent of its exports to China.

At the start of his trip, Wensaid he was looking forwardto an early launch of negotia-tions for a free trade agree-ment, but no progress wasmade due to Indian worriesthat it might be a dumpingground for cheap manufac-tured goods from China.

No other country has initi-ated more anti-dumpinginvestigations against Chinaat the World TradeOrganisation than has India.

GREAT WALL OFSUSPICION

Many Indians were count-ing on the fact that Wenwould acknowledge that:Kashmir was an integral partof India; that Pakistan-basedmilitant groups wereinvolved in the Mumbaiattacks in 2008; and that hewould offer a solution to theboundary dispute -- issuesthat have marred Sino-Indianrelations.

But he disappointed on allcounts.

"All Talk No Gain. Wen'svisit fails to breach GreatWall of Suspicion," said aheadline in India's MailToday. "Peking ducks on coreissues," said another.

One of the immediateissues left hanging was a rowover China's policy on

Kashmir, where the Indianside was hoping Wen wouldreiterate the country's long-standing policy of non-inter-ference in the internal affairsof another country. But thejoint statement made no men-tion of the disputedHimalayan region.

In 2009, China began issu-ing stapled visas to residentsof Indian administeredKashmir, angering Indianpoliticians who interpretedthe move as a sign of Chineseinterference to discreditIndian sovereignty over thedisputed region.

From the Chinese point ofview, the joint statement didnot make the usual mentionof the "one China principle,"referring to Taiwan, and"Tibet Autonomous Regionas part of the territory of thePeople's Republic of China,issues close to Beijing'sheart.

One analyst saw the lack ofreference to Tibet or Taiwanas New Delhi's response toBeijing for failing to endorseits sovereignty over Kashmir.

"You cannot treat Kashmiras a separate part of India andexpect us to go publicly tosupport 'One China," saidSiddharth Varadarajan, strate-gic affairs editor of TheHindu.

The biggest sticking pointremained the unsettled borderover which China and Indiafought a war in 1962.

"To completely resolve thisproblem, it will not be aneasy task," Wen said at aspeech on Thursday. "Weneed enough patience and afairly long period of time."

The Asian giants still claimvast swathes of each other'sterritories along their 3,500km (2,173 mile) Himalayanborder which has never beendemarcated.

"If the border issue is notresolved, the national identityis not defined, which meansthat the normalisation of rela-

tions between India andChina is not complete,"saidSrikanth Kondapalli, thechairman of the Centre forEast Asian Studies atJawaharlal Nehru University.

"That is the biggest sourceof mistrust. There is no roadmap, no progress."

PAKISTANBeijing's close military ties

with Pakistan which NewDelhi blames for aiding mili-tant groups involved in actsof violence in the country arealso a sore point.

Unlike recent visitorsFrench President NicolasSarkozy and US PresidentBarack Obama, Wen did notmention the Mumbai attacksor acknowledge that Pakistanharboured the militantsresponsible for the attacks.

While China is India'slargest trade partner, itinvests seven times more inPakistan and is helping itbuild nuclear reactors,despite grave misgivings inthe West.

Wen arrived in Islamabadon Friday to further deepenties.

India also fears Chinawants to restrict its globalreach by possibly opposingits bid for a permanent UNSecurity Council seat orencircling the Indian Oceanregion with massive projectsfrom Pakistan to Myanmar.

China on Thursday reiterat-ed its support for India's aspi-rations to play a greater rolein the Security Council, but itstopped short of expressingfull backing for India's bidfor a permanent seat.

A hotline between Wen andhis counterpart ManmohanSingh was launched a fewdays ago, one of the few tan-gible gains in political ties.Both sides agreed on regularconsultations on issues ofimportance.

"Both sides recognise thatthe broader problem behindthese specific problems is a

lack of mutual strategictrust," said Zhang Li, a pro-fessor who specialises inChina-India relations at

Sichuan University in south-west China.

"So I think the point is thatbefore we can deal with those

specific problems, we have tofirst nurture broader trust,and that was the main pointof this visit." -Reuters

THE GREAT WALL OF SUSPICION

Confidential USEmbassy cablesreleased by

WikiLeaks have shedunprecedented light on thebiggest political risk facedby investors in Thailand --the prospect of a royalsuccession intensifyingsocial conflict.

Strict lese-majeste lawsmake it hard for investorsto make informed predic-tions, but the issue of suc-cession looms large at atime of deepening tensionin Thailand following theworst political violence inits modern history overApril and May.

While 83-year-old KingBhumibol Adulyadej, theworld's longest-servingmonarch, commandssupreme moral authorityin Thailand, the leakedcables show doubtsamong key royal advisersabout the suitability of hisson and heir, 58-year-oldCrown Prince MahaVajiralongkorn.

General Prem

Tinsulanonda, the head ofthe privy council and aformer prime minister,Anand Panyarachun,another former prime min-ister, and privy councillorSiddhi Savetsila allexpressed concern aboutthe prince as the likelyheir in private conversa-tions, according to aleaked cable written byformer US Ambassador toThailand Eric John.

"All three had quitenegative comments aboutCrown PrinceVajiralongkorn," Johnwrote in a memo datedJan. 25, 2010, and postedon the Guardian newspa-per's website onThursday.

There has been no pub-lic comment by thosequoted in the leaked cableon whether the commentsattributed to them are gen-uine. "We're not in a posi-tion to comment on theauthenticity and accuracyof these documentsbecause they did not orig-

inate from us," saidForeign Ministryspokesman ThaniThongpakdihe.

Although talk of theThai monarchy's role andpossible problems on thehorizon are taboo and ille-gal, the topic is followedclosely in Thailand'sfinancial markets, whichfell briefly last year onconcerns over the King'shealth.

Siddhi, an Air ChiefMarshall, acknowledgedthat "succession would bea difficult transition timefor Thailand", the USambassador said in thememo.

"While asserting that theCrown Prince will becomeKing, both Siddhi andAnand implied the coun-try would be better off ifother arrangements couldbe made. Siddhi expressedpreference for PrincessSirindhorn," John wrote.

Princess Maha ChakriSirindhorn is highlyrespected by Thais, while

there is widespread disap-proval of the prince'slifestyle.

"Anand suggested onlythe King would be in aposition to change succes-sion, and acknowledged alow likelihood of that hap-pening."

Analysts say privatelythat there could be a pro-longed period of turmoiland even civil unrest if thesuccession does not gosmoothly.

"It's the big issue, thereis no doubt about it, and itcomes up often in privatediscussions with ourclients but it is not some-thing to be aired in pub-lic," said a Singapore-based regional analyst atan international invest-ment bank, who asked notto be named because ofthe sensitivity of the sub-ject.

Another major bank saidin a report that successionworries impose a politicalrisk discount on Thaiassets.

Thailand's financialmarkets are among theworld's strongest this year.Stock prices are up morethan 40 per cent and theThai baht is trading at 13-year highs, makingThailand among severalemerging markets vulner-able to a correction.

Prem, widely believedto have helped orches-trate a 2006 bloodlesscoup that ousted formerPrime Minister ThaksinShinawatra, said overlunch with John that theprince probably main-tained "some sort ofrelationship" withThaksin, a divisive fig-ure reviled by Thailand'sestablishment.

Thaksin, a telecommu-nications tycoon particu-larly popular amongThailand's poor, was con-victed in absentia on cor-ruption-related chargesand lives abroad to avoidjail.

He is a figurehead of thered-shirted anti-govern-

ment protest movementwhose supporters clashedwith authorities in Apriland May during nineweeks of protests in whichat least 91 people werekilled and more than1,800 wounded.

But Prem doubted theprince would come toThaksin's support in thefuture. "He does not enjoythat sort of relationship,"he was quoted as saying inthe leaked January 2010cable.

Suggestions of tiesbetween Thaksin and theprince are contentious.Thaksin's supporters haverepeatedly clashed withthe royalist military, nowled by a general known tohave the backing of QueenSirikit. Thaksin and hisallies have been accusedof republicanism, whichthey deny.

A separate US cablereleased this week quotedlate former Prime MinisterSamak Sundaravej as say-ing the Queen had encour-

aged the 2006 coup thattoppled Thaksin andplunged Thailand into itscurrent political crisis.

As a constitutionalmonarchy, the palace isofficially above politics,but Samak said the Queenwas supporting streetprotests against his gov-ernment, dominated by apro-Thaksin party.

Samak, premier forseven months in 2008,"showed disdain forQueen Sirikit, claimingthat she had been respon-sible for the 2006 coupd'etat...", the US ambassa-dor said.

"Samak viewed himselfas loyal to the King, butimplied that the Queen'spolitical agenda differ-ened (sic) from her hus-band's," he added in thecable.

In another cable, apalace insider told the USambassador the "yellowshirt" protests againstSamak's government andthe occupation of his

offices had "irritated" theking, who explicitly toldthe army chief not tolaunch a coup.

The November 2008cable described theQueen's attendance at theOct. 13, 2008, funeral of ayellow-shirt protesterkilled during a demonstra-tion as a "significant blun-der" that jeopardised thepublic's perception ofpalace neutrality.

Such candour on themonarchy is a rarity inThailand.

Siddhi noted "that some-thing as simple as exces-sive motorcade-relatedtraffic jams caused byminor royals was anunnecessary but enduringirritant," the US ambassa-dor wrote.

The king was admittedto hospital on Sept. 19,2009, and has been under-going physical rehabilita-tion. Some palace insiderssay he may be releasedsoon, possibly on Sunday.-Reuters

Leaked cables shed light on Thai succession risks

Gold is set to buildon this year's heftygains in 2011 as

uncertainty over the stabil-ity of the global financialsystem boosts its safe-haven allure, but other pre-cious metals may offerinvestors a higher return.

Autocatalyst metals plat-inum and palladium,which have both recordeda stellar year in 2010,could be set to outstripgains in gold if the eco-nomic recovery gains trac-tion, analysts say.

But with concern linger-ing over the health of theeuro zone, interest rates atrecord lows in many juris-dictions, and many majorcurrencies still under pres-sure, gold, the bellwetherof the precious metalscomplex, will continue toshine.

Gold has weakened itslink to other commoditiesthis year, managing to risestrongly in the first halfwhile oil and copperslipped. This reflects itsincreasing value as a cur-rency play.

"I've never been a longterm advocate of gold asan alternative to curren-cies, but it has now adopt-ed that role," saidJPMorgan AssetManagement fund manag-er Ian Henderson.

"So long as there is badnews about the euro (and)European sovereign debt,and so long as we are see-ing the potential for theeuro to break up, that isprobably the driver of thegold price," he added.

Henderson said hewould be "quite surprised"not to see gold trading

above $1,600 an ouncenext year.

Its link to the dollar hasalso weakened. The dollaris expected to firm againstthe euro next year, but asthis is likely to be a resultof gold-friendly sovereigndebt fears, it may nottranslate into lower goldprices.

Any further drop in jew-ellery demand, which hasbeen hit hard by risingprices, or rise in scrapsales could potentiallyweigh on the market. Butjewellery buyers in keyconsuming countries likeIndia have shown sign ofbecoming acclimatised tohigher prices, while scrapflows remain relativelylight. Gold will also besupported by historicallylow interest rates, espe-cially in the United States.

Fifteen of 16 dealerspolled by Reuters thismonth expected the Fed toleave interest rates at thezero to 0.25 per cent rangethrough 2011.

Low interest rates cutthe opportunity cost ofholding non interest-bear-ing precious metals, andhave been a major supportto prices of all four sincethe start of the financialcrisis.

Last year's winner inprice terms, palladium, isset to extend its rally stillfurther in 2011 as demandfrom emerging marketslike China continues togrow, but platinum, whichhas lagged its sister metal'sgains, is also in the spot-light.

"We forecast that onceagain palladium willremain the best perform-

ing precious metal, but wealso expect platinum willplay catch-up from itslacklustre 2010 showing,"said UBS analyst EdelTully in an end-of-yearreport.

Palladium is on track fora whopping 82 per centprice rise this year, out-stripping platinum's 16 percent rise and gold's 25 percent climb. Only silver, up72 per cent so far this year,has come close to match-ing its performance.

Palladium's rise is evenmore impressive giventhat it also more than dou-bled in price in 2009. Themetal has been supportedin a rebound in demandfrom the palladium-hun-gry Chinese car market,and by talk of dwindlingRussian stockpile sales.Chinese car sales, which

surpassed those of theUnited States to makeChina the world's biggestcar market last year, areexpected to keep rising in2011, boosting palladiumdemand. UBS expects themetal to move into adeficit of some 231,000ounces next year from asurplus of 18,000 ouncesin 2010, and to widen thatdeficit to 563,000 ouncesin 2012.

SUPPLY CONCERNSPlatinum has so far

lacked such strong funda-mental drivers. However,with concern increasinglymounting over the outlookfor output from SouthAfrica, which suppliesfour out of five ounces ofthe world's platinum, thiscould change.

The stronger rand is aproblem for South African

miners, as it raises theircosts versus their revenue,which is usually in USdollars. The rand is seenmaintaining its gains in2011, despite moves toaddress its strength. "Iwouldn't be surprised tosee $2,500 platinum nextyear," said ThreadneedleAsset Management fundmanager David Donora."Its production is chal-lenged and is getting moreexpensive." But there is anote of caution on silver,another star performer thisyear. The metal has bene-fited both from its role as acheaper proxy for gold andas an industrial metal in itsown right, but it may bevulnerable to a correction.Investment in silver hasbeen reflected in substan-tial gains in exchange-traded fund holdings this

year -- the largest silver-backed ETF, New York'siShares Silver Trust, hasseen inflows of nearly1,400 tonnes so far thisyear, a 15 per cent rise intotal holdings.

But its underlying fun-damentals are less sup-portive than those of theplatinum group metals,and its investor base maybe more fickle that that ofgold, analysts said.

"Silver is the only pre-cious metal where there isa steady increase in minesupply, particularly fromLatin America," saidHSBC analyst JamesSteel. "There are severalgiant mines that havefinally gotten going, andthey will contribute to sup-ply. That isn't the samecase with the PGMs orwith gold." -Reuters

Platinum, palladium flagged as stars of 2011


International & Continuation

CONTINUATION

Belarus

leader

scoffs at

opposition

protestsMINSK: Belarussian leaderAlexander Lukashenko playeddown the impact of oppositionprotests planned against anelection on Sunday that heseems certain to win.

Opponents of Lukashenko,who has been in power in theex-Soviet republic for 16years, plan to march to thecity's October Square onSunday evening in protest atwhat they say is a heavilyrigged vote.

Asked by a journalist if hewould cooperate with theopposition after the election,he said he would talk to thefew of his opponents who were"normal" people, but he would"not have a dialogue with ban-dits and diversionists".

He later added: "Don't worry,there will be nobody on thesquare."

State security forces havewarned they will crack downon any attempts "to whip uptension" during the election.

But Lukashenko, who wouldlike to secure European Unionaid to boost the economy,wants to project this electionas more democratic than previ-ous ones and commentatorsexpect authorities to take asofter line with protest rallies.-Reuters

COLOMBO: Sri Lanka said onSunday it would allow theUnited Nations to send a repre-sentative to a locally appointedwar crimes panel, reversing anearlier ban on internationalinvolvement, but analysts saidthe move would do little to addcredibility to the commission.

The island nation had rejecteda three-member UN panel byBan Ki-moon to look into possi-ble war crimes in the 25-yearwar and ruled out visas formembers of the panel if theywanted to visit Sri Lanka for anyinvestigations.

But a statement by the foreignministry said the governmentwould now welcome UNinvolvement in the LessonsLearnt and ReconciliationCommission (LLRC), a localpanel appointed by PresidentMahinda Rajapaksa to probe theend of the war and which hasbeen criticized by human rightsgroups as lacking independence.

"In the event of the panel ofthe Secretary-General wishingto present representations to thecommission, the Ministry ofExternal Affairs will make thearrangements that are necessary

to enable the panel to do so," theMinistry said in a statement.

"This position has alreadybeen conveyed through diplo-matic channels, to the UnitedNations in New York," the min-istry added, without giving anydetails.

Analysts described the gov-ernment statement as a small,and ineffectual, concession todemands by Western govern-ments and human rights groupsfor an international probe intothe military's May 2009 crush-ing defeat of the Tamil Tigerseparatists after a quarter-centu-ry of civil war.

Sri Lanka's failure to set up anindependent probe into thealleged war crimes has alreadycost the island nation $150 mil-lion worth trade concessionfrom the European Union annu-ally. Economists also said it ishampering foreign investment.

"There is no point of UNpanel coming here, if the it isonly allowed to meet only theLLRC and not allowed to meetthe civil society and peopleaffected by the war and to travelaround the country," said a polit-ical analyst asking not to be

named fearing repercussions."The submissions the LLRC

have got is mostly on reconcili-ation for the future and not whathappened in the last day of thewar. The UN panel is meant tosee what happened in the lastday of the war."

Human rights groups, Tamilpressure groups overseas andsome Western governmentsaccuse the government ofresponsibility for what they sayare thousands of civilian deathsor other atrocities that couldconstitute war crimes.

Allegations of war crimes bythe Sri Lankan military againstTamil rebels resurfaced afterPresident Rajapaksa's recentvisit to Britain, where a univer-sity cancelled his speech afterprotests by Tamil groups.

US diplomatic cables,released by the WikiLeaks web-site, also put the alleged humanrights abuses in the spotlight,revealing that the United Statesbelieves there is little prospectSri Lanka will hold anyoneaccountable for the bloody endof the war because of the topgovernment figures involved.-Reuters

Sri Lanka lifts

ban on UN war

crime panel visit TOKYO: Japanese PrimeMinister Naoto Kan wasexpected to meet rival IchiroOzawa on Monday as a rift inthe ruling party over the scan-dal-plagued powerbrokerthreatens to widen, distractingpoliticians from tough policychallenges.

Kan is pressing Ozawa, aveteran lawmaker with a repu-tation for making waves, toappear before a parliamentaryethics panel to answer ques-tions about a funding scandalthat has helped slash supportfor the government to just over20 per cent.

Ozawa faces indictment onsuspicion of misreporting byhis political funds body butdenies wrongdoing. He hasrejected a similar request bythe ruling party's secretary gen-eral and prospects for resolvingthe feud at the talks appearedslim.

The prime minister "wants tomeet me and there's no reasonto run away", Kyodo newsagency quoted Ozawa as say-ing on Saturday.

Kan, who took office in Juneas Japan's fifth premier in threeyears, has been trying to lookdecisive to avoid becoming the

latest of the nation's revolvingdoor leaders.

Another change at the topwould spell more policy confu-sion as any new governmentsorts out its priorities on mat-ters such social welfare andpension reform and struggleswith a divided parliamentwhere opposition help is need-ed to pass laws.

A Jiji news agency surveylast week showed support forKan's government hovering at21 per cent, while the rulingDemocratic Party's voter ratingwas just 13.8 per cent, fourpoints lower than that of themain opposition LiberalDemocrats, ousted last yearafter five decades of almostnon-stop rule.

Kan faces a dilemma in howto handle Ozawa, who steppeddown as Democratic Party ofJapan (DPJ) leader in May2009 but was widely creditedwith helping to engineer theelection victory that swept theparty to power that year for thefirst time.

Should Ozawa, 64, keeprefusing to appear before theethics panel even if formallysummoned, Kan will have todecide whether to try to expel

him. That could split the party."The meeting will end in a

standoff. Ozawa will refuse totestify. He will not voluntarilyleave the DPJ so Kan will beforced to take the next step,which is a resolution advisinghim to resign. If he refuses totake the advice then Kan has toget the party to expel him,"said Gerry Curtis, a ColumbiaUniversity political scienceprofessor.

Ozawa is also in a bind.Prosecutors are obliged to

charge him over the fundingscandal, probably early in theNew Year, after a judicial panelof ordinary citizens ruled thathe should be indicted.

Many Ozawa backers mighttherefore be wary of followingOzawa out of the party, givenhis declining clout and opposi-tion parties' likely reluctance totie up with the unpopular law-maker.

Still, Ozawa's reputation as apolitical mastermind makes ithard to count him out.

"I'm now a rank-and-filer,not in a central position ofJapanese politics, but I hope I'llget into the core of it beforelong," Kyodo quoted him astelling his backers.-Reuters

Japan PM to meet

DPJ's Ozawa, party

rift threatened

YEONPYEONG: The UNSecurity Council will hold anemergency session on Sunday inbid to cool tensions on theKorean peninsula, as bad weath-er delayed Seoul's planned fir-ing drill at a disputed border thathas enraged Pyongyang.

The stand-off between the twoKoreas has raised internationalconcerns that their spat couldescalate and quickly spiral outcontrol, with both sides sayingthey will use military means todefend what they say is their ter-ritory off the west coast.

China and Russia have calledon both Koreas to avoid actionsthat could inflame tensions onthe divided peninsula.Washington has backed Seoul'spush to go ahead with theplanned live-fire drill onYeonpyeong island, where fourSouth Koreans were killed inan artillery attack last month.

The drill, within eyesight ofthe North Korean mainland, isscheduled to take place some-time before Tuesday, but badweather has so far prevented itfrom taking place.

Underlining internationalconcerns, the Security Councilwill seek a way out of the crisis-- described as "extremely pre-carious" and a "tinderbox" byUS and Chinese officials --at an

emergency session in NewYork on Sunday at 11 a.m. (4p.m. British time).

"We believe that the SecurityCouncil must send a restrainingsignal to the Republic of Koreaand DPRK (North) and helplaunch diplomatic activity witha view to resolving all issues ofdispute between the twoKorean sides by political anddiplomatic means," Russia'senvoy to the United NationsVitaly Churkin said.

The meeting may producesome kind of statement to helpease tensions.

North Korea has called theartillery fire drill by the South asuicidal war move that wouldtrigger a full-out conflict onpeninsula and said it wouldstrike back in self-defence.

The South has said if it wasattacked in the same manner aslast month, it would hit backhard with air power and bombs.

Analysts were sceptical theNorth would carry through withits threats to hit the South evenharder than last month's bom-bardment if shells landed in itsterritory again.

The North will likely respondby holding a live-fire drill on itsside of the tensely guarded seaborder, if the South went aheadwith its exercise, analysts said.

Weather conditions worsenedon the normally sleepy island,which has been largely desertedby residents after theNovember 23 attack.

The South Korean govern-ment, which was widely criti-cised at home for its perceivedweak response to the shellingof the island, remained deter-mined to carry out the exercisedespite calls to reconsider.

"There is no plan to cancelthe exercise. The factor we'relooking at is the weather condi-tion," a Defence Ministry offi-cial said on the condition ofanonymity.

South Korean marines plan totest artillery firing from theisland targeting its territorialwaters to its southwest, thesame type of exercise thatNorth Korea last month calledan attack and prompted itsshelling of the island.

Concern mounted on theisland among the few residentswho remained, and anticipationwas growing that the drillwould take place on Monday.

"I see they have to do whatthey have to do, but the peoplehere want peace and quiet,"Dan Choon-nam said, after atearful church service. "Wewant things to be back to howthey were."-Reuters

Security Council to

meet over Korea crisisKABUL: Taliban insurgentslaunched attacks in Kabul anda major northern city onSunday as the death toll for for-eign troops in Afghanistan hit700 in 2010, by far the dead-liest year of the near decade-long war.

Two militants wearing sui-cide vests attacked a bus carry-ing Afghan army officers inKabul, killing five and wound-ing nine, said Kabul DeputyPolice Chief KhalilullahDastyar.

The Taliban claimed respon-sibility for the assault, the firstmajor attack in the Afghan cap-ital since May, when six for-eign troops were killed by alarge suicide car bomb.

Insurgents opened fire on abus carrying the officers on themain road from Kabul to theeastern city of Jalalabad, thesite of NATO and Afghan armybases and several similarattacks.

One attacker blew himself upand the other was shot bypolice before he could detonatehis explosives. Television pic-tures of a burnt-out bus under-scored the ferocity of theattack.

In the north, five Afghan sol-

diers and police were killed inan attack by three suicidebombers in the city of Kunduz,visited a day earlier by GermanChancellor Angela Merkel.

The Defence Ministry saidfour suicide bombers attackedan army training centre. Twoblew themselves up at theentrance to the compound, buta gun battle raged all morningwith two others who got inside,a Reuters witness said.

Smoke and flames were visi-ble from buildings in the area,and Afghan and foreign forcesrushed to the site.

Afghan President HamidKarzai, in a statement,described the attacks as a"major and unforgivingcrime...(by) Afghanistan's ene-mies opposing the strengthen-ing of the Afghan securityforces."

The grim milestone for for-eign troop deaths was reachedafter a member of the NATO-led International SecurityAssistance Force (ISAF) waskilled overnight by a roadsidebomb in southern Afghanistan.ISAF gave no other details ofthe incident.

A total of 521 foreign troopswere killed in 2009, previously

the worst year of the war, butoperations against the Taliban-led insurgency have intensifiedover the past 18 months.

At least 2,270 foreign troopshave been killed since 2001,according to figures kept byReuters and monitoring websitewww.iCasualties.org, roughlytwo-thirds of them Americans.

Afghan troops and policehave suffered far higher casual-ties, but the government doesnot release exact figures.Civilian casualties are also atrecord levels this year.

INSURGENCYSPREADING

A war strategy reviewreleased by US PresidentBarack Obama last week foundNATO-led forces were makingheadway against the Taliban,but serious challengesremained.

The Taliban are at theirstrongest since they were oust-ed from power in 2001 by US-backed forces for refusing tohand over al Qaeda militants,including Osama bin Laden.

They have spread out of tra-ditional heartlands in the southand east over the past twoyears, bringing violence intoonce peaceful areas of the

north and west.The International Committee

of the Red Cross said last weekin a rare public statement thatworsening violence had made itharder for aid groups to reachthose in need than at any time inthe past three decades, markedby the battle against Sovietoccupation and a civil war.

The conflict has expanded ata time of mounting corruptionand as countries which havedispatched troops to backKarzai are looking for ways tobring them home and cutspending on a war increasinglyunpopular with voters.

"The deteriorating securitysituation in the north andnorthwest raise deep politicaland economic concerns,"Eurasia group Analyst MariaKuusisto said in a note pub-lished on Friday.

Insurgents are under pressurefrom intensified military cam-paigns in their strongholds,Kuusisto said. But rather thanmerely moving to easier fight-ing ground, they also seek toforce NATO to spread troopsmore thinly across the countryand put pressure on northernsupply lines through CentralAsia.-Reuters

Foreign troop 2010 toll

hits 700 in Afghanistan

largest bank in Pakistan by the Chinese premier was also a pos-itive development, he remarked. The decision of converting bilat-eral trade into local currency will not only improve the balance ofpayment but also help enhancing the trade volume between thetwo countries, he added. -APP

Continued from page 12No #1

that the consortium is struggling to recruit enough shareholdersto reach the 46 per cent threshold.

This has prompted talk that Etisalat may buy directly sharesfrom other shareholders or on the open market to reach the desired46 per cent. A Kuwaiti court will this week rule on a lawsuit froma Zain shareholder unhappy with Etisalat's bid. The shareholder -- Al Fawares Holding -- which owns a 4.5 per cent stake in Zaintook legal action to halt the due diligence in the planned sale.

In October, the Kuwait bourse vetoed a bid by Securities GroupCo for about 5 per cent in telecom group Zain, a move that wasdesigned to protest against the Kharafi-led deal. -Reuters


average daily volume of 148 million shares declining by around34 million shares from an average turnover of 182 million sharesa week earlier. Lotte Pakistan stood as the volume leader with34.9 million shares followed by Nimir Ind. Chemical with 31 mil-lion shares and Jahangir Siddiqui & Co with 20.1 million shares.

Out of total 417 active issues 216 advanced and 181 declinedwhile 20 issues remained unchanged.


Emaar Properties PJSC, the nation's biggest property developer,increased 0.6 per cent to 3.57 dirhams, the highest since Dec. 14.The company said Dec. 16 it has identified "better and viable"options than converting debt into equity in Amlak Finance PJSC.

Oman's gauge rose 0.7 per cent. -Agencies


Adil Siddiqui, Provincial Minister Sindh and Raza Haroon,Member Rabita Committee of MQM and Minister for IT Sindh.

In response to the concerns expressed by the MQM delegation,


week before last mainly due to investors preferred to stay on thesidelines ahead of Moharram holidays. During the week, offshoreinvestors opted for buying fresh position as foreigners boughtshares worth $31.37 million and sold $8.81 million, resulting innet buying of $22.56 million during the week. On the other hand,biggest weekly selling were witnessed from NBFCs which sold$33.09 million of shares in the local bourse against the buying of$5.90 million, thus turning the net selling worth of $27.18 million.

Furthermore, local individuals, mutual funds and other organi-sation remained on the selling side with shares worth $3.98 mil-lion, $2.22 million and $0.80 million respectively.

FIPI 31.37 (8.81) 22.56INDV 91.13 (95.11) (3.98)ORG 0.84 (1.64) (0.80)M-FUNDS 13.37 (15.59) (2.22)BANK 18.65 (17.18) 1.47COMP 60.06 (49.91) 10.15NBFC 5.90 (33.09) (27.18)


Pakistan Railways has also been approved and work initiated toconvert Pakistan Railways over a period of 3-4 years into a prof-itable organization.

Business plans are under preparation for all other loss makingPSEs like Pakistan Steel Mills, Pakistan International Airlines,Trading Corporation of Pakistan and Utility Stores Corporation,with a time frame of 4-6 months for implementation", thePresident asked for the cooperation of the PML-N in pursuing theeconomic reforms agenda through the restructuring plan.

Defending the policy of not giving indiscriminate subsidies thePresident said, "A subsidy can only lead to the fiscal indiscipline thatMr. Ishaq Dar referred to as Finance Minister, and will contribute toinflation indirectly by increasing the fiscal deficit".-Agencies


would be made.Besides this, adjournment motions on several issues would also be presented dur-ing the session. -Online


Thus, despite government's efforts to increase oil and gas production in Pakistan, local oil & gasproduction remained range-bound in last few years.

Five years back average oil and gas production in the country was 65k barrels per day whereasaverage gas production was around 3.8bcfd, as per the research analyst of Topline Securities.


outperformed the industry by adding its subscriber base 4.5 per cent MoM, and added 323k sub-scribers. Similarly, Telenor, Mobilink and Warid have added 285k, 10k and 2k new subscribers.However, Ufone recorded 49k MoM decline in October 2010.

At the end of 4MFY11, Mobilink enjoying with a market share of 31.2 per cent, followed byTelenor and Ufone hold market share of 23.9 per cent and 20 per cent respectively. Warid and Zonghaving market share of 17 per cent and 7.7 per cent respectively.

On the Wireless Local Loop (WLL) segment, total subscriber base has increased by 1.5 per centMoM to reach at 2.82 million subscribers during the period.


Federal Minister for Petroleum Syed Naveed Qamar, Secretary Petroleum Imtiaz Qazi, ManagingDirector (MD) OGDCL, Naeem Malik, MD Sui Northern Gas Faiz Ullah Abbasi and the represen-tatives of the industrialists from Punjab would also attend the meeting.-Online


both neighboring countries shared identical views over global issues, and stressed for evolving a jointstrategy against militants. Quoting a popular adage, which impresses the fact that "a neighbor is betterthan a faraway relative", he hoped that the masses of both countries would maintain the everlasting friend-ship between two nations. Meanwhile, Prime Minister Syed Yousuf Raza Gilani has said Pakistan Chinafriendship is higher than mountains, deeper than the ocean, stronger than steel and sweeter than honey.

In his vote of thank at the joint session of Parliament after the address of the Chinese Premier WenJiabao, Gilani said, that all the political parties, the parliamentarians and the whole nation standsunited in determination to take partnership and friendship between the two countries to even greaterheights. The prime minister said that the visit of the Chinese premier marks the beginning of 60thanniversary of the establishment of diplomatic relations. He said that Pakistan would celebrate nextyear as friendship year with China. Prime Minister Gilani said that Pakistan and China enjoyedunique relationship and the sentiments of love and affection and deep affinity was rooted in thehearts and minds of the peoples of the two countries.

"We consider China as the most reliable friend and share each other's joys and sorrows", he said.


the Prime Minister assured for appropriate measures to addressthe same both at the government and party level.

Earlier the MQM delegation apprised the Prime Minister oftheir reservations regarding the coalition government in Sindh.-APP

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Brussels: Airline travellers sleep at Zaventem international airport near Brussels. -Reuters

DUBAI: Former president PervezMusharraf has disclosed that General(Retd) Hameed Gul wanted to becomethe prime minister, and turned againsthim (Musharraf) when refused theopportunity.

Replying to a question while talkingto a private TV channel, the formerpresident also reminisced that Chaudhrybrothers were never against him; assur-ing that they had deviated off-courseunder political expediencies, but wouldbe reverting back to his fold at an'opportune moment.'

He also stressed that it was Chaudhrybrothers who had 'pressurised him' toend the cases against former slain PMand chairperson PPP, Benazir Bhuttoand sign an NRO (NationalReconciliation Ordinance) with her.

The former president declared thechairman PTI (Pakistan Tehreek-e-Insaf) as the best politician over charac-ter standing, and was only against himfor being refused the promised seats in

2002 elections.Replying to a question, the former

president of Pakistan denied that JUI (F)head Maulana Fazl-ur Rehman was everagainst him, and was constantly in touchwith him. -Online

Gul dreamt of PM-ship:Musharraf

FM welcomesJiabao'saddress

ISLAMABAD: ForeignMinister Shah MehmoodQureshi Sunday termedChinese Premier Wen Jiabao'saddress to the parliament ashistorical one which reflectstrue spirit of strong-bondsbetween the two countries.

Talking to APP, he said: "Theaddress of the Chinese Prime toParliament covered allaspects."

He said address of theChinese premier once againtestifies warm relations of twobrotherly countries, added thehistoric visit and agreementssigned will definitely yield pos-itive impact on the nationaleconomy.

The announcement of open-ing the branches of China's

See # 1 Page 11

‘N’, PPP work hand

in glove: 'Q'ISLAMABAD: PakistanMuslim League (Q) President,Chaudhry Shujaat Hussain hasclaimed that Pakistan MuslimLeague-Nawaz (PML-N) chief,Nawaz Sharif would supportthe PPP to save its governmentin Center.Speaking to the media outsideParliament House here Sunday,PML-Q chief said Sharif wouldsoon announce his help to steerthe PPP-led government out ofcurrent crisis at a time when its'other own partners are quittingit.Hussain said his party wouldnot be a part of any campaignaimed at destabilisation of thegovernment and the country. -NNI

ISLAMABAD: The business com-munity Sunday termed the Chinese'sPremier, Wen Jiabao's Pakistan visitas successful, particularly in terms ofenhancing economic and businessties between the two friendly coun-tries.

Pakistani businessmen attach greatimportance to the visit and the out-come of Pak-China BusinessCooperation Summit, Vice Presidentof Saarc Chamber of Commerce andIndustry and former FPCCIPresident Iftikhar Ali Malik said.

He said that as many as 110 tradebodies and 40 chambers participatedin the forum to explore business andinvestment opportunities, adding thatfeasibilities regarding the investmentand trade opportunities were madeduring the summit.

He said that the summit wouldhave long-drawn positive impact onthe country's economy.

He, however, stressed the need forutilising country's huge labour forces

by introducing it to Chinese marketsbesides attracting investments intothe country by offering low labourwages.

President FPCCI, Sultan AhmedChawla, said that people of Pakistan,particularly business communitywould never forget the cooperationextended by the Chinese business-men for the economic developmentof the country.

He said that the Pak-China busi-ness cooperation summit would behelpful for further enhancing tradeties adding that business communi-ties of both the countries inkedagreements worth $35 billion.

Chawla termed the trade deals asremarkable achievement andexpressed the hope that business andtrade between the two countries willkeep on increasing in future.

Advisor to Prime Minister onTextile, Mirza Ikhtiar Baig said thatPakistan has great opportunity tobecome venue for Chinese invest-

ments.He said that China has already

established markets, networks andbrands and investments in Pakistanwould give it another advantage oflow productivity cost.

Meanwhile, Chief ExecutiveOfficer (CEO) Trade DevelopmentAuthority of Pakistan (TDAP)Tariq Puri while commenting on thesummit said that trade between thetwo friendly countries would beenhanced up to $10 billion in nexttwo years and $15 billion by 2015.

He said the there was great scopefor enhancing trade between thetwo friendly countries adding thatthe current business summit woulddefinitely pave way for increasingit. He said that about 150 counter-part companies of different sectorsof the two countries engaged inconsultations in the forum, explor-ing opportunities and possibilitiesfor future investments and exports.-APP

Jiabao’s visit raiseshopes for Pak trade

Businessmen welcome $35bn pacts with China

DUBAI: Abu Dhabi's Etisalat stillwants to buy a 46 per cent stake inKuwaiti rival Zain from a consortiumheaded by a major Zain shareholder,Etisalat said on Sunday.

"The 46 per cent conditional deal isstill on as agreed upon in the initial pro-posal," an Etisalat spokesman said in astatement.

The Abu Dhabi-based telco struck a

$12 billion (7.7 billion pounds) dealwith a group led by major shareholderKharafi Group to buy the Zain stake.

On Thursday, two sources toldReuters that Etisalat was now seekingto buy a 40-percent stake in the Kuwaititelco after the consortium deal metopposition from other Zain sharehold-ers. There has been market speculation

See # 2 Page 11

Etisalat still eyesZain's 46pc stake

KABUL: An Afghan insurgent fac-tion has voiced its backing for con-struction of a multi-billion dollar gaspipeline through Afghanistan andeven pledged to provide security on aproject stalled for over a decade bypolitics and violence.

Turkmenistan, Afghanistan,Pakistan and India this month signeda preliminary agreement to pushahead with the "TAPI" pipeline,which is supported by Washingtonand would transport Turkmen gasover Afghan soil to consumers inIndia and Pakistan.

Hizb-e-Islami, an insurgent forceseparate from the Taliban and led byformer prime minister GulbadinHekmatyar, announced its full back-ing for the project and volunteered to

help protect it."Hizb-e-Islami strongly supports

this deal on the basis of whichTurkmenistan's gas will be exportedthrough Afghanistan to Pakistan andIndia," the statement said.

The group does not control most ofthe proposed route, which runsthrough the Taliban heartland insouthern Helmand and Kandaharprovinces. The government says itwould bury the pipeline up to twometres underground there to ensuresecurity.

But Hizb-e-Islami is active aroundwestern Herat, where the gas wouldbegin its journey throughAfghanistan and some former mem-bers have joined Taliban ranks in thesouth. The areas they are active

include Logar province, south ofKabul, where a Chinese firm is open-ing up a huge copper mine.

There have been no significantattacks reported on that project,although the government says goodsecurity is the result of a special pro-tection force it has established for themine.

The Taliban in the past have con-ducted attacks against aid workersand some construction projects. Theyhad no immediate comment on theplanned pipeline.

Hizb-e-Islami added in its state-ment that its campaign against theforeign forces stationed inAfghanistan since the ouster of theTaliban government in 2001 willcontinue. -Reuters

Afghan group backs TAPIHizb-e-Islami pledges to guard gasline

Nisar termsJiabao speechas historical

ISLAMABAD: Opposition Leaderin the National Assembly, ChaudhryNisar Ali Khan, in his remarks at thejoint session of the Parliament, saidthat the stirring speech of theChinese premier in the House has setnew dimensions and benchmarks forfuture of Pak-China relationship.

Describing the Chinese premieraddress as historic, Chaudhry Nisarsaid "members of the parliamentari-ans from each nook and corner of thecountry have attended the sessionwhich reflects the love and esteemthat our people accord to China."

He said that Pakistan was mired inlot of controversies but there was nodifference of opinion on the friend-ship with China. Our friendship withChina transcends political parties,personalities, the government andthe opposition, he said. ChaudhryNisar said "we are passing throughdifficult times but efforts are beingmade to ward off the difficulties withthe assistance of China." -NNI

LONDON: Heavy snow disruptedEuropean air travel over the week-end and stranded hundreds of driversin their cars as far south as Italy as awhite Christmas appeared increas-ingly likely for many places.

Britain was hit by more blizzardsthat shut its biggest airports on thebusiest weekend for travellers beforeChristmas and hit road and rail traffic.

London Heathrow, the world'sbusiest international passenger air-port, reopened Sunday after beingclosed for most of Saturday, but onlya few flights took off. The situationwas similar at London Gatwickwhere the runways had been closedfor several hours the day before.

Flights were also grounded atStansted and Luton airports nearLondon, at Birmingham airport inBritain's second city andSouthampton airport.

Eurostar, which operates high-speed passenger trains linking

London with Paris and Brussels, wasoperating with speed restrictions thatadded up to an hour on journey times.

National rail routes and trunkroads were also affected. InLancashire, northwest England, hun-dreds of people had to spend thenight in their cars after an accidentblocked the main north-south motor-way.

Temperatures dropped as low asminus 17 degrees Celsius (onedegree Fahrenheit) north of Norwichin eastern England. Gatwick regis-tered minus 11 Celsius (12Fahrenheit).

Sporting events were also hit, withseveral top flight football matchespostponed, including Sunday's bigEnglish Premier League clashbetween title rivals Chelsea andManchester United.

Frankfurt airport, Germany'sbusiest, cancelled some 490 flightsSunday due to heavy snow. -Reuters

Snow hits Europe,postpones flights

The Financial Daily-Epaper-20-12-2010

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